Precinct Properties New Zealand Limited/Announcement

Precinct announces $310m equity raising to fund growth

Capital Raise12 October 2025PCTReal Estate

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
NZX announcement – 13 October 2025
Precinct announces $310 million equity raising to fund growth
Precinct Properties Group (Precinct) (NZX: PCT) is pleased to announce a $310 million equity
raise to fund growth through a fully underwritten $285 million placement (Placement) and a
non-underwritten share purchase plan targeting $25 million with the ability to accept
oversubscriptions at Precinct’s discretion (SPP, and together with the Placement, the Equity
Raise).
The proceeds from the Equity Raise will initially be used to repay bank debt and will allow
Precinct to:
• progress its $3.7 billion
1
pipeline of growth opportunities, consisting of premium office
and living sector exposures, alongside capital partners;
• commence a $201 million 638-bed purpose-built student accommodation (PBSA)
development at 256 Queen Street, Auckland, as announced today;
• optimise the timing and approach to capital partnering to ensure value for Precinct
shareholders is maximised; and
• maintain a balanced approach to gearing and liquidity management.
Scott Pritchard, Precinct’s CEO, says, “Consistent with the execution of Precinct’s strategy, we
are positioning our business for sustained earnings growth.”
“Precinct’s premium office portfolio continues to outperform in terms of occupancy and
rental growth. We have a proven track record of developing world-class real estate, and we
have positioned our business for growth through our development and capital partnering
strategies. As we continue to execute on these strategies, Precinct is targeting $4-5 billion of
capital partnerships over the next 3-5 years.”

1
Estimated completion value of uncommitted development pipeline prior to commitment of 256 Queen Street.

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
“Today, Precinct is also pleased to announce a new 638-bed purpose-built student
accommodation development at 256 Queen Street, expected to open for the 2029
academic year. This follows the recent formation of a new strategic real estate investment
partnership to deliver a 964-bed PBSA facility under construction at 22 Stanley Street, bringing
our total committed student accommodation pipeline to 1,602 beds. 256 Queen Street is a
continuation of our strategy to establish investment partnerships focused on creating new,
best in class, student accommodation, and a process to secure a capital partner will
commence shortly.”
The Equity Raise is expected to increase flexibility to progress Precinct’s pipeline of
development opportunities, including its commitment to commence a new PBSA facility at
256 Queen Street, planned development of Downtown Car Park, residential build-to-sell
projects and other growth opportunities. It positions Precinct’s balance sheet for growth, while
maintaining a balanced approach to gearing and liquidity levels as part of Precinct’s active
capital management strategy. Following the Equity Raise, pro forma gearing will be 33.2%
2

(from 41.6% as at 30 June 2025).
Earnings outlook and FY26 guidance:
Precinct is pleased to reconfirm the dividend per share guidance provided at the full year
result of 6.75 cents per share for FY26, consistent with FY25 and reflecting a funds from
operations (FFO) payout ratio of 90-92%.
The FY26 FFO guidance provided at the full year result has been updated to a range of 7.30
to 7.50 cents per share
3
reflecting the net impact of the Equity Raise.
Details of the Equity Raise:
The $310 million Equity Raise comprises an underwritten Placement of $285 million and a non-
underwritten SPP targeting $25 million (with the ability to accept oversubscriptions at

2
Based on the net proceeds from the underwritten Placement and non-underwritten Share Purchase Plan
assuming a total gross raise size of $310 million and before the impact of any further commitments or transactions.
3
Lower range reflects approximate net impact of equity raise on previous guidance from reduced interest expense
and increased weighted average number of Stapled Shares on issue, while upper range is dependent on
uncertain timing outcomes of various opportunities.

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Precinct’s discretion). The Equity Raise is for new stapled shares, each comprising one ordinary
share in Precinct Properties New Zealand Limited and one ordinary share in Precinct Properties
Investments Limited, which are stapled and trade together as a single security (New Stapled
Shares).
The $285 million Placement will be conducted today through a bookbuild in which institutional
and other select investors in New Zealand, Australia and certain other jurisdictions will be
invited to participate. The Placement has been underwritten at a fixed price of $1.23 per New
Stapled Share, being a 7.5% discount to the last close price of $1.33 on 10 October 2025 and
a 7.7% discount to the five day volume weighted average price of Precinct’s stapled shares
(Stapled Shares) traded on the NZX during the five NZX trading days up to, and including 10
October 2025. Precinct will endeavour to treat existing shareholders in eligible jurisdictions
fairly through the Placement via an allocation policy that seeks, to the extent possible, to
provide pro rata allocations to existing shareholders that bid for at least their pro rata share of
New Stapled Shares under the Placement and are not able to be kept pro rata through the
SPP.
Settlement and allotment of New Stapled Shares issued under the Placement will take place
on 17 October 2025. A trading halt has been granted by NZX to facilitate the Placement.
Precinct also intends to undertake a non-underwritten SPP, targeting $25 million to allow
eligible shareholders with a registered address in New Zealand to apply for up to $50,000 of
New Stapled Shares. New Stapled Shares will be offered under the SPP at the lower of the
Placement price and a 2.5% discount to the volume weighted average price of Precinct’s
Stapled Shares traded on NZX during the five trading days up to, and including, the SPP closing
date. The closing date for SPP applications by eligible shareholders is 28 October 2025. The
SPP provides to participants the benefit of a downside pricing mechanism which is not
available in pro rata structures.
If the SPP is oversubscribed, any scaling of applications will be by reference only to the
shareholdings of those eligible shareholders accepting the SPP as at 5.00pm (NZDT) on the
record date of 10 October 2025. Settlement and allotment of New Stapled Shares issued
under the SPP will take place on 4 November 2025.

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
Nothing contained in this announcement constitutes investment, legal, tax or other advice.
Investors are encouraged to seek appropriate professional advice before making any
investment decision.

End
For further information, please contact:

Scott Pritchard
Chief Executive Officer
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz

George Crawford
Deputy Chief Executive Officer
Mobile: +64 21 384 014
Email: george.crawford@precinct.co.nz

Richard Hilder
Chief Financial Officer
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz
About Precinct
Listed on the NZX Main Board under the ticker code PCT and ranked in the NZX top 30, Precinct is the largest owner,
manager and developer of premium city centre real estate in Auckland and Wellington. Precinct is predominantly
invested in office buildings and also includes investment in Precinct Flex, Commercial Bay retail and a multi-unit
residential development business. As at 30 June 2025, Precinct's directly-held portfolio (on-completion value)
totalled $3.2 billion and Precinct had a further $1.6 billion of capital partnering assets under management: $1.2
billion of these were assets in which Precinct holds a minority interest; with the balance being managed on behalf
of third party partners. For more information visit: www.precinct.co.nz
On 1 July 2023, Precinct effected a restructuring to create a stapled group structure. A stapled group comprises
two listed parent companies whose shares are held by the same shareholders in equal proportions. The shares in
each parent company can only be transferred or dealt with together. Shareholders in Precinct hold an equal
number of shares in Precinct Properties New Zealand Limited and Precinct Properties Investments Limited and these
shares can only be dealt with together. The stapled issuers are described as “Precinct Properties NZ & Precinct
Properties Investments Ltd” on NZX systems and the ticker code for the Stapled Shares remains PCT.

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
This announcement has been prepared for publication in New Zealand and may not be
released or distributed in the United States. This announcement does not constitute an offer
to sell, or the solicitation of an offer to buy, any New Stapled Shares in the United States or in
any jurisdiction in which such an offer or solicitation would be illegal. The New Stapled Shares
have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended
(U.S. Securities Act) or under the securities laws of any state or other jurisdiction of the United
States, and may not be offered, sold or otherwise transferred, directly or indirectly, in the
United States or to any person acting for the account or benefit of a person in the United
States, except, in the case of the Placement, in transactions exempt from, or not subject to,
the registration requirements of the U.S. Securities Act and the securities laws of any state or
other jurisdiction of the United States. The New Stapled Shares may be offered and sold
outside the United States only in “offshore transactions” (as defined in Rule 902(h) under the
U.S. Securities Act) in reliance on Regulation S under the U.S. Securities Act.
You must not send copies of this announcement or any other material relating to the SPP to
any person in the United States or elsewhere outside New Zealand. The release, publication
or distribution of this announcement (including an electronic copy) outside New Zealand may
be restricted by law. If you come into possession of this announcement, you should observe
such restrictions. Any non-compliance with these restrictions may contravene applicable
securities laws.
Future performance
This announcement contains forward looking statements, including “forward looking
statements” within the meaning of Section 27A of the U.S. Securities Act, Section 21E of the
United States Securities Exchange Act of 1934 and the United States Private Securities
Litigation Reform Act of 1995. These forward-looking statements are not historical facts but
rather are based on Precinct’s current expectations, estimates and projections about the
industries in which it operates, and beliefs and assumptions. Forward looking statements can
generally be identified by the use of forward looking words such as “anticipate“,
“approximate”, “believe“, “expect“, “project“, “forecast“, “estimate“, “foresee”, “likely“,
“intend“, “should“, “will“, “could“, “may“, “target“, “aim”, “plan“ and other similar expressions

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand
within the meaning of securities laws of applicable jurisdictions, and include statements
regarding outcome and effects of the Equity Raise. Indications of, and guidance or outlook
on, future earnings, distributions or financial position or performance are also forward-looking
statements.
Forward-looking statements, opinions and estimates provided in this announcement are
based on assumptions and contingencies that are subject to change without notice and
involve known and unknown risks, uncertainties, assumptions, contingencies and other
factors, many of which are beyond the control of Precinct and its related bodies corporate
and affiliates and each of their respective directors, securityholders, officers, employees,
partners, agents, advisers and management, are difficult to predict and could cause actual
results to differ materially from those expressed or forecasted in the forward-looking
statements. This includes statements about market and industry trends, which are based on
interpretations of market conditions.
Precinct cautions shareholders and prospective shareholders not to place undue reliance on
these forward-looking statements, which reflect Precinct’s views only as of the date of this
announcement. There can be no assurance that actual outcomes will not differ materially
from these forward-looking statements. Forward-looking statements are provided as a
general guide only and should not be relied on as an indication or guarantee of future
performance. Actual results, performance or achievements may differ materially from those
expressed or implied in those statements and any projections and assumptions on which these
statements are based.
These statements may assume the success of Precinct’s business strategies, the success of
which may not be realised within the period for which the forward-looking statements may
have been prepared, or at all.
No guarantee, representation or warranty, express or implied, is made as to the accuracy,
likelihood of achievement or reasonableness of any forecasts, prospects, returns, statements
or tax treatment in relation to future matters contained in this announcement.
These forward-looking statements speak only as of the date of this announcement, and
except as required by applicable laws or regulations, Precinct, its representatives or advisers
do not undertake to publicly update or revise any forward-looking statement or other

---

Equity raising to
fund growth
13 October 2025
Not for distribution or release in the United States
Artist’s impression: 256 Queen Street

