Property for Industry Limited provided an update on the Company's Board of Directors. PFI announces that Anthony Beverley will be stepping down from his role as Board Chair at the close of PFI's Annual Meeting on 3 April 2024, but will remain on the PFI Board as Independent Director. PFI announced that following this change, Independent Director Dean Bracewell will be stepping down from his role as People Committee Chair and will take on the role of Board Chair, and Independent Director David Thomson will take on the role of People Committee Chair, with both changes to take effect from the close of the Annual Meeting.

The Company also announced that Independent Director Gregory Reidy will retire from the PFI Board with effect from the close of the Annual Meeting on 3 April 2024. Finally, PFI announced the appointment of Jeremy Simpson to the PFI Board, which is intended to take effect from 27 February 2024. Jeremy has had a career of over 30 years in financial markets in New Zealand and Australia, including 27 years as an equity analyst, culminating with a Senior Equity Analyst /Director role at Forsyth Barr from 2002 to 2021.

Jeremy has a strong knowledge of the listed property sector. Jeremy is a Chartered Financial Analyst (CFA) and for around 10 years was a Director of the Chartered Financial Analyst Society of NZ. Jeremy is also a Chartered Member of the Institute of Directors and a Trustee for the Pinc & Steel Cancer Rehabilitation Foundation NZ.

Jeremy's appointment is part of the PFI Board's ongoing succession plans, 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. 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, Jeremy will retire and seek election by shareholders at PFI's Annual Meeting on 3 April 2024.