The board of directors of China Merchants Land Asset Management Co., Limited announced that: Mr. YU Zhiliang ("Mr. YU") has tendered his resignation as a non-executive Director due to change in work arrangements, and will cease to serve as the Chairman of the Investment Committee of the Manager (the "Investment Committee"), with effect from 25 May 2023; and Ms. LIU Ning ("Ms. LIU") has tendered her resignation as a non-executive Director
because of her age, and will cease to serve as the Chairman of the Disclosures Committee of the Manager (the "Disclosures Committee") and a member of the Audit Committee of the Manager (the "Audit Committee"), with effect from 25 May 2023. The Board announces that, Mr. LI Yao ("Mr. LI") has been appointed a non-executive Director, the Chairman of the Investment Committee and a member of the Audit Committee with effect from 25 May 2023. Mr. LI does not currently hold any position with CMC REIT or its subsidiaries. Mr. LI Yao, aged 36, is currently a non-executive director of China Merchants Land Limited (a company listed on the main board of The Stock Exchange of Hong Kong Limited with stock code 00978) and the Deputy General Manager of the Overseas Development Division of China Merchants Shekou Industrial Zone Holdings Co. Ltd. He joined China Merchants Holdings (International) Company Limited in 2012 and has since served as the Engineer and Assistant Department Manager of the Engineering Department and Administration Department of China Merchants Colombo International Container Terminals Ltd., the Manager of the Administration Department of China Merchants Holdings (International) Company Limited, the Manager of the Overseas Business Department of China Merchants Holdings (International) Company Limited, the Permanent Representative of China Merchants Group Representative Office in Djibouti, the Manager of Overseas Department and International Cooperation Department of China Merchants Group Headquarters, Senior Manager of Executive Office of China Merchants Group. Mr. LI graduated from Tianjin University with a bachelor's degree in engineering management and English in July 2009 and later graduated from Tianjin University with a master's degree in management in engineering management in January 2012. The Board also announces that Mr. ZHONG Ning ("Mr. ZHONG") has been appointed an executive Director and the Chairman of the Disclosures Committee with effect from 25 May 2023. Mr. ZHONG Ning, aged 40, is currently the Chief Operating Officer, Head of Information Technology, Deputy Investment and Asset Management Officer and one of the Responsible Officers of the Manager. He is employed by China Merchants Land Enterprise Management Consulting (Shenzhen) Co., Ltd*), a wholly-owned subsidiary of the Manager (the "Onshore Manager Subsidiary"), and serves as a director of certain subsidiaries of CMC REIT. Mr. ZHONG was previously an investment director of China Merchants Land Limited from February 2017 until October 2019. Mr. ZHONG obtained a Bachelor of Management from Shenzhen University in June 2006 and a Master of Business Administration from the Hong Kong University of Science and Technology in November 2017. Mr. ZHONG has not entered into any service agreement with the Manager in respect of his services as an executive Director nor was he appointed for a specific term. Any remuneration payable to Mr. ZHONG will be paid and borne by the Manager (through the Onshore Manager Subsidiary) out of its own resources.