The Board of Celestial Pictures Ltd. announces that Chief Executive Officer, Mr William Pfeiffer, on expiry of his contract, is leaving the Company to pursue new business ventures. His last day of service with Celestial will be 9th March, 2008.

Since his appointment in 2001, Mr Pfeiffer has formed and led a team of seasoned executives to develop the Celestial business plan, and his efforts have laid a solid foundation for Celestial. A major accomplishment was undoubtedly the completion of the digital remastering of the 760 films Shaw Library and the successful commercialization of the Library. The Shaw Library is now widely distributed in over 100 countries, and has extended its presence into songs, merchandise, and mobile content.

Another important achievement of Mr Pfeiffer’s was the launch of Celestial Movies – the world’s most widely distributed Chinese movie channel. The channel is now enjoyed by millions of viewers and covers 12 Asian countries. This week, Celestial Movies celebrated its fifth anniversary.

Mr Pfeiffer has also been instrumental in developing the Company’s businesses in China. He has set a framework for the origination and aggregation of Chinese content in association with leading content producers in China. WaTV, a general entertainment TV channel launched in 2005, currently being distributed on Astro’s platforms in Malaysia and Indonesia, has become an important window into the lifestyles of China’s youth.

The Board thanks Mr Pfeiffer for his tremendous contribution to Celestial Pictures and the Astro Group over the years, and wishes him success and great achievement in his new endeavours.

Going forward, the Company will continue to explore new and digital opportunities for the Shaw Library, to enhance and strengthen the Celestial TV channels for global distribution, and to work closely with leading talents in China, Hong Kong and elsewhere to create top quality content for markets worldwide.

In the meantime, the Board is considering various options and will announce a replacement of the position when the decision is taken in due course.