Palm Hills Developments (“PHD” or “the Company”) announce a ratio change on the Company’s Depositary Receipt (“DR”) program from one Depositary Share (“DS”) representing five Ordinary Shares to one DS representing twenty Ordinary Shares. The ratio change will result in a reverse stock split on the Company’s DSs on the basis of one new DS for every 4 DSs as of the close of business on July 29, 2016.

Effective from August 1, 2016, DR holders will be required on a mandatory basis to surrender their DSs to the Bank of New York Mellon (“BNYM”) for cancellation and will receive one new DS for every four old DSs. Only whole DSs will be distributed by BNYM. BNYM will attempt to sell any fraction DS and distribute the cash proceeds. BNYM’s books will be closed for all issuance and cancellation transactions on the old DSs as at the close of business on July 29, 2016. The new DSs details are as follows:

Effective date: August 1, 2016

Exchange ratio: 1 new DS for 4 old DSs

Old ratio: 1 DS = 5 Ordinary Shares

New ratio: 1 DS = 20 Ordinary Shares

144A New CUSIP: 696640408

144A New ISIN: US6966404088

Reg S New CUSIP: 696640507

Reg S New ISIN: US6966405077

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