The board of Directors of Li & Fung Limited announced the following changes with effect from the conclusion of the Annual General Meeting of the Company ("AGM") held on 21 May 2015:- Professor Franklin Warren McFarlan has retired by rotation as an Independent Non-executive Director of the Company and accordingly ceased to be a member of the Audit Committee, Nomination Committee and Remuneration Committee of the Company. Dr. Victor Fung Kwok King, Honorary Chairman and Non-executive Director of the Company,
has resigned as a member of Nomination Committee of the Company. Following the aforesaid changes, the Nomination Committee comprises a majority of Independent Non-executive Directors.