Property for Industry Limited — Share Issue/Capital Change 2020

May 25, 2020

Template Capital Change Notice

==> picture [102 x 50] intentionally omitted <==

Updated as at 17 October 2019

Section 1: Issuer information
Name of issuer	Property for Industry Limited
NZX ticker code	PFI
Class of financial product	Ordinary Shares
ISIN (If unknown, check on NZX website)	NZPFIE0001S5
Currency	NZD
Section 2: Capital change details
Number issued/acquired/redeemed	1,086,032 ordinary shares
Nominal value (if any)	Not applicable
Issue/acquisition/redemption price per security	$2.3526
Nature of the payment (for example, cash or other consideration)	Cash, satisfied by reinvestment of dividend proceeds pursuant to the Dividend Reinvestment Scheme
Amount paid up (if not in full)	Fully paid ordinary shares
Percentage of total class of Financial Products issued/acquired/redeemed/ (calculated on the number of Financial Products of the Class, excluding any Treasury Stock, in existence)	0.218%
For an issue of Convertible Financial Products or Options, the principal terms of Conversion (for example the Conversion price and Conversion date and the ranking of the Financial Product in relation to other Classes of Financial Product) or the Option (for example, the exercise price and exercise date)	Not applicable
Reason for issue/acquisition/redemption and specific authority for issue/acquisition/redemption/ (the reason for change must be identified here)	Issue of ordinary shares under Dividend Reinvestment Scheme, approved by directors’ resolutions dated 8 May 2020.
Total number of Financial Products of the Class after the issue/acquisition/redemption/Conversion (excluding Treasury Stock) and the total number of Financial Products of the Class held as Treasury Stock after the issue/acquisition/redemption.	499,854,714 ordinary shares
In the case of an acquisition of shares, whether those shares are to be held as treasury stock	Not applicable
Specific authority for the issue, acquisition, or redemption, including a reference to the rule pursuant to which the issue, acquisition, or redemption is made	Directors’ resolution dated 8 May 2020 pursuant to NZX Listing Rule 4.8.1.
Terms or details of the issue, acquisition, or redemption (for example: restrictions, escrow arrangements)	The shares issued are quoted ordinary shares ranking

	equally with the existing ordinary shares on issue of PFI	equally with the existing ordinary shares on issue of PFI
Date of issue/acquisition/redemption	26 May 2020
Section 3: Authority for this announcement and contact person
Name of person authorised to make this announcement		Craig Peirce
Contact person for this announcement		Craig Peirce
Contact phone number		09 303 9651
Contact email address		peirce@pfi.co.nz
Date of release through MAP		26 May 2020