#1ר 2022 Yangzijiang Financial Holding Ltd. 扬子江金融控股有限公司 2022 Results Presentation March 2023#22022 1 CORPORATE OVERVIEW 2 FINANCIAL RESULTS 3 INVESTMENT MANAGEMENT 4 FUND AND WEALTH MANAGEMENT 5 SUMMARY CONTENT 2#32022 AT A GLANCE S$4.1b Asset Under Management (As of Dec 2022) 2022 ESTABLISHED INVESTMENT MANAGER SGX:YF8 Stock Code 43% S$1.29b Market Cap (As of 28 February 2023) Dividend Payout Ratio (For FY2022) S$3.87b Net Asset Value (As of 31 Dec 2022) S$200m Share Buyback Programme (~S$99m utilized as of 31 Dec 2022; 6.6% shares repurchased) Shareholding (As of 28 February 2023) Mr Ren Yuan Lin (Chairman), 23.1% Investment Management Generate capital gains and long term sustainable dividend yield Fund Management Wealth Management To generate fee income To generate advisory Income Others, 61.7% Sapphire Skye Limited*, 10.7% Hengyuan asset investment Mr Ren Letian (Son of Mr Ren Yuan Lin), 4.5% *An employee benefit trust set up for the purpose of rewarding employees of our Group 3#42022 STRENGTHENED THE CORE TEAM Since April 2022, the Group has grown its team to 80 professionals Board of Directors Ren Yuanlin Executive Chairman Investment Team Key Management Toe Teow Heng - CEO, CIO Singapore Liu Hua CFO and COO Risk Management and Compliance Sean Low External Senior Investment Advisor Wu Menglin Head of Fund of funds Peng Xingkui Chief Investment Officer - PRC Alvin Chew Head of Direct Investments Alex Yan Head of Shipping & Maritime Technology Fund Chiang Kheng Hong Chief Risk Officer Su Qing Chief Compliance Officer - Barry Koh General Counsel PRC#52022 OVERVIEW OF STRATEGIES Yangzijiang Financial Holding Ltd. Investment Management Business Fund Management Wealth Management Business Debt Investment (at amortised costs) Microfinancing Direct Investments Fund Investments Fund Management Wealth Management i. Fixed interest debt investment via entrusted loan structure arrangement Provision of microfinancing loans in Jiangsu Province Investment in both public and private companies, as well as deploying funds into various situations Investment as LP or co-GP into funds managed by GEM or 3rd Party fund manager $ Management of funds pooled by proprietary capital and third-party funds Provision of wealth management services, such as family office PRC Interest Income and Investment Return PRC SG and PRC Fee Income Advisory Income SG and PRC SG SG LO 5#62022 2022 FINANCIAL RESULTS 6#72022 FINANCIAL HIGHLIGHTS 2022 Decrease in total income due to strategic portfolio reshuffling + negative impact on China related investments which were affected by the weak economic growth in 2022 S$(million) except for per share item Total Income 2H2022 2H2021 y-o-y% change 2022 2021 y-o-y% change 132.4 145.7 -9% 306.2 384.8 -20% Profit before allowances 118.8 136.9 -13% 277.0 362.7 -24% Profit after allowances (17.1) 111.9 n.m. 153.1 371.9 -59% Net profit to equity holders of the company 25.6 130.7 -80% 162.0 327.2 -50% Basic and Diluted EPS in cents 0.7 3.3 -79% 4.2 8.3 -49% As of 31 December 2022 - S$3,873.8 million Net Asset value Net Asset Value per share = S$1.0495 . Declared dividend of S$0.018/share (43% payout ratio) Repurchased ~S$99m worth of shares (or 6.6% of shares outstanding) through share buyback program in 2022 7#82022 2H2022 INCOME HIGHLIGHTS S$ million Total Income Interest Income 2H2022 2H2021 y-o-y change 132.4 145.7 -9% 147.9 178.1 -17% Non-Interest Income/(Loss) (15.5) (32.4) -52% Fee income 0.0* n.m. Dividend income Comments . Lower average debt investments balance in 2H2022 vs 2H2021 Increase in non-performing loans during 2H2022 Partially offset by higher average cash balance and higher return from yield enhancement cash management products denominated in USD and SGD 0.1 63.7 -100% . • No dividend declared by our Venture Capital (VC) investments in China in 2H2022. • Only recorded dividend income from maritime related investments in Singapore • Relates to fair value changes from direct investments and underlying investments within the PE funds the Group has invested in.