The board of directors of ZICO Holdings Inc. announced the following changes: Retirement of Directors: Mr. John Lim Yew Kong ("Mr. John Lim"), an Independent Director of the Company has given notice to the Board that he will retire as a Director at the upcoming Annual General Meeting ("AGM"), as he has served as an Independent Director of the Company for more than nine years from the date of his first appointment on 7 August 2014 and he will cease to be independent pursuant to Rule 406(3)(d)(iii)1 Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited ("Catalist Rules") which took effect from 1 January 2023. Mr. John Lim will cease to be a Director of the Company at the conclusion of the upcoming AGM and will concurrently relinquish his positions as the Independent Chairman, Chairman of the Audit and Risk Committee and Remuneration Committee and a member of the Nominating Committee. Mr. Chew Liong Kim ("Mr. Chew"), a Non-Independent Non-Executive Director of the Company who will be retiring by rotation at the forthcoming AGM pursuant to Article 97 of the Company's Constitution has given notice to the Board that he is not seeking for re-election at the upcoming AGM, so as to facilitate the Board rejuvenation and renewal in line with good corporate governance practice and also to allow for more time to focus on his other commitments.

Mr. Chew was first appointed as a Director of the Company on 7 August 2014. Mr. Chew will cease to be a Director of the Company at the conclusion of the upcoming AGM and will concurrently relinquish his positions as the member of the Audit and Risk Committee, Remuneration Committee and Nominating Committee. Mr. Yap Tien Wei ("Mr. Yap"), an Independent Director of the Company who will be retiring at the upcoming AGM pursuant to Article 101 of the Company's Constitution has given notice to the Board that he is not seeking for re-election at the forthcoming AGM.

This decision is made as there may be potential conflicts of interest between his role as the Chief Executive Officer and Registered Officer in Northwaters Capital Pte. Ltd. and his directorship in the Company in view of the Company's subsidiary, ZICO Asset Management Pte. Ltd, strategically pivoting from an External Asset Management (EAM) business model to asset and fund management business in Singapore.

The similarity in the business model between Northwater Capital Pte. Ltd. and ZICO Asset Management Pte. Ltd. could pose potential conflicts of interest, especially concerning potential target clients.

Mr. Yap will cease to be a Director of the Company at the conclusion of the upcoming AGM and will concurrently relinquish his positions as the Chairman of the Nominating Committee and a member of the Audit and Risk Committee and Remuneration Committee. Following the appointment of the New Directors (but prior to the cessation of the Retiring Directors), with effect from 8 April 2024, the composition of the Board is as follows: Board of Directors: Mr. John Lim Yew Kong - Independent Chairman; Datuk Ng Hock Heng - Executive Director and Group Chief Executive Officer; Mr. Chew Seng Kok - Executive Director; Mr. Chew Liong Kim - Non-Independent Non-Executive Director; Mr. Yap Tien Wei - Independent Director; Dr. Veerinderjeet Singh A/L Tejwant Singh - Independent Director; Mr. Mohamed Nasser bin Ismail - Independent Director; Ms. Shweta Nandy - Non-Independent Non-Executive Director. Following the cessation of the Retiring Directors, with effect from the conclusion of the upcoming AGM, the composition of the Board will be as follows: Board of Directors: Datuk Ng Hock Heng - Executive Director and Group Chief Executive Officer; Mr. Chew Seng Kok - Executive Director; Dr. Veerinderjeet Singh A/L Tejwant Singh - Independent Director; Mr. Mohamed Nasser bin Ismail - Independent Director; Ms. Shweta Nandy - Non-Independent Non-Executive Director.

The Board will make further announcements regarding the proposed nomination of Independent Chairman and the composition of the Board Committees in due course, after the conclusion of the forthcoming AGM.