Important Notice and Disclaimer
The following notice and disclaimer applies to this investor presentation (Presentation) and you are therefore advised
to read this carefully before reading or making any other use of this Presentation or any information contained in this
Presentation. By accepting this Presentation you represent and warrant that you are entitled to receive the
Presentation in accordance with the restrictions set out below and agree to be bound by the limitations contained
herein. This Presentation has been prepared by Precinct Properties New Zealand Limited (
PPNZ) and Precinct
Properties Investments Limited (
PPIL, and together, Precinct).
This Presentation has been prepared in relation to the offer of new stapled securities in Precinct, each comprising one
fully paid ordinary share in PPNZ and one fully paid ordinary share in PPIL
(New Stapled Shares), by way of a:
•Placement to selected institutional investors (Placement); and
•Share purchase plan to Precinct’s eligible shareholders with an address in New Zealand (SPP),
under clause 19 of Schedule 1 of the New Zealand Financial Markets Conduct Act 2013 (together, the Offer).
Information: This Presentation contains summary information about Precinct and its activities which is current only as
at the date of this Presentation. The information in this Presentation is of a general nature and does not purport to be
complete nor does it contain all the information which a prospective investor may require in evaluating a possible
investment in Precinct or that would be required to be included in a prospectus or product disclosure statement or
other offering document prepared in accordance with the requirements of the New Zealand Financial Markets Conduct
Act 2013 or any other applicable law. Precinct’s historical information in this Presentation is, or is based upon,
information that has been released to the NZX Main Board operated by NZX Limited (
NZX). Precinct is subject to
disclosure obligations that require it to notify certain material information to NZX. This Presentation should be read in
conjunction with Precinct's other periodic and continuous disclosure announcements lodged with the NZX, which are
available at
www.nzx.com under the code “PCT”. Certain market and industry data used in this Presentation may have
been obtained from publications, research, surveys or studies conducted by third parties, including industry or general
publications. Neither Precinct nor its advisers or representatives have independently verified any such market or
industry data provided by third parties or industry or general publications.
NZX: The New Stapled Shares will be quoted on the NZX Main Board upon completion of allotment procedures. The
NZX Main Board is a licensed market operated by NZX, a licensed market operator, under the New Zealand Financial
Markets Conduct Act 2013. However, NZX accepts no responsibility for any statement in this Presentation.
Not investment advice: This Presentation does not constitute investment or financial product advice (nor tax,
accounting or legal advice) or any recommendation by Precinct or its advisers to acquire Precinct New Stapled Shares
and does not and will not form any part of any contract for the acquisition of New Stapled Shares. Each recipient of
this Presentation should make its own enquiries and investigations regarding all information in this Presentation
including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of
Precinct and the impact that different future outcomes may have on Precinct. This Presentation has been prepared
without taking account of any person’s individual investment objectives, financial situation or particular needs. Before
making an investment decision, prospective investors should consider the appropriateness of the information having
regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice
appropriate to their jurisdiction. Precinct is not licensed to provide financial product advice in respect of Precinct shares.
Past performance: Investors should note that past performance, including past share price performance of Precinct
and pro forma historical information in this Presentation, is given for illustrative purposes only and cannot be relied
upon as an indicator of (and provides no guidance as to) future Precinct performance including future share price
performance. The pro forma historical information is not represented as being indicative of Precinct’s views on its
future financial condition and/or performance.
Not for distribution or release in the United States
Precinct Properties – October 2025
2
Future performance: Certain statements made in this Presentation are forward-looking statements. These forward-
looking statements are not historical facts but rather are based on Precinct’s current expectations, estimates and
projections about the industries in which it operates, and beliefs and assumptions. Forward looking statements can
generally be identified by the use of forward looking words such as “anticipate“, “approximate”, “believe“, “expect“,
“project“, “forecast“, “estimate“, “foresee”, “likely“, “intend“, “should“, “will“, “could“, “may“, “target“, “aim”, “plan“ and
other similar expressions within the meaning of securities laws of applicable jurisdictions, and include statements
regarding outcome and effects of the equity raising. Indications of, and guidance or outlook on future earnings,
distributions or financial position or performance are also forward looking statements. These statements are not
guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some
of which are beyond Precinct’s control, are difficult to predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements. There can be no assurance that actual outcomes will
not differ materially from these forward-looking statements. The forward-looking statements made in this Presentation
relate only to events as of
the date on which the statements are made. Precinct does not undertake any obligation to
revise or update any forward-looking statements, whether to reflect events, circumstances or unanticipated events
occurring after the date of this Presentation or otherwise, except as required by law or by any appropriate regulatory
authority. Investors are strongly cautioned not to place undue reliance on any forward-looking statements, such as
indications of, and guidance on, outlook, future earnings and financial position and performance, which reflect
Precinct’s views only as of the date of this
Presentation.
Investment risk: An investment in securities in Precinct is subject to investment and other known and unknown risks,
some of which are beyond the control of Precinct. Precinct does not guarantee any particular rate of return or the
performance of Precinct. Investors should have regard to the risk factors outlined in this Presentation, including the non-
exhaustive summary of certain key risks associated with Precinct and the Offer included in the ‘Key Risks’ section in the
Appendix of this Presentation, when making their investment decision.
Acceptance: By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation,
you acknowledge and agree to the terms set out in this 'Important Notice and Disclaimer’.
The release, publication or distribution of this Presentation (including an electronic copy) outside New Zealand may be
restricted by law. If you come into possession of this Presentation, you should observe such restrictions. Any non-
compliance with these restrictions may contravene applicable securities laws. Refer to Appendix E of this Presentation
for more information.
Not for release or distribution in the United States of America: This Presentation may not be released or distributed
in the United States. In particular, this Presentation does not constitute an offer to sell, or the solicitation of an offer to
buy, any securities in the United States or any other jurisdiction in which such an offer or solicitation would be illegal.
The New Stapled Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended
(the U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the New
Stapled Shares may not be offered or sold, directly or indirectly, to persons in the United States except in a transaction
exempt from, or not subject to, the registration requirements of the U.S. Securities Act and the securities laws of any
state or other jurisdiction of the United States.
Financial data: All dollar values are in New Zealand dollars (NZ$ or NZD) unless otherwise stated.
This Presentation includes certain pro forma financial information to reflect the impact of the Placement and the SPP.
The pro forma historical financial information provided in this Presentation is for illustrative purposes only and is not
represented as being indicative of Precinct’s views on its future financial position and/or performance. The pro forma
financial information has not been subject to audit or review. The pro forma historical financial information included in
this Presentation does not purport to be in compliance with Article 11 of Regulation S-X of the rules and regulations of
the U.S. Securities and Exchange Commission.

Important Notice and Disclaimer
3
No Adviser has authorised, permitted or caused the issue, submission, dispatch or provision of this Presentation and, for
the avoidance of doubt, none of them makes or purports to make any statement in this Presentation and there is no
statement in this Presentation which is based on any statement by any of them. No Adviser takes responsibility for any
part of this Presentation, or the Placement or the SPP, and makes no recommendations as to whether you or your
related parties should participate in the Placement or the SPP nor do they make any representations or warranties to
you concerning the Placement or the SPP, and you represent, warrant and agree that you have not relied on any
statements made by any Adviser in relation to the Offer and you further expressly disclaim that you are in a fiduciary
relationship with any of them. No person named in this presentation or any of their affiliates accept or shall have any
liability to any person in relation to the distribution of this Presentation from or in any jurisdiction.
To the maximum extent permitted by law, the Advisers expressly disclaim all liabilities in respect of, and make no
representations regarding, and take no responsibility for, any part of this Presentation other than references to its name
and make no representation or warranty as to the currency, accuracy, reliability or completeness of this Presentation.
Each Joint Lead Manager and Underwriter, together with its affiliates, is a full service financial institution engaged in
various activities, which may include trading, financing, financial advisory, investment management, investment
research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and
services including for which they have received or may receive customary fees and expenses. The Joint Lead Managers
and Underwriters are acting as the joint lead managers of the Offer and underwriters of the Placement. In the ordinary
course of their various business activities, the Joint Lead Managers and Underwriters and their respective Advisers may
act as market makers or purchase, sell or hold a broad array of investments and actively trade securities, derivatives
and other financial instruments for their own account and for the accounts of their customers, and those investment
and trading activities may involve or relate to assets, shares and/or instruments of Precinct and/or persons and entities
with relationships with Precinct. The Joint Lead Managers and Underwriters and their respective affiliates may receive
fees in acting in each of these capacities.
The Joint Lead Managers and Underwriters are acting for and providing services to Precinct in relation to the Placement
and will not be acting for or providing services to Precinct’s shareholders or creditors. The Joint Lead Managers and
Underwriters have been engaged solely as independent contractors and are acting solely in a contractual relationship
on an arm’s length basis with Precinct. The engagement of the Joint Lead Managers and Underwriters by Precinct is not
intended to create any agency or other relationship between the Joint Lead Managers and Underwriters and Precinct’s
shareholders or creditors.
No Specified Person accepts or shall have any liability to any person in relation to the distribution of this Presentation
from or in any jurisdiction.
Statements made in this Presentation are made only as at the date of this Presentation. The information in this
Presentation remains subject to change without notice.
Determination of eligibility of investors for the purposes of the Placement and the SPP is determined by reference to a
number of matters, including legal and regulatory requirements, logistical and registry constraints and the discretion of
Precinct and the Joint Lead Managers and Underwriters (in respect of the Placement) and Precinct only (in respect of
the SPP). Precinct, the Joint Lead Managers and the Underwriters and each other Specified Person disclaim any liability
(including for negligence) in respect of the exercise of that determination and the exercise or otherwise of that
discretion to the maximum extent permitted by law.
SPP: The offer booklet for the SPP will be available to eligible shareholders in New Zealand following its lodgement with
the NZX. Any eligible retail shareholder who wishes to participate in the SPP should consider the offer booklet in
deciding whether to apply under that offer. Any eligible retail shareholder who wishes to apply for New
Stapled Shares
under the SPP will need to apply in accordance with the instructions contained in the offer booklet and the application
forms or follow the sale instructions in the offer booklet.
Investors should be aware that certain financial measures included in this Presentation are ‘non-GAAP financial
information’ under the Financial Market Authority’s guidance note and also 'non-GAAP financial measures' within the
meaning of Regulation G under the U.S. Securities Exchange Act of 1934, as amended, and are not recognised under
NZIFRS or IFRS. The non-IFRS financial information/non-GAAP financial measures in this Presentation include EBITDA,
Underlying EBITDA, Return on cost, Net Debt and Shareholder return. Precinct believes the non-IFRS financial
information/non-GAAP financial measures provide useful information to users in measuring the financial performance
and condition of Precinct. The non-IFRS financial information/non-GAAP financial measures do not have a
standardised meaning prescribed by NZIFRS or IFRS. Therefore, the non-IFRS financial information may not be
comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to
other financial measures determined in accordance with NZIFRS or IFRS. Investors are cautioned, therefore, not to place
undue reliance on any non-IFRS financial information/non-GAAP financial measures included in this Presentation.
Not an offer: This Presentation is not a prospectus, product disclosure statement or other offering document under
New Zealand law (and will not be lodged with the Companies Office, Disclose Register, Registrar of Financial Service
Providers, or any other regulatory body) or any other law in any jurisdiction.
General: For the purposes of this Important notice and disclaimer, "Presentation" means these slides, any oral
presentation of these slides by Precinct, any question-and-answer session that follows that oral presentation, hard
copies of this Presentation and any materials distributed at, or in connection with, that Presentation. Precinct reserves
the right to withdraw, or vary the timetable for, the Placement and/or the SPP without notice.
Effect of rounding: A number of figures, amounts, percentages, estimates, calculations of value and fractions in this
Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from
the figures set out in this Presentation.
Disclaimer: The information contained in this Presentation has been prepared in good faith by Precinct. No
representation or warranty, expressed or implied, is made by any person (including by any of the Specified Persons (as
defined below)) as to the fairness, currency, accuracy, reliability or completeness of any statements, estimates or
opinions or other information contained in this Presentation, any of which may change without notice.
To the maximum extent permitted by law, each of Precinct, the Joint Lead Managers and Underwriters, and their
respective related companies and affiliates, and in each case, their respective shareholders, directors, officers,
employees, representatives, agents and advisers, as the case may be (
Specified Persons) disclaim and exclude all
liability (whether in tort (including negligence) or otherwise) for any direct or indirect expense, loss, damage, cost or
other consequence (whether foreseeable or not) suffered by any person as a result of their participation in the equity
raising and from the use of or reliance on the information contained in, or omitted from, this Presentation, from
refraining from acting because of anything contained in or omitted from this Presentation or otherwise arising in
connection therewith (including for negligence, default, misrepresentation or by omission and whether arising under
statute, in contract or equity or from any other cause).
To the maximum extent permitted by law, you agree that you will not bring any proceedings against or hold or purport
to hold any Specified Person liable in any respect for this Presentation or the information in this Presentation, and that
you waive any rights you may otherwise have in this respect and, with regards to the Joint Lead Managers and
Underwriters, neither it nor its respective advisers, nor any of their respective affiliates or related bodies corporate, or
any of their respective directors, officers, partners, employees and agents take any responsibility for any part of this
Presentation or the Placement or the SPP.
None of the Joint Lead Managers or Underwriters, nor their respective related companies or affiliates including, in each
case, their respective shareholders, directors, officers, employees, agents and advisers, as the case may be (
Advisers),
have independently verified or will verify any of the content of this Presentation and none of them are under any
obligation to you if they become aware of any change to or inaccuracy in the information in this Presentation.
Precinct Properties – October 2025
Not for distribution or release in the United States

