CDI’s Managing Director to leave in 2022

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S T O C K E X C H A N G E A N N O U N C E M E N T

Date 8 November 2021

Subject CDI’S MANAGING DIRECTOR TO LEAVE IN 2022

CDI advises that its Managing Director BK Chiu will be leaving the company in July 2022.

“Over the past sixteen years, the critical task for me has been to ensure that CDL Investments has a secure
platform of substantial and diversified land holdings to secure its future development works over the next decade
and beyond”, said Mr. Chiu. “Now that has been done, I feel that it is time to move on knowing that the company
is in good hands and good heart”, he said.

CDI’s ultimate parent company City Developments Limited paid tribute to Mr. Chiu’s work over the past sixteen
years. Group Chairman Mr. Kwek Leng Beng said that Mr. Chiu had navigated the company through many
challenges.

“BK has carried through the enormous legacy left by CDI’s former Executive Director John Lindsay and has
enhanced CDI’s reputation across New Zealand as a trusted organisation which carries out high quality
residential section development. He leaves with our sincere thanks and best wishes”.

CDI Chair Colin Sim also expressed thanks from the CDI Board.

“Each and every director on the CDI Board over the past sixteen years knows how significant BK’s contribution
has been and he leaves with our utmost gratitude for his work as MD”, he said.

CDI advised that it had commenced a process to appoint a new Managing Director / Chief Executive Officer in
the coming months. An announcement would be made at the completion of the process and would be made
before Mr Chiu’s departure from the company.

-ENDS-
Issued by CDL Investments New Zealand Limited