Property for Industry Limited Launches Bond Offer

propertyforindustry.co.nz


30 March 2026

NZX and media
announcement
Property for Industry
Limited (PFI)

PROPERTY FOR INDUSTRY LIMITED LAUNCHES
BOND OFFER


Property for Industry Limited (PFI) announced today that it is offering up to $125,000,000 (with the ability to accept
oversubscriptions of up to an additional $75,000,000 at PFI’s discretion) of 6.5 year senior secured fixed rate bonds
(Bonds) to New Zealand retail and institutional investors and Australian institutional investors.

The offer opens today and will be made pursuant to the Financial Markets Conduct Act 2013 as an offer of debt
securities of the same class as existing quoted debt securities. The Bonds are expected to be quoted on the NZX
Debt Market under the ticker code PFI040.

The Interest Rate for the Bonds will be equal to the sum of the Base Rate plus the Issue Margin.

The indicative Issue Margin range for the Bonds is 1.30% to 1.40% per annum. An announcement of the actual
Issue Margin (which may be within, above or below the indicative Issue Margin range) and Interest Rate is
expected to be made via NZX on 1 April 2026 following a bookbuild process. The Bonds are expected to be issued
on 13 April 2026.

Full details of the Bond offer are contained in the indicative terms sheet which is attached, along with the investor
presentation. The offer documents are available through www.pfibondoffer.co.nz.

There is no public pool for the offer, with all the Bonds reserved for clients of the Joint Lead Managers, Primary
Market Participants and other approved financial intermediaries. Interested investors should contact one of the
Joint Lead Managers (details below) or their financial advice provider for more details.

Arranger and Joint Lead Manager



0800 772 142

Joint Lead Managers




09 924 9602 0800 272 442 0800 367 227


END

propertyforindustry.co.nz


30 March 2026

NZX and media
announcement
Property for Industry
Limited (PFI)



ABOUT PFI
PFI is an NZX listed industrial property specialist,
owning over 90 quality properties worth more than
$2 billion. Our well diversified portfolio is focused on
strategic locations that drive value and growth for
the industrial sector, for our tenants, and for our
investors. Since listing on the NZX in 1994, we’ve
built a strong track record of delivering consistent
returns. We invest for the long-term, combining our
capital and specialist industry capability to deliver
the successful outcomes all our stakeholders need.

CONTACT
SIMON WOODHAMS

Chief Executive Officer
—
+64 21 749 770
woodhams@pfi.co.nz
CRAIG PEIRCE

Chief Finance and
Operating Officer
—
+64 21 248 6301
peirce@pfi.co.nz
Property for Industry
Limited

—
Level 4, Hayman
Kronfeld Building,
15 Galway Street,
Auckland 1010
—
PO Box 1147,
Shortland Street,
Auckland 1140

---

SENIOR SECURED FIXED RATE BONDS
Up to $125,000,000 6.5 year senior secured fixed rate bonds
(plus up to $75,000,000 oversubscriptions)
Dated: 30 March 2026
JOINT LEAD
MANAGERS:
ARRANGER AND JOINT
LEAD MANAGER:
PROPERTY FOR INDUSTRY LIMITED
INDICATIVE
TERMS SHEET

INDICATIVE TERMS SHEET
Dated 30 March 2026
Senior Secured Fixed Rate Bonds due 13 October 2032
This indicative terms sheet (Terms Sheet) sets out the key
terms of the offer by Property for Industry Limited (PFI) of up
to $125,000,000, with the ability to accept oversubscriptions of
up to an additional $75,000,000 at PFI’s discretion, of 6.5 year
senior secured fixed rate bonds maturing on 13 October 2032
(Bonds) under its bond master trust deed dated 2 November 2017
(as amended from time to time) (Trust Deed) as modified and
supplemented by the supplemental deed dated 30 March 2026
entered into between PFI and Public Trust (Supervisor) (together
with the Trust Deed, Bond Trust Documents).
Unless the context otherwise requires, capitalised terms used in
this Terms Sheet have the same meaning given to them in the
Bond Trust Documents.
n IMPORTANT NOTICE
The offer of debt securities by PFI is made in reliance upon the exclusion in clause 19
of schedule 1 of the Financial Markets Conduct Act 2013 (FMCA).
The offer contained in this Terms Sheet is an offer of bonds that have identical rights,
privileges, limitations and conditions (except for the interest rate and maturity date) as
PFI’s $150,000,000 senior secured fixed rate bonds maturing on 13 September 2030
(which have an interest rate of 5.43% p.a.), which are currently quoted on the NZX Debt
Market under the ticker code PFI030 (PFI030 Bonds).
The Bonds are of the same class as the PFI030 Bonds for the purposes of the FMCA
and the Financial Markets Conduct Regulations 2014.
PFI is subject to a disclosure obligation that requires it to notify certain material
information to NZX Limited (NZX) for the purpose of that information being made
available to participants in the market and that information can be found by visiting
www.nzx.com/companies/PFI.
The PFI030 Bonds are the only debt securities of PFI that are currently quoted in the
same class as the Bonds.
Investors should look to the market price of the PFI030 Bonds referred to above to find
out how the market assesses the returns and risk premium for those bonds. When
comparing the yield of two debt securities, it is important to consider all relevant
factors (including the credit rating (if any), maturity and the other terms of the relevant
debt securities).
IssuerProperty for Industry Limited.
DescriptionSenior secured fixed rate bonds.
Opening DateMonday, 30 March 2026.
Closing Date11.00am NZT, Wednesday, 1 April 2026.
Rate Set DateWednesday, 1 April 2026.
Issue DateMonday, 13 April 2026.
PROPERT Y FOR INDUSTRY LIMITED
INDICATIVE TERMS SHEET
2

