Thakral : Appointment of independent director and member of audit & compensation committees

The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)

The appointment of Mr. Dileep Nair was nominated by the Company's Nomination Committee. The Board of Directors has accepted the recommendation of the Nomination Committee which had reviewed Mr. Nair's qualifications and experience, and approved the appointment of him as an Independent Director and a member of the Audit and Compensation Committees of the Company.

Mr. Nair's extensive experience with government ministries and financial institutions will add to the existing expertise available to the Board.

Whether appointment is executive, and if so, the area of responsibility

Non-executive.

Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)

Independent Director, Audit Committee Member and Compensation

Committee Member.

Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries

None.

Conflict of interests (including any competing business)

None.

Working experience and occupation(s)

during the past 10 years

Singapore High Commissioner to Ghana Singapore Ministry of Foreign Affairs February 2013 - Present

Mr. Nair is currently the High Commissioner to Ghana and resides in

Singapore.

Ambassador of Singapore in Laos Ministry of Foreign Affairs Singapore June 2011 - January 2013

Mr. Nair was Singapore's Ambassador to Laos in Vientiane for more than

2 years. During his tenure, he promoted relations between Singapore and

Laos, at both the political as well as the economic level. For his efforts, he was awarded the Friendship Medal by the Lao Government in 2013.

Consul-General in Dubai

Ministry of Foreign Affairs Singapore

August 2005 - April 2011

Mr. Nair was Singapore's Consul-General in Dubai for 6 years. As Consul

-General, Mr. Nair was responsible for opening up Singapore's first Mission in the United Arab Emirates and promoting strong political and economic ties between the two countries.

Under-Secretary General for Internal Oversight

United Nations

April 2000 - April 2005

Prior to joining the Foreign Service, Mr. Nair was the Under-Secretary- General for Internal Oversight Services at the United Nations for 5 years, since April 2000. As de facto Inspector General of the United Nations, Mr. Nair reported directly to Secretary-General Kofi Annan as well as the General Assembly. Mr. Nair was responsible for activities ranging from internal audit to investigation to evaluation of programmes. Mr. Nair advised Secretary-General Kofi Annan on oversight issues and represented his Office before the General Assembly and its subsidiary bodies. Mr. Nair had a staff numbering about 200 with more than half located in duty stations outside New York. His annual budget was about US$17 million. Under Mr. Nair's leadership, his Office exposed waste and fraud in the United Nations totaling over $135 million, of which some $55 million was recovered and saved.

Managing Director

DBS Bank Ltd

1998 - 2000

Before going to the UN, Mr. Nair was, for 2 years, a Managing Director of the Development Bank of Singapore (DBS Bank), the largest South-East Asian bank and one of Asia's largest. There he was instrumental in creating a processing and servicing hub for the DBS Bank Group's operations, covering a wide range of customer and back office services. He also served as the Chairman of the bank's Operational Risk Committee as well as Chairman of DBS Card Centre Pte Ltd, which handled all the credit card operations of DBS Bank.

Chief Executive Officer

Post Office Savings Bank of Singapore

1997 - 1998

Mr. Nair came to DBS Bank in 1998, when it acquired the Post Office Savings Bank of Singapore (POSBank), the national savings bank, where Mr. Nair had been serving from 1997 as Chief Executive Officer. During his tenure in POSBank, Mr. Nair oversaw the expansion of the bank's financial services and spearheaded banking automation. Under him, POSBank was the first local bank to offer internet banking. At the time of its acquisition, POSBank had a network of 140 branches, a deposit base of S$30 billion and over 4 million accounts.

Administrative Service

Singapore Government

1980 - 1996

In the Administrative Service, Mr. Nair rose to the rank of Deputy Secretary in the Ministry of Trade and Industry. Working under the Minister, he helped develop and implement key economic policies and was involved in the Uruguay Round of GATT negotiations, as well as in various economic fora of the Association of Southeast Asian Nations (ASEAN).

Mr. Nair joined the elite Administrative Service in 1979, first serving in the Ministry of Finance, where he rose to the rank of Director in charge of expenditure control.

Shareholding interest in the listed issuer and its subsidiaries?

No

Present

Agri-Food & Veterinary Authority of Singapore

Keppel DC REIT Management Pte. Ltd.

(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?

No

(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within

2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that

entity is the trustee of a business trust, that business trust, on the ground of insolvency?

No

(c) Whether there is any unsatisfied judgment against him?

No

(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?

No

(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?

No

(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore

or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?

No

(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?

No

(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly

No

or indirectly in the management of any entity

or business trust?

(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?

No

(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or

No

(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or

No

(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or

No

(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter

occurring or arising during that period when he was so concerned with the entity or business trust?

No

(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?

No

Any prior experience as a director of a listed company?

Yes

If Yes, Please provide details of prior experience

Mr. Nair is an Independent Director and a member of the Audit and Risk Committee of Keppel DC REIT Management Pte. Ltd., the Manager of Singapore listed Keppel DC REIT. He was a director of formerly listed companies - The Insurance Corporation of Singapore Limited and Export Credit Insurance Corporation of Singapore Ltd.