Great Eastern : Minutes of Annual General Meeting held on 21 April 2023

GREAT EASTERN HOLDINGS LIMITED

(Incorporated in the Republic of Singapore)

(Company Registration Number: 199903008M)

Minutes of the Twenty-Fourth Annual General Meeting of Great Eastern Holdings Limited (hereinafter referred to as "GEH" or the "Company"; where reference is made to the Company and its consolidated subsidiaries, the term "Great Eastern" is used) held on Friday, 21 April 2023 at 3.00 pm (Singapore time) at 1 Pickering Street #02-02 Great Eastern Centre, Singapore 048659.

The Annual General Meeting was held in a wholly physical format pursuant to the Covid-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020.

PRESENT:

Directors

Mr Koh Beng Seng, Chairman (also appointed as proxy by Members) Mr Law Song Keng

Mr Lee Fook Sun Mr Kyle Lee

Mr Ng Chee Peng

Mr Soon Tit Koon

Mrs Teoh Lian Ee Mr Thean Nam Yew Mr Wee Joo Yeow Ms Helen Wong

Directors of Principal Insurance Subsidiaries

Ms Mimi Ho

Mr Norman Ip

Mr Lee Boon Ngiap

Mr Leo Mun Wai

In Attendance
Mr Khor Hock Seng	Group Chief Executive Officer ("Group CEO")
Mr Ronnie Tan	Group Chief Financial Officer
Ms Jennifer Wong Pakshong	Group Company Secretary
Mr Koopmans Hans Bernardus	PricewaterhouseCoopers LLP, Auditor
Ms Yap Lune Teng	Allen & Gledhill LLP, Legal Adviser
Ms May Wee	M&C Services Private Limited, Share Registrar
Mr Andrew Teoh	TS Tay Public Accounting Corporation, Scrutineer

GREAT EASTERN HOLDINGS LIMITED

Minutes of the Twenty-Fourth Annual General Meeting held on 21 April 2023

Ms Victoria Paul	Boardroom Corporate & Advisory Services Pte Ltd,
	Polling Agent
GEH Senior Management

Members, Proxies and Attendees

As set out in the attendance records maintained by the Company.

WELCOME ADDRESS

On behalf of the Board of Directors, the Chairman welcomed shareholders of the Company to the Company's Twenty-Fourth Annual General Meeting ("AGM" or the "Meeting").

The Chairman informed that as announced by the Company on 21 March 2023, he would be stepping down as the Chairman and Director of the Company at the conclusion of the AGM. He said that it had been a privilege and honour to have served as Chairman and Director of the Company. He added that that throughout his time with Great Eastern, together with his fellow Directors and the Management team, they had worked tirelessly to overcome numerous challenges faced, both internal and external. He expressed his deepest appreciation to all Directors of the Company and its subsidiaries' boards for their unwavering support, hard work and dedication to Great Eastern's success. The Chairman also commended the Group CEO, Management, staff and financial representatives for their commitment, dedication and hard work, as well as the shareholders for their strong support and understanding during his tenure.

COMMENCEMENT

As the requisite quorum was present, the Chairman called the Meeting to order.

NOTICE OF MEETING

The Notice of AGM issued on 30 March 2023 was taken as read, with the consent of the Members.

APPOINTMENT OF CHAIRMAN AS PROXY

The Chairman informed the Meeting that as the Chairman of the Meeting, he had been appointed as proxy by some shareholders to vote on their behalf at the Meeting. Accordingly, he would vote or abstain from voting, on behalf of such shareholders according to their specific instructions on each resolution. Proxy forms submitted by

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GREAT EASTERN HOLDINGS LIMITED

Minutes of the Twenty-Fourth Annual General Meeting held on 21 April 2023

the 72-hourcut-off time before the Meeting had been checked and the number of votes that he had been directed to cast for and against, and the number of shares in respect of which he had been directed to abstain from voting on, for each resolution had been verified by the scrutineers.

TRIBUTE TO MR THEAN NAM YEW

The Chairman expressed Great Eastern's appreciation to Mr Thean Nam Yew, who was stepping down from the Board at the conclusion of the Meeting. The Chairman said that Great Eastern had benefitted from Mr Thean Nam Yew's invaluable contributions and wise counsel over the past six years, particularly in respect of the Company's digital initiatives. The Chairman placed on record the Board's sincere gratitude for Mr Thean Nam Yew's board service and wished him the very best ahead.

INTRODUCTION OF DIRECTORS AND GROUP CEO

The Chairman introduced the Directors of the Company and the Group CEO, as well as some Directors of the principal insurance subsidiaries in Singapore and Malaysia who were in attendance.

REFLECTIONS ON DEVELOPMENTS IN 2022

Before moving on to the first order of business, the Chairman shared some reflections on developments in 2022.

