IFS Capital Limited announced that Mr. Tam Chee Chong has resigned as Non-Executive Independent Director of the Company with effect from 26 September 2023. Consequently, Mr. Tam will cease to be the Chairman of the Audit & Risk Committee of the Company with effect from 26 September 2023. The Board wishes to record its thanks and appreciation to Mr. Tam for his contributions as a Director of the Company for the past 3 years.

Following the resignation of Mr. Tam, Mr. Loo Hock Leong and Ms Chen Xialing have been appointed as Non-Executive Independent Directors of the Company with effect from 26 September 2023. Details of the appointments of Mr. Loo and Ms Chen as required under Rule 704(7) of the SGX-ST Listing Manual are set out in separate announcements released today. With the above changes, the new composition of the Board is as follows: Mr. Lim Hua Min: Chairman, Non-Independent Director, Mr. Law Song Keng: Non-Independent Director, Mr. Barney Lau Tai Chiau: Independent Director, Mr. Loo Hock Leong: Independent Director, Ms Chen Xialing: Independent Director,Mr Randy Sim Cheng Leong Executive, Non-Independent Director.

Changes in the Composition of the Audit & Risk Committee and the Executive Resource and Compensation Committee. The following appointments have been made to the Audit & Risk Committee: Mr. Loo Hock Leong has been appointed as the Chairman of Audit & Risk Committee; and Ms Chen Xialing has been appointed as a member of the Audit & Risk Committee. The Board considers Mr. Loo and Ms Chen as independent for the purposes of Rule 704(8) of the SGX-ST Listing Manual.

Following the above appointments, the new composition of Audit & Risk Committee is as follows: Mr. Loo Hock Leong ARC Chairman: Independent Director, Mr. Law Song Keng: Member: Non-Independent Director, Mr. Barney Lau Tai Chiau: Member: Independent Director, Ms Chen Xialing: Member: Independent Director. Changes in the composition of the ERCC. Ms Chen Xialing has been appointed as a member of the ERCC.

Following her appointment, the new composition of ERCC is as follows: Mr. Barney Lau Tai Chiau ERCC: Chairman: Independent Director, Mr. Lim Hua Min: Member: Non-Independent Director, Mr. Law Song Keng: Member: Non-Independent Director, Ms Chen Xialing: Member: Independent Director. Details of Mr. Loo Hock Leong: Mr. Loo Hock Leong is currently the Non-Executive and Lead Independent director, Chairman of Audit Committee, Member of Remuneration Committee and Member of Nominating Committee of Union Gas Holdings Limited. Working Experience: July 2008 - Present) Parkway Trust Management Limited - Chief Financial Officer .

Other Directorships Past: Unoterra Trustee Pte. Ltd. - Director . Other directorships present: 1. Union Gas Holdings Limited - Independent Non-Executive Director 2. Parkway Life Malaysia Pte.

Ltd. - Non-Executive Director 3. Parkway Life Malaysia Sdn Bhd - Non-Executive Director 4. Parkway Life MTN Pte. Ltd. - Non-Executive Director 5. Matsudo Investment Pte. Ltd. (in Members' Voluntary Liquidation) - Non-Executive Director 6. Parkway Life Japan2 Pte.

Ltd. - Non-Executive Director 7. Parkway Life Japan3 Pte. Ltd. - Non-Executive Director 8. Parkway Life Japan4 Pte. Ltd. - Non-Executive Director .

Director Experience Details: Mr. Loo Hock Leong is currently the Non-Executive and Lead Independent director, Chairman of Audit Committee, Member of Remuneration Committee and Member of Nominating Committee of Union Gas Holdings Limited. Professional Qualifications: Chartered Accountant of Singapore. Details of Chen Xialing: Working Experience: (Dec 2022 - Present) Aviva-COFCO Life Insurance Company Ltd, China - Independent Non-Executive Director (Aug 2020 - Aug.

2023) finexis Advisory Pte Ltd. - Chief Financial Officer (Oct 2018 - Nov. 2019) China Taiping Insurance Singapore - Head of Finance & Investment (May 2017 - July 2018) Allianz Asia Regional Office - Regional Head of Operational Efficiency (Jan 2016 - May 2017) Allianz Asia Regional Office - Regional Head of Operational Finance (April 2011 - May 2015) AXA Life Insurance Singapore - Chief Financial Officer . Other Directorships Past: G2G Pte.

Ltd. - Director. Other Directorships Present:Aviva-COFCO Life Insurance Company Ltd, China - Independent Non-Executive Director . Director Experience Details: The Company will arrange for Ms Chen to attend the relevant training on the roles and responsibilities of a listed company director as prescribed by the Exchange.

Professional Qualifications: Fellow Chartered Certified Accountant of UK - CFA Charterholder - Executive Diploma in Directorship.