Opening of Retail Offer

25137609
IMMEDIATE – 25 November 2019
Investore Property Limited
Opening of Retail Offer
Investore Property Limited (Investore) is pleased to announce the opening of its $15 million retail offer
which forms part of its $80 million capital raising announced on 19 November 2019. Investore has the
ability to accept oversubscriptions of up to $5 million at its discretion.
Eligible shareholders will receive their personalised application forms to apply for up to a maximum of
$50,000 of new shares per shareholder at an issue price of $1.75 per new share (being the same issue
price as the Placement undertaken on 19 November 2019). Shareholders can apply online at
www.shareoffer.co.nz/investore
until 5.00pm (NZT) on 4 December 2019.
The Retail Offer Document will be sent to eligible shareholders today and can be found at
www.shareoffer.co.nz/investore
.
Record Date 5.00pm (NZ time) 18 November 2019
Announcement of Offer 19 November 2019
Retail Offer Opening Date 25 November 2019
Offer Document and Application Form sent to eligible
shareholders
25 November 2019
Retail Offer Closing Date (last day for online
applications, or for receipt of an Application Form,
with payment)
4 December 2019, 5pm
Allotment of new shares under the Retail Offer and
commencement of trading
10 December 2019
These dates are subject to change and are indicative only. Investore reserves the right to amend this timetable
(including by extending the Retail Offer Closing Date) subject to applicable laws and the Listing Rules. Investore
reserves the right to withdraw the Retail Offer and the issue of new shares under it at any time before the date of
allotment at its absolute discretion.

Ends
Attachments provided to NZX:
• Investore Property Limited – Opening of Retail Offer - 251119
• Investore Property Limited – Retail Offer Document – 251119
• Investore Property Limited – Application Form - 251119

For further information please contact:
Mike Allen, Chairman, Investore Property Limited
Mobile: 021 606 134 - Email: mike.allen@investoreproperty.co.nz

25137609
2

Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 230 3026 - Email: philip.littlewood@strideproperty.co.nz


Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 536 406 - Email: jennifer.whooley@strideproperty.co.nz


Louise Hill, General Manager Corporate Services, Stride Investment Management Limited as manager of Investore
Mobile: 0275 580 033- Email: louise.hill@strideproperty.co.nz

---

This is an important document. You should read the whole
document before deciding whether to subscribe for shares.
If you have any doubts as to what you should do, please consult
your broker, financial, investment or other professional adviser.
25 November 2019
Retail Share Offer
Offer Document

Bay Central, Tauranga
1
Investore Property Limited Retail Share Offer
1 Important Information
3 Chair’s Letter
4 Key Details
5 Key Dates
Contents
Important Information
General Information
This Offer Document has been prepared by Investore
Property Limited (Investore) in connection with an offer
of new ordinary shares under a share purchase plan (with
provision for oversubscriptions through an additional
share placement) (the Offer). The Offer is made to Eligible
Shareholders under the exclusion in clause 19 of Schedule
1 of the Financial Markets Conduct Act 2013. This Offer
Document is not a product disclosure statement or
prospectus and does not contain all of the information
which may be required in order to make an informed
investment decision about the Offer or Investore.
Non-Standard Designation
Investore has been designated as a “Non-Standard” (NS)
issuer by NZX Limited (NZX). A copy of the waivers granted
by NZX from the NZX Main Board Listing Rules dated
1 October 2017 (specifically, Listing Rules 3.3.5 to 3.3.15
and 3.4.3) in respect of Investore’s “NS” designation can
be found at www.nzx.com/companies/IPL/documents.
Until such time as these waivers are reissued by NZX (or
30 June 2020 if these waivers are not reissued by that
date), Investore will continue to rely on them under the NZX
Regulation Decision dated 19 November 2018 regarding
the continuing application of waivers granted under the
previous NZX Main Board Listing Rules.
Additional information available under continuous
disclosure obligations
Investore is subject to continuous disclosure obligations
under the Listing Rules. Investore may, during the Offer,
make additional releases to NZX. Market releases by
Investore, including its most recent financial statements,
are available at www.nzx.com/companies/IPL/
announcements.
No release by Investore to NZX will permit an applicant
to withdraw any previously submitted Application without
Investore’s consent, whether or not there has been any
permissible variation of the Offer.
Offering restrictions
This Offer Document is intended for use only in connection
with the Offer to Eligible Shareholders with a registered
address in New Zealand. This Offer Document does not
constitute an offer or invitation in any place in which, or to
any person to whom, it would not be lawful to make such
an offer or invitation.
No action has been taken to permit a public offering of the
Offer Shares in any jurisdiction outside New Zealand. The
distribution of this Offer Document in a jurisdiction outside
New Zealand may be restricted by law and persons who
come into possession of it (including nominees, trustees
or custodians) should seek advice on and observe any
such restrictions.
No person may subscribe for, purchase, offer, sell,
distribute or deliver the Offer Shares, or be in possession
of, or distribute to any other person, any offering material
or any documents in connection with the Offer Shares, in
any jurisdiction other than in compliance with all applicable
laws and regulations. Without limiting the foregoing, this
Offer Document may not be sent into or distributed in the
United States.
No Guarantee
No person named in this Offer Document (nor any other
person) guarantees the Offer Shares to be issued pursuant
to the Offer or warrants the future performance of
Investore or any return on any investment made pursuant
to this Offer Document.
Decision to participate in the Offer
The information in this Offer Document does not constitute
a recommendation to acquire Offer Shares nor does it
amount to financial product advice. This Offer Document
has been prepared without taking into account the
investment objectives, financial, or taxation situation or
particular needs of any Eligible Shareholder.
Privacy
Any personal information you provide in your Application
will be held by Investore and/or the Share Registrar at the
addresses set out in the Directory. This information will be
used for the purposes of administering your investment in
Investore. This information will only be disclosed to third
parties with your consent or if otherwise required by law.
Under the Privacy Act 1993, you have the right to access
and correct any personal information held about you.
Enquiries
Enquiries about the Offer can be directed to an NZX
Primary Market Participant, or your solicitor, accountant or
other professional adviser. If you have any questions about
the number of Offer Shares shown on the Application Form
that accompanies this Offer Document, or how to apply
online or complete the Application Form, please contact
the Share Registrar as set out in the Directory.
Times
All references to time in this Offer Document are to
New Zealand time.
Defined terms
Capitalised terms used in this Offer Document have the
specific meaning given to them in the Glossary at the back
of this Offer Document or in the relevant section of this
Offer Document.
6 Questions and Answers
9 Terms and Conditions
12 Glossary
13 Directory

