Appointed as Director in 2011 and re-designated as Non-executive Director in February 2019, Mr. Jeffrey David Perlman was appointed as Chairman on 20 May 2019. Mr. Perlman is a Managing Director, Head of Southeast Asia and Asia Pacific Real Estate at Warburg Pincus. He leads Warburg Pincus' investments in Southeast Asia in addition to the firm's real estate investments across the greater APAC region. Prior to joining Warburg Pincus in 2006, Mr. Perlman worked in the Real Estate Investment Banking Group at Credit Suisse. He obtained a bachelor's degree in business administration from Ross School of Business at University of Michigan.

Mr. Charles Alexander de Portes is re-designated as a Non-executive Director of our Group from January 2021 and is Chairman Emeritus of the Capital Committee. Mr. de Portes has been the President of our Group between 2016 and 2020. He was also the co-founder and President of the Redwood group. Mr. de Portes has over 24 years of real estate investment experience, including 20 years in the industrial sector in Asia. He was the co-founder and co-CEO of AMB BlackPine, which was subsequently incorporated into Prologis; and a Member of the AMB Property Japan Advisory Committee. He was also the Head of Acquisitions and Capital for Europe and Asia for Prologis. Prior to this, he worked in real estate principal investments at Goldman Sachs. Mr. de Portes was a decorated US Army Captain and graduated from the Johns Hopkins University where he obtained a bachelor's degree in International Political Economy (Dean's List). He also holds an MBA from INSEAD, France and is fluent in English, French and Spanish.

Appointed as Non-executive Director in 2021, Mr. Hu Wei has over 10 years of experience in the warehousing and logistics industries. He also has management experience across different industries and sizeable businesses. He joined JD.com in 2010 and has held several positions in JD Group, including as the Human Resources Director (Southwest Region), the General Manager (Southwest Region) and the General Manager (North China) of JD Logistics. He has served as the Vice President of JD Group and CEO of JD Property since 2019. Mr. Hu graduated from Sichuan Agricultural University with a Bachelor's degree in Land Resource Management.

Appointed as Non-executive Director in 2021, Mr. David Alasdair William Matheson has over 16 years of experience in real estate investments. Mr. Matheson is a member of Oxford Properties' executive leadership team, executive committee and investment committee, and is responsible for all aspects of Oxford Properties' business across Asia Pacific. He initially joined Oxford Properties in 2013 to lead the European investment team, a remit that later grew to include Asia Pacific. Under his investment leadership, Oxford Properties grew the London platform, entered Paris, Berlin, Singapore and Sydney, and diversified into new sectors in Europe and Asia Pacific including luxury high street retail, built-to-rent residential and logistics. Prior to joining Oxford Properties, he spent over a decade in investment banking, most recently at Goldman Sachs as an executive director in real estate investment banking. Mr. Matheson graduated from Oxford University with a Bachelor of Arts in Modern Languages (Honours).

Mr John Lim is the Chairman of JL Family Office. He is also the Senior Advisor and Non-executive Director of ESR Cayman Limited and serves as a Non-executive Director of ARA Asset Management (Fortune) Limited, ARA Trust Management (Suntec) Limited, ARA Asset Management (Prosperity) Limited and Hui Xian Asset Management Limited.

Mr Lim is Chairman of the Asia Pacific Real Assets Association (APREA) and the Consultative Committee to the Department of Real Estate, National University of Singapore. He is also a Patron of the Securities Investors Association of Singapore (SIAS) and a Council Member of Singapore Chinese Chamber of Commerce and Industry.

Mr Lim co-founded ARA Asset Management in 2002 and was its Group CEO for 18 years and Deputy Chairman from February 2021 to January 2022.

Mr Lim has over 40 years of experience in the real estate industry and has received many notable corporate awards. These include the PERE Global Awards 2020 and 2016 Industry Figure of the Year: Asia, Ernst & Young Entrepreneur Of the Year Singapore 2012 and the Outstanding CEO of the Year 2011 at the Singapore Business Awards 2012. Mr Lim, along with the Board of Directors of ARA, was a recipient of the prestigious Best Managed Board (Gold) Award at the Singapore Corporate Awards 2012. In 2017, he was conferred the Public Service Medal (PBM) by the President of Singapore in recognition of his contributions to the community.

