Mailing of Reminder Letter

20 October 2017

Dear Shareholder,

IMPORTANT REMINDER: PFI RIGHTS OFFER CLOSING SOON

We would like to remind you about PFI’s $70 million 1 for 10 pro rata renounceable rights offer.

Accepting all or part of your rights
If you wish to acquire New Shares under the Offer you need to complete the Entitlement and Acceptance Form and
return it to PFI’s share registrar, Computershare, by 5:00pm on 1 November 2017 (the Closing Date of the Offer) in
order to be accepted.

The Issue Price under the Offer is $1.54 per share. You can check PFI’s current share price at:
https://www.nzx.com/markets/NZSX/securities/PFI.

Selling all or part of your Rights
If you wish to sell all or part of your Rights, you should:
▪ Contact an NZX Primary Market Participant. Trading of Rights will end at 5.00 pm on 26 October 2017.
and / or
▪ Transfer your Rights off-market by completing the “Security Renunciation / Security Transfer Form” of the Entitlement
and Acceptance Form and returning it to Computershare by 5.00 pm on 1 November 2017.

Doing nothing with all or part of your rights
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 or realise any other value for your Rights.

Questions
If you have any questions about the offer, you are encouraged to read the Offer Document and seek financial,
investment, or other professional advice from a qualified professional adviser.

If you have any questions about the Entitlement and Acceptance Form, you can contact Computershare at
pfi@computershare.co.nz or +64 9 488 8777.

If you have accepted or sold your rights recently, you do not need to take any further action.

The Board wishes to thank you for your continued support of PFI and look forward to your involvement in the Offer.

Yours faithfully,

Peter Masfen
Chairman

Note: The information in this document is general information only, does not constitute a securities recommendation or
financial product advice, and has been prepared without taking account of the investment objectives, financial situation or
needs of any particular investor. As well as publicly available information about Property for Industry Limited, you should
read the Offer Document and consider whether any investment is appropriate having regard to your objectives, financial
situation or needs before acting on the information. Copies of the Offer Document are available from the NZX website
under the ticker code “PFI”.