Bunnings, Te Rapa
3
Investore Property Limited Retail Share Offer
2
Investore Property Limited Retail Share Offer
Dear Shareholder,
Investore equity raising
On 19 November we announced plans to raise approximately $80 million of new equity through a placement of new shares
(Placement) of $65 million and a retail offer (Offer) of up to $15 million, with the ability to accept oversubscriptions of up to
$5 million at Investore’s discretion. The Placement was completed on 19 November and successfully raised $65 million.
On behalf of the Board, it is my pleasure to invite you to participate in the Offer. This opportunity gives all eligible
shareholders in New Zealand the chance to purchase up to $50,000 of new Investore shares without incurring brokerage
or other transaction costs, at a fixed price of $1.75 per new share. The issue price of $1.75 per share is the same as the
price paid by investors in the Placement.
Furthering our growth strategy
Investore is New Zealand’s only listed property company with an investment strategy focused on the large format retail
property sector. Investore’s portfolio is underpinned by characteristics such as high occupancy, long lease terms and
nationally recognised tenants. Investore’s strategy is to continue targeted portfolio growth through disciplined and
considered investment, with a focus on increasing exposure to properties with rental growth opportunities, including
balanced specialty exposure.
We intend to use the net proceeds of the Placement and Offer to repay debt and reduce gearing, providing financial
flexibility to pursue acquisition opportunities, including the acquisition of three large format retail assets from Stride
Property Limited (Stride). Investore has a conditional agreement to acquire these assets from Stride for $140.75 million.
The agreement remains subject to a number of conditions, including completion of satisfactory due diligence, approval
by the Investore Board, Investore shareholder approval and approval by the Overseas Investment Office of New Zealand.
Investore will seek shareholder approval to the acquisition in January 2020.
The acquisition is consistent with Investore’s strategic growth objectives and is expected to be accretive to Investore’s
earnings for the FY21 financial year (the acquisition is not expected to settle before 31 March 2020).
If the full $80 million of new equity being sought through the Placement and Offer is raised, Investore’s loan to value ratio
(LVR) will initially reduce (based on the 30 September 2019 LVR, and assuming the Placement and Offer had completed
as at that date), from 40.6% to approximately 30.2% which will then return to around current levels on the assumption
of a successful completion of the acquisition, expected to be in April 2020.
How you can participate in the Offer
Participation in the Offer is optional, and shareholders have the option to apply for as many or as few shares as they want,
up to the cap of $50,000. The Offer limit has been specifically set at $50,000 so as to allow the vast majority of Eligible
Shareholders to apply for such number of shares as would retain their pro rata shareholding if they wish. If the Offer is
oversubscribed, applications will be scaled by reference to existing shareholdings. We encourage you to read the Offer
Document and seek investment advice from a suitably qualified professional adviser before you consider investing.
If you decide to participate in the Offer, please complete either the physical Application Form accompanying this
Offer Document or complete an online application at www.shareoffer.co.nz/investore by 5.00pm (NZ time) on
4 December 2019.
Instructions on how to make payment can be found in the Application Form and Offer Document or at
www.shareoffer.co.nz/investore.
The new shares are expected to be allotted on or around 10 December 2019. They will rank equally with existing Investore
shares at that date and will not be eligible for the quarterly dividend for the three months ended 30 September 2019,
which is expected to be paid on 27 November 2019.
The Board members of Investore have all indicated that they intend to participate in the Offer.
On behalf of the Board, I welcome your participation in the Offer and thank you for your continued support.
Yours sincerely,
Mike Allen
Chair
Investore Property Limited
Chair’s Letter

Countdown, Rolleston
5
Investore Property Limited Retail Share Offer
4
Investore Property Limited Retail Share Offer
Key Details
Equal participation
Each Eligible Shareholder has the right to apply for the same dollar amount
of Offer Shares and on the same terms and conditions as each other Eligible
Shareholder.
Application amount
You can apply for any number of Offer Shares up to a maximum value of
$50,000 of Offer Shares (being up to 28,571 Offer Shares at the Issue Price).
Investore is accepting Applications for up to $15 million of Offer Shares in
aggregate (plus up to $5 million of Offer Shares in oversubscriptions, at its
discretion). Applications may need to be scaled depending on the Applications
received. Any scaling of Applications will be carried out in accordance with
clause 9 of the Terms and Conditions.
Issue Price
$1.75 per Offer Share (being the price paid by investors in the Placement).
No underwriting
The Offer is not underwritten.
When to apply
Applications must be received by 5.00pm on the Closing Date
(4 December 2019, unless extended).
How to apply
Eligible Shareholders may apply online at www.shareoffer.co.nz/investore
or by completing and returning the personalised Application Form
accompanying this Offer Document together with payment, in accordance
with the instructions.
Receiving your Offer Shares
You will receive your Offer Shares on the Allotment Date (10 December 2019,
unless extended).
Key Dates
*

5.00pm on 18 November 2019
Record Date
The date on which Eligible Shareholders are
determined.
25 November 2019
Opening Date
Offer documents mailed to Eligible Shareholders.
Offer opens.
4 December 2019
Closing Date
Offer closes. Applications (with payment) must
be received by 5.00pm.
10 December 2019
Allotment DateOffer Shares allotted.
16 December 2019
Despatch Date
Transaction confirmation despatched to
participating Eligible Shareholders.
DateEvent
* Subject to the Listing Rules. Investore reserves the right to alter the key dates, subject to applicable laws and the
Listing Rules. Investore reserves the right to withdraw the Offer at any time prior to the issue of the Offer Shares
at its absolute discretion.

