Ms. Monita Faris reports

RAFFLES FINANCIAL CORPORATE UPDATES

Raffles Financial Group Ltd. has provided shareholders with an update on the development of the company.

Change in the composition of the board of directors

The board of directors has received and accepted the resignation of Lily Ren from her position as the independent director of the company, as at Sept. 9, 2026. Ms. Ren has served the company with dedication and made valuable contributions throughout her tenure. The board expresses its sincere appreciation to Ms. Ren for her exemplary service and contributions to the group.

Concurrently, the board is also pleased to announce the appointment of Angela Ye Chen to serve as a director of the company, effective Sept. 9, 2026.

The board is confident that Ms. Chen's experience and expertise will contribute meaningfully to the company's governance and long-term objectives as well as further strengthen the board's oversight and strategic guidance.

Change in the composition of board committee

Following the resignation of Ms. Ren as the independent director and the appointment of Ms. Chen as an independent director, Ms. Chen has also been appointed as the chair of the audit committee and a member of the compensation and governance committee, with effect from Sept. 9, 2026. Concurrently, William Ying has also been appointed as the chair of the compensation and governance committee, with effect from Sept. 9, 2026.

Profile of Ms. Chen

Ms. Chen has 23 years of corporate finance and strategic advisory experience, including 15 years as chief financial officer and corporate financial controller. As executive director at Astra Capital (Hong Kong) Ltd., she advises companies on public listing compliance, financial restructuring and equity strategy for IPOs (initial public offerings) on the HKEX (Hong Kong Exchanges and Clearing Ltd.), SGX (Singapore Exchange) and U.S. exchanges, alongside M&A (mergers and acquisitions), project financing, and shares and bond placement advisory. She concurrently serves as director of finance at Cedar (China) Procurement Ltd., overseeing cross-border banking, taxation and supply chain finance.

Previously, as corporate financial controller for Sinar Mas Group's Asia Pulp & Paper (APP), she directed financial, accounting and credit risk operations across more than 10 subsidiaries in China, Hong Kong, Macao, Singapore and Indonesia.

Ms. Chen holds an MBA from Bangor University (United Kingdom), a bachelor's degree in financial management from Shanghai Commercial Vocational & Technical College, and an accounting diploma from Shanghai University of Finance and Economics. She is a chartered financial analyst (CFA) and international certified private fund manager (APEI).

Status of the audit for the financial year ended June 30, 2026

Raffles Financial Group wishes to update its shareholders that its auditor, HML PLT, is currently conducting the audit of the company's accounts for the financial year ended June 30, 2026, and has submitted the first-draft audit report to management for review. To date, management is not aware of any material issues raised by the auditor that would impede the finalization of the audited financial statements.

Upon receipt of the final-draft audit report, the board will consult with the British Columbia Securities Commission (BCSC) before confirming with the auditor. This process is expected to take additional time to ensure there are no material issues that could impede the application for the revocation of the company's cease trade order (CTO).

The board and management remain fully committed to co-operating with the auditor and BCSC to ensure the timely completion of the final audit report and the lifting of the CTO.

About Raffles Financial Group Ltd.

Raffles Financial Group is listed on the Canadian Securities Exchange purchasable under the stock symbol RICH.

We seek Safe Harbor.