The board of directors (Board) of SF REIT Asset Management Limited (the "REIT Manager"), as manager of SF Real Estate Investment Trust ("SF REIT"), announces that Ms. NG Wai Ting ("Ms. NG") resigned as a non-executive director of the REIT Manager with effect from 31 December 2022 in order to devote more time to her other personal affairs. The Board further announces that Ms. GAN Ling ("Ms. GAN") was appointed as a non-executive director of the REIT Manager with effect from 31 December 2022. Ms. GAN, aged 48, has extensive experience in securities investment and corporate finance.

She is the deputy general manager and board secretary of S.F. Holding Co. Ltd. She is also a member of the Appeal Review Committee of the Shenzhen Stock Exchange. Prior to joining SFH in December 2015, Ms. GAN served as deputy general manager of Maoye International Holdings Limited, a company listed on The Stock Exchange of Hong Kong Limited, from 2010 to 2015, and was a director of several A-share listed companies in Mainland China from 2011 to 2015.

She was an analyst at Coatue Management, L.L.C., one of the Tiger cub funds, in New York from 2006 to 2010. Ms. GAN did not hold any directorships in public companies the securities of which are listed on any securities market in Hong Kong or overseas in the past three years immediately preceding the date of this announcement. Ms. GAN holds a Bachelor of Arts degree with a major in English from Shantou University in China and a Master of Business Administration degree from The University of Texas at Austin in the United States of America.

The Board also announces that following the resignation of Ms. NG as a non-executive director of the REIT Manager, Ms. NG ceased to be a member of the nomination and remuneration committee (the "NRC") of the Board and Mr. HO Chit, a non-executive director of the REIT Manager, was appointed to replace Ms. NG as a member of the NRC with effect from 31 December 2022. Immediately following the above-mentioned resignation and appointment of non-executive directors and change of member of the NRC (collectively, the "Relevant Changes"), the composition of the Board and each of the four existing Board committees of the REIT Manager with effect from 31 December 2022 is as follows: Chairman and Non-executive Director WANG Wei; Executive Director and Chief Executive Officer- Hubert CHAK; Non-executive Directors HO Chit; OOI Bee Ti; GAN Ling. Independent Non-executive Directors: TAN Huay Lim; HO Lap Kee, MH, JP; CHAN Ming Tak, Ricky; KWOK Tun Ho, Chester; Michael Tjahja SUSANTO.

Investment Committee: HO Chit (Chairman); Hubert CHAK; CHAN Ming Tak, Ricky; Michael Tjahja SUSANTO. Audit Committee: TAN Huay Lim (Chairman); HO Lap Kee, MH, JP; CHAN Ming Tak, Ricky; KWOK Tun Ho, Chester. Nomination and Remuneration Committee: HO Lap Kee, MH, JP (Chairman); HO Chit; TAN Huay Lim; KWOK Tun Ho, Chester.

Disclosures Committee: CHAN Ming Tak, Ricky (Chairman); TAN Huay Lim; HO Lap Kee, MH, JP.