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1 _ 12 YEAR LEASE STRATEGIC PORT LOCATION _ RENOUNCEABLE DESIGNED & BUILT TO SPECIFIC REQUIREMENTS _ RIGHTS OFFERPROPERTY FOR INDUSTRY LIMITED. 11 AUGUST 2015 This is an important document. You should read the whole document before deciding whether to subscribe for shares. If you have any doubts as to what you should do, please consult your broker, financial, investment or other professional advisor. LEAD MANAGER AND UNDERWRITER

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3 IMPORTANT INFORMATION. GENERAL INFORMATION This Offer Document has been prepared by Property For Industry Limited (PFI) in connection with a pro rata 1 for 12 renounceable rights offer of ordinary shares (Offer). The Offer is made under the exclusion in clause 19 of Schedule 1 of the Financial Markets Conduct Act 2013 (FMCA). This Offer Document is not a prospectus, investment statement, disclosure document or product disclosure statement for the purposes of the Securities Act 1978 or the FMCA and does not contain all of the information that an investor would find in such a document or which may be required in order to make an informed investment decision about the Offer or PFI. ADDITIONAL INFORMATION AVAILABLE UNDER CONTINUOUS DISCLOSURE OBLIGATIONS PFI is subject to continuous disclosure obligations under the Listing Rules. Market releases by PFI, including its preliminary results announcement for the half year ended 30 June 2015 and the Investor Presentation, are available at under the code PFI. PFI may, during the Offer, make additional releases to NZX. No release by PFI to NZX will permit an Applicant to withdraw any previously submitted application without PFI s prior consent. The market price of Shares may increase or decrease between the date of this Offer Document and the date of allotment of New Shares. Any changes in the market price of Shares will not affect the Issue Price, and the market price of New Shares following allotment may be higher or lower than the Issue Price. WITHDRAWAL PFI reserves the right to withdraw all or any part of the Offer at any time prior to the Issue Date at its absolute discretion. OFFERING RESTRICTIONS This Offer Document is intended for use only in connection with the Offer to Eligible Shareholders, being Shareholders with a registered address in New Zealand or Australia, (who are not in the United States and that are not acting for the account or benefit of a person in the United States). This Offer Document does not constitute an offer, advertisement or invitation in any place in which, or to any person to whom, it would not be lawful to make such an offer, advertisement or invitation. This Offer Document may not be sent or given to any person outside New Zealand in circumstances in which the Offer or distribution of this Offer Document would be unlawful. The distribution of this Offer Document (including an electronic copy) outside New Zealand may be restricted by law. In particular, this Offer Document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside New Zealand or Australia except as PFI may otherwise determine in compliance with applicable laws. Further details on the offering restrictions that apply are set out in the section of this Offer Document headed Details of the Offer. If you come into possession of this Offer Document, you should observe any such restrictions. Any failure to comply with such restrictions may contravene applicable securities law. PFI disclaims all liability to such persons. NO GUARANTEE No guarantee is provided by any person in relation to the New Shares to be issued under the Offer. Likewise, no warranty is provided with regard to the future performance of PFI or any return on any investments made pursuant to this Offer Document. Eligible Shareholders should be aware that there are risks associated with investing in the New Shares. The principal risk is that Eligible Shareholders may not be able to recoup the Issue Price and/or may not receive any dividends, entitlements or other distributions in respect of the New Shares. In addition, the market for the New Shares may not be liquid. If liquidity is low, Eligible Shareholders may be unable to sell their New Shares at an acceptable price or at all. DECISION TO PARTICIPATE IN THE OFFER The information in this Offer Document does not constitute a recommendation to acquire New Shares nor does it amount to financial product advice. This Offer Document has been prepared without taking into account the particular needs or circumstances of any Applicant or investor, including their investment objectives, financial and/or tax position. PRIVACY Any personal information provided by Eligible Shareholders on the Entitlement and Acceptance Form will be held by PFI and/or the Registrar at the addresses set out in the Directory. This information will be used for the purposes of administering your investment in PFI. This information will only be disclosed to third parties with your consent or if otherwise required by law. Under the Privacy Act 1993 (New Zealand), you have the right to access and correct any personal information held about you. ENQUIRIES Enquiries about the Offer can be directed to an NZX Primary Market Participant, or your solicitor, accountant or other professional adviser. If you have any questions about the number of New Shares shown on the Entitlement and Acceptance Form that accompanies this document, or how to complete the Entitlement and Acceptance Form, please contact the Registrar. DEFINED TERMS Capitalised terms used in this renounceable rights offer document (Offer Document) have the specific meaning given to them in the Glossary at the back of this Offer Document or in the relevant section of this Offer Document. CONTENTS. PART 1 IMPORTANT ELEMENTS OF THE OFFER 3 PART 2 IMPORTANT DATES 4 PART 3 ACTIONS TO BE TAKEN BY ELIGIBLE SHAREHOLDERS 4 PART 4 BUSINESS OVERVIEW 6 PART 5 DETAILS OF THE OFFER 8 GLOSSARY 12 PAGE 1

