Annual Meeting Presentation and Speeches

NZX and media
announcement
—
13 May 2022



ANNUAL MEETING PRESENTATION AND
SPEECHES
Property for Industry Limited (PFI, the Company) today holds its annual meeting of shareholders at Eden
Park, Auckland (with the option of virtual attendance).

PFI has provided NZX with a copy of the presentation and speeches to be made at the annual meeting.

If you cannot attend, a recording of the webcast of the meeting will be available to view on PFI’s website
at the conclusion of the meeting.

ENDS





















ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 97 properties is leased to
around 133 tenants.

For further information please contact:


SIMON WOODHAMS
Chief Executive Officer
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Phone: +64 21 749 770
Email: woodhams@propertyforindustry.co.nz
CRAIG PEIRCE
Chief Finance and Operating Officer
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Phone: +64 21 248 6301
Email: peirce@propertyforindustry.co.nz
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Property for Industry Limited
Shed 24, Prince’s Wharf, 147 Quay Street, Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
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www.propertyforindustry.co.nz

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Anthony Beverley
Chair of the Board
Annual
Meeting
2022

AgendaAnnual
Meeting
2022
Anthony Beverley
Chair of the Board

Board
Presentation
Annual
Meeting
2022
Anthony Beverley
Chair of the Board

IntroductionsAnnual
Meeting
2022
Anthony Beverley
Chair of the Board

2021 ReviewAnnual
Meeting
2022
Anthony Beverley
Chair of the Board
▲15.7%
05

2021 ReviewAnnual
Meeting
2022
Anthony Beverley
Chair of the Board
▲
▲%
06

2021 ReviewAnnual
Meeting
2022
Anthony Beverley
Chair of the Board
Additional bank
facilities secured
▲%
▲%
07

Environmental,
Social and
Governance
Annual
Meeting
2022
Anthony Beverley
Chair of the Board
Climate Change
Risk Investigation
Replaced 12 Ozone-
Depleting Gas Systems
Plans Developed For
BowdenRoad
08

▲
Looking ForwardAnnual
Meeting
2022
Anthony Beverley
Chair of the Board
09

Management
Team
Presentation
Annual
Meeting
2022
Simon Woodhams
Chief Executive
Officer

Strategy
Execution
Annual
Meeting
2022
Simon Woodhams
Chief Executive
Officer
11

Portfolio
Optimisation
Annual
Meeting
2022
Simon Woodhams
Chief Executive
Officer
A purer and higher quality industrial
The right mix of assets in the right
mix of places
The balance between long term and
year-on-year dividend growth
12

Portfolio
Optimisation
Annual
Meeting
2022
Simon Woodhams
Chief Executive
Officer
See buildings not just for what they
are today, but what they could be
tomorrow.
Identifying opportunities throughout
New Zealand, to help enrich our
portfolio and assist businesses by
providing high quality industrial
assets.
By connecting parcels of land, we
can transform individual holdings,
with a singular value, into estates
with a stronger collective value.
Looking through the current
environment and planning for the
medium to longer-term needs of
industry.
13

Noel Burnside
Road
Annual
Meeting
2022
Simon Woodhams
Chief Executive
Officer
14

WhakatuRoadAnnual
Meeting
2022
Simon Woodhams
Chief Executive
Officer
15

Future access road to
Jomac Place property
Large combined estate worth
$79.7 Million
Marriage ValueAnnual
Meeting
2022
Simon Woodhams
Chief Executive
Officer
Integration with
neighbouringproperties
16

Bowden RoadAnnual
Meeting
2022
Simon Woodhams
Chief Executive
Officer
17

2022 UpdateAnnual
Meeting
2022
Simon Woodhams
Chief Executive
Officer
*All figures as at30 April 2022
▲▲
▲▲
Averageincrease on
previous contract rent
Averageincrease on
December-21 market rent
Of contract rent reviewedAverage annualised increase
18

