The Board of Directors of SBS Transit Ltd. announce that at the conclusion of the Company's 28th Annual General Meeting this morning (the "AGM"), the following matters took place: Mr. Lim Jit Poh retired as Chairman and Director of the Company after serving on the Board for 18 years. The Company has asked Mr. Lim Jit Poh to stay on as a senior advisor to the Company and he has accepted, to continue to guide the Company towards growth in the face of the recent global economic uncertainties. Mr. John de Payva and Mr. Lim Siang Hoe, Benny also retired as Directors of the Company. Mr. Bob Tan Beng Hai is appointed as an Independent Non-Executive Director and the new Chairman of the Board. He will chair the SBST Tenders Committee and sit as a member of the newly constituted Nominating and Remuneration Committee and Sustainability Committee. Mr. Desmond Choo Pey Ching is appointed as an Independent Non-Executive Director and a Member of the Audit and Risk Committee, the Nominating and Remuneration Committee and the new Sustainability Committee. Mr. Cheng Siak Kian who was confirmed as the Chief Executive Officer on 1 March 2021 is appointed to the Board as an Executive Director. He will be sitting as a member of the Service Quality Committee, SBST Tenders Committee and Sustainability Committee. Professor Lim Seh Chun was re-elected as an Independent and Non-Executive Director at the AGM. As the new Chairman is an Independent Non-Executive Director, there is no further requirement for Professor Lim to be the Lead Independent Director. Professor Lim will be chairing the new Sustainability Committee and sit as a member of the Nominating and Remuneration Committee. A new Sustainability Committee has been established to review the Group's sustainability strategy to ensure alignment of commercial and sustainability considerations for long-term profitability. The Nominating Committee and Remuneration Committee have been merged into one single Nominating and Remuneration Committee for better efficiency in the review of the appointment, performance and compensation of Directors and Key Management Persons.