The board of directors of Li & Fung Limited announced that with effect from January 10, 2018, Mr. John G. Rice has been appointed as an Independent Non-executive Director and a member of the Audit Committee of the Company and Mr. Joseph C. Phi has been appointed as an Executive Director of the Company. Mr. John G. Rice is vice chairman of General Electric Company and will retire from GE in March 2018 after 39 years of services. He is a director of Baker Hughes. He is also a trustee of Emory University in Atlanta, Georgia, and serves on several other boards including the International Advisory Board of the King Fahd University of Petroleum and Minerals, Dhahran, Saudi Arabia, and the Centers for Disease Control and Prevention Foundation in Atlanta. Mr. Joseph C. Phi is President of LF Logistics managing the Group's logistics business as well as its data analytics and business development functions. Mr. Phi is chairman of GS1 Hong Kong, and a director of GS1 Management Board and Macy's China Limited. He is an adjunct professor in the School of Business and Management at The Hong Kong University of Science and Technology.