CBL International Ltd

Background

In February 2026, Mr. Ulf Lothar Naujeck resigned from the Board. The Board extends its sincere appreciation to Mr. Naujeck for his contributions and service to the Company during his tenure. Accordingly, the Board has set the number of Directors at six (6).

The nominees listed below have been nominated by the Nominating and Corporate Governance Committee and approved by our Board to stand for election and re-election as Directors.

Mr. Yuan He, aged 44, is the senior vice president of our Group since the inception of our Group in 2015. He is primarily responsible for the bunkering business division and the Group’s management and strategic development. Mr. He has over 20 years of experience in the oil and gas-related industries and business management. He obtained a bachelor’s degree in engineering in July 2003 and a master’s degree in science from the University of Wollongong in Australia in July 2005.

Dr. Teck Lim Chia, aged 58, is the chairman of our board of directors, chief executive officer since the inception of our Group, and is primarily responsible for overseeing the strategy and decision making of our Group. He has over 20 years of experience in the oil and gas related industries and business management. Before founding our Group, Dr. Chia was employed by BrightOil Group, a company based in Shenzhen, PRC which was principally engaged in the fuel oil business from April 2006 to June 2008, with his last position held as general director. From June 2008 to September 2011, he served as an executive director of BrightOil Group’s listing company on the Hong Kong Stock Exchange and undertook the role of developing the company’s international business network. From October 2011 to January 2017, Dr. Chia served as a director of an oil trading company. Dr. Chia received a bachelor’s degree in business administration management from Oklahoma State University in December 1988 and a master’s degree in public administration from the University of Management & Technology in June 2012. Dr. Chia further pursued his academic enhancement by completing a Doctorate in Business Administration from the University of Management and Technology in 2025.

Mr. Khai Fei Wong, aged 44, has been appointed as our independent director, a member of the audit committee and nominating and corporate governance committee on March 22, 2023, and the chairman of the compensation committee on March 5, 2026. Mr. Wong has over 16 years of experience in auditing, taxation and corporate secretarial matters. He began his professional career in June 2008 with Indah Secretarial (KL) Sdn Bhd (formerly known as Cheng & Co Secretarial Sdn Bhd) as a secretarial assistant. In July 2013, Mr. Wong set up a corporate secretarial firm which principally provides corporate secretarial, dissolution and tax advisory services. Mr. Wong has been a manager of a Malaysian Taxation Service Firm since 2020. Mr. Wong has been a licensed company secretary of the Companies Commission of Malaysia since July 2014, an associate member of the Chartered Tax Institute of Malaysia since October 2020 and a licensed tax agent of the Inland Revenue Board of Malaysia since December 2021. Mr. Wong graduated from The University of Sheffield in July 2003 with a bachelor’s degree in arts.

The audit committee of the Board (the “Audit Committee”), which is composed entirely of independent Directors, has selected MRI, independent registered public accounting firm, to audit our financial statements for the fiscal year ended December 31, 2025. Ratification of the appointment of MRI by Shareholders is not required by law. However, as a matter of good corporate practice, such appointment is being submitted to the Shareholders for ratification at the Annual General Meeting. If the Shareholders do not ratify the appointment, the Board and the Audit Committee will reconsider whether or not to retain MRI, but may, in their discretion, retain MRI. Even if the appointment is ratified, the Audit Committee, in its discretion, may change the appointment at any time during the year if it determines that such change would be in the best interests of the Company and its shareholders.

Representatives from MRI will not be in attendance at the Annual General Meeting.

There are no changes or disagreements with the independent registered public accounting firm on accounting and financial disclosure.

The fee for MRI’s audit of the consolidated financial statements of the Group for the year ended December 31, 2025 was US$221,000.