CAI Corp — Board/Management Information 2008

Sep 8, 2008

==> picture [360 x 100] intentionally omitted <==

(Incorporated in Hong Kong with limited liability) Stock Code: 51

APPOINTMENT OF DIRECTOR / MEMBER OF AUDIT COMMITTEE

Reference is made to the announcement dated 21 August 2008 issued by Harbour Centre Development Limited (the "Company" ; together with its subsidiaries, the "Group" ) in relation to the passing away of Mr. M. K. Tan ( "the late Mr. Tan") , an independent Non-executive Director and a member of the audit committee of the Company, on 14 August 2008.

The Company announces that Mr. Brian See King Tang ( "Mr. Tang" ) has been appointed an independent Non-executive Director ( "INED") and a member of the audit committee of the Company, effective from 8th September 2008, to fill the vacancy which arose from the passing away of the late Mr. Tan. Following the appointment of Mr. Tang, the numbers of INEDs and audit committee members of the Company have both been restored to three, fulfilling the minimum numbers of INEDs and audit committee members as required under Rule 3.10(1) and Rule 3.21 of the Listing Rules respectively.

Mr. Tang, aged 58, had over 29 years of comprehensive experience in accounting and financial management. He graduated with a Bachelor Degree in Science from the California State University of Long Beach, U.S.A. He had been the senior vice president of CITIC Ka Wah Bank Limited ( "CKWB" ) for four years from 1997 with responsibilities covering treasury operations, remittance, bills operations, general services, property management, information technology and loan administration. He also served as a director of CKWB from 1998 to 2001. Before joining CKWB, he worked with various large organizations including 17-year service at Morgan Guaranty Trust Co. as vice president and financial controller, and one-year service at Cheung Kong (Holdings) Limited as chief accountant.

Mr. Tang does not have any relationship with any Directors, the senior management or any substantial or controlling shareholders of the Company. He does not at present, nor did he in the past three years, hold any directorship in any listed public company. Mr. Tang does not have any interest (within the meaning of Part XV of the Securities and Futures Ordinance) in any securities of the Company. Mr. Tang will receive from the Company a director's fee and an audit committee member's fee which are currently payable to each Director and audit committee member of the Company at the rates of HK$40,000 per annum and HK$15,000 per annum respectively. These rates of director's fee and audit committee member's fee are in line with those payable to other Directors, including INEDs, and audit committee members of the Company. There exists no service contract between Mr. Tang and the Group and therefore no emolument will be payable to Mr. Tang by the Group apart from the abovementioned director's and audit committee member's fees. In relation to the appointment of Mr. Tang as a Director of the Company, there is no information which is discloseable nor is/was he involved in any of the

• 1 -

Harbour Centre Development Limited - Announcement (8 September 2008)

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. Tang will hold office until he retires from the Board at the Annual General Meeting of the Company to be held in 2009.

After the abovementioned appointment, the board of Directors of the Company comprises Mr. Gonzaga W. J. Li, Mr. T. Y. Ng and Mr. Clement K. H. Wong, together with three independent non-executive Directors, namely, Mr. H. M. V. de Lacy Staunton, Mr. Michael T. P. Sze and Mr. Brian S. K. Tang.

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

Hong Kong, 8 September 2008

• 2 - Harbour Centre Development Limited - Announcement (8 September 2008)