The Board of Directors of LOTUS wishes to inform that LOTUS intends to seek its shareholders’ approval on the following proposals at the forthcoming Thirty-Sixth Annual General Meeting of the Company:-

a) Proposed Renewal of Existing Shareholders' Mandate for Recurrent Related Party Transactions of a Revenue and/or Trading Nature ("Proposed Renewal of Shareholders' Mandate"); and

b) Proposed Amendments to the Constitution of the Company (“Proposed Amendments”).

The Proposed Amendments is primary to align the Company’s Constitution with the Companies (Amendment) Act 2019 which came into operation on 15 January 2020, provide more flexibility for the Company and its shareholders on the manner of holding general meetings, power to alter share capital and to provide clarity on the objects of the Company, as well as the provisions of the Third Schedule of the Companies Act 2016.

A Circular to Shareholders containing details of the aforesaid Proposed Renewal of Shareholders' Mandate and the Annual Report 2020 containing details of the Proposed Amendments will be announced and published on the Company's website in due course.

This announcement is dated 26 January 2021.