Magnus Energy Group Ltd. approved Mr. Budi Rahardjo's appointment as Independent Non-Executive Director. Working Experience: PT Pertamina Persero (Holding), Jakarta Indonesia - Vice President of Treasury (2009 to 2012) PT Patra Niaga, Jakarta, Indonesia - Chief Financial Officer (2012 to 2015) PT Elnusa, Tbk., Jakarta, Indonesia - Chief Financial Officer (2015 to 2018) PT Elnusa Petrofin - Board of Commissioner (2016 to 2019) PT Patra Nusa Data - Board of Commissioner (2017 to 2020). Professional Qualifications: Universitas Gadjah Mada, Jogjakarta Indonesia - Bachelor of Accounting (August 1981 - June 1987) Univeristy of Illinois, Urbana Champaign, USA - Master of Science of Accountancy (September 1996 - August 1997).

Upon appointment, Mr. Rahardjo will be appointed as the Chairman of the Audit Committee and a member of the Nominating Committee and Remuneration Committee with effect from 30 June 2022. Pursuant to Mr. Rahardjo's appointment as Chairman of the AC, Mr. Chan Choo Onn will cease being the Acting Chairman of the AC and become a member of the AC, instead.