** Lower share of profits as a result of market losses from associated companies the Group has invested in, who engage in VC investments and provision of funding activities. Fair value losses on financial assets, at fair value through profit or loss (15.9) (96.3) -84% Other income 0.3 0.2 54% Share of profits of associated • 30.0 56.0 -46% companies, net of tax An.m. denotes not meaningful **Our portfolio of investments is diversified into various industries including petrochemicals, materials, electronic vehicles, pharmaceuticals etc. *Due to rounding to ldp 8#92022 S$ million Total Income 2022 INCOME HIGHLIGHTS Interest Income 2022 2021 y-o-y% change 306.2 384.8 -20% 332.8 368.7 -10% Non-Interest Income/(Loss) (26.5) 16.2 n.m. Fee income 0.1 n.m. Dividend income 7.7 78.4 -90% Fair value losses on financial assets, at fair value through profit or loss (34.9) (62.8) -44% Other income Share of profits of associated companies, net of tax ^n.m. denotes not meaningful 0.6 0.6 -7% 6.7 55.3 -88% Comments • Lower average debt investments balance in 2022 vs 2021 Increase in non-performing loans during 2H2022 Partially offset by higher cash balance and higher return from yield enhancement cash management products denominated in USD and SGD • • • Decrease in dividend declared by our Venture Capital (VC) investments Relates to fair value changes from listed shares retained by YZJ Group at the point of the spin-off, direct investments and underlying investments within the PE funds/companies the Group has invested in.** Decrease was mainly due to lower service income earned from consultation services this year Lower share of profits from associated companies the Group has invested in, who engage in VC investments and provision of funding activities. **Our portfolio of investments is diversified into various industries including petrochemicals, materials, electronic vehicles, pharmaceuticals etc. 9#102022 S$ million 2022 BALANCE SHEET HIGHLIGHTS Total Assets 31 Dec 2022 31 Dec 2021 Comments 4,205.9 4,399.9 To be discussed in the next slide Total Liabilities 332.1 151.1 Total Equity 3,873.8 4,248.8 Mainly increase due to a rise in deferred income tax liabilities as a result of undistributed dividend receivable from PRC subsidiary as a part of the spin-off process and additional deferred tax liabilities recorded in relation to undistributed profits of China subsidiaries. Net asset value/share as at 31 Dec 2022 = S$1.0495 10#112022 BALANCE SHEET HIGHLIGHTS 2022 Assets as of 31 Dec 2022 (S$ million) Description Current Assets Non-Current Assets Total Financial assets at fair value through P&L 56.2 413.9 470.1 Debt Investments at amortised cost 2,264.6 407.3 2,671.9 Trade and other receivables Cash and cash equivalents Investments in associated companies Investment property 26.7 2.8 29.5 620.7 620.7 322.6 322.6 21.5 21.5 Property, plant and equipment 2.8 2.8 Goodwill 1.1 1.1 Deferred income tax assets 65.7 65.7 2,968.2 1,237.7 4,205.9 Comments Comprises of the Group's investments in equities and/or funds Comprises of the Group's Venture Capital investments and provision of seed funding activities carried out by such associated companies. 11#122022 CURRENT PORTFOLIO Portfolio Allocation By Risk Profile And Asset Classes Portfolio Allocation By Geography Cash and yield enhancement products, S$891m, 21.6% Investment property, S$22m, 0.5% Singapore, S$534m, Most of the assets in Singapore 12.9% are denominated in USD. Public and Private Equity, S$672m, 16.3% As of 31 Dec 2022 Debt Investments, S$2,542m, 61.6% As of 31 Dec 2022 China, S$3,593m, 87.1% 12 12#132022 EQUITY PORTFOLIO Business Service Retailing 3% Education 2% 4% Financial Service 5% Software New Energy 6% 6% Real Estate 6% Health Care 8% Metals & Mining 10% Others 11% Machinery 22% Manufacture 17% -16.3% Equity Portfolio By Sector Net asset value: S$672m As of 31 Dec 2022 13#142022 PRC DEBT INVESTMENT PORTFOLIO (Excluding Micro-Finance) PRC Debt Investment Portfolio (Excludes microfinancing) S$ million (PRC) મો 2022 Beginning of financial period 3,514.6 Investments transferred to YZJ Group before spin-off (536.4) Additions 1,444.8 1-2 years, 8%. Redemptions (1,638.6) Impairment losses recognized in P&L (121.5) End of financial period* 2,402.2 *Net of currency translations -58.2% Debt Investments By Maturity more than 2 years, 5% DONGLEY Within 1 year, 87% 14#152022 PRC DEBT INVESTMENT PORTFOLIO (Excluding Micro-Finance) -58.2% 3% 3% 2% 4% 4% 2% 11% 10% 4% 5% 4% 18% 29% 27% 37% 29% 35% 34% 45% 35% Analysis on 14% 27% Type of 44% 25% 36% 25% 22% 22% Collaterals 51% (%) 34% 30% 23% 27% 23% 23% 25% 30-Jun-19 31-Dec-19 30-Jun-20 31-Dec-20 30-Jun-21 31-Dec-21 30-Jun-22 31-Dec-22 Shares Others Land/Properties Others -Govt-related Receivables Breakdown by Borrowers (31 Dec 2022) 29% 5% 9% 11% 12% 4% 7% 8% ■Construction & Engineering ■Diversified Consumer Services ■Gov. Services ■Machinery ■Metals & Mining 7% ■New Energy ■ Others 8% ■Real Estate ■ Retailing ■Trading 15#162022 PRC DEBT INVESTMENT PORTFOLIO : NON-PERFORMING LOAN (Excluding Micro-Finance) Non-Performing Projects Industry Principal 31-Dec-22 Provisions 31-Dec-22 (S$'millions) (S$'millions) Net Book Value (S$'millions) Project A Diversified Consumer Services 10.5 3.4 7.2 Project B Construction & Engineering 38.7 17.9 21.7 Project C Trading 67.5 1.9 65.7 Project D Real Estate 121.3 39.2 84.2 Project E Real Estate 181.0 45.9 137.5 Project F Real Estate 15.4 1.4 14.1 Project G Retailing 183.3 43.9 141.8 Projects with no Value at Risk Various 524.2 524.2 Total 1141.9 153.6 996.6 16#172022 $ PRC DEBT INVESTMENT PORTFOLIO : NON-PERFORMING LOAN (Excluding Micro-Finance) High Non-performing loan ratio due to deteriorating China real estate market in 2022. NPL ratio Increase in allowances for credit and other losses due to the Group's conservative policy for managing its non-performing loans. Allowances for/(reversal of allowances for) credit and other losses (S$'million) Active credit risk management and debt recovery efforts showcased in low utilization of allowance for impairment loss Utilisation of allowance for impairment loss 41.0% 25.3 17.2% 16.3% 14.8% 107.7 121.5 12.4% 2.2% 0.0% 0.0% -10.1 FY2019 FY2020 FY2021 FY2022 FY2019 FY2020 FY2021 FY2022 FY2019 FY2020 FY2021 FY2022 17#182022 PRC DEBT INVESTMENT PORTFOLIO : BY RISK (Excluding Micro-Finance) FY2022 Performing SGD (million) Principal Provision Expected Credit Loss Rates Net Balance* % 1,348 (76) 5.6% 1,272 53% Under-performing 149 (16) 10.9% 133 6% Non-performing 1,142 (145) 12.7% 997 41% 2,639 (237) 8.9% 2,402 100% FY2021 SGD (million) Principal Provision Expected Credit Loss Rates Net Balance* % Performing 3,159 (128) 4.0% 3,031 86% Under-performing 123 (5) 4.7% 118 3% Non-performing 638 (272) 42.7% 366 11% 3,920 (405) 10.3% 3515 100% *net of currency translation difference Category Definition of category Performing Borrowers have a low risk of default and a strong capacity to meet contractual cash flows Under-performing Borrowers for which there is a significant increase in credit risk is presumed if there is a decline in internal credit risk grading Non-performing Principal and/or interest payments past due; Borrowers facing significant litigations; and extension of principal and/or interest repayment date due to financial difficulties 18 -58.2%#192022 WORLD TRAFFIC Total Orders 13,678 Total Sales 11,892 Total Profit $6,789 Analysis " " 4 " BR INVESTMENT MANAGEMENT 19#20WHERE WE WANT TO BE 2022 Long Term Target Grow the Group's AUM and diversify its exposure Reduce Debt Investment In China 70% 59% Increase Investment in Singapore 30% 13% 50% Increase AUM by Launch of own General Partner (GP) Funds (Target 20-60% of AUM to be raised from third parties) Expand Fund/Wealth Management Business FY2021 FY2022 FY2023F FY2022 Long term target Gradually increase its investments outside China over the next five years $ To deploy approx. S$1.0 billion of its proprietary capital into investments outside China by 2023 (50% to investment management business and 50% to seed own GP funds). 20#212022 Liquidity Pool Scheme- To facilitate capital flow outside China Allows the deployment of capital from China to overseas in a faster and more cost efficient manner What is it Qualified Domestic Limited Partnership (QDLP) Foreign asset managers raise RMB from wealthy individuals and institutional investors in China for overseas investments Liquidity pool scheme Allows the transfer of funds between Chinese companies and their overseas fellow subsidiaries (or vice versa) in the form of loans Dividend distribution The transfer of funds between Chinese companies and their subsidiaries (or vice versa) by declaring dividends. Related costs N.A $ Maximize cash management returns through interest rate differential between Chinese RMB and other foreign currencies, such as USD or SGD N.A to the Group Only inter-company related interest expenses COE Withholding dividend tax rate of 5-10% Consolidate and