7
Investore Property Limited Retail Share Offer
6
Investore Property Limited Retail Share Offer
These Questions and Answers are a summary only and
you should refer to the attached Terms and Conditions for
further information.
1. What is the Offer?
The Offer allows Eligible Shareholders to purchase
Offer Shares without incurring brokerage or other
transaction costs.
All Offer Shares will be of the same class as, and rank
equally with, all Shares currently on issue. It is a term of
the Offer that Investore will take any necessary steps
to ensure that the Offer Shares are immediately after
issue quoted on the NZX Main Board.
2. What will the proceeds be used for?
The proceeds of the Offer will be used to initially
repay debt and reduce gearing providing financial
capacity to pursue acquisition opportunities including
the acquisition of three large format retail properties
owned by Stride Property Limited.
3. Am I eligible?
You are eligible to participate in the Offer if you are a
shareholder of Investore and:
(a) you were registered as a holder of fully paid
Shares at 5.00pm on the Record Date, which
was 18 November 2019;
(b your registered address is in New Zealand; and
(c) you are not a U.S. person or acting on behalf of a
U.S. person.
Any failure to comply with the above restrictions
may contravene applicable securities law. Investore
disclaims all liability to such persons.
4. What is the price of the Offer Shares?
The Issue Price is $1.75 per Offer Share (being the
same price paid by investors in the Placement).
5. How many Offer Shares can I purchase?
Eligible Shareholders may elect to purchase any
number of Offer Shares up to a maximum value of
$50,000 (being up to 28,571 Offer Shares at the
Issue Price).
Investore is accepting Applications for up to
$15 million of Offer Shares in aggregate plus up
to $5 million of Offer Shares in oversubscription,
at its discretion. Applications may need to be scaled
depending on the Applications received. Any scaling
of Applications will be carried out in accordance with
clause 9 of the Terms and Conditions.
You should send in a cheque or make payment by way
of electronic funds transfer to Investore, in each case,
in New Zealand dollars for the value applied for.
All Offer Shares issued under the Offer will be ordinary
Shares of Investore. Eligible Shareholders who
subscribe under the Offer will be eligible to participate
in any future dividends to be declared by Investore.
Eligible Shareholders will not receive the cash
dividend announced on 13 November 2019 in respect
of any Offer Shares allocated to them under the Offer.
6. Are there any conditions to the Offer?
No. However, Investore reserves the right to terminate
the Offer at any time prior to the issue of Offer Shares
on the Allotment Date.
If the Offer is cancelled for any reason, all application
monies will be returned to applicants and no Offer
Shares will be allotted under the Offer. No interest
will be payable on any monies returned to applicants.
Refunds will not be paid for any difference arising
solely due to rounding or where the aggregate amount
of the refund payable to an applicant is less than $5.00.
7. What if I own Shares through a trustee
or custodian?
If you own Shares through a trustee or custodian, then
subject to certain certification requirements and other
conditions, you may instruct the trustee or custodian
to purchase Offer Shares on your behalf, up to the
$50,000 limit.
If you own Shares through a trustee or custodian and
also own Shares in your own name, then you may
either purchase Offer Shares yourself or instruct your
trustee or custodian to purchase Offer Shares on your
behalf. You may not do both.
If you are a Custodian or hold Shares through a
Custodian, please refer to clause 4 of the Terms
and Conditions.
8. What about joint holders?
Joint holders are treated as a single Shareholder under
the terms of the Offer. As a group, they can apply for
any number of Offer Shares up to a maximum value
of $50,000.
9. Do I have to participate?
No. Participation is entirely voluntary.
10. Will my shareholding be diluted if I do not
participate?
If you choose not to participate in the Offer, your
shareholding percentage in Investore may be
diluted. For example, assuming that $80 million is
raised under the Placement and the Offer (taking
into account the $65 million of shares to be issued
under the Placement and assuming the amount to
be raised in the Offer of $15 million (i.e. excluding
any oversubscriptions) is fully subscribed and the
Offer Shares are issued at $1.75 per Offer Share)
approximately 45,714,286 Shares will be issued
and if you do not elect to acquire any Offer Shares
in the Offer, your shareholding will be diluted by
approximately 14.9%.
This dilution will relate only to your percentage
shareholding of Investore as the number of Investore
shares that you hold will not change as a result of not
participating in the Offer.
The Application Form details the approximate amount
of Offer Shares you would need to apply for to maintain
your same percentage holding assuming that
$80 million is raised in total across the Placement
and the Offer (i.e. excluding any oversubscriptions
under the Offer). That number may be a lesser
number than (and is capped at) the maximum number
of Offer Shares you are permitted to apply for under
the Offer (being 28,571 Offer Shares).
While Investore has attempted to make the Offer
as fair as possible for Eligible Shareholders by
increasing the individual application cap from the
typical $15,000 to $50,000, the Offer is not a pro-
rata offer and even if you participate in the Offer, your
shareholding percentage in Investore may change.
Whether your shareholding in Investore increases or
decreases will depend on the amount of Offer Shares
you apply for, how many Existing Shares you hold on
the Record Date and how many Offer Shares other
Eligible Shareholders apply for and are allotted under
the Offer.
11. Is this offer transferable to another person?
No. This offer is personal to you and you may not
transfer your right to purchase Offer Shares under
the Offer to anyone else.
12. What are the risks to investing in the Offer?
The market price of Shares may rise or fall between
the date of this Offer and the date when Offer Shares
are allotted to you. The price paid for the Offer Shares
under the Offer may be higher or lower than the price
at which Shares are trading on the NZX Main Board at
the time the Offer Shares are issued under the Offer.
There is no certainty that Shares will trade at or above
the Issue Price following the issue of the Offer Shares
under the Offer. Therefore, you should seek your
own financial advice in relation to this Offer and your
participation under the Offer.
Further information about Investore, including
the most recent financial statements of Investore,
can be obtained from Investore’s website:
www.investoreproperty.co.nz. You may obtain, free of
charge, the most recent annual report and financial
statements of Investore by contacting Investore (for
details please see the Directory on page 13), or you
may download the documents from the Investore
website: www.investoreproperty.co.nz. You are
also recommended to monitor Investore’s market
announcements through the NZX website:
www.nzx.com.
13. What is the current Share price?
The market price of the Shares is quoted on the NZX
website: www.nzx.com.
14. How do I apply for Offer Shares under the Offer?
If you wish to participate in the Offer, you may apply
online at www.shareoffer.co.nz/investore or by
following the step-by-step instructions set out on
the reverse of the enclosed personalised Application
Form. If you apply online, you will need your CSN /
Holder Number. If you apply using the Application
Form, send your completed Application Form with
your cheque made payable to “Investore Retail Offer”
to Investore’s share registry, or make payment by
electronic funds transfer, as set out in the instructions
on the Application Form by the Closing Date. If the
exact amount of money is not tendered, Investore
reserves the right not to accept all or part of your
payment. In those circumstances, Investore will return
your Application and cheque or refund all or part of
your payment without interest.
If an Application is rejected, all of the amounts paid will
be refunded to the relevant applicant. If Applications
are scaled back, the applicant will receive the number
of Offer Shares in respect of which the Application
is accepted at the Issue Price and a refund of the
balance of the relevant payment amount. All refunds
will be made without interest. Refunds will be issued
within five business days following the Allotment Date.
Questions and Answers

