General Announcement::Appointment of 1.Non-Executive Independent Director 2.Lead ID & Changes to the Board Committees

GENERAL ANNOUNCEMENT::APPOINTMENT OF 1.NON-EXECUTIVE INDEPENDENT DIRECTOR 2.LEAD ID & CHANGES TO THE BOARD COMMITTEES

Issuer & Securities

Issuer/ Manager

IFS CAPITAL LIMITED

Securities

IFS CAPITAL LIMITED - SG1A35000706 - I49

Stapled Security

No

Announcement Details

Announcement Title

General Announcement

Date &Time of Broadcast

22-May-2020 21:08:31

Status

New

Announcement Sub Title

Appointment of 1.Non-Executive Independent Director 2.Lead ID & Changes to the Board Committees

Announcement Reference

SG200522OTHRAMMH

Submitted By (Co./ Ind. Name)

Chionh Yi Chian/Angeline Ng

Designation

Company Secretary/Assistant Company Secretary

Description (Please provide a detailed description of the event in the box below)

Please refer to the attached document.

Attachments

Appt%20of%20NEID%20and%20Lead%20ID%20and%20Changes%20in%20the%20composition%20o

Total size =110K MB

1. Appointment of Non-Executive Independent Director
2. Appointment of Lead Independent Director
3. Changes in the Composition of the Audit Committee and Executive Resource and Compensation Committee

____________________________________________________________________________________

The Board of Directors of IFS Capital Limited (the "Company") wishes to announce the following appointments and changes to the board committees with effect from 22 May 2020, following the retirement of Mr Gabriel Teo Chen Thye and Mr Manu Bhaskaran as directors of the Company on 21 May 2020:

1. Appointment of Non-ExecutiveIndependent Director

Mr Tam Chee Chong has been appointed as a Non-Executive Independent Director of the Company. Details of Mr Tam's appointment as required under Rule 704(7) of the SGX-ST Listing Manual are set out in a separate announcement released today.

With the above appointment, the new Board composition is as follows:

	New Board Composition
Mr Lim Hua Min	Chairman, Non-Independent Director
Mr Law Song Keng	Independent Director
Mr Barney Lau Tai Chiau	Independent Director
Mr Tam Chee Chong	Independent Director
Mr Eugene Tan Hai Leng	Executive, Non-Independent Director

1. Appointment of Lead Independent Director
   Mr Law Song Keng has been appointed to take the role of the Lead Independent Director.
2. Changes in the Composition of the Audit Committee and Executive Resource and Compensation Committee ("ERCC")

3.1 Changes in the composition of the Audit Committee

1. The following appointments have been made to the Audit Committee:
2. • Mr Tam Chee Chong has been appointed as the Chairman of Audit Committee; and

10 EUNOS ROAD 8, #09-04 SINGAPORE POST CENTRE, SINGAPORE 408600 TEL: [phone] FAX: [phone]

UEN: 198700827C WEBSITE: http://www.ifscapital.com.sg

• Mr Barney Lau Tai Chiau has been appointed as a member of the Audit Committee.

The Board considers Mr Tam and Mr Barney Lau as independent for the purposes of Rule 704(8) of the SGX-ST Listing Manual.

1. Following the above appointments, the new composition of Audit Committee is as follows :

New Composition of Audit Committee

Mr Tam Chee Chong	AC Chairman	Independent Director
Mr Law Song Keng	Member	Independent Director
Mr Barney Lau Tai Chiau	Member	Independent Director

3.2 Changes in the composition of the ERCC

1. The following appointments have been made to the ERCC:
2. • Mr Barney Lau Tai Chiau has been appointed as Chairman of the ERCC; and
   • Mr Law Song Keng has been appointment as a member of the ERCC.
3. Following the above appointments, the new composition of ERCC is as follows:

New Composition of ERCC

Mr Barney Lau Tai Chiau	ERCC Chairman	Independent Director
Mr Lim Hua Min	Member	Non-Independent Director
Mr Law Song Keng	Member	Independent Director

By Order of the Board

Chionh Yi Chian / Angeline Ng

Company Secretary / Assistant Company Secretary

22 May 2020