The Board of Directors of Combine Will International Holdings Limited announced Mr. Alan Li Hin Lun ("Mr Li"), the Chief Operating Officer of the Group, has expressed his desire to retire from active employment at a time deemed appropriate by the Board, and in this regard, the Company and Mr. Li have reached an agreement for Mr. Li to retire from his role with the expected date of retirement to be on or about 1 January 2022. For the purposes of ensuring proper handing over of his functions and responsibilities as well as to ensure a smoother transition, the Board has designated Mr. Steven Xu YuFeng ("Mr Xu"), currently Production General Manager of PT. Combine Will Industrial Indonesia, Acting General Manager of Combine Will (Cangwu) Industrial Company Limited and Group Head of Production Excellence Centre, as understudy to Mr. Li, with a view to Mr. Xu assuming the role of Chief Operating Officer upon the retirement of Mr. Li. To further ensure business continuity, Mr. Li has agreed to continue serving the Company as Senior Consultant for a period of 2 years commencing upon his retirement as Chief Operating Officer.