The Board of Directors of Serrano Limited announced that following appointments to the board committees with effect from 16 January 2018; the appointment of Mr. Winston Tan Tien Hin ("Mr Tan"), currently a Non-Executive Director of the company, as a member of the Audit Committee ("AC"), Nominating Committee ("NC") and Remuneration Committee ("RC"); and the appointment of Mr. Ong Kian Guan ("Mr Ong"), currently the Lead Independent Director and Chairman of the AC, as the Chairman of the NC and RC respectively. Consequently, each of the Board, AC, NC and RC comprises of both Mr. Tan and Mr. Ong. The Board considers Mr. Tan to be non-independent for the purposes of Rule 704(7) of the Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited (the "Catalist Rules"). The above arrangements are interim in nature as the Company is currently undergoing restructuring. The company is assessing suitable candidates(s) for its Board and board committees, and will announce any new appointments to the Board and its committees in due course.