The board of directors of Nanyang Holdings Limited announced that Mr. Rudolf Bischof shall retire by rotation at the forthcoming Annual General Meeting of the Company to be held on 14 May 2024 in accordance with the Bye-laws of the Company and Mr. Bischof has indicated that he would not offer himself for re-election, after serving the Board for over 26 years, in order to devote more time to his other commitments. Accordingly, Mr. Bischof will cease to be an independent non-executive director of the Company and a member of the Audit Committee, Remuneration Committee and Nomination Committee of the Company, all with effect from the conclusion of the forthcoming AGM. Change in Composition of the Board Committees Following the aforesaid change, the composition of each of the Audit Committee, Remuneration Committee and Nomination Committee of the Company will be as follows (with effect from the conclusion of the Annual General Meeting): (i) the Audit Committee comprises three Independent Non-Executive Director, namely Mr. Robert T. T. Sze (Chairman), Mr. Wong Chi Kwong Patrick, and Mr. Nicholas Timothy James Colfer; (ii) the Remuneration Committee comprises one Executive Director, namely Mr. Lincoln C. K. Yung as well as three Independent Non-Executive Directors namely Mr. Wong Chi Kwong Patrick (Chairman), Mr. Robert T. T. Sze, and Mr. Nicholas Timothy James Colfer; and the Nomination Committee comprises one Executive Director, namely Mr. Lincoln C. K. Yung as well as three Independent Non-Executive Directors namely Mr. Nicholas Timothy James Colfer (Chairman), Mr. Robert T. T. Sze and Mr. Wong Chi Kwong Patrick.