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Neil Pryde Set to Retire

Neil Pryde has set that he wil retire as Managing Director of Pryde Group, effective December 31st, 2013. Neil Pryde will become the Chairman of the company after retirement and will devote most of his time in promoting and supporting the company’s business activities around the world.

Patrick Pender, currently Deputy Managing Director, will become Managing Director and Peter Lui, currently CFO for the company, will become Chief Operating Officer. George Poon from Shriro Pacific Limited will be heading the financial functions and all new appointments will be effective from 1st January 2014.

Patrick Pender has 30 years of experience in management, brand building, manufacturing and retailing. Having been a part of management teams at the Gaastra Group, Guess Watches, Oozeeki and Bvlgari, he brings with him a broad range of experience and an understanding of the European, American and Asian markets. Mr. Pender is also a world-class sailor with first hand understanding of the sports the Pryde Group is involved in.

In making this announcement, Neil Pryde commented:

“The decision for me to step back from active management of the company that I founded 43 years ago is obviously a significant milestone in the company’s history and in my life. Pryde Group represents my life’s work and I am extremely proud of what we have been able to create in one of the world’s leading action sports companies with market leading brands in Windsurfing and Kitesurfing.

I certainly could not have achieved anything we have done without the support of an incredibly loyal group of colleagues and employees and I will not forget the effort you have made on behalf of the company. I wish you well for the future.

I am confident that Patrick with his experience and leadership will bring us greater success and I hope you will give Patrick the same support you have given me over many years.

Peter Lui has been my close associate for more than 13 years and I am delighted to see him in his new role as Chief Operating Officer and I am sure he together with Patrick will be instrumental in the future success of the company.

As you are aware, I will become the Chairman of the company and remain as a member of the Board of Directors. You may be assured, I will continue to maintain a very strong interest in all of the company’s activities and the progress of its employees.”

Vasco Fung, Group Chief Executive Officer of Shriro Pacific Limited, the controlling shareholder in Pryde Group, commented on Mr. Pryde’s retirement:

“We have enjoyed a very successful partnership with Neil Pryde since 1986 and are very grateful for his considerable contributions to the success of the company.

Neil has shown strong leadership since founding the business in 1970 and successfully transformed the company into an international sports group with operations in Asia, USA and Europe.

We all wish Neil a very happy retirement and surely he will continue to provide valuable support and advice to the new management which will be important to the continuous success of the company.”