Shareholder
Discussion
Annual
Meeting
2022
Anthony Beverley
Chair of the Board

Ordinary
Resolutions
Annual
Meeting
2022
Anthony Beverley
Chair of the Board

RESOLUTION
That Susan Peterson,
who retires and is eligible
for election, be elected as a
Director of the Company.
Resolution
01.
Annual
Meeting
2022
Susan Peterson
Independent
Director
21

Resolution
02.
Annual
Meeting
2022
Anthony Beverley
Chair of the Board
22

General BusinessAnnual
Meeting
2022
Anthony Beverley
Chair of the Board

Close of Meeting Annual
Meeting
2022
Anthony Beverley
Chair of the Board

DisclaimerAnnual
Meeting
2022
The information included in this presentation is provided as at13 May
2022.
Property for Industry Limited (PFI) does not guarantee the repayment
of capital or the performance referred to in this presentation.
Past performance is not a reliable indicator of future performance.
The presentation includes a number of forward lookingstatements.
Forward looking statements, by their nature, involve inherent risks an
uncertainties. Many of those risks and uncertainties are matters
which are beyond PFI’s control and could cause actual results to
differ from those predicted. Variations could either be materially
positive or materially negative.
While every care has been taken in the preparation of this
presentation, PFI makes no representation or warranty as to the
accuracy or completeness of any statement in it including, without
limitation, any forecasts.
This presentation has been prepared for the purpose of providing
general information, without taking account of any particular
investor’sobjectives, financial situation or needs. An investor should,
before making any investment decisions, consider the
appropriateness of the information in this presentation, and seek
professional advice, having regard to the investor’s objectives,
financial situation and needs.
This presentation is solely for the use of the party to whom it is
provided.
25

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NZX and media
announcement
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13 May 2022



PRESENTATIONS TO THE PROPERTY FOR
INDUSTRY ANNUAL MEETING

At 11.00am on Friday, 13 May 2022

<< Slide 1: WELCOME TO THE 2022 PFI ANNUAL MEETING >>

<< Anthony Beverley >>

Good morning, my name is Anthony Beverley, and I am the Chair of the Board of Directors
of PFI.

Welcome to the twenty-eighth Annual Meeting of PFI. We have a quorum present, so let’s
get underway.

This year we are once again holding this meeting as a hybrid meeting, meaning that we
have participants both here in person, and attending virtually.

Before we start, can I just remind those here in person to put your phone on silent? And, in
case of an emergency, please follow the instructions of the Eden Park staff. The nearest
exit is back down the entry stairs for Gate G that you would have entered from, and the
assembly point is on Reimers Ave.

In order for this hybrid meeting to run smoothly, I would like to confirm how questions and
answers, and voting will work.

First, let’s deal with the procedure around questions and answers: any shareholder or
appointed proxy is eligible to ask questions.

If an eligible online attendee would like to ask a question, you can select the “Q&A” tab on
the right-hand side of your screen at any time, type your question into the box at the
bottom of the screen and press “Send”.

There will be time allocated for in-person attendees to ask questions during the course of
the meeting. We will try to get to as many of the questions as possible, but not all

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questions may be able to be answered during the meeting. In this case, questions will be
followed up after the meeting.

The second key procedure is voting.

We will open the poll for virtual attendees now, to give you plenty of time to vote. The
“Vote” tab is located on the right-hand side of your screen, and from here, the resolution
and voting choices will be displayed. To vote, simply select your voting choice from the
options shown on screen. You may vote for all resolutions at once or by each resolution.
Once your vote has been cast, a green tick will appear. You can change your vote at any
time up until when the poll is closed. Prior to the poll closing, simply select “Change Your
Vote” and choose another voting choice.

I will explain procedures for voting in person later in the meeting.

Should you require any assistance with asking questions or voting, you can type your
query into the “Q&A” tab at any time and one of the Computershare team will assist you.
Alternatively, you can call Computershare on 0800-650-034 and ask to speak to one of the
administrators supporting the PFI Annual Meeting.

<< Slide 2: AGENDA >>

Here is the agenda.

I will start with a short presentation, and then our CEO, Simon Woodhams, will do likewise.

