The Board of Directors of Global Dragon Limited announced the following changes to Board members of the Company, with effect from 22 December 2022: Resignation of lead independent director: Mr. Woo Peng Kong (‘Mr. Woo') has resigned as Lead Independent Director of the Company with effect from 22 December 2022. Following his resignation, Mr. Woo has ceased to be the Chairman of the Audit Committee and a member of the Nominating Committee and the Remuneration Committee. Appointment of independent director: Mr. Chia Shee Liang (‘Mr. Chia') has been appointed as an Independent Director of the Company, Chairman of the Nominating Committee and a member of the Audit Committee and Remuneration Committee with effect from 22 December 2022.

The Board, having considered the Nominating Committee's recommendations, concluded that Mr. Chia has the requisite track record, qualifications and work experiences and is able to exercise objective judgement on the Company's affairs independently, and has therefore approved the appointment of Mr. Chia as an Independent Director. Mr. Chia is considered independent for the purpose of Rule 704(7) of the Catalist Rules. Mr. Chia has also submitted the requisite Appendix 7H undertaking.

re-designation of independent director to lead independent director: Dr. Kwan Chee Wai (‘Dr Kwan'), an Independent Director of the Company has been re-designated to be the Lead Independent Director of the Company with effect from 22 December 2022. Following Mr. Woo's resignation and Mr. Chia's appointment as Chairman of the Nominating Committee, Dr. Kwan will cease to be Chairman of the Nominating Committee and will be appointed as Chairman of the Audit Committee. He will remain as a member of the Nominating Committee and the Remuneration Committee.

change in the composition of the board of directors, the audit committee, nominating committee and remuneration committee: Following the foregoing changes, the new composition of the Board and Board Committees with effect from 22 December 2022 shall be as follows: Board of Directors: Mr. Koh Kian Soo (Executive Chairman); Mr. Tan Chee Wee (Chen Zhiwei) (Executive Director and Chief Operating Officer); Dr. Kwan Chee Wai (Lead Independent Director); Ms. Pan Pei Say (Independent Director); Mr. Chia Shee Liang (Independent Director). Audit Committee: Dr. Kwan Chee Wai (Chairman); Ms. Pan Pei Say; Mr. Chia Shee Liang. Nominating Committee: Mr. Chia Shee Liang (Chairman); Dr. Kwan Chee Wai; Ms. Pan Pei Say; Mr. Koh Kian Soo.

Remuneration Committee: Ms. Pan Pei Say (Chairman); Dr. Kwan Chee Wai; Mr. Chia Shee Liang.