Annual Shareholder Meeting 2023

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Annual Meeting of Shareholders 202328 June 2023
Auckland
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Investore Property Limited
Annual Shareholder Meeting 2023 Address
Slide 1 – Annual Shareholder Meeting 2023
Slide 2 – Board of Directors
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Annual Meeting of Shareholders 202328 June 2023
Auckland
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Slide 3 – The Manager
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Slide 4 – Agenda
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Slide 5 – Chair’s Address – Mike Allen
Slide 6 – Financial overview

Annual Meeting of Shareholders 202328 June 2023
Auckland
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Slide 7 – Portfolio highlights
Slide 8 - Capital management

Annual Meeting of Shareholders 202328 June 2023
Auckland
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Slide 9 – Capital management (cont)
Slide 10 – Manager’s Review
Slide 11 – Portfolio optimisation
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Annual Meeting of Shareholders 202328 June 2023
Auckland
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Slide 12 – Increased rental income
Slide 13 – Long lease expiry profile by Contract Rental
Slide 14 – Anchor tenants underpin income

Annual Meeting of Shareholders 202328 June 2023
Auckland
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Slide 15 – National portfolio
Slide 16 - Sustainability
Slide 17 – Looking ahead

Annual Meeting of Shareholders 202328 June 2023
Auckland
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Annual
Shareholder
Meeting
28 June 2023

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
Ross Buckley
SIML Nominee and
Non-Executive Director
Erika McDonald
Future Director
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Investore Property Limited | Annual Shareholders Meeting 2023

The Manager
Philip Littlewood
Chief Executive Officer
Jennifer Whooley
Chief Financial Officer
Adam Lilley
Investore Fund Manager
Louise Hill
Company Secretary
3
Investore Property Limited | Annual Shareholders Meeting 2023

Agenda
4
Investore Property Limited | Annual Shareholders Meeting 2023
Countdown Warkworth
Chair’s Address
Manager’s Review
Shareholder Questions
Formal Business
General Business
4
Investore Property Limited | Annual Shareholders Meeting 2023

Chair’s Address
Countdown Greenlane, Auckland
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Investore Property Limited|Annual Shareholders Meeting 2023

Financial overview
For the 12 months ended 31 March 2023 (FY23)
Investore Property Limited | Annual Shareholders Meeting 2023
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Distributable profit
1
after
current income tax
$31.0m
FY23 cash dividend
per share
7.90 cents
Loss after income tax
$(150.2)m
due to a net investment property
devaluation of $(185.2)m
Distributable profit
1
per
share
8.44 cents
1.Distributable profit is a non-GAAP measure and consists of (loss)/profit 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. Further information, including the calculation of distributable profit and the adjustments to (loss)/profit before income tax, is set out
in note 3.2 to the consolidated financial statements.
6
Countdown Rototuna, Hamilton
Profit before other
(expense) / income and
income tax
$35.2m

Portfolio highlights
$1.1bn
Portfolio value
1
$28.1m
Portfolio acquisitions
99.5%
Portfolio occupancy
2
by area
5.70%
Average portfolio
2
capitalisationrate
8.1 years
Weighted average
lease term (WALT)
2
3.3%
Increase on previous
rentals from rent reviews
3
7
1.As at31 March 2023. Portfolio value excludes lease liabilities.
2.As at31 March 2023. Metrics refer to stabilised investment portfolio, which excludes properties categorisedas “Development and
Other” in note 2.2 to the consolidated financial statements. Occupancy statistics exclude vacant tenancies with current or
pending development works, which as at31 March 2023, figures excluded 2,947sqm at Bay Central, Tauranga.
3.Rent reviews completed across 53% of the investment portfolio based on net lettable area (NLA).
Investore Property Limited | Annual Shareholders Meeting 2023

Investore Property Limited | Annual Shareholder Meeting 2023
$355m $355m
$280m
$250m
$125m
2.00%2.00%
1.76%
1.63%
0.40%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
-
$50m
$100m
$150m
$200m
$250m
$300m
$350m
$400m
Mar-23Mar-24Mar-25Mar-26Mar-27
Fixed rate interest profile as at 31 March 2023
Notional fixed rate debt (net of fixed-to-floating hedging)
Weighted average interest rate of fixed rate debt (excl. margin and line fees)
Capital management
92%
Drawn debt hedged or
subject to fixed interest
rate asat31 March 2023
4.0%
Weighted average cost
of debt per annum as at
31 March 2023
8
$75m
Bank facilities extended by
two years

Capital management(cont)
1.Loan to Value Ratio (LVR) is calculated based on independent valuations and excludes lease liabilities.
2.Current commitments include the development of the Countdown at HakarauRoad, Kaiapoi, and other capital expenditure commitments.
•No bank debt now maturing until FY26
•Post balance date, Investore secured
$100m of bank facilities to provide liquidity
for upcoming maturity of IPL010 (fixed rate
bonds) in April 2024
•Share buyback programmeundertaken
during FY23
•LVR of 36.5%
1
as at31 March 2023, or
38.1% on a committed basis
2
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Investore Property Limited | Annual Shareholders Meeting 2023
$125m
$125m
$100m
$125m
$125m
$100m
FY24FY25FY26FY27FY28
Debt maturity profile as at 31 March 2023
Bank FacilitiesRetail BondsNew bank facility (post balance date)

Manager’s Review
10Investore Property Limited|Annual Shareholders Meeting 2023

Portfolio optimisation
11
Investore completed a number of strategic acquisitions during FY23,
together with progressing initiatives to enhance its existing portfolio
Investore Property Limited | Annual Shareholders Meeting 2023
•Acquired 3 Averill St, Papakura,
for $18.0m, delivering control and
improved development options
•Settled on HakarauRoad,
Kaiapoi, for $10.1m. Works are
underway to construct a new
Countdown supermarket targeting
a 5 Green Star rating
•Agreement with Countdown to
expand the customer amenity at
Countdown Rangiora
Key
Green Shaded Area = Investore’soriginal landholding
Red Outline Area = Freehold interest acquired
Countdown
Papakura, Auckland

Increased rental income
✓82 rent reviews completed
during FY23, resulting in a
3.3% increase on previous
rentals
✓Of these rent reviews, 33 CPI
rent reviews completed,
resulting in a 7.0% uplift on
prior rentals
12Investore Property Limited | Annual Shareholders Meeting 2023
Net Contract Rental
1
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, annualisedfor the 12-month period on the basis ofthe occupancy level of the
relevant property as at 31 March 2023, and assuming no default by the tenant.
$43.9m
$42.7m
$42.0m
$41.3m
$40.7m
$40.1m
$17.9m
$17.5m
$14.3m
$5.4m
$4.9m
$4.8m
$61.8m
$60.2m
$56.3m
$46.7m
$45.6m
$44.9m
FY23FY22FY21FY20FY19FY18
Established PortfolioAcqusitions

Long lease expiry profile by Contract Rental
1
Long portfolio WALTof 8.1 years
2
, with 75% of
Contract Rental
1
expiring in FY30 or beyond
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 ofthe occupancy level of the
relevant property as at31 March 2023, and assuming no default by the tenant.
2.As at31 March 2023. Weighted average lease term metric refers to stabilised investment portfolio, which excludes properties categorisedas “Development and Other” in note 2.2 to the consolidated financial statements.
3.Vacant tenancies with current or pending development works are excluded from occupancy statistics. At31 March 2023, figures excluded 2,947sqm at Bay Central, Tauranga.
13Investore Property Limited | Annual Shareholders Meeting 2023
WALT
8.1 years
0.3%
4.8%
4.8%
2.8%
4.3%
6.8%
1.3%
15.3%
5.7%
0.2%
18.8%
5.9%
29.1%
VacantFY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
3

