SPH Notice – Forsyth Barr Investment Management Limited

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Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To: NZX Limited
and
To: Property for Industry Limited
Date this disclosure made: 2 October 2018
Date on which substantial holding began: 1 October 2018
Substantial product holder(s) giving disclosure:
Full name(s): Forsyth Barr Investment Management Limited
Summary of substantial holding
Class of quoted voting products: Ordinary shares (PFI.NZ)
Summary for: Forsyth Barr Investment Management Limited
For this disclosure,—
(a) total number held in class: 25,010,793
(b) total in class: 498,723,330
(c) total percentage held in class: 5.015%
Details of relevant interests
Details for Forsyth Barr Investment Management Limited
Nature of relevant interest(s): The relevant interest arises under various investment
management agreements to which Forsyth Barr
Investment Management Limited is a party in its
capacity as the manager of the Forsyth Barr
Investment Funds and as a provider of discretionary
investment management services (DIMS). The
relevant interest arises only from the powers of
investment contained in those agreements, including
the power to control the exercise of the right to vote
attached to the shares and to control the disposal of
the shares. A relevant agreement document need
not be attached under regulation 139.
For that relevant interest,—
(a) number held in class: 25,010,793
(b) percentage held in class: 5.015%
(c) current registered holder(s): Unknown
(d) registered holder(s) once transfers
are registered:
Forsyth Barr Custodians Limited (24,070,396
shares) and Trustees Executors Limited (940,397
shares)
For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable
(c) parties to the derivative: Not applicable

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(d) if the substantial product holder is not
a party to the derivative, the nature of the
relevant interest in the derivative:
Not applicable

Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure in the period 1 June 2018 to
1 October 2018:
Nature of event Consideration Number of financial products
On-market sales $1,625,105 927,544
On-market purchases $2,079,717 1,190,209
Off-market transfers out of DIMS Nil 287,879
Off-market transfers into DIMS Nil 733,311


Additional information
Address of substantial product holder: Forsyth Barr House, The Octagon, Dunedin
Contact details: Nick Hegan
T: +64 4 495 8202
E: compliance@forsythbarr.co.nz
Name of any other person believed to
have given, or believed to be required to
give, a disclosure under the Financial
Markets Conduct Act 2013 in relation to
the financial products to which this
disclosure relates:
Not applicable
Certification
I, Nicholas Hegan, certify that, to the best of my knowledge and belief, the information contained
in this disclosure is correct and that I am duly authorised to make this disclosure by all persons
for whom it is made.