VCPlus Limited announce the following: Executive Director, Ms. Tang Zhengming ("Ms. Tang") will be re-designated as Executive Chairperson and Chief Executive Officer of the Company. Independent Director, Mr. Ong Choon Yi will be appointed as the Lead Independent Director of the Company. He remains as the Chairman of Remuneration Committee ("RC") and will be a member of Nominating Committee ("NC") and Audit Committee ("AC").

The Board considers Mr. Ong Choon Yi to be independent for the purposes of Rule 704(7) of the Singapore Exchange Securities Trading Limited Listing Manual Section B: Rules of Catalist ("Catalist Rules"). Mr. Lam Kwong Fai ("Mr. Lam") will be appointed as an Independent Director of the Company, the Chairman of AC and a member of NC and RC. The Board considers Mr. Lam to be independent for the purposes of Rule 704(7) of the Catalist Rules.

Professor Wu Wei ("Prof Wu") will be appointed as an Independent Director of the Company, the Chairman of NC and a member of AC and RC. The Board considers Prof Wu to be independent for the purposes of Rule 704(7) of the Catalist Rules. Mr. Thomas Chun Pai ("Mr. Pai") resigned as Non-Executive Non-Independent Director of the Company.

Consequently, Mr. Pai ceased to be a member of AC, NC and RC of the Company. The details of the appointment of Mr. Lam and Prof Wu and redesignation of Ms. Tang as well as resignation of Mr. Pai, which are required to be disclosed pursuant to Rule 704(6) of the Catalist Rules have been released by the Company today. CHANGES IN THE COMPOSITION OF THE BOARD AND THE BOARD COMMITTEES Following the aforesaid changes, the composition of the Board and Board Committees shall be reconstituted as follows with immediate effect: Board of Directors Ms. Tang Zhengming Executive Chairperson and Chief Executive Officer Mr. Ong Choon Yi Lead Independent Director Mr. Lam Kwong Fai Independent Director Professor Wu Wei Independent Director.

Audit Committee Mr. Lam Kwong Fai (Chairman) Mr. Ong Choon Yi Professor Wu Wei Nominating Committee Professor Wu Wei (Chairman) Mr. Ong Choon Yi Mr. Lam Kwong Fai Remuneration Committee Mr. Ong Choon Yi (Chairman) Mr. Lam Kwong Fai Professor Wu Wei.