After careful consideration, the Board of Directors of Singapore Reinsurance Corp. Ltd. has decided to re-classify Mr. Hwang Soo Jin as a non-independent director. In arriving at the decision, the Board has taken into account Mr. Hwang's widened involvement in the company's day to day operations, in particular his oversight on behalf of the Board of the investment activities of the Corporation.

Consequently, Mr. Hwang has relinquished his appointment as the lead independent director and the chairmanship of the Nominating Committee with effect from November 7, 2012. In his place, Mr. David Chan has assumed the chairmanship of the Nominating Committee. As regards the lead independent directorship, the Board is of the opinion that given the overwhelming majority of non-independent directors on the Board, there is no need to appoint a successor.