Changes to Investor Directors

Pursuant to the rights of CPI Property Group SA, through its ownership of Zakiono Enterprises Limited, Bruce Buck, who was appointed as an Investor Director by Zakiono on 13 December 2017, has ceased to be a Director with immediate effect, while  Martin Bartyzal has been appointed as an Investor Director with immediate effect.

Mr Bartyzal has held senior positions at Deutsche Bank AG Prague Branch, where he was most recently Director in Corporate & Investment Banking and Chief Country Officer for the Czech Republic. In this capacity, he also acted as a Member of the Regional Management Committee for Central and Eastern Europe.

Pursuant to the rights of Growthpoint Properties Limited,  Peter Fechter, who was appointed as an Investor Director by GRT on 27 February 2017, has ceased to be a Director with immediate effect. George Muchanya, who was appointed as an Investor Director by GRT on 27 February 2017, has ceased to be a Director with immediate effect and he has been appointed as an alternate Director by Norbert Sasse, Non-Executive Director.  As an alternate, Mr Muchanya may attend and vote in place of Mr Sasse at any meeting of the board of directors of the Company or any meeting of a duly appointed committee of the board at which Mr Sasse is not personally present.

Changes to Board Committees

As a consequence, the Committees of the Board will now be composed as follows:

• Nomination Committee: Geoff Miller (Chair), Andreea Petreanu, Richard van Vliet
• Remuneration Committee: Martin Bartyzal (Chair), John Whittle, Geoff Miller
• Risk Committee: Andreea Petreanu (Chair), Martin Bartyzal, Richard van Vliet
• The members of the Audit and Investment Committees remain unchanged.

Board composition

Following the above changes to the Board, the Board will comprise one executive director and six non-executive directors (of which five, including the chair, are considered to be independent in accordance with the UK Corporate Governance Code).

Geoff Miller, Chair of the Board, commented: "These changes, which result in a leaner structure whilst maintaining the independence of the board, will also - we believe - further enhance its effectiveness and are in the best interests of the company as a whole. I would also like to take this opportunity to thank Bruce Buck and Peter Fechter for their invaluable contributions to the board and its decision making, during their respective tenures, and during times of great change within the company".