4
Contents
Section 1: Offer overview
Section 2: Our strategy
Section 3: Development pipeline
Section 4: Offer details
Appendix
Precinct Properties – October 2025
Not for distribution or release in the United States

Offer overview
5
Equity raise target of $310 million:
$285 million Placement & $25 million Share
Purchase Plan
Growth capital supports strategy to accelerate
delivery of $3.7 billion
1
development pipeline while
enabling capital partnering flexibility
Commitment to commence a new student
accommodation facility at 256 Queen Street,
Auckland, in line with this strategy
FY26 dividend guidance of 6.75 cents per share is
reconfirmed
Artist’s impression: Downtown development
Notes: (1) Estimated completion value of uncommitted development pipeline prior to
commitment of 256 Queen Street
Precinct Properties – October 2025
Not for distribution or release in the United States

Executive summary
6
Consistent execution of
strategy
•Precinct creates vibrant mixed-use precincts that deliver premium experiences for the people who live, visit or come to work in our spaces while delivering
long-term value to shareholders
•Precinct’s premium office portfolio continues to outperform in terms of occupancy and rental growth
•Track record of delivering world-class real estate and growth in NTA, with $2.6 billion of commercial developments completed since 2017 at 18% ROC
1
•Track record of increasing return on capital through capital partnerships with $1.9 billion of capital partnerships formed to date
Positioned for sustained
earnings growth
•$3.7 billion
2
development pipeline, including the development of Downtown Car Park (Downtown)
•Development pipeline consists of premium office and living sector exposures
•Targeting $4-5 billion of capital partnerships over the next 3-5 years
Growth capital
•The $310 million offer will allow Precinct to:
−progress $3.7 billion
2
of growth opportunities alongside capital partners
−optimise the timing and approach to capital partnering to ensure value for Precinct shareholders is maximised
−maintain a balanced approach to gearing and liquidity management
•Post the equity raising, Precinct’s pro forma gearing as at 30 June 2025 will be 33.2% before the impact of any further commitments or transactions
3

Student accommodation
platform expanded
•Announced today commencement of a new 638-bed purpose-built student accommodation development at 256 Queen Street, Auckland
•Intent to secure a capital partner during construction
•Target development margin of 15 – 20%
•1,602 beds now committed including 22 Stanley Street, Auckland
Trading update and outlook
•Premium office portfolio continues to outperform, with strong levels of leasing enquiry for premium grade office
•Reconfirming FY26 dividend guidance of 6.75 cents per share, consistent with FY25 and reflecting an FFO payout ratio of 90-92%
•FY26 funds from operations guidance updated to a range of 7.30 to 7.50 cents per share, reflecting the impact of the offer
Precinct Properties – October 2025
Not for distribution or release in the United States
Notes: (1) ROC = return on cost, which reflects the aggregate pre-tax development profit as a percentage of aggregate total
project cost; (2) Estimated completion value of uncommitted development pipeline, prior to commitment of 256 Queen Street;
(3) Refer Appendix A for further detail including pro forma balance sheet

7
Build to sell
residential
2

•Fabric 2
•The Domain
Collection
•York House
Purpose-built student
accommodation
•22 Stanley Street
•256 Queen Street
•61 Molesworth St
•Orams Marine Village
– commercial
development
$1.2 billion
1
of fully-funded development projects currently
underway across living and commercial sectors:
•1,602 student accommodation beds
•227 residential apartments
•25,117 sqm commercial NLA
$3.4bn
Completion value of
uncommitted pipeline
3
500+
Residential apartments
4
~200
Hotel rooms
4
Notes: (1) Value represents estimated completion value, following commitment to 256
Queen Street; (2) No equity investment by Precinct; (3) Estimated completion value,
following commitment to 256 Queen Street; (4) Approximate numbers based on current
designs and are subject to change
Precinct has varying levels of ownership across the committed pipeline with 61
Molesworth Street and 256 Queen Street currently funded on Precinct’s balance
sheet and other assets funded through capital partnerships or by third parties
Living sector
Commercial
Precinct Properties – October 2025
Not for distribution or release in the United States
Precinct has secured a pipeline of development
opportunities, currently in various stages of planning
Resource consent obtained
•Pillars, 99 College Hill, Auckland (residential build-to-sell (BTS))
•Dominion & Valley, Mt Eden, Auckland (residential BTS)
Planning stage
•Downtown development (office, hotel, residential BTS), Auckland
•Beaumont Street (residential BTS), Auckland
Precinct’s opportunities
Committed pipeline Future opportunities

Cumulative commercial development completions 2017–25F
5
Established development and capital partnering track record
8
Development
•Delivered $2.6 billion of commercial developments
since 2017 calendar year
1
, which have provided:
oAn aggregate return on cost of 18%
delivering 25 cps of NTA accretion (21% of
existing NTA)
1,2,3
•Acquired the Lamont & Co residential development
business in 2022
4
, bringing a track record of build
to sell residential and PBSA development,
comprising:
oOver 1,250 residential units and PBSA beds;
and
oOver $550 million of projects with an
aggregate return on cost of 20%
2
Capital partnering
•Precinct established its capital partnering strategy
in 2021. Since then, the capital allocated to
developments from Precinct’s own balance sheet
has intentionally declined
•An active and committed development pipeline of
$1.2 billion, of which:
o$0.7 billion relates to projects funded within
capital partnerships
oPrecinct’s weighted ownership is around 50%
$725m
Value of committed developments
funded within capital partnerships
as at 30-Jun-25
6
Notes: (1) As at date of this Presentation; (2) Aggregate return on cost equates aggregate pre-tax development profit relative to aggregate total project cost; (3) NTA accretion reflects
aggregate pre-tax development profit divided by current number of stapled shares on issue; (4) On 20 December 2022 Precinct announced the formation of a joint venture with Lamont &
Co., on 5 June 2024 Precinct announced it had moved to 100% ownership of the joint venture; (5) 2025F includes 61 Molesworth Street which is expected to achieve practical completion in
January 2026 but be income producing in 2025; (6) Value represents estimated completion value of committed pipeline at the end of the respective financial year
18%
Aggregate return on cost
from completed projects
since 2017
1,2
$2.6bn
Completed developments
since 2017
1
Committed developments funded within capital partnerships
6
0
100
200
300
400
500
600
700
800
900
FY22FY23FY24FY25
$ millions
Commercial developmentsResidential developments
PBSA developments
0
500
1,000
1,500
2,000
2,500
3,000
3,500
201720182019202020212022202320242025F
$ millions
Calendar year
Precinct Properties – October 2025
Not for distribution or release in the United States

Development pipeline
9
ProjectSector
Expected delivery programme
2
FY26FY27FY28FY29FY30FY31+
Committed
61 Molesworth StreetCommercial
Fabric Stage 2Residential
The Domain CollectionResidential
York HouseResidential
Orams Marine Village Commercial
22 Stanley StreetPBSA
256 Queen StreetPBSA
Uncommitted: Pipeline
PillarsResidential
Dominion & ValleyResidential
Downtown Car Park Stage 1Commercial
Downtown Car Park Stage 2Hotel, Residential
Freyberg BuildingCommercial
188 Beaumont Street Stage 1Residential
188 Beaumont Street Stage 2Residential
$3.4 billion
1
uncommitted development pipeline, targeted to be
delivered alongside investment from capital partners
Notes: (1) Estimated value on completion, following commitment to 256 Queen Street; (2) Expected
delivery programme based on Precinct’s current targets and estimates and is subject to change
0%
5%
10%
15%
20%
25%
CommercialPBSAResidential
Precinct target returns (Equity IRR)
61%
39%
52%
37%
11%
Pipeline composition
(Outer = total committed & uncommited;
Inner = Uncommitted pipeline)
CommercialResidentialPBSA
Precinct Properties – October 2025
Not for distribution or release in the United States

Benefits of flexibility in approach to securing partner capital
10
Design, consenting & revenue
Procurement & contracting
Project delivery
Stages of
delivery
Approaches to
securing third
party capital
commitment
Engagement & exclusivity
A): Early
B): Pre-PC
C): Post-PC
Transact

Precinct track
record
A): Early
22 Stanley St (PBSA);
Domain Collection, York House & Fabric 2
(residential BTS);
Te Tōangaroa JV (commercial)
B): Pre-PC
Wynyard Stage 3
(commercial)
C): Post-PC
PPILP
1

(commercial)
B): Pre-PC
40 & 44 Bowen St
(commercial)
Transact
Typical
development
cycle
Acquisition
Preleasing /
Presales
Approval /
Works start
Practical
Completion (PC)
Resource
Consent
Target 256 Queen Street
Engagement & exclusivity
Transact
Engagement & exclusivity
Precinct Properties – October 2025
Not for distribution or release in the United States
Notes: (1) Precinct Pacific Investment Limited Partnership, the entity in which
Precinct’s investment is held in its long-WALT office partnership with GIC
Risk and return typically reduces
at each project milestone.
Precinct seeks to balance this
against amount of capital invested
The offer optimises the timing and approach to capital partnering to ensure value to shareholders is maximised
Benefits
De-risks project funding, lower upfront funding
requirements, development management fees
Maximises realised development margin

Maintain a balanced approach to gearing & liquidity
11
•Proceeds from the offer will initially be used to repay bank debt,
with an expected cancellation of around $100m of bank facilities
•Following completion of the offer, gearing is expected to fall by 8.4%
pts to 33.2%, with hedging levels expected to increase to 72% (Sep-
25: 58%)
•Pro forma gearing of 30.9% (30 June 2025: 41.6%), following the offer,
pending settlements
1
, commitment to 256 Queen Street, and the
intended establishment of a new partnership for 256 Queen Street
3

$200 m
$400 m
$600 m
$800 m
Jun 26Jun 27Jun 28Jun 29Jun 30>Jun 30
Debt facilities
Year ending
Debt facilities expiry profile (pro forma
2
)
Bank debtUSPPNZ BondsConvertible noteBank debt cancellation
Notes: (1) Pending settlements include InterContinental Auckland hotel sale, 22 Stanley St sale, Amora Wellington sale,
Downtown Car Park acquisition, and 99 College Hill acquisition; (2) Illustrates expiry profile as at 30 June 2025, if $100m of bank
debt facilities expiring in FY28 are cancelled as planned; (3) Refer to Appendix A for assumptions and further detail including
pro forma balance sheet
Precinct Properties – October 2025
Not for distribution or release in the United States
Pro forma gearing as at 30 June 2025
3
41.6%
33.2%
34.9%
30.9%
(8.4%)
(1.3%)+3.0%
(4.0%)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Audited as at
30 June 2025
Impact of
offer
Pro forma
post offer
(unaudited)
Pending
settlements
256 Queen
Street
commitment
Pro forma
(unaudited)
256 Queen
Street capital
partnership
(illustrative)
Pro forma
(unaudited)
post 256
Queen
partnering

Our strategy
12
Precinct Properties – October 2025
Not for distribution or release in the United States

Strategic pillars
13
Pillar 2: Developments
Since 2017, Precinct has maintained an average annualised
development pipeline of around $1 billion and has successfully
delivered over $2.6 billion in projects
1
.
Over this time, Precinct’s capital requirement has reduced
through the introduction of capital partners, and balance
sheet exposure
2
to development has reduced materially from
66% as at 30 June 2016 (Commercial Bay) to around 10% as at
30 June 2025.
The value of committed projects at 30 June 2025 was $1 billion
which has since increased to $1.2 billion today
1
including 256
Queen Street.
Pillar 3: Capital Partnering
Investing in value-add opportunities alongside capital
partners leverages Precinct’s expertise in repositioning,
releasing and realising value, delivering a higher return on
invested capital through a moderate risk profile.
Precinct has a target of allocating around 20% of its capital to
investment partnerships across the living and commercial
sectors.
“Leverage our strategic pillars to create
vibrant, mixed-use precincts that provide
quality experiences for the people who
live, visit or come to work in our spaces,
while delivering long-term value to
shareholders”
Pillar 1: Core Investment
Precinct’s core investment portfolio continues to stay
resilient amid challenging economic conditions.
While occupancy has reduced over the year, pleasing
progress has been made in FY25 with deals completed
in the year 5.3% above valuation market rents.
Core investment metricsJun-25Jun-24Change
Occupancy97% 98% -1 pp
WALT
6.0 yrs6.6 yrs -0.6 yrs
Weighting to Auckland
71%71%-
Lease deals vs. val rents
+5.3%+4.5%+0.8 pp
Uplift from rent reviews
+4.3%+3.4%+0.9 pp
Over / (under) renting
(7%)(11%)+4 pp
Committed gross development value and weighted
exposure
3
Notes: (1) As at the date of this Presentation; (2) Balance sheet exposure measured as Precinct’s exposure to committed gross development value
as a percentage of total assets (
TA); (3) FY25 includes 22 Stanley Street, where the investment by Keppel is conditional on OIO approval but
excludes 256 Queen Street which was uncommitted as at 30 June 2025; (4) Total capital of $3.2bn ($1.6bn share capital plus $1.6bn drawn debt)
Target
(outer)
Capital allocation
4
Directly ownedManaged
Current
(inner)
$1.1 b
$1.5 b
$0.8 b
$0.3 b
$0.7 b
0%
10%
20%
30%
40%
50%
60%
70%
$0.5 b
$1.0 b
$1.5 b
$2.0 b
FY16
(Commercial Bay)
FY19
(Peak Pipeline)
FY21
(Internalisation)
FY25
PCT exposureThird partiesPCT exposure % of TA, RHS
Precinct Properties – October 2025
Not for distribution or release in the United States

