AREIT, Inc. at its regular meeting held on August 14, 2024, approved the election of Jose Eduardo A. Quimpo, II as Director, President to serve the unexpired term of Ms. Carol T. Mills, who will now focus on her role as President and CEO of Ayala Land Offices. Mr. Quimpo has also been appointed as a member of the Board's Executive Committee and Sustainability Committee vice Ms. Mills. The Board also appointed Mr. Augusto D. Bengzon, one of incumbent directors, as member of the Executive Committee vice Ms. Mariana Zobel de Ayala.

The Board thanked Ms. Mills for her key role in leading AREIT through its IPO in August 2020 amidst challenging circumstances during the pandemic, effectively restructuring a single property company into the first, largest, and most diversified Philippine REIT today. During her term as President and CEO, she drove AREIT's growth by leveraging Ayala Land's position as the top office developer in the country, unlocking synergies with Ayala Land Offices Inc., where she also concurrently serves as President and CEO. Under her leadership, she successfully diversified AREIT's portfolio by acquiring offices, malls, hotels, and industrial land, quadrupling the value of its Assets Under Management (AUM) since the IPO.

Revenues consistently grew since the IPO and consequently, dividends doubled, delivering a Total Shareholder Return (TSR) of 74% to date since the IPO. During her tenure, AREIT garnered seven international awards, including Asia Money's Most Outstanding IPO, Finance Asia's Deal of the Year, and The Asset's Best IPO. AREIT likewise became the first Philippine REIT included in the FTSE EPRA Nareit Asia ex-Japan REITs 10% capped Index.

Constituent of the MSCI Philippine Small Cap Index, the FTSE Small Cap Index, and the Philippine Property Index. In the next phase of AREIT's journey, Mr. Quimpo is tasked to lead the company toward asset diversification and continued value accretion. With his background in investment banking and capital markets, Mr. Quimpo will look to drive AREIT to a market capitalization level at par with regional REITs.

His expertise will be instrumental in steering the company through acquisitions and continued capital optimization across the Ayala Land Group. Jose Eduardo A.Quimpo has a proven track record of driving financial performance, optimizing processes, and providing strategic guidance to organizations. Prior to joining ALI, he was a Senior Vice President of BDO Private Bank from October 2023 to March 2024.

He was also the President of BDO Securities from March 2021 to September 2023, Chief Operating Officer of the Company.