Annual Shareholder Meeting 2021

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Annual Meeting of Shareholders 20218 July 2021
Auckland
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Investore Property Limited
Annual Shareholder Meeting 2021 Address
Slide 1 – Annual Shareholder Meeting 2021

Annual Meeting of Shareholders 20218 July 2021
Auckland
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Slide 2 – Board of Directors
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Slide 3 – The Manager
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Annual Meeting of Shareholders 20218 July 2021
Auckland
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Slide 4 – Agenda
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Slide 5 – Chair’s Address – Mike Allen
Slide 6 – Highlights

Annual Meeting of Shareholders 20218 July 2021
Auckland
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Slide 7 – Financial Highlights

Annual Meeting of Shareholders 20218 July 2021
Auckland
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Slide 8 – Portfolio Metrics
Slide 9 – Strong Performance Since Listing
Slide 10 – Delivering on Our Strategic Principles

Annual Meeting of Shareholders 20218 July 2021
Auckland
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Slide 11 – Manager’s Review
Slide 12 – Targeted Growth

Annual Meeting of Shareholders 20218 July 2021
Auckland
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Slide 13 – Majority of Tenants Represent Everyday Needs
Slide 14 – Anchor Tenants Underpin Income
Slide 15 – Long Dated Lease Expiry Profile

Annual Meeting of Shareholders 20218 July 2021
Auckland
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Slide 16 – COVID-19 Impact
Slide 17 – Sustainability
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Annual Meeting of Shareholders 20218 July 2021
Auckland
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Slide 18 – Looking Ahead

Annual Meeting of Shareholders 20218 July 2021
Auckland
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Annual
Shareholder
Meeting
8July 2021

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
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Investore Property Limited | Annual Shareholder Meeting 2021

The Manager
Philip Littlewood
Chief Executive Officer
Jennifer Whooley
Chief Financial Officer
Fabio Pagano
Fund Manager Investore
Louise Hill
Company Secretary
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Investore Property Limited | Annual Shareholder Meeting 2021

Agenda
Chair’s Address
Manager’s Review
Shareholder Questions
Formal Business
General Business
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Investore Property Limited | Annual Shareholder Meeting 2021

Chair’s Address –Mike Allen
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Investore Property Limited | Annual Shareholder Meeting 2021

Highlights
Capital management
Key highlights
26.8%
Loan to Value Ratio
1
as at 31 March 2021
$105m
equity capitalraised
during April and May 2020
$125m
7-year listed bond
at 2.40% interest rate
$37.3m
acquisition of
Countdown Petone
$10.5m
conditional acquisition of
WaimakJunction
developmentland
$10.2m
sale of Dunedin South property
announced (settles August 2021)
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Investore Property Limited | Annual Shareholder Meeting 2021
1.LVR is calculated based on independent valuations, which include seismic works and rental
underwrites to be funded by SPL in relation to the three properties acquired from SPL and
settled in April 2020.

Financial Highlights
For the year ended 31 March 2021
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 year ended 31 March 2021.
•Net rental income
$55.8m
•Corporate expenses
$9.2m
•Profit before other
income/(expense) and income
tax
1
$29.9m
•Profit after income tax
$161.3m
•Distributable profit
2
after current
income tax
$29.1m
•Total cash dividend
7.60 cps
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Investore Property Limited | Annual Shareholder Meeting 2021
For the year ended 31 March 2021

Portfolio metrics
5.23%
average portfolio
capitalisationrate
$1.038bn
portfolio value
1
as at
31 March 2021
99.1%
Portfolio occupancy by area
9.8 years
WALT
1.Portfolio value includes 35 MacLagganStreet, Dunedin, which is subject to an unconditional agreement for sale, and excludes (1) the seismic works and rental underwrites
(total $7.1m) to be completed by SPL in relation to the three properties acquired from SPL and settled on 30 April 2020; and (2)lease liabilities.
2.Compared to Investore’sproperty portfolio as at 31 March 2020.
15.5%
net valuation gain over
12 months from 31 March 2020
2
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Investore Property Limited | Annual Shareholder Meeting 2021

