The directors of Transcend Residential Property Fund Limited announced Mr. Rob Wesselo has stepped down as Chief Executive Officer but will remain on the Board as a non-executive director and Mr. Solly Mboweni, currently the Chief Operating Officer, replaces Rob Wesselo as the Company's Chief Executive Officer, effect from 14 December 2018. Mr. Cathal Conaty resigned as a non-executive director of the Company. The company has appointed Ms Vanessa Perfect as an executive director, Mr. Geoff Jennet as a non-executive director and Ms Michelle Dickens as an independent non-executive director.

Vanessa has extensive experience in asset and property management with a demonstrated history of working in the real estate industry, specifically residential property. She has overseen the performance and significant growth of the residential rental portfolio at International Housing Solutions (RF) Proprietary Limited ("IHS") and assisted with the establishment of IHS Property Management business, the internal property management company which manages the IHS and Transcend properties. Geoff is with over 20 years' experience in the financial markets, particularly in the structured.

capital markets and the corporate equity derivatives sectors. Geoff joined Emira Property Fund Limited ("Emira") in 2014 and currently holds the position of CEO. He has also held roles at FNB Corporate, Coronation Capital, Nedbank Capital and Absa Capital, and was the financial and operations director of Honey Fashion Accessories Proprietary Limited.

Michelle is the managing director and co-founder of TPN Credit Bureau ("TPN"). TPN is South Africa's only credit bureau specialising in the collection of tenant behaviour and rental payment profile information. Michelle established TPN in 2000, and with the advent of the National Credit Act in 2007.