Parkson Retail : Change of Chairman of Audit Committee

Resignation of Director

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.

PARKSON RETAIL GROUP LIMITED

百盛商業集團有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 3368)

Change of Chairman of Audit Committee

The board of directors (the "Board") of Parkson Retail Group Limited (the "Company") announces the following changes in the chairmanship of the Audit Committee of the Company with effect from 29 February 2016:

1. Mr. Ko Tak Fai, Desmond, being an independent non-executive director and member of the Audit Committee of the Company since 9 November 2005 and the Chairman of the Audit Committee of the Company since 22 November 2006, has stepped down as the Chairman of the Audit Committee and he is pleased to remain as a member of the Audit Committee; and

   
   

2. Dato' Fu Ah Kiow, being an independent non-executive director and a member of the Audit Committee of the Company since 13 November 2014, has been appointed by the Board as the Chairman of the Audit Committee.

Save as disclosed above, the other members of the Audit Committee remains unchanged.

By Order of the Board

PARKSON RETAIL GROUP LIMITED

Tan Sri Cheng Heng Jem

Executive Director & Chairman

29 February 2016

As at the date of this announcement, the Executive Directors of the Company are Tan Sri Cheng Heng Jem, Mr. Chong Sui Hiong and Ms. Juliana Cheng San San, the Non-executive Directors are Datuk Lee Kok Leong and Dato' Dr. Hou Kok Chung and the Independent Non-executive Directors are Mr. Ko Tak Fai, Desmond, Mr. Yau Ming Kim, Robert and Dato' Fu Ah Kiow.