The Board announces that the Board of Century Ginwa Retail Holdings Limited believes that Mr. Tsang has complied with all independence requirements as an independent non-executive Director since he became an independent non-executive Director on 25 September 2008, and has been providing objective and independent views to the Company and committing to this independent role. The Board considers that Mr. Tsang possesses the character, integrity and experience to perform his duties as an independent non-executive Director as well as Mr. Tsang is a fellow member of the Hong Kong Institute of Certified Public Accountants, the Association of Chartered Certified Accountants, and the Taxation Institute of Hong Kong. Mr. Tsang has over twenty years of experience in accounting and finance.

At present, he practices public accounting. Therefore, after discussions between the Board and Mr. Tsang, Mr. Tsang agreed to withdraw his decision of retirement and will offer himself for re-election at the AGM. Subject to the approval for re-election at the AGM, he will continue to serve as an independent non-executive Director, the chairman of the audit committee of the Company, and the respective members of the remuneration committee and the nomination committee of the Company.