Maturity DateWednesday, 13 October 2032.
PurposeThe proceeds of the offer will be used to repay existing
bank debt facilities and for general corporate purposes.
Offer AmountUp to $125,000,000 (with the ability to accept
oversubscriptions of up to an additional $75,000,000 at
PFI’s discretion).
Guarantee and
Security
P.F.I. Property No. 1 Limited (PFI Property) has guaranteed
the payments due on the Bonds.
The Bonds are secured by first ranking mortgages (the
Mortgages) granted by PFI Property as Guarantor over
various properties (the Mortgaged Properties).
The Security Trustee holds the Mortgages for all creditors
entitled to their benefit, which currently includes (in
addition to the Supervisor and the Holders) the PFI Group’s
banks and their facility agent, holders of the PFI030 Bonds
and holders of US private placement (USPP) notes issued
by PFI, on an equal ranking basis.
Financial CovenantPFI agrees to ensure that the total principal amount of all
outstanding borrowed money secured by the Mortgages is
not more than 50% of the total value of all Mortgaged
Properties (the Loan to Value Ratio).
A breach of the Loan to Value Ratio which is not remedied
within (approximately) 13 months of that breach being
disclosed to the Supervisor in a director’s report will be an
Event of Default under the Bond Trust Documents.
Distribution StopperPFI is not permitted to make any distribution if an Event of
Default is continuing or if it would result in an Event of
Default. Full details of the Events of Default are set out in
the Bond Trust Documents.
No Credit RatingThe Bonds will not be rated.
Issue Price$1.00 per Bond, being the Principal Amount of each Bond.
Early RepaymentHolders have no rights to require PFI to redeem the Bonds
early except through the Supervisor in the case of an Event
of Default (as defined in the Bond Trust Documents). PFI
does not have the right to redeem the Bonds early.
Interest RateThe sum of the Base Rate plus the Issue Margin.
The Interest Rate will be announced by PFI via NZX on or
about the Rate Set Date.
Indicative Issue Margin1.30% to 1.40% per annum.
Issue MarginThe Issue Margin (which may be within, above or below
the Indicative Issue Margin range mentioned above), will
be determined by PFI (in consultation with the Joint Lead
Managers) following a bookbuild process and announced
by PFI via NZX on or about the Rate Set Date.
Base RateThe mid-market rate for an interest rate swap of a term
matching the period from the Issue Date to the Maturity
Date as calculated by the Arranger in consultation with PFI,
according to market convention, with reference to
Bloomberg page ‘ICNZ2’ (or any successor page) on the
Rate Set Date and expressed on a quarterly basis (rounded
to 2 decimal places, if necessary, with 0.005 being rounded
up).
Interest PaymentsQuarterly in arrear in equal payments.
Interest Payment Dates13 January, 13 April, 13 July and 13 October each year (or
if that day is not a Business Day, the next Business Day)
until and including the Maturity Date. The first Interest
Payment Date will be 13 July 2026.
Record Date5.00pm on the date that is 10 days before the relevant
Interest Payment Date or, if that is not a Business Day, the
immediately preceding Business Day.
Business DaysA date (other than a Saturday or Sunday) on which
registered banks are generally open for business in
Auckland and Wellington.
Brokerage0.40% brokerage plus 0.35% on firm allocations paid by
PFI.
ISINNZPFIDT040C9.
PROPERT Y FOR INDUSTRY LIMITED
INDICATIVE TERMS SHEET
3

NZX Debt Market
Quotation
Application has been made to NZX for permission to quote
the Bonds on the NZX Debt Market and all the
requirements of NZX relating thereto that can be complied
with on or before the distribution of this Terms Sheet have
been duly complied with. However, NZX accepts no
responsibility for any statement in this Terms Sheet. NZX
is a licensed market operator, and the NZX Debt Market is
a licensed market under the FMCA.
NZX ticker code PFI040 has been reserved for the Bonds.
Expected date of initial
quotation and trading
on NZX Debt Market
Tuesday, 14 April 2026.
Minimum Application
Amount and
Denominations
$5,000 and multiples of $1,000 thereafter.
Transfer RestrictionsHolders are entitled to sell or transfer their Bonds at any
time subject to the terms of the Bond Trust Documents
and applicable securities laws and regulations. PFI may
decline to register a transfer of the Bonds for the reasons
set out in the Bond Trust Documents.
No transfer may be made if the transfer would result in the
transferor or the transferee holding or continuing to hold
Bonds with a principal amount of less than $5,000 (other
than zero) or not in multiples of $1,000.
Governing LawNew Zealand.
Who May Apply &
How to Apply
All of the Bonds, including oversubscriptions, will be
reserved for clients of the Joint Lead Managers,
institutional investors and other Primary Market
Participants invited to participate in the bookbuild. There
will be no public pool for the Bonds.
Retail investors should contact any Joint Lead Manager,
their financial adviser or any Primary Market Participant
for details on how they may acquire Bonds. You can find a
Primary Market Participant by visiting www.nzx.com/
investing/find-a-participant.
In respect of oversubscriptions or generally, any allotment
of Bonds will be at PFI’s discretion, in consultation with the
Joint Lead Managers. PFI reserves the right to refuse all or
any part of an application without giving any reason.
Each investor’s financial adviser will be able to advise
them as to what arrangements will need to be put in place
for the investors to trade the Bonds including obtaining a
common shareholder number (CSN), an authorisation
code (FIN) and opening an account with a Primary Market
Participant, as well as the costs and timeframes for
putting such arrangements in place.
ArrangerWestpac Banking Corporation (ABN 33 007 457 141)
(acting through its New Zealand branch) (Westpac).
Joint Lead ManagersBank of New Zealand, Craigs Investment Partners Limited,
Forsyth Barr Limited and Westpac.
SupervisorPublic Trust.
Security TrusteeNew Zealand Permanent Trustees Limited.
RegistrarComputershare Investor Services Limited.
PROPERT Y FOR INDUSTRY LIMITED
INDICATIVE TERMS SHEET
4

