Home Control International Limited announced that Mr. Alain Perrot stepped down from his role as the chief executive officer of the Company and has been redesignated from the executive Director to non-executive Director due to a redesignation of duties in the Group with effect from 1 April 2024. Following such redesignation, Mr. Perrot will remain as a chairman of the Board and a member of the nomination committee of the Board. Mr. Perrot has confirmed that (i) he has no claim against the Company in respect of the change of chief executive officer and redesignation of Director and there is no disagreement between him and the Board; and (ii) there are no matters that need to be brought to the attention of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the shareholders of the Company (the "Shareholders") in relation thereto.

Mr. Perrot, aged 67, is the executive Director, the chief executive officer of the Company, the chairman of the Board and a member of the remuneration committee of the Company. Considering his age and future plans, Mr. Perrot has recommended to the Board to delegate his role and responsibilities of chief executive officer to the current chief operating officer, Mr. Siu Kwok Hoong ("Mr. Siu"), following more than a year of internal planning and transition. Mr. Perrot will cease to be the executive Director and the chief executive officer of the Company and will be re-designated as non-executive Director and remained as the chairman of Board with effect on 1 April 2024.

Mr. Perrot will continue to advise the Board with his valuable insights and experience. He joined the Group in May 2015 and has been a director of Home Control Singapore Pte. Ltd., Home Control Europe NV and the Company.

since September 2015, May 2015 and November 2015, respectively. He is also the director of other Group companies, namely, Home Control Singapore Private Limited, Omni Remotes Do Brasil LTDA, HCS (Suzhou) Limited and Home Control Solutions (Suzhou) Limited and the president of Premium Home Control LLC. Prior to joining the Company, from April 2012 to December 2013, Mr. Perrot was the chief commercial officer and a director of TP Vision Holding BV, a company then owned by Philips and TPV Technology Limited ("TPV"), a monitor and TV manufacturer listed on both the Stock Exchange and Singapore Exchange Limited (stock code: T18), and principally engaged in TV business under the Philips brand.

Mr. Perrot worked as the general manager of the branded TV business unit and vice president of TPV, from November 2010 to April 2012. Mr. Perrot served various positions within Philips group from October 1979 to September 2009 and worked as the chief executive officer of Philips Lighting Asia Pacific Region from January 2008 to September 2009. Mr. Perrot obtained an engineering master degree in aeronautics and space from École Nationale Supe´rieure de l'Ae´ronautique et de l'Espace in August 1979.

Mr. Perrot has entered into a service contract as the non-executive Director with the Company for a term of one year and renewable automatically thereafter for successive terms of one year each commencing from the date next after the expiry of the then current term of office, subject to the rotation, removal, vacation or termination of such office and re-election at general meetings as set out in the articles of association of the Company and the Listing Rules. Mr. Perrot is entitled to an annual remuneration of USD 50,000.00 and shall be subject to review by the remuneration committee of the Board with reference to his duties, responsibility and expected time commitment to the Company's affairs. Following the stepping down of Mr. Perrot as the chief executive officer of the Company and redesignation of Mr. Perrot to the non-executive Director, the Board announced that Mr. Siu is appointed as an executive Director and the chief executive officer of the Company, each with effect from 1 April 2024.

Mr. Siu, aged 56, is the chief operating officer and the head of marketing and innovation of the Group responsible for leading the research and development and product marketing teams of the Group to generate innovations, intellectual properties and support the sales team in pre- sales marketing and commercial negotiation activities. Upon the appointment of Mr. Siu as an executive Director and the chief executive officer of the Company, he still continues to be the chief operating officer and the head of marketing and innovation of the Group. Mr. Siu joined the Group in September 1999.

Mr. Siu obtained a bachelor's degree in engineering from National University of Singapore in July 1991. Mr. Siu has entered into a service contract as an executive Director with the Company for a term of one year and renewable automatically thereafter for successive terms of one year each commencing from the date next after the expiry of the then current term of office, subject to the rotation, removal, vacation or termination of such office and re-election at general meetings as set out in the articles of association of the Company and the Listing Rules. Mr. Siu is not entitled to any remuneration and benefits as an executive Director but will receive an annual remuneration of SGD 292,500.00 for his appointment as the chief executive officer.