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Anchor tenants continue to represent a high proportion (87%) of Investore’stotal Contract
Rental
1
, providing Investore with security of income across varying market conditions
Anchor tenant Classification by Contract Rental
1
as at31 March 2023
Anchor tenants underpin income
Investore Property Limited | Annual Shareholders Meeting 2023
3%
3%
4%
13%
64%
Briscoes Group
Mitre 10
Foodstuffs
Bunnings
Countdown
Note: Numbers may not sumdue 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, annualisedfor the 12-month period on the basis ofthe occupancy level of the relevant
propertyas at31 March 2023, and assuming no default by the tenant.
71%
16%
9%
4%
Portfolio Tenant Classification by Contract
Rental
1
as at31 March 2023
Food & Beverage /
Other
General
Merchandise / Retail
Hardware
Everyday Needs

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 ofthe occupancy level of the relevant property as at31 March 2023, and assuming no default by the tenant.
National portfolio
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Values refer to stabilised investment portfolio, which excludes
properties categorised as “Development and Other” in note 2.2
to the consolidated annual financial statements.
Investore Property Limited | Annual Shareholders Meeting 2023

Sustainability
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Investore Property Limited | Annual Shareholders Meeting 2023
16 properties owned by
Investore achieved a Green Star
Performance rating in FY23
Development of a new Countdown
supermarket on land at Hakarau
Road, Kaiapoi, in progress,
targeting a 5 Green Star rating
Investore has very low scope 1 and 2
emissions, primarily from:
•Air conditioning systems
•Electricity for common areas
(primarily lighting for carparks)
Investore has strategies to address
these emissions

•Investore remains committed to prudent
capital management
•Capital management initiatives announced
to manage gearing over the near term:
oAn intention to sell select, non-core
assets of $25m - $50m, provided
appropriate value can be realised
oNet proceeds from divestment will be
used to repay bank debt
oDividend Reinvestment Plan (DRP)
introduced to allow eligible
shareholders to reinvest dividends into
additional Investore shares
•Cash dividend guidance for FY24 of 7.90
cents per share. The Board will continue to
monitor progress on asset sales and
market conditions throughout the year
Looking ahead
Investore Property Limited | Annual Shareholders Meeting 2023
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Shareholder Questions
McDonalds Takanini, Auckland
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Investore Property Limited | Annual Shareholders Meeting 2023

Formal Business
Countdown Newtown, Wellington
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Investore Property Limited | Annual Shareholders Meeting 2023

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 Shareholders Meeting 2023

Resolution 2 –Re-election of Director
Adrian Walker
That Adrian Walker be re-elected as a
Director of Investore Property Limited
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Directors’ remuneration
Proposed Director Fee Increase
Current Director
Fees per annum
Proposed Director
Fees per annum
Amount of Increase
Chair$95,000$106,500+$11,500 (+12.1%)
Non-executive Directors x4$50,000$53,250+$3,250(+6.5%)
Chair of the Audit and Risk
Committee
$8,000$13,000+$5,000 (+62.5%)
If approved, the new fees will take effect from 1 July 2023
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Investore Property Limited | Annual Shareholders Meeting 2023

Resolution 3 –Directors’ remuneration
That, in accordance with NZX 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 26 May 2023,
with effect from 1 July 2023
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Investore Property Limited | Annual Shareholders Meeting 2023

Proxy votes received
Resolution 1: Auditor’s remuneration
Proxy votes lodgedForAgainstDiscretionary
139,290,53596.48%0.07%3.45%
Resolution 2: Re-election of Director Adrian Walker
Proxy votes lodgedForAgainstDiscretionary
139,291,34796.49%0.02%3.49%
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Resolution 3: Directors’ remuneration
Proxy votes lodgedForAgainstDiscretionary
139,202,88296.09%0.37%3.55%
Investore Property Limited | Annual Shareholders Meeting 2023

General Business
Countdown Browns Bay, Auckland
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Investore Property Limited | Annual Shareholders Meeting 2023

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Ngā mihi | 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 2023. Please refer to Investore’s Annual Report 2023 for
further information in relation to the year ended 31 March 2023. 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
W investoreproperty.co.nz
Investore Property Limited | Annual Shareholders Meeting 2023