Overseas Education : Changes In The Composition Of The Board And Board Committees

OVERSEAS EDUCATION LIMITED

Company Registration No.: 201131905D

(Incorporated in the Republic of Singapore)

(the "Company")

CHANGES IN THE COMPOSITION OF THE BOARD AND BOARD COMMITTEES

The Board of Directors of the Company wishes to announce that the Company's Executive Chairman, Chief Executive Officer ("CEO") and Executive Director, Mr David Alan Perry ("Mr Perry"), will vacate his office as Chairman and CEO and step down as director of the Company and its subsidiaries with immediate effect due to his current health condition. As part of the leadership succession of the Group and in line with the aim to uphold good corporate governance practices and the recommendation of the Code of Corporate Governance 2018 ("Code"), his role of CEO will be succeeded by Ms Wong Lok Hiong ("Ms Wong"), who is a co-founder of Overseas Family School and currently the Chief Executive of Overseas Family School Limited, a wholly owned subsidiary of the Company and Executive Director of the Company. With Ms Wong's extensive experience in the Group, the Company believes that she will be able to continue to provide continuity and stability to the Board while allowing the transfer of new knowledge and strengthening of board diversity and independence.

In line with the recommendation of the Code, Mr Perry's role as the Chairman will be succeeded by Mr Tan Teng Muan and his position will be re-designated to Non-Executive Chairman and Independent Director of the Company with immediate effect.

The detailed templates announcements pursuant to Rule 704(7) of the Listing Manual of the Singapore Exchange Securities Trading Limited containing the particulars of Mr David Alan Perry, Ms Wong Lok Hiong and Mr Tan Teng Muan will be released separately via SGXNet today.

Following the above changes, the composition of the Board and Board Committees of the Company shall be as follows:

Board of Directors

Mr Tan Teng Muan (Non-Executive Chairman and Independent Director)

Ms Wong Lok Hiong (Chief Executive Officer and Executive Director)

Mr Ho Hie Wu (Chief Financial Officer and Executive Director)

Mr Ho Yew Mun (Non-Executive and Lead Independent Director)

Mr Leow Wee Kia Clement (Non-Executive and Independent Director)

Mr David Peter Walker (Non-Executive and Independent Director)

Audit Committee

Mr Ho Yew Mun (Chairman)

Mr Tan Teng Muan (Member)

Mr Leow Wee Kia Clement (Member)

Mr David Peter Walker (Member)

Nominating Committee

Mr Leow Wee Kia Clement (Chairman)

Mr Tan Teng Muan (Member)

Mr Ho Yew Mun (Member)

Mr David Peter Walker (Member)

Remuneration Committee

Mr Leow Wee Kia Clement (Chairman)

Mr Tan Teng Muan (Member)

Mr Ho Yew Mun (Member)

Mr David Peter Walker (Member)

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The Board wishes to acknowledge Mr Perry for the instrumental role as the co-founder of the Group, leading it to its Initial Public Offering and to extend its gratitude and appreciation to Mr Perry for his contributions and dedication to the Company during his tenure as Executive Chairman, CEO and Executive Director.

By Order of the Board

Wong Lok Hiong

Chief Executive Officer and Executive Director

27 January 2022

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