4 CHAIRMAN S LETTER. 11 August 2015 Dear Shareholder, Delivering strong, stable shareholder returns Since listing in 1994, PFI has achieved an enviable track record of delivering strong and consistent shareholder returns. PFI s success is underpinned by a clear strategy of securing the right industrial properties, in the right locations, and by establishing and extending relationships with strong tenants for the benefit of shareholders. In 2013, PFI undertook a transformational merger with Direct Property Fund Limited that significantly increased the scale of the combined group. The merger has already achieved some of the benefits identified at the time including enhanced scale and an improved tenant mix and lease expiry profile, and the Board of PFI expects to realise further benefits over time. As at 30 June 2015, occupancy for PFI s property portfolio had improved to 100%, the weighted average lease term was 5.26 years, and only 3.4% of contract rent is due to expire during the remainder of A $25.6 million or 2.8% portfolio revaluation uplift 1 has contributed to NTA increasing $0.05 per share to $1.35 per share. This revaluation reflects recent leasing activities, favourable rent reviews and firming yields in a buoyant industrial property market. The total shareholder return for the last 12 months, being the change in share price from 1 July 2014 to 30 June 2015 plus cash dividends (assuming they are reinvested), was 22.0%. New acquisitions and developments PFI has had a busy start to 2015, acquiring 232 Cavendish Drive in Manukau and a portfolio of five industrial properties in Hugo Johnston Drive and Autumn Place in Penrose. PFI has also committed to various development opportunities, including construction of four new pre-leased bulk store facilities at 124 Hewletts Road in Mount Maunganui, and a new warehouse at 54 Carbine Road & 6a Donnor Place, Mount Wellington. PFI is also planning on developing its surplus Auckland land at 212 and 232 Cavendish Drive, Manukau, as well as at 9 Narek Place, Manukau. These acquisitions and developments, expected to represent a total capital commitment of $86.3 million, are in line with PFI s strategy of delivering incremental value enhancing growth opportunities to shareholders. Further information about PFI s strategy and development opportunities is contained in the investor presentation annexed to this Offer Document. It is intended that the net proceeds of the Offer will be used to pay down bank debt relating to the recent acquisitions and committed developments, increasing available headroom in banking facilities, with gearing of ~35% expected at the end of this financial year. Further information on how PFI s gearing and how it will be lowered to ~35% is contained in the investor presentation annexed to this Offer Document. Under the Offer, Eligible Shareholders are entitled (but not obliged) to subscribe for 1 New Share for every 12 Existing Shares held as at 5.00 pm on the Record Date of 20 August 2015, at an Issue Price of $1.44 per New Share. The Issue Price represents a 7.0% discount to $1.548, the volume weighted average price for the last five trading days prior to 11 August 2015 (being the date the Offer was announced) and a 5.6% discount to the theoretical ex-rights and dividend price of $ Eligible Shareholders have until 8 September to subscribe for New Shares under the Offer. The Manager and the Board have committed to exercise and take up all Rights in respect of their beneficial shareholdings, which represents a commitment to subscribe for 1,037,048 New Shares as part of the Offer. The Offer is fully underwritten by Forsyth Barr Group Limited. Outlook PFI has previously announced that it expects 2015 distributable profit to be approximately 7.35 cents per share and 2015 cash dividends to be approximately 7.30 cents per share, subject to economic and market conditions. The Board expects PFI to at least meet this earnings guidance following completion of the Offer but with materially lower gearing and an enhanced growth profile, driven in part by the development opportunities discussed above. After reading this Offer Document, PFI encourages you to seek financial, investment, or other professional advice from a qualified professional adviser and to take the time to consider this Offer. Additional information including a webcast of PFI s recent interim results presentation can be found at The Board wishes to thank you for your continued support of PFI and look forward to your involvement in the Offer. Yours sincerely, Pro rata 1 for 12 renounceable rights offer To fund the above acquisition and development activity, PFI is seeking to raise approximately $49.5 million of new equity from PFI s shareholders through an underwritten pro rata renounceable rights offer. This is the first time since 2001 that PFI is offering shareholders the opportunity to participate in a capital raising of significant size. As such, it was an important consideration for the Board that the capital raising be equitable to all shareholders. Under the Offer, all Eligible Shareholders will have the opportunity to take up their Rights, sell or buy Rights on market and to potentially receive value for any Rights not used or sold, through the Bookbuild. Peter Masfen Chairman, Property for Industry Limited 1 Unrealised fair value gain on investment properties as a result of a desktop review of 68 properties and independent valuation of 12 properties. Please refer to note 6(iii) in the unaudited interim financial statements as at and for the six months ended 30 June The theoretical ex-rights and dividend price is the theoretical price at which a PFI share would trade after the ex-date for the Offer and adjusting for PFI s second quarter dividend. This price is calculated by adjusting PFI s share price of $1.55 as at 10 August 2015 to be ex-pfi s second quarter dividend of 1.75cps and accounting for the increased number of shares issued post-completion of the Offer at $1.44 per share. It is a theoretical calculation only and the actual price at which PFI shares will trade after the ex-date for the Offer will depend on many factors and may not be equal to the theoretical ex-rights and dividend price of $1.525 per share. PAGE 2

