Peter Masfen to retire, Anthony Beverley to be Chair

PETER MASFEN TO RETIRE, ANTHONY BEVERLEY TO BE CHAIR NZX listed industrial property landlord Property for Industry Limited (PFI, the Company) has today announced that Peter Masfen, who has Chaired the PFI Board since June 2002, will retire at the Company's annual meeting on 8 May 2018. Peter will be succeeded as Chair by Anthony Beverley. Today's announcement is part of a well-managed succession plan, with Anthony appointed as Deputy Chair in May 2017. Two new Independent Directors have also been appointed in recent years: Susan Peterson in May 2016 and David Thomson in February 2018. Peter has been a member of the PFI Board and Chair since mid-2002. During this time, PFI's property portfolio grew from 46 properties valued at $209 million to 92 properties valued at over $1.2 billion, with rental revenues more than tripling to $73.5 million. As Chair, Peter oversaw many significant events in the life of the Company, including the merger with Direct Property Fund in 2013 and the 2017 internalisation of the management contract. There has also been a significant increase in dividends and share price over the course of his tenure. Peter said: "I have been privileged to be part of PFI's Board as the Company has grown and established itself as New Zealand's only listed company specialising in industrial property. In my view, a strong foundation is in place for the Company's ongoing success, with an experienced Board and talented management team, and now is a good time for me to retire. It has been a pleasure to serve as Chair of PFI and I look forward to sharing in its continued success as a shareholder in the business." Incoming Chair, Anthony Beverley, has been a Director of PFI since 2001 and an Independent Direct since 2012. He has Chaired the Audit and Risk and Nomination Committees and has been Deputy Chair since May 2017. A bio for Anthony is available on PFI's website: https://www.propertyforindustry.co.nz/about-pfi/our-people-investors/. Anthony said: "On behalf of the Board and management team, I would like to thank Peter and acknowledge the enormous contribution he has made to PFI. I look forward to Chairing the Board and continuing the Company's focus on delivering strong and stable shareholder returns." In other governance changes, on 8 May 2018, Anthony will step down as Chair of the Audit and Risk Committee and Susan Peterson will take on this role. David Thomson will also join the Audit and Risk Committee. ENDS ABOUT PFI & CONTACT PFI is New Zealand's only listed Company specialising in industrial property. PFI's nationwide portfolio of 92 properties is leased to 148 tenants. For further information please contact: ANTHONY BEVERLEY Independent Director, Deputy Chair --- Phone: +64 (0) 29 494 2266 --- Property for Industry Limited Shed 24, Prince's Wharf, 147 Quay Street, Auckland 1010 PO Box 1147, Shortland Street, Auckland 1140 --- www.propertyforindustry.co.nz End CA:00315841 For:PFI Type:ADMIN Time:2018-03-21 14:33:04