Mr Lim holds a Bachelor of Engineering (First Class Honours) in Mechanical Engineering, a Master of Science in Industrial Engineering, as well as a Diploma in Business Administration, each from the National University of Singapore.

Appointed as Non-executive Director in 2022, Dr. Chiu Kwok Hung, Justin, is the Founding Chairman and Director of ARA Asset Management Limited, the Chairman and a Non-executive Director of ARA Asset Management (Prosperity) Limited as the manager of Prosperity REIT, a Non-executive Director of ARA Asset Management (Fortune) Limited as the manager of Fortune REIT, and a Director of ARA Fund Management (Asia Dragon) Limited as the manager of the ARA Asia Dragon Fund. Dr. Chiu joined the CK Group in 1997 and is an Executive Director and an Executive Committee Member of CK Asset Holdings Limited, heading the real estate sales, marketing and property management teams.

Dr. Chiu has more than 40 years of international experience in real estate in Hong Kong and overseas, and is one of the most respected professionals in the property industry in Asia. He is a Fellow of The Royal Institution of Chartered Surveyors, a Council Member and a Fellow of The Hong Kong Institute of Directors, a Fellow of Hong Kong Institute of Real Estate Administrators, a Vice Chairman of the Board of Governors of Hong Kong Baptist University Foundation, an Honorary Associate Member of Business of Trent University, Canada, a member of the Singapore Management University International Advisory Council in China, an Honorary Professor of School of Pharmaceutical Sciences of Sun Yat-sen University in China, a member of the School of Business Advisory Committee and an Adjunct Professor of the School of Business of Hong Kong Baptist University and a Senior Departmental Fellow of the Department of Land Economy at University of Cambridge, the United Kingdom. He was a member of the Standing Committee of the 12th Shanghai Committee of the Chinese People's Political Consultative Conference of the People's Republic of China.

Dr. Chiu holds a Bachelor of Arts degree in Sociology and Economics from Trent University, Canada, and was conferred with the degree of Doctor of Social Sciences, honoris causa by Hong Kong Baptist University and the degree of Doctor of Laws, honoris causa by Trent University, Canada.

Appointed as Non-executive Director in 2022, Mr. Rajeev Kannan has been the Managing Executive Officer of Sumitomo Mitsui Banking Corporation (“SMBC”) since April 2020. Mr. Kannan is also the Deputy Head of Asia Pacific Division as well as General Manager, Corporate Banking, Asia Pacific Division.

Mr. Kannan is responsible for all SMBC's Corporate Banking activities in Asia Pacific Division while also overseeing various wholesale and investment banking products including Infrastructure & Project Finance, Principal Investments, M&A and Sponsor Finance, Loan Capital Markets and Securitisation. Mr. Kannan also sits on the Asia Pacific ALM committee as well as Risk committee. Mr. Kannan is also a member of Board of Directors of Clifford Capital Pte Ltd, Pierfront Capital Pte Ltd, and ARA Asset Management Limited.

Mr. Kannan has over 25 years of investment banking, emerging market investing and energy & infrastructure sector experience globally. He joined SMBC in 1997 and had various responsibilities in Singapore before moving to Tokyo in 2012.

Prior to his current role, Mr. Kannan was Executive Officer and Head of Investment Banking, Asia Pacific where he was directly responsible for the various wholesale and investment banking products from May 2016 to March 2020.

Previously, he was Executive Officer & General Manager, Global Structured Finance based in Tokyo headquarters of SMBC, responsible for Structured Finance business in Japan from May 2012 to April 2016. He moved to Tokyo in April 2012 as General Manager of Project & Export Finance Department and was promoted to the corporate title of Executive Officer in April 2015. He was the first non-Japanese Executive Officer/General Manager to be based in SMBC's head office. Mr. Kannan started his career at ICICI Bank in Mumbai in 1994 after obtaining a master's degree in management and engineering from Birla Institute of Technology & Science (BITS), Pilani in India.

