The Board of Directors of LY Corporation Limited announced the following changes to the composition of the Board of Directors with effect from the conclusion of the Company's Annual General Meeting ("AGM") held on 29 April 2022. Mr. Lee Dah Khang has retired from the Board at the conclusion of the AGM. Mr. Oh Seong Lye has been appointed as Chairman of the Board of Directors of the Company at the conclusion of the AGM, in place of Mr. Tan Kwee Chai, who has relinquished his position as the Executive Chairman and remain as the Executive Director of the Company. The re-designation of Mr. Oh Seong Lye as the Independent Chairman of the Board of Directors of the Company will strengthen the board independence. There is no change to the composition of the Audit and Risk Committee, Nominating
Committee and Remuneration Committee.