5 PART 1: IMPORTANT ELEMENTS OF THE OFFER. Issuer The Offer Eligible Shareholder Rights Issue Price Offer size Oversubscriptions New Shares Existing Shares currently on issue Maximum number of New Shares being offered Maximum number of Shares on completion of the Offer How to apply Offer underwritten Property For Industry Limited An underwritten pro rata renounceable rights issue of 1 New Share for every 12 Existing Shares held on the Record Date (with fractional entitlements being rounded down to the nearest share). New Shares: not taken up by Eligible Shareholders; or which are attributable to the rights of Ineligible Shareholders and which are not sold by a nominee on their behalf, will be offered to Eligible Bookbuild Investors through a Bookbuild run by the Underwriter. Any Premium achieved above the Issue Price for New Shares in the Bookbuild will be paid (with no brokerage costs deducted) on a pro rata basis to those Shareholders who do not take up their Entitlements or who are ineligible to do so and whose Rights are not sold. A Shareholder, as at 5.00 pm (NZ time) on the Record Date, with a registered address in New Zealand or Australia, who is not in the United States and not acting for the account or benefit of a person in the United States. The right to subscribe for New Shares under the Offer. Eligible Shareholders have an entitlement to subscribe for 1 New Share for every 12 Existing Shares held on the Record Date (5.00 pm, 20 August 2015). Eligible Shareholders may take up some or all or none of their Rights. Alternatively, Eligible Shareholders may sell some or all of their Rights on the NZX Main Board between 18 August and 2 September $1.44 per New Share. The amount to be raised under the Offer is approximately $49.5 million. There is no oversubscription facility for this Offer. Shares of the same class as, and that rank equally with, Existing Shares on the Issue Date. For the avoidance of doubt, New Shares issued under this Offer will not be eligible for PFI s second quarter dividend which will be paid prior to the Issue Date. 412,343,953 Existing Shares quoted on the NZX Main Board. 34,361,996 New Shares. 446,705,949 Shares. Applications must be made by completing the enclosed Entitlement and Acceptance Form and returning it to the Registrar together with payment in New Zealand dollars. See Actions to be taken by Eligible Shareholders later in this Offer Document. The Offer is fully underwritten by Forsyth Barr Group Limited. PAGE 3

6 PART 2: IMPORTANT DATES. 11 August 2015 Announcement of the Offer 18 August 2015 Rights trading commences on the NZX Main Board 18 August 2015 Opening Date for the Offer 5.00pm 20 August 2015 Record Date for determining Entitlements 8 September 2015 Closing Date for the Offer (last day for receipt of the completed Entitlement and Acceptance Form with payment) 16 September 2015 Expected date for quotation of New Shares issued under the Offer 21 August 2015 Offer Document, Entitlement and Acceptance Forms sent to Eligible Shareholders 5.30 pm 9 September 2015 to 5.00 pm 10 September 2015 Bookbuild 21 September 2015 Mailing of holding statements 5.00 pm 2 September 2015 Rights trading ends on the NZX Main Board 15 September 2015 Allotment of New Shares under the Offer (Issue Date) No later than 22 September 2015 Payment of any Premium achieved in the Bookbuild These dates are subject to change and are indicative only. PFI reserves the right to amend this timetable (including by extending the Closing Date of the Offer) subject to applicable laws and the Listing Rules. PFI reserves the right to withdraw the Offer and the issue of New Shares at any time before the Issue Date at its absolute discretion. PART 3: ACTIONS TO BE TAKEN BY ELIGIBLE SHAREHOLDERS. AVAILABLE ACTIONS If you are an Eligible Shareholder, accompanying this Offer Document is an Entitlement and Acceptance Form showing the number of Rights to subscribe for New Shares that you are entitled to under the Offer. You may take one of the following actions in respect of your Rights: accept all or part of your Rights; sell all or part of your Rights; accept part of your Rights and sell all or part of the remaining balance; or do nothing with all or part of your Rights. IMPORTANT If you do nothing with your Rights before the Closing Date of the Offer, they will lapse and you will not be able to subscribe for any New Shares under the Offer. If you choose to allow your Rights to lapse, the New Shares which are attributable to your Entitlement will be offered to Eligible Bookbuild Investors under the Bookbuild and you will only realise value for your Rights if a Premium is achieved in the Bookbuild. See further details in the section of this Offer Document headed The Bookbuild. The Offer is pro rata. If you take up all of your Rights your percentage shareholding in PFI will not reduce, but if you do not take up all your Rights, your percentage shareholding will reduce following the completion of the Offer. For example, if you hold 6,000 Existing Shares on the Record Date, you will have an Entitlement of 500 Rights to subscribe for 500 New Shares. If you decide not to take up any of your Rights, and all other shareholders do take up their Rights, your percentage interest in PFI will reduce by a factor of approximately 8%. ACCEPTING YOUR ENTITLEMENT Eligible Shareholders who wish to accept all or part of their Rights should return their completed Entitlement and Acceptance Form and deliver it to the Registrar, along with payment of the Issue Price in full, by no later than the Closing Date of the Offer in accordance with the instructions set out in the Entitlement and Acceptance Form. Payment instructions are set out on page 5. There is no minimum number of New Shares that you must subscribe for under the Offer. Applicants will not be treated as having offered to purchase a greater number of New Shares than the number for which payment is made. PAGE 4

