The Board of Spring Real Estate Investment Trust announced that Mr. Saeki has decided to resign as an executive director, a managing director, a responsible officer and a member of the Advisory Committee of the Manager with effect from 24 March 2021 in order to relocate back to Japan and spend more time with his family; and Mr. Chung ceased to act as alternate director to Mr. Saeki with effect from 24 March 2021. Further, the Board announced that Mr. Chung, a responsible officer of the Manager and alternate director to Mr. Saeki before his resignation, has been appointed to succeed Mr. Saeki as an executive director and a member of Advisory Committee of the Manager with effect from 24 March 2021.