The board of directors of the Transcend Residential Property Fund Limited advised shareholders that Mr. Panico Theocharides, an independent non-executive director, has resigned from the Board with effect from 28 February 2023 in order to pursue a full-time executive position within the listed property sector. Shareholders are further advised that Mr. Shaun Stewart has been appointed as an independent non- executive director with effect from 1 March 2023. Shaun is a Chartered Accountant and CFA charter holder with over 12 years of corporate finance experience.

Shaun completed his articles at Investec Bank Limited and subsequently joined Investec's corporate finance team where he advised clients on numerous transactions. He is a director and co- founder of Birkett Stewart McHendrie Proprietary Limited where he provides corporate finance advice to clients, and is also a director and co-founder of Tenurey BSM Proprietary Limited, an independent boutique property advisory firm with a focus on corporate finance, due diligence, asset management and investment broking in the real estate sector.