The Board of Directors of Polaris Ltd. announced that it has undergone a transition of Directors to facilitate its Board and Board Committees renewal. The Board announced that the Company has received a resignation letter from Ms. Diana Airin ("Ms. Airin"), an Independent Non-Executive Director of the Company, dated 9 May 2024, with effective cessation on 17 May 2024. Accordingly, Ms. Airin will cease to be the Chairman of the Remuneration Committee ("RC"), and a member of the Audit and Risk Management Committee ("ARMC") and Nominating Committee ("NC").

The Board announced the retirement of Mr. Masahiko Yabuki ("Mr. Yabuki") as an Independent Non-Executive Director of the Company with effect from 30 April 2024 upon the conclusion of the Company's Annual General Meeting ("AGM"). Accordingly, Mr. Yabuki ceased to be the Chairman of the NC and a member of the ARMC and RC. Please refer to the separate announcement released by the Company on 15 April 2024 for details of the cessation of Mr. Yabuki as required under Rule 704(6) of the Catalist Rules.

Mr. Chong Eng Wee ("Mr. Chong") and Mr. Tay Boon Zhuan ("Mr. Tay") have joined the Board as Independent Non-Executive Directors, effective from 15 March 2024. Following their respective appointments to the Board, Mr. Chong has been appointed as the Chairman of the NC after the conclusion of the AGM and a member of the ARMC and RC. Mr. Tay has been appointed as the Chairman of the ARMC and a member of the NC, and upon the cessation of Ms. Airin, the Chairman of the RC.

Consequential to the above changes and with effect from 17 May 2024, the new composition of the Board and each of the Board Committees of the Company are as follows: - Board of Directors: Mr. Sugiono Wiyono Sugialam - Executive Chairman and Executive Director, Mr. Soennerstedt Carl Johan Pontus- Executive Director and CEO, Mr. Chong Eng Wee - Independent Non-Executive Director, and Mr. Tay Boon Zhuan- Independent Non-Executive Director. Audit and Risk Management Committee: Mr. Tay Boon Zhuan (Chairman) and Mr. Chong Eng Wee. Nominating Committee: Mr. Chong Eng Wee (Chairman), Mr. Sugiono Wiyono Sugialam, Mr. Soennerstedt Carl Johan Pontus, and Mr. Tay Boon Zhuan.

Remuneration Committee: Mr. Tay Boon Zhuan (Chairman) and Mr. Chong Eng Wee.