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DISCLAIMER This presentation has been prepared by Property For Industry Limited (PFI or the Issuer) in This presentation contains certain forward-looking statements with respect to the Issuer. All relation to the offer of bonds described in this presentation (Bonds). The offer of the Bonds is of these forward-looking statements are based on estimates, projections and assumptions made in the product disclosure statement dated 2 November 2017 (PDS) ,which has been made by the Issuer about circumstances and events that have not yet occurred. Although lodged in accordance with the Financial Markets Conduct Act 2013 (FMCA). the Issuer believes these estimates, projections and assumptions to be reasonable, they are inherently uncertain. Therefore, reliance should not be placed upon these estimates or The PDS is available through www.companiesoffice.govt.nz/disclose or by contacting forward-looking statements and they should not be regarded as a representation or a Joint Lead Manager or any other Primary Market Participant, and must be given to warranty by the Issuer, the directors of the Issuer or any other person that those forward- investors before they decide to acquire any Bonds. No applications will be accepted or looking statements will be achieved or that the assumptions underlying the forwarding- money received unless the applicant has been given the PDS. looking statements will in fact be correct. It is likely that actual results will vary from those contemplated by these forward-looking statements and such variations may be material. Capitalised terms used but not defined in this presentation have the meanings given to them in the PDS. 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 The information in this presentation is of a general nature and does not constitute financial and completeness cannot be guaranteed. product advice, investment advice or any recommendation by the Issuer, the Supervisor, the Arranger, the Organising Participant, the Joint Lead Managers or any of their respective None of the Joint Lead Managers or Supervisor nor any of their respective directors, directors, officers, employees, affiliates, agents or advisers to subscribe for, or purchase, any officers, employees, affiliates or agents have independently verified the information of the Bonds. Nothing in this presentation constitutes legal, financial, tax or other advice. contained in this presentation. The information in this presentation does not take into account the particular investment The offer of Bonds is being made only in New Zealand. The Bonds may not be offered or objectives, financial situation, taxation position or needs of any person. You should make your sold directly or indirectly, and neither this presentation nor any other offering material may own assessment of an investment in the Issuer based on the PDS and should not rely on this be distributed or published, in any jurisdiction other than New Zealand. presentation. In all cases, you should conduct your own research on the Issuer and analysis of any offer, the financial condition, assets and liabilities, financial position and performance, Application has been made to NZX for permission to quote the Bonds on the NZX Debt profits and losses, prospects and business affairs of the Issuer, and the contents of this Market and all the requirements of NZX relating thereto that can be complied with on or presentation. 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 period ended 30 June 2017. PROPERTY FOR INDUSTRY DISCLAIMER 2

OVERVIEW OF THE OFFER ▪ PFI is offering up to $75m (plus up to $25m in oversubscriptions) of senior secured fixed rate 7 year bonds (the “Bonds”) (the “Offer”) ▪ The proceeds of the Offer are expected to be used to repay existing bank debt of the PFI Group and result in PFI having a more diversified funding base with a longer debt maturity profile ▪ The Bonds will be secured by the Mortgages granted by P.F.I. Property No. 1 Limited (“PFI Property”, a subsidiary of PFI) as Guarantor over the Mortgaged Properties which will have a total value of approximately $1.14bn 1 ▪ The interest rate on the Bonds is expected to be set on 10 November 2017, and will not be less than 4.55%, with an indicative margin range of 1.65%-1.80% ▪ The Bonds are expected to be quoted on the NZX Debt Market on 29 November 2017 1. The total value of the Mortgaged Properties was approximately $1,062.7m as at 30 June 2017. The total value of the Mortgaged Properties is expected to increase to $1,135.4m on registration Fletcher Building Products, 30-32 Bowden Road of the Mortgages over the nine properties recently acquired by PFI (the “Acquisition”). Registration is expected to occur bef ore the Issue Date PROPERTY FOR INDUSTRY OVERVIEW 5

INTRODUCTION & CREDIT STRENGTHS ▪ Established in 1993, PFI is the only NZX listed property vehicle focused on industrial property ▪ $1.17bn portfolio with an 82% weighting to Auckland , New Zealand’s gateway and commercial hub ▪ Experienced internalised management team supported by a strong governance framework ▪ Proven track record with a history of stable earnings and 99.6% occupancy ▪ Sound risk management and portfolio metrics with company gearing of 32.3% and a 5.4 year WALT ▪ Liquid assets with an average size of $13m 686 Rosebank Road, Avondale 78 Springs Road, East Tamaki Note: all statistics pro forma as at 30 June 2017, adjusted for the Acquisition and the corresponding $70m renounceable rights i ssue expected to complete on 7 November 2017 (the “Equity Fisher & Paykel Appliances, 78 Springs Road, East Tamaki Raising”) PROPERTY FOR INDUSTRY OVERVIEW 6

MANAGEMENT & GOVERNANCE ▪ The management of PFI was internalised in June 2017 ▪ The management team is widely regarded and has extensive experience in the ownership, management and development of industrial property ▪ The board comprises five directors: four independent , including the Chair, and one Managing Director PFI’s growth in Investment Properties since listing Rights Issue 1,200 Internalisation Rights Issue 1,000 Merger Investment Properties $m 800 600 Managed by PFIM 400 Managed by AMP 200 Listed Founded - PROPERTY FOR INDUSTRY OVERVIEW 7

STRATEGY ▪ PFI’s strategy has always been to invest in quality industrial property in prime locations , believing that this investment focus has the potential to deliver attractive returns to shareholders with a low level of volatility : our average annual return to shareholders since inception has been ~9.6% 1 ▪ The group aims to drive returns by: • Active asset management: Managing vacancy and upcoming lease expiries • Acquisitions: Opportunistically pursuing both core and value-add industrial acquisitions • Development: Maximising utilisation of surplus land • Divestments: Divesting when value has been maximised and an opportunity to recycle capital into industrial property arises 232 Cavendish Drive, Manukau 1. As at 30 June 2017 PROPERTY FOR INDUSTRY OVERVIEW 8

PORTFOLIO SNAPSHOT & CHARACTERISTICS ▪ PFI’s portfolio is diversified across 92 properties and 148 tenants, with 99.6% occupancy and a WALT of 5.4 years, weighted towards Auckland industrial property ▪ Industrial property is a unique asset class , assets are typically: • Smaller (PFI average: ~7,700 sqm) and consequently more liquid (PFI average: ~$13m) • Generic and occupied by a single or small number of tenants (PFI average: 1.6 tenants per property), making them less management intensive • Requiring lower levels of capex and present a reduced seismic risk Note: all statistics pro forma as at 30 June 2017, adjusted for the Acquisition PROPERTY FOR INDUSTRY PORTFOLIO & MARKET 10

TENANTS & LEASES ▪ PFI’s smooth lease expiry profile supports low volatility of rental income ▪ Since 30 June 2017, a further 3.8% of 2017 expiries and 0.3% of vacancy has been leased, leaving just 1.4% through to 31 December 2017 ▪ PFI’s top 10 tenants (featuring leading local and international companies) lease 25 properties and pay ~35% of the company’s rent Note: all statistics pro forma as at 30 June 2017, adjusted for the Acquisition, unless otherwise stated PROPERTY FOR INDUSTRY PORTFOLIO & MARKET 11

HISTORICAL OPERATIONAL PERFORMANCE ▪ Since 2007, PFI has achieved a year end average occupancy of 98.6% and WALT of 4.8 years PROPERTY FOR INDUSTRY PORTFOLIO & MARKET 12