Management

---

Mr. Chang

founded Croesus Group in 2004, recognizing the immense potential in the Japanese real estate market. With a bold investment of USD 300 million, he propelled Croesus to prominence, becoming a dominant force in the multi-family residential asset sector. In 2009, Mr. Chang showcased his deep industry knowledge and insightful perspective by providing invaluable advisory services in the global port infrastructure assets sector. His strategic guidance enabled investors to make informed decisions and achieve substantial growth and prosperity. A true trailblazer, Mr. Chang as co-founder orchestrated a groundbreaking initial public offering (IPO) for Croesus Retail Trust (CRT) assets on the prestigious Singapore Stock Exchange in 2013. This visionary move marked the establishment of CRT assets as the first business trust with a commercial retail real estate portfolio in Japan, solidifying his reputation as an innovative and pioneering leader. Strong leadership skills as evidenced by his nomination as best CEO in Asia by CNBC in 2016-17. Mr.Chang's exceptional career trajectory has been further enhanced by his association with world-class mentors, whose wisdom and guidance have shaped his remarkable success. His unwavering pursuit of excellence, exceptional intellect, and profound achievements position him as a super smart and professional investor of the highest caliber. His indelible mark on the investment landscape serves as a testament to his brilliance, leadership, and unwavering commitment to success.

---

Mr.Yong

Founder and Chairman of Oriole & Ash, his family Investment Holding Company. Over the past 20 years, he founded and/or co-founded and operated various businesses and currently has business interests in Real Estate Investment Management, Real Estate development and FinTech.

His most recent notable business venture was Croesus Merchants (“Merchants”, which he co-founded in 2010), a Singapore based real estate asset management holding company with business interests primarily in Japan real estate. Most notably, Merchants sponsored and managed a Property Trust Listing (“CRT”) on the Singapore Stock Exchange in 2013. Then, Mr.Yong boldly internalized the trustee-manager in 2016, the first ever such transaction in Singapore, and subsequently negotiated the sale of CRT to the Blackstone Group in 2017. CRT generated almost 90% total returns over a 4-year period for her public shareholders. Today, Merchants manages a portfolio of Japan logistics assets on behalf of clients through Merchants’ wholly owned Japan subsidiary CMIRM.

In the late 1990s and early 2000s during the first “dot-com” boom, he Co- Founded and ran a Japan based technology private equity firm. This investment firm merged with a listed technology investment company on the Hong Kong stock exchange where Mr.Yong then assumed the position of Managing Director. The Listco was eventually acquired by Hutchison Whampoa.

Mr.Yong started his career as an investment banker at JP Morgan Singapore and graduated from the London School of Economics and Political Science with a B.Sc (Econs) (Hons) degree. He is married and has 2 lovely young daughters.

---

Mr.Sato

joined Croesus in 2012 and was the CIO for Croesus Retail Trust.He is a seasoned professional with a wealth of experience in the realms of investment banking and real estate investments spanning over two decades. His career is highlighted by his impressive track record in both fields. One of Mr. Sato's distinctive strengths lies in his extensive network within the local real estate community. This network enables him to tap into off-the-market real estate investment opportunities, showcasing his ability to uncover hidden gems in the market that might otherwise go unnoticed. Mr. Sato's expertise is further exemplified by his involvement in closing real estate related transactions valued at a remarkable total exceeding USD 6 billion. Such an impressive figure underscores his proficiency and effectiveness in navigating complex transactions and negotiations. He is an alumni of a French business school, ESSEC.

---

Mr. Ito

is more than two decades in the fields of accounting and finance. Holding several accounting licenses, including Japan Certified Public Accountant and Singapore Chartered Accountant, he has showcased his expertise across diverse financial domains. His proficiency extends to international accounting and taxation, alongside his adeptness in structuring cross-border real estate investments. Joined Croesus in 2012, Mr. Ito's contributions are notably exemplified by his role as the former Chief Financial Officer (CFO) of CRT, where he oversaw vital aspects such as financial reporting, equity and debt financing, investor relations, human resources, and compliance. With a foundation rooted at KPMG's Tokyo and New York offices from 1997 to 2005, he garnered extensive experience in corporate auditing, financial services, and corporate advisory across various industries.

---

Mr. Miyazaki

is in real estate asset management, boasting an impressive career spanning over two decades. Joined Croesus in 2012, over his illustrious career, Mr. Miyazaki has effectively overseen an extensive spectrum of asset types, demonstrating his versatility and comprehensive knowledge. His portfolio includes managing retail malls, residential properties, office complexes, hotels, logistics centers, and healthcare facilities. This broad exposure underscores his adaptability and capacity to navigate the unique demands of different real estate categories. Mr. Miyazaki's impact is perhaps most evident in his successful execution of asset enhancement strategies. Notably, he played a key role as Chief Asset Management Officer in driving asset enhancement initiatives at Croesus Retail Trust, leaving an indelible mark on its growth trajectory. Similarly, his tenure at LCP REIT (now known as Invincible REIT) was marked by remarkable accomplishments, solidifying his reputation as an adept leader capable of driving sustainable value in the real estate domain.

---

Minoru Naruse

· Joined Croesus in 2022, 40 years of construction management at Toda Construction.

. Managing the 500 fortune companies construction projects include office buildings, residential, and logistics.

. The total constructed GFA (Gross Floor Area) that managed amounted to approximately 3,3m square meters.(35,5m square foot)

. First-Class building operation and construction management engineer license.

---

Amy Hanashiro

· Joined Croesus in 2020, over 30 years of hospitality experience in projects, openings, rebranding and operation.

. Career is defined by a strong commitment to operational excellence, unwavering determination, and a relentless pursuit of growth.

· Impressive track record includes overseeing large teams, pre-opening success stories, and a knack for managing challenging situations.

· Professional journey has been enriched by her hands-on approach, professional training, and a great sense of humor, making her a respected figure in the hospitality industry.