9
Investore Property Limited Retail Share Offer
8
Investore Property Limited Retail Share Offer
Refunds will not be paid for any difference arising
solely due to rounding or where the aggregate amount
of the refund payable to an applicant is less than $5.00.
You will not be able to withdraw or revoke your
Application once you have sent it in.
15. How long is the Offer open and when will
I receive my Offer Shares?
The Offer opens on 25 November 2019 and is
expected to close at 5.00pm on 4 December 2019,
unless extended. If you want to participate you should
ensure your Application and payment (by cheque or
electronic funds transfer) is received by 5.00pm on
4 December 2019.
Please allow adequate time for mail deliveries to be
received and electronic funds transfers to be cleared
into Investore’s bank account by this time. Applications
received after this time may not be accepted.
You will receive the Offer Shares issued to you under
the Offer on the Allotment Date, which is currently
expected to be on or around 10 December 2019.
Confirmation of the number of Offer Shares issued to
you under the Offer will be sent on the Despatch Date,
currently expected to be on or around 16 December
2019.
16. How many Offer Shares will I receive?
Subject to scaling, you will receive the number of Offer
Shares you have validly applied for (and payment has
been received in respect of). If the dollar amount of
Offer Shares you have applied for (or are allocated)
does not equal a whole number of Offer Shares once
divided by the Issue Price, the number of Offer Shares
allotted to you will be rounded down to the nearest
Offer Share. Any difference due to rounding or under
$5.00 will be retained by Investore.
Any scaling of Applications will be carried out in
accordance with clause 9 of the Terms and Conditions.
17. Will the Offer Shares be quoted?
The Offer Shares will be quoted on the NZX Main
Board. The NZX Main Board is a licensed market
operated by NZX, which is a licensed market operator
regulated under the Financial Markets Conduct Act
2013. However, NZX accepts no responsibility for any
statement in this Offer Document.
It is expected that you will be able to commence
trading the Offer Shares allotted to you under the Offer
on the NZX Main Board on the Allotment Date.
18. Why is there a maximum application amount?
The Offer needs to comply with the conditions
imposed by the Listing Rules. The offer of Offer
Shares up to a maximum value of $50,000 per Eligible
Shareholder is being undertaken under Listing Rule
4.3.1(c) (Share Purchase Plan) in respect of the first
$15,000 of Offer Shares offered and under Listing
Rule 4.5 (15% Placement) in respect of the additional
$35,000 of Offer Shares offered to each Eligible
Shareholder.
19. What is Investore’s dividend policy?
Investore’s dividend policy is to target a cash dividend
to shareholders that is between 95% and 100% of
its distributable profit. Distributable profit is a non-
GAAP measure and consists of profit/(loss) before
income tax, adjusted for determined non-recurring
and/or non-cash items (including non-recurring
adjustments for incentives payable to anchor tenants
for lease extensions) and current tax. See Note 3.3 to
Investore’s interim financial statements for the period
ending 30 September 2019 for further information.
20. Why are not all shareholders eligible to
participate in the Offer?
Investore considers that the legal requirements of
jurisdictions other than New Zealand are such that it
would be unduly onerous for Investore to make the
Offer in those jurisdictions. This decision was made
having regard to the number of Shareholders in such
overseas jurisdictions and the costs of complying with
overseas legal requirements.
21. Further assistance
If you have any further questions, please contact your
broker, financial, investment or other professional
advisor before making your investment decision.
If you have any questions about the number of
Offer Shares shown on the Application Form that
accompanies this Offer Document, or how to apply
online or complete the Application Form, please
contact the Share Registrar as set out in the Directory.
Questions and Answers (cont)
If you apply to participate in the Offer by completing an online application
or completing and returning the Application Form, you are accepting the
risk that the market price of Shares may change between the Opening
Date, the date at which you send in an Application and the Allotment Date.
This means that it is possible that up to or after the Allotment Date, you
may be able to buy Shares at a lower price than the Issue Price.
We encourage you to seek your own financial advice regarding your
participation in the Offer.
1 Offer timetable
Record Date:
Eligible Shareholders registered at 5.00pm on 18 November 2019
may participate in the Offer.
Opening Date:
The Offer opens on 25 November 2019. This Offer Document is
mailed to Eligible Shareholders on 25 November 2019.
Closing Date:
The Offer closes at 5.00pm on 4 December 2019, unless extended.
Applications must be received by this time. Applications may, at
Investore’s option, not be processed or held to be valid if they have
not been received by this time.
Allotment Date:
The Offer Shares are proposed to be allotted on or around
10 December 2019.
Commencement of trading:
Investore expects the Offer Shares will commence trading on the
NZX Main Board on the Allotment Date.
Despatch Date:
Investore expects that a transaction confirmation will be despatched
to you on or around 16 December 2019.
Investore has a discretion to change, at any time, any of the Closing
Date, the Allotment Date and the Despatch Date (notwithstanding
that the Offer has opened, or Applications have been received) by
lodging a revised timetable with NZX.
2 Eligible Shareholders
2.1 You may participate in the Offer if you are an Eligible Shareholder.
An Eligible Shareholder is a person who, at 5.00pm on the Record
Date, was recorded in Investore’s share register as being a
registered holder of Existing Shares and having an address in New
Zealand, unless that person holds Shares on behalf of another
person who resides outside New Zealand. For the avoidance of
doubt, no U.S. Person will be an Eligible Shareholder.
2.2 Joint holders of Shares are taken to be a single registered holder of
Shares for the purposes of determining whether they are an Eligible
Shareholder and the certification on the online application or
Application Form is taken to have been given by all of them.
2.3 If you are an Eligible Shareholder, your rights under this Offer are
personal to you and non-renounceable, so you may not transfer them.
3 Issue Price and Number of Offer Shares
3.1 The Issue Price for Offer Shares under the Offer is $1.75 per Offer
Share (being the same price paid by investors in the Placement).
3.2 Subject to scaling, you will receive the number of Offer Shares you
have validly applied for (and payment has been received in respect
of). If the dollar amount of Offer Shares you have applied for (or are
allocated) does not equal a whole number of Offer Shares once
divided by the Issue Price, the number of Offer Shares allotted to you
will be rounded down to the nearest Offer Share. Any difference due
to rounding or under $5.00 will be retained by Investore.
3.3 Subject to clause 4.2 of these Terms and Conditions, Eligible
Shareholders may elect to purchase any number of Offer Shares
up to a maximum value of $50,000, by filling in the appropriate box
on the online application or Application Form. The number of Offer
Shares you receive on the Allotment Date may be subject to scaling,
as described in clause 9 of these Terms and Conditions.
3.4 Eligible Shareholders may only make a single Application for Offer
Shares under the Offer. This applies to all Eligible Shareholders,
including those who receive more than one offer under the Offer
(for example, because they hold Shares in more than one capacity)
and including whether the Eligible Shareholder is applying through
a custodian or on his or her own behalf. Accordingly, if you own
Shares through a trustee or custodian and also own Shares in your
own name, then you may either purchase Offer Shares yourself or
instruct your trustee or custodian to purchase Offer Shares on your
behalf. You may not do both.
4 Custodians
4.1 Any Eligible Shareholder that:
(a) is a trustee corporation or a nominee company and holds
Existing Shares on the Record Date by reason only of acting
for another person in the ordinary course of business of that
trustee corporation or nominee company; or
(b) holds Shares by reason only of being a bare trustee of a trust to
which the Shares are subject,
is a custodian under the Offer.
4.2 Custodians may apply to purchase Offer Shares under the Offer
but only up to the total value of Offer Shares applied for on behalf of
each beneficial owner in New Zealand for which the custodian acts
as a custodian. Custodians must confirm to Investore that they are
holding Shares as a custodian for beneficial owners by providing
the written certification to Investore described in clause 4.3 below.
Each beneficial owner may only direct the custodian to apply on
behalf of that beneficial owner for Offer Shares as described in
clauses 3.3 and 3.4. A separate online application or Application
Form must be completed for each beneficial owner.
4.3 If a custodian applies to purchase Offer Shares on behalf of one or
more beneficial owners, the custodian must certify to Investore in
writing together with the Application:
(a) that the custodian holds Shares directly or indirectly as a
custodian for beneficial owners;
(b) the number of those beneficial owners;
(c) in respect of each of the beneficial owners, how many Offer
Shares the beneficial owner or the beneficial owner’s agent
has instructed the custodian to accept on behalf of that
beneficial owner;
(d) that the custodian undertakes not to accept on behalf of any of
those beneficial owners for which it acts directly or indirectly
as a custodian, Offer Shares the total issue price of which is
more than $50,000; and
(e) that the beneficial owner on whose behalf the custodian is
submitting an Application is not making an Application as an
Eligible Shareholder for Offer Shares under the Offer, and no
other custodian is submitting an Application under the Offer for
that beneficial owner.
5 Completing the Application and paying for Offer Shares
5.1 If you wish to participate in the Offer, you must complete an online
application on the offer website www.shareoffer.co.nz/investore or
the Application Form and provide a cheque or make an electronic
funds transfer in accordance with the instructions on the offer
website or the Application Form. Payments must be drawn on a
New Zealand bank account.
Terms and Conditions

