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WESTCOMB FINANCIAL GROUP LIMITED

Company Registration No. 200104762G (Incorporated in the Republic of Singapore)

__________________________________________________________________________________ RESIGNATION AND PROPOSED APPOINTMENT OF EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER __________________________________________________________________________________ 1. Resignation of Executive Director and Chief Executive Officer, Mr Aw Soon Beng

The Board of Directors (the "Board") of Westcomb Financial Group Limited (the "Company") wishes to announce that Mr Aw Soon Beng, the current Chief Executive Officer ("CEO") of the Westcomb group of companies ("Westcomb Group"), has earlier notified the Company of his intention not to renew his service agreement with the Company ("Service Agreement") which is due to expire on 31 August 2010 in line with his intention to retire from the Westcomb Group to pursue other business interests and career options including considering whether to accept an invitation from the Company's parent company, Asiasons Capital Limited ("Asiasons Capital") to join them to undertake regional business development. Following such notification, Mr Ng Teck Wah, who is the Joint Managing Director of Asiasons Capital and currently a non-executive director of the Company has been shortlisted to succeed Mr Aw Soon Beng as CEO of the Westcomb Group. With the handover of duties by Mr Aw Soon Beng to his intended successor completed, the Company and Mr Aw Soon Beng have mutually agreed for the Service Agreement to cease with effect from 1 March 2010 and for Mr Aw Soon Beng to step down from all his directorships within the Westcomb Group including with the Company with effect from 1 March 2010. Consequent to the cessation of Mr Aw Soon Beng's directorship with the Company, the directorship of Mr Loo Chin Keong with the Company, who is the alternate director to Mr Aw Soon Beng, has also ceased with effect from 1 March 2010. The Board regrets that it is unable to retain the services of Mr Aw Soon Beng and would like to extend its appreciation to Mr Aw Soon Beng for his invaluable contributions to the Company during his tenure of service. Full details of the cessation of Mr Aw Soon Beng as CEO and director of the Company and of Mr Loo Chin Keong as director of the Company as required under Rule 704(7) of the Singapore Exchange Securities Trading Limited Listing Manual ("Listing Manual") in the prescribed format will be set out in separate announcements today. 2. Proposed appointment of Executive Director and Chief Executive Officer, Mr Ng Teck Wah

The Board is pleased to announce that Mr Ng Teck Wah will succeed Mr Aw Soon Beng as CEO of the Westcomb Group. Further announcement will be made when the appointment of Mr Ng Teck Wah as CEO takes effect whereupon Mr Ng Teck Wah will become an executive director of the Company. Full details of the appointment of Mr Ng Teck Wah as CEO as required under Rule 704(7) of the Listing Manual will also be announced in due course. 3. Board and Committee Composition

Following the above changes, the composition of the Board and the Committees of the Company shall be as follows: Board of Directors Dato' Mohammed Azlan Bin Hashim (Non-Executive Chairman) 1

Mr Ng Teck Wah (Non-Executive Director) Mr Lee Joo Hai (Independent Director) Mr Tan Soo Kiat (Independent Director) Mr Martin Chu Leong Meng (Non-Executive Director) Mr Jared Lim Chih Li (Alternate to Dato' Mohammed Azlan Bin Hashim) Mr Chan Soon Lee (Alternate to Mr Martin Chu Leong Meng) Audit Committee Mr Lee Joo Hai (Chairman) Dato' Mohammed Azlan Bin Hashim Mr Tan Soo Kiat Nominating Committee Mr Tan Soo Kiat (Chairman) Dato' Mohammed Azlan Bin Hashim Mr Lee Joo Hai Remuneration Committee Mr Tan Soo Kiat (Chairman) Dato' Mohammed Azlan Bin Hashim Mr Lee Joo Hai

Submitted by Ms Watt Waimei Company Secretary For and on behalf of the Board 1 March 2010

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