PYI : SUPPLEMENTAL ANNOUNCEMENT PURSUANT TO RULE 13.70 OF THE LISTING RULES

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

PYI Corporation Limited

(Incorporated in Bermuda with limited liability)

(Stock Code: 498)

SUPPLEMENTAL ANNOUNCEMENT PURSUANT TO

RULE 13.70 OF THE LISTING RULES

This announcement is made pursuant to Rule 13.70 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Reference is made to the notice of annual general meeting of PYI Corporation Limited (the "Company") and the circular of the Company (the "Circular"), both dated 29 July 2020, in relation to the 2020 AGM to be held on Friday, 4 September 2020 at 10:30 a.m., and the announcement of the Company dated 16 August 2020 (the "Announcement"). Unless otherwise stated, capitalised terms used herein shall have the same meanings as defined in the Circular and the Announcement.

Further information in relation to the Proposed Candidate

In response to the Company's request for supporting documents for the qualifications and experience of the Proposed Candidate and further information in relation to his suitability for the position, the Shareholder proposing the election of the Proposed Candidate as a Director (the "Proposing Shareholder") and the Proposed Candidate provided the following to the Company, the content, accuracy and/or authenticity of which have not been independently verified by the Company:

1. "Mr. Littmann is currently very busy creating shareholder value in his Private Asset Company Swiss Investors Corporation Ltd., trading tons of physical Gold and other precious metals in these uncertain, challenging times both full of risks and opportunities."
2. "Besides the very successful operation of Swiss Investors Corporation Ltd., Mr. Littmann, to the great benefit of PYI and all its shareholders as a whole, enjoys broad experience in both Internal Audits and Distressed / Missing Asset Recovery Operations in the Greater Asia Pacific and Americas Region having worked in an executive management position for a deceased Private HNWI who once was a 6% PYI-shareholder."

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1. the Proposed Candidate has stated to work on "up to 7-8digits USD projects, totaling in the lower half of 9 digits USD area… in Switzerland, India, Taiwan, Thailand, Philippines, China, Hong Kong, Panama, Brazil and USA among others, each time in executive position with responsibilities including table top negotiations and closure."
2. a job reference letter dated 29 February 2008 by CEO of advofin, who was a deceased Shareholder, confirming the Proposed Candidate had been employed as a Case Manager by advofin Switzerland from March 2007 to February 2008, responsible for "independent special asset management and recovery of investment project related assets in default. This included asset tracing, networking with business partners, diplomatic representatives and local authorities, instructing local law-firms,directing settlement negotiations and settlement execution" and that the Proposed Candidate was "entrusted with projects in India, Taiwan, Thailand, Philippines and Hong Kong."
3. BAMS Limited, of which the Proposed Candidate is a director, was previously "active in facilitating export and import", but "has recently been dormant and restructured due to Corona pandemic tackling measures"; and
4. Copy of a Law Diploma Certificate issued by The Westfälische Wilhelms- Universität Münster, Faculty of Law and copies of certain certificates in German and his Hong Kong permanent identity card and APEC business travel card, Hong Kong, China.

Nevertheless, the Proposed Candidate has not provided details of his role and responsibility in each of his appointments and further advised that he is restricted by confidentiality to provide further particulars or substantiation on scale and size of the operations of the relevant organizations and entities of his appointments and experiences.

Chinese translation of the said information is provided by the Company for reference only and Shareholders shall refer to the English version of this announcement for all purposes.

Independent review conducted by, and the view of, the Board

Based on publicly available information, the companies which the Proposed Candidate are currently holding positions and directorships, namely Swiss Investors Corporation Limited, Beauforte Limited and BAMS Limited, are private registered companies in the Hong Kong Companies Registry with total paid up capital of not more than HKD10,000. On its website, Swiss Investors Corporation Limited is stated to be (and which information the Company cannot further verify) focusing on tangible assets services and specialized in physical trade of precious metals bars and coins made of gold, silver, platinum and pallidium and carrying a range of silver antiques, fine jewelry as well as rare artwork and tangible collectibles. The Company cannot locate any public information in respect of the business of Beauforte Limited and BAMS Limited. In addition, the Proposed

Candidate's past directorship with Beauforte Investors Corporation Limited (Stock Code:

1. was a non-executive one and for a period of approximately 1.5 months from 16 April 2007 to 1 June 2007.

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Based on the above, the Board is of the view that although the Proposed Candidate possesses a wide spectrum of knowledge and capabilities, his experiences and qualifications may not be the most relevant as to the nature, scale and territory of the businesses of the Group and the Board reserves its recommendation for the voting on the Supplemental Resolution. Shareholders are cautioned to take full account of the above when considering the voting on the Supplemental Resolution.

By Order of the Board

PYI Corporation Limited

Ho Sze Nga, Maggie

Company Secretary

Hong Kong, 20 August 2020

As at the date of this announcement, the composition of the Board is as follows:

Mr. Lau Tom Ko Yuen	:	Chairman and Managing Director
Mr. Sue Ka Lok	:	Executive Director
Ms. Wu Yan Yee	:	Executive Director
Mr. Chan Shu Kin	:	Independent Non-Executive Director
Ms. Wong Lai Kin, Elsa	:	Independent Non-Executive Director
Mr. Leung Chung Ki	:	Independent Non-Executive Director

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