CAI Corp — Board/Management Information 2007

May 9, 2007

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HARBOUR CENTRE DEVELOPMENT LIMITED

(Incorporated in Hong Kong with limited liability)

Stock Code: 51

CHANGES IN DIRECTORATE

Harbour Centre Development Limited (the "Company" ; together with its subsidiaries, the "Group" ) announces that Mr. Brian Stuart FORSGATE ( "Mr. Forsgate" ), an Independent Non-executive Director ( "INED" ) of the Company, retired in accordance with Article 103(A) of the Company’s Articles of Association at the conclusion of the Company’s Annual General Meeting ( "AGM" ) held on 9th May, 2007 and did not stand for re-election at the AGM. Accordingly, Mr. Forsgate ceases to be a Director upon the conclusion of the AGM.

To fill the vacancy which arose upon Mr. Forsgate’s retirement at the AGM, the board of Directors of the Company (the "Board" ) has approved the appointment of Mr. Michael Tsai Ping SZE ( "Mr. Sze" ) as a Director of the Company, such appointment has become effective at the time of conclusion of the AGM held on 9th May, 2007. Mr. Sze is an INED of the Company upon his appointment.

Mr. Forsgate retired from the Board at the AGM due to personal reasons. The Board wishes to express its appreciation for Mr. Forsgate’s valuable contribution during his tenure of office as a Director of the Company. Mr. Forsgate has confirmed that he has no disagreement with 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 retirement.

Mr. Sze, aged 61, has over 30 years of experience in the financial and securities field. He graduated with a Master of Laws (LLM) Degree from the University of Hong Kong. He is currently a Member of Disciplinary Appeals Committee of The Stock Exchange of Hong Kong Limited (the "Stock Exchange" ). He was a former Council Member, Member of the Main Board Listing Committee of the Stock Exchange, Member of the Cash Market Consultative Panel of Hong Kong Exchanges & Clearing Limited and Member of Securities and Futures Commission Appeals Panel. Mr. Sze is a non-executive director of Burwill Holdings Limited and an independent non-executive director of T S Telecom Technologies Limited, GOME Electrical Appliances Holdings Limited and Greentown China Holdings Limited, all of which are listed on the Stock Exchange. Mr. Sze is a fellow of the Institute of Chartered Accountants in England and Wales, the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants. He is also a fellow of the Hong Kong Institute of Directors Limited.

Mr. Sze does not have any relationship with any Directors, senior management or any substantial or controlling shareholders of the Company. Save as disclosed above, he does not at present, nor did he in the past three years, hold any directorship in any listed public company. He currently holds 25,000 shares of the Company. Apart from such shares, Mr. Sze does not have any interest (within the meaning of Part XV of the Securities and Futures Ordinance) in

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Harbour Centre Development Limited - Announcement (9th May, 2007)

any securities of the Company. There exists no service contract between Mr. Sze and the Group and therefore no emolument will be payable to Mr. Sze by the Group apart from certain fees (including director’s fee which is currently payable to each Director of the Company at the rate of HK$30,000 per annum) payable by the Company at such rate(s) which is/are in line with that payable to other Directors, including INEDs of the Company. In relation to the appointment of Mr. Sze as a Director of the Company, there is no information which is discloseable nor is/was he involved in any of the matters required to be disclosed pursuant to any of the requirements of the provisions under paragraphs 13.51(2)(h) to 13.51(2)(v) of the Listing Rules, and there is no other matter which needs to be brought to the attention of the shareholders of the Company. In accordance with the provisions of the Company's articles of association, Mr. Sze will hold office until he retires from the Board at the Annual General Meeting of the Company to be held in 2008.

After the abovementioned board changes, the Board comprises Mr. Gonzaga W. J. Li and Mr. T. Y. Ng, together with three independent non-executive Directors, namely, Mr. H. M. V. de Lacy Staunton, Mr. Michael T. P. Sze and Mr. M. K. Tan.

For HARBOUR CENTRE DEVELOPMENT LIMITED Wilson W. S. Chan Company Secretary

Hong Kong, 9th May, 2007

"Please also refer to the published version of this announcement in The Standard and Hong Kong Economic Journal both dated 10th May, 2007."

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Harbour Centre Development Limited - Announcement (9th May, 2007)