centralize treasury management to aid the efficient utilization of the Group's funds 21#222022 INVESTMENT KEY FOCUS In China Clean Energy Provide ship financing for ship building projects that utilise clean energy (E.g. Liquified Natural Gas) Capital markets in China Pre-IPO Share placements Mezzanine financing Logistics for the mining sector In discussions with local authorities to provide financing for logistics investments for upcoming mining projects in China Global Maritime Fund Ship financing and the facilitation of sales and leaseback of vessels Investments in vessels Ship chartering business Beyond China Capital markets outside China Direct investments Fund investments Wealth Management Fund Management 22 22#23INVESTMENT MANAGEMENT - FUND INVESTMENTS 2022 Sustainable and responsible investing in maritime assets and technologies Maritime Fund- Up to US$500 million Fund Objective: Generate a steady stream of income and attractive returns through investments in maritime assets (including vessels) for the purpose of leasing, chartering and/or sale, and provide financing to small to medium sized shipping companies Up to US$200 million will be funded by Yangzijiang Financial The remaining will be raised from investors and through bank loans and structured financing In the pipeline Assets ✓ Oil Tankers Gas Carriers Bulk Carriers Containerships Wind/LNG/LPG/Methanol/Ethane/Hydrogen/Ammonia/ Biofuel/ Hybrid Assisted/Powered Ships#242022 FUND MANAGEMENT WEALTH MANAGEMENT 24#25| 2022 FUND AND WEALTH MANAGEMENT To generate fee income and advisory income Wealth Management Signed an agreement to provide investment advisory services for a family office Fund Management ICH Gemini Asia Growth Fund GEM Tech Holding VCC Golden Ox Fund VCC GEM Asia PE Fund (Registered- Not launched yet) I Maritime Fund I (Registered- Not launched yet) S$116m (US$86m) o Fund term has been extended to June 2023 S$209m (US$155m) - Expected o US$1m committed S$35m (US$26m) - Expected o US$2m committed S$100m o S$80m from YZJFH S$675m (US$500m) AUM 0.00 S$500m AUM 210.95 o US$200m from YZJFH; Remaining to be raised from other parties Fund Fund Type Fund A Fixed Income Fund B Maritime Tech Fund In the pipeline Fund C Cash Management Fund D Fund of Funds Fund Strategy Growth and Tech Companies Clean/Safety/Connectivity/Collaboration Technologies within Maritime Sector Maximize cash returns with liquid and diversified investments Maximize diversification and manage risk by investing in multiple top-tier funds Investment Type Co-General Partner & Anchor Limited Partner Co-General Partner & Anchor Limited Partner General Partner & Anchor Limited Partner General Partner & Anchor Limited Partner 25#262022 SUMMARY 26#27SUMMARY 2022 Business Company OICE едио ** 0.3x Price/Book S$1.29b Market Cap (As of 28 Feb 2023) S$3.87b Net Asset Value (As of 31 Dec 2022) Team of professional industry experts Aims to diversify across vintage, asset classes and geographies Three-pronged strategy O Co-GP fund; GEM O Access to top-tier PE and Private Credit Funds о Wealth management Key focus: Generate good returns, sustainable dividend yield to investors • . Dividend policy: Paying out at least 40% of its profits as dividends up to FY2024 Share buyback: Allocated up to S$200m for share buyback (S$99m utilized as of 31 Oct 2022; 6.6% shares repurchased) 27#282022 DISCLAIMER The presentation is prepared by Yangzijiang Financial Holding Ltd. (the "Company") and is intended solely for your personal reference and is strictly confidential. The information contained in this presentation is for information only and is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning the Company. Neither the Company nor any of its affiliates, advisors or representatives make any representation regarding, and assumes no responsibility or liability whatsoever (in negligence or otherwise) for, the accuracy or completeness of, or any errors or omissions in, any information contained herein nor for any loss howsoever arising from any use of these materials By attending this presentation, you are agreeing to be bound by the restrictions set out below. Any failure to comply with these restrictions may constitute a violation of applicable laws. The information contained in these materials has not been independently verified. No representation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects. The information and opinions contained in these materials are provided as at the date of this presentation and are subject to change without notice. None of the Company nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of these materials. In addition, the information contains projections and forward looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company and its directors. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Actual results may differ materially from those forecast and projected. This presentation and such materials is not and does not constitute or form part of any offer, invitation or recommendation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto. This document may not be used or relied upon by any other party, or for any other purpose, and may not be reproduced, disseminated or quoted without the prior written consent of the Company. 28#292022 THANK YOU For media and investor enquiries: [email protected] [email protected] [email protected] 29 29#302022 BOARD OF DIRECTORS Ren Yuanlin (任元林) • Executive Chairman Mr. Ren is the founder of Yangzijiang Shipbuilding Ltd. and currently the Chairman of YZJFH Board He was crowned the country winner of the Mainland China region at the prestigious Ernst & Young Entrepreneur of the Year China 2011 awards In 2014, Mr. Ren was awarded the 2013-2014 Outstanding Entrepreneur Award by the Chinese Enterprises Association, China Entrepreneurs Association and China Enterprise Management Science Foundation, in recognition of his success in heading Yangzijiang Shipbuilding and his contribution to the nation's social and economic development Toe Teow Heng Chief Executive Officer, Chief Investment Officer - Singapore Mr. Toe has over 25 years of experience in fund management and investment advisory, M&A, IPO deals and fundraising, throughout Asia. Prior to joining ICHAM, a Singapore-based fund management company as Managing Director, he was an investment banker at UBS A.G., DBS Bank and JP Morgan. He was also a fund manager at GEM Asset Management Pte Ltd, which specialises in wealth management, private equity and venture capital fund management He was the Independent Non-executive Director of Yangzijiang Shipbuilding (Holdings) Ltd, as well as the Independent Director and Chairman of Audit Committee of Tianjin Zhong Xin Pharmaceutical Co., Ltd. Mr. Toe holds a Bachelor of Business (First Class Honours, Gold Medal) from Nanyang Technological University of Singapore, and is a Chartered Financial Analyst Chew Sutat . Lead Independent Director And Member of Investment Committee Chua Kim Leng Mr. Chew was senior managing director and a member of the Singapore Exchange Limited's executive management team for 14 years. Prior to joining the Singapore Exchange Limited, Mr. Chew held senior roles at Standard Chartered Bank, OCBC Securities and DBS Bank, where he held varying portfolios in strategic planning and business development for institutional banking and private clients Mr. Chew co-founded Shan De Advisors and serves as a Non-Executive Board Member of ADDX. He is a Fellow of Singapore Institute of Directors and the Institute of Banking and Finance Singapore (IBF) and was awarded Global Investor Asia Capital Markets Lifetime Achievement Award. Mr. Chew graduated with a Bachelor of Arts (First Class Honours) degree in Philosophy Politics & Economics (PPE) from Oxford University and holds a Master of Arts degree from Oxford Independent Director, Chairman of Audit And Risk Management Committee Mr. Chua currently serves as the Board of Director of the Casino Regulatory Authority, United Oversea Insurance Limited, ADDX and TEHO International Inc Ltd. He has 25 years of distinguished service in the Monetary Authority of Singapore (MAS). Before joining Yangzijiang Financial Holding, Mr Chua was the Special Advisor (Financial Supervision) of MAS. Prior to that, Mr. Chua was the Assistant Managing Director in charge of the Banking & Insurance Group and a member of MAS Executive Committee Mr. Chua was awarded the Public Administration Medal by the President of Singapore in 2014 for his contributions to the public service. Mr. Chua holds a Bachelor of Business Administration (Honours) from the National University of Singapore Yee Kee Shian, Leon Independent Director, Chairman