Dean Bracewell Appointed as Independent Director

DEAN BRACEWELL APPOINTED AS INDEPENDENT DIRECTOR Property for Industry Limited (PFI, the Company) is pleased to announce the appointment of Dean Bracewell to the PFI Board, with effect from today. Dean is currently a Director of Tainui Group Holdings Limited and has recently been appointed to the Executive Board of the Halberg Foundation. He is also involved in an advisory role to the Ministry of Transport. From 1999 through to 2017, Dean was Managing Director of Freightways Limited (Freightways). During that time, he took Freightways through several ownership changes and, by the end of his time as Managing Director, the company had achieved significant growth resulting in a market capitalisation of $1.2 billion. In addition to his Managing Director role, Dean was also a director of the public policy think tank "The New Zealand Initiative" and its predecessor the "New Zealand Business Roundtable" from 2011 to 2015. Dean's appointment is part of the PFI Board's ongoing succession plan, which seeks to balance technical and specialist governance skills, whilst at the same time maintaining a Board with strong, practical, commercial capability and diversity of experience. "It is a huge pleasure to welcome Dean to the PFI Board," said PFI Chairman Anthony Beverley. "Dean's experience aligns well with the core businesses of many of our tenants, and his track record of strong organic growth combined with innovation, alliances and acquisitions will be invaluable as we look to realise our vision for PFI to be one of New Zealand's foremost listed property vehicles." In accordance with NZX Listing Rule 2.6.1, the PFI Board has determined that Dean is an Independent Director. PFI's constitution and the NZX Listing Rules require that any person appointed as a Director by the Board must retire at the next Annual Meeting but shall be eligible for election at that meeting. Accordingly, Dean will retire and seek election by shareholders at PFI's Annual Meeting in May 2020. ENDS ABOUT PFI & CONTACT PFI is an NZX listed property vehicle specialising in industrial property. PFI's nationwide portfolio of 94 properties is leased to 148 tenants. For further information please contact: SIMON WOODHAMS Chief Executive Officer --- Phone: +64 21 749 770 Email: woodhams@propertyforindustry.co.nz --- CRAIG PEIRCE Chief Finance and Operating Officer --- Phone: +64 21 248 6301 Email: peirce@propertyforindustry.co.nz --- 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:00345125 For:PFI Type:ADMIN Time:2019-11-29 08:30:12