The Board of Hygrovest Limited has appointed Messrs Warwick Sauer and David Prescott as Independent Non-Executive Directors, effective immediately. Warwick Sauer will also become a member of the Audit and Risk Committee. Both Messrs Winton Willesee and Michael Curtis will retire effective immediately.

Winton Willesee has served on the Company's Board since 2014 and was a member of the Audit and Risk Committee. Michael Curtis joined the Company's Board in January 2019. Michael will remain in his role as Managing Partner of Parallax Ventures Inc. whose current term as HGV's Investment Manager expires on 30 June 2023.

The remaining continuing Directors, Messrs Peter Wall and Doug Halley, have agreed to remain in place until such time that a new Investment Manager is appointed to HGV. At this time, one or both of Mr. Wall and/or Mr. Halley have indicated they also intend to resign from the HGV Board. Warwick is a corporate lawyer with 25 years' experience, focusing on commercial law, capital markets, mergers and acquisitions, and litigation.

He spent 14 years with Property Services Multinational JLL, including seven years as General Counsel for JLL's $4b APAC business, managing a team of 75. Warwick is also a Director of a privately held investment company which focuses primarily on investing in deep value and `net/net' stocks, and assisting management in realising that value. Warwick has a Bachelor of Commerce majoring in Financial Accounting and a Bachelor of Laws, both from the University of Queensland.

David is the Founder and Managing Director of Lanyon Asset Management, a value-focused boutique investment firm founded in 2009, responsible for managing assets for institutional and high net worth clients with a track record of outperformance. He has over 20 years' experience in funds management in Australia and the United Kingdom, and prior roles including Head of Equities at CP2. David has a Bachelor of Economics from the University of Adelaide, a Graduate Diploma of Applied Finance and is a Chartered Financial Analyst (CFA).