Lippo China Resources Limited announced that Mr. John Luen Wai Lee will be re-designated from the Chief Executive Officer to the Deputy Chairman of the Company with effect from 7 June 2024. He remains as an executive Director of the Company. Mr. John Luen Wai Lee, BBS, JP, aged 75, was appointed a Director of the Company on 30 July 1992 and the Chief Executive Officer of the Company on 25 March 2011.

Mr. Lee is the Managing Director and the Chief Executive Officer of Lippo Limited ("Lippo", an intermediate holding company of the Company and a listed public company in Hong Kong). He is an executive director and the Chief Executive Officer of Hongkong Chinese Limited ("HKC", a fellow subsidiary of the Company), as well as an independent non-executive director of New World Development Company Limited and UMP Healthcare Holdings Limited, all are listed public companies in Hong Kong. With effect from 7 June 2024, Mr. Lee will be re-designated from the Managing Director and the Chief Executive Officer to the Deputy Chairman of Lippo.

Also, with effect from 7 June 2024, Mr. Lee will be re-designated from the Chief Executive Officer to the Deputy Chairman of HKC. Mr. Lee is an authorized representative of the Company, Lippo and HKC. He is also a director of Skyscraper Realty Limited which, together with Lippo, have disclosable interests in the Company under the provisions of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

In addition, he holds directorships in certain subsidiaries of the Company, Lippo and HKC. Save as disclosed herein, Mr. Lee had not held any directorship in other listed public companies for the last three years. The Board is announced that Mr. Kwok Fai Lee will be appointed as the Chief Executive Officer of the Company with effect from 7 June 2024.

Mr. Kwok Fai Lee (alias: Davy), aged 65, is a fellow member of The Chartered Governance Institute and The Hong Kong Chartered Governance Institute. He will also be appointed as an executive director and the Chief Executive Officer of each of Lippo and HKC with effect from 7 June 2024. Mr. Lee is an authorized representative/alternate to authorized representative (as the case may be) of the Company, Lippo and HKC.

In addition, he holds directorships in certain subsidiaries of the Company, Lippo and HKC. Mr. Lee had not held any directorship in listed public companies for the last three years. Mr. Lee has over 30 years' experience in treasury investments, corporate administration and company secretarial field.

Mr. Lee holds a Bachelor of Arts in Chinese Humanities (First Class Honours) from The Open University of Hong Kong (now known as Hong Kong Metropolitan University), a Master of Science in Investment Management from The Hong Kong University of Science and Technology and a Doctor of Business and Administration from The Hong Kong Polytechnic University. Mr. Lee has served the Lippo group of companies for over 40 years. Mr. Lee is a director of Skyscraper as well as the Secretary of Skyscraper, Lippo, Lippo Capital Limited, Lippo Capital Holdings Company Limited and Lippo Capital Group Limited which have discloseable interests in the Company under the provisions of the SFO.

He is also a director and the Secretary of certain subsidiaries of the Company's controlling shareholders.