New Toyo International Holdings Ltd. announced Mr. Tay Joo Soon ("Mr Tay") (who has been re-elected as a Director at the Annual General Meeting of the Company held on 26 April 2024) has served on the Board for an aggregate period of more than nine years from the date of his first appointment and will therefore not be considered independent under Rule 210(5)(d)(iv) of the Listing Manual. The Board, upon recommendation of the Nominating Committee ("NC"), approved the re-designation of Mr. Tay from Non-Executive and Independent Director to Non-Executive Non-Independent Director with effect from 26 April 2024. Mr. Tay has abstained from the deliberations and decision-making in relation to his re-designation.

Following his re-designation, Mr. Tay remains as a member of the Audit Committee and a member of the Remuneration Committee. He has ceased to be the Chairman of the Nominating Committee but remains as a member. Job Title: Non-Executive and Non-Independent Director; a member of Audit Committee, Remuneration Committee and Nominating Committee.

Working Experience: 1971 to present: Tay Joo Soon & Co. Other DirectorShips Present: Mr. Tay has been a Director of the Company since 16 July 2021. Professional Qualifications: Member of the Institute of Singapore Chartered Accountants Fellow of the Institute of Chartered Accountants, Australia Member of the Certified Public Accountant, Australia Member of the Singapore Institute of Accredited Tax Professionals Member of the Malaysian Institute of Certified Public Accountants.