Capital allocation and pipeline replenished
•Precinct aims to align its asset sales and development activities
with prevailing economic conditions, while recognising that
market timing may not always be exact
•Designed to maximise capital returns and ensure investments
are well-timed with market cycles
•Following completion of Commercial Bay, Precinct intentionally
rebuilt its long-term development pipeline in order to
•capture enhanced return metrics year-on-year,
•support the outperformance of the core portfolio, and
•to take advantage of the next economic cycle
•Since 2021, Precinct has grown its development pipeline to
$3.7b
1
, utilising capital from the formation of capital
partnerships and asset sales
14
Precinct Properties – October 2025
Not for distribution or release in the United States
“The development pipeline, combined with the capital
partnering strategy, provides optionality and the ability
to take advantage of the next economic cycle”
0%
1%
2%
3%
4%
5%
$0m
$1,000m
$2,000m
$3,000m
$4,000m
$5,000m
2012201320142015201620172018201920202021202220232024'25 YTD
(30 Sep)
Development pipeline and economic cycle
2
Committed developmentsDevelopment pipeline (uncommitted)
5Y bond rate at end of period, RHS
Calendar year
Notes: (1) Estimated completion value of uncommitted development pipeline prior to commitment
of 256 Queen Street; (2) Committed and uncommitted pipeline values reflect estimated completion
values; 2025 YTD figure is prior to commitment to 256 Queen Street
0%
1%
2%
3%
4%
5%
$0m
$100m
$200m
$300m
$400m
$500m
$600m
$700m
2012201320142015201620172018201920202021202220232024'25 YTD
(30 Sep)
Asset sales and economic cycle
Outright salesSales to capital partnerships
5Y bond rate at end of period, RHS

Capital partnering: Commercial
Existing partnerships
•Precinct is currently invested in core, core-plus and develop-to-core
strategies within the commercial sector
•Existing partners include international and local capital including iwi
•Continuing to explore opportunities that align with mandates to
expand existing partnerships
Pipeline and opportunity set
1) PwC Tower
•Precinct is seeking to establish a capital partnership for the PwC
Tower, Auckland’s best
1
Premium office building
•A 50% interest is currently being marketed by way of a two-stage
expression of interest campaign
•Initial expressions of interest were received in October
2) Downtown Stage 1
•The Downtown development is the final phase of the Commercial Bay
masterplan
•Stage 1 comprises a new premium office tower, and podia with
campus-style office floorplates. Precinct will seek third-party capital
partners as part of the funding mix. Refer pages 20-21 for further
detail
15
StrategySector
Completion
value
PCT
share
Investment partnerships
GIC long-WALT partnership (PPILP)Long WALTOffice$0.7 b24.9%
Te Tōangaroa JV (Ngāti Whātua Ōrākei, PAG)Core plusOffice$0.2 b17-19%
Orams Commercial (Orams Group)Develop to coreCommercial$0.1 b24.9%
Investment partnerships$0.9 b
Potential partnerships
PwC Tower (in market)
2
CoreOffice$0.6 b50% target
Downtown Stage 1 (uncommitted)Develop to coreOffice~$1.7 b25-50% target
Total potential investment partnerships~3.1 b
Other
3
Kegg & LCO portfolioValue addMixed use$0.1 bNil
Westhaven Marine (Orams Marine)N/A
4
Alternative$0.1 b24.9%
Commercial platform
Notes: (1) PwC Tower presents as the number one rated office building within the New Zealand market under JLL research guidelines; (2) PwC value
assumes an LP structure; (3) The Kegg & LCO portfolio is managed by Precinct with nil investment from Precinct
. Precinct has a minority investment in
Westhaven Commercial but does not manage the asset; (4) The main purpose of partnering with Orams Group was to develop the large residential
site located at 188 Beaumont Street
Wynyard Quarter innovation precinct (PPILP)Te Tōangaroa PwC Tower (in market)
Precinct Properties – October 2025
Not for distribution or release in the United States

PBSA pipeline
Capital partnering: Purpose-built student accommodation
Strategy
•Market entry focused on the establishment of investment partnerships to
develop new, best in class, student accommodation to an undersupplied
market
•Precinct will originate and manage the developments, targeting a total
investment value of around $800 million. This would encompass around
2,000 - 2,500 PBSA beds, representing approximately 20% of the estimated
market demand
•Precinct’s target investment is 20% to 50% equity over the long term
•Auckland’s PBSA market is estimated to be undersupplied by 5,000+ beds
1
•The NZ Government has publicly stated it is supportive of the international
education sector, recently outlining plans to double the sector’s economic
contribution by 2034
•University of Auckland continues to undertake significant investment in its
campus with recent examples including the Hiwa Recreation and Wellness
Centre (2024) and the Social Sciences building (2023)
Status
•22 Stanley Street partnership recently established with Keppel (subject to OIO
approval) and construction underway. Targeted completion Dec-27
•Announcing today the commitment to 256 Queen Street. A process to secure
a capital partner will commence shortly
16
ProjectStatusOpeningBeds
Completion
value (approx.)
Precinct
ownership
2
22 Stanley Street
ConstructionSemester 1, 2028964$0.3bn20%
256 Queen Street
CommittedSemester 1, 2029638$0.2bn100%
Total1,602$0.5bn56%
International students studying intramurally in
Auckland Region
0k
2k
4k
6k
8k
10k
12k
14k
16k
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
University of AucklandAUT
Source: educationcounts.govt.nz
Covid-19
impact
57%
11%
9%
12%
11%
AucklandWaikatoWellington
CanterburyOther
Source: educationcounts.govt.nz
International fee-paying university
students – region of study in 2024
Notes: (1) Precinct estimate; (2) As at the date of this presentation,
Keppel investment in 22 Stanley Street is subject to OIO approval
Precinct Properties – October 2025
Not for distribution or release in the United States

256 Queen Street
17
Status
•Announced today a commitment to the 256 Queen
Street development project, with Icon appointed as
main contractor
•Design Build Fixed Price contract signed with
competitive trade pricing
•Construction planned to commence in November 2025
to target opening in semester 1 of the 2029 academic
year
•A process to secure a capital partner will commence
shortly
Rationale
Decision to proceed with a second PBSA project is based on:
•Supportive market fundamentals, underpinned by
ongoing demand growth and a clear demand-supply
imbalance
•Competitive construction pricing, aligned with current
market conditions
•Complete design development and all necessary
resource consents
•The greater certainty it provides to potential capital
partners and the flexibility it provides Precinct to secure
a partner during construction
Key project metrics
Levels32
No. beds638
Total project cost (TPC)
1
$201 m
Target development margin (% of TPC)15%-20%
Practical completion
Target
late 2028
Artist’s impression: 256 Queen Street
Notes: (1) Spend remaining as at 30 September 2025 was $183m
Precinct Properties – October 2025
Not for distribution or release in the United States

Capital partnering: Residential build-to-sell
Strategy
•Residential build-to-sell strategy allows Precinct to leverage market presence and
development capability to enhance returns in a capital light manner
•Long term target is to deliver around 150 units per annum, on average, into the Auckland
market
•Precinct aims to secure opportunities through land acquisition and consenting
•Construction commencement subject to funding, presales and procurement
•Precinct’s target investment is 20% to 50% equity with a target exposure of around $50m-
$100m at any one time
Status and outlook
•Active pipeline under construction comprises 227 units, in which Precinct has no equity
investment
•Pillars, 99 College Hill recently launched to market. Targeting commitment in FY26 subject
to presales, funding and procurement. Precinct target equity investment of 20-50%
•Future pipeline, in which Precinct will participate, of ~500 units currently at varying stages,
comprising:
•Dominion & Valley Roads – Resource consent uplifted and design progressing to
enable pre-sales launch late 2025
•188 Beaumont Street – Joint venture with Orams Group; preparing for resource
consent application
•Downtown – Residential component is included in Stage 2. More detail on status
and pathway is provided on pages 20-21
18
Build-to-sell pipeline
ProjectStatus
Expected
completion
Units
1
Completion value
(incl. GST)
Fabric Stage 2
ConstructionFY26118$125 m
The Domain Collection
ConstructionFY2665$172 m
York House
ConstructionFY2744$135 m
Total existing projects
2
227$431 m
PillarsMarketingFY2820c.$100 m
Dominion & Valley RoadRC grantedFY29120-
188 Beaumont StreetDesignFY30215-
DowntownDesignFY31+160-
Total pipeline
3
515~$1.6 b
Total existing + pipeline742~$2.0 b
Forecast residential completions
1,3
Notes: (1) Pipeline unit numbers are approximate only and are subject to change as design and planning progresses; (2) Precinct has no
equity investment in existing projects; (3) Pipeline projects are uncommitted but Precinct expects to participate in 20-50% of each project;
expected completion timing is based on Precinct’s current estimates and is subject to change; (4) Includes residual stock sales for
Onehunga Mall Club which completed in FY24
-
5
10
15
20
-
$10 m
$20 m
$30 m
$40 m
FY23FY24FY25
Value of sales (incl. GST)
No. of units sold, RHS
Sales activity – Existing projects
4
-
50
100
150
200
250
300
FY26FY27FY28FY29FY30FY31+
No. Units
ExistingPipelinePipeline (Downtown)
Precinct Properties – October 2025
Not for distribution or release in the United States

Development pipeline
19
Precinct Properties – October 2025
Not for distribution or release in the United States

Downtown development
20
Status
•Negotiations with office pre-commitment occupiers ongoing for
around 50% of NLA, all from outside of Precinct’s portfolio
•Main Contractor procurement has commenced with interest from
several parties
•Advancing with an iwi consortium led by Ngāti Whātua Ōrākei on
minority investment in Stage 1
Commitment pathway
•Subject to an acceptable level of occupier pre-commitment,
consenting, procurement, confidence in capital partner appetite,
and Precinct Board approval
•Target commitment to Stage 1 in Q4 of 2026 calendar year
Expected project benefits from equity raise
•Provides for greater control and certainty leading up to project
commencement
•Enhances flexibility in how and when the project is funded, to
ensure value for Precinct shareholders is maximised
Artist’s impression: Downtown development
Precinct Properties – October 2025
Not for distribution or release in the United States

Downtown development
Calendar year2025202620272028202920302031
Design
Procurement
Demolition
Enabling works & basement
Aboveground works
(Towers 1 & 2)
21
Commercial: Stage 1
•Stage 1 to include demolition, enabling works, full basement, Tower 1 (office) and three
office podia with ground floor retail and urban room
Hotel and Residential: Stage 2 (Tower 2)
•A ~200-key hotel and ~160 residential apartment tower
•Commitment anticipated around 2028 financial year
Indicative development programme
1
Precinct Properties – October 2025
Not for distribution or release in the United States
Artist’s impression: Downtown development
Target Stage 1 commitment
Target Stage 2 commitment
Notes: (1) Programme reflects Precinct’s current estimates and is subject to change