The Chairman said that at the start of 2022, there was a sense of optimism that the COVID-19 pandemic had receded and there would be a return to normality in the economy and financial markets. However, the Russia-Ukraine war broke out, causing sharp spikes in energy prices and food prices. This was exacerbated by the persistent global supply chain disruptions driven by the long-tail pandemic effects. On the demand side, the reopening of economies and rebound in global economic activities drove up inflation to multi-decade highs. Tight labour supply, with fewer employees returning to work, and ageing populations, drove up wages.

To battle inflation most central banks tightened monetary policies resulting in the sharpest increase in interest rates over a 12-month period in many decades. Yield curves became inverted. These factors injected volatility into the capital markets, adversely impacting the market valuation of fixed income and equity securities. Broad market indices in these asset classes experienced corrections of around 20%.

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GREAT EASTERN HOLDINGS LIMITED

Minutes of the Twenty-Fourth Annual General Meeting held on 21 April 2023

The Chairman said that Great Eastern's solid financial and capital position, coupled with prudent management, had enabled it to remain resilient and navigate the volatile and challenging environment. Great Eastern continued to maintain its leadership positions in Singapore and Malaysia. Great Eastern's solid performance was premised on a strong risk and compliance culture, with its Board playing a key role in setting the governance standards to meet its stakeholders' expectations.

Great Eastern operated within parameters and constraints that were calibrated to the Board-approved risk appetite and, as Great Eastern strived for excellence, it would ensure to always uphold the highest standards of corporate governance, transparency and disclosure.

The Chairman commented that in today's business landscape, the digital economy was a core driver of global growth. While the digital economy preceded the pandemic, the latter had accelerated the pace of transformation and adoption. Hence, the revolution in information and communications technologies made knowledge the new competitive resource. Information had challenged traditional assumptions about business and the economy. Information was the new 'raw material' applied to products, companies and the entire business decision-making processes.

Given the criticality of information and data in the new digital economy, Great Eastern was mindful of its responsibility to have in place a proper governance process to manage not only the manner in which it gathered and used the data it had, but also to ensure proper control and preservation of data confidentiality. Even while the digital aspect of Great Eastern's business grew, Great Eastern should never lose sight of the fact that the human touch remained relevant and critical in certain settings. These included building customer and colleague relationships.

The Chairman informed that at Great Eastern, with customer-centricity at its core, it would continue to invest to further uplift its people and its digital capabilities, and its technology and data infrastructure to strengthen Great Eastern's business operations and deliver a seamless customer experience and engagements across all its touchpoints (both online and offline).

The Chairman said that while Great Eastern accelerated the execution of its transformation roadmap, it remained cognisant that its cyber security capabilities and technology risk management framework must remain robust to swiftly detect and respond to potential intrusions. In this digital era, strengthening cybersecurity risk management was a key agenda item for Board and Management meetings.

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GREAT EASTERN HOLDINGS LIMITED

Minutes of the Twenty-Fourth Annual General Meeting held on 21 April 2023

In the area of sustainability, Great Eastern stayed committed to its mission and would focus on creating long-term business value while accelerating its efforts in advancing the interests and well-being of its customers, staff, communities and our planet. In doing Great Eastern's part to contribute to the community, various programmes have been launched in the region.

Climate change was a defining challenge of current times. The world was experiencing rising sea levels, increases in the frequency and severity of extreme weather events and other natural disasters. It would be complacent to think that climate change would only be an issue in the distant future. Natural disasters such as floods, droughts and earthquakes were affecting Great Eastern's insurance costs. Changes in eco-systems caused by climate change could lead to a rise in pathogens causing disease and other health related problems in the communities that Great Eastern insured. Great Eastern would need to factor these issues into its underwriting policies.

The Chairman said that physical and transition risks as a result of climate change could also affect the assets of Great Eastern's investment portfolios. New environmental regulations had also altered the operating landscape in ways that were not previously envisaged. Great Eastern would continue to engage its stakeholders and looked forward to making a positive contribution to the push for real-world transition. Shareholders could refer to GEH's Sustainability Report 2022 for more details.

On the regulatory front, Great Eastern had adopted the Singapore Financial Reporting Standards (International) or SFRS(I) 17 on 1 January 2023, the new accounting standard covering recognition and measurement, presentation and disclosures. This standard would result in an important change to the recognition for insurance contract liabilities. With regard to capital, Great Eastern had to maintain sufficient capital buffers to meet the impending adoption of the International Association of Insurance Supervisors' group-wide capital standard.

The Chairman said that the Board remained confident of the Company's future and the benefits from the economic recovery in Asia on Great Eastern's business with a stronger demand for insurance, financial planning and wealth management . But it was important to take heed of the lessons both from the Covid experience as well as post- Covid events. There would be challenges and surprises and Great Eastern had to ensure that the trust that its policyholders, customers, counter-parties and shareholders had in the Company was not misplaced. The early months of 2023 had seen the rapid collapse of some US regional banks and the acquisition of Credit Suisse by UBS. These events showed how a crisis of confidence could devastate financial institutions at breakneck speed.

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