Mr. Kannan was conferred the Institute of Banking and Finance (IBF) Distinguished Fellow Award in 2019. He was also listed in the 2015 Nikkei Business Magazine as one of the Top 100 persons to have a significant influence on Japan. Mr. Kannan is also thought-leader and is regularly invited to speak at conferences and seminars on infrastructure investing, Japanese markets and energy sector.

Mr. Cho Wee Peng has been the Group Chief Financial Officer of ESR since December 2016, and is responsible for all aspects of the Group's financial management. He has over 25 years of experience in finance with international and regional companies in Asia. He was the CFO of SATS Ltd. which is listed on the Singapore Exchange. He previously held various treasury roles with Dow Chemical in the United States and Asia Pacific. A Chartered Financial Analyst, Mr. Cho graduated from the Nanyang Technological University in Singapore with a bachelor's degree in accountancy. He further obtained a master's degree in applied finance from the National University of Singapore.

Mr. Josh Daitch joined ESR in 2018 as Senior Managing Director and became the Group Head of Fund Management & Capital in 2020. He brings nearly three decades of real estate investment experience to the Group, having held leadership roles across the private equity and real estate divisions in various financial institutions, including SAJE Capital and Mesirow Financial. Mr. Daitch began his career with Goldman Sachs' joint venture with the J.E. Robert Companies and helped start the Goldman Sachs subsidiary, the Archon Group, in 1996.

Mr. Daitch received his master of business administration degree from Northwestern University's Kellogg School of Management and a bachelor of business administration degree with high distinction from the University of Michigan.

Mr. Mark Hwang was appointed as Group Head of Legal in 2022.

Mr. Hwang has been General Counsel of ARA Asset Management Limited (“ARA”), and is responsible for all legal matters. Prior to joining ARA, Mr. Hwang was Director of Legal and Business Development for a private investment company where he supervised and managed the legal affairs for a wide range of listed and unlisted businesses across Asia Pacific, including real estate, financial services, hospitality, resources and commodities, chemicals, retail, FMCG, automotive parts and tires.

Prior to that, Mr. Hwang was an Executive Director in the real estate investment banking business of Morgan Stanley, where he built the bank's first dedicated real estate coverage team for Southeast Asia.

Prior to Morgan Stanley, Mr. Hwang practiced as a capital markets and corporate lawyer with Allen & Gledhill in Singapore and Paul Hastings in Hong Kong. In those roles, he helped to establish the REIT industry in both markets and was deeply involved in the majority of the first initial public offerings and follow on fund raisings by REITs in Singapore and Hong Kong.

Mr. Hwang holds a Bachelor of Law from the National University of Singapore and a Master of Laws from University College London, UK.

Ms. Lilian Lee is the Group Chief Corporate Officer of ESR overseeing the Group's administration, human resources and IT functions. She has over 25 years of experience in the human resources field where she covers the full spectrum of human resources management. Prior to joining ESR, she was the General Manager of Human Resources and Administration of Mapletree Investments Pte. Ltd, while also serving as the Senior Vice President for the company's Group Learning and Development. Ms. Lee has extensive experience in managing sizeable, cross-market teams in various publicly listed companies including SIA Engineering Company and CapitaLand Limited. She graduated from the National University of Singapore with an honours degree in Arts.

Ms.Zoe Shou joined our group in February 2012 and is currently the General Counsel of ESR. She is responsible for overseeing legal matters in relation to group debt and equity financing, fund raising and fund management transactions, acquisition and disposition and other significant transactions as well as regulatory compliance and general corporate matters. Prior to joining ESR, Ms. Shou was previously at King & Wood Mallesons where she represented underwriters and issuers on debt and equity offering, and advised private equity investment and M&A transactions. She graduated from East China University of Political Science and Law.

Mr. Tang Boon Kang was appointed as Group Head, Governance & Sustainability in 2022.

