SITC International Holdings Company Limited announced that Mr. Yang Shaopeng has tendered his resignation as an executive Director and chairman of the Board due to his retirement with effect from 7 March 2024. Mr. Yang Shaopeng has been the Chairman since April 2006. He has been actively and extensively involved in the management and strategic development of the Company, and overseeing the overall development of the Company.

Given his extensive experience in the shipping industry, the Board is pleased to coronate Mr. Yang Shaopeng as Honorary Life Chairman of the Company following his resignation. Mr. Yang Shaopeng will remain as the controlling shareholder of the Company. Following the resignation of Mr. Yang Shaopeng, the Board announced that Mr. Yang Xianxiang, an existing executive Director, vice chairman of the Board and chief executive officer of the Company, has been redesignated as the Chairman of the Board; and Ms. Yang Xin has been appointed as the Vice Chairman of the Board, both with effect from 7 March 2024.

Mr. Yang Xianxiang, aged 57, has been a Director and the CEO since January 2008. He is actively involved in the management and the decision-making process of the Company. Mr. Yang graduated from Asia International Open University (Macau) with a master's degree in Business Administration in 2000 and completed a chief executive officer class in Tsinghua University in 2003.

He also received a master's degree in business administration from China Europe International Business School in 2006. He completed a non-degree course in Sinology in Fudan University in 2009, which is a course on Chinese heritage classical study, and completed another non-degree Chief Executive Officer Class at the Cheung Kong Graduate School of Business in 2010. Mr. Yang has over 34 years of experience in the shipping industry through his employment in the shipping companies.

In July 1987, Mr. Yang joined Lufeng Shipping Co. Ltd. and was subsequently promoted to be a manager before he left in July 1997. From August 1997 to December 2001, he served as a general manager in SITC Container Lines (Shandong) Co.

Ltd. Between January 2002 and January 2005, he served as executive vice president in SITC Maritime Group Co. Ltd. and as president in the same company between January 2005 and May 2007. From May 2007 to January 2008, he served as president of SITC Container Lines Company Limited and as a chief executive officer of SITC Steamship (Shanghai) Co.

Ltd. Mr. Yang was appointed as an executive Director on 9 April 2010. Mr. Yang has been appointed as an independent non-executive director of JS Global Lifestyle Company Limited since October 2019 and a non-independent director of Shanghai Fortune Techgroup Co. Ltd. since 2021.

Ms. Yang Xin, aged 40, has been appointed as a non-executive Director since March 2021. Ms. Yang is currently the chairman of Qingdao Hisense Business Management Co. Ltd., the vice chairman and general manager of Qingdao Hisense Donghai Commerce Trade Co.

Ltd. From 2006 to 2009, Ms. Yang served as the assistant vice president and vice president of HSBC Bank (China) Company Limited. From 2010 to 2014, she served as the chairman and general manager of Qingdao Highness Trading Co. Ltd. From 2014 to 2021, she served as the chairman of Qingdao Hui Sheng Huo Trading Company.

From 2014 to 2017, she served as the vice chairman of Hisense Donghai and subsequently served as the general manager of the Hisense Plaza of Hisense Donghai from 2017 to 2018. Since 2018, she has been appointed as the chairman of Hisense Business Management and the vice president of Hisense Donghai. Since 2020, she has been appointed as the general manager of Hisense Donghai and the supervisor of Hisense Group Holdings Co.

Ltd. Ms. Yang obtained a bachelor's degree in Accounting and Finance from Warwick Business School of The University of Warwick, a master's degree in investment management from Cass Business School of City, University of London, and a degree of executive master of business administration from China Europe International Business School. The Board announced that with effect from 7 March 2024, Mr. Tse Siu Ngan, an existing independent non-executive Director, has been appointed as the chief independent non-executive director of the Company. The Chief Independent Non-executive Director is not an executive position in the Company and does not have any management role in the Group.

Subsequent to this appointment, Mr. Tse will continue to serve as an independent non- executive Director, the chairman of the Remuneration Committee and the risk management committee, and a member of the audit committee and the nomination committee of the Company. As the Chief Independent Non-executive Director, Mr. Tse will have the following roles: balancing the functions of the Chairman, executive Directors and other independent non-executive Directors; assessing the performance of the Chairman; chairing the independent board committee established by the Board from time to time to consider matters involving conflict of interests, in order to protect the interests of minority shareholders; monitoring related-party transactions; and performing other duties as the Board may designate from time to time. Mr. Tse Siu Ngan, aged 50, has been appointed as an independent non-executive Director since October 2020, and is currently the chairman of the Remuneration Committee and Risk Management Committee, and a member of the Audit Committee and the Nomination Committee.

Mr. Tse received a Master of Science in IT Manufacturing from University of Warwick in 1997. Mr. Tse completed the Senior Executive Program of Harvard Business School in 2010 and the Global CEO Program of Harvard Business School in 2013. Mr. Tse has extensive experience working at Fortune 500 companies, with 16 years of experience in senior management positions.

From April 2001 to April 2004, Mr. Tse served as the managing director of Triaton China, Ltd, responsible for the overall operations and business development of the company. During the period from April 2004 to April 2017, Mr. Tse served various management positions at Hewlett Packard with his last position as the vice president and general manager in the HP enterprise services Greater China department, responsible for the overall management of the group's enterprise services in Greater China. From April 2017 to April 2018, Mr. Tse served as the senior vice president and general manager in the digital business services department of SAP SE (Greater China region).

From April 2018 to February 2020, Mr. Tse served as the general manager in the global technology services department of IBM (Greater China region). From June 2020 to October 2023, Mr. Tse served as the Greater China general manager of Zebra Technologies. Mr. Tse is currently the partner of Business Operation Technologies Ltd.