Reference is made to the joint announcement of Hang Lung Properties Limited (the "Company") and Hang Lung Group Limited ("HLG") dated March 16, 2018 in respect to the retirement of Mr. Philip Nan Lok CHEN ("Mr. Chen") as Chief Executive Officer of the Company and HLG on July 16, 2018 and the re-designation of Mr. Chen as a Non-Executive Director of the Company. The Board of Directors (the "Board") of the Company announced that with effect from July 16, 2018, Mr. Chen has been appointed as Adviser to Chairman for one year and he is re-designated from Executive Director to Non-Executive Director of the Company.