7 SELLING YOUR ENTITLEMENT The Rights are renounceable. This enables Eligible Shareholders who do not wish to accept all or part of their Entitlement to sell those Rights they have not accepted. If you wish to sell all or part of your Rights, you should contact an NZX Primary Market Participant. You will need to provide your Common Shareholder Number (CSN) and Authorisation Code (FIN) to the NZX Primary Market Participant that you wish to sell your Rights. You will be required to pay brokerage in respect of that sale. Alternatively, you may transfer your Rights off-market by completing the Security Renunciation / Security Transfer Form of the Entitlement and Acceptance Form and return to the Registrar. Trading of Rights will commence on the NZX Main Board under the code PFIRG on 18 August 2015 and will end at 5.00 pm on 1 September Your Rights may be sold on the NZX Main Board between these dates, should you choose not to accept your full Entitlement. If you wish to sell your Rights using this method you must do so before 5.00pm on 1 September Renunciations must be lodged with the Registrar, Computershare Investor Services Limited, no later than the Closing Date of the Offer (5.00 pm on 8 September 2015). The Registrar s details for the return of your Entitlement and Acceptance Form are set out in the Directory (page 14). ACCEPTING PART OF YOUR ENTITLEMENT AND SELLING THE BALANCE There is no minimum number of New Shares that you must subscribe for under the Offer. You may accept as many or as few of your Rights as you wish. If you wish to accept some of your Rights and sell the balance, you should: instruct an NZX Primary Market Participant to sell the number of Rights you wish to renounce or complete the Security Renunciation / Security Transfer Form of the Entitlement and Acceptance Form and send to the Registrar; and indicate the number of New Shares you wish to accept in the Entitlement and Acceptance Form and send your completed Entitlement and Acceptance Form, together with payment for the number of New Shares applied for, either to the Registrar or directly to the NZX Primary Market Participant through whom you sold your Rights. If the Registrar receives, on or before the Closing Date of the Offer (5.00 pm on 8 September 2015) both an acceptance and a renunciation by an Eligible Shareholder in respect of the same Rights, the renunciation will be treated in priority to the acceptance. PAYMENT INSTRUCTIONS Payment instructions are provided under the heading Entitlement and Acceptance on the Entitlement and Acceptance Form. Payment can only be made by direct credit, cheque or bank draft. Please choose only one payment option. Option 1: If you choose the direct credit option you must transfer funds in New Zealand dollars to the trust account maintained by the Registrar, the details of which are set out on the Entitlement and Acceptance Form. If you choose this option, you must submit your payment instruction to your bank by no later than 4.00 pm two Business Days before the Closing Date of the Offer (i.e. by 4.00 pm on 4 September 2015, or such other date as PFI may determine). Option 2: By bank draft in New Zealand dollars or a cheque drawn from a New Zealand registered bank and made out in New Zealand dollars. Cheques must be made payable to Property For Industry Limited, crossed Not Transferable and must not be post-dated as cheques will be banked on the day of receipt. If your cheque is dishonoured PFI may cancel your allotment of New Shares and pursue any other remedies available to it at law. ENQUIRIES If you have any queries about the number of Rights shown on the Entitlement and Acceptance Form which accompanies this Offer Document, or how to complete the Entitlement and Acceptance Form, please contact the Registrar at: Computershare Investor Services Limited Level 2, 159 Hurstmere Road, Takapuna, Auckland 0622 Private Bag 92119, Victoria Street West, Auckland 1142 Phone: corporateactions@computershare.co.nz Properties at Hugo Johnston Drive, Penrose, to be acquired August PAGE 5

8 PART 4: BUSINESS OVERVIEW. ABOUT PFI. PFI is one of New Zealand s largest listed specialist industrial property investors. PFI was listed on the NZX Main Board in 1994 and is a member of the NZX50. In 2013, PFI successfully completed the merger with Direct Property Fund to create a larger and more resilient property portfolio. Since the merger, PFI has benefited from enhanced scale and an improved tenant mix and lease expiry profile. OUR PORTFOLIO PFI s portfolio was valued at $930.3 million as at 30 June 2015 and comprises 647,922 sqm of net lettable area across 80 properties. As at 30 June 2015, PFI s portfolio had an occupancy rate of 100%, a weighted average lease term of 5.26 years, and only 3.4% of contract rent is due to expire during the remainder of The Board believes that PFI s active management of its industrial properties has resulted in a high quality portfolio that has been resilient throughout the property cycle and is able to deliver strong, stable returns to its shareholders. 84% of PFI s portfolio by value comprises industrial property with office and other types of commercial property comprising 9% and 7% of the portfolio respectively. PFI s core strategic focus is on industrial property. Geographically, PFI s portfolio is weighted towards the Auckland region, where 86% of the portfolio, by value, is located. The Board believes that PFI s exposure to high quality industrial space across the major industrial precincts in Auckland allows PFI to benefit from the region s strong prospects for economic, population and employment growth. In addition to its Auckland presence, 5% of PFI s portfolio is located in Wellington, 3% in Christchurch and the remaining 6% in Hamilton and Mount Maunganui. OUR TENANTS PFI s portfolio is home to some of the country s leading manufacturers, processors and distributors, including Fletcher Building Products, EBOS, Goodman Fielder, DHL Supply Chain, Nestle and Fisher & Paykel Appliances 3. PFI s income risk is spread across more than 140 tenants, with the top 10 tenants accounting for 35% of PFI s gross rental income. PFI s largest tenant, Fisher & Paykel Appliances, accounts for 8% of PFI s gross rental income. Tenant leases have a mix of rent review methodologies, with 34% (by gross rental) having market-based reviews, whilst 47% are index linked and 19% have fixed rent reviews. This rent review mix provides stable and foreseeable rental growth across PFI s portfolio. STRATEGY AND OUTLOOK PFI s strategic objective is to provide shareholders with an increase in shareholder wealth through a combination of income and capital growth by way of ownership and active management of industrial property assets. PFI s investment strategy is to: Invest in quality industrial property in New Zealand s main urban centres Invest predominantly in