Spring REIT

The REIT Manager
The REIT Manager

Board of Directors and Committees

Board of Directors

Toshihiro TOYOSHIMAChairman and Non-Executive Director

Mr. Toshihiro TOYOSHIMA was appointed as the Chairman of the Board and a non-executive Director of the REIT Manager on January 29, 2013. Mr. Toyoshima has been the chief executive officer of Mercuria Investment since October 2008, and has been sitting on its board from its establishment in October 2005. Prior to joining Mercuria Investment, he worked in Development Bank of Japan from April 1985 to October 2008. Between July 2001 and September 2004, Mr. Toyoshima also worked at the World Bank as a senior private sector specialist, in charge of the private sector policies in four African countries.

Hideya ISHINONon-Executive Director

Mr. Hideya ISHINO was appointed as a non-executive Director of the REIT Manager on April 10, 2013. He has been working for Mercuria Investment since June 2008 and has served as the chief operating officer of Mercuria Investment since March 2010. Before joining Mercuria Investment, Mr. Ishino co-founded Sports Vanguard Co., Ltd., a company which provides sports-related internet community services and trading platform, in March 2004. Mr. Ishino had also previously worked in Salomon Brothers (Tokyo) from April 1986 to March 2000.

Nobumasa SAEKIManaging Director

Mr. Nobumasa SAEKI was appointed as a managing Director of the REIT Manager on April 10, 2013 and is one of the Responsible Officers of the REIT Manager. Mr. Saeki is principally responsible for supervising property management for Spring REIT, including: (i) formulating leasing strategy and authorizing all the lease terms to maximize the rental income of the Property; (ii) setting budgets and monitoring of maintenance activities related to the Property; (iii) overseeing day-to-day cash operations of the Property, together with local team members and the Property Manager; and (iv) procuring valuations of the Property and reviewing and analyzing appraisal reports.

He was a senior vice president of Mercuria Investment from September 2008 until January 2012 at which time he became a managing director of Mercuria Investment. Prior to that, he was the group head of overseas investment group of Re-Plus Inc., a company listed on the Tokyo Stock Exchange, from July 2007 to September 2008. He was also a vice president of The Tokyo Star Bank, Limited from August 2004 to July 2007, an assistant vice president of GMAC Commercial Mortgage Japan K.K. from July 2002 to August 2004 and an associate director of UBS Warburg Securities Japan Ltd. from March 2000 to July 2002.

LEUNG Kwok Hoe, KevinManaging Director

Mr. LEUNG Kwok Hoe was appointed as Managing Director of the REIT Manager in January 2017 and is one of the Responsible Officers of the REIT Manager. He has over 22 years of experience in finance and treasury, investment and fund management fields.

Prior to joining the REIT Manager, Mr. Leung was the General Manager, Investment and Investor Relations and a responsible officer of Henderson Sunlight Asset Management Limited, the manager of Sunlight Real Estate Investment Trust (stock code: 0435), for more than 10 years from 2006 to January 2017. Prior to that, Mr. Leung was employed by The Link Management Limited (now known as Link Asset Management Limited), the manager of The Link Real Estate Investment Trust (stock code: 0823, now known as Link Real Estate Investment Trust), as the Investment Manager from 2004 to 2006 with his last position being a responsible officer.

Mr. Leung holds a Bachelor of Economics degree and a Bachelor of Law degree, both from The University of Sydney in Australia. He is also a Chartered Financial Analyst.

Simon MURRAYIndependent non-executive Director

Mr. Simon MURRAY was appointed as an independent non-executive Director of the REIT Manager in 2013. He founded a private equity fund management company, General Enterprise Management Services Limited in 1998. He has become the non-executive chairman as of July 2015. He is also an independent non-executive director of : (i) Orient Overseas (International) Limited (Stock Code: 316) since July 1992; (ii) Wing Tai Properties Limited (stock code: 369) since March 1994; (iii) Cheung Kong Property Holdings Limited (stock code: 1113) since February 2015; (iv) IRC Limited (Stock Code: 1029) since March 2016; a non-executive director of (v) Greenheart Group Limited (Stock Code: 94) since August 2010; (vi) Compagnie Financiere Richemont SA (a company listed on Swiss Exchange) since October 2003; (vii) China LNG Group Limited (stock code: 0931) since April 2015.

Mr. Murray was an executive director of Hutchison Whampoa Ltd for 10 years. Previously he acted as the vice chairman & INED of Essar Energy plc (a company listed on the London Stock Exchange) from 2010 to 2014; the non-executive chairman of Glencore International plc (a company dually listed on the London Stock Exchange and the Hong Kong Stock Exchange (stock code: 805) from 2011 to 2013; the non-executive director of Vodafone Group Plc between 2007 and 2010, and an independent director of Sino-Forest Corporation (a company listed on the Toronto Stock Exchange) between 1999 and 2013.

Yiu Kin LAMIndependent non-executive Director

Mr. Yiu Kin LAM was appointed as an independent non-executive Director of the REIT Manager on 12 January 2015. Mr. Lam graduated from The Hong Kong Polytechnic University with a higher diploma in June 1975. Mr. Lam is a fellow member of the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants in England & Wales (ICAEW), Chartered Accountants Australia and New Zealand (CA ANZ), and the Hong Kong Institute of Certified Public Accountants (HKICPA) and a honorary fellow of The Hong Kong Polytechnic University.

Mr. Lam has extensive experience in accounting, auditing and business consulting. He was previously a member of the Listing Committee and the Financial Reporting Advisory Panel of the Stock Exchange of Hong Kong Limited from 1997 to 2003, a committee member of HKICPA from 1994 to 2009, and a partner of PricewaterhouseCoopers Hong Kong from 1993 to 2013. Mr. Lam currently serves as an independent non-executive director of Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Stock Code: 1349); Vital Mobile Holdings Limited (Stock Code: 6133); Global Digital Creations Holdings Limited (Stock Code: 8271); Shougang Concord Century Holdings Limited (Stock Code: 0103); COSCO SHIPPING Ports Ltd. (Stock Code: 1199); Nine Dragons Paper (Holdings) Limited (Stock Code: 2689); WWPKG Holdings Company Limited (Stock Code: 8069) and CITIC Telecom International (Stock Code: 1883).

Liping QIUIndependent non-executive Director

Mr. Liping QIU was appointed as an independent non-executive Director of the REIT Manager in 2013. Mr. Qiu is a co-founder of Milestone Capital, a China-focused private equity investment company. Since February 2002, he has been the general partner of Milestone China Opportunities Fund I and Fund II, L.P., both investing primarily in high-growth Chinese companies. He has been a director of the board of Trina Solar Limited, a company listed on the New York Stock Exchange, since 2006. Mr. Qiu has also been a director of Qinhuangdao Boostsolar Photovoltaic Equipment Co., Ltd. (which has been quoted on the National Equities Exchange and Quotations since August 2014).


Board Committees

Spring REIT's management team puts great emphasis on transparency and management accountability. the REIT Manager has established several board committees, including an audit committee, disclosure committee, remuneration committee, nomination committee and advisory committee. The Board also adopts international best-practice corporate governance standards in order to seek to guarantee the ongoing transparency of the management of Spring REIT.

The following diagram sets forth the organizational structure of the REIT Manager: