CAI Corp — Board/Management Information 2005

Jan 27, 2005

HARBOUR CENTRE DEVELOPMENT LIMITED

(Incorporated in Hong Kong with limited liability)

Stock Code: 51

RESIGNATION OF DIRECTOR

Harbour Centre Development Limited announces that Mr. Paul Yiu Cheung Tsui has resigned as a director of the Company effective from 27th January, 2005.

Harbour Centre Development Limited (the “Company”), which is a member of The Wharf (Holdings) Limited group (the “Wharf Group”), announces that as a result of an internal re-allocation of executives’ responsibilities within the Wheelock and Company Limited (of which The Wharf (Holdings) Limited is an associate) group of companies and the Wharf Group, Mr. Paul Yiu Cheung Tsui has resigned as a director of the Company effective from 27th January, 2005. Mr. Tsui, who did not hold any executive title or office in the Company prior to his resignation, was nevertheless not regarded as an independent non-executive director of the Company by reason of his being an executive director of Wheelock and Company Limited. Following his resignation as a director of the Company, Mr. Tsui will continue to serve on the boards of directors of Wheelock and Company Limited and some of its subsidiaries.

Mr. Tsui has confirmed that he has no disagreement with the board of directors of the Company (the “Board”) and there is no matter which needs to be brought to the attention of the shareholders of the Company in respect of his resignation.

After the resignation of Mr. Tsui, the Board comprises Mr. Gonzaga W. J. Li, Mr. Brian S. Forsgate, Mr. C. C. Haung, Mr. T. Y. Ng, Mr. H. M. V. de Lacy Staunton and Mr. M. K. Tan.

For HARBOUR CENTRE DEVELOPMENT LIMITED

Wilson W. S. Chan

Company Secretary

Hong Kong, 27th January, 2005

“Please also refer to the published version of this announcement in The Standard and Hong Kong Economic Journal as of 28th January, 2005.”