Challenger Technologies Limited announced Redesignation of Max Ng Chee Weng from Independent Director to Non-Executive Independent Chairman of the Board. The Board of the Company having reviewed and considered the Nominating Committee's ("NC's") assessment of Mr. Ng's qualifications and work experience, is of the view that Mr. Ng possesses the requisite experience and capabilities to assume the responsibilities as the Non-Executive Independent Chairman of the Board. The Board therefore approves the redesignation of Mr. Ng from his current position as the Independent Director of the Company to the Non-Executive Independent Chairman of the Board (the "Redesignation").

Mr. Ng has abstained from the deliberation of the NC as well as that of the Board pertaining to his Redesignation. Bachelor of Laws, National University of Singapore Master of Laws, National University of Singapore Fellow with the Singapore Institute of Arbitrators Fellow with the Asian Institute of Alternative Dispute Resolution Associate with the Chartered Institute of Arbitrators Associate Mediator with the Singapore Mediation Centre Associate Mediator with the Panel of Mediators for the Law Society Mediators Scheme Panel of Arbitrators and Mediators for the Law Society Mediators Scheme Panel of Arbitrators and Mediators of the Asian International Arbitration Centre Commissioner for Oaths and Notaries Public.