On March 21, 2012, the Board of Directors of the Prime Acquisition Corp., upon the recommendation of the Governance and Nominating Committee of the Board, appointed Mr. George Kaufman to serve as a member of the Board, as a member of each of the Audit Committee and the Compensation Committee of the Board, and as the chairman of the Governance and Nominating Committee of the Board, effective immediately. Concurrently with Mr. Kaufman's appointments, Diana Chia-Huei Liu, Chief Executive Officer, ceased to be a member of each of the Compensation Committee and the Governance and Nominating Committee of the Board, and Gary Han-Ming Chang, Chief Investment Officer, ceased to be a member of the Audit Committee of the Board. Ms. Liu and Mr. Chang continue to serve as members of the Board.