Selling RestrictionsGeneral
Bonds may only be offered for sale or sold in conformity
with all applicable laws and regulations in New Zealand
and in any jurisdiction in which they are offered, sold or
delivered. Specific selling restrictions as at the date of this
Terms Sheet are set out below for the United States and
Australia.
No action has been or will be taken by PFI which would
permit an offer of Bonds, or possession or distribution of
any offering material, in any country or jurisdiction where
action for that purpose is required (other than New
Zealand).
No person may purchase, offer, sell, distribute or deliver
Bonds, or have in their possession, publish, deliver or
distribute to any person, any offering material or any
documents in connection with the Bonds, in any
jurisdiction other than in compliance with all applicable
laws and the specific selling restrictions set out below.
By subscribing for or otherwise acquiring any Bonds, each
Holder agrees to indemnify, among others, PFI, the
Supervisor and the Joint Lead Managers for any loss
suffered as a result of any breach by the Holder of these
selling restrictions.
United States
The Bonds have not been and will not be registered under
the Securities Act of 1933, as amended (the Securities
Act) and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons
(as defined in Regulation S under the Securities Act
(Regulation S)) except in accordance with Regulation S
or pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the
Securities Act.
Selling Restrictions
continued
United States continued
The Bonds will not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons
(i) as part of their distribution at any time, or (ii) otherwise
until 40 days after the completion of the distribution of all
Bonds of the tranche of which such Bonds are part, as
determined and certified by the Joint Lead Managers,
except in an offshore transaction in accordance with Rule
903 of Regulation S. Any Bonds sold to any distributor,
dealer or person receiving a selling concession, fee or
other remuneration during the distribution compliance
period require a confirmation or notice to the purchaser at
or prior to the confirmation of the sale to substantially the
following effect:
“The Bonds covered hereby have not been registered
under the United States Securities Act of 1933, as
amended (the Securities Act) or with any securities
regulatory authority of any state or other jurisdiction of
the United States and may not be offered or sold within
the United States, or to or for the account or benefit of,
U.S. persons (as defined in Regulation S under the
Securities Act) (i) as part of their distribution at any time
or (ii) otherwise until 40 days after the later of the
commencement of the offering of the Bonds and the
closing date except in either case pursuant to a valid
exemption from registration in accordance with
Regulation S under the Securities Act. Terms used above
have the meaning given to them by Regulation S.”
Until 40 days after the completion of the distribution of all
Bonds or the tranche of which those Bonds are a part, an
offer or sale of the Bonds within the United States by any
Joint Lead Manager or any dealer or other distributor
(whether or not participating in the offering) may violate
the registration requirements of the Securities Act if such
offer or sale is made otherwise than in accordance with an
applicable exemption from registration under the
Securities Act.
PROPERT Y FOR INDUSTRY LIMITED
INDICATIVE TERMS SHEET
5

Selling Restrictions
continued
Australia
This Terms Sheet is not a prospectus, product disclosure
statement or any other “disclosure document” (as defined
in the Corporations Act 2001 of Australia (the Australian
Corporations Act)) and does not contain all the
information which would be required in a “disclosure
document” under the Australian Corporations Act. This
Terms Sheet has not been and will not be lodged or
registered with the Australian Securities & Investments
Commission (ASIC) or the Australian Securities Exchange
and PFI is not subject to the continuous disclosure
requirements that apply in Australia.
This Terms Sheet or any other offering material relating to
the Bonds may not be distributed or published in Australia
and the Bonds must not be offered for issue or sale in
Australia (including to a person in Australia) unless:
(a) the aggregate consideration payable by each offeree is
at least A$500,000 (or its equivalent in an alternative
currency and, in either case, disregarding moneys lent
by the offeror or its associates) or the offer or
invitation does not otherwise require disclosure to
investors under Parts 6D.2 or 7.9 of the Australian
Corporations Act;
(b) the offer does not constitute an offer to a “retail client”
as defined for the purposes of section 761G of the
Australian Corporations Act;
(c) such action complies with any applicable laws and
directives in Australia; and
(d) such action does not require any document to be
lodged with ASIC.
Prospective investors should not construe anything in this
Terms Sheet as legal, tax or other professional advice nor
as financial product advice. In particular, if any financial
product advice is, in fact, held to be given by PFI in
connection with this Terms Sheet, it is general advice only.
PFI does not hold an Australian financial services licence
and is not licensed to provide financial product advice in
relation to the Bonds.
The dates and times set out in this Terms Sheet are indicative only and are subject
to change. PFI has the right in its absolute discretion and without notice to close the
offer early, to extend the Closing Date, or to choose not to proceed with the offer. If the
Closing Date is extended, subsequent dates may be extended accordingly.
Any internet site addresses provided in this Terms Sheet are for reference only and,
except as expressly stated otherwise, the content of any such internet site is not
incorporated by reference into, and does not form part of, this Terms Sheet. Copies of
the Bond Trust Documents are available on the website (managed by PFI) for the offer
of the Bonds www.pfibondoffer.co.nz. The Joint Lead Managers and their respective
directors, officers, employees and agents: (a) have not authorised or caused the
issue of, or made any statement in, any part of this Terms Sheet; (b) do not make any
representation, recommendation or warranty, express or implied regarding the origin,
validity, accuracy, adequacy, reasonableness or completeness of, or any errors or
omissions in, any information, statement or opinion contained in this Terms Sheet; and
(c) to the extent permitted by law, do not accept any responsibility or liability for this
Terms Sheet or for any loss arising from this Terms Sheet or its contents or otherwise
arising in connection with the offer of Bonds.
This Terms Sheet does not constitute financial advice or a recommendation from the
Arranger, the Supervisor, or any Joint Lead Manager or any of their respective directors,
officers, employees, agents or advisers to purchase any Bonds.
Investors are personally responsible for ensuring compliance with all relevant laws and
regulations applicable to them (including any required registrations). Investors should
seek qualified, independent legal, financial and taxation advice before deciding to
invest. For further information regarding PFI, visit www.nzx.com/companies/PFI.
PROPERT Y FOR INDUSTRY LIMITED
INDICATIVE TERMS SHEET
6

IMPORTANT DATES
n OPENING DATE
M O N DAY
30 MARCH
2026
M O N DAY
13 APRIL
2026
WEDNESDAY
1 APRIL
2026
T U E S DAY
14 APRIL
2026
WEDNESDAY
13 OCTOBER
2032
WEDNESDAY
1 APRIL
2026
n CLOSING DATE
n RATE SET DATE
n ISSUE DATEn EXPECTED QUOTATION DATEn MATURITY DATE
PROPERT Y FOR INDUSTRY LIMITED
INDICATIVE TERMS SHEET
7