11
Investore Property Limited Retail Share Offer
10
Investore Property Limited Retail Share Offer
5.2 Eligible Shareholders should send in a cheque or make an electronic
funds transfer for the amount of Offer Shares applied for.
5.3 To be valid, Applications must be received by Computershare
Investor Services Limited by 5.00pm on 4 December 2019.
Applications received after that date will only be accepted at
Investore’s discretion. Application Forms should be sent, with the
cheque (unless payment is being made by electronic funds transfer),
to:
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna, Auckland 0622
or
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142
6 Investore’s discretion to accept or reject Applications
6.1 Investore has discretion to accept or reject your Application to
purchase Offer Shares under the Offer, including (without limitation)
if:
(a) your Application Form or online application is incorrectly
completed or incomplete or otherwise determined by Investore
to be invalid;
(b) your payment is dishonoured or has not been completed
correctly;
(c) the cheque that you enclose with your Application Form or your
electronic funds transfer is not denominated in New Zealand
dollars for the exact amount of Offer Shares that you have
applied for;
(d) i t appears that you are applying to buy more than $50,000
(in aggregate) of Offer Shares (except if you are a custodian
applying on behalf of more than one beneficial owner in
accordance with clause 4.2);
(e) your Application is received after the Closing Date. While
Investore has discretion to accept late Applications and
payments, there is no assurance that it will do so. Late
Applications and payments, if not processed, will be returned
to you at your registered address within five business days of
the Allotment Date or within five business days of the date of
receipt in respect of any late Application received after the
Allotment Date. No interest will be paid on any application
monies returned to you;
(f) Investore believes that you are not an Eligible Shareholder or
custodian; or
(g) Investore considers that your Application does not comply with
these Terms and Conditions.
6.2 Investore reserves the right to scale back, at its absolute discretion,
any Application for Offer Shares under the Offer. Investore reserves
the right to terminate the Offer and reject all Applications at any time
prior to the issue of the Offer Shares on the Allotment Date.
6.3 If an Application is rejected, all of the relevant amounts will be
refunded to the applicant. If Applications are scaled back, the
applicant will receive the number of Offer Shares in respect of
which the Application is accepted at the Issue Price and a refund of
the balance of the relevant application monies. Refunds will not be
paid for any difference arising solely due to rounding or where the
aggregate amount of the refund payable to an applicant is less than
$5.00. All refunds will be made without interest.
6.4 Refunds will be made in the manner you have elected any dividend
payments be made. Any refunds will be issued within five business
days following the Allotment Date.
7 Significance of sending in an Application
7.1 If you apply to participate in the Offer by completing and returning
the Application Form or completing an online application:
(a) your Application, on these Terms and Conditions, will be
irrevocable and unconditional (i.e., it cannot be withdrawn);
(b) you certify to Investore that you are an Eligible Shareholder
entitled to apply for Offer Shares under these Terms and
Conditions;
(c) you agree to be bound by the constitution of Investore;
(d) you acknowledge that the Offer is conditional and may not
proceed;
(e) you certify that your acceptance of the Offer will not be, or
cause, a breach of any law in any jurisdiction;
(f) you certify to Investore that you are not applying for Offer
Shares under the Offer with an application value in excess
of $50,000 even though you may have received more than
one offer under the Offer or received offers in more than one
capacity under the Offer;
(g) you authorise Investore (and its officers or agents) to correct
any error in, or omission from, your Application and to complete
the Application by the insertion of any missing details;
(h) you acknowledge that Investore may at any time irrevocably
determine that your Application is valid, in accordance
with these Terms and Conditions, even if the Application is
incomplete, contains errors or is otherwise defective;
(i) you accept the risk associated with any refund that may be
despatched to you by cheque to your address set out in the
Application;
(j) you agree to indemnify Investore for, and to pay to Investore
within five business days of demand, any dishonour fees or
other costs Investore may incur in presenting a cheque for
payment which is dishonoured;
(k) you acknowledge that none of Investore, its advisers or agents
has provided you with investment advice or financial product
advice, and that none of them has an obligation to provide
advice concerning your decision to apply for and purchase
Offer Shares under the Offer;
(l) you acknowledge the risk that the market price for the Shares
may change between the Opening Date, the date you apply for
Offer Shares under the Offer and the Allotment Date. A change
in market price during this period could result in the Issue Price
of the Offer Shares you receive under the Offer being higher
or lower than the market price of the Shares at the time of
allotment;