of Nomination And Remuneration Committee Mr. Yee is the Chairman of Duane Morris & Selvam LLP. He serves as the Global Head of Corporate for Duane Morris & Selvam He has almost two decades of extensive corporate law expertise and regularly advises on corporate finance, venture capital, capital markets, takeovers, cross-border M&As, corporate governance, corporate restructurings, joint ventures, as well as complex financing transactions. Mr. Yee is an Independent Director of F J Benjamin Holding Ltd. He was the former Chairman of an SGX-listed real estate developer and a former Independent Director of a LSE listed fashion company. Mr. Yee graduated from Law at Christ's College, Cambridge University with Honours. He is an Advocate & Solicitor of the Supreme Court of Singapore and a Solicitor of England and Wales. 39#312022 KEY MANAGEMENT Toe Teow Heng (侨兴) Chief Executive Officer, Chief Investment Officer - Singapore • • • Mr. Toe has over 25 years of experience in fund management and investment advisory, M&A, IPO deals and fundraising, throughout Asia. Prior to joining ICHAM, a Singapore-based fund management company as Managing Director, he was an investment banker at UBS A.G., DBS Bank and JP Morgan. He was also a fund manager at GEM Asset Management Pte Ltd, which specialises in wealth management, private equity and venture capital fund management He was the Independent Non-executive Director of Yangzijiang Shipbuilding (Holdings) Ltd, as well as the Independent Director and Chairman of Audit Committee of Tianjin Zhong Xin Pharmaceutical Co., Ltd. Mr. Toe holds a Bachelor of Business (First Class Honours, Gold Medal) from Nanyang Technological University of Singapore, and is a Chartered Financial Analyst Liu Hua (1) Chief Financial Officer and Chief Operation Officer • • • Ms. Liu joined Yangzijiang Shipbuilding (Holdings) Ltd. as finance controller in November 2007 and was redesignated as Chief Financial Officer of the Group in June 2008. Ms. Liu has extensive experience in finance and corporate financial management. Prior to joining Yangzijiang Shipbuilding, Ms. Liu was the Finance Controller of Global Container Freight Pte Ltd, in charge of overall financial function of its subsidiaries in Singapore, China, Taiwan, Malaysia, Myanmar, Cambodia, Thailand and Vietnam. Ms. Liu is a member of the Institute of Singapore Chartered Accountant since 2004. She was awarded the Chartered Financial Analyst by the CFA Institute in 2007 and was admitted as a FCCA in 2009. Chiang Kheng Hong (蒋庆丰) Chief Risk Officer • • Mr. Chiang has over 25 years of experience in driving results across treasury, financial markets, and risk management in both buy and sell-side organisations Mr. Chiang previously served as the Interim Regional Treasurer in Standard Chartered Bank in Hong Kong. During his stint, he led the Regional Treasury Division to manage a sizeable regional balance sheet covering capital, liquidity, and interest rate risk management Prior to his stint at Standard Chartered Bank, Mr. Chiang was the Head of Market and liquidity risk in DBS Bank in Hong Kong, where he helped strengthen the market and liquidity risk governance and regulatory compliance of DBS Hong Kong.#322022 KEY MANAGEMENT Su Qing (苏庆) Chief Compliance Officer . • .. • • PRC Mr. Su has over 14 years of experience in handling the legal affairs of Yangzijiang Shipbuilding (Holdings) Ltd. He joined Yangzijiang Shipbuilding (Holdings) Ltd in November 2007 and has progressed through the ranks to the Legal Director of the subsidiary called Jiangsu Xinyang Ship Investment Co., Ltd. in 2019. Mr. Su holds a Bachelor of Science (Economic Law) from the East China University of Political Science and Law. Barry Koh (许闻钊) General Counsel Mr. Koh has over 15 years of corporate law experience, including corporate finance, capital markets, joint ventures, mergers and acquisitions, and corporate governance. Prior to joining the Group, Mr. Koh was Head of Legal at EVYD Research Pte Ltd where he was in charge of the legal function. He also held head legal roles in TenX Pte Ltd, ICHX Tech Pte Ltd and Digitrade Fintech Pte Ltd. Mr. Koh holds a Bachelor of Laws degree from the National University of Singapore. 