Overview
•20 luxury residences, across two apartment buildings,
on an elevated ridgeline site overlooking St Mary’s
Bay
•Resource consent granted; detailed design is being
progressed
•Construction anticipated to commence in the first
half of 2026, with completion expected in 2028
Catchment market overview
•High-value catchment: 21% of all sales over the last
five years at $3m+ prices
1
. Five-year $3m+ sales
volumes of 81-172 dwellings pa suggests robust
through-cycle demand
1
•Downsizers represent largest proportion of occupiers
of privately owned dwellings in the primary
catchment at 33% vs 26% in Auckland Region
2, 3
Pillars
22
Key project metrics
4
No. of apartments20
No. of car parks40
Gross development value (incl. GST)c.$100m
0%
5%
10%
15%
20%
25%
30%
0
50
100
150
200
Aug-21Aug-22Aug-23Aug-24Aug-25
% of catchment total
Annual sales volume
$3m - $4m$4m - $6m
$6m+% of total sales [RHS]
0%
5%
10%
15%
20%
25%
30%
35%
20 - 2930 - 4950 - 6970+
RentersFHB &
upgraders
DownsizersRetirement
age
% of population
Primary catchmentAuckland Region
$3m+ sales volume in primary catchment
1, 2
Occupant profile of privately owned dwellings
2, 3, 5
Notes: (1) REINZ data, Precinct analysis; (2) Primary catchment includes Freemans Bay, Grey Lynn, Herne Bay, Ponsonby, St
Mary’s Bay & Westmere; (3) Statistics NZ data, Precinct analysis; (4) Planned unit numbers and pricing is based on current
estimates and is subject to change; (5) Includes occupants in dwellings ‘owned or partly owned’ and ‘held in a family trust’
Artist’s impression
Precinct Properties – October 2025
Not for distribution or release in the United States

23
Residential pipeline
Dominion & Valley, Mt Eden
1
Description
Development across three apartment buildings, located at the vibrant junction of
Dominion and Valley roads in sought-after Mount Eden
AuthoritiesResource consent granted; developed design being progressed
ConstructionTarget commencement in FY27
Apartments120
Carparks105
188 Beaumont Street, Wynyard Quarter
1
Description
Staged development across three distinct offerings on one of Auckland’s best
waterfront locations
AuthoritiesResource consent (under Fast Track Act) and developed design being progressed
ConstructionTarget Stage 1 commencement in FY28
Apartments215
Carparks270
Notes: (1) Metrics for the residential pipeline are based on Precinct’s current plans and
estimates as at the date of this Presentation, and are subject to change
Artist’s impression: Dominion & Valley
Artist’s impression: 188 Beaumont Street
Precinct Properties – October 2025
Not for distribution or release in the United States

Offer details
24
Precinct Properties – October 2025
Not for distribution or release in the United States

Offer overview
•Targeting $310 million of equity via an underwritten Placement and a non-
underwritten Share Purchase Plan
•Proceeds will initially be used to repay bank debt and then applied to development
working capital requirements
•New Stapled Shares to be offered under the Placement at a fixed price of $1.23 per
New Stapled Share
•The offer structure is designed to provide nearly all existing shareholders (unless
restricted due to legal constraints) with the opportunity to subscribe for at least
their pro rata portion of the equity raise (through either the Placement or Share
Purchase Plan)
•FY26 dividend guidance reiterated at 6.75 cps representing a FFO payout ratio of
90-92%
•FY26 Funds from Operations (FFO) guidance of 7.30 to 7.50 cps
1
•The Conversion Price Cap for the PCTHB and PCTHC subordinated convertible
notes will be adjusted in accordance with each Supplemental Trust Deed. This will
be finalised following the outcome of the raise
25
$285m
Underwritten Placement
6.75cps
FY26 dividend guidance
7. 3 0-7. 5 0cps
FY26 FFO guidance
1
Notes: (1) Lower range reflects approximate net impact of equity raise on previous guidance from reduced interest expense and
increased weighted average number of Stapled Shares on issue, while upper range is dependent on uncertain timing outcomes of
various opportunities; (2)
With the ability to accept oversubscriptions at Precinct’s discretion
$25m
Non-underwritten Share
Purchase Plan target
2
Precinct Properties – October 2025
Not for distribution or release in the United States

Offer summary
ItemDescription
Offer components
•Fully underwritten placement to eligible investors (Placement)
•Non-underwritten share purchase plan offer to all shareholders with a registered address in New Zealand, with each eligible shareholder able to apply for
up to $50,000 of New Stapled Shares (
SPP)
•The Offer is for Stapled Shares, comprising one ordinary share in PPNZ and one ordinary share in PPIL, which are stapled and trade together as a single
security (
Stapled Shares)
•Precinct intends that eligible shareholders who bid for up to their ‘pro-rata’ share of New Stapled Shares under the Placement and are not able to be kept
pro-rata through the SPP will be allocated their full bid, on a best efforts basis
Gross proceedsTargeting to raise $310 million comprising:
•$285 million under the Placement
•$25 million under the SPP (with the ability to accept oversubscriptions at Precinct’s discretion)
Issue price•New Stapled Shares to be offered under the Placement at a fixed price of $1.23 per New Stapled Share
•The fixed price represents a discount of
•7.5% to the last close ($1.33)
•7.7% to the 5-day volume weighted average price (VWAP) ($1.3332)
•New Stapled Shares will be offered under the SPP at the lower of the Placement fixed price and a 2.5% discount to the 5-day VWAP up to and including the
closing date of the SPP
Ranking•New Stapled Shares issued under the Placement and the SPP will rank equally with existing Precinct Stapled Shares on issue and will be quoted on the NZX
following settlement
Underwriting•The Placement is fully underwritten
•The SPP is not underwritten
26
Precinct Properties – October 2025
Not for distribution or release in the United States

Offer timetable
27
ItemDate
Placement
Trading halt commences and Placement offer undertaken13 October
Trading halt lifted14 October
Settlement and allotment of New Stapled Shares issued under
the Placement
17 October
Share Purchase Plan (SPP)
Record Date (5.00pm NZDT)10 October
Expected release of the Offer Document on NZX and Letters of
Entitlement sent
15 October
SPP opens15 October
SPP closes (5.00pm NZDT)28 October
Settlement and allotment of New Stapled Shares issued under
the SPP
4 November
Shareholders who wish to participate in the Share Purchase Plan should
visit www.shareoffer.co.nz/precinct and apply by 5.00pm (NZDT) on
Tuesday, 28 October 2025
Precinct Properties – October 2025
Not for distribution or release in the United States

Summary and outlook
28
Precinct Properties – October 2025
Not for distribution or release in the United States

29
Earnings outlook and FY26 guidance
Strategic pillar
Core Investment
•7% under renting with ~70% of portfolio weighted to Auckland
•75% of portfolio subject to review in FY26, providing ~3% growth
•Outperformance of premium office
Development
•Molesworth practical completion expected in FY26
•256 Queen Street provides opportunity to establish further PBSA
capital partnership
•Quality of development and in house capability providing
opportunity for capital partnering
Capital partnering
Build-to -Sell
Residential
•+$400m currently underway
2

•+$900m of BTS pipeline (excl. Downtown)
2
•Good investor engagement and improving fundamentals
PBSA
•22 Stanley Street, a fund-through structure, providing fees and
revenue recognition
•Commencement of 256 Queen Street increases the committed
portfolio to over 1,600 beds
Office
•Downtown development provides potential for management fees
and residential profits
•PwC Tower capital partnering initiative launched
Market
•Lower interest rates, with the Reserve Bank of NZ cutting the
official cash rate 50 bps to 2.50% in October
•Falling funding margins
•Investment Boost
•Economy forecast to improve supporting strategic pillars
•Valuation stability
Reconfirming dividend guidance of 6.75 cents
per share for FY26, consistent with FY25,
reflecting an FFO payout ratio of 90-92%
•FY26 funds from operations guidance updated to a range
of 7.30 to 7.50 cents per share
1
, reflecting the impact of the
offer
•Economic recovery is taking longer than expected; RBNZ
expects lower interest rates to support a recovery in growth
•Decreasing funding costs and completed developments
aid the near-term earnings outlook
•Premium office market continues to outperform and supply
outlook remains constrained
•Precinct remains committed to providing stable and
sustainable dividends with prudent long-term growth
Notes: (1) Lower range reflects approximate net impact of equity raise on previous guidance from reduced interest expense and
increased weighted average number of Stapled Shares on issue, while upper range is dependent on uncertain timing outcomes of
various opportunities; (2) Estimated value on completion incl. GST
Precinct Properties – October 2025
Not for distribution or release in the United States

Summary
30
•Net proceeds of the equity raising will fund development working
capital requirements across the portfolio, following initial
repayment of bank debt
•Allows Precinct to progress $3.7 billion
1
of opportunities, including
the Downtown development, alongside capital partners
•Provides flexibility to optimise the timing and approach to capital
partnering, to ensure value for Precinct shareholders is maximised
•Maintains a balanced approach to gearing and liquidity
management
•Expanding purpose-built student accommodation platform with
commitment to commence a new 638-bed development at 256
Queen Street
•Targeting $4-5 billion of capital partnerships over the next 3-5
years
•FY26 dividend guidance reiterated at 6.75 cps representing a FFO
payout ratio of 90-92%
•FY26 Funds from operations guidance of 7.30 to 7.50 cps
2

Notes: (1) Estimated completion value of uncommitted development pipeline prior to commitment of 256 Queen Street; (2) Lower range
reflects approximate net impact of equity raise on previous guidance from reduced interest expense and increased weighted average number
of Stapled Shares on issue, while upper range is dependent on uncertain timing outcomes of various opportunities
Precinct Properties – October 2025
Not for distribution or release in the United States
Artist’s impression: Downtown development

Appendix
31
Precinct Properties – October 2025
Not for distribution or release in the United States

Appendix A – Pro forma balance sheet
32
Notes: (1) Shows the combined impact from the expected net proceeds from the underwritten Placement and non underwritten Share Purchase Plan assuming a total gross raise size of $310 million; number of shares issued is based on the
Placement fixed price of $1.23 per New Stapled Share; (2) Impact from the pending settlements of the InterContinental Auckland hotel sale, 22 Stanley St sale, Amora Wellington sale, Downtown Car Park acquisition, and 99 College Hill
acquisition; (3) Impact from the commitment to commence the 256 Queen Street development includes expected cost to complete as at 30 June 2025 and estimated value on completion based on independent advice. Reflects full value of
expected development profit assuming the development is completed in line with current expectations of cost and value. Assuming the project stays on Precinct’s balance sheet until completion, profit is expected to be incrementally realised
through revaluation movements as construction progresses, consistent with Precinct accounting policies; (4) Shows the illustrative impact from a potential partnering scenario assuming Precinct sells the asset into a new partnership on
completion at the estimated completion value (assuming the asset is acquired by a new SPV with 60% gearing in the vehicle and 20% Precinct ownership). This reflects just one possible partnering transaction scenario. If a capital partner
transaction is secured and settled prior to completion, the cost and/or sale price will likely differ to that shown. Under a ‘pre-completion’ partnering transaction scenario, Precinct may not realise the full development margin but annualised
returns could be enhanced through external development management fees and/or optimised capital structuring, for example; (5) Adjusted Liabilities to Adjusted Total Assets – loan covenant metric
$millions (unless otherwise stated)
Audited as at
30 June 2025
Impact of
offer
1
Pending
settlements
2
256 Queen
Street
commitment
3
Proforma
(unaudited)
Execution of partnering strategy
Illustrative
256 Queen St
partnership
4
Proforma
(unaudited)
Assets
Investment and development properties3,1391262233,488(238)3,250
Equity-accounted investments139614519164
Other assets including held-for-sale422(202)219219
Total Assets3,699(70)2233,852(219)3,633
Liabilities
Interest bearing liabilities1,610(302)(70)1851,423(219)1,204
Other liabilities145145145
Total Liabilities1,755(302)(70)1851,568(219)1,349
Equity1,944302-372,284-2,284
Gearing ratio
5
41.6%(8.4%)(1.3%)3.0%34.9%(4.0%)30.9%
Stapled Shares on issue1,587 m252 m1,839 m1,839 m
Net tangible assets per security$1.21($0.00)$0.02$1.23$1.23
Precinct Properties – October 2025
Not for distribution or release in the United States

