The Board of Directors of Ernest Borel Holdings Limited announced that Mr. Sit Yau Chiu has tendered his resignation as the Chairman of the Board the chief executive officer of the Company and authorized representative of the company. The Board further announces that, with effect from October 12, 2018, Mr. Shang Jianguang is appointed as Executive Director and Chairman of the Board, Mr. Teguh Halim is appointed as executive director and Vice Chairman of the company, Ms. Lam Lai is appointed as executive director and Authorised Representative of the company and Mr. Tao Li is appointed as the chief executive officer of the company. Mr. Shang Jianguang is the executive director and chief executive officer of Citychamp Watch & Jewellery Group Limited.

He joined the board of Citychamp in November 2004. Mr. Teguh Halim is an executive director of Citychamp. He joined Citychamp in October 2008 and has been appointed as an executive director of Citychamp since January 23, 2018.

Mr. Halim has entered into a service contract with the Company for his appointment as an executive director of the Company effective from 12 October 2018 for a term of 3 years. He shall be subject to retirement by rotation and re-election at the Company's annual general meetings pursuant to the articles of association of the company. Ms. Lam Lai joined Citychamp in 2008 as investment manager and has been predesignated as CEO assistant mainly responsible for merger and acquisition and business development.

Ms. Lam leads overseas investments and the merger and acquisition projects of Citychamp. Ms. Lam is currently a representative for Type 1 (dealing in securities) regulated activity under the SFO. Mr. Tao Li joined the company in January 2018 and is currently the general manager of the Company and the vice-president of Ernest Borel S.A., a wholly-owned subsidiary of the Company.

Mr. Tao had been appointed as vice president of Citychamp from January 2005 to November 2014 in charge of the watch manufacturing and distribution businesses for certain subsidiaries of Citychamp and an executive director of Citychamp from November 2014 to January 2018. Mr. Sit has stepped down from his position as the Chairman of the nomination committee of the Company and ceased to be a member of the Nomination Committee, the Remuneration Committee, the executive committee of the company and the investment committee of the Company with effect from October 12, 2018. Mr. Shang has been appointed as member and Chairman of the Nomination Committee and member of the Executive Committee and Investment Committee with effect from October 12, 2018.

Mr. Halim has been appointed as member of the Remuneration Committee, Executive Committee and Investment Committee with effect from October 12, 2018. Ms. Lam has been appointed as member of the Executive Committee and Investment Committee with effect from October 12, 2018.