Capital Change Notice – 2020, 2021, 2022 LTI Scheme Vesting

Capital Change Notice

Updated as at 17 October 2019



Section 1: Issuer information
Name of issuer Property for Industry Limited
NZX ticker code PFI
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website) NZPFIE0001S5
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 78,789
Nominal value (if any) Not applicable
Issue/acquisition/redemption price per security Nil
Nature of the payment (for example, cash or other
consideration)
Upon the vesting of
performance rights under the
third tranche of Property for
Industry’s (PFI) Executive
Long Term Investment Plan
2020 Grant (2020 Grant),
second tranche of PFI’s
Executive Long Term
Investment Plan 2021 Grant
(2021 Grant) and first tranche
of PFI’s Executive Long Term
Investment Plan 2022 Grant
(2022 Grant), the holder is
entitled to one ordinary share
in PFI for no cash payment,
together with an additional
allocation of shares equal to
the dividends paid over the
vesting period. Further details
of that tranche are included
within PFI’s annual report.
Amount paid up (if not in full) Fully paid ordinary shares
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury Stock,
in existence)
0.016%
For an issue of Convertible Financial Products or Options, the
principal terms of Conversion (for example the Conversion
price and Conversion date and the ranking of the Financial
Product in relation to other Classes of Financial Product) or the
Option (for example, the exercise price and exercise date)
Not applicable.

Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
Vesting of 121,842 PSRs in
the 2020, 2021 and 2022
Grant.
Directors’ resolution dated 20
February 2023.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding Treasury
Stock) and the total number of Financial Products of the Class
held as Treasury Stock after the issue/acquisition/redemption.
502,129,313 ordinary shares

0 performance rights of the
same Class from the 2020
Grant remain on issue.

51,725 performance rights of
the same Class from the 2021
Grant remain on issue.

111,276 performance rights of
the same Class from the 2022
Grant remain on issue.
In the case of an acquisition of shares, whether those shares
are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made
Directors’ resolution dated 20
February 2023 pursuant to
NZX Listing Rule 4.6.1 and
4.9.1(b).
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
The shares issued are quoted
ordinary shares ranking
equally with the existing
ordinary shares on issue of PFI
Date of issue/acquisition/redemption 20 February 2023
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Craig Peirce
Contact person for this announcement Craig Peirce
Contact phone number 09 303 9651
Contact email address peirce@pfi.co.nz
Date of release through MAP

20 February 2023