Issuer
Property for Industry Limited
Level 4, Hayman Kronfeld Building
15 Galway Street
Auckland 1010
Supervisor
Public Trust
Level 9, 34 Shortland Street
Auckland 1010
Security Trustee
New Zealand Permanent
Trustees Limited
Level 9, 34 Shortland Street
Securities Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Telephone: 09 488 8777
Email: pfi@computershare.co.nz
Arranger
Westpac Banking Corporation
(ABN 33 007 457 141)
(acting through its New Zealand branch)
Westpac on Takutai Square
Level 8, 16 Takutai Square
Auckland 1010
0800 942 822
Joint Lead Managers
Bank of New Zealand
Level 6,
80 Queen Street
Auckland 1010
Craigs Investment Partners Limited
Level 36, Vero Centre
48 Shortland Street
Auckland 1010
Forsyth Barr Limited
Level 22, NTT Tower
157 Lambton Quay
Wellington 6011
Westpac Banking Corporation
(ABN 33 007 457 141)
(acting through its New Zealand branch)
Westpac on Takutai Square
Level 8
16 Takutai Square
Auckland 1010
n ADDRESS DETAILS
8

---

PFI BOND OFFER
PROPERTY
FOR INDUSTRY
BOND OFFER

PFI BOND OFFER
This presentation has been prepared by Property for Industry Limited (PFI or the Issuer) in relation to
the offer (Offer) of bonds described in this presentation (Bonds). The Offer of the Bonds is made in
reliance upon the exclusion in clause 19 of schedule 1 of the Financial Markets Conduct Act 2013
(FMCA).
The Bonds will have identical rights, privileges, limitations and conditions (except for the interest
rate and maturity date) as the Issuer’s bonds maturing on 13 September 2030, which have a fixed
interest rate of 5.43% per annum and are currently quoted on the NZX Debt Market under the ticker
code PFI030 (Existing Bonds).
The Bonds are the same class as the Existing Bonds for the purposes of the FMCA and the
Financial Markets Conduct Regulations 2014. Investors should look to the market price of the
Existing Bonds to find out how the market assesses the returns and risk premium for those bonds.
When comparing the yield of two debt securities, it is important to consider all relevant factors
(including the credit rating (if any), maturity and the other terms of the relevant debt securities).
The Issuer is subject to a disclosure obligation that requires it to notify certain material information
to NZX for the purpose of that information being made available to participants in the market and
that information can be found by visiting www.nzx.com/companies/PFI.
Capitalised terms used but not defined in this presentation have the meanings given to them in the
indicative terms sheet for the Offer of the Bonds dated 30 March 2026.
The information in this presentation is of a general nature and does not constitute financial product
advice, investment advice or any recommendation by the Issuer, Public Trust (the Supervisor),
Westpac Banking Corporation (ABN33007457141) (acting through its New Zealand branch) (the
Arranger), Bank of New Zealand, Craigs Investment Partners Limited and Forsyth Barr Limited
(together with the Arranger, the Joint Lead Managers) or any of their respective directors, officers,
employees, affiliates, agents or advisers to subscribe for, or purchase, any of the Bonds. Nothing in
this presentation constitutes legal, financial, tax or other advice.
This presentation may contain certain projections or forward-looking statements with respect
to the Issuer. Such projections or forward-looking statements are based on current
expectations, estimates, projections and assumptions and are subject to a number of risks, and
uncertainties, including material adverse events, significant one-off expenses and other
unforeseeable circumstances. There is no assurance that results contemplated in any of these
projections and forward-looking statements will be realised, nor is there any assurance that the
expectations, estimates and assumptions underpinning those projections or forward-looking
statements are reasonable. Actual results may differ materially from those projected in this
presentation. No person is under any obligation to update this presentation at any time after its
release or to provide you with further information about PFI.
The information in this document is given in good faith and has been obtained from sources
believed to be reliable and accurate at the date of preparation, but its accuracy, correctness and
completeness cannot be guaranteed.
None of the Arranger, the Joint Lead Managers or the Supervisor nor any of their respective
directors, officers, employees, affiliates or agents have independently verified the information
contained in this presentation.
The Bonds may not be offered or sold directly or indirectly, and neither this presentation nor any
other offering material may be distributed or published, in any jurisdiction other than New
Zealand except in conformity with all applicable laws and regulations of that country or
jurisdiction.
Application has been made to NZX for permission to quote the Bonds on the NZX Debt Market
and all the requirements of NZX relating thereto that can be complied with on or before the
distribution of this presentation have been duly complied with. However, NZX accepts no
responsibility for any statement in this document. NZX is a licensed market operator, and the
NZX Debt Market is a licensed market under the FMCA.
Unless otherwise stated, all figures are given as at and for the six month period ended 31
December 2025.
2

PFI BOND OFFER
1.OFFER HIGHLIGHTS
2.OVERVIEW OF PFI
3.PORTFOLIO & MARKET
4.FINANCIAL RESULTS &
CAPITAL MANAGEMENT
5.BOND OFFER
6.KEY CREDIT HIGHLIGHTS
CONTENTS

PFI BOND OFFER
OFFER
HIGHLIGHTS
01.

IssuerProperty for Industry Limited.
DescriptionSenior secured fixed rate bonds.
PurposeThe proceeds of the Offer will be used to repay existing bank debt facilities and for general corporate purposes.
Offer AmountUp to $125,000,000 (with the ability to accept oversubscriptions of up to an additional $75,000,000 at PFI’s discretion).
Maturity6.5 years, maturing on Wednesday, 13 October 2032.
Guarantee and
Security
P.F.I. Property No. 1 Limited (PFI Property) has guaranteed the payments due on the Bonds.
The Bonds are secured by first ranking mortgages (the Mortgages) granted by PFI Property as Guarantor over various properties (the Mortgaged
Properties).
No Credit RatingThe Bonds will not be rated.
NZX Debt Market
Quotation
Application has been made to NZX for permission to quote the Bonds on the NZX Debt Market.
Who May Apply
All of the Bonds, including oversubscriptions, will be reserved for clients of the Joint Lead Managers, institutional investors and other Primary Market
Participants invited to participate in the bookbuild. There will be no public pool for the Bonds.
Joint Lead Managers
Bank of New Zealand, Craigs Investment Partners Limited, Forsyth Barr Limited and Westpac Banking Corporation (ABN 33 007 457 141) (acting through
its New Zealand branch).
PFI BOND OFFER
OFFER HIGHLIGHTS
5

PFI BOND OFFER
OVERVIEW
OF PFI
02.

