Mayer Holdings Limited in relation to the issue of a writ of summons by the Company against Mr. Zhou Shi Hao and Mr. Chen Zhirui, alleging that they have breached their duties of care and/or fiduciary duties and/or duties of fidelity/good faith owed to the Company. Having considered that the Legal Proceedings are between the Company (as plaintiff) and two of its directors, Mr. Zhou and Mr. Chen (as defendants) and therefore, the conflict of interest of Mr. Zhou and Mr. Chen arising therefrom, the board of Directors (the "Board") has resolved at the Board meeting held on 6 October 2023 (the "Board Meeting") to temporarily suspend all administrative and executive duties and powers of each of Mr. Zhou and Mr. Chen as an executive Director with effect from
the conclusion of the Board Meeting until further notice for the purpose of safeguarding the interest of the Company and its shareholders (the "Shareholders") as a whole.