Change - Announcement Of Cessation :: Cessation Of Independent Director

Mr. Crawford is a Director of Ernst & Young LLP, a UK firm which is part of the EY group worldwide.

Although Mr Crawford accepted the appointment as an independent director of CosmoSteel Holdings Limited after checking and clearing conflicts with his UK firm, subsequent to his appointment which was duly announced by the Company on 23 April 2018, he was advised by EY s global Independence & Risk team (IRT) that his appointment would not be compliant with EY s universal internal policy on personal appointments and directorships as the prohibition applies to any listed entity, regardless of the country.

In view of the foregoing, Mr Crawford has had to tender his resignation to the Company and has expressed his apologies for the inconvenience caused.