PFI BOND OFFER
INTRODUCTION
& CREDIT
▪Established in 1993, PFI is an NZX listed property vehicle focused on the industrial sector
▪$2.25bn portfolio with an 88% weighting to Auckland, New Zealand’s gateway and commercial hub
▪99.9% occupancy and a proven track record of stable earnings
▪Experienced internalised management team
supported by a strong governance framework
▪Sound risk management and portfolio metrics
with company gearing of 34.2% and a weighted
average lease term (WALT) of 5.37 years
▪Liquid assets with an average size of ~$24m
7

BRENDAN WRIGHT
General Counsel &
Company Secretary
SARAH BEALE
Head of Sustainability &
Operations
EWAN CAMERON
Portfolio Manager
CRAIG PEIRCE
Chief Finance & Operating
Officer
PFI BOND OFFER
MANAGEMENT & GOVERNANCE
5 Independent Directors
1
With expertise across a range of areas including property and capital markets.
8
SIMON WOODHAMS
Chief Executive Officer
5 Property Team Members
With many years of experience in acquisitions,
leasing transactions, asset management and
development.
8 Finance and Legal Team Members
Highly experienced in investment management,
treasury, financial control, tax, legal, compliance
and risk.
8Operations Team Members
With expertise in sustainability, facilities
management, IT and marketing.
1
A sixth Independent Director has been appointed by the Board, commencing with effect from 1 April 2026.

OUR FOCUS:
PFI BOND OFFER
GREENHOUSE GAS
EMISSIONS
RESOURCES
AND WASTE
DISASTER AND
CLIMATE
RESILIENCE
PEOPLE AND
WELLBEING
ECONOMIC
VALUE
FOCUS AREAS
ASPIRATIONS
The embodied and
operational greenhouse
gas emissions
associated with PFI’s
buildings are
minimised.
The impacts from the
materials that PFI uses
and the waste PFI
produces during
developments and
refurbishments are
minimised.
PFI’s portfolio is
resilient and we are
well placed to respond
to disasters.
Our people are safe
and engaged, and we
promote positive social
impacts through our
operations.
The value of PFI
grows to create
economic value for
investors, tenants,
our people and others
that we work with.
SUSTAINABILITY
9

PFI BOND OFFER
PORTFOLIO &
MARKET
03.

PFI BOND OFFER
PROPERTIES
94
TENANTS
125
CONTRACT RENT
$
116.3m
OCCUPANCY
99.9%
WALT
5.37years
PORTFOLIO SNAPSHOT
11

Transport and Storage
25.4%
Machinery and Equipment Manufacturing
17.5%
Property and
Business
Services
8.0%
Construction
6.0%
Textiles and
Clothing
4.8%
Health and
Community
Services
4.6%
Other Manufacturing
17.4%
Food Manufacturing
11.6%
Wood and Paper
Manufacturing
3.8%
Retail 1.0%
PFI BOND OFFER
▪PFI’s top 10 tenants (lower chart) lease 20 properties and pay ~34% of contract rent
▪PFI has a resilient tenant base, generally focused on logistics and manufacturing
(chart on right), with ~32% of portfolio contract rent secured by Bank Guarantee
▪PFI continues to experience very high levels of cash collection each month
TENANTS
INDUSTRY EXPOSURE
% OF PORTFOLIO CONTRACT RENT
TOP 10 TENANTS
- 10,000 20,000 30,000 40,000
Grayson Engineering
DHL
ETEL
Daikin Air Conditioning
Cottonsoft
MOVe Logistics
T&G Global
Fletcher Building
EBOS Group
Fisher & Paykel Appliances
7%
5%
4%
3%
3%
3%
3%
2%
2%
2%
% OF PORTFOLIO
CONTRACT RENT
NET LETTABLE AREA (SQM)
12

Fixed 27.4%
Fixed 69.4%
CPI 4.2%
CPI 9.3%
Market 6.6%
Market 16.0%
Expiries 0.1%
Expiries 5.3%
0.0%
25.0%
50.0%
75.0%
100.0%
H2 FY26Portfolio
FixedCPIMarketExpiries
0.1%
0.1%
12.2%
12.4%
11.0%
13.8%
12.7%
9.5%
6.2%
2.8%
19.2%
0%
5%
10%
15%
20%
25%
VacantFY26FY27FY28FY29FY30FY31FY32FY33FY34Onwards
Total ExpiriesDevelopment Opportunities
PFI BOND OFFER
▪PFI’s smooth lease expiry profile (chart below) supports low volatility of rental income
▪Portfolio occupancy remains stable at 99.9% (0.1% vacancy), and all material FY26
expiries have been leased at the end of the interim period (ending 31 December 2025)
▪Next leasing event for 21.3% of PFI’s portfolio by rent is an expiry or market rent
review (chart on right), providing an embedded pathway for near-to-medium-term
rental growth
RENT REVIEW PROFILE
% OF PORTFOLIO CONTRACT RENT
LEASE EXPIRY PROFILE
% OF PORTFOLIO CONTRACT RENT
LEASES & RENT REVIEWS
13
21.3%

