Capital Change Notice - 2023 & 2024 LTI Scheme Vesting

Capital Change Notice

Updated as at February 2025


Section 1: Issuer information
Name of issuer Property for Industry Limited
NZX ticker code PFI
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website) NZPFIE0001S5
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 87,366
Nominal value (if any) Not applicable
Issue/acquisition/redemption price per security Nil
Nature of the payment (for example, cash or other
consideration)
Upon the vesting of performance share
rights under the third tranche of Property
for Industry Limited’s (PFI) Executive Long
Term Investment Plan 2023 Grant (2023
Grant) and second tranche of PFI’s
Executive Long Term Investment Plan
2024 Grant (2024 Grant), the holder is
entitled to one ordinary share in PFI for
each eligible performance share right
exercised for nil cash payment, together
with an additional allocation of shares
equal to the dividends paid on PFI
ordinary shares over the vesting period.
Further details of those tranches are
included within PFI’s annual reports.
Amount paid up (if not in full) Fully paid ordinary shares
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the
number of Financial Products of the Class,
excluding any Treasury Stock, in existence)
0.017%
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for
example the Conversion price and Conversion date
and the ranking of the Financial Product in relation
to other Classes of Financial Product) or the Option
(for example, the exercise price and exercise date)
Not applicable
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
Vesting of 130,295 PSRs in the 2023
Grant and 2024 Grant, authorised by a
Directors’ resolution dated 24 February
2026
Total number of Financial Products of the Class
after the issue/acquisition/redemption/Conversion
(excluding Treasury Stock) and the total number of
502,379,030 ordinary shares

Financial Products of the Class held as Treasury
Stock after the issue/acquisition/redemption.
0 performance share rights of the same
Class from the 2023 Grant remain on
issue

91,446 performance share rights of the
same Class from the 2024 Grant remain
on issue.

In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
Not applicable
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule
pursuant to which the issue, acquisition, or
redemption is made
Directors’ resolution dated 24 February
2026 pursuant to NZX Listing Rule 4.6.1
and 4.9.1(b).
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
The shares issued are quoted ordinary
shares ranking equally with the existing
ordinary shares on issue of PFI.
Date of issue/acquisition/redemption 24 February 2026
Section 3: Disclosure required for Placements made under Rule 4.5.1

Details of the approach in identifying investors who
were able to participate in the offer and how their
respective allocations in the offer were determined.

The explanation must set out the key objectives
and criteria the Issuer adopted in the allocation
process, whether one of those objectives was a
best effort to allocate on a pro rata basis to existing
holders of the Issuer’s Equity Securities, and any
significant exceptions or deviations from those
objectives and criteria.
Not applicable
Section 4: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Brendan Wright
Contact person for this announcement Brendan Wright
Contact phone number +64 9 303 9450
Contact email address wright@pfi.co.nz
Date of release through MAP

24 February 2026