The board of directors of Kowloon Development Company Limited announced that Mr. David John Shaw (Mr Shaw) will retire as an Independent Non-executive Director of the Company with effect from the conclusion of the forthcoming Annual General Meeting of the Company to be held on 7 June 2023. Upon Mr. Shaw's retirement, he will cease to be a member of the Nomination Committee of the Company (the Nomination Committee). Mr. Shaw has been an Independent Non-executive Director of the Company since 2007.

Having reached 76 years of age, Mr. Shaw has decided to retire as a Director of the Company at the 2023 AGM. The Board of the Company further announced the following changes in the composition of the Board committees of the Company with effect from the conclusion of the 2023 AGM: (1) Appointment of Mr. Hsu Duff Karman (Mr Hsu), an Independent Non-executive Director of the Company, as a member of the Nomination Committee to fill up the vacancy as a result of the retirement of Mr. Shaw; and (2) Cessation of Mr. Li Kwok Sing, Aubrey, an Independent Non-executive Director of the Company, as the chairman of the Audit Committee of the Company (the Audit Committee) who will remain as a member of the Audit Committee and re-designation of Mr. Hsu, currently a member of the Audit Committee, as the chairman of the Audit Committee to fill up the vacancy created thereby.