The board of directors (the "Board") of China Overseas Land & Investment Limited (the "Company") announced the following changes which will take effect from 11 February 2020: (1) Mr. Yan Jianguo ("Mr. Yan") will cease to act concurrently as Chief Executive Officer of the Company; (2) Mr. Luo Liang ("Mr. Luo") has been elected as Vice Chairman of the Board and will continue to act as the Executive Director, Executive Vice President, Chief Operating Officer and Chief Architect of the Company; (3) Mr. Zhuang Yong ("Mr. Zhuang") has been appointed as Vice Chairman and Non-Executive Director of the Company; and (4) Mr. Zhang Zhichao ("Mr. Zhang") has been appointed as Executive Director and Chief Executive Officer of the Company. Mr. Luo Liang joined the Group in 1999. Mr. Luo has been appointed as the Chief Architect of the Group and one of its subsidiaries from 18 October 2002 and 2 February 2018 respectively, the Executive Director of the Company from 22 March 2007, the Vice President of the Company since August 2009 and the Executive Vice President and Chief Operating Officer of the Company from 26 May 2017.

Besides acting as the Executive Director, Executive Vice President, Chief Operating Officer and Chief Architect of the Company, Mr. Luo is currently a director of certain subsidiaries of the Group. Mr. Luo has about 31 years' architectural experience. From 2015 to 2017, Mr. Zhuang served as the Assistant President of the Company and General Manager of Northern China regional companies, Vice President of the Company, and since October 2018, as General Manager of the South China regional companies.

Mr. Zhuang has about 19 years' experience in corporate management. Mr. Zhang has been serving as Assistant President of the Company and General Manager of Northern China regional companies since May 2017, and in January 2019, he was appointed as Vice President of the Company.