New World Development : Re-designation of Director

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(incorporated in Hong Kong with limited liability)

The Board is pleased to announce that Dr. Cheng Chi-Kong, Adrian will be re-designated from executive director and joint general manager to executive vice-chairman and joint general manager of the Company with effect from 1 April 2015.
The board of directors (the "Board") of New World Development Company Limited (新世界發展有 限公 司 ) (the "Company") is pleased to announce that Dr. Cheng Chi-Kong, Adrian will be
re-designated from executive director and joint general manager to executive vice-chairman and joint general manager of the Company with effect from 1 April 2015.
Dr. Cheng, aged 35, was appointed as an executive director of the Company in March 2007 and has become executive director and joint general manager since March 2012. He is a member of the Executive Committee of the Board. Dr. Cheng is an executive director of New World China Land Limited, New World Department Store China Limited, Chow Tai Fook Jewellery Group Limited and International Entertainment Corporation, and a non-executive director of Giordano International Limited and Modern Media Holdings Limited, all being listed public companies in Hong Kong. He is also the chairman of New World Group Charity Foundation Limited and a director of certain subsidiaries of the Group. Except as disclosed, Dr. Cheng did not hold directorship in other listed public companies in the past three years or any position with the Company or other members of the Group.
Dr. Cheng worked in a major international bank prior to joining the Group in September 2006 and has substantial experience in corporate finance. Dr. Cheng holds a Bachelor of Arts Degree (cum laude) from Harvard University, and was conferred the Honorary Doctorate of Humanities by the Savannah College of Art and Design. He is the vice-chairman of the Youth Federation of the Central State-owned Enterprises, the vice-chairman of All-China Youth Federation, a member of the Tianjin Municipal Committee of The Chinese People's Political Consultative Conference, the chairman of China Young Leaders Foundation, the honorary chairman of K11 Art Foundation and a member of Board of the West Kowloon Cultural District Authority.
Dr. Cheng entered into a letter of appointment with the Company for a fixed term of three years commencing from 16 March 2012, subject to retirement by rotation in accordance with the articles of association of the Company. He will receive a director's fee of HK$300,000 per annum as determined by the Board with the authorization granted by the shareholders of the Company at an annual general meeting of the Company. Dr. Cheng will receive from the Group emoluments which comprise a monthly salary and allowance of HK$1,375,570 and a discretionary bonus. These have been determined by reference to his duties and responsibilities with the Group and the Group's remuneration policy.

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Dr. Cheng is a director of Chow Tai Fook (Holding) Limited and Chow Tai Fook Enterprises Limited, both are substantial shareholders of the Company. He is the son of Dr. Cheng Kar-Shun, Henry, the brother of Ms. Cheng Chi-Man, Sonia, the nephew of Mr. Doo Wai-Hoi, William and Mr. Cheng Kar-Shing, Peter, and the cousin of Mr. Cheng Chi-Heng. Except as disclosed, Dr. Cheng does not have any relationship with any directors, senior management or substantial or controlling shareholders of the Company. As at the date of this announcement, Dr. Cheng has personal interest in 3,728,400 underlying shares of the Company attached to the share options granted by the Company within the meaning of Part XV of the Securities and Futures Ordinance.
Save as disclosed above, Dr. Cheng is not aware of any other matters or information that need to be brought to the attention of the shareholders of the Company or to be disclosed pursuant to any of the requirements set out in Rules 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in connection with his re-designation.
By Order of the Board Wong Man-Hoi Company Secretary
Hong Kong, 2 March 2015

As at the date of this announcement, the Board of the Company comprises (a) seven executive directors, namely Dr. Cheng Kar-Shun, Henry, Dr. Cheng Chi-Kong, Adrian, Mr. Chen Guanzhan, Ms. Ki Man-Fung, Leonie, Mr. Cheng Chi-Heng, Ms. Cheng Chi-Man, Sonia and Mr. Au Tak-Cheong; (b) two non-executive directors, namely Mr. Doo Wai-Hoi, William and Mr. Cheng Kar-Shing, Peter; and (c) five independent non-executive directors, namely Mr. Yeung Ping-Leung, Howard, Mr. Cha Mou-Sing, Payson (alternate director to Mr. Cha Mou-Sing, Payson: Mr. Cha Mou-Zing, Victor), Mr. Ho Hau-Hay, Hamilton, Mr. Lee Luen-Wai, John and Mr. Liang Cheung-Biu, Thomas.

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