You will then have the opportunity to ask questions or to make comments about those
presentations, or the financial statements and auditor’s report.

Then, as you have seen in the notice of meeting, we have two resolutions we would like
you to approve.

Following those resolutions, we will finish with a further opportunity for questions and
answers when we get to general business.

Those who are here in person are welcome to join us for light refreshments and a more
informal chat with the Board and Management Team after the meeting.

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<< Slide 3: BOARD PRESENTATION >>

<< Slide 4: INTRODUCTIONS >>

Let me start by re-introducing the Management Team and Board:

▪ Craig Peirce, Chief Finance and Operating Officer;
▪ Simon Woodhams, Chief Executive Officer;
▪ Susan Peterson, Independent Director;
▪ David Thomson, Independent Director;
▪ Dean Bracewell, Independent Director; and finally;
▪ Greg Reidy, Non-Executive Director.

We also have representatives from our auditors, PricewaterhouseCoopers, and our legal
counsel, Chapman Tripp, here with us today.

<< Slide 5: 2021 REVIEW >>

This year, ladies and gentlemen, PFI reached a significant milestone: we achieved in excess
of two billion dollars in assets for the first time. That may just seem like a number – albeit a
very big one – but the significance of that number is that it represents a big change in
perception as well. PFI is now a key player in the industrial sector by scale. As a professional
landlord to the industrial sector, breaking through the two-billion-dollar boundary matters
because that lift in our market presence has generated new relationships and investment
opportunities.

The other part of this achievement is that it occurred in a year of record earnings and
dividends. This is important, as if you have followed PFI for a while, you will no doubt be
aware that Company has always had a primary focus on capturing earnings and delivering
dividend growth.

So, we have seen an uplift in both assets and earnings together as the industrial property
sector has continued to build momentum as a place for investment.

We’re not the only ones to have recognised the potential of industrial property as an
attractive sector to achieve competitive and consistent returns. But what we have done this
year, perhaps better than others, is to balance portfolio weight and strength with portfolio

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earnings. And that’s a sure sign to us that our refreshed three to five-year strategy is
achieving the three goals we have set ourselves: growing returns for shareholders,
continuous improvement to our portfolio and first-class management.

The industrial property sector continues to draw in more participants, eager to make the most
of the environment as the heat comes out of other property sectors. But as an experienced
and successful industrial sector investor and participant, we are staying true to our
commitment, and, indeed, drawing on our long history and deep working knowledge to make
the most of current market conditions and take a more intentional and proactive approach to
opportunities.

In keeping with that commitment, in 2021 we made a range of acquisitions that, together,
have added to our presence and capability, and our Chief Executive Officer Simon
Woodhams will speak to some of those in more detail in a few minutes.

Overall, though, we ended the year with a fully occupied industrial property portfolio of 97
properties, valued in excess of $2.15 billion dollars. While we are weighted towards the
buoyant Auckland industrial market, our tenant base includes 136 different businesses. Our
weighted average leasing term and our average property value have both continued to
increase, continuing a pattern of long-term upward trajectory.

So, as I said earlier, I’m pleased to report a year of record results, with profit after tax of
$452.8 million dollars. Adjusted funds from operations increased 15.7% to 9.29 cents per
share, a solid increase, and, within the results themselves, there are some very positive
highlights.

<< Slides 6: 2021 REVIEW >>

Our contract rent increased to $95.6 million dollars and we negotiated leases on 150,000
square metres of space. We saw important growth this year through our acquisitions and a
significant growth in our valuations, including fair value gains on our properties of $392.5
million dollars, which speaks to the strength of our portfolio. And we concluded the sale of
Carlaw Park, which not only rebalanced our portfolio, but also added a full year of income
before settlement, contributing to funds from operations increasing 14.4% from the previous
year to 11.07 cents per share.

