Annual Shareholder Meeting 2020

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Annual Meeting of Shareholders 20209 September 2020
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Investore Property Limited – Annual Shareholder Meeting
2020 Address
Slide 1 – Annual Shareholder Meeting 2020
Slide 2 – Question Process
Slide 3 – Voting Process

Annual Meeting of Shareholders 20209 September 2020
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Slide 4 – Board of Directors
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Slide 5 – The Manager
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Slide 6 – Agenda

Annual Meeting of Shareholders 20209 September 2020
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Slide 7 – Chair’s Address – Mike Allen
Slide 8 – A Strong, Resilient Portfolio

Annual Meeting of Shareholders 20209 September 2020
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Slide 9 – Financial Highlights
Slide 10 – Strong Performance Since Listing

Annual Meeting of Shareholders 20209 September 2020
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Slide 11 – Our Strategic Principles
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Slide 12 – Delivering on Our Strategy

Annual Meeting of Shareholders 20209 September 2020
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Slide 13 – Manager’s Review
Slide 14 – Targeted Growth

Annual Meeting of Shareholders 20209 September 2020
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Slide 15 – Majority of Tenants Represent Everyday Needs
Slide 16 – Diversified Portfolio Locations

Annual Meeting of Shareholders 20209 September 2020
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Slide 17 – Anchor Tenants Underpin Income
Slide 18 – Long Dated Lease Expiry Profile
Slide 19 – Proactive Capital Management

Annual Meeting of Shareholders 20209 September 2020
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Slide 20 – Benefits of Bond Issue
Slide 21 – Portfolio Resilient to Impacts of COVID-19

Annual Meeting of Shareholders 20209 September 2020
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Slide 22 – Outlook for FY21

Annual Meeting of Shareholders 20209 September 2020
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Investore Property Limited
Annual Shareholder Meeting
9 September 2020

2Investore Property Limited | Annual Shareholder Meeting
Question Process
•When the question
function is available,
the Q&A icon will
appear at the top of the
app
•To send in a question,
simply click in the ‘Ask
a question’ box, type
your question and
press the send arrow
•Your question will be
sent immediately for
review

3Investore Property Limited | Annual Shareholder Meeting
Voting Process
•When the poll is open,
the vote will be
accessible by selecting
the voting icon at the
top of the screen
•To vote simply select
the direction in which
you would like to cast
your vote; the selected
option will change
colour
•There is no submit or
send button, your
selection is
automatically recorded

Board of Directors
Mike Allen
Chair of the Board
Independent, Non-Executive
Director
Gráinne Troute
Chair of Audit and Risk Committee
Independent, Non-Executive
Director
Adrian Walker
Independent, Non-
Executive Director
Tim Storey
SIML Nominee and
Non-Executive Director
John Harvey
SIML Nominee and
Non-Executive Director
Emma McDonald
Future Director
4Investore Property Limited | Annual Shareholder Meeting

The Manager
Philip Littlewood
Chief Executive
Officer
Jennifer Whooley
Chief Financial
Officer
Fabio Pagano
Fund Manager
Investore
Louise Hill
Company Secretary
5Investore Property Limited | Annual Shareholder Meeting

Bay Central
Shopping Centre
Tauranga
6Investore Property Limited | Annual Shareholder Meeting
Agenda
Chair’s Address
Manager’s Review
Formal Business
General Business and
Shareholder Questions

Chair’s Address –Mike Allen
Bunnings
Te Rapa,
Hamilton
Investore Property Limited | Annual Shareholder Meeting
7

Dependable
income streams
10.4 years
WALT
by Contract Rental
2
0.3%
Average lifecycle costs
by asset value per annum
$895.2m
Portfolio value
1
across 43 properties
$125m
New bonds issued in
August 2020
87%
Gross rental from
anchors
99.7%
Portfolio occupancy
by area
71%
of Contract Rental expires
in FY30 or beyond
$182.7m
Total equity capital raised
over last 12 months
30.4%
Loan to Value Ratio
Proactive capital
management
All metrics above are as at 31 March 2020, as if the capital raise announced on 29 April 2020 had been completed, and the settlement of the three properties acquired
from Stride Property Limited (SPL) on 30 April 2020 had taken place, as at that date.
1.Excludes lease liabilities of $11.1m.
2.Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to Investore by that tenant under the terms of the relevant lease,
annualised for the 12-month period on the basis of the occupancy level for the relevant property as at 31 March 2020 and assuming no default by the tenant.
8Investore Property Limited | Annual Shareholder Meeting
A Strong, Resilient Portfolio