Appendix B – FY25 strategic highlights recap
33
Living Sector – Student Accommodation
•Commitment to deliver NZ’s largest student
accommodation facility for the University of
Auckland at 22 Stanley Street in Carlaw Park
•Formation of a new strategic real estate
investment partnership with Keppel, a
Singapore-based institutional investor
Living Sector – Residential build-to -sell
•Pipeline established with the acquisition and
launch of Pillars, a new luxury apartment
development at 99 College Hill
•Resource consent granted for both Pillars and
Dominion & Valley
•Precinct’s commitment to these projects will be
subject to securing satisfactory presales,
funding and acceptable procurement
outcomes
Active capital recycling and partnerships
•Precinct is seeking to establish a capital
partnership for the PwC Tower, Auckland’s best
1

Premium office building
•Strategic recycling of capital completed within
the period from the successful exit of 40 and 44
Bowen Street, Wellington (BILP)
2
and the
conditional sale of the InterContinental
Auckland hotel in Commercial Bay
Artist’s impression: 22 Stanley Street PBSA
Artist’s impression: Pillars, St Mary’s Bay
Artist’s impression: 256 Queen Street
Notes: (1) PwC Tower presents as the number one rated office building within the New Zealand market under JLL research guidelines;
(2) BILP is Bowen Investment Limited Partnership, the entity in which Precinct’s investment in 40 and 44 Bowen Street was held
Precinct Properties – October 2025
Not for distribution or release in the United States
InterContinental Auckland hotel

Appendix B – FY25 operating highlights recap
1

34
7%
Under-renting
vs. market rents
(office portfolio)
6.0yrs
Weighted average
lease term (WALT)
97%
Portfolio occupancy
(by NLA)

+3.7%
Y/Y like-for-like office
portfolio AFFO growth
•18,874sqm of lease deals concluded across the portfolio
•Precinct occupiers are right-sized, as evidenced by the absence of sublease space in the investment
portfolio
•Another solid leasing spread was achieved during FY25:
•+17.2% spread achieved on office leasing, comprising +16.2% in Auckland and +22.5% in
Wellington
•Over 172,000sqm of rent reviews completed (office and retail), with +4.3% uplift achieved vs.
previous contract rents
•Commercial Bay retail centre was 97% occupied as at 30 June 2025. Sales turnover for FY25 was up
3.7% on the prior period, driven by strong sales from new retailers and tourism spend offsetting
reduced local domestic spend
0k
5k
10k
15k
20k
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25H2 FY25
NLA (sqm)
Financial Year
Precinct Leasing Activity
Auckland OfficeWellington OfficeComm. Bay Retail
+6.7%
Increase in underlying FFO
(pre transactions &
developments)
+5.3%
Outperformance against
June 2024 valuation market
rents (office & retail)
Notes: (1) All metrics as at 30 June 2025 for Precinct’s 2025 financial year,
unless stated otherwise
Precinct Properties – October 2025
Not for distribution or release in the United States

Appendix C – Our markets: Bias to Auckland
35
Auckland office
•Auckland premium office market continues to
outperform other office subsectors in terms of
occupancy and rental growth, with the lowest
premium vacancy rate in Australasia
1

•A-grade market becoming increasingly
segmented and location-specific; waterfront
precinct including Commercial Bay attracting
sustained demand
1
•Precinct expects economic rents to continue to
restrict new supply, except for exceptional
locations
Wellington office
•Prime grade vacancy has increased in recent
years, but remains modest at 7.2% and
compares well against Australia
1

•Positive prime net absorption observed over
the last 12 months, with vacancy increasing
due to stock additions
1

•Net rental growth has been limited due to
operating cost pressures and easing demand
Auckland residential market
•Sales volumes have been steadily rising over
the last two years, now reaching slightly above
pre-Covid levels
2
•House prices have remained broadly static in
nominal terms over the last two years as
inventory levels remain elevated
2
•Recent changes to the Active Investor Plus Visa
effectively allow foreign buyers to purchase
residential property above a price of $5 million,
which may provide support to the upper end of
the residential market
Auckland student accommodation market
•Auckland has the highest demand for student
accommodation in New Zealand
3
, underpinned
by the University of Auckland’s position as a top
100 international university
4
•PBSA demand has significantly outstripped
supply, with University of Auckland
accommodation nearly 1.9x oversubscribed in
2024
5
•Auckland’s PBSA market is estimated to be
undersupplied by 5,000+ beds
6
0
5
10
15
20
Vacancy (%)
Australasian CBD office vacancy rates
PremiumPrime
Source: JLL
Notes: (1) JLL data; (2) REINZ data, Precinct analysis; (3) per enrolment data from educationcounts.govt.nz;
(4)
QS World University Rankings 2026; (5) University of Auckland; (5) Precinct estimate
Precinct Properties – October 2025
Not for distribution or release in the United States

36
Appendix C – Our markets: Auckland CBD office
•Auckland premium office market continues to
outperform other office subsectors in terms of
occupancy and rental growth
•Slight increase in premium vacancy recorded over
the last six months to 3.3% at 30 June 2025, but
below 10-year average of 3.6%
•A-grade market becoming increasingly
segmented and location-specific
•Research houses are forecasting premium net
effective market rental growth over the medium
term
•As at 30 June 2025, Precinct’s Auckland premium
office portfolio is 98% occupied, with prime at 96%,
placing Precinct ahead of the wider market
•Precinct expects CBD office supply over the next
decade to be broadly consistent with last 10 years
of 220k sqm
2

•Last 10-years of premium supply has largely been
fully absorbed, with positive net absorption, while
secondary has had negative net absorption
2
•Auckland CBD office employment has grown 4.5%
pa (CAGR) over the past 10 years
3
Notes: (1) Data from CBRE, Colliers and JLL; (2) Historic data from JLL, Precinct analysis;
(3) Data from Infometrics, Stats NZ and JLL; Precinct analysis. March year-end. 2024 latest data
(80k)
(60k)
(40k)
(20k)
--
20k
40k
60k
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
NLA (sqm)
Net absorption, rolling 12 months
PrimeSecondary
Source: JLL
-2%
0%
2%
4%
6%
8%
10%
12%
Dec-21
Dec-22
Dec-23
Dec-24
Dec-25
Dec-26
Dec-27
Premium net effective rent growth rate (Y/Y%)
1
CBREColliersJLL
Forecast
0k
10k
20k
30k
40k
50k
60k
70k
80k
0
5
10
15
20
25
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Est. no. of employees
Density (sqm)
Est. no. of employeessqm per employee
Auckland CBD office employment and avg. office density
3
0
5
10
15
20
25
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Vacancy rate (%)
CBD office vacancy by grade
PremiumPrimeSecondary
Source: JLL
10Y avg.
Precinct Properties – October 2025
Not for distribution or release in the United States

Appendix C – Our markets: Auckland CBD office
37
•Auckland’s CBD waterfront precinct
continues to lead the market,
delivering the lowest office vacancy
rate in the CBD and attracting
sustained occupier demand
•Precinct has five office buildings in
Commercial Bay totalling 122 k sqm of
NLA, three of which are 100%
occupied
Sub-precinct
Prime
vacancy
Total
vacancy
Waterfront3.8%3.8%
Wynyard Quarter7.1%6.7%
Shortland6.7%10.0%
Viaduct Harbour12.3%13.6%
Downtown Core9.8%18.5%
Aotea / Midtown22.3%23.7%
Auckland CBD office metrics, Jun-25
1
Notes: (1) JLL data
Waterfront sub-precinct
Prime office stock (sqm)151 k
Prime office vacancy3.8%
Precinct Prime office vacancy4.0%
Precinct Premium office vacancy2.0%
Commercial Bay
Downtown
Car Park site
Precinct Properties – October 2025
Not for distribution or release in the United States

0
5
10
15
20
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Vacancy rate (%)
CBD office vacancy by grade
PrimePrime 10Y Avg.
SecondarySecondary 10Y Avg.
Source: JLL
38
Appendix C – Our markets: Wellington CBD office
•Net rental growth in Wellington has
been limited due to operating cost
pressures and muted occupier market
•Prime vacancy in Wellington
increased to 7.2% at Jun-25 with
slowing public sector spending and
headcount cuts
•Positive prime net absorption
observed over the last 12 months, with
vacancy increasing due to stock
additions
•Precinct’s Wellington office portfolio
has seen occupancy move from 98%
to 97% over the last 12 months, but is
up from 96% six months ago
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
--
5k
10k
15k
20k
25k
30k
Jun-00
Jun-02
Jun-04
Jun-06
Jun-08
Jun-10
Jun-12
Jun-14
Jun-16
Jun-18
Jun-20
Jun-22
Jun-24
Y/Y change
FTEs
Wellington's public sector workforce
Y/Y change, RHSWellington FTEs
Source: Public Service Commission
(100k)
(50k)
--
50k
100k
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
NLA (sqm)
Net absorption, rolling 12 months
PrimeSecondary
Source: JLL
-2%
0%
2%
4%
6%
8%
10%
12%
14%
Dec-21
Dec-22
Dec-23
Dec-24
Dec-25
Dec-26
Dec-27
CBREColliersJLL
Forecast
Premium gross effective rent growth rate (Y/Y%)
1
Notes: (1) Data from CBRE, Colliers and JLL
Precinct Properties – October 2025
Not for distribution or release in the United States

0
2,000
4,000
6,000
8,000
10,000
0
200
400
600
800
1,000
1,200
1,400
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Total bed count
Annual beds delivered
Auckland CBD supply and pipeline
5,6
Beds deliveredPipelineTotal bed count (RHS)
Calendar year
Appendix C – Our markets: Auckland PBSA
39
Auckland PBSA market highlights
•University of Auckland (UoA) consistently ranks in the top-100 global
universities
1

•Low penetration rate
2
, while having the largest international student
population in New Zealand, typically attracting 50-60% of the market
3

•International student enrolments continue to recover strongly from the
Covid-19 market disruption, up 16% in 2025 on the prior year
4
, noting
2024 enrolments reached 99% of pre-Covid levels
3
•Rental rates remain competitive relative to other main NZ markets,
and around 25-40% cheaper than Melbourne and Sydney respectively
in NZ dollars
2
43%
3.2% growth p.a
14%
13% growth p.a
7%
1.4% growth p.a
Combined, the top three
international student
markets have accounted
for 60-70% of international
students over the past
decade
3
Notes: (1) QS World University Rankings 2026; (2) Precinct analysis of publicly available NZ data and international data from CBRE; (3) Data
from educationcounts.govt.nz, Precinct analysis; (4) International student enrolments between January and April 2025 were up 16% on the
same period in 2024, per New Zealand Education data; (5) Calendar year referenced; (6) Precinct analysis of publicly available data
Top international markets 2024
3,5
Share of int’l. market:
10Y CAGR:
Precinct Properties – October 2025
Not for distribution or release in the United States
5.3%
UoA Catered
facilities
3.7%
UoA Self-Catered
facilities
4.1%
AUT Self-Catered
facilities
Strong rental growth over last five years
CAGR of average rent movements 2020 to 2025
5,6

Appendix C – Our markets: Auckland residential
40
REINZ Median House Price – Auckland Region
•Sales volumes in Auckland have been steadily
rising over the last two years, now slightly above
pre-Covid levels and around 7% below the long-
term average
•Auckland house prices have remained broadly
static in nominal terms over the last 2 ¼ years
•Around 760 apartments are forecast to be
completed in Auckland in 2025, up 17% on 2024
•Fundamentals continue to lend confidence to
the medium-term outlook due to:
•Demographic shifts and a growing down-
sizer market
•Supply outlook remains constrained
•Lower interest rates are expected to
underpin recovery
•Recent changes to the Active Investor Plus Visa
may support the upper end of the market
•Competitive tension not yet evident, resulting in
low volumes of off-plan sales
Auckland apartment supply – historic and pipeline
1
Sales volumes – Auckland Region
Notes: (1) CBRE and Precinct data; Precinct analysis; (2) Stats NZ data
Residential building consents – Auckland Region
2
23.9k
25.8k
15k
20k
25k
30k
35k
40k
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
Jun-23
Jun-24
Jun-25
No. of sales (pa)
No. of sales paCurrent20Y avg.
Source: REINZ
$0.3m
$0.5m
$0.8m
$1.0m
$1.3m
$1.5m
-20
-15
-10
-5
0
5
10
15
20
25
30
35
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Mean house price ($)
Y/Y growth (%)
REINZ HPI - Auckland (LHS)
Median Sale Price - Auckland (RHS)
Source: REINZ
0k
1k
2k
3k
4k
5k
6k
0k
5k
10k
15k
20k
25k
Jun-91
Jun-93
Jun-95
Jun-97
Jun-99
Jun-01
Jun-03
Jun-05
Jun-07
Jun-09
Jun-11
Jun-13
Jun-15
Jun-17
Jun-19
Jun-21
Jun-23
Jun-25
Residential buildings, LHSApartments, RHS
0.0k
0.5k
1.0k
1.5k
2.0k
2.5k
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Units
CBDSuburban
FringePipeline - Under Construction
Pipeline - Marketing / BC Issued
Precinct Properties – October 2025
Not for distribution or release in the United States

