Change in manager for PFI

News release to New Zealand Stock Exchange

September 30, 2011

Property For Industry (PFI) today announced that the manager of PFI, AMP Capital Investors, has accepted an unsolicited offer from DPF Management Ltd to acquire the management rights for PFI.

Under the terms of the transaction, AMP Capital Investors will assign the management of PFI to PFIM Ltd, a wholly owned subsidiary of DPF Management Ltd, from settlement date on 20 January 2012.

The transaction has the consent and support of PFI’s two independent directors, following their review of PFIM Ltd’s capabilities and its business strategy for PFI.

The Directors of PFI are confident that PFIM has the experience, market knowledge and the professional resources required to successfully manage PFI alongside its existing commercial property management business.

AMP Capital Investors and PFIM have agreed on a transition period and process to ensure a seamless change of manager. Under the terms of the transaction, AMP Capital Investors will assign the management of PFI to PFIM Ltd from settlement date on 20 January 2012.

Over the next month AMP Capital Investors will work closely with PFIM Ltd to transfer intellectual property and management systems to PFIM.

PFI Directors comment that PFI has performed strongly under the management of AMP Capital Investors since it acquired the management rights in 1999.

PFI has delivered consistently strong, stable returns to investors under the management of AMP Capital Investors. The Board recognises the important role AMP Capital has played in PFI’s success and is looking forward to working with PFIM to ensure that shareholders continue to benefit from an experienced and well-resourced professional property manager.

PFI Directors would like to acknowledge the contribution that Ross Blackmore, General Manager of PFI since 2003 and his team have made to PFI. The Board understands that PFIM sees PFI as a well governed, well managed company and intends to continue with a ‘business-as-usual’ approach.