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<< Slides 7: 2021 REVIEW >>

At year end, our balance sheet was strong. Our Net tangible assets increased 37.3% to
303.4 cents per share. At the same time, our gearing reduced to 27.7%. We also refinanced
all our bank facilities during the year. These arrangements included refinancing our short-
term Commonwealth Bank of Australia facility to a $125 million dollar seven-year facility,
refinancing our $300 million dollar syndicate and establishing a $100 million dollar shorter-
term facility with the Bank of New Zealand.

These new facilities, alongside our significant portfolio revaluation and the proceeds from the
Carlaw settlement, provided us with over $120 million dollars of available liquidity at the end
of the year.

Our success is delivered to shareholders through further growth in dividends. The Board
declared cash dividends of 7.9 cents per share, which is exactly what we signalled to you at
our last meeting. As you know, we are committed to consistently delivering higher returns to
shareholders. In line with that commitment, the Board decided to move to a three-yearly
framework that will enable the Company to steadily increase dividends, whilst at the same
time engaging in activities with potentially less immediate earnings accretion. This shift has
two benefits: it protects our assurance to you, and it gives the Company the movement it
needs to pursue opportunities in a market where growth in earnings can sometimes take
longer to materialise, like the brownfield developments that Simon will talk to soon.

I would note that, going into 2021, the Company was very conscious that the COVID-19
pandemic remained very much at-large, and it was not clear what impact that environment
would have on the operations, performance and in some cases, the liquidity of our tenants.
We consciously took an approach that acknowledged that some of our tenants might struggle
and engaged with and supported them where they needed help. As a Company we believe
that it is important to work together to get through circumstances like these, and its very
pleasing to be able to report that that approach worked well and, in some cases, created a
stronger alliance with our tenants going forward.

<< Slide 8: ENVIRONMENTAL, SOCIAL AND GOVERNANCE >>

We also put a lot of focus on and effort into continuing to strengthen our strategic
Environmental, Social and Governance or ESG framework, once again making important
advances on this front. We released our second Task Force on Climate-Related Financial

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Disclosures, or TCFD, report, including undertaking a climate risk analysis to identify which
properties are most vulnerable to the physical risks of climate change. We replaced HVAC
systems containing ozone-depleting R22 gas at 12 of our properties, and we began planning
our first Green Star development at Bowden Road.

As I’ve said previously, an ESG lens yields new insights and helps the Board and
Management Team to approach and consider longer terms factors in a more sophisticated
way. That in turn influences our decisions and how we value opportunities. There is also
increasing expectation from shareholders, analysts and tenants that everyone needs to play
their part in addressing climate related issues. Rightly so, we say, and we are focused on
understanding what that means to us in practice, both in terms of meeting our obligations,
and capturing any broader opportunities to contribute to climate change mitigation.

<< Slide 9: LOOKING FORWARD >>

We ended 2021 in good spirits: our strategy is progressing well, we have a fully occupied
high quality industrial property portfolio of significant scale, and we are better placed than we
have ever been to make the most of the market opportunities available to us.

While things went well for our Company over the last year, there’s no ignoring what has
occurred in recent months. All of us are painfully aware of significant challenges both locally
and abroad. The war in Ukraine, with its many fallouts, is a tragedy that, alongside what has
turned out to be a rapid surge in inflation, has the market concerned. There is no dodging
these circumstances, and as I stand here today there are no signs of quick resolution.

Shareholders will no doubt be aware that PFI’s share price has not been immune to these
factors. The Company had an incredibly strong run over the past three years, with the share
price rising from around $1.80 at the beginning of 2018 to in excess of $3 at the end of 2021,
generating a total shareholder return over that period of around 80%, making PFI a top
performer over that period. Since the end of the year, the Company’s shares have traded
down, this decrease being in line with the rest of the listed property sector, and the wider
NZX.

Nevertheless, the Board is confident that we are well placed to deliver on our strategy. So, I
would like to conclude with guidance that I know you will welcome. As signalled in our annual
results, which were released in February, we anticipate delivering a 2022 dividend range of
8.05 to 8.10 cents per share, a further increase of up to 2.5% on 2021 dividends.