multipurpose, rather than specialised, properties that are occupied by a balanced spread of tenants Invest in properties that display above-average income and/or capital appreciation attributes. Specifically, these will include properties that exhibit one or more of the following attributes: Located in land constrained areas Located close to important transport links Located on new or improving arterial routes, and Possess change of use potential To take a financially disciplined approach, with borrowings limited to 40% of total investment property value In order to maintain the quality of its portfolio and rent roll, PFI actively manages its assets and the vacancy and upcoming lease expiries within its portfolio. PFI conducts ongoing assessment of its properties, their strategic fit within its portfolio and the sectors in which they operate. As a result, PFI may consider the sale of selected assets to recycle capital into higher quality industrial properties in New Zealand s main urban centres. Additionally, PFI may consider the development of existing expansion land within the portfolio, or repositioning of various properties to accommodate tenant demand. PFI s portfolio is well positioned to benefit from continued favourable market conditions. Momentum in leasing activity following a strong 2014 has allowed PFI to achieve an occupancy rate of 100% as at 30 June 2015 and a low level of lease expiry for the remainder of 2015, which provides the opportunity for rental growth in the medium term. Investor sentiment towards investment grade industrial property is strong and this has led to the firming of capitalisation rates for these assets. PFI has benefited from this trend through a 2.8% portfolio revaluation uplift for the first half of 2015 and expects buoyant market conditions to persist in the near term. 3 The relevant tenants may be subsidiaries of the main operating or parent companies in New Zealand and the obligations of that subsidiary may not be guaranteed by the main operating or parent company. PAGE 6

9 In the current market, securing prime industrial property accretive to shareholder returns continues to be a challenge given the dearth of high quality assets available and the intensity of competition to acquire, particularly from private investors and owner occupiers. Despite this, PFI has successfully completed a number of acquisitions since the start of 2015 which have enhanced earnings and provided PFI with core industrial property in key locations. In addition, PFI has committed to a number of existing development opportunities within the portfolio that will contribute meaningfully to earnings once completed. Following the Offer, PFI expects to at least meet the 2015 earnings guidance previously announced but with materially lower gearing and enhanced growth prospects, driven in part by a number of the new development opportunities as detailed below. Accordingly, for the 2015 financial year, PFI expects distributable profit to be at least 7.35 cents per share and cash dividends to be approximately 7.30 cents per share, subject to economic and market conditions. RECENT ACQUISITIONS AND DEVELOPMENT PFI has had a busy start to 2015, acquiring 232 Cavendish Drive in Manukau and a portfolio of five industrial properties in Penrose, located on Hugo Johnston Drive and Autumn Place. These acquisitions cost a total of $46.9 million 4. PFI has also committed to various pre-leased development opportunities, estimated to cost $26.5 million in total. This comprises construction of four new pre-leased bulk store facilities at 124 Hewletts Road in Mount Maunganui. In line with its objective of maximising utilisation of the portfolio, PFI is also projecting to spend $12.9 million on the development of surplus Auckland land. This will be at 212 and 232 Cavendish Drive, Manukau, 9 Narek Place, Manukau and a new warehouse at 54 Carbine Road & 6a Donnor Place, Mount Wellington. These acquisitions and developments, expected to represent a total capital commitment of $86.3 million, are in line with PFI s strategy of delivering incremental value enhancing growth opportunities to shareholders. PFI intends to fund this capital commitment via this Offer, existing debt facilities and by recycling capital through minor, selective asset sales. OUR DIVIDEND POLICY PFI s dividend policy is to distribute % of annual distributable profit 5, subject to the approval of the Board. The payment and amount of any future dividends will be at the discretion of the Board after taking into account the factors the Board deems relevant at the time. Those factors may include PFI financial conditions, operating results, current and anticipated cash needs and debt covenants. The dividend reinvestment scheme (DRS) has been suspended for the quarter ended 30 June 2015 due to the timing of the scheme coinciding with this Offer. The Board will continue to assess whether to operate or suspend the DRS on a quarter-by-quarter basis, as PFI s capital needs dictate. INVESTMENT PORTFOLIO BY VALUE Auckland 86% Wellington 5% Mt Maunganui 5% Christchurch 3% Hamilton 1% TENANT INDUSTRY BY GROSS RENTAL INCOME Transport & Storage 21% Other Manufacturing 17% Machinery/Equipment Manufacturing 17% Food Manufacturing 12% Property & Business Services 11% Construction 7% Wood & Paper Manufacturing Accommodation & Restaurants 5% 3% Textiles & Clothing 3% Education 2% Health & Community Services 1% Government 1% 4 There is also potential additional deferred consideration payable totalling $1,214, Distributable profit is determined as total comprehensive income for the period (as determined in accordance with NZ IFRS for the period) adjusted for fair value gains or losses on investment properties, material damage insurance income, gains or losses on disposal of investment properties (net of tax on depreciation claw-back), fair value gains or losses on derivative financial instruments, deferred tax, additional revenue booked as a result of fixed rental review accounting entries, incentive fees net of tax, business combination transaction costs, and other one-off items. PAGE 7

