CapAllianz Holdings Limited announced Ong Beng Chye tendered his resignation as the Non-Executive and Lead Independent Director of the board of directors of the Company to allow for Board rejuvenation which would be beneficial for the Group and the Company's shareholders. Following the Resignation, Mr. Ong will also cease to be the Chairman of the Audit Committee of the Company as well as a member of the Remuneration Committee and the Nominating Committee of the Company. After having interviewed Mr. Ong and to the best of its knowledge, the Company's Sponsor, ZICO Capital Pte.

Ltd. is satisfied that save as disclosed in this announcement, there are no other material reasons for the Resignation.