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I will now hand over to CEO Simon Woodhams to comment on the year and outline where he
sees PFI heading.

<< Slide 10: MANAGEMENT TEAM PRESENTATION >>

<< Simon Woodhams >>

<< Slide 11: STRATEGY EXECUTION >>

Thanks Ant, and good morning, everyone.

It’s always great to be able to come together in person and reflect on what has been an
important and very significant year for us. Welcome back to those we know, and a warm
welcome if you are joining us for the first time. Also welcome too to those who have opted
to attend our meeting online.

As a Management Team and Board, we really enjoy being able to discuss and show you
what we have been doing over the last 12 months, so let’s get into it.

I want to start today by focusing on our overall approach to maximising our portfolio and
then I would like to pick up some specific examples of transactions and talk through how
they are working for the Company.

As Ant pointed out, 2021 was a big year for PFI. Just looking at the volume and value of
transactions, we completed $368 million dollars of capital transactions, made up of $115
million dollars of divestments, $27 million dollars of value-add opportunities and $226
million dollars of acquisitions.

<< Slide 12: PORTFOLIO OPTIMISATION: THE WHAT >>

Our ongoing goal is to actively manage the portfolio to ensure that our investors are receiving
the maximum benefit from our decisions as a Management Team. We absolutely see
portfolio optimisation as the key to securing stable, consistently rising returns.

There are three aspects to that. The first is focus. Every asset we acquire, develop or choose
to divest is about building a purer and higher quality industrial property portfolio. That’s our
goal.

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The second is balance. We want the right mix of assets, and we want them in the right mix of
places.

The third is results. In order to drive shareholder returns, we must strike the right balance
between what’s good for the business long term and our desire to deliver you, as our
investors, year-on-year dividend growth.

Our new dividend policy reflects this, by coupling dividends at 90–100% AFFO on a rolling
three-year basis, while targeting ongoing annual dividend increases.

<< Slide 13: PORTFOLIO OPTIMISATION: THE HOW >>

Portfolio optimisation is how we achieve the best mix that we can of focus, balance and
results. There’s no one thing that achieves all three of those aspects. The secret sauce is
in how we combine different elements together to deliver the focus, balance and results
we’re looking for. Right now, we are intent on optimising the portfolio in four ways.

The first is future demand. To use a sporting analogy, we plan to be where the ball is going,
not where it is right now. Being there when demand happens is about looking through the
current environment and planning to cater for the medium to longer-term needs of industry in
demand areas.

The second way we achieve focus, balance and results is by looking out. Auckland has been
a great market for us, and it’s a market where we naturally feel most at home. But industrial
activity is not confined to North of the Bombay Hills. Businesses across New Zealand need
high quality industrial assets to manufacture, to process, to store and fulfil. Collectively, they
represent significant and dynamic parts of the economy, and we can embrace that by
identifying opportunities in regional New Zealand, where the leases, terms and clients can be
attractive, and where our presence and expertise will be welcomed.

The third aspect is accumulation. Instead of thinking of our portfolio as a collection of
individual pieces of land or properties, we can generate significant value by joining the dots to
take a bigger picture. By connecting parcels of land, where it makes sense to do so, we can
transform individual holdings, with a singular value, into estates with a stronger collective
value.

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And finally, we can anticipate. We can see buildings not just for what they are today, but what
they could be tomorrow. Seeing the potential in under-utilised industrial property requires
vision and patience. But the pay-off is in the potential to redefine what that property can
mean to the right tenant in the years ahead.

So, focus, balance and results. Achieved through reading future demand, looking out,
creating estates and anticipating need through brownfield acquisitions. That’s our strategy
in action. And if you look at a lot of our activity over the past year, you’ll see it aligns
directly with these things. To help clearly illustrate how we’re doing this, I’m going to share
with you some recent examples of the decisions we’ve taken and how they correlate with
what I’ve just been talking about.

<< Slide 14: NOEL BURNSIDE ROAD >>

I want to start with a property that I mentioned last year. 44 Noel Burnside Road, in Wiri,
consists of a large, modern 17,500 square metre warehouse, with associated canopies,
yards, and a small office and amenities.

