KAP Limited Shareholders are advised that Mr. KJ ("Jo") Grové will not be making himself available for re-election at the Company's 2023 Annual General Meeting on 21 November 2023 ("AGM"), after having served on the KAP board of directors ("Board") for a period of 11 years. Accordingly, the Company herewith confirms Jo's retirement as an independent non-executive director and a member of the investment committee and the human capital and remuneration committee, with effect from the date of the AGM, in accordance with the Board succession plan. The nomination committee has reviewed the suitability of the composition of the Board following Jo's retirement, and is satisfied that the Board collectively has the necessary skills and expertise to continue to operate efficiently until such time as a suitable candidate with the relevant experience and expertise, has been found to replace Jo as an independent non-executive director on the Board.