CapAllianz Holdings Limited announced resignation of Pang Kee Chai, Jeffrey as Vice Chairman of the Board and Executive Director of the Company as well as a member of the Nominating Committee of the Company and a director of all the subsidiaries of the Group, with effect from 1 October 2023. Role And Responsibilities: As Vice Chairman of the Board, Mr. Pang is responsible for assisting the Chairman of the Board in leading the direction of the Board, including the overall strategizing and planning for the Group. As an Executive Director of the Company, Mr. Pang manages and oversees the day-to-day operations and financial position of the Group, as well as exercises control over the quality and timeliness of information flow between the Board and the management of the Company, together with the Executive Director and Chief Executive Officer of the Company.

Operationally, Mr. Pang focuses on the Oil and Gas division of the Group and oversees new businesses of the Group. Other DirectorShips Past: Directorships: Hope Medical Asia Pte Ltd; Asian Skies Pte. Ltd.; Amaira Shipping Company Limited; Ylato Shipping Company Limited; Harvison Holdings Limited; Coastal Trade Limited; Trevaskis Limited; ADTIC Pte.

Ltd.; FIT Global Pte. Ltd.; Immense Wellness Pte. Ltd. and Loyz Oil Philippines Pte.

Ltd. Other DirectorShips Present: Directorships: Shen Yao Holdings Limited; CWX Investments Pte. Ltd.; Loyz Oil Pte. Ltd.; Loyz Oil Thailand Pte.

Ltd.; JP Consulting Services Pte. Ltd. and Preferred Mart Pte. Ltd. Reason For Cessation: Mr. Pang tendered his resignation as the Vice Chairman of the Board and Executive Director of the Company on 17 September 2023 to pursue other career opportunities.

Mr. Pang has served, prior to his current position, as the Executive Director and Chief Executive Officer of the Company since 10 May 2016 and has been with the Group for over the past 12 years. Following the Resignation, Mr. Pang will also cease to be a member of the Nominating Committee of the Company and a director of all the subsidiaries within the Group. Mr. Pang's role and responsibilities as an Executive Director of the Company will be mainly assumed by the Executive Director and Chief Executive Officer of the Company.

As for Mr. Pang's responsibilities on overseeing the operations of the Oil and Gas division of the Group, it will be assumed by the Financial Controller of the Group, Ms Chew Ying Ying, Linda, who will be aided and guided by Dr Bruce Morris, the Technical Advisor of the Group on technical matters only, under the oversight of the Board. The Board, having considered that Ms Chew Ying Ying, Linda has been with the Group for more than 7 years and is familiar with the operations and financials of the Oil and Gas division of the Group; and to avoid any perceived or potential conflicts of interest with the Group arising from Mr. Pang's other career opportunities, had on mutual agreement with Mr. Pang, agreed that his last day of employment with the Company will be 30 September 2023. For the avoidance of doubt, Mr. Pang will remain as an Executive Director of the Company to ensure a smooth handover process, until the last day of his employment (that is 30 September 2023).

After having interviewed Mr. Pang and to the best of its knowledge, the Company's Sponsor, ZICO Capital Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no other material reasons for the Resignation of Mr. Pang. In addition, there are no concerns with regards to financial reporting that led to the Resignation of Mr. Pang and there are no disagreements between Mr. Pang and the Board with regards to practices that would have an impact to the Company's and the Group's financial reporting.

Announcement Date is September 18, 2023.