Located on a 3.64-hectare site on the corner of Noel Burnside Road and Cavendish Drive,
the property sits within the prime Wiri industrial area, and benefits from exceptional transport
links via State Highway 20.

The property was acquired in May 2021 for $91.7 million dollars through a sale and
leaseback transaction with ABC Tissue for an initial two-year period. That’s a very short
lease, and at the time we considered this as something of a risk, but one that was worth
taking given the quality of the property. Our plan, as I talked about last year, was to allow the
lease to run its course and then to secure a longer-term arrangement.

Six months into the initial term, ABC Tissue made the decision to exit the New Zealand
market. By working together with ABC Tissue, we were able to secure a new 10-year lease
deal with New Zealand’s largest toilet paper manufacturer, Cottonsoft, for the site. The quality
of the site made that possible. It’s a good example of looking through the perceived risk of
the environment at the time – in this case a two-year agreement – and seeing that what we
have here is a property that would continue to cater for the medium to longer-term needs for
a wide range of users in an area of such high demand. The Cottonsoft deal endorsed that.

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<< Slide 15: WHAKATU ROAD >>

This year we acquired a specialised asset at 22 Whakatu Road, in Hastings, for $79.5 million
dollars. The property houses a fresh produce processing facility for ENZIL, a wholly owned
subsidiary of Turners and Growers, or T&G. It’s right in the heart of pip fruit country, and a
substantial site: around 9.56 hectares, with more than 36,000 square metres of post-harvest
operations including a packhouse, two cool stores, warehousing and 3.7 hectares of storage
yard.

This property came to market because T&G was looking to unlock funds that they could then
reinvest back into the core business. Specifically, they wanted to continue building out their
key global markets and to invest in innovative technology. Through the transaction, they not
only got the funds they needed, they were also able to continue operating onsite in a building
that met their operational needs perfectly. For us, it meant a 15-year triple-net leaseback
arrangement with rights of renewal for a further 20 years.

This transaction made sense on so many fronts. It delivered us a competitive return that
exceeded the yield we could have achieved in the Auckland market. It aligned directly with
our portfolio target of 5–10% specialised assets by taking the volume of those assets to 10%.
And it fell within our portfolio target of 15–25% assets located outside of Auckland.

Whakatu Road shows how we are identifying opportunities outside of Auckland, where the
leases, terms and clients can be attractive and, through acquisition, fortifying our portfolio
and progressing our strategy.

<< Slide 16: MARRIAGE VALUE >>

So far, the examples I’ve given have been significant. But not every deal has to be sizeable
in order to be valuable.

Take our recent $3.1 million dollar acquisition at Honan Place, in Avondale, for example. This
property only has only two small buildings, but this 1,436 square metre site enables us to
integrate the property with our much larger 1.5 hectare neighbouring property at 15 Jomac
Place, providing future opportunities to create an additional access road and carparking.

Late in 2021, we also spent $5.2 million dollars acquiring 520 Rosebank Road, also in
Avondale. This a 3,100 square metre site, with 1,100 square metres of warehousing, office

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and amenities, leased for six years. Whilst not a significant property in and of itself, the
distinctive element for us though is that we have a significant industrial estate next door to
this property. 528-550 Rosebank Road comprises nine other buildings occupied by five
tenants and generates an annual rent of more than $3.4 million dollars with a weighted
average lease term of around six years. Like Honan and Jomac Place, combining these
properties also offers opportunities for integration into the future.

Finally, we recently completed the $6.8 million purchase of 318 Neilson Street, a 5,000
square metre site in Penrose, adjacent to a number of our properties in the area. Combined,
they add up to almost five hectares of heavy industrial zoned land in one of Auckland’s key
industrial precincts, and this latest acquisition provides greater redevelopment opportunities
when the current leases come to an end.

