The board of directors of ARA Asset Management (Fortune) Limited, as the manager of Fortune Real Estate Investment Trust, reviews the structure, size and composition of the Board from time to time to ensure that the Board has the appropriate mix of expertise and experience in order to achieve a balance of skills, experience and diversity of perspectives. As part of its renewal process, the Board has identified several persons who have the experience and skills to widen the diversity of perspectives on the Board and maintain good corporate governance, to succeed the current independent non-executive directors of the Manager. Dr. Chiu Kwok Hung, Justin will step down as chairman of the Board but will remain as a non-executive director; Mrs. Sng Sow-Mei (alias Poon Sow Mei) and Dr. Lan Hong Tsung, David will resign as Independent Non-Executive Directors and cease to be members of the Audit Committee; Mr. Lim Lee Meng will cease to be the lead independent director, the chairman of the Audit Committee and a member of the Disclosures Committee and Designated Committee but will remain as an Independent Non-Executive Director and a member of the Audit Committee; Mr. Chui Sing Loi (alias Tsui Sing Loi) will be appointed as an Independent Non- Executive Director, the chairman of the Board and a member of the Audit Committee; and Ms. Cheng Ai Phing will be appointed as an Independent Non-Executive Director, the chairman of the Audit Committee and a member of the Disclosures Committee and Designated Committee. The Board announce that Mr. Ang Meng Huat, Anthony will resign as an executive director with effect from 1 January 2017 to pursue his personal interests.