Capital Change Notice - FY26 LTI Scheme Grant

Capital Change Notice

Updated as at February 2025



Section 1: Issuer information
Name of issuer Property for Industry Limited
NZX ticker code PFI
Class of financial product Unquoted performance share rights (PSRs),
convertible to Property for Industry Limited
ordinary shares pursuant to PFI’s Executive
Long Term Incentive Plan FY26 Grant (FY26
Grant).
ISIN (If unknown, check on NZX website) N/A
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 321,813
Nominal value (if any) Nil
Issue/acquisition/redemption price per security Nil
Nature of the payment (for example, cash or other
consideration)
No consideration is payable for the PSRs.
Amount paid up (if not in full) N/A
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)
1

The PSRs for the FY26 Grant comprise 100%
of the financial products of that class.
PFI has other PSRs of different Classes on
issue from previous grants under its Executive
Long Term Incentive Plan.
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)
Provided the performance hurdles have been
achieved for a tranche of PSRs on the relevant
vesting date for that tranche of the FY26
Grant, the relevant proportion of PSRs will be
exercised by the board (subject to limited
exceptions) as soon as practicable following
the vesting date for each applicable tranche
(being 30/06/2026, 30/06/2027 and
30/06/2028 for Tranche 1, 2 and 3
respectively).
On becoming exercisable, each PSR entitles
the holder to one fully paid ordinary PFI share
subject to adjustment in accordance with the
plan rules, ranking equally with all other PFI
ordinary shares.
The PSRs have a set exercise price of $0.
Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the reason
for change must be identified here)
Issue of 321,813 PSRs under PFI’s Executive
Long Term Incentive Plan FY26 Grant.
Directors’ resolution dated 18 September
2025.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding
Treasury Stock) and the total number of Financial
321,813 PSRs.
No PSRs are held as treasury stock.

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Products of the Class held as Treasury Stock after the
issue/acquisition/redemption.
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 18 September 2025
and pursuant to NZX Listing Rule 4.6.1.
Terms or details of the issue, acquisition, or redemption
(for example: restrictions, escrow arrangements)
Provided the performance hurdles have been
achieved for a tranche of PSRs on the relevant
vesting date for that tranche of the FY26
Grant, the relevant proportion of PSRs will be
exercised by the board (subject to limited
exceptions) as soon as practicable following
the vesting date for each applicable tranche
(being 30/06/2026, 30/06/2027 and
30/06/2028 for Tranche 1, 2 and 3
respectively).
On becoming exercisable, each PSR entitles
the holder to one fully paid ordinary PFI share
subject to adjustment in accordance with the
plan rules, ranking equally with all other PFI
ordinary shares.
The PSRs have a set exercise price of $0.
PSRs do not entitle the holder to receive
dividends or other distributions, or vote in
respect of PFI’s ordinary shares, although
under the terms of the plan an additional
number of shares will be issued on exercise of
vested PSRs to reflect dividends paid to PFI
shareholders prior to exercise.
Date of issue/acquisition/redemption
2
26 September 2025
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Brendan Wright
Contact person for this announcement Brendan Wright
Contact phone number 09 303 9450
Contact email address wright@pfi.co.nz
Date of release through MAP

26 September 2025


2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).