In each case, a relatively small property adds to our cumulative strength, adding new
capabilities and creating and enlarging estates that wouldn’t have been possible otherwise.
Ant spoke earlier about the importance of scale. These smaller transactions are all examples
of getting to scale in different ways. They are all examples of thinking like a portfolio owner
and finding creative ways to unlock sites and procure significant value.

<< Slide 17: BOWDEN ROAD >>

The final example I want to talk about today is Bowden Road, because it’s a great example of
the brownfield opportunities where we are becoming more active. Currently, the tenant at this
prime Mount Wellington location utilises this four-hectare site as a manufacturing base. Their
lease ends at the end of March next year, and at that point we have an opportunity to
demolish the existing facilities, which were constructed in the 1970’s, and create a significant
warehouse development.

The development itself will be in two parts: firstly, we have agreed commercial terms for the
design and build of a 9,500 square metre industrial warehouse and canopies. The second
part is the speculative building of around 12,000 square metres on the other part of the site.
Combined, this represents an investment in the site of around $50 million dollars, increasing
the value of the property from around $32 million dollars to an end value of around $99
million dollars.

One of the great attractions of this site is its versatility. The property has everything needed
for a modern, best in class development with drive-around access, canopies for covered

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loading and unloading and multiple roller shutter doors. We are targeting a Five Star Green
Star rated development here, one that enhances our ESG credentials with 51% less potable
water than minimum industry standards, 66% less energy than average buildings and 66%
less green-house-gasses than standard buildings.

Brownfield opportunities like Bowden Road are currently worth about $224 million or 10% of
our portfolio. In time, as projects complete and long-term leases are secured, we will move
these “brownfield opportunities” into “core generic” holdings and free up more allocation for
further “brownfield opportunities” in our portfolio, to repeat the process. Brownfield
opportunities form an ongoing growth engine for the Company, which in turn help secure
strong, stable returns.

We’ve all heard the phrase “change is constant”. But equally for us, constant performance
requires change. In order for us to keep delivering stable returns in a dynamic market, we
need to keep adjusting and adapting. We can afford to take some risks to make that happen
because we have a significant, fully occupied portfolio. But we’re not taking risks for risk’s
sake. Success is all about including risks in our portfolio optimisation that are proportional,
considered and managed so that we don’t stagnate.

The smaller projects work with the larger projects to build our capability and generate returns.
Our remaining brownfield opportunities, like the three smaller properties I spoke about earlier,
will enable us to unlock parcels of land in key industrial precincts. When we do that, we also
create opportunities to deploy our balance sheet capacity on accretive projects. That’s why
our lower gearing and our bank and bond facilities are also so important.

<< Slide 19: 2022 UPDATE >>

Potential is exciting, but cash is still king for every business today. The new year has started
strongly in terms of leasing, with existing tenants signing eight renewals. A key feature across
those transactions has been an acceleration of rental growth, with rents on average agreed
at 12.2% above the previous contract rent, this representing a 4.7% increase on the market
rents assessed as part of the December 2021 valuation process. This rental growth is also
evidenced in an average increase of 5.1% per annum from the 36 rent reviews that have
been completed since the beginning of the year on $17.4 million dollars of contract rent.

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Sustained demand for our properties proves that we have made good decisions in the
properties we have selected and that companies value being our tenants. Those are very
important validations.

Looking forward, as always there may be some challenges, but we believe PFI is very well
placed to respond to these and, just as importantly, we are ready to take advantage of the
opportunities that will no doubt present themselves as well.

Just before I hand back to Ant, I would like to take a moment to thank you, our shareholders
and other stakeholders, who continue to support PFI. As a Management Team and Board,
we look forward to including you in our growth story, well into the future.

Thank you.

<< Slide 19: SHAREHOLDER DISCUSSION >>

<< Anthony Beverley >>

Thank you, Simon.

There is now an opportunity for questions or comments on the presentations, or on the
financial statements and auditor’s report, which you can find from page 78 of the annual
report.

For those here in person, if you raise your hand, we’ll get a microphone to you, so that
everyone can hear. Can you start by introducing yourself: your name and whether you’re a
shareholder or a proxy holder and, if you are a proxy holder, the name of the shareholder you
are representing?