10 PART 5: DETAILS OF THE OFFER. Roofers work to complete four new bulk store facilities at 124 Hewletts Road, Mount Maunganui. THE OFFER The Offer is an offer of New Shares in PFI to Eligible Shareholders under a pro rata renounceable rights issue. Under the Offer, Eligible Shareholders are entitled to subscribe for 1 New Share for every 12 Existing Shares held on the Record Date. Any fractional Entitlements will be rounded down to the nearest whole number. The New Shares will be of the same class as, and rank equally with, the Existing Shares which are quoted on the NZX Main Board. It is a term of the Offer that PFI will take any necessary steps to ensure that the New Shares are, immediately after the issue, quoted. The maximum number of New Shares being offered under the Offer is 34,361,996. The Rights will be listed on the NZX Main Board and can be traded. Further information on how you can sell some or all of your Rights is set out under Selling Your Entitlement on page 5. New Shares attributable to Entitlements which are not taken up by Eligible Shareholders (together with those attributable to Entitlements of Ineligible Shareholders which are not sold by a nominee on their behalf) will be offered to Eligible Bookbuild Investors (which may include Eligible Shareholders, whether or not they took up their full Entitlement under the Offer) under the Bookbuild. Eligible Shareholders who do not take up their full Entitlement and do not renounce or sell their Entitlements along with Ineligible Shareholders whose Entitlements are not sold by a nominee on their behalf, may receive some value in respect of those New Shares not taken up if a Premium is achieved under the Bookbuild. There is no guarantee that any premium will be achieved. Further details are set out under The Bookbuild on page 9. PAGE 8

11 ISSUE PRICE The Issue Price is $1.44 per New Share. Payment for the New Shares must be paid in full on application with a completed Entitlement and Acceptance Form delivered to the Registrar in accordance with the instructions set out in the Entitlement and Acceptance Form. PFI may (at its discretion) accept late applications and Application Monies, but has no obligation to do so. PFI may accept or reject (at its discretion) any Entitlement and Acceptance Form which it considers is not completed correctly, and may correct any errors or omissions on any Entitlement and Acceptance Form. Application Monies received will be held in a trust account with the Registrar until the corresponding New Shares are allotted or the Application Monies are refunded. Interest earned on the Application Monies will be for the benefit, and remain the property, of PFI and will be retained by PFI whether or not the issue and allotment of New Shares takes place. Any refunds of Application Monies will be made within five Business Days of allotment, or, if a decision is made not to proceed with the Offer, within five Business Days of the date of that decision. ELIGIBILITY The Offer is only open to Eligible Shareholders or persons that PFI is satisfied can otherwise participate in the Offer in compliance with all applicable laws. PFI considers that the legal requirements of jurisdictions other than New Zealand and Australia are such that it would be unduly onerous for PFI to make the Offer in those jurisdictions. This decision was made having regard to the small number of Shareholders in such overseas jurisdictions, the financial resources of PFI and the costs of complying with overseas legal requirements. This Offer Document is intended for use only in connection with the Offer to Eligible Shareholders, being Shareholders with a registered address in New Zealand or Australia, as at 5.00 pm (NZ time) on the Record Date, who are not in the United States and are not acting for the account or benefit of a person in the United States, and does not constitute an offer or invitation in any place in which, or to any person to whom, it would not be lawful to make such an offer or invitation. This Offer Document is not to be sent or given to any person outside New Zealand in circumstances in which the Offer or distribution of this Offer Document would be unlawful. The distribution of this Offer Document (including an electronic copy) outside New Zealand may be restricted by law. If you come into possession of this Offer Document, you should observe any such restrictions and seek your own advice on such restrictions. Any failure to comply with such restrictions may contravene applicable securities law. PFI disclaims all liability to such persons. The Rights of all Ineligible Shareholders will be transferred to a nominee who will endeavour to sell those Rights and the proceeds (less transaction costs of 0.5%) will be paid to those Ineligible Shareholders on a pro rata basis. Australia The Rights and the New Shares are not being offered to the public within Australia other than to Shareholders of the Company with registered addresses in Australia to whom the offer of these securities is being made in reliance on Australian Securities & Investments Commission Class Order 00/183. This document has been prepared in compliance with New Zealand law and has not been registered, filed with or approved by any Australian regulatory authority. This document is not a prospectus under Australian law and is not required to, and does not, contain all the information that a prospectus under Australian law is required to contain. OPENING AND CLOSING DATES The Offer will open for receipt of acceptances from 18 August The last day for receipt of completed Acceptance and Entitlement Forms with payment is 5.00pm on 8 September 2015, subject to PFI varying those dates in accordance with the Listing Rules. OVERSUBSCRIPTION FACILITY There is no oversubscription facility available. Shareholders who wish to acquire more New Shares than their Entitlement may do so by acquiring Rights from Shareholders who have renounced such Rights. THE BOOKBUILD New Shares attributable to Entitlements which are not taken up by Eligible Shareholders (together with those attributable to Rights of Ineligible Shareholders which are not sold by a nominee on their behalf) will be offered to Eligible Bookbuild Investors (which may include Eligible Shareholders, whether or not they took up their full Entitlement under the Offer). The Bookbuild is expected to take place on 10 September The Clearing Price under