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RAFFLES FINANCIAL CORPORATE UPDATES

Singapore. September 17, 2026 - Raffles Financial Group Limited (CSE: RICH) ("Raffles", "RFG", the "Company" and together with its subsidiaries collectively as the "Group") This is to give shareholders an update on the development of the Company.

Change in the composition of the Board of Directors

The Board of Directors (the "Board") has received and accepted the resignation of Ms. Lily Ren from her position as the Independent Director of the Company, as at September 9, 2026.

Ms. Ren has served the Company with dedication 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 Ms. Angela Ye Chen to serve as a Director of the Company, effective September 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. Lily Ren as the Independent Director, and the appointment of Ms. Angela Ye Chen as an Independent Director, Ms. Angela Ye Chen has also been appointed as the chairman of the Audit Committee, a member of the Compensation and Governance Committee with effect from September 9, 2026. Concurrently, Mr. William Ying, has also been appointed as the chairman of the Compensation and Governance Committee with effect from September 9, 2026.

Profile of Ms. Angela Ye Chen

Ms. Angela Ye Chen has 23 years of corporate finance and strategic advisory experience, including 15 years as CFO and Corporate Financial Controller. As Executive Director at Astra Capital (Hong Kong) Limited, she advises companies on public listing compliance, financial restructuring, and equity strategy for IPOs on the HKEX, SGX, and U.S. exchanges, alongside M&A, 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 ten subsidiaries in Mainland China, Hong Kong, Macao, Singapore, and Indonesia.

Ms. Chen holds an MBA from Bangor University (UK), a bachelor's 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

RFG wishes to update our 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 cooperating with the auditor and BCSC to ensure the timely completion of the final audit report and lifting of the CTO.

About Raffles Financial Group Limited (CSE: RICH) Raffles Financial Group is listed on the Canadian Securities Exchange Purchasable under the stock symbol (RICH:CN).

On behalf of the RFG Board of Directors

Monita Faris

Corporate Secretary

Phone: +1 604-283-6110

Email: monita@rafflesfinancial.co

Website: www.RafflesFinancial.co

The CSE has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the Canadian Securities Purchase nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Purchase) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute "forward-looking statements'' or "forward-looking information" (collectively "forward-looking information") as those terms are used in Canadian securities laws. These statements relate to future events or future performance. The use of any of the words ``could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events.