For virtual attendees, select the “Q&A” tab, type your question in the box and press “Send”
to submit.

Thank you for your questions and comments.

<< Slide 20: ORDINARY RESOLUTIONS >>

We will now move to the resolutions.

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I’ve been advised that 345 shareholders, representing 174,927,991 shares or 34.6% of the
Company’s shares on issue, are represented by proxies.

Voting for the resolutions will be conducted by poll. For the purpose of the poll, I appoint the
Company’s registrar, Computershare, to carry out the poll.

The procedure for the conduct of the poll for in person attendees will be as follows:
▪ Voting papers have been provided with the notice of meeting, pens, where required,
will be distributed now;
▪ If you do not have a voting paper, please see a Computershare representative at the
registration desk who will provide you with a voting paper;
▪ Indicate your vote for, against or abstain, by placing a tick in the appropriate box;
▪ If you are here as a proxy for a shareholder who has not marked ‘proxy discretion’ on
their proxy form, your vote will be automatically counted in accordance with the voting
directions given by your appointer, but please sign the voting paper provided when
you arrived at the meeting;
▪ Where you are a proxy holder and you have been granted a discretion on how to vote
the resolution, please use the voting paper provided when you arrived at the meeting;
▪ After recording your vote, please remember to sign your voting paper, then place the
voting paper in the boxes provided at the back of the room where they will be
collected by Computershare staff.

For virtual attendees, the poll is open to vote now. The resolutions and voting choices are
found under the “Vote” tab, and to vote, simply select your voting choice from the options
shown on screen. You can change your vote at any time up until when the poll is closed.
To change your vote, simply select “Change Your Vote”.

Having collected the votes, they will be taken to a separate room for counting. The results of
the poll will be announced via NZX as soon as they are available.

Please note that the Board recommends that you vote in favour of each of the two ordinary
resolutions.

<< Slide 21: RESOLUTION 01. >>

Turning to the resolutions.

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The first resolution is: “That Susan Peterson, who retires and is eligible for election, be
elected as a Director of the Company.”

The Board considers Susan will be an Independent Director, if re-elected, and supports her
re-election.

Susan has been a director of PFI since 2016. She is an experienced business leader with a
particular interest in helping companies to drive growth through technology, innovation and
organisational culture. There is a profile of Susan in the notice of meeting.

Susan, would you like to say a few words?

<< Susan to speak >>

<< Anthony Beverley >>

Thank you, Susan.

The resolution is: “That Susan Peterson, who retires and is eligible for election, be elected as
a Director of the Company.”

Is there any discussion?

Please mark your voting papers for resolution one, or for virtual attendees, select your voting
choice from the options shown under the “Vote” tab on your screen.

<< Slide 22: RESOLUTION 02. >>

The second resolution is “That the Directors are authorised to fix the fees and expenses of
the auditors, PricewaterhouseCoopers Auckland.”

Is there any discussion?

Please mark your voting papers for resolution two, or for virtual attendees, select your voting
choice from the options shown under the “Vote” tab on your screen.

We will just give you all a moment to finalise voting, and then I will close the poll.

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The poll is now closed, thank you.

<< Slide 23: GENERAL BUSINESS >>

We now come to general business.

If there is something you wish to put to the meeting, could you raise your hand and we’ll get
one of the microphones to you? A reminder to please state your name and whether you are a
shareholder or proxy holder. If you are attending virtually, press the “Q&A” tab on your
computer, tablet or mobile, and then type and press “Send” to submit your question.

As mentioned earlier, we will try to get to as many of the questions as possible, but not all
questions may be able to be answered. In this case, questions will be followed up after the
meeting.

<< Slide 24: CLOSE OF MEETING >>

Thank you for your continued support of PFI, and for your attendance today.

That ends the formal part of the meeting and I declare the voting and the meeting closed.

For those here in person, please join us for light refreshments and further conversation.

<< Slide 25: DISCLAIMER >>