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| Announcement Title | Change - Announcement of Cessation |
| Announcement Subtitle | Cessation of Group Chief Financial Officer |
| Securities | GRAND BANKS YACHTS LIMITED (GRANDBK) |
| Date & Time of Broadcast | Oct 27, 2015 7:21 |
| Submitted By | Ler Ching Chua Company Secretary |
| Effective date and time | Oct 29, 2015 |
| Description | Cessation of Group Chief Financial Officer |
| Cessation Details | |
| Name of person | Peter Kevin Poli |
| Age | 53 |
| Is effective date of cessation known? | Yes |
| Effective date for cessation | Oct 29, 2015 |
| Detailed reason(s) for cessation | To pursue other career opportunities. |
| Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting? | No |
| Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? | Yes |
| If yes, please provide full details | Mr. Poli has options in respect of 200,000 shares in the capital of the Group. |
| Any other relevant information to be provided to shareholders of the listed issuer? | Yes |
| If yes, please provide full details | Mr. Poli will remain as an employee of the Group until 31 December 2015 to assist with a smooth handover of the Chief Financial Officer responsibilities to his successor. |
| Date of appointment to current position | Aug 18, 2004 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | Yes |
| Number of independent directors currently resident in Singapore (taking this account this cessation) | 2 |
| Number of cessations of appointments specified in Listing Rule 704(7) or Catalist Rule 704(6) over the past 12 months | 2 |
| Job Title | Group Chief Financial Officer |
| Role and responsibilities | Area of responsibility includes financial reporting, taxation, risk management and treasury functions of Grand Banks Group. |
| Familial relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidaries | None |
| Shareholdings interest in the listed issuer and its subsidaries? | Yes |
| Shareholding Details | He has 200,000 shares in the listed issuer. |
| Other directorships | |
| Past (for the last 5 years) | None |
| Present | Grand Banks Yachts Limited. Grand Banks Yachts Sdn. Bhd. Grand Banks Yachts Ltd. GB Yachts Pte. Ltd. Palm Beach Motor Yacht Co Pty Ltd. Grand Banks Yachts Australia Pty Ltd. |