Mr. Tang has been Senior Director of Group Governance & Sustainability of ARA Asset Management Limited (“ARA”), responsible for leading ARA's risk management, internal audit, compliance and sustainability functions. He oversees ARA's sustainability initiatives and reporting of environmental, social and governance matters. Mr. Tang serves on the ARA Group Investment Review Committee, Deal Allocation Committee and Business Continuity Management Committee.

Mr. Tang has over 20 years of auditing, compliance, risk management and corporate governance experience. Prior to joining ARA, Mr. Tang was the Audit Manager of PricewaterhouseCoopers (PwC) Assurance Practice, Singapore from 2001 to 2009. He led audit engagements of multinational and listed companies in improving their corporate reporting, internal controls and compliance with statutory and regulatory requirements, including regulations under SGX-ST, MAS and the US Sarbanes-Oxley S404. He was also a PwC Learning & Education Instructor and conducted internal training workshops on accounting standards, regulations, internal control assessments and auditing methodology. Mr. Tang began his career with PwC Singapore and was exclusively selected for an overseas secondment to the PwC UK London from 2002 to 2004.

Mr. Tang holds a Bachelor of Accountancy (First Class Honours) from Nanyang Technological University, Singapore and is on the Dean's List of Nanyang Business School. He is also a certified Enterprise Risk Manager with a Professional Diploma (Distinction) in Enterprise Risk Planning and Management from National University of Singapore. In addition, Mr Tang is a Chartered Accountant with the Institute of Chartered Accountants in England and Wales, a Chartered Accountant with the Institute of Singapore Chartered Accountants and a Certified Internal Auditor with the Institute of Internal Auditors Singapore. He is also a member of the Singapore Institute of Directors and Asia Risk Management Institute.

Mr. Sanghwoi Bae joined ESR KendallSquare in 2019 as the head of Income JV investment. He then joined KendallSquare REIT Management to spearhead ESR KendallSquare REIT's (KOSPI 365550, the “REIT”) IPO and investment. After completing the REIT IPO at the end of 2020, he became the CEO of the REIT Management.

Mr. Bae has 15 years of Korean real estate investment experience. He held roles across the investment banking and private equity in real estate spectrum in various financial institutions, including LaSalle Investment Management and Hana Financial Group. Mr. Bae received his Bachelor of Art degree in International Relations from Boston University.

Mr. Adrian Chui has been the CEO and executive director of ESR Funds Management (S) Limited since March 2017. He has over 17 years of real estate experience in Singapore and ASEAN. He was previously Managing Director, Head of Singapore Real Estate and Head of Southeast Asia Real Estate Advisory at Standard Chartered Bank, Director of Real Estate, Lodging and Leisure Group at UBS Investment Bank Singapore; and Lead Property Research Analyst at Morgan Stanley Asia (Singapore) Securities Pte Ltd. Mr. Chui has held management roles at CapitaCommercial Trust Management Limited, and was part of the pioneer management team of Ascendas Funds Management (S) Limited. He holds a Bachelor of Business from Nanyang Technological University in Singapore.

Mr. Jihun Kang is the Chief Investment Officer of ESR KendallSquare, the Group's South Korea Platform. He has over 18 years of experience in real estate investment, development and fund management. He was formerly Executive Director of Kendall Square Partners, Vice President of Prologis Korea and Director of Business Development at AMB Property Corporation. Mr. Kang holds a master's degree in real estate development from the Massachusetts Institute of Technology, Masters in Architecture from Harvard University and a bachelor's degree in architectural engineering from Yonsei University.

With a property industry career spanning over 30 years including 10 years as a co-founder of LOGOS, Mr. Trent Iliffe has successfully completed over A$3billion of transactions.

Prior to joining LOGOS, as the Regional Director with LaSalle Investment Management, Mr. Iliffe was responsible for Industrial real estate investment in China and the Asia Pacific where he negotiated Joint Ventures, Development Management, Asset Management and Sale and Purchase Agreements. He also established JLL's China Industrial Business leading 60 staff in seven offices around China, transacting 260,000 sqm of projects and increasing revenue by over 800% during his time with the business. Mr. Iliffe ‘s career includes a highly successful span as the National Transaction Leader at Colliers International.

