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News Release

London

Glenstone Property REIT announces Chris Powell as new non-executive Chairman

Following retirement of James Shaw


London, 5 February 2014 - Glenstone Property Group plc (CISX: GPRO) on The Channel Islands Stock Exchange has announced the appointment of Chris L Powell to the role of non-executive Chairman with effect from 1st February. Chris succeeds James Shaw who retires from the Board/company following tenure of 20 years as a non-executive Director with the last six years as non -executive Chairman.

Chris Powell was appointed as a non-executive Director of Glenstone in 2012 and is currently a retail consultant at global property firm Jones Lang LaSalle.  He has over 25 years’ retail property experience and was previously CEO of Churston Heard, the UK's largest independent retail property consultancy,  prior to its merger with Jones Lang LaSalle in the summer of 2008.

Duncan Kennedy, managing director of Glenstone, commented: “James Shaw has given our business a great service over the years; we both started at the company in 1993 and I will personally miss his wise counsel and extensive property knowledge.  He was influential in the company's change from a private business to a public company and then converting to a REIT - the first private company to do this.  On behalf of the Board and our shareholders I would like to thank him for his contribution to the business.”

Duncan Kennedy added: “I am delighted that Chris Powell has agreed to step up from non-executive Director to the role of non -executive Chairman. Chris is widely respected in the retail property industry and we are very lucky to have him. I look forward to working with him as Glenstone explores the many opportunities in the current retail market.”