Terms and Conditions (cont)
(m) you acknowledge that Investore is not liable for any exercise of
its discretions referred to in these Terms and Conditions; and
(n) you irrevocably and unconditionally agree to these Terms and
Conditions and agree not to do any act or thing which would be
contrary to the spirit, intention or purpose of the Offer.
7.2 If a custodian applies to purchase Offer Shares under the Offer for a
beneficial owner pursuant to clause 4.2, the certification referred to
in clause 7.1(f) will be taken to be given by the beneficial owner on
whose behalf the custodian is applying to purchase Offer Shares.
8 Issue Price
You agree to pay the Issue Price per Offer Share up to the maximum
amount you have specified in your online application or on the
Application Form.
9 Scaling
9.1 Scaling of Applications will be required if Investore receives
Applications in excess of the maximum number of Offer Shares
available to be allocated under the Offer. Such maximum available
number of Offer Shares will be the lesser of:
(a) $15 million (or $20 million, if Investore accepts $5 million of
Offer Shares in oversubscription, at its discretion) of Offer
Shares; and
(b) the number of Offer Shares to be issued:
(i) under Listing Rule 4.3.1(c) (being an aggregate of the first
$15,000 of Offer Shares applied for by applicants under
the Offer); plus
(ii) under Listing Rule 4.5 (being the aggregate of the
additional $35,000 of Offer Shares applied for by
applicants under the Offer), capped at the maximum
number of Shares that may be issued under the Placement
and the Offer in accordance with Listing Rule 4.5 (being
approximately $3.27 million of Offer Shares).
9.2 Any scaling of Applications will be undertaken by reference to the
holdings of Existing Shares at the Record Date.
9.3 If scaling produces a fractional number, the number of Offer Shares
you will be allotted will be rounded down to the nearest whole
number of Offer Shares.
9.4 If your Application is scaled, your application monies will be greater
than the value of the Offer Shares you will be allotted. The difference
will be refunded to you either by direct credit to your bank account
(if those details are held by the Share Registrar) or by cheque mailed
within five business days of the Allotment Date. No interest will be
paid on any application monies returned to you. Refunds will not be
paid for any difference arising solely due to rounding or where the
aggregate amount of the refund payable to an applicant is less than
$5.00.
10 Offer Shares
10.1 Offer Shares issued under the Offer will rank equally with, and have
the same voting rights, dividend rights and other entitlements as,
existing fully paid Shares quoted on the NZX Main Board. Eligible
Shareholders will not receive the interim cash dividend announced
on 13 November 2019 in respect of any Offer Shares allocated to
them under the Offer.
10.2 Applicants for Offer Shares will be bound by Investore’s constitution
and the terms of the Offer set out in this Offer Document.
10.3 The Offer Shares will be quoted on the NZX Main Board, a
registered market operated by NZX (which is a licensed market
operator regulated under the Financial Markets Conduct Act 2013).
However, NZX accepts no responsibility for any statement in this
Offer Document.
10.4 You cannot trade in any Offer Shares issued to you pursuant to
the Offer, either as principal or agent, until quotation of the Offer
Shares on the NZX Main Board in accordance with the Listing Rules.
Investore expects that the Offer Shares will commence trading on
the NZX Main Board on the Allotment Date.
11 Amendments to the Offer and waiver of compliance
11.1 Notwithstanding any other term or condition of the Offer, the offer
website (www.shareoffer.co.nz/investore) and/or the Application
Form, Investore may, at its discretion:
(a) make non-material modifications to the Offer or such
Terms and Conditions (in which case Applications for Offer
Shares under the Offer will remain binding on the applicant
notwithstanding such modification and irrespective of whether
an Application was received by Computershare Investor
Services Limited before or after such modification is made);
and/or
(b) suspend or terminate the Offer at any time prior to the issue
of Offer Shares under the Offer. If the Offer is terminated,
application monies will be refunded to applicants without
interest within five business days of termination.
11.2 Investore reserves the right to waive compliance with any provision
of these Terms and Conditions (which will be done in accordance
with New Zealand law, including the Listing Rules).
11.3 If Investore waives compliance with any provision of these Terms
and Conditions, such waiver will apply to all Eligible Shareholders.
11.4 Investore will notify NZX of any waiver, amendment, variation,
suspension, withdrawal or termination of the Offer.
12 Governing Law
These Terms and Conditions shall be governed by and construed in
accordance with the laws of New Zealand.
13 Disputes
If any dispute arises in connection with the Offer, Investore may
settle it in any manner it thinks fit. It may do so generally or in relation
to any particular Eligible Shareholder, applicant, Application or
Share. Investore’s decision will be final and binding.
14 Inconsistency
Unless otherwise determined by the directors of Investore, in the
event of any inconsistency between the Terms and Conditions of the
Offer and:
(a) the accompanying letter from the Chair and Questions and
Answers, the Terms and Conditions take precedence; and
(b) Investore’s constitution, Investore’s constitution shall prevail.