Mr. Abhijit Malkani is the CEO of ESR India overseeing the development and operations of the Indian platform. He has 26 years of experience in commercial and industrial real estate operations in North America, Europe, the Middle East and Asia, including 15 years in logistics and industrial real estate in India. Prior to joining ESR in September 2017, Mr. Malkani was a member of the founding team and former Managing Director of IndoSpace, which is currently the largest logistics real estate developer in India. He was also formerly the Country Head of Prologis India, where he established Prologis India's operations team. Mr. Malkani obtained a bachelor's degree in commerce from the Delhi University in India.

A co-founder of LOGOS, Mr. John Marsh brings over 25 years experience in the global property arena in a career managing over 2,500,000sqm of logistics real estate and forging a global network of relationships in property, commerce and industry.

Mr. Marsh's qualifications and career foundations are in architecture and engineering in the commercial and industrial sectors. Mr. Marsh built Goodman to be Australia's leading business place developer with over 120 staff and a development track record of 1,000,000 sqm per annum. Mr. Marsh established joint ventures for Goodman across both the fund management and development platforms in Australia, New Zealand and Asia with clients including Toll, DHL and Linfox. Mr. Marsh also led Australand's NSW and Queensland commercial development division.

Mr. Hideaki Matsunami has over 40 years of real estate experience in Japan. Prior to joining ESR (formerly the Redwood group) in 2011, he was the Senior Vice President in AMB Japan and Prologis Japan between 2000-2011. He also held key positions for Shimizu Corporation, one of the leading construction companies in Japan for 29 years. A licensed Japanese Broker and licensed first-class Architect, Mr. Matsunami was graduated from the Department of Architecture, Faculty of Engineering, The University of Tokyo.

Mr. Sunwoo Thomas Nam is the CEO of ESR KendallSquare, the Group's South Korea Platform. With over 26 years of experience in the real estate sector, he was the President of Prologis Korea, once the largest logistics asset investment and development platform in South Korea. Previously he founded Kendall Square Investment, a real estate investment management company in Korea with Warburg Pincus. He was also the Head of Overseas Investment at Samsung Life Insurance, and the Director of Investment at Rodamco Asia based in Hong Kong. He holds an MBA from the Kellogg School of Management of Northwestern University / the Hong Kong University of Science and Technology; and a master's degree in real estate development from the Massachusetts Institute of Technology.

Mr. Philip Pearce has over 20 years of real estate experience in the Asia Pacific Region, and has been on the Board of ESR Funds Management (S) Limited since April 2017. He has been the CEO of ESR's Australia platform since August 2018. He was the former Managing Director, Greater China for the Goodman Group, where he was responsible for the establishment of the Goodman Group's business in China. Previously, he was at AMP Henderson Property Group where he worked in various roles including valuation, asset management and fund management. He holds a bachelor's degree in land economy from the University of Western Sydney, and a graduate diploma in applied finance from the Australian Securities Institute. He is also a member of the Australian Institute of Company Directors.

Mr. Moses K. Song is CEO of ARA Asset Management Limited (“ARA”). He is responsible for leading ARA's diversified real assets platform covering APAC, Europe and the US. Mr Song oversees strategy, product development, capital raising and all investment management activities involving ARA. In addition, Mr Song serves on ARA's Board, Executive Committee and Private Markets Investment Committee, as well as ESR's Group Investment Committee. He is also a Non-Executive Director of the Managers of ARA US Hospitality Trust.

Mr. Song joined ARA in 2009 and led the firm's business development efforts and expansion strategies into new markets. During his tenure as CEO & CIO and Director of Business Development, ARA's gross assets under management grew by over 12 times to US$100+ billion. Prior to joining ARA, he held senior positions with leading investment management firms and global investment banks in Tokyo, Seoul, Hong Kong and Singapore.

Mr. Song holds a Juris Doctor from Vanderbilt University School of Law and Bachelor of Science in Economics from Centre College. He is a member of the State Bar of Texas (inactive status).