Financial Highlights
For the year ended 31 March 2020
1.Profit before other income/(expense) and income tax is a non-GAAP financial measure.
2.Distributable profit is a non-GAAP financial measure adopted by Investore to assist Investore and its investors in assessing Investore’s profit available for distribution. It is
defined as profit/(loss) before income tax adjusted for non-recurring and/or non-cash items (including non-recurring adjustmentsfor incentives payable to anchor tenants for
lease extensions) and current tax. Further information, including the calculation of distributable profit and the adjustmentstoprofit before income tax, is set out in note 3.2 to
the annual financial statements ended 31 March 2020.
9Investore Property Limited | Annual Shareholder Meeting
Pak’n Save
New
Plymouth
•Net rental income
(FY19: $47.4m)
$48.1m
•Corporate expenses
(FY19: $6.0m)
$7.5m
•Profit before other
income/(expense) and income
tax
1
(FY19: $27.0m)
$26.7m
•Distributable profit
2
after current
income tax (FY19: $20.9m)
$21.1m
•Total cash dividend
7.60 cps

$641m
$660m
$738m
$742m
$761m
$895m
IPOFY17FY18FY19FY20FY20 Including
SPL acquisition
Portfolio value
1
(9.4% Compound Annual Growth Rate)
Strong Performance Since Listing
$1.49
$1.55
$1.64
$1.70
$1.73
$1.69
IPOFY17FY18FY19FY20FY20 Including
SPL acquisition
NTA per share (3.5% Compound Annual Growth Rate)
Investore Property Limited | Annual Shareholder Meeting 10
All figures are as at 31 March for each financial year, except as otherwise stated.
1. Portfolio value excludes lease liabilities.

4. Proactive Capital Management
Proactive capital management to maintain a
healthy and flexible balance sheet for growth,
while preserving sustainable returns to investors
2. Targeted Growth
Considered acquisitions and developments
which deliver growth, while continuing to
enhance geographical and/or tenant portfolio
diversification
3. Continued Portfolio Optimisation
Development of existing properties to meet the
needs of tenants and the surrounding catchment,
which may include acquiring sites adjacent to
existing properties, to provide development
options for the future
Our Strategic Principles
11Investore Property Limited | Annual Shareholder Meeting
1. Active Portfolio Management
Focus on owning well-located properties with
long lease terms and high occupancy, with
nationally recognized, quality tenant brands, and
maintaining strong and enduring tenant
relationships that support the portfolio

Delivering on Our Strategy
Portfolio
Management
•Strong portfolio metrics
Targeted
Growth
•$148m of acquisitions since April 2019
Portfolio
Optimisation
•Proactive portfolio activity resulting in improvements to
existing assets
Capital
Management
•Significant capital management activity resulting in
strong balance sheet and diversified funding sources
Investore Property Limited | Annual Shareholder Meeting 12

Manager’s Review
Countdown
Warkworth,
Auckland
13Investore Property Limited | Annual Shareholder Meeting

Targeted Growth
Investore undertakes considered acquisitions, disposals and developments which deliver growth,
while continuing to enhance the portfolio’s diversification
Sold Countdown Dunedin South
$19.3m
1 April 2019
PurchasedCountdown
New Brighton
$5.75m
23 August 2019
Purchasedland adjacent to existing
Countdown Papakura
$1.2m
19 March 2020
Purchased Bunnings
Carr Road
$48.5m
30 April 2020
Purchased Mt Wellington
Shopping Centre
$39.25m
30 April 2020
Purchased Bay Central Shopping
Centre
$53.0m
30 April 2020
Investore Property Limited | Annual Shareholder Meeting 14

