The Board of Directors of IFS Capital Limited announced that Mr. Gabriel Teo Chen Thye has been appointed as Lead Independent Director of the company with effect from January 23, 2013. Mr. Teo is currently an Independent Director of the company and also the Chairman of the Audit Committee and a member of the Executive Resource and Compensation Committee. The Board of Directors also announced that as it has been more than three years since Mr. Kwah Thiam Hock has stepped down as Principal Officer of ECICS Limited (wholly-owned subsidiary of the company) on September 14, 2009, Mr. Kwah, currently a Non-Independent Non-Executive Director of the company, has been re-designated as an Independent Non-Executive Director of the company with effect from January 23, 2013 following the annual review of the Executive Resource and Compensation Committee of directors' independence.