The Board of Directors of Hiap Tong Corporation Ltd. (the "Company", together with its subsidiaries, collectively, the "Group") wishes to announce that Mr. Ong Boon Tat, Alvin ("Mr. Alvin Ong"), the Executive Director of the Company, shall be re-designated as Executive Vice Chairman of the Company with effect from 3 July 2023. The Board of Directors, after considering the recommendation of the Nominating Committee and having reviewed and considered the qualifications, work experience and performance, and suitability of Mr. Alvin Ong, is of the view that Mr. Alvin Ong possesses the requisite experience and capabilities to assume the responsibilities of an Executive Vice Chairman of the Company and that he will continue to contribute positively to the Group. Accordingly, and in line with the Group's succession planning, the Board of Directors approved the re-designation of Mr. Alvin Ong from his existing role of Executive Director to the position of Executive Vice Chairman.

Mr. Alvin Ong will continue to assist the Executive Chairman/Chief Executive Officer in the day-to-day management of the Group, as well as managing the Group's strategic planning functions. Mr. Alvin Ong abstained from the deliberation of the Board and Nominating Committee pertaining to his re-designation. Following the re-designation of Mr. Alvin Ong, the composition of the Board with effect from 3 July 2023 shall be as follows: Board of Directors: Mr. Ong Teck Meng: (Executive Chairman and Chief Executive Officer); Mr. Ong Boon Tat Alvin: (Executive Vice Chairman); Mr. Ong Lim San: (Executive Director); Mr. Tito Shane Isaac: (Lead Independent Director); Mr. Choy Bing Choong: (Independent Director); Mr. Tay Seo Long: (Independent Director).