ANNOUNCEMENT CHANGES TO THE COMPOSITIONS OF THE BOARD AND THE BOARD COMMITTEES

Transcription

1 (Constituted in the Republic of Singapore pursuant to a trust deed dated 28 November 2005 (as amended)) ANNOUNCEMENT CHANGES TO THE COMPOSITIONS OF THE BOARD AND THE BOARD COMMITTEES K-REIT Asia Management Limited (the Manager ), the manager of K-REIT Asia ( K-REIT ), wishes to announce the following changes to the compositions of the board of directors (the Board ) and the Board committees of the Manager: (a) (b) (c) (d) (e) Dr Tsui Kai Chong has resigned as the Chairman of the Board and non-independent non-executive director of the Manager with effect from 3 July He has concurrently ceased to be a member of the Audit Committee; Dr Chin Wei-Li, Audrey Marie will be appointed as the Chairman of the Board with effect from 3 July She has concurrently resigned as the Chairman and a member of the Audit Committee; Mr Loh Chin Hua will be appointed as non-independent non-executive director of the Manager with effect from 3 July 2012; Mr Lee Chiang Huat will be appointed as the Chairman of the Audit Committee with effect from 3 July 2012; and Mr Daniel Chan Choong Seng and Mr Lor Bak Liang will be each appointed as a member of the Audit Committee with effect from 3 July Note of Appreciation to resigning Chairman Dr Tsui Kai Chong has been the Chairman of the Board since 28 November 2005 and has contributed significantly to growing K-REIT to become one of Singapore s largest real estate investment trusts. The Board and Management of the Manager would like to record their heartfelt appreciation to Dr Tsui for his dedication and contribution to the Manager throughout these years and wish him well for the future. 1

2 Appointment of Mr Loh Chin Hua as Non-Independent Non-Executive Director Mr Loh Chin Hua is the Chief Financial Officer of Keppel Corporation Limited, appointed with effect from 1 January He is also the Chairman of Alpha Investment Partners Limited ( Alpha ), the real estate fund management arm of the Keppel Land Group. He joined Alpha in September Mr Loh has over 25 years of experience in real estate investing and funds management, spanning the U.S., Europe and Asia. Prior to joining Alpha, Mr Loh was Managing Director at Prudential Investment Management Inc. ( Prudential ), and led its Asian real estate fund management business. During his eight years at Prudential, Mr Loh was responsible for overseeing all investment and asset management activities for the real estate funds managed out of Asia. Mr Loh started his career in real estate investment with the Government of Singapore Investment Corporation ( GIC ). During the 10 years with GIC, he has held appointments in the San Francisco office and was head of the European real estate group in London before returning to head the Asian real estate group. Mr Loh holds a Bachelor Degree in Property Administration (Colombo Plan Scholarship) from Auckland University and a Presidential Key Executive MBA from Pepperdine University. He is also a Chartered Financial Analyst and a Registered Valuer (New Zealand Institute of Valuers). Appointments to the Audit Committee (i) Mr Lee Chiang Huat replaces Dr Chin Wei-Li, Audrey as Chairman of the Audit Committee Mr Lee Chiang Huat is currently the Managing Director of Icurrencies Pte Ltd, a company set up in March 2012 to explore opportunities in web based currencies trading, exchange and remittances. Mr Lee was the Chief Financial Officer of the NOR Offshore Limited from April 2010 to December Between December 1980 and March 2010, Mr Lee was employed by Singapore Petroleum Company Limited ("SPC"). He joined SPC as a financial analyst and was promoted to the position of Chief Financial Officer in September Prior to his employment with SPC, Mr Lee was a credit analyst with a major US banking corporation from December 1979 to December Mr Lee holds a Bachelor of Business Administration from the University of Singapore, an MBA from the University of New South Wales as well as a Master of Social Science (Applied Economics) from the University of Singapore. The Board considers Mr Lee an independent director for the purposes of Rule 704(8) (ii) Mr Daniel Chan Choong Seng is appointed a member of the Audit Committee Mr Daniel Chan Choong Seng runs his own asset management firm, DCG Capital Pte Ltd, an Exempt Fund Management company investing mainly in Asian equities. Prior to setting up DCG Capital Pte Ltd in 2011, Mr Chan was the Chief Executive Officer of Lion Global Investors Limited ("Lion"), the asset management subsidiary of the OCBC Group. He was instrumental in establishing Lion through the merger of Straits Lion Asset Management Limited, a subsidiary of Great Eastern Holdings Limited, with 2

3 OCBC Asset Management Limited in From September 2005 to September 2009, Mr Chan was also Lion's Chief Investment Officer. Before joining the OCBC Group, Mr Chan was with the UOB Group for 26 years during which time, he helped establish UOB Asset Management Limited ("UOBAM") to be one of Singapore's largest asset managers. Between 2000 and 2004, Mr Chan also served as Chairman of the Investment Management Association of Singapore. In 2009, Mr Chan was conferred "Distinguished Financial Industry Certified Professional" award by the Institute of Banking & Finance. Under his stewardship, both UOBAM and Lion were recognised for fund performance garnering a large number of fund awards. Mr Chan holds a Bachelor of Business Administration degree from the National University of Singapore. The Board considers Mr Chan an independent director for the purposes of Rule 704(8) (iii) Mr Lor Bak Liang is appointed a member of the Audit Committee Mr Lor Bak Liang is a Director of Werone Connect Pte Ltd, a company engaged in business consultancy. Mr Lor was Executive Vice President and Head of Asset Management (Asia) in GIC Real Estate Pte Ltd. He was with GIC Real Estate Pte Ltd from 1993 to Prior to joining GIC Real Estate Pte Ltd, he was with the Strategic Planning and Business Development Division of DBS Land Limited. Mr Lor began his career as a civil engineer in the Public Works Department in Mr Lor graduated from the University of Adelaide with a Bachelor of Engineering (Hons) and the National University of Singapore with a MSc (Business Administration) and a MSc (Civil Engineering). His professional qualifications include Professional Engineer and Chartered Financial Analyst. The Board considers Mr Lor an independent director for the purposes of Rule 704(8) New Compositions of the Board and the Board Committees Following the abovementioned changes, the new compositions of the Board and the Board committees will be as follows: Board of Directors Audit Committee Nominating & Remuneration Committee Dr Chin Wei-Li, Audrey Marie (Chairman) Mr Kevin Wong Kingcheung (Deputy Chairman) Ms Ng Hsueh Ling Mr Loh Chin Hua Mrs Lee Ai Ming Chairman Mr Lee Chiang Huat Chairman Mr Tan Chin Hwee Mr Daniel Chan Choong Seng Mr Lor Bak Liang 3

4 BY ORDER OF THE BOARD K-REIT ASIA MANAGEMENT LIMITED (Company Registration No K) As manager of K-REIT Choo Chin Teck/Kelvin Chua Company Secretaries Singapore 2 July

5 IMPORTANT NOTICE The value of Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The past performance of K-REIT is not necessarily indicative of the future performance of K-REIT. 5