The board of directors of Transcend Residential Property Fund Limited announced the following changes to the Board with immediate effect: Change in function of directors: Mr. Geoff Jennett, a current non-executive director, has been appointed as the non-executive chairman of the company, and Mr. Michael Aitken, a current independent non-executive director, has been appointed as the lead independent non-executive director of the company. Appointment of directors: Mr. Tshepisho Makofane (Tshepisho) and Mr. Panico Theocharides (Panico) have been appointed as independent non-executive directors of the company. Tshepisho is a Chartered Accountant with over 20 years' financial services experience across the corporate finance advisory, project finance and leverage finance industries.

Tshepisho is currently a director of Tamela Holdings (Pty) Ltd. Prior to joining Tamela, Tshepisho was a transactor at Makalani Holdings Limited, a listed mezzanine finance fund, and had spent 4 years at Investec Bank Limited (Investec) in the project and infrastructure finance team. Tshepisho led the team that advised Barloworld Limited in the transaction that resulted in the creation of a ZAR 2.9 billion black owned property holding company, Khula Sizwe Property Holdings. Tshepisho also sits on the boards of various Tamela portfolio entities.

Panico is a Chartered Accountant with over 20 years' experience in the real estate investment industry and the investment banking advisory industry. Panico's experience includes, inter alia, serving as the Joint Chief Executive Officer of Annuity Properties Limited (Annuity) and being part of the team that founded, and subsequently listed, Annuity on the Johannesburg Stock Exchange ("JSE"), as well as a role at Investec as Head of Real Estate Advisory where he had overall responsibility for the real estate advisory function, with a focus on JSE-listed REITs. Following his time at Investec, Panico co-founded an independent property advisory business, Tenurey BSM (Pty) Ltd, where he currently serves as a non-executive director.

Presently, Panico provides independent corporate finance and property advisory and consulting services to large corporates.