LXi REIT announced the following Board changes as part of a thorough Board succession planning process, which was supported by external consultants. Stephen Hubbard (Non-Executive Chairman of the Company) and Colin Smith OBE (Non-Executive Director and Senior Independent Director of the Company), who have both been with the Company since its IPO in February 2017, have each informed the Board of their respective intentions to step down from the Board ahead of the Company's 2022 Annual General Meeting and resign as Directors of the Company on the same date. The Board is delighted to announced the appointments to the Board, which will take effect from 13 January 2022: Cyrus Ardalan as the Company's Chairman Designate, with the intention to take over from Stephen Hubbard as Chairman of the Company at a date to be confirmed prior to the Company's 2022 Annual General Meeting; Hugh Seaborn as the Company's Non-Executive Senior Independent Director Designate, with the intention to take over from Colin Smith OBE as Senior Independent Director of the Company at a date to be confirmed prior to the Company's 2022 Annual General Meeting; and Ismat Levin as a Non-Executive Director of the Company.

All three new Board members will also be appointed as members of the Nomination, Audit and Management Engagement Committees following their appointment. Cyrus is a highly experienced international investment banker with well-established corporate governance expertise and successful credentials as chairman. His career in capital markets spans over 40 years during which he has held senior executive and non-executive roles at leading global banks.

He is currently the Chairman of the Board at OakNorth Bank and was previously non-executive director and Chairman of a number of institutions, including Citigroup Global Markets, the International Finance Facility for Immunisation and the International Capital Markets Association. Cyrus spent 15 years at Barclays Bank as Vice Chairman overseeing a number of areas including the bank's Public Policy and Government Relations units. Prior to this, he held a range of senior positions at Paribas and The World Bank.

Hugh brings over 35 years of real estate experience. He spent 13 years as a non-executive at TR Property Investment Trust plc, including four years as Chair, and is currently the CEO of Cadogan. He founded and chairs two Business improvement Districts, The Knightsbridge Partnership and The King's Road Partnership, and is Chair of the Knightsbridge Business Group.

Previously, he was CEO of The Portman Estate and prior to that Director and Head of Investment Management at CBRE. Formerly, Hugh has been a member of the Council of the Duchy of Lancaster, Chair of the Westminster Property Association, Chair of the Estates Business Group, and a member of the Property Advisory Committee for the Natural History Museum. He is a Chartered Surveyor.

Ismat has 28 years' experience in commercial, international growth and legal technology-led software industries across NASDAQ-listed and private equity contexts, including as a Board observer. She is currently Vice President and Group General Counsel at Synamedia Limited. Before this, Ismat spent almost 20 years at NDS Group as Vice President and Group General Counsel as it grew from a start-up investment owned by News Corporation, to being a NASDAQ listed company for 10 years, to being sold to Cisco Systems Inc. for $5 billion.

Ismat began her career at Dentons LLP.