41#332022 Heads of Investment Team • • Alvin Chew (周利源) Head of Private Investments Prior to joining the Company, Mr Chew was the Managing Partner of Investments & Head of Strategic Growth Programme, China at EDBI Pte. Ltd. ("EDBI"), the investment arm of Singapore's Economic Development Board. During his stint at EDBI, Mr Chew oversaw EDBI's private equity growth investments into Singapore-based enterprises across a multitude of industries, such as healthcare, advanced manufacturing, creator economy and sustainability. He is also part of EDBI's senior management team, where he attends to all corporate matters and policies, including investment and divestment decisions, corporate governance, risk management and branding. Peng Xingkui (X) • Chief Investment Officer - PRC Mr. Peng has over 10 years of experience in the banking and investment management sectors. Prior to the spin-off, Mr. Peng was the Head of Investment Management Department of Yangzijiang Shipbuilding (Holdings) Ltd. Mr. Peng joined Yangzijiang Shipbuilding (Holdings) Ltd. as the Deputy Chief of the Capital Business section of Jiangsu New Yangzi Shipbuilding Co., Ltd. back in April 2015. Mr. Peng was promoted to the position of Director of the President's Office of Yangzijiang Shipbuilding Group in May 2016; and was promoted to the position of Investment Director of the Investment Management Department in May 2017; and was the Head Director of the Investment Management Department of Jiangsu Yangzijiang Shipbuilding Co., Ltd. since January 2020. From April 2010 to April 2015, Mr. Peng worked in the International Business Department in the Jiangsu Jiangyin Rural Commercial Bank Co., Ltd. Mr. Peng holds a Bachelor's Degree in International Economics and Trade from the Shandong University of Finance and Economics, as well as a Master's degree in Economics (International Trade) from the Nanjing University of Finance and Economics in April 2010. 42#342022 Heads of Investment Team . • . . Alex Yan (闫中兵) Head of Shipping & Maritime Technology Fund Mr. Yan has 20 years of experience in the shipping industry, holding positions that range from leasing and financing to fleet management. His past experience includes being the head of Partner Relations - Far East, at Klaveness Asia. • He was also a Vice President of Leasing & Shipping at Lloyd's Register General Manager in the shipping Finance at Haltong UT Leasing and the head of Asset Management at CSSC Leasing. Mr. Yan holds a Master of Science in Investment Management from the Hong Kong University of Science and Technology, Master of Logistics Engineering from Shanghai Jiao Tong University, and a Master of Business Administration (MBA) from Fudan University. Wu Menglin (**) Head of Fund of Funds Prior to joining the Company, Miss Wu served as Vice President, Private Equity Funds and Co-Investments at GIC Private Limited ("GIC") During her 10-year stint at GIC, Miss Wu managed fund investments in Asia and co-investments in a diverse range of sectors, including healthcare, advanced manufacturing, consumer, TMT, FinTech and business services. Miss Wu earned her master's degree in Information and Computer Engineering, and bachelor's degree in Engineering from the University of Cambridge. She is also a CFA charterholder. 43 43#35• • • Sean Low Shieng Ang(刘轩昂) External Senior Investment Advisor Mr Low is currently the Chief Executive Officer and Chief Investment Officer of Golden Vision Capital (Singapore) Pte. Ltd., a global private equity ("PE") fund registered with the Monetary Authority of Singapore and anchored by a leading Single Family Office from Asia Prior to this, Mr Low had served at GIC Pte. Ltd. for 17 years, at both its overseas office as well as its Singapore headquarters. He last served as Senior Vice President in GIC PE, where he first led the PE Fund Investment Verticals and then the Private Credit & Special Opportunities Group Verticals within the Global Investment Strategy and Risk team. As part of the team at GIC PE, he helped GIC to manage its commitments to PE funds. Mr Low also served on the board and on the Investment Committee of CFA Singapore since 2019. He chaired its Audit Committee from 2019-2021 and its Investment Committee since 2021, providing advisory services on reserve management, including asset allocation, rebalancing, and fund selection. Mr Low was elected to the post of Treasurer in SVCA (Singapore VC & PE Association) in 2021. 2022 ADVISORS 44 44