Change-announcement of cessation: cessation of independent director

Mr. Chee Sanford is retiring from the Board at the forthcoming Annual General Meeting to be held on 23 April 2021, pursuant to Regulation 89 of the Constitution of the Company and Rule 720(4) of the Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited ('Catalist Rules'). He has decided not to seek for re-election to the Board to facilitate Board rotation, as he has served the Board for approximately seven (7) years.

Upon his retirement at the conclusion of the forthcoming AGM, Mr. Chee Sanford will cease to be an Independent Director, the Chairman of the Audit Committee and member of the Nominating and Remuneration Committees.

After having interviewed Mr. Chee Sanford and to the best of its knowledge, the Company s Sponsor, Stamford Corporate Services Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Chee Sanford as an Independent Director of the Company.

The Company will take appropriate action (i.e. appointing an additional Independent Director) to fill the vacancy so as to meet the requirements of the Catalist Rules, including the minimum number of members in the Audit Committee (within two months, but in any case not later than three months).