Everyday needs
Countdown
New World
Pak’NSave
Animates
Unichem Pharmacy
Snap Fitness
NZ Post
Hardware
Bunnings
Mitre10 MEGA
Resene
General
Merchandise /
Retail
The Warehouse
Briscoes
Rebel Sport
Kitchen Things
Hunting and Fishing
Supercheap Auto
Freedom Furniture
Food / Beverage
McDonald’s
Burger Fuel
Pizza Hut
Domino’s Pizza
Pita Pit
Super Liquor
St Pierre’s Sushi
Majority of Tenants Represent Everyday Needs
Around 71% of Investore’s portfolio
1
is categorised as ‘everyday needs’, drawing
customers to the properties on a regular basis and providing a strong tenant proposition
Everyday
Needs, 71%
Hardware,
16%
General
Merchandise /
Retail, 9%
Food / Beverage, 3%
Note: Numbers may not sum due to rounding.
1.By Contract Rental as at 31 March 2020, as if the acquisition of the three properties from SPL had settled as at that date.
Investore Property Limited | Annual Shareholder Meeting 15

Diversified Portfolio Locations
$895m
Portfolio Value
82%
North Island
43
Properties
130
Tenants
North
Island
82%
South
Island
18%
Waikato (10%)
5 properties
28,458 sqm NLA
$80m asset value
Other South Is. (5%)
3 properties
10,956 sqm NLA
$47m asset value
Canterbury & Central
Otago (13%)
8 properties
31,832 sqm NLA
$119m asset value
Auckland (36%)
12 properties
73,938 sqm NLA
$331m asset value
All metrics are as at 31 March 2020, including the three
properties acquired from SPL. Portfolio value excludes lease
liabilities of $11.1m. All percentages are by Contract Rental.
Numbers may not sum due to rounding.
Investore Property Limited | Annual Shareholder Meeting 16
Wellington (14%)
7 properties
30,400 sqm NLA
$119m asset value
Other North Is.
(22%)
8 properties
70,593 sqm NLA
$200m asset value

87% of Investore’s Contract Rental is provided by anchor tenants, providing resilient income
1. As at 31 March 2020, as if the acquisition of the three properties from SPL had settled as at that date. Numbers may not sum due to rounding.Includes The
Warehouse Group leased premises at Johnsonville. The tenant has confirmed they will vacate this site upon lease expiry in October 2020.
Anchor tenant classification by Contract Rental
1
63%
13%
5%
3%
2%
1%
1%
Countdown
Bunnings
Foodstuffs
Mitre 10
The Warehouse
Group
Briscoes Group
NZ Post
Anchor Tenants Underpin Income
Investore Property Limited | Annual Shareholder Meeting 17
Countdown
Highland Park,
Auckland

4.3%
3.5%
1.2%
4.5%
5.4%
1.7%
4.6%
3.2%
1.0%
14.6%
5.1%
0.0%
18.0%
3.5%
29.4%
Long Dated Lease Expiry Profile
Lease Expiry Profile by Contract Rental
As at 31 March 2020
WALT
10.4
years
Figures are as at 31 March 2020, as if the acquisition of the three properties from SPL had settled as at that date. Lease Expiry Profile represents the scheduled expiry for
each lease, excluding any rights of renewal that may be granted under each lease, for the entire portfolio as at 31 March 2020 (including the three properties to be acquired
by SPL, as if the acquisition had settled on that date), as a percentage of Contract Rental.
Investore Property Limited | Annual Shareholder Meeting 18

Proactive Capital Management
Investore Property Limited | Annual Shareholder Meeting 19
November/December 2019 Capital Raise
April/May 2020 Capital Raise
$77.7m
gross proceeds
raised
August 2020 Bond Issuance
Providing funding flexibility for growth, and
diversification of funding sources
$105m
gross proceeds
raised
$125m

$70m
$101m
$50m
$100m
$125m
FY21FY22FY23FY24FY25FY26FY27FY28
Debt maturity profile post bond issue
Bank facilitiesIPL010 bondsNew IPL020 bonds
Benefits of Bond Issue
20Investore Property Limited | Annual Shareholder Meeting
Weighted average
tenor of debt
extended to 4.8 years
50% of debt from
non-bank funding
•Investore seeks to align its debt maturity profile
with its long dated lease expiry profile
•Recent bond issue proceeds used to repay bank
debt facilities
•Bond issue extends tenor of Investore’s debt and
diversifies funding sources