Mr. Zhou Bo joined ESR (formerly e-Shang) as China's COO in 2013. With over 20 years of experience in the logistics and real estate industries in China, Mr. Zhou started his career in Sinotrans Group in 1995 as Company Secretary of Sinotrans Air Transportation Development Company Limited, Managing Director of Exel-Sinotrans Freight Forwarding Company Limited and General Manager of Sinotrans Logistics Limited. He was the Vice President and Head of North Region of Prologis China from 2006 to 2010 and Senior Vice President and Head of Operations of GLP China (formerly Prologis China) from 2010 to 2012. Mr. Zhou holds an MBA from Peking University and a bachelor's degree in Information Management from Beijing Foreign Studies University.

Mr. David Blight is Chief Executive Officer and Director of ARA Australia and is responsible for ARA's business activities in Australia and New Zealand. He is also a member of the ARA Group Business Development Committee which drives and coordinates all new ARA business initiatives, and a member of the ARA Group Investment Review Committee which oversees its global investment strategy.

Mr. Blight has more than 35 years of experience in the real estate investment management business globally. He is currently a Non-Executive Independent Director of Japara Healthcare Ltd and Lifestyle Communities Ltd. Mr Blight is also the founding Chairman and Non-Executive Director of the Asia Pacific Real Estate Association (Australia).

Prior to joining ARA, Mr. Blight's previous roles include Global Chairman and CEO of ING Real Estate Investment Management and Vice Chairman of ING Real Estate based in The Netherlands. He also held senior executive positions with Armstrong Jones, Mirvac Group and APN Property Group.

Mr. Blight holds a Bachelor of Applied Finance in Valuation from the University of Adelaide, Australia.

Ms. Chiu Yu, Justina, is Chief Executive Officer and Executive Director of ARA Asset Management (Fortune) Limited, the manager of Fortune REIT ("Manager”) and is responsible for the overall performance and strategic direction of Fortune REIT. She is also Chairman of the Manager's Disclosures and Designated Committees.

Prior to this, she was Deputy CEO of the Manager, responsible for the day-to-day management of Fortune REIT from 2010 to 2015 and Chief Operating Officer of the Manager overseeing strategic planning, investment, asset management and investor relations from 2009 to 2010.

Ms. Chiu holds a Master of Science in Real Estate Economics and Finance, a Bachelor of Science in Accounting and Finance, a Postgraduate Certificate in Laws and a Postgraduate Diploma in Law. She is also a solicitor of the High Court of Hong Kong Special Administrative Region, a CFA charterholder, a member of the American Institute of Certified Public Accountants and a member of the Royal Institute of Chartered Surveyors.

Mr. Chong Kee Hiong is CEO and Executive Director of ARA Trust Management (Suntec) Limited. He is also a Director of One Raffles Quay Pte. Ltd., Harmony Convention Holding Limited and Park Mall Pte. Ltd. Mr. Chong is a Partners' Representative of BFC Development LLP.

Mr. Chong has 30 years of financial and management experience. Prior to joining the manager of Suntec REIT, Mr. Chong was CEO of OUE Hospitality REIT Management Pte Ltd from 2013 to 2018, CEO of The Ascott Limited from 2012 to 2013 and CEO of Ascott Residence Trust Management Limited from 2005 to 2012. Prior to that, he was Chief Financial Officer of Raffles Holdings Limited from 2001 to 2004. Mr. Chong began his career in audit with KPMG Peat Marwick in 1990.

Mr. Chong is currently President of the General Committee of Orchid Country Club and Aranda Country Club. He is the Chairman and Non-Executive Director of Foodfare Catering Pte Ltd. Mr. Chong is also an elected Member of Parliament for Bishan-Toa Payoh GRC.

Mr. Chong holds a Bachelor of Accountancy from the National University of Singapore and completed the Harvard Business School's Advanced Management Program in 2008. He is a member of the Institute of Singapore Chartered Accountants, Exco Member and Treasurer of the REIT Association of Singapore.

