Bonvests Holdings Limited announced that the NC supports the appointments of Mr. Gary Xie and Mr. Andy Xie as Joint Managing Directors for purpose of succession planning. The NC has reviewed Mr. Gary Xie's qualifications and experience, particularly his working experience in the Group and his in-depth knowledge of the Group's business and recommends his appointment as Joint Managing Director. The Board views the appointment as in the interest of the Company and approves the NC's recommendation.

Role And Responsibilities: Executive. Overall in charge of the Group's management, business and financial strategy, investments and operations. Job Title: Joint Managing Director.

Working Experience: Executive Director of Bonvests Holdings Limited from June 2010 to Present. Conflict Of Interest: Mr. Gary Xie is a Director of Allsland Pte Ltd. which has other property interests. The Company requires directors to declare their shareholdings and/or directorship in other companies and a director will abstain from voting on any transaction where he might have a conflict of interest.

Familial RelationShip: Son of Mr. Henry Ngo who is the Chairman and substantial shareholder of Bonvests Holdings Limited. Director Experience Details: Executive Director of Bonvests Holdings Limited since June 2010. Event Description: Appointment as Joint Managing Director.

Professional Qualifications: Bachelor of Science in Business Administration, Cum Laude Master of Science in Real Estate with Distinction Master of Business Administration with High Honors CFA Charter Holder Ordinary Member, Singapore Institute of Directors.