The board of directors of New World Development Company Limited announced the re-designation of directors of the Company with effect from 1 March 2017: Mr. Chen Guanzhan, an executive director and joint general manager of the Company, is going to retire from the Company and its subsidiaries (the "Group") of all executive roles due to his own decision to retire from active business affairs in Hong Kong. He will be re-designated as non-executive director and appointed as an adviser of the Company with effect from 1 March 2017. Mr. Chen will enter into a new letter of appointment with the Company as a non-executive director of the Company for a fixed term of three years commencing from 1 March 2017, subject to retirement by rotation in accordance with the Articles of Association. Dr. Cheng Chi-Kong, Adrian will be re-designated from executive vice-chairman and joint general manager of the Company to executive vice-chairman and general manager of the Company with effect from 1 March 2017. Dr. Cheng Chi-Kong, Adrian, aged 37, was appointed as an executive director of the Company in March 2007 and has become executive director and joint general manager since March 2012. He was re-designated to executive vice-chairman and joint general manager of the Company from April 2015. Dr. Cheng is a member of the executive committee of the Board. Dr. Cheng is an executive director of New World Department Store China Limited, Chow Tai Fook Jewellery Group Limited and International Entertainment Corporation, a non-executive director of Giordano International Limited and the non-executive vice chairman of Modern Media Holdings Limited, all being listed public companies in Hong Kong. Dr. Cheng will enter into a new letter of appointment with the Company as executive vice-chairman and general manager of the Company for a fixed term of three years commencing from 1 March 2017, subject to retirement by rotation in accordance with the Articles of Association. Dr. Cheng is a director of Chow Tai Fook (Holding) Limited and Chow Tai Fook Enterprises Limited, both are substantial shareholders of the Company. He is the son of Dr. Cheng Kar-Shun, Henry, the brother of Ms. Cheng Chi-Man, Sonia, the nephew of Mr. Doo Wai-Hoi, William and Mr. Cheng Kar-Shing, Peter, and the cousin of Mr. Cheng Chi-Heng.