QAF Limited has appointed Philip Yeo Liat Kok as the Vice-Chairman of the Board with immediate effect. The Code of Corporate Governance provides that the Board has a lead independent director to provide leadership in situations where the Chairman is conflicted, and especially when the Chairman is not independent. With the appointment of Mr. Philip Yeo Liat Kok, an Independent Director as Vice-Chairman of the Board, the Board considers that it is no longer necessary to have a lead independent director, a position previously held by Ms Dawn Pamela Lum (who continues to be chairman of the Remuneration and Nominating Committees).

A new Board Committee, known as the Strategic Business Development Committee, has been formed. This new Committee is responsible for, amongst others, providing advisory support on strategic matters in relation to the QAF Group's regional and international businesses, such as the diversification and expansion of QAF Group's businesses and identification of food-related businesses (in particular, to leverage on the business network of Committee members), and product development. The present members of the Strategic Business Development Committee are Mr. Philip Yeo Liat Kok and Dr Lian Hwee Peng Rebecca.

Two of Independent Directors, Mr. Triono J. Dawis and Mr. Lee Kwong Foo Edward, have informed the Company that they will be stepping down from the Board at the close of the upcoming Annual General Meeting to be held in April 2023, in light of the amendment to the SGX-ST Listing Rules on 11 January 2023 which prescribes a nine-year tenure limit for independent directors. Mr. Choo Kok Kiong, Non-executive Non-independent Director has also informed the Company that he will not be seeking re-election at the Annual General Meeting when he retires by rotation pursuant to the Company's Constitution. The Company will make further announcement(s) in due course.