Irish Residential Properties REIT : IRES Appoints Margaret Sweeney as CEO

Company name Irish Res Prop REIT

Headline IRES Appoints Margaret Sweeney as CEO

RNS Number : 2750V

Irish Residential Prop REIT PLC 01 November 2017

1 November 2017

Irish Residential Properties REIT plc ("I•RES" or the "Company") announces today that David Ehrlich has resigned as Chief Executive Officer of I●RES to take up the role of President and Chief Executive Officer of Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR.UN). In that new role, David Ehrlich succeeds Thomas Schwartz who, as previously announced, passed away on 15 August 2017. CAPREIT, Canada's largest multi‐residential REIT with C$8.2 billion in assets as of 30 June 2017, is indirectly the largest shareholder of I●RES with a current shareholding of c.15.7%. CAPREIT together with its subsidiary IRES Fund Management Limited (the "CAPREIT Group") provide asset management and property management services to I●RES.

David Ehrlich will continue to serve on the board of the Company, succeeding Thomas Schwartz as the nominee of IRES Fund Management. In addition, in his capacity as Chief Executive Officer of CAPREIT, he will continue to oversee the provision of asset management and property management services by the CAPREIT Group to I●RES.

The board of the Company is delighted to announce the appointment of Margaret Sweeney to succeed David Ehrlich as Chief Executive Officer of I●RES with effect from 1 November 2017. This appointment has been made following a formal recommendation to the board by its Nomination Committee.

Margaret Sweeney has served as an independent non‐executive director of I●RES and she will continue to serve on the board, as an executive director. She has also served as chair of the Audit Committee and as a member of the Nomination Committee and Remuneration Committee, but will step down from these committees when she assumes her executive functions as the new Chief Executive Officer of I●RES.

Margaret Sweeney has held a number of senior positions including Chief

Executive Officer of the daa plc (Dublin Airport Authority), Chief Executive Officer and board director of Postbank Ireland Limited and as a Director in Audit and Advisory Services at KPMG, a firm she worked with for 15 years. She is currently a non‐executive director on the boards of Dalata Hotel Group plc and HSBC Institutional Trust Services (Ireland) DAC. Margaret Sweeney has in the past served as a non‐executive director on a number of boards in Ireland and internationally, including Aer Rianta International plc, Flughafen Dusseldorf GmbH, Birmingham International Airport and Hamburg Airport, including managing significant investments in these companies. She also has experience with companies authorised by the Central Bank of Ireland. Margaret Sweeney is active in industry and community affairs. She is a member of the Council of the Institute of Chartered Accountants in Ireland, is a Fellow of Chartered Accountants Ireland and a Chartered Director of the Institute of Directors. She also served as President of the Dublin Chamber of Commerce from 2008 to 2009. She is a member of the board of Galway University Foundation and was, until recently, a member of the Governing Body of Dublin City University for 15 years.

Declan Moylan, the Chairman of I●RES, commented:

"The board is very pleased that Margaret has agreed to succeed David as Chief Executive Officer of I●RES. Her leadership experience across Irish business will be invaluable to the future development of the company in the Irish market. She has extensive knowledge of the Company from her time as a director and chair of the Audit Committee and significant operating experience, including for over 8 years as a senior executive and former Chief Executive Officer of the Dublin Airport Authority. As a director on the board of Dalata Hotel Group plc, she has had exposure to various property and customer service related matters, both of which are drivers of success in the residential accommodation business.

On behalf of the board I would like to congratulate David on his appointment as Chief Executive Officer of CAPREIT. Since I●RES was established he has led the company very successfully to its market leading position today. I am delighted he will continue his involvement with I●RES, which will ensure the continuity of the strong relationship with CAPREIT. "

Margaret Sweeney commented:

"I am delighted to take up this role and am very excited about the opportunity I●RES has to provide necessary investment and additional housing capacity in Dublin. In addition, I●RES has a very important role to play in the development of a professionally managed residential rental sector in Ireland. I●RES is very focused in the short‐term on the development of its assets in the greater Dublin area and this has the potential to significantly grow our portfolio. I look forward to engaging with all our stakeholders as I●RES continues to develop its footprint in Ireland."

David Ehrlich commented:

"I am very proud to have served as Chief Executive Officer of I●RES since its flotation on the Irish Stock Exchange in April 2014 to the point now where it has almost 2500 apartments with more planned for development. I look forward to

my continued involvement with I●RES and am confident that I●RES and CAPREIT will continue working very closely together to build on I●RES' success going forward."

With effect from 1 November 2017: (i) the Remuneration Committee will consist of the following members: Aidan O'Hogan, Declan Moylan and Joan Garahy (Mr. O'Hogan will continue to serve as Chair of the Remuneration Committee); (ii) the Nomination Committee will consist of the following members: Declan Moylan, Phillip Burns, Aidan O'Hogan and Joan Garahy (Mr. Moylan will continue to serve as Chair of the Nomination Committee); and (iii) the Audit Committee will consist of the following members: Joan Garahy and Aidan O'Hogan (Ms. Garahy will serve as Chair of the Audit Committee).

In connection with the appointment of Margaret Sweeney as Chief Executive Officer, the I●RES board intends to appoint a new independent non‐executive director of I●RES in due course and a process will commence shortly, led by the Nomination Committee, to identify a suitable appointee. A separate announcement will be made by the Company in respect of any such appointment (and any resulting changes to the composition of any board committee(s), if applicable) in due course.

This announcement is being made in compliance with LR 6.6.5 of the Irish Listing Rules.

For further information please contact:

Irish Residential Properties REIT plc David Ehrlich, Director

+353 1 518 0300

Margaret Sweeney, CEO

+353 1 518 0300

Q4PR

Gerry O'Sullivan

+ 353 87 2597644

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc is an Irish Real Estate Investment Trust ("REIT") listed on the Irish Stock Exchange. The Company is the first REIT established in Ireland primarily focused on residential rental accommodations. The Company will continue to seek to acquire, hold, manage and develop investments primarily focused on residential rental accommodations in Ireland. I•RES currently owns 2,450 apartments. Further information in respect of I•RES can be obtained from I•RES' website at www.iresreit.ie.

Note on forward‐looking information

This note applies if and to the extent that there are forward‐looking statements in this Announcement.

This Announcement may contain forward‐looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward‐ looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. The forward‐looking statements referred to in this paragraph speak only as at the date of this Announcement. The Company will not undertake any obligation to release publicly any revision or updates to these forward‐looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise except as required by law or by any appropriate regulatory authority.

This announcement has been issued through the Companies Announcement Service of The Irish Stock Exchange

This information is provided by RNS

The company news service from the London Stock Exchange

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