The Board of Directors of Shen Yao Holdings Limited announced that Mr. Sun Shu has resigned as a Director with effect from 31 August 2023. Accordingly, Mr. Sun has ceased as Non-Executive Vice Chairman of the Board, Lead Independent Director, Chairman of the Remuneration Committee and Shen Yao Performance Award Committee, and a member of the Audit Committee and the Nominating Committee with effect from the same day. CHANGES TO THE COMPOSITION OF BOARD COMMITTEES: Following the aforesaid resignation with effect from 31 August 2023, the composition of the board committees will be as follows: Audit Committee: Pang Kee Chai (Chairman) (Independent Director); Yao Yilun (Member) (Non-Executive Non-Independent Director).

Nominating Committee: Pang Kee Chai (Chairman); Yao Yilun (Member). Remuneration Committee: Pang Kee Chai (Member); Yao Yilun (Member). Shen Yao Performance Award Committee: Yao Liang (Member); Pang Kee Chai (Member).