The board of directors of Time Watch Investments Limited announced that Dr. Tam Hok Lam Tommy has tendered his resignation as independent non-executive Director with effect from May 10, 2013. Mr. Choi Ho Yan has been appointed as an independent non-executive Director with effect from May 10, 2013 immediately following the resignation. The board announced that the composition of the audit committee, the remuneration committee and the corporate governance committee has been changed as follows with effect from the date of this announcement following the resignation of Dr. Tam and the appointment of Mr. Choi as independent non-executive Director: Dr. Tam has ceased to be the chairman and member of the audit Committee; and Mr. Choi has been appointed as the chairman and a member of the audit Committee; Dr. Tam has ceased to be member of the remuneration committee; and Mr. Choi has been
appointed as member of the remuneration committee; and Dr. Tam has ceased to be member of the CG Committee; and Mr. Choi has been appointed as member of the CG Committee.