Strong Performance Since Listing
All figures are as at 31 March for each financial year, except as otherwise stated.
1. Net Tangible Assets (NTA) as at 31 March of each respective year.
2. Portfolio value excludes lease liabilities. Portfolio value asat 31 March 2021 includes 35 MacLagganStreet, Dunedin, which is subject to an unconditional agreement for sale,
and excludes the seismic works and rental underwrites (total $7.1m) to be completed by SPL in relation to the three properties acquired from SPL and settled on 30 April 2020.
IPOFY17FY18FY19FY20FY21
$1.49
$1.55
$1.64
$1.70
$1.73
$2.08
NTA
1
per share (7% Compound Annual Growth Rate)
IPOFY17FY18FY19FY20FY21
$641m
$660m
$738m
$761m
$761m
$1.038b
Portfolio value
2
(11% Compound Annual Growth Rate)
9Investore Property Limited | Annual Shareholder Meeting 2021

Delivering on Our Strategic Principles
Targeted
Growth
•Portfolio valuation
1
of $1.038bn as at 31 March 2021, representing a $139.3m or
15.5% net revaluation gain
2
since 31 March 2020
•$47.8m of acquisitions completed since April 2020, including a new development
property
Active
Portfolio
Management
•Active management resulting in a portfolio with strong metrics, including 99%
occupancy and 72% of leases by Contract Rental expiring in 2030 or beyond
Continued
Portfolio
Optimisation
•Portfolio average market capitalisation rate of 5.23%, 85 basis point compression
since 31 March 2020
Proactive
Capital
Management
•$105m new equity raised in April and May 2020, with net proceeds
used to repay bank debt and provide funding flexibility for future growth
•$125m 7-year listed bonds issued in August 2020 at a fixed 2.4% interest rate
1.As at 31 March 2021. Portfolio value includes 35 MacLagganStreet, Dunedin, which is subject to an unconditional agreement for sale, and excludes (1) the seismic works
and rental underwrites (total $7.1m) to be completed by SPL in relation to the three properties acquired from SPL and settledon30 April 2020; and (2) lease liabilities.
2.Compared to Investore’sproperty portfolio as at 31 March 2020.
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Investore Property Limited | Annual Shareholder Meeting 2021

Manager’s Review
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Investore Property Limited | Annual Shareholder Meeting 2021

Targeted Growth
Investore undertakes considered acquisitions, disposals and developments which deliver
growth, while continuing to enhance the portfolio’s diversification
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Investore Property Limited | Annual Shareholder Meeting 2021
WaimakJunction, KaiapoiCountdown Petone, Wellington

Majority of Tenants Represent Everyday Needs
Investore’sportfolio continues to have a high proportion of tenants that represent
‘everyday needs’, providing regular, repeat visitation to properties, and enabling
Investore to benefit from the market conditions created by COVID-19 during FY21
Note: Numbers may not sum due to rounding.
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Investore Property Limited | Annual Shareholder Meeting 2021
Everyday Needs, 72%
Hardware,
16%
General Merchandise /
Retail, 9%
Food / Beverage, 3%

88% of Investore’s Contract Rental is provided by anchor tenants, providing a resilient portfolio
in difficult market conditions, as demonstrated by strong portfolio growth over FY21
Note: Numbers may not sum due to rounding.
1.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 of the relevant property as at 31 March 2021, and assuming no default bythe tenant.
Anchor tenant classification by Contract Rental
1
as at 31 March 2021
Anchor Tenants Underpin Income
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Investore Property Limited | Annual Shareholder Meeting 2021
64%
13%
5%
3%
1%
1%
1%
Countdown
Bunnings
Foodstuffs
Mitre 10
The Warehouse Group
Briscoes Group
NZ Post

