In order to comply with the proposed amendments to the Securities and Futures (Licensing and Conduct of Business) Regulations as described in the December announcement, the board of Fortune Real Estate Investment Trust announced the following changes to the composition of the board and the audit committee with effect from February 1, 2017: (a) Ms. Yeo Annie (alias Yeo May Ann) will be appointed as an Independent Non-Executive Director and a member of the Audit Committee; and (b) Mr. Lim Lee Meng will resign as an Independent Non-Executive Director and cease to be a member of the Audit Committee. Ms. Yeo, was a non-executive director of the following private subsidiaries of Cheung Kong Property Holdings Limited, CK Hutchison Holdings Limited, Cheung Kong Infrastructure Holdings Limited, CK Life Sciences Int'l (Holdings) Inc. and Cheung Kong (Holdings) Limited and private companies owned or may be considered as controlled by Mr. Li Ka Shing. Ms. Yeo currently holds various positions with governmental and religious bodies in Singapore.