13
Investore Property Limited Retail Share Offer
12
Investore Property Limited Retail Share Offer
GlossaryDirectory
Allotment Date
On or around 10 December 2019, unless extended.
Application
An application for Offer Shares under the Offer made using an Application Form or an
online application made through www.shareoffer.co.nz/investore.
Application Form
The personalised application form relating to the Offer that you received with this Offer,
including the instructions on the reverse of the form.
Closing Date
4 December 2019, unless extended.
Despatch Date
On or around 16 December 2019, unless extended.
Eligible Shareholder
A person who, at 5.00pm on the Record Date, was recorded in Investore’s share register
as being a registered holder of Existing Shares and having an address in New Zealand,
unless that person holds Shares on behalf of another person who resides outside
New Zealand. For the avoidance of doubt, no U.S. Person will be an Eligible Shareholder.
Existing Share
A Share on issue on the Record Date.
Investore
Investore Property Limited, a company listed on the NZX Main Board.
Issue Price
$1.75 per Offer Share.
Listing Rules
The NZX Listing Rules.
NZX
NZX Limited.
NZX Main Board
The main board equity security market operated by NZX.
Offer
The Offer detailed in the Terms and Conditions set out in this Offer Document.
Offer Document
This offer document.
Offer Shares
The Shares offered under the Offer, being up to 11,428,571 Shares in aggregate if the
oversubscriptions are accepted in full and 8,571,428 Shares if the discretion is not
exercised to issue up to a further 2,857,142 Shares if the Offer is oversubscribed.
Opening Date
25 November 2019.
Placement
The placement of Shares in Investore announced on 19 November 2019 at a price of
$1.75 per Share, under which 37,142,858 Shares are to be issued on 25 November 2019.
Record Date
18 November 2019.
Shares
Ordinary shares of Investore.
SIML
Stride Investment Management Limited.
U.S. Person
Has the meaning given to it in Regulation S of the U.S. Securities Act of 1933.
Board of Directors
Mike Allen (Independent Director and Chair)
Gráinne Troute (Independent Director)
Tim Storey (SIML Appointed Director)
John Harvey (SIML Appointed Director)
Registered Office
Investore Property Limited
Level 12, 34 Shortland Street
Auckland 1010
Website: www.investoreproperty.co.nz
Share Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, Auckland 0622
Private Bag 92119, Auckland 1142
New Zealand
Phone: 0800 650 034
Email: investore@computershare.co.nz
Legal Advisers
Bell Gully
Level 21, Vero Centre
48 Shortland Street
Auckland 1010
Level 21, ANZ Centre
171 Featherston Street
Wellington 6011
Countdown, Lower Hutt

Investore Property Limited
Level 12, 34 Shortland Street
Auckland 1010
PO Box 6320, Wellesley Street
Auckland 1141
New Zealand
T + 64 9 912 2690

W investoreproperty.co.nz

---

Application Form
Investore Property Retail Offer Application Form
Apply online at www.shareoffer.co.nz/investore
The online Application must be completed by no later than 5.00pm on Wednesday 4 December 2019.
The Offer Document accompanying this Application Form is important. If you have any questions in relation to the Offer, please consult your broker, financial,
investment or other professional advisor. Please see instructions on the reverse on how to complete this Application Form and where to send it.
This Application Form is irrevocable and cannot be withdrawn once lodged.
Application for Offer Shares and Payment
You may apply for Investore Property Limited (Investore) ordinary shares (Offer Shares), up to a maximum of 28,571 Offer Shares (on and in accordance with the
terms and conditions in the accompanying Offer Document). Please indicate the amount of Offer Shares you are applying for below, and either pay by direct credit
to the account detailed below or attach a cheque payable to: “Investore Retail Offer”. Cheques must be in New Zealand dollars and must not be post-dated.
Number of Offer Shares you would need to apply for if you wish to retain approximately the same percentage shareholding as at the Record Date (which may be
a lesser number than (and is capped at) the maximum number of Offer Shares you are permitted to apply for under the Offer (being 28,571 Offer Shares):
Note: This assumes that $80 million is raised under both the Placement and Offer (i.e. excludes the $5 million oversubscription). For a small number of shareholders,
the $50,000 maximum value means that you cannot retain the same percentage shareholding through the Offer so the amount above is the equivalent number of
shares to the $50,000 maximum value. You may receive a refund as a result of any scaling in the circumstances as set out in clause 9 of the terms and conditions
contained in the accompanying Offer Document (Terms and Conditions).
Applicants paying by direct credit must submit their payment instructions to their bank, so the payment is received in Computershare’s bank account in cleared funds
by no later than 5.00pm on Wednesday 4 December 2019, being the Closing Date. Applicants must still complete this form and return it by the Closing Date where
payment has been made by direct credit.
DEPOSIT REFERENCE /CSN/HOLDER NO.PARTICULARS DATE OF PAYMENT
Payments made by direct credit (funds transfer) must quote the reference particulars and date of payment shown below to ensure your payment is identifiable.
If you are a Custodian acting on behalf of one or more beneficial owners you must complete this section.
Please state the number of beneficial owners for whom you act as a Custodian.
Please either state the full name(s) of the beneficial owner(s) for whom you act in submitting this Application Form or attach a schedule of the full names of the
beneficial owners for whom you act in submitting this Application Form including each beneficial owner’s dollar amount of Offer Shares applied for.
Please state the total dollar amount of Offer Shares that you are applying
for on behalf of beneficial owners under this CSN.
$
Payment options:
Enclose a cheque for immediate value drawn on a
New Zealand bank, made payable to “Investore Retail Offer”.
Please see the Terms and Conditions regarding payment.
Option 2
Option 1
Pay by direct credit to: Investore Retail Offer
Bank Name: ANZ Bank
Account Number: 01-1839-0926540-013
$$
Number of Offer Shares applied for X Amount payable per Offer Share= Total value applied for
(up to a maximum number of 28,571 Offer Shares)

