Change in manager, offices and company secretary for PFI

News release to New Zealand Stock Exchange

January 20, 2012

1. Further to the announcement made by Property For Industry Limited (PFI) on 30 September 2011, PFI confirmed that the assignment by AMP Capital Investors (New Zealand) Limited of the management rights for PFI to PFIM Limited was completed today.

2. As a result of the assignment having been completed:

a. Gregory John Reidy has been appointed as a director of the company.
Mr Reidy will remain in office until the next annual general meeting where he will be eligible for election by ordinary resolution;

b. PFI is changing its registered office, with effect from 20 January 2012, to:

C/- PFIM Limited
Shed 24
Prince's Wharf
147 Quay Street
Auckland 1010

c. the Board of Directors of PFI has determined, pursuant to Listing Rule 3.3.2, that the following directors are, in its view, Independent Directors of the company:

- Mr P Masfen
- Mr H Rolleston
- Mr A Beverley

Mr G Reidy is not an Independent Director because he is associated with, and represents the interests of the company’s manager.

d. Craig Peirce, Chief Financial Officer of PFI, takes over from Andrew Penn as Company Secretary, with effect from 20 January 2012.

3. Nick Cobham continues in his role as General Manager of PFI.

Peter Masfen
Chairman

For further information please contact:
Craig Peirce
Chief Financial Officer / Company Secretary
Phone: +64 9 303 9651
Email: peirce@mrco.co.nz