4,630,813 Convertible Series B Preferred Shares of SINOVAC, held by the 2019 Rights Exchange Trust, are void and will be cancelled.

The current members of the new SINOVAC Board of Directors (the “New Board”) are Dr. Chiang Li (Chairman), Mr. Yuk Lam Lo, Dr. David Guowei Wang, Mr. Pengfei Li and Mr. Jianzeng Cao. The New Board has determined that Dr. Chiang Li, Mr. Yuk Lam Lo, and Dr. David Guowei Wang, constituting three of the five directors, are independent directors. Mr. Lo and Dr. Wang are the members of the New Board’s Audit Committee. Dr. Li, Mr. Lo and Dr. Wang are the members of the New Board’s Compensation Committee and the Corporate Governance and Nominating Committee. The New Board will need to appoint a third member for the Audit Committee to meet the Nasdaq Rule 5605 requirement. The executive management of SINOVAC remains unchanged.

SINOVAC’s New Board is committed to acting in the best interests of the Company as well as maximizi
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