MICT, Inc. announced as previously disclosed, on October 6, 2022, MICT, Inc., Tingo, Inc., the representative for the stockholders of MICT (Purchaser Representative), and the representative for Tingo (Seller Representative), entered into the Second Amended and Restated Merger Agreement (the Amended Agreement) amending and restating the previous Amended and Restated Merger Agreement entered into by the parties on June 15, 2022 (the Previous Agreement). In connection with the Merger and effective as of the Closing, Mr. Darren Mercer will continue to serve as Chief Executive Officer of MICT and pursuant to the rights of the Series B Preferred Stock, Tingo has appointed John J. Brown and Kenneth I. Denos to serve as directors of MICT's Board of Directors. Prior to the Merger, Kenneth I. Denos served as Tingo's Executive Vice President, General Counsel, and Corporate Secretary and Mr. John J. Brown served as Tingo's Co-Chairman.

Kenneth Denos, 54, served as Tingo's Executive Vice President, General Counsel, and Corporate Secretary from September 2021 until December 1, 2022. Since June 2005, Mr. Denos has been an officer and director of Equus Total Return, Inc. (NYSE: EQS), a closed-end fund traded on the New York Stock Exchange, serving as its President and CEO from 2007-09. He is also a founder and principal of Outsize Capital Ltd., an international corporate finance advisory firm based in London, and is the founder and Chairman of Kenneth I. Denos, P.C., a U.S.-based corporate and consumer law firm.

Previously, Mr. Denos was the CEO of MCC Global NV, a Frankfurt stock exchange listed investment advisory firm based in London, and also served as a director and executive officer of two London Stock Exchange listed firms, Healthcare Enterprise Group plc and Tersus Energy plc. Mr. Denos has worked in the private equity and advisory industry for virtually his entire career, having served as a principal and/or advisor to private and public companies and funds in the Middle East, Europe, Africa, and North America. He holds a Bachelor of Science degree in Business Finance and Political Science from the University of Utah.

He also holds a Master of Business Administration and a Juris Doctor from the University of Utah. We believe that Mr. Denos is well-qualified to serve on the combined board due to his extensive international legal and corporate governance background, as well as his financial services and investment experience. John J. Brown, 64, served on the board of directors of Tingo from September 2021 until December 1, 2022.

Since 2016, Mr. Brown has also been the Managing Partner of Sands Point Consulting, an advisor to entrepreneurs, founders, and senior corporate leaders to develop new business strategies for a rapidly changing market. From 2009 – 2016, he was the Group Managing Director and a member of the WMA Executive Committee for UBS Wealth Management Americas. From 1995-2000, Mr. Brown was the Managing Director and Global Head of Convertible Securities Trading at UBS, and from 1980-1995 and again from 200-2009 he was a Managing Director for Merrill Lynch & Co., holding senior executive leadership positions at Merrill Lynch, most notably COO, Operations, Technology & Corp.

Services Group. He also served as the Head of US Equity Financing & CEO, Merrill Lynch Professional Clearing Corp. in its Prime Broker Division.

Other than the appointment of John J. Brown and Kenneth I. Denos as directors of MICT, and Mr. Denos as Executive Vice President, General Counsel of the Company's new operating subsidiary, Tingo Mobile, pursuant to the Amended Agreement, there are no arrangements or understandings between MICT and any other persons. The Company intends to engage additional former officers of Tingo as officers of Tingo Mobile. There are also no family relationships between John J. Brown and Kenneth I. Denos and any director or executive officer of MICT.