CP Lotus Corporation announced that following changes in the board with effect from December 31, 2012: Messrs. Itthaporn Subhawong and Prasobsook Boondech have been appointed as Independent Non-Executive Directors of the company. Mr. Itthaporn Subhawong retired from Commander-in-Chief of the RTAF on September 30, 2012.

There is no service contract entered into between the company and Mr. Subhawong. He is appointed for a term of one year, which is renewable, and shall be subject to retirement by rotation and re-election at annual general meetings in accordance with the company's articles of association. Mr. Boondech was the President of the Senate of Thailand from 2008 to 2011.

There is no service contract entered into between the company and Mr. Boondech. He is appointed for a term of one year, which is renewable, and shall be subject to retirement by rotation and re-election at annual general meetings in accordance with the company's articles of association. Mr. Shih Hong-Mo has resigned as an Executive Director of the company to focus on his other business engagements.

He has confirmed that he has no disagreement with the Board and there are no other matters relating to his resignation that needs to be brought to the attention of the shareholders of the company.