Cessation Of Mr Wee Kok Wah As Managing Director

STAMFORD TYRES CORPORATION LIMITED

Company Registration No.: 198904416M

(Incorporated in the Republic of Singapore)

CESSATION OF MR WEE KOK WAH AS MANAGING DIRECTOR

The Board of Directors of Stamford Tyres Corporation Limited (the "Company") wishes to announce that for health reasons, Mr Wee Kok Wah will be stepping down from his present position as Managing Director of the Company with effect from 1 November 2021 to take on the role of Founder and Senior Advisor. He will continue to assist the senior management team to run the Group operations together with the Executive Directors of the Company, Mrs Dawn Wee Wai Ying and Dr Wee Li Ann to ensure the smooth operations of the Stamford Tyres Group.

Mrs Dawn Wee has been a Director of the Group since 1982 playing a key senior role in the Group's operations and overseeing its support functions. Dr Wee Li Ann was appointed a Director of the Company in 2009 and has been an Executive Director since September 2018. Mrs Wee and Dr Wee, together with the long-serving and experienced senior management team have extensive knowledge of the Group's operations.

Following his cessation as a Board Director, Mr Wee will also step down as a member of the Nominating Committee and Dr Wee Li Ann will be appointed as a member in his place. The composition of the Nominating Committee will be as follows:

Mr Sam Chong Keen	- Chairman (Independent Non-Executive Director)
Mr Leslie Mah Kim Loong	- Member (Independent Non-Executive Director)
Dr Wee Li Ann	- Member (Executive Director)

The detailed announcement on the cessation of Managing Director pursuant to Rule 704(7) of the Listing Manual of the Singapore Exchange Securities Trading Limited will be released separately.

By Order Of The Board

Heng Michelle Fiona

Company Secretary

Date: 1 November 2021