Shen Yao Holdings Limited appointed Pang Kee Chai, Jeffrey as Group Chief Executive Officer. Board Comments: Prior to his appointment as the Executive Director, Mr. Pang is a Non-Executive, Independent Director, Chairman of the Audit Committee and a member of the Nominating Committee, Remuneration Committee and Shen Yao Performance Award Committee of the Company. Mr. Pang served on the Board of the Company since 26 August 2020 and is familiar with the Group structure, business and industry in which the Group operates in.

The Board notes that Mr. Pang has contributed significantly over the past three years, serving on the Board of the Company. Having considered Mr. Pang's qualifications, experience, character and capabilities, the Board is satisfied that Mr. Pang has the requisite qualifications and experience to assume the duties and responsibilities as Group Chief Executive Officer of the Company. Following Mr. Pang's appointment as the Group Chief Executive Officer, he will cease his roles in the Audit Committee, Nominating Committee, Remuneration Committee and Shen Yao Performance Award Committee of the Company.

The Company notes the requirement of Rule 704(7) of the Catalist Rules and is currently working to appoint Independent Directors to fill the vacancies in its Audit Committee. Role And Responsibilities: The appointment is Group Chief Executive Officer, responsible for the Group's operations; formulating, planning and executing the Company's corporate strategies; charting the growth of the Group through identification of merger and acquisition opportunities. Working Experience: May 2022 till September 2023 Vice Chairman and Executive Director of CapAllianz Holdings Limited (formerly known as CWX Global Limited) May 2016 till April 2022 Chief Executive Officer and Executive Director of CWX Global Limited (currently known as CapAllianz Holdings Ltd) July 2011 till May 2016 Chief Financial Officer/Financial Controller of Loyz Energy Limited (currently known as CapAllianz Holdings Ltd).Other Directorships Past (1) ADTIC Pte.

Ltd. (Struck off) (2) Amaira Shipping Company Limited (3) Asian Skies Pte. Ltd. (4) Coastal Trade Limited (5) FIT Global Pte. Ltd. (In Liquidation) (6) Harvison Holdings Limited (7) Hope Medical Asia Pte.

Ltd. (8) Immense Wellness Pte. Ltd. (9) Loyz Oil Philippines Pte. Ltd. (Struck off) (10) Trevaskis Limited (11) Ylato Shipping Company Limited (12) CapAllianz Holdings Limited (formerly known as CWX Global Limited) (13) CWX Investments Pte.Ltd. (14) Loyz Oil Pte.

Ltd. (15) Loyz Oil Thailand Pte. Ltd. (16) Preferred Mart Pte Ltd. Note: Mr. Pang has served notice of resignation as Director of these companies and is currently pending the cessation to be effective. Other Directorships Present: JP Consulting Services Pte.

Ltd. Director Experience Details: Mr. Pang Kee Chai was the Vice Chairman and Executive Director of CapAllianz Holdings Limited, listed on Catalist Board of SGX-ST. He also served as an Independent Director of the Company since August 2020. Professional Qualifications - Fellow of the Association of Chartered Certified Accountants - Member of the Institute of Singapore Chartered Accountants.

Prior to his appointment as the Executive Director and Group Chief Executive Officer, Mr. Pang is a Non-Executive, Independent Director, Chairman of the Audit Committee and a member of the Nominating Committee, Remuneration Committee and Shen Yao Performance Award Committee of the Company. Following the appointment of Mr. Pang as Group Chief Executive Officer and re-designation as an Executive Director of the Company, he will cease his roles in the Audit Committee, Nominating Committee, Remuneration Committee and Shen Yao Performance Award Committee of the Company. Mr. Pang served on the Board of the Company since 26 August 2020 and is familiar with the Group structure, business and industry in which the Group operates in.

The Board notes that Mr. Pang has contributed significantly over the past three years, serving on the Board of the Company. Having considered Mr. Pang's qualifications, experience,character and capabilities, the Board is satisfied that Mr. Pang has the requisite qualifications and experience to assume the duties and responsibilities as Group Chief Executive Officer of the Company. Shen Yao Holdings Limited announced following the aforesaid changes with effect from 5 October 2023, the composition of the Board and Board Committees of the Company will be as follows: Board: Yao Liang (Group Executive Chairman), Pang Kee Chai (Group Chief Executive Officer), and Yao Yilun (Non-Executive, Non-Independent Director).

Audit Committee: Yao Yilun (Member). Nominating Committee: Yao Yilun (Member). Remuneration Committee: Yao Yilun (Member).

Shen Yao Performance Award Committee: Yao Liang (Member).