21Investore Property Limited | Annual Shareholder Meeting
•Investore’s portfolio includes a high proportion of
“essential businesses” -supermarkets, pharmacies and
hardware stores, a vital part of the supply chain for New
Zealanders
•A limited number of leases permit tenants to suspend or
abate rental payments as a result of Government Alert
Level restrictions
•Investore has largely completed tenant negotiations in
relation to the first lockdown period
•Investore expects the impact of COVID-19 to result in
reduced gross rent receivable for FY21 of approximately
$1m -$2m, assuming Alert Level 3 or 4 restrictions are
not in place for an extended period during the balance of
FY21
Portfolio Resilient to Impacts of COVID-19

Outlook for FY21
•Targeted growth to enhance
the portfolio and maximise
returns to investors over the
medium to long term
•Continue to invest in
enhancing the existing
portfolio
•Maintain disciplined capital
management
•Monitor impact of COVID-19
•Dividend guidance for FY21
at 7.60cps, assuming no
further deterioration in
economic conditions due to
COVID-19
Countdown Rototuna,
Hamilton
Investore Property Limited | Annual Shareholder Meeting 22

Mitre 10 MEGA
Botany, Auckland
Formal Business
23Investore Property Limited | Annual Shareholder Meeting

24Investore Property Limited | Annual Shareholder Meeting
Voting Process
•The vote is accessible
by selecting the voting
icon at the top of the
screen
•To vote simply select
the direction in which
you would like to cast
your vote; the selected
option will change
colour
•There is no submit or
send button, your
selection is
automatically recorded

Resolution 1 –Auditor’s Remuneration
That the Directors be authorised to fix the remuneration of
PricewaterhouseCoopers as auditor of Investore Property Limited
for the ensuing year
25Investore Property Limited | Annual Shareholder Meeting

Resolution 2 –Election of Director Adrian
Walker
That Adrian Walker be
elected as a Director of
Investore Property Limited
26Investore Property Limited | Annual Shareholder Meeting

Resolution 3 –Ratification of Previous Issue
of Shares under the Placement
That the previous issue under NZX Listing Rule 4.5.1 of 51,515,152
fully paid ordinary shares in Investore Property Limited to
investors at an issue price of $1.65 per share on 5 May 2020 be
approved and ratified for all purposes, including NZX Listing Rule
4.5.1(c)
27Investore Property Limited | Annual Shareholder Meeting

Proxy Votes Received
28Investore Property Limited | Annual Shareholder Meeting
Resolution 1: Auditor’s Remuneration
Proxy votes lodgedForAgainstDiscretionary
156,514,87398.44%0.00%1.56%
Resolution 2: Election of Director Adrian Walker
Proxy votes lodgedForAgainstDiscretionary
156,361,17098.26%0.00%1.74%
Resolution 3: Ratification of Previous Issue of Shares under the Placement
Proxy votes lodgedForAgainstDiscretionary
115,341,84497.83%0.02%2.15%

Countdown
Greenlane,
Auckland
General Business and Shareholder Questions
29Investore Property Limited | Annual Shareholder Meeting

Thank you
Important Notice: The information in this presentation is an overview and does not contain all information necessary to make
an investment decision.It is intended to constitute a summary of certain information relating to the performance of Investore
for the year ended 31 March 2020. Please refer to Investore’s Annual Report 2020 for further information in relation to the
year ended 31 March 2020. The information in this presentation does not purport to be a complete description of Investore.
In making an investment decision, investors must rely on their own examination of Investore, including the merits and risks
involved. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any
acquisition of securities.
No representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements,
estimates or opinions or other information contained in this presentation, any of which may change without notice. To the
maximum extent permitted by law, Investore, Stride Investment Management Limited and their respective directors, officers,
employees, agents and advisers disclaim all liability and responsibility (including without limitation any liability arising from
fault or negligence on the part of Investore, Stride Investment Management Limited and their respective directors, officers,
employees, agents and advisers) for any direct or indirect loss or damage which may be suffered by any recipient through
use of or reliance on anything contained in, or omitted from, this presentation.
This presentation is not a product disclosure statement or other disclosure document.
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