We refer to the announcements made by the Company on 16 October 2020 as amended on 9 November 2020, 19 October 2020, 9 November 2020 and 16 November 2020 in relation to the announcements made to The Stock Exchange of Hong Kong Limited ("The HKEx") on 16 October 2020, 19 October 2020, 9 November 2020 and 16 November 2020 by Parkson Retail Group Limited ("PRGL"), a 54.97% owned subsidiary of the Company listed on The HKEx, in relation to the major transaction on the formation of joint venture and the updates in relation thereto ("Earlier Announcements").

Unless otherwise stated, the terms used throughout this announcement shall have the same meaning as defined in the Earlier Announcements.

PRGL had on 25 November 2020 published a circular providing, among others, details of the formation of the Joint Venture as required under the Listing Rules, which can be downloaded from the website of The HKEx at https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1125/2020112500501.pdf.