Appendix C – Our markets: Investment markets
Domestic environment
•Conditions for an improved investment market are in place, with the return of
a positive yield spread relative to cost of debt, and stable occupier markets
•Indications of increased transactional activity across the market, especially
for well-leased assets offering income
•Falling term deposit rates are expected to further support the investment
market
•NZ investment market offers benefits to international capital with lower
incentives, favourable tax settings and lower debt costs. However, global
investor focus is on the Australian market
Australian market
1
•The Australian market is showing signs of recovery, with rolling transaction
volumes to the year ending March 2025 reflecting the highest 12-month total
since late 2022, more than 60% above the prior year
•Office volumes were relatively subdued in Q1 2025, although a number of
significant deals and large campaigns are underway. Campaigns across
Sydney, Melbourne and Perth are anticipated to drive the recovery in the
office sector
•Investment activity in alternatives remains elevated, driven by major hotel
and student accommodation sales across the eastern seaboard
41
Notes: (1) Australian data from Cushman & Wakefield and MSCI Real Capital Analytics
0%
2%
4%
6%
8%
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Aug-25
Percent
Historical interest rates v yield spread
Spread to 2yr swapPrime office yield2yr Swap
Source: RBNZ, JLL, PCT
Investment metricsAucklandSydneyMelbourneBrisbane
Incentives*12.6%31.0%44.0%36.0%
Stamp duty**Nil5.50%6.50%5.75%
Capital gains tax***Nil30%30%30%
General Land Tax Rate**Nil1.6%^2.65%^2.75%^
Premium office investment market
* Auckland: net; others: gross (source: Colliers). ** Maximum rate. *** Assumes company ownership.
^ Surcharges apply to absentee and/or foreign owners
Precinct Properties – October 2025
Not for distribution or release in the United States

Appendix D – Key risks
42
RiskImpactHow Precinct manages the risk
Economy and property marketMarket risk arises from adverse changes in the New Zealand economic
environment, regulatory environment and the broader investment market.
Changes may result in an impact in property values and amount of
income generated by them.
Maintain a proactive and strategic approach to manage property risks that can be influenced.
Providing quality premises matched by high service levels and building strong relationships.
Undertake annual business planning process to review the portfolio and help mitigate these risks.
New Zealand’s economy remains subdued with domestic inflation forecast to normalise within the targeted range over
the medium-term. Geo-political risks remain elevated.
Property asset valuations have continued to stabilise over the last 12 months with forward performance increasingly
driven by asset-specific fundamentals. Valuation stability is expected to persist over the near-term.
Precinct’s directly held investment properties continue to perform well with the strength of our office markets and the
demand for premium-grade space in Auckland and Wellington remaining robust.
Occupier market and client defaultA weakening occupier market through lack of business activity and
investment, as well as unanticipated client default, can directly impact the
income and value of individual assets.
Insurance riskThe risk of being unable to continue to obtain insurance cover or, following
an event, not having sufficient cover in place to repay creditors. This could
result in significant business interruption.
Engage directly with a wide range of local and international insurers.
Ensure the insurance market has a good understanding of the portfolio and its risks.
Following a period of high insurance premiums, there has been a reduction in the period, particularly in Wellington.
Precinct continues to proactively engage with the insurance market on renewals and continues to secure coverage.
Climate riskClimate risk includes physical risks (acute and chronic) and transitional
risks.
Physical risks could include events such as flooding, severity and
frequency of storms and sea level rise. These risks could reduce revenue,
increase maintenance capex and reduce asset values.
Transitional risks include risks of transitioning to a low carbon economy
including regulatory change. These risks could reduce the demand for
Precinct's products or increase compliance costs.
Precinct’s Sustainability Committee acts as the custodian for Precinct’s sustainability strategy and comprises
representatives from various parts of our business. Precinct also has a Board ESG Committee. Both committees meet
frequently during the year and are responsible for assessing, actioning and driving ESG issues, reviewing performance
and considering Precinct’s long-term strategy on sustainable activities across the business and reporting on its
progress. An update is included in the Board papers on an ongoing basis including Precinct's climate risk register.
Precinct recognises climate risk is an important part of the ongoing operation of our business activities. Precinct
continues to assess our impacts on people and planet and how we are managing those impacts.
Precinct presents its climate-related disclosures in accordance with the External Reporting Board's (XRB) Aotearoa New
Zealand Climate Standards.
Precinct’s 2025 climate related disclosures will be published in October 2025 and will be available online at Precinct's
website.
Business risks – External
Precinct Properties – October 2025
Not for distribution or release in the United States

Appendix D– Key risks
43
RiskImpactHow Precinct manages the risk
Financial
Interest Rate ManagementInterest rate risk arises through changes in interest rate market
conditions leading to earnings volatility or breach of interest cover
covenant levels.
Manage by aligning the interest rate re-pricing profile with the re-pricing profile of Precinct's gross rental income.
Establish interest rate swaps to manage exposure within a band reviewed by the Board annually and monitored by the Audit
and Risk Committee and Board quarterly.
As inflation normalises the RBNZ continues to forecast a reduction in interest rates.
Precinct was 83% hedged through the use of interest rate swaps at 30 June 2025 (June 2024: 99%).
Refinancing Risk (liquidity)Having insufficient funds to refinance debt when it falls due and
sustain the ongoing operations of the business.
Implemented a Financial Risk Management Policy in 2011 which is reviewed annually providing a clear framework ensuring risks
are managed and understood. Diversified funding away from sole reliance on bank funding through alternative sources.
Staggering the maturity profile of facilities providing adequate time to pursue alternatives to refinancing.
In FY25, Precinct successfully refinanced $165 million of maturing bonds and USPP notes through a $200 million bank facility,
and Precinct’s first New Zealand wholesale bond.
Precinct continues to maintain sufficient funding capacity to deliver our committed developments.
Gearing levelsAn increase in gearing levels outside suitable industry standards
could increase the risk of breaching financing covenants and may
increase borrowing costs.
Precinct's Financial Risk Management Policy is reviewed annually.
Ensure no capital commitment is entered into without funding in place. Maintain adequate headroom in relation to gearing
covenants to withstand portfolio devaluations which may be anticipated through the property cycle.
Precinct will look to proactively manage gearing levels through capital partnering initiatives to support the delivery of Precinct’s
strategy.
People
StaffStaff are critical to ongoing success and execution of strategy.
Failure to maintain a high level of experience and skill could
impact business performance.
Ensure a strong focus on team engagement and enhancement. Maintain ongoing succession planning and retention
structures within the Company. Regularly review performance appraisals of employees and directors and benchmark
remuneration packages with the wider market.
Our staff remain a key focus for the business with a number of promotions, training and development occurring during the
year.
Precinct's "Three Pillars" Health, Safety & Wellbeing strategy focus on the delivery of the wellbeing programs under Physical,
Mental and Financial pillars.
Business risks – Internal
Precinct Properties – October 2025
Not for distribution or release in the United States

Appendix D– Key risks
44
RiskImpactHow Precinct manages the risk
People
Health and SafetyUnsafe work environments may lead to accidents (employees,
clients, contractors and visitors) resulting in harm to people,
financial loss and/or business continuity.
Provide ongoing individual, group and industry training. Maintain a hazard register that identifies hazards where contractors
are required to take precaution. Registers are subject to annual review. Monitor any live sites to ensure oversight of Health and
Safety matters. Ensure contractor pre-qualification. Provide training and KPIs for all Precinct staff. Dedicated Senior Health &
Safety Adviser employed by Precinct.
Appropriate monitoring and reporting continue to be implemented and refined to mitigate any potential risk.
Further information on how Precinct manages health and safety risks is included on Precinct's website.
Development
Development riskDevelopment projects are inherently subject to uncertainties. They
are entered into on the basis of assumed future costs, values and
income levels. An increased level of development risk has the
potential to make meeting covenant obligations and overall
solvency challenging.
Ensure expected returns from developments adequately compensate Precinct for the level of risk undertaken before approval.
Through due diligence, Precinct understands the project risks before commitment. Before commitment, ensure funding is in
place and committed gearing stays within acceptable levels. Establishing a procurement plan and engaging contractors early
to mitigate cost escalation or contractor default. Undertake substantial pre-leasing prior to commencement of development.
An appropriate level of development activity is underway however the risk has been reduced through completions, material
progress on existing projects, high levels of pre-commit leasing secured and fixed price contract agreements in place.
Strategic Execution
Third party capitalIncreasing return targets for third-party capital investors have
limited demand for stable assets.
Increasing uncertainty around office demand globally and high
interest rates leading increasing execution risk.
Precinct has a number of large development and portfolio
opportunities and access to third party capital is important to
execute on strategy.
Precinct is a developer and owner of real estate - this is proving to be attractive to third-party capital investors (rather than a
passive owner of assets). Established track record & strong investor demand.
New Zealand remains an attractive place to invest for global investors due to stability, a supportive government and regulatory
environment. As inflation normalises the RBNZ continues to forecast a reduction in interest rates.
Business risks – Internal
Precinct Properties – October 2025
Not for distribution or release in the United States

Appendix D– Key risks
45
RiskDescription
Risks associated with the offer
Underwriting risk Precinct has entered into an underwriting agreement pursuant to which the underwriters have agreed to fully underwrite the Placement and act as the joint lead managers and
underwriters. The SPP will not be underwritten. There is a risk that the underwriting agreement may be terminated upon certain events. Broadly, the termination events contained
in the underwriting agreement are in line with those commonly applying to such agreements.
Market risk In addition to Precinct specific factors, the price of Precinct securities on the NZX may rise or fall due to numerous factors including:
•New Zealand and international general economic conditions, including inflation rates, the level of economic activity, interest rates and currency exchange rates;
•variations in the local and global market for listed securities;
•changes in government policy, legislation or regulation;
•investor expectations around earning, financial performance and the reporting and management of ESG issues; and
•general operation and business risks.
Such market fluctuations may materially adversely affect the market price of Precinct securities.
Precinct securities may trade below the offer price and no assurances can be given that Precinct’s market performance will not be materially adversely affected by any such
market fluctuations or factors. No member of Precinct, nor any of their directors nor any other person guarantees Precinct’s market performance.
Dilution riskShareholders who do not participate in the Placement or the SPP (or who do participate but for an amount whereby the shareholder does not maintain its pro rate stake in Precinct)
will have their percentage security holding in Precinct diluted. Depending on the size of a shareholder's existing holding and the number of New Stapled Shares allocated to them, a
participating shareholder may still be diluted even though they participate in the Placement and/or the SPP. Investors may also have their investment diluted by future capital
raisings by Precinct. Precinct may issue new securities in the future, including (without limitation) to finance acquisitions or pay down debt which may, under certain circumstances,
dilute the value of an investor’s interest.
Liquidity risk – Precinct securitiesPrecinct shareholders who wish to sell their Precinct securities may be unable to do so at an acceptable price, or at all, if insufficient liquidity exists in the market. There may be
relatively few, or many, buyers or sellers of Precinct securities on NZX at any given time. This may increase the volatility of the market price of Precinct securities. It may also affect
the prevailing market price at which Precinct securityholders are able to sell their stapled shares in Precinct, or whether they are able to sell at all. Precinct does not guarantee the
market price or liquidity of Precinct securities and there is a risk that investors may lose some or all of the money they have invested.
Risks associated with the offer
Precinct Properties – October 2025
Not for distribution or release in the United States

