The board of directors of Capital VC Limited announced that Mr. Cheung Kwok Yu, a Non-Executive Director of the company, has been re-designated as an independent Non-Executive Director with effect from June 28, 2012. Prior to his re-designation, Mr. Cheung did not have any executive function or any management role in the company or any of its subsidiaries, except for attending meetings of the Board. Mr. Cheung is currently an executive director of Pearl Oriental Oil Limited. The Board also announced that Mr. Cheung has also been appointed as a member of the Audit Committee, the Nomination Committee and the Remuneration Committee of the company, and that Mr. Ong Chi King, an independent Non-Executive Director, has been appointed as the Chairman of the Remuneration Committee, all with effect from June 28, 2012.