The board of directors of NagaCorp Ltd. periodically reviews the composition of and the delegated function and work tasks to the senior management of the Group from time to time, in order to streamline the internal corporate governance and management structure to efficiently and effectively continue the Group's business operations and adhere to the business strategies laid down by the Board. The Board announced that Mr. Chen Cherchi ("Cherchi") will no longer serve as Chief Executive Officer - Finance and Treasury of the Company with effect from 16 May 2024. In addition, with effect from 16 May 2024, Cherchi will no longer hold any position with the Company or its subsidiaries.

As a result, following the termination of his employment, Cherchi will also cease to be a director of NagaGroup Global Limited and NagaCap Limited from 16 May 2024, both of which are incorporated in Cayman Islands and are wholly-owned subsidiaries of the Company. To the best knowledge of the Company, apart from possible disagreement over the termination of his employment by the Board, Cherchi has no other disagreement with the Board, and there is no other matter which needs to be brought to the attention of the shareholders of the Company. The Company would like to take this opportunity to express its sincere gratitude to Cherchi for his contributions to the Company during his tenure.