The Board of Directors of PEC Limited announced the change in its Board and Board Committees following the appointment of Mr. Ngan Wan Sing Winston as Non-Executive and Independent Director on 1 August 2022. The Board also refers to the announcement dated 6 December 2021 and announced that its Nominating Committee has been taking very active steps in the appointment of another independent director to serve on the Board subsequent to Dr. Foo Fatt Kah's retirement as independent director on 27 October 2021. Accordingly, and on the recommendation of the Nomination Committee, the Board has approved the change to the composition of the Board and the Board Committees as follows: - the appointment of Mr. Ngan as an Independent Director of the Company with effect from 1 August 2022.

- the appointment of Mr. Ngan as a member of the Audit and Risk Management Committee, Nominating Committee and the Remuneration Committee with effect from 1 August 2022. In appointing Mr. Ngan as stated above, the Board has considered, among others, the recommendation of the Nominating Committee and has reviewed and considered the qualifications, work experience and suitability of Mr. Ngan. The Board is satisfied that Mr. Ngan is independent and possesses the requisite experience and capabilities to assume the responsibilities of an Independent Director.

Work Experience: Mr. Ngan was formerly a partner and the Head of Assurance for the Financial Services Singapore and ASEAN of Ernst & Young (EY) where he was overseeing the growth and strategic priorities of the Financial Services Assurance practices in Singapore and in ASEAN. He has more than 26 years of professional services experience. Prior to joining EY, Mr. Ngan was an Electronic System Design Engineer with a United Kingdom company for 4 years and also served as a Software Programmer with a computer consultancy firm in Canada.

Other DirectorShips Past: Mr. Ngan has retired as a partner from Ernst & Young (EY) Singapore since 30 June 2020. Mr. Ngan had more than 26 years of professional services experience including times in EY Singapore and Canada. Mr. Ngan had focused primarily on serving financial services client in the last 15 years.

Mr. Ngan led the FS Assurance practices with 1,300 audit professionals across ASEAN with more than 320 of them based in Singapore. Mr. Ngan was a member of the EY leadership team managing the FS Assurance practices in 11 markets across Asia Pacific. Other DirectorShips Present: Mr. Ngan is a Board and Risk Committee member, Audit Committee Chairman of HSBC Singapore.

Mr. Ngan is a Board, Audit and Risk Committee member of Azalea Asset Management Pte. Ltd. Mr. Ngan is a Board member of Vinfast Trading and Investment Pte. Ltd. Mr. Ngan is a Board member and President of SPD (Serving People with Disabilities), a charity in Singapore and a past Audit Committee Chairman.

Professional Qualifications: Chartered Professional Accountant (Canada), Chartered Accountant (Singapore) and Certified Public Accountant (Australia).