Mr. Mark Ebbinghaus is Chief Executive Officer of ARA Europe, responsible for identifying and executing business and investment opportunities in Europe. He covers both private and public markets, funds management initiatives, and drives acquisitive and organic growth in the platform. Mr. Ebbinghaus is concurrently Chairman of both ARA Dunedin, ARA's joint venture with Dunedin Property Asset Management to invest in and manage real estate assets in the United Kingdom, and ARA Venn, ARA's JV with Venn Partners to invest in and manage funds and other ownership vehicles covering real estate credit strategies in Europe. He is also responsible for the ARA Group's real estate credit initiatives and a member of the ARA Group Business Development Committee which drives and coordinates all new business initiatives.

Mr. Ebbinghaus has more than 35 years of experience in the real estate sector, of which more than 20 were in public market equities and investment banking. Prior to joining ARA, he was Global Head of Industries (2014 to 2017) and Global Head of Real Estate (2009 to 2017) at Standard Chartered Bank (SCB). In his role as Global Head of Industries, he was responsible for all of SCB's industries banking efforts covering the Real Estate, Hospitality & Leisure, Oil & Gas, Metals & Mining as well as the Infrastructure, Telco/Technology & Transportation businesses. He led the effort to form the Industries Group within SCB and aligned all the sector expertise within the Bank's Corporate Finance and Origination businesses across the global franchise.

Prior to joining SCB, Mr. Ebbinghaus was Asia Head of Real Estate Lodging & Leisure Investment Banking for UBS, where he spearheaded the establishment and development of its real estate investment banking franchise. Prior to investment banking, Mr. Ebbinghaus was a top-rated equities research analyst covering real estate, developers and contractors, and the hotel sector. He spent five years at JLW Advisory (a former division of Jones Lang LaSalle) where he was Head of Strategic Investment Advice for their Australian business. In this role, Mr. Ebbinghaus was responsible for asset allocation, strategic investment and divestment advice and asset management for several leading direct real estate investors and pension plans.

Mr. Ebbinghaus holds a Bachelor of Economics from the University of Adelaide and a Master of Real Estate and Finance from the University of South Australia. He is a Chartered Financial Analyst (CFA), a fellow of the Financial Services Institute of Australasia and a full member of both the CFA Institute and the Australian Property Institute.

Mr. Anthony Kang is CEO of ARA Korea. Mr. Kang is the Representative Director on the board of ARA Korea (REF) Limited and also serves as a board member of ARA Logistics Partners Limited and four other ARA-affiliated companies domiciled around the globe. He oversees ARA's fund management businesses in Korea, including domestic and outbound investments, portfolio and asset management, business development, capital raising, and investor relations management in Korea. He is also a member of the ARA Group Business Development Committee which drives and coordinates all new ARA business initiatives around the globe.

Prior to ARA's acquisition of ARA Korea Limited (formerly a Macquarie Group-owned company known as Macquarie Real Estate Korea Limited) in April 2014, Mr. Kang was CEO as well as Representative Director of the company. During his time at Macquarie, he also served as a board member of Macquarie Asia Property Advisers Limited and six other Macquarie-affiliated companies domiciled around the globe. Prior to joining Macquarie, he was with the Global Principal Investment Division at Merrill Lynch in Hong Kong and the Global Real Estate Group at Lehman Brothers in Tokyo. Mr. Kang began his career as a corporate and real estate attorney and worked at several major law firms based in Boston, Hong Kong and Seoul.

Mr. Kang holds a Master of Real Estate and Urban Development from Harvard University, a Juris Doctor from Boston College Law School and a Bachelor of Arts in Economics from Columbia University. Mr. Kang serves as a board member and Vice Chairman of The Korea Association of Real Estate Investment Trusts (REITs). He is also a member of The Alumni Representative Committee of Columbia University and The State Bar of Massachusetts, USA. Mr Kang is a recipient of Award of Commendation from the Korea Minister of Land, Infrastructure and Transport with citation for his contribution to development of real estate industry in Korea.

