Neo Group Limited announced that Mr. Lee Kwang Boon has decided to relinquish his appointment as Executive Director of the company with effect from 31 March 2018. This is part of the company's effort to comply with the Code of Corporate Governance 2012 - Board Matters, Guideline 2.2 that the independent directors should make up at least half of the Board where the Chairman of the Board and the Chief Executive Officer is the same person. The Board is aware that with the cessation of Mr. Lee Kwang Boon, the Company is yet to fulfill the Guideline 2.2 of the Code and it continue to work toward conforming to it. Mr. Lee Kwang Boon will continue to remain as a management team in one of the wholly-owned subsidiaries. He is responsible to undertake special projects for the Subsidiary. Details of the above resignations are set out in separate announcement of the Company made pursuant to Rule 704(6) of the Catalist Rules of the Singapore Exchange Securities Trading Limited.