the Bookbuild will be equal to or above the Issue Price. If the Clearing Price in respect of the Bookbuild is equal to the Issue Price: PFI will receive the Issue Price for all New Shares issued to Eligible Bookbuild Investors under the Bookbuild; and no cash will be payable to any Eligible Shareholder or Ineligible Shareholder. If the Clearing Price in respect of the Bookbuild is above the Issue Price: PFI will receive the Issue Price for all New Shares issued to Eligible Bookbuild Investors under the Bookbuild; and the extent to which the Clearing Price exceeds the Issue Price (the Premium) will be paid by the Lead Manager to the Registrar, who will remit the Premium pro rata to: each Eligible Shareholder who did not take up their Entitlement in full (with respect to only the part of the Entitlement they did not take up); and each Ineligible Shareholder. If the Bookbuild does not clear all remaining New Shares which are offered to Eligible Bookbuild Investors, the Underwriter will subscribe for any New Shares remaining after the Bookbuild. There is no guarantee that any value will be received from the Bookbuild by Eligible Shareholders who did not take up their full Entitlement or Ineligible Shareholders. None of PFI, the Lead Manager, the Underwriter or any of their respective directors, officers, employees, agents or advisers will be liable for a failure to achieve a price in the Bookbuild that is greater than the Issue Price. Any Premium achieved under the Bookbuild will be announced by PFI on the NZX Main Board. PAGE 9

12 UNDERWRITING AGREEMENT The Underwriter has fully underwritten the Offer. This means that the Underwriter will subscribe at the Issue Price for that number of New Shares which are not taken up either by Eligible Shareholders or under the Bookbuild in accordance with the terms of the Underwriting Agreement. A summary of the principal terms of the Underwriting Agreement are set out as follows: The Underwriter has the power to appoint sub-underwriters. The Underwriter will be paid an underwriting fee of 2.00% of the dollar value of the Adjusted Rights Issue Underwritten Amount. The Adjusted Rights Issue Underwritten Amount is the number of New Shares to be issued under the Offer less the number of New Shares subscribed for by the directors of PFI, the directors, shareholders and management of the Manager and the Manager itself under the Offer, multiplied by the Issue Price. If the Underwriting Agreement is terminated by the Underwriter or PFI, a termination fee may be payable to the Underwriter. Any termination fee cannot exceed 100% of the underwriting fee. The Underwriter may terminate its obligations under the Underwriting Agreement on the occurrence of a number of events which are usual for an offer of this nature including: the occurrence of a Material Adverse Event (as defined in the Underwriting Agreement); a failure by PFI to comply with legal requirements in relation to the offer; the occurrence of certain macro events (including hostilities, changes in financial, economic and political conditions, a general moratorium on commercial banking activities, suspension of trading or listing) in certain countries or financial markets that are Material Adverse Events; any warranty given by PFI is not or has ceased to be true and correct and such untrue warranty constitutes a Material Adverse Event; there having been a certain decline in the NZX50 Index whereby the index is at a level equivalent to 10% or more below its level as at 5.00pm on the Business Day prior to the date of the Underwriting Agreement, and which decline is maintained for a period of at least two consecutive Business Days; PFI s Shares ceasing to be quoted on the NZX Main Board. PFI may also terminate the Underwriting Agreement at any time. PFI has agreed to indemnify the Underwriter in connection with the underwrite against certain losses incurred as a result of or in relation to the Offer or the Underwriting Agreement. PFI may not, without the prior consent of the Underwriter (not to be unreasonably withheld), for a period of three months after the Issue Date, allot or issue any Shares or other equity securities of PFI, issue or grant any right or option or other instrument that is convertible into Shares or other equity securities of PFI, or otherwise enter into any agreement whereby any person may be entitled to the allotment and issue of any Shares or other equity securities by PFI, or make any announcement of an intention to do any of the foregoing, other than pursuant to the Offer or the Company s dividend reinvestment scheme. 10 Autumn Place, Penrose, to be acquired August PAGE 10

13 ALLOTMENT AND ISSUE OF NEW SHARES New Shares issued pursuant to the exercise of Rights are expected to be allotted and issued by 15 September Holding statements confirming the allotment of your New Shares will be issued and mailed in accordance with the Listing Rules. TERMS AND RANKING OF NEW SHARES New Shares allotted and issued will be fully paid and will be the same class as, and rank equally in all respects with, Existing Shares on issue that are quoted on the NZX Main Board on the Issue Date. They will give the holder the right to one vote on a resolution at a meeting of Shareholders (subject to any restrictions in PFI s constitution or the Listing Rules), the rights to dividends authorised by the Board and the right to a proportionate share in any distribution of surplus assets of PFI on any liquidation. RIGHTS If you are an Eligible Shareholder you may subscribe for all or some of your New Shares, sell your Entitlement or allow your Entitlement to lapse. See further details in the section of this Offer Document headed Actions To Be Taken By Eligible Shareholders. STAMPING FEE A broker stamping fee of 0.50% of Application Monies on New Shares allotted will be paid to NZX Primary Market Participants who submit a valid claim for a broker stamping fee on successful applications, subject to a maximum fee of $300 per successful application and a total maximum broker stamping fee of $50,000. The fee will be paid by the Underwriter. The Underwriter reserves the right to decline payment of broker stamping fees where it considers that holdings have been split or otherwise structured to take