Appendix E – Foreign Jurisdictions
46
Singapore
This document and any other materials relating to the New Stapled Shares have not been, and will not be, lodged or
registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any
other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New
Stapled Shares, may not be issued, circulated or distributed, nor may the New Stapled Shares be offered or sold, or be
made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore
except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part 13 of the Securities and Futures
Act 2001 of Singapore (the "SFA"), or as otherwise pursuant to, and in accordance with the conditions of any other
applicable provisions of the SFA.
This document has been given to you on the basis that you are, (i) an "institutional investor" (as defined in the SFA) or
(ii) an "accredited investor" (as defined in the SFA).
In the event that you are not an investor falling within any of the aforementioned categories, please return this
document immediately. You may not forward or circulate this document to any other person in Singapore.
Any offer is not made to you with a view to the New Stapled Shares being subsequently offered for sale or otherwise
sold to any other party. There are on-sale restrictions in Singapore that may be applicable to investors who acquire
New Stapled Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale
restrictions in Singapore and comply accordingly.
United Kingdom
Neither this document nor any other document relating to the offer has been delivered for approval to the Financial
Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services
and Markets Act 2000, as amended ("FSMA")) has been published or is intended to be published in respect of the New
Stapled Shares.
This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of the FSMA)
in the United Kingdom, and the New Stapled Shares may not be offered or sold in the United Kingdom by means of this
document, any accompanying letter or any other document, except in circumstances which do not require the
publication of a prospectus pursuant to section 86(1) of the FSMA. This document should not be distributed, published
or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United
Kingdom.
Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in
connection with the issue or sale of the New Stapled Shares has only been communicated or caused to be
communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances
where the communication is exempt from the restriction in which section 21(1) of the FSMA does not apply to the
Company.
In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional
experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial
Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"), (ii) who fall within the categories of persons
referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to
whom it may otherwise be lawfully communicated (together "relevant persons"). The investments to which this
document relates are available only to, and any offer or agreement to purchase will be engaged in only with, relevant
persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
United States
This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United
States or in any jurisdiction in which such an offer or solicitation would be unlawful. This document may not be
distributed or released in the United States. The New Stapled Shares have not been, and will not be, registered under
the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state or other
jurisdiction of the United States. Accordingly, the New Stapled Shares may not be offered or sold, directly or indirectly, in
the United States, except in transactions exempt from, or not subject to, the registration requirements of the U.S.
Securities Act and the securities laws of any state or other jurisdiction of the United States.
International selling restrictions
This Presentation does not constitute an offer of New Stapled Shares of Precinct in any jurisdiction in which it would be
unlawful. In particular, this Presentation may not be distributed to any person, and the New Stapled Shares may not be
offered or sold, in any country outside New Zealand except to the extent permitted below. The release, publication or
distribution of this Presentation (including an electronic copy) outside New Zealand may be restricted by law. If you
come into possession of this Presentation, you should observe such restrictions. Any non-compliance with these
restrictions may contravene applicable securities laws.
Australia
This document and the offer of New Stapled Shares are only made available in Australia to persons to whom an offer of
securities can be made without disclosure in accordance with applicable exemptions in sections 708(8) (sophisticated
investors), 708(11) (professional investors) or 761G (wholesale clients) of the Australian Corporations Act 2001 (the
“Corporations Act”). This document is not a prospectus, product disclosure statement or any other formal “disclosure
document” for the purposes of Australian law and is not required to, and does not, contain all the information which
would be required in a "disclosure document" under Australian law. This document has not been and will not be lodged
or registered with the Australian Securities & Investments Commission or the Australian Securities Exchange and the
issuer is not subject to the continuous disclosure requirements that apply in Australia.
Prospective investors should not construe anything in this document as legal, business or tax advice nor as financial
product advice for the purposes of Chapter 7 of the Corporations Act. Investors in Australia should be aware that the
offer of New Stapled Shares for resale in Australia within 12 months of their issue may, under section 707(3) of the
Corporations Act, require disclosure to investors under Part 6D.2 if none of the exemptions in section 708 of the
Corporations Act apply to the re-sale.
Hong Kong
WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up
and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and
Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong
Kong (the "SFO"). No action has been taken in Hong Kong to authorise or register this document or to permit the
distribution of this document or any documents issued in connection with it. Accordingly, the New Stapled Shares have
not been and will not be offered or sold in Hong Kong other than to "professional investors" (as defined in the SFO and
any rules made under that ordinance).
No advertisement, invitation or document relating to the New Stapled Shares has been or will be issued, or has been or
will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the
contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the
securities laws of Hong Kong) other than with respect to New Stapled Shares that are or are intended to be disposed of
only to persons outside Hong Kong or only to professional investors. No person allotted New Stapled Shares may sell, or
offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months
following the date of issue of such securities.
The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to
exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain
independent professional advice.
Norway
This document has not been approved by, or registered with, any Norwegian securities regulator under the Norwegian
Securities Trading Act of 29 June 2007. Accordingly, this document shall not be deemed to constitute an offer to the
public in Norway within the meaning of the Norwegian Securities Trading Act of 2007.
The New Stapled Shares may not be offered or sold, directly or indirectly, in Norway except to "qualified investors" (as
defined in the Prospectus Regulation 2017/1129 Article 2(e), cf. the Norwegian Securities Trading Act of 29 June 2007 no.
75 Section 7-1 and including non-professional clients having met the criteria for being deemed to be professional and
for which an investment firm has waived the protection as non-professional in accordance with the procedures in this
regulation).
Precinct Properties – October 2025
Not for distribution or release in the United States

---

Corporate Action Notice
(Other than for a Distribution)
Page 1 of 3

Section 1: Issuer information (mandatory)
Name of issuer Precinct Properties Group
Class of Financial Product A stapled security comprising one ordinary share in
Precinct Properties New Zealand Limited and one
ordinary share in Precinct Properties Investments Limited,
stapled so that they may only be dealt with as a single
equity security (a Stapled Security).
NZX ticker code PCT
ISIN (If unknown, check on NZX
website)
NZAPTE0001S3
Name of Registry Computershare Investor Services Limited
Type of corporate action
(Please mark with an X in the
relevant box/es)
Share Purchase
Plan/retail offer
X Renounceable
Rights issue or
Accelerated
Offer

Capital
reconstruction
Non-
Renounceable
Rights issue or
Accelerated
Offer

Call Bonus issue
Placement X
Record date 10/10/2025
Ex Date (one business day before
the Record Date)
09/10/2025
Currency NZD
External approvals required before
offer can proceed on an
unconditional basis?
N
Details of approvals required N/A
Section 6: Share Purchase Plans/retail offer
Number of Equity Securities to be
issued
OR
Maximum dollar amount of Equity
Securities to be issued
Up to $50,000 per shareholder/beneficial owner with a
registered address in New Zealand
Minimum application amount (if
any)
No minimum application amount.
Maximum application amount per
Equity Security holder
$5 0,000

2 of 3
Subscription price per Equity
Security
The lower of:
• the price paid by investors in PCT’s Placement
announced on 13/10/2025 (the details of which are
below); and
• a 2.5% discount to the five-day volume weighted
average price of PCT Stapled Securities traded on
the NZX during the five trading days up to, and
including, the Share Purchase Plan closing date.
Scaling reference date Scaling according to the record date of 10/10/2025.
Closing date 28/10/2025
Allotment date 04/11/2025
Section 7: Placement
Number of Equity Securities to be
issued
231,707,317 stapled securities
Issue price per Equity Security $1.23
Maximum dollar amount of Equity
Securities to be issued
$285 million
Proposed issue date 17/10/2025
Existing holders eligible to
participate
Y
Related Parties eligible to
participate
Y
Basis upon which participation by
existing Equity Security holders will
be determined
By reference to holdings on the record date of
10/10/2025.
Purpose(s) for which the Issuer is
issuing the Equity Securities
Proceeds will initially be used to repay bank debt and then
applied to development working capital requirements.
Reason for placement rather than a
pro-rata rights issue or an offer
under a Share Purchase Plan in
which the Issuer’s existing Equity
Security holders would have been
eligible to participate
PCT has chosen to undertake a Placement in conjunction
with a Share Purchase Plan to raise capital.
The boards of directors of PCT have determined that this
capital raising structure is in the best interests of PCT,
after carefully considering alternative capital raising
structures, and weighing the benefits of this capital raising
structure against the expected impact on non-participating
shareholders. In particular, PCT’s board elected to use a
combination of a Placement and a Share Purchase Plan
for this equity raise as:
• Compared to other capital raising structures (such as
a pro-rata rights issue), such a structure provides the
tightest pricing and lowest execution risk.
• It is able to be structured to give the vast majority of
PCT’s shareholders the opportunity to maintain their
relative shareholdings if desired.
• The structure is well understood by PCT’s
shareholders having been used for its two most recent
capital raisings in June 2021 and February 2019 which

3 of 3
were considered by PCT to be highly successful
capital raises in relation to the pricing achieved and
supporting pro rata participation.
Equity Securities to be issued
subject to voluntary escrow
N
Number and class of Equity
Securities to be issued that will be
subject to voluntary escrow and the
date from which they will cease to
be escrowed
N/A
Section 8: Lead Manager and Underwriter (mandatory)
Lead Manager(s) appointed Y
Name of Lead Manager(s) Jarden Securities Limited, UBS New Zealand Limited and
Forsyth Barr Limited.
Fees, commission or other
consideration payable to Lead
Manager(s) for acting as lead
manager(s)
The Lead Managers/Underwriters will, in aggregate, be
paid a combined fee by PCT for their services in
connection with acting as lead managers and underwriters
in respect of the Placement of 1.80% of the gross
proceeds raised under the Placement.
PCT agrees to pay Jarden Securities Limited an arranger
fee of 0.50% of the total proceeds raised under the
Placement and the Share Purchase Plan.
Underwritten Y
Name of Underwriter(s) Jarden Partners Limited, UBS New Zealand Limited and
Forsyth Barr Group Limited.
Extent of underwriting (i.e. amount
or proportion of the offer that is
underwritten)
Fully underwritten Placement.
The Share Purchase Plan is not underwritten.
Fees, commission or other
consideration payable to
Underwriter(s) for acting as
underwriter(s)
As per the description above on the lead management
fee.
Summary of significant events that
could lead to the underwriting
being terminated
Refer to the announcement lodged with NZX on
13/10/2025 entitled “Precinct announces $310 million
equity raising to fund growth”
Section 9: Authority for this announcement (mandatory)
Name of person authorised to
make this announcement
Richard Hilder
Contact person for this
announcement
Richard Hilder
Contact phone number +64 29 969 4770
Contact email address Richard.Hilder@precinct.co.nz
Date of release through MAP 13/10/2025

---

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
13 October 2025

NZX Limited
Level 2, NZX Centre
11 Cable Street
WELLINGTON

NOTICE UNDER CLAUSE 20(1)(a) OF SCHEDULE 8 TO THE FINANCIAL MARKETS CONDUCT REGULATIONS
2014

1. Precinct Properties New Zealand Limited and Precinct Properties Investments Limited
(together, "Precinct") intend to undertake an offer of new stapled ordinary shares in
Precinct by:
1.1. a fully underwritten placement to selected investors to raise $285 million; and
1.2. a non-underwritten share purchase plan offer to Precinct’s existing shareholders with
an address in New Zealand targeting $25 million (with the ability for Precinct to
accept oversubscriptions at its discretion).
(together, the “Offer”).

2. Pursuant to the Offer, an offer for issue is being made to investors in reliance upon the
exclusion in clause 19 of schedule 1 to the Financial Markets Conduct Act 2013.
3. This notice is provided under subclause 20(1)(a) of schedule 8 to the Financial Markets
Conduct Regulations 2014 ("Regulations").
4. As at the date of this notice:
4.1. Precinct is in compliance with the continuous disclosure obligations that apply to it in
relation to stapled ordinary shares in Precinct;
4.2. Precinct is in compliance with its financial reporting obligations (as defined in
subclause 20(5) of schedule 8 to the Regulations); and
4.3. there is no information that is "excluded information" as defined in subclause 20(5) of
schedule 8 to the Regulations.
5. The Offer is not expected to have any effect on the "control” (within the meaning of
clause 48 of schedule 1 to the Financial Markets Conduct Act 2013) of Precinct.
On behalf of
Precinct Properties New Zealand Limited and Precinct Properties Investments Limited

Scott Pritchard
Chief Executive Officer

SPH Notice - Milford Asset Management Limited PCT – Trading to resume at market open

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.