0.9%
3.1%
1.3%
3.7%
4.7%
2.7%
3.9%
7.0%
1.2%
15.0%
5.4%
0.0%
18.1%
3.5%
29.6%
VacantFY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
Long Dated Lease Expiry Profile
Lease Expiry Profile
1
by Contract Rental
2
as at 31 March 2021
WALT
9.8 years
1.Represents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease, for theentire portfolio as at 31 March 2021 as a
percentage of Contract Rental.
2.Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to Investoreby that tenant under the terms of the relevant lease, annualised
for the 12-month period on the basis of the occupancy level of the relevant property as at 31 March 2021, and assuming no default by the tenant.
Investore Property Limited | Annual Shareholder Meeting 15

v
COVID-19 Impact
Investore’sportfolio continues to
demonstrate resilience given the high
proportion of tenants that are
essential businesses
•Gross rent receivable for FY21 reduced by $0.9m as
a result of COVID-19 deals
•Investore achieved a weighted average lease
extension of seven months across all COVID-19
arrangements
•Balanced against the reduced gross rent receivable
for FY21, Investore benefited from reintroduced
building depreciation deduction claims for property
owners, providing a reduction in current tax of $2.2m
for FY21, more than offsetting the rent reduction
related to COVID-19 deals
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Investore Property Limited | Annual Shareholder Meeting 2021

Investore Property Limited | Annual Shareholder Meeting 202117
Sustainability
Sustainability Strategic Plan:
FY21 Achievements
•Commenced measuring greenhouse gas emissions
•Refreshed sustainability strategic plan
•Prepared initial list of climate related risks
•Installed Tesla superchargers at Johnsonville Countdown
supermarket, operational in May 2021
•In discussions with major tenants to trial solar panels on the
roof of single tenant stores
Contribute to a
resilient community
Develop shared
prosperity
Protect the planet

•Continued focus on targeted
growth to enhance the
portfolio and maximise returns
•Ensure disciplined delivery of
development opportunity at
WaimakJunction
•Continue refurbishment
projects across the portfolio
with Countdown and other key
tenants
•Cash dividend guidance for
FY22 of 7.60 cents per share.
The Board will continue to
review dividend guidance as
and when acquisitions occur
Looking ahead
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Investore Property Limited | Annual Shareholder Meeting 2021

Shareholder Questions
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Investore Property Limited | Annual Shareholder Meeting 2021

Formal Business
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Investore Property Limited | Annual Shareholder Meeting 2021

Resolution 1 –Auditor’s Remuneration
That the Directors be authorised to fix the remuneration of PwC as
auditor of Investore Property Limited for the ensuing year
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Investore Property Limited | Annual Shareholder Meeting 2021

Resolution 2 –
Re-Election of Director GráinneTroute
That GráinneTroutebe
re-elected as a Director of
InvestoreProperty Limited
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Investore Property Limited | Annual Shareholder Meeting 2021

Directors’ Remuneration
Proposed Director Fee Increase
Current Director
Fees per annum
Proposed Director
Fees per annum
Amount of Increase
Chair$85,000$95,000+$10,000 (+11.8%)
Non-executive Directors x4$45,000$50,000+$5,000 (+11.1%)
Chair of the Audit and Risk
Committee
$6,500$8,000+$1,500 (+23.1%)
If approved, the new fees will take effect from 1 July 2021
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Investore Property Limited | Annual Shareholder Meeting 2021

That, in accordance with Listing Rule 2.11.1,
the amount payable to any person who from time to time holds office as
a Director of Investore Property Limited be increased as set out in
Table 1 contained in the Explanatory Notes to the Notice of Meeting
dated 8 June 2021, with effect from 1 July 2021
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Investore Property Limited | Annual Shareholder Meeting 2021
Resolution 3 –Directors’ Remuneration

Proxy Votes Received
Resolution 1: Auditor’s Remuneration
Proxy votes lodgedForAgainstDiscretionary
202,806,76898.58%0.02%1.41%
Resolution 2: Re-Election of Director GráinneTroute
Proxy votes lodgedForAgainstDiscretionary
133,598,44397.76%0.03%2.21%
Resolution 3: Directors’ Remuneration
Proxy votes lodgedForAgainstDiscretionary
133,347,55296.30%1.57%2.14%
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Investore Property Limited | Annual Shareholder Meeting 2021

General Business
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Investore Property Limited | Annual Shareholder Meeting 2021

Thank you | Ngāmihi
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 2021. Please refer to Investore’s Annual Report 2021 for further information in relation to the
year ended 31 March 2021. 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.
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320, Victoria Street
West, Auckland 1142, New
Zealand
P+64 9 912 2690
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