0%
2%
4%
6%
8%
10%
12%
14%
16%
0
2
4
6
8
10
20192020202120222023202420252026202720282029
Online sales as a
percentage of total retail
sales
$billion
Online spending – actual (lhs)
E-commerce penetration – actual (rhs)
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2020202120222023202420252026202720282029
sqm
MARKET UPDATE
1
CBRE E-Commerce Impacts on the New Zealand Industrial Property Market Outlook – November 2025,
2
CBRE Auckland Industrial Space Market Trends – January
2026,
3
Average Auckland industrial vacancy 2012 – 2019,
4
CBRE Auckland Property Market Outlook – December 2025
14
▪Despite growth in e-commerce over the last decade,
New Zealand’s e-commerce penetration as a
percentage of total retail sales remains relatively low
▪CBRE
1
forecast a ~8.5% annual increase in online
spending over the next five years (in-line with the
annual average of the last seven years), to ~$9.2bn in
2029 (top chart)
▪Boosted by e-commerce driven logistics demand,
CBRE
1
forecast Auckland industrial prime occupancy
requirements to grow ~30% to ~3.4m sqm by 2029
▪CBRE
2
report Auckland industrial vacancy increased
from 1.5% at the end of 2024 to 2.3% at the end of
2025, close to the long-run pre-COVID average of
~2.0%
3
▪CBRE
4
forecasts ~820,000sqm of Auckland industrial
net absorption over the four years to 2029, exceeding
projected net supply over the same period and driving
a reduction in vacancy rates (lower chart)
AUCKLAND INDUSTRIAL NET ABSORPTION AND VACANCY (JANUARY 2026)
2
NEW ZEALAND ONLINE SPENDING OUTLOOK (NOVEMBER 2025)
1
FORECAST
FORECAST
Online spending – forecast (lhs)
E-commerce penetration – forecast (rhs)
Net absorption – actual (lhs)
Vacancy – actual (rhs)
Net absorption – forecast (lhs)
Vacancy – pessimistic forecast (rhs)
Vacancy – base forecast (rhs)
Vacancy – optimistic forecast (rhs)
PFI BOND OFFER
The market update presented below is based on data released by
CBRE between November 2025 and January 2026

-30%
-20%
-10%
0%
10%
20%
30%
202120222023202420252026202720282029
3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
6.50%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
202120222023202420252026202720282029
MARKET UPDATE
(CONTINUED)
1
CBRE Auckland Property Market Outlook – December 2025,
2
CBRE analysis – December 2025
15
▪CBRE report
1
prime Auckland industrial net effective
rents declined ~3.0% in 2025 as incentives expanded
from ~7 to ~9 months on a nine-year lease
▪Prime rental growth is forecast to resume at ~1–2%
in 2026, strengthening to ~3–5% p.a. from 2027 as
net absorption outpaces supply
▪As seen in prior cycles, CBRE expect
1
secondary rents
to outperform prime rents on growth, though not
sufficiently to close the prime–secondary rental
differential
▪Supported by improving vacancy, rental growth and a
more accommodative interest rate environment,
CBRE
1
forecasts yield firming of ~50 bps for prime
and ~35 bps for secondary industrial through to 2029
▪CBRE is forecasting average total returns of ~11–
12% p.a. for prime and secondary Auckland industrial
through to 2029, driven by resilient income returns
and renewed capital growth (lower chart)
AUCKLAND PRIME INDUSTRIAL TOTAL RETURNS (DECEMBER 2025)
2
AUCKLAND INDUSTRIAL NET EFFECTIVE RENTS AND YIELDS (DECEMBER 2025)
1
FORECAST
FORECAST
Net effective rental growth – prime (lhs)
Yield – prime (rhs)
Net effective rental growth – secondary (lhs)
Yield – secondary (rhs)
Income return
Capital return based on rent change
Capital return based on yield change
Total return
PFI BOND OFFER
The market update presented below is based on data released by
CBRE between November 2025 and January 2026

PFI POSITIONING
16
▪PFI’s portfolio remains ~9.1% under-rented at
December 2025, with H2 FY26 market reviews ($7.7m,
~6.6% of contract rent) ~15% under-rented after
review caps
▪All material FY26 expiries leased, with just 0.1% of
contract rent expiring in H2 FY26. FY27 expiries are
manageable at ~8.8% (excluding development
opportunities), with meaningful post-balance date
progress on material FY27 expiries reducing further
exposure to market conditions
▪PFI has achieved a ~77% average tenant retention
rate each year since 2021, reflecting the
attractiveness of PFI’s portfolio to the tenancy market
▪PFI retains the ability to selectively activate its
~$325m Green Star development pipeline, subject to
availability of capital and hurdle rates of return,
allowing disciplined deployment
PFI WELL POSITIONED TO NAVIGATE NEAR-TERM
MARKET CONDITIONS AND CAPTURE GROWTH
~
9.1%
PORTFOLIO
UNDER-RENTING
AS AT 31 DECEMBER
2025
~
8.9%
INCOME AT RISK
FROM 1 JANUARY
2026 THROUGH TO
30 JUNE 2027
~
77%
AVERAGE TENANT
RETENTION RATE
SINCE 2021
~$
325m
ABILITY TO
SELECTIVELY ACTIVATE
GREEN STAR
DEVELOPMENT
PIPELINE
PFI BOND OFFER

PFI BOND OFFER
FINANCIAL
RESULTS &
CAPITAL
MANAGEMENT
04.

Note: extracted from PFI’s interim results presentation, refer
https://www.nzx.com/announcements/468022 for more detail. FFO and AFFO are non-GAAP
financial information used by the PFI Board to assist in determining dividends to shareholders.
Please refer to the interim results presentation for more detail as to how these measures were
calculated.
INTERIM RESULTS
▪Profit after tax of $46.9m, up $18.2m on the prior interim period
▪Funds From Operations (FFO) up 32.2% to 6.40 cents per share (cps), Adjusted Funds
From Operations (AFFO) up 23.9% to 5.39 cps
▪Interim cash dividends of 4.40 cps
INDUSTRIAL VALUATIONS GROWING, SUPPORTED BY REALISED
RENTAL GROWTH
▪Valuation growth continues across PFI’s $2.25bn portfolio, 19 properties revalued at the
half-year, fair value gains on those properties of $17.1m or 3.2%, net tangible assets (NTA)
up 1.7% to $2.88 per share
KEY GREEN STAR DEVELOPMENT PROJECTS ADVANCED
▪Stage 2 of 78 Springs Road continues to track under-budget and ahead of programme,
demolition complete at 92-98 Harris Road with redevelopment to be tenant-led, Stage 1 of
Spedding Road has recently commenced on a speculative basis
ROBUST CAPITAL POSITION
▪$100m tranche of syndicated bank facility reclassified as ‘Green’ debt, $100m PFI020
bonds repaid, ~$154m of facility headroom, December 2025 gearing of 34.2% lifting to
~36.3% after all committed acquisitions, divestments and development projects
FY26 DIVIDEND GUIDANCE INCREASED
▪Reflecting a strong H1 FY26 performance and positive trading conditions, PFI expects to
declare FY26 cash dividends of at least 9.05 cps, an expected increase of at least 5.2% on
FY25 dividends
PFI BOND OFFER
H1 FY26 RESULTS SUMMARY
FOR THE SIX MONTHS ENDED
($M, UNLESS NOTED)
31 DECEMBER 2025
(H1 FY26)
31 DECEMBER 2024
(H1 FY25)
NET PROPERTY INCOME
61.450.0
PROFIT BEFORE FINANCE,
GAINS/(LOSSES) AND TAX
55.244.1
DISTRIBUTION ADJUSTMENTS
(28.1)(22.2)
ADJUSTED FUNDS FROM OPERATIONS
27.121.9
TOTAL ASSETS
2,276.32,116.3
TOTAL LIABILITIES
828.3748.8
TOTAL EQUITY
1,447.91,367.4
BANKING COVENANTS:
COMPANY GEARING (COVENANT: 50%)
34.2%33.4%
INTEREST COVER RATIO
(COVENANT: 2.0 TIMES)
3.2X2.5X
18