advantage of the stamping fee arrangements. In the event that the total broker stamping fees payable exceed $50,000, the broker stamping fee payable per valid application will be scaled back on a pro rata basis. No broker stamping fee will be payable in respect of applications for New Shares under the Bookbuild. MINIMUM AMOUNT TO BE RAISED There is no minimum amount that must be raised for the Offer to proceed. NZX MAIN BOARD QUOTATION Application has been made for permission to quote the Rights on the NZX Main Board and all the requirements of NZX relating thereto that can be complied with on or before the date of this Offer Document have been duly complied with. However, NZX accepts no responsibility for any statement in this Offer Document. The New Shares have been accepted for quotation by NZX and will be quoted upon completion of allotment procedures. NZX Main Board is a financial product market operated by NZX, a licensed market operator, under the FMCA. GOVERNING LAW This Offer Document, the Offer and any contract resulting from it are governed by the laws of New Zealand, and each Applicant submits to the exclusive jurisdiction of the courts of New Zealand. PAGE 11

14 GLOSSARY. Applicant Application Monies Board Bookbuild Business Day Clearing Price Closing Date of the Offer Eligible Shareholder Eligible Bookbuild Investor Entitlement and Acceptance Form Entitlement Existing Shares means an investor whose application for New Shares has been received by the Registrar prior to the Closing Date of the Offer. means money received by PFI from Eligible Shareholders who have applied for New Shares under the Offer. means the board of directors of PFI. means the bookbuild process conducted by the Underwriter under which New Shares attributable to Entitlements that are not taken up by Eligible Shareholders, together with New Shares attributable to Entitlements of Ineligible Shareholders which are not sold by a nominee on their behalf, are offered to Eligible Bookbuild Investors (which may include Eligible Shareholders, whether or not they took up their full Entitlement under the Offer). has the meaning given to that term in the Listing Rules. means the price determined by the Board in consultation with the Lead Manager through the Bookbuild process for New Shares offered in the Bookbuild, and is expected to be set at the highest price at or above the Issue Price that will clear the book of New Shares available under the Bookbuild. means 8 September means a Shareholder, as at 5.00pm (NZ time) on the Record Date, with a registered address in New Zealand or Australia, who is not acting for the account or benefit of a person in the United States. means a person: A. in New Zealand, who PFI wishes to invite to participate in the Bookbuild; B. in Australia, who PFI considers is a person to whom an offer of shares for issue may lawfully be made without disclosure under sections 708(8) or 708(11) of the Corporations Act 2001 (Australia) (as modified by any applicable regulatory instrument); C. in Japan who PFI considers is, a person who is a Qualified Institutional Investor under the Financial Instruments and Exchange Law of Japan (Law No.25 of 1948); D. in Hong Kong who PFI considers is, a person who is a professional investor under the Securities and Future Ordinance (Chapter 571 of the Laws of Hong Kong); E. in Singapore who PFI considers is, a person who is a institutional investor as defined in Securities and Futures Act (Chapter 289 of Singapore); and, in each case who is not in the United States or acting for the account or benefit of a person in the United States. means the personalised entitlement and acceptance form enclosed in this Offer Document for Eligible Shareholders. means the number of Rights to which Eligible Shareholders are entitled. means Shares on issue on the Record Date. FMCA means the Financial Markets Conduct Act Ineligible Shareholders means Shareholders of PFI who are not Eligible Shareholders. PAGE 12

15 Investor Presentation means the investor presentation released to NZX on 11 August Issue Date Issue Price Lead Manager Listing Rules New Share NZX NZX Main Board NZX Primary Market Participant Offer Offer Document means the date of allotment of the New Shares pursuant to the exercise of Rights, which is expected to be 15 September means $1.44 per New Share. Forsyth Barr Limited. means the listing rules of the NZX Main Board, as amended from time to time and for so long as PFI is listed by NZX. means one Share in PFI offered under the Offer of the same class as, and ranking equally in all respects with, PFI s quoted Existing Shares at the Issue Date. means NZX Limited. means the main board equity security market operated by NZX. means any company, firm, organisation, or corporation designated or approved as a primary market participant from time to time by NZX. means the offer to subscribe for New Shares to Eligible Shareholders as at the Record Date, under the renounceable rights offer set out in this Offer Document. means this document. Opening Date means 18 August PFI Premium means Property For Industry Limited. means the excess (if any) of the Clearing Price in the Bookbuild over the Issue Price. Record Date means 5.00 pm on 20 August Registrar Right Share Shareholder Underwriter Underwriting Agreement Unexercised Rights means Computershare Investor Services Limited. means the renounceable right to subscribe for 1 New Share for every 12 Existing Shares held on the Record Date at the Issue Price, issued pursuant to the Offer. means one ordinary fully paid share in PFI. means a registered holder of Shares on the Record Date. means Forsyth Barr Group Limited. means the agreement entered into between PFI and the Underwriter dated 10 August 2015, a summary of the principal terms of which are set out on page 10. means Rights not taken up by the Closing Date of the Offer, including those of Ineligible Shareholders that have not been sold by the nominee in accordance with page 8. NOTE: All references to time are to New Zealand time. All references to currency are to New Zealand dollars. All references to legislation are references to New Zealand legislation unless stated or defined otherwise. PAGE 13

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