CONTACT NAME
Certification
By accepting this offer and applying for Offer Shares under the Offer, you are agreeing to the Terms and Conditions
(in particular those described in clause 7 of the Terms and Conditions set out in the Offer Document) and you are
providing the certification set out below under the heading “Certification”. Read that section carefully.
Execution
*
Holder/Director/Authorised Person
Holder/Director/Authorised Person
Holder/Authorised Person
• If a joint holding all holders must sign.
• If a company is signing, it must be signed on behalf of the company by a person duly authorised for that purpose.
• lf this Application Form is signed under a power of attorney, a certificate of non-revocation of power of attorney in the usual form must also be submitted with
this Application Form.
Contact Details:
Please provide your contact details below:
MOBILE OR DAYTIME TELEPHONE NUMBER
EMAIL ADDRESS
This Offer closes at 5.00pm on Wednesday, 4 December 2019, unless extended. Applications must be received by the Share Registrar before this time at the
address provided on the reverse. Please allow adequate time for mail deliveries. Personal information provided will be held by Investore and/or the Share Registrar.
This information will be used for the purposes of managing your investment in the Offer. Under the Privacy Act 1993, you have the right to access and correct any
personal information held about you.
Instructions
How to complete this Application Form: Read carefully
the Terms and Conditions of the Investore Retail Offer
(Offer) contained in the Offer Document accompanying
this Application Form. In this Application Form, where the
context requires, a reference to “I” includes a reference to
“we”. If you do not understand the Terms and Conditions,
this Application Form or if you have any questions about
what to do in relation to the Offer, please consult your
broker, financial, investment or other professional advisor.
1 Application and payment
• Applications can be made online at
www.shareoffer.co.nz/Investore and by following
the onscreen instructions, alternatively please
complete this Application Form.
• Specify the number of Offer Shares you wish to
apply to purchase and the total dollar amount of that
number of Offer Shares in the boxes provided on
this Application Form.
• You can apply for any number of Offer Shares up to
28,571 Offer Shares.
• Make one application only, whether personally or
through a Custodian. If you own Shares through a
trustee or custodian and also own Shares in your
own name, then you may either purchase Offer
Shares yourself or instruct your trustee or custodian
to purchase Offer Shares on your behalf. You may
not do both.
• You must pay in New Zealand dollars by cheque
or direct credit as per the instructions in the Offer
Document and this Application Form.
• Enclose a cheque for immediate value drawn on
a New Zealand bank, made payable to “Investore
Retail Offer”.
• Applicants paying by direct credit must submit
their payment instructions to their bank, so the
payment is received in the Share Registrar’s bank
account in cleared funds by no later than 5.00pm on
Wednesday, 4 December 2019, being the Closing
Date. Applicants must still complete this form and
return it by the Closing Date where payment has
been made by direct credit.
• Do not post date your cheque.
• Your cheque or direct credit must be for the same
amount as the amount of Offer Shares you applied
for on the front of this Application Form.
• Investore may scale acceptances which may result
in you receiving a refund as described in the Terms
and Conditions.
2 Certification
I irrevocably apply for the number of Offer Shares
indicated in this Application Form (or such other
number of Offer Shares as may be allocated to me due
to rounding or scaling), and agree that:
• By applying for Offer Shares, I acknowledge that
this Application Form was distributed with the Offer
Document containing the Terms and Conditions
dated 25 November 2019, and confirm that I
have read this Application Form and the Offer
Document in their entirety. I agree to be bound by
the constitution of Investore and I irrevocably and
unconditionally agree to the Terms and Conditions.
• If I am not a Custodian, I certify that:
– my address recorded in Investore’s share
register is in New Zealand or I can otherwise
participate in the Offer in compliance with all
applicable laws and I held Existing Shares on the
Record Date; and
– I am not applying for Offer Shares with an
aggregate application amount which is more
than $50,000 (including applications made
through a Custodian) even though I may have
received more than one offer under the Offer or
received offers in more than one capacity under
the Offer.
• If I am a Custodian, I certify that:
– my address recorded in Investore’s share
register is in New Zealand or I can otherwise
participate in the Offer in compliance with all
applicable laws and I hold Existing Shares
directly or indirectly as a Custodian for beneficial
owners; and
– each beneficial owner (or the beneficial
owner’s agent) has instructed me to apply for,
and accept, under the Offer the dollar amount
of Offer Shares set out on the front of this
Application Form (or set out in the attached
schedule);
– no other Custodian is submitting an application
under the Offer for that beneficial owner; and
– I am not applying for Offer Shares with an
aggregate application amount which is more
than $50,000 in respect of any beneficial owner
for whom I act as a Custodian.
3 Execution
You should sign this Application Form where indicated.
4 Contact Details
Fill in your daytime telephone number and contact
name, as we may need to contact you, for example, if
you have not filled in this Application Form correctly.
By providing your email address you agree to Investore
sending you investor correspondence electronically
(where possible) going forward.
Post this Application Form and your cheque or
direct credit so that it is received before 5.00pm on
Wednesday, 4 December 2019 (unless the Closing
Date is extended). You should allow sufficient time for
delivery by the postal service. Application Forms and
payment received after the Closing Date may not be
processed regardless of when they are postmarked.
We have included a reply paid envelope for your
convenience. You may also use a standard envelope,
which should be posted to Computershare Investor
Services Ltd, Private Bag 92119, Auckland 1142, New
Zealand, or hand delivered to Computershare Investor
Services Ltd, Level 2, 159 Hurstmere Road, Takapuna,
Auckland 0622.
Only Application Forms with payment by direct credit
may be scanned and emailed to Computershare
Investor Services Ltd:
Scan & email: investore@computershare.co.nz
(please put Investore Retail Offer in the subject line for
easy identification – for applications with payment by
direct credit only).
If you have any questions in relation to the completion of
this Application Form, please contact Computershare
Investor Services Ltd on 0800 650 034.