PFI BOND OFFER
FIVE YEAR FINANCIAL SUMMARY
($M, UNLESS NOTED)
30 JUNE 2025
1
30 JUNE 2024
1
31 DECEMBER 202331 DECEMBER 202231 DECEMBER 2021
NET PROPERTY INCOME
105.647.292.893.392.1
PROFIT BEFORE FINANCE,
GAINS/(LOSSES) AND TAX
94.441.182.484.884.6
DISTRIBUTION ADJUSTMENTS
(46.2)(18.1)(37.6)(40.2)(37.9)
ADJUSTED FUNDS FROM OPERATIONS
48.223.044.844.646.7
TOTAL ASSETS
2,186.82,086.12,063.92,162.82,217.0
TOTAL LIABILITIES
762.6726.6703.6662.4654.3
TOTAL EQUITY
1,424.21,359.51,360.31,500.31,562.7
BANKING COVENANTS:
COMPANY GEARING (COVENANT: 50%)
32.6%32.9%32.0%28.5%27.7%
INTEREST COVER RATIO
(COVENANT: 2.0 TIMES)
2.8X2.8X2.8X3.4X4.4X
19
1
The results presented are for the 12 month period ended and as at 30 June 2025. The comparative figures for 30 June 2024 reflect a six month period due to the change in balance date, while the other
comparative periods ended and as at 31 December represent 12 month periods. Accordingly, the amounts presented may not be directly comparable.

2.0%
2.4%
2.8%
3.2%
3.6%
4.0%
$0m
$100m
$200m
$300m
$400m
$500m
$600m
$700m
Dec-25Dec-26Dec-27Dec-28Dec-29Dec-30Dec-31
Cover (lhs)
Interest Rate (rhs)
▪PFI enjoys strong banking relationships in the NZ market, while also valuing
diversification, tenor and optionality
▪Fixed-rate payer hedging profile (chart above) provides a level of protection against
fluctuations in floating interest rates
▪Mortgaged Properties are mortgaged in favour of a non-bank security trustee, who
holds mortgages for the benefit of all secured lenders
($M, UNLESS NOTED)DECEMBER 2025
FUNDING:
BANK FACILITIES DRAWN
$570.9
BANK FACILITIES LIMIT
$725.0
BANK FACILITIES HEADROOM
$154.1
DCM
1
$200.0
FUNDING TERM (AVERAGE)
3.2 years
BANKS
ANZ, BNZ, CBA, Westpac
BANKING COVENANTS:
LOAN-TO-VALUE RATIO (COVENANT: 50%)
34.2%
INTEREST COVER RATIO (COVENANT: 2.0 TIMES)
3.2X
INTEREST RATES:
WEIGHTED AVERAGE COST OF DEBT
4.54%
INTEREST RATE HEDGING (EXCL. FORWARD STARTING)
$615 / 3.12% / 2.7 years
FORWARD STARTING INTEREST RATE HEDGING
$190 / 3.75% / 3.6 years
PFI BOND OFFER
CAPITAL MANAGEMENT
1
Debt Capital Markets, includes Note Purchase and Private Shelf Agreement with PGIM, Inc (Pricoa).
HEDGING PROFILE
20

50.0
200.0
150.0
275.0
50.0
150.0
200.0
25.0
25.0
$m
$50m
$100m
$150m
$200m
$250m
$300m
$350m
FY26FY27FY28FY29FY30FY31FY32FY33
Bank DebtBondsPricoa Facility
DEBT MATURITY PROFILE
PFI BOND OFFER
▪Proceeds from the Offer will be used to repay existing bank debt of the PFI Group and for
general corporate purposes, resulting in PFI having a more diversified funding base with a
longer debt maturity profile
▪PFI currently has a Weighted Average Term to Expiry (WATE) of debt facilities of 2.9 years
1
.
Post the completion of the Offer, the WATE is expected to increase to 3.6 years
2
on a pro-
forma basis, before cancellation of bank facilities (if any)
▪In connection with the Offer and associated repayment of bank debt, PFI intends to cancel
bank facilities in an amount sufficient to remain within banking covenant requirements
($M, UNLESS NOTED)EXPIRYAMOUNT
BANK FACILITIES
CBA REVOLVING CREDIT FACILITY
31-May-31$50
CBA TERM LOAN
14-Aug-29$125
SYNDICATE TRANCHE A
14-Aug-28$150
SYNDICATE TRANCHE B
14-Aug-29$150
SYNDICATE TRANCHE C
14-Aug-27$100
WESTPAC GREEN LOAN
18-Jul-27$75
BNZ GREEN TERM LOAN
18-Jul-27$25
ANZ & CBA GREEN LOAN
18-Jul-26$50
BONDS
PFI040
3
13-Oct-32$200
PFI030
13-Sep-30$150
USPP
PRICOA 8.5-YEAR
5-Jan-33$25
PRICOA 6-YEAR
15-Dec-29$25
TOTAL
WATE: 3.6 years$1,125
ASSUMES
NEW 6.5-YEAR
$200M ISSUE
1
Pro-forma as at 13 April 2026,
2
As at 13 April 2026 - assumes $200m 6.5 year issue,
3
Offer of up to $125m with the ability to accept oversubscriptions of up to an additional $75m at PFI’s discretion.
21
DEBT MATURITY PROFILE

PFI BOND OFFER
BOND OFFER
05.

