Shang Properties, Inc. announced retirement of WILFRED SHAN CHEN WOO as Director effective March 22, 2023. The company approved appointment of MAXIMO G. LICAUCO III, Vice Chairman, DENNIS AU HING LUN as Director and MAUREEN ALEXANDRA R. PADILLA as Director effective March 22, 2023. R. AU HING LUN, DENNIS was elected as member of the Board to replace Mr. Wilfred Shan Chen Woo and serve as such for the remainder of Mr. Woo's term and until his successor is duly elected and qualified.

r. Au Hing Lun, Dennis aged 63, has been the Deputy Chief Executive Officer and an Executive Director of Kerry Properties Limited (‘KPL”) since May 2022. He is also a member of the KPL's Executive Committee and Finance Committee. Mr. Au has over 35 years of experience in accounting, finance, consultancy, business development and general management spanning across manufacturing, technology and real estate industries.

Mr. Au worked for the tax division of Arthur Andersen & Co. and later on Andersen Consulting (now known as Accenture plc), providing advisory on tax, IT system design and integration projects for governments and multinational companies. Mr. Au is a fellow member of the Association of Chartered Certified Accountants.

He holds a Master of Business Administration degree from the University of Hong Kong and a Bachelor of Science degree from Dalhousie University in Canada. MS. ALEXANDRA RAMOS-PADILLA was elected as member of the Board to replace Mr. Alfredo C. Ramos. Ms. Ramos-Padilla was a former member of the Board of the Issuer from 2006 to 2013.

She also sits in the Board of Directors of Philodrill Corporation, Anglo Philippines Holdings Corporation and United Paragon Corporation. She is currently Managing Director of National Bookstore, Inc. and President of Anvil Publishing. She graduated from Ateneo de Manila University major in Management Engineering and obtained her Masters in Business Administration from Northwestern University, Illinois, USA.