On November 9, 2022, the board of directors Oatly Group AB received notice from Tomakin Lai that he would step down as a member of the Board, effective November 10, 2022. Mr. Lai's decision was not due to any disagreement with the Company's management or Board. The Board thanks Mr. Lai for his service.

Mr. Tuen-Muk Lai Shu was appointed to the Board, also effective November 10, 2022, by the Company's shareholder, China Resources (Holdings) Company Limited (“China Resources”), to replace Mr. Lai. Mr. Tuen-Muk will serve as a director until the close of the annual general meeting for the financial year for 2023 and until his successor is duly elected and qualified (or his earlier death, resignation or removal). Mr. Tuen-Muk, 49, has served as the Chief Financial Officer of China Resources Enterprise, Limited (“China Resources Enterprise”) since July 2022.

Mr. Tuen-Muk joined China Resources Group in 2009, where he served as the Deputy General Manager in the Finance Department of China Resources Group from August 2015 until July 2022. Mr. Tuen-Muk previously served on the board of directors of China Resources Beer (Holdings) Company Limited from July 2019 to November 2021. He has also worked in commercial banks as well as Chinese and multinational corporations, and has over 20 years of experience in corporate finance and treasury management.

Mr. Tuen-Muk obtained a Bachelor's degree in Finance from the University of Hong Kong in 1997 and a Master's degree in Finance from the City University of Hong Kong in 2004. He is also a Chartered Financial Analyst.