IssuerProperty for Industry Limited.
DescriptionSenior secured fixed rate bonds.
PurposeThe proceeds of the Offer will be used to repay existing bank debt facilities and for general corporate purposes.
Offer AmountUp to $125,000,000 (with the ability to accept oversubscriptions of up to an additional $75,000,000 at PFI’s discretion).
Guarantee and
Security
P.F.I. Property No. 1 Limited (PFI Property) has guaranteed the payments due on the Bonds.
The Bonds are secured by first ranking mortgages (the Mortgages) granted by PFI Property as Guarantor over various properties (the Mortgaged
Properties).
The Security Trustee holds the Mortgages for all creditors entitled to their benefit, which currently includes (in addition to the Supervisor and the Holders)
the PFI Group’s banks and their facility agent, holders of the PFI030 Bonds and holders of US private placement (USPP) notes issued by PFI, on an equal
ranking basis.
Financial Covenant
PFI agrees to ensure that the total principal amount of all outstanding borrowed money secured by the Mortgages is not more than 50% of the total value
of all Mortgaged Properties (the Loan to Value Ratio).
A breach of the Loan to Value Ratio which is not remedied within (approximately) 13 months of that breach being disclosed to the Supervisor in a director’s
report will be an Event of Default under the Bond Trust Documents.
Distribution Stopper
PFI is not permitted to make any distribution if an Event of Default is continuing or if it would result in an Event of Default. Full details of the Events of
Default are set out in the Bond Trust Documents.
No Credit RatingThe Bonds will not be rated.
Issue Price$1.00 per Bond, being the Principal Amount of each Bond.
PFI BOND OFFER
KEY TERMS
23
1
Please refer to Indicative Terms Sheet for full terms.
1

PFI BOND OFFER
KEY TERMS (CONTINUED)
Early Repayment
Holders have no rights to require PFI to redeem the Bonds early except through the Supervisor in the case of an Event of Default (as defined in the Bond
Trust Documents). PFI does not have the right to redeem the Bonds early.
Interest Rate
The sum of the Base Rate plus the Issue Margin.
The Interest Rate will be announced by PFI via NZX on or about the Rate Set Date.
Indicative Issue Margin
Range
1.30% to 1.40% per annum.
Issue Margin
The Issue Margin (which may be within, above or below the Indicative Issue Margin range mentioned above), will be determined by PFI (in consultation
with the Joint Lead Managers) following a bookbuild process and announced by PFI via NZX on or about the Rate Set Date.
Interest PaymentsQuarterly in arrear in equal payments.
Brokerage0.40% brokerage plus 0.35% on firm allocations paid by PFI.
NZX Debt Market
Quotation
Application has been made to NZX for permission to quote the Bonds on the NZX Debt Market and all the requirements of NZX relating thereto that can be
complied with on or before the distribution of the Indicative Terms Sheet have been duly complied with. However, NZX accepts no responsibility for any
statement in the Terms Sheet. NZX is a licensed market operator, and the NZX Debt Market is a licensed market under the FMCA.
NZX ticker code PFI040 has been reserved for the Bonds.
Minimum Application
Amount and
Denominations
$5,000 and multiples of $1,000 thereafter.
Who May Apply
All of the Bonds, including oversubscriptions, will be reserved for clients of the Joint Lead Managers, institutional investors and other Primary Market
Participants invited to participate in the bookbuild. There will be no public pool for the Bonds.
Joint Lead Managers
Bank of New Zealand, Craigs Investment Partners Limited, Forsyth Barr Limited, Westpac Banking Corporation (ABN 33 007 457 141) (acting through its
New Zealand branch).
24
1
Please refer to Indicative Terms Sheet for full terms.
1

PFI BOND OFFER
KEY DATES
Opening DateMonday, 30 March 2026.
Closing Date11.00am NZT, Wednesday, 1 April 2026.
Rate Set DateWednesday, 1 April 2026.
Issue DateMonday, 13 April 2026.
Expected Date of Initial
Quotation on the NZX
Debt Market
Tuesday, 14 April 2026.
Interest Payment Dates
13 January, 13 April, 13 July and 13 October each year (or if that day is not a Business Day, the next Business Day) until and including the Maturity Date.
The first Interest Payment Date will be 13 July 2026.
Maturity DateWednesday, 13 October 2032.
25

PFI BOND OFFER
KEY CREDIT
HIGHLIGHTS
06.

PFI BOND OFFER
KEY CREDIT
HIGHLIGHTS
INDUSTRIAL PROPERTY
PORTFOLIO OF $2.25 BN
with an 88% weighting to Auckland
Proven track record with history of
STABLE EARNINGS AND
HIGH OCCUPANCY
EXPERIENCED INTERNALISED
MANAGEMENT TEAM
supported by a strong governance
framework
LIQUID ASSETS
with an average size of ~$24m
27

THANK YOU FOR ATTENDING
PFI BOND OFFER

The information included in this presentation is provided as at 30 March 2026 and should be read in conjunction with the interim financial statements, NZX results
announcement, NZX Form – Results Announcement and NZX Form – Distribution Notice issued on 24 February 2026.
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 projections and forward looking statements. Projections and forward looking statements, by their nature, involve inherent risks and
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.
Our results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS. The non-GAAP financial
measures used in this presentation include Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO). The calculation of FFO and AFFO is set in Appendix 1 of
PFI’s FY26 interim results presentation, refer https://www.nzx.com/announcements/468022 for more detail.
FFO and AFFO are common property investor metrics and therefore we believe they provide useful information to readers to assist in the understanding of our financial
performance, financial position and returns. These metrics should not, however, be viewed in isolation, nor be considered as a substitute for measures reported in accordance
with NZ IFRS. Non-GAAP financial measures may not be comparable to similarly titled measures reported by other entities.
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’s objectives, 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.
PFI BOND OFFER
29