Mr. David Kim is CEO of ARA Private Funds (APAC Real Estate) and oversees the private real estate funds division of the Group that invests in real estate opportunities in the Asia Pacific region. He is also a member of the ARA Business Development Committee which drives and coordinates all new business initiatives.

Mr. Kim has over 20 years of real estate industry experience. Prior to joining ARA, Mr. Kim was Managing Director and COO of Blackstone Group Asia based in Hong Kong, where he was responsible for portfolio management. From 2000 to 2010, Mr. Kim was Managing Director and Chief Operating Officer in the real estate principal investments group in Bank of America Merrill Lynch, where he oversaw the launch and establishment of Bank of America Merrill Lynch's US$2.65 billion pan-Asian opportunity fund. Prior to that, Mr. Kim was an analyst at Morgan Stanley in its mergers and acquisitions department and had started his career as an analyst at JP Morgan in its capital markets group in 1998.

Mr. Kim holds a Bachelor of Science in Business Administration, a Bachelor of Arts in Economics and a minor in Asian Studies, both from the University of California, Berkeley, USA.

Mr. Lee Jin Yong is Chief Executive Officer of ARA Trust Management (USH) Pte. Ltd., the manager of ARA US Hospitality Property Trust, and ARA Business Trust Management (USH) Pte. Ltd. (ARA H-BT), the trustee-manager of ARA H-BT. ARA Trust Management (USH) Pte. Ltd. and ARA H-BT are the managers of ARA US Hospitality Trust, the first pure-play US upscale select-service hospitality trust listed on the Singapore Exchange. He is also a member of the ARA Group Business Development Committee which drives and coordinates all new business initiatives.

Mr. Lee has more than 25 years of hotel management and investment experience. Prior to joining the Managers, Mr. Lee established Probity Investors, a boutique consultancy that sourced hotel investments and raised capital for private fund managers in the US. Prior to that, Mr. Lee served as an investment officer for several lodging-specific private equity fund managers including Thayer Lodging (now part of Brookfield Asset Management) and HEI Hotels & Resorts. In his capacity as an investment officer, Mr Lee. oversaw all aspects of the investment approach including sourcing, underwriting, negotiating and closing real estate transactions. Prior to that, Mr. Lee served in a business development capacity for hotel brands such as Kimpton Hotel & Restaurant Group (now part of InterContinental Hotels) and Marriott International. Mr. Lee started his career in hotel operations at the Ritz-Carlton Hotel, San Francisco. Mr. Lee has successfully completed over US$3.5 billion in hotel and real estate transactions in his career.

Mr. Lee holds a Bachelor of Science in Hotel Administration from Cornell University and Master of Business Administration from the University of California, Irvine, and is a lifetime member of the Cornell Hotel Society. Mr. Lee is also licensed with the US Financial Industry Regulatory Authority as a registered representative for private securities transactions.

Ms. Mavis Wong is Chief Executive Officer, Executive Director and a responsible officer of ARA Asset Management (Prosperity) Limited. Ms. Wong is also Chairman of the Disclosures Committee and a member of the Designated (Finance) Committee. She has also led and/or been a key member of the investment and asset management team since Prosperity REIT was listed in December 2005.

Prior to her appointment as Acting CEO and subsequently CEO on 1 January 2013, Ms. Wong was Director, Investment and Asset Management overseeing the business plans of Prosperity REIT's properties including leasing, property management and asset enhancement strategies and was responsible for investment strategy and policy.

Ms. Wong has over 25 years of real estate industry experience. Prior to joining the Group, she worked in the leasing, marketing and asset/property management departments of various developers, management companies and corporations including Cheung Kong (Holdings) Limited, New World Development Company Limited, Jardine Matheson & Co., Limited, Goodwill Management Limited (a wholly-owned subsidiary of Henderson Land Development Company Limited) and Yaohan Department Store (HK) Limited. Ms. Wong is a member of The Hong Kong Institute of Directors.

Ms. Wong holds a Bachelor of Arts from the Chinese University of Hong Kong, a Postgraduate Certification in Hong Kong Law from City University of Hong Kong and a Diploma in Property Development from SPACE, University of Hong Kong.