Precinct Annual General Meeting 2018

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
NZX announcement - 1 November 2018
Precinct Properties New Zealand Limited Annual General Meeting
11:30am (New Zealand time), Thursday 1 November 2018
The Maritime Room, Princes Wharf, Corner Quay and Customs Streets, Viaduct Harbour, Auckland 1142

Chairman’s opening address
Good morning and welcome everyone. I’m Craig Stobo, Precinct’s Chairman, and it’s a
pleasure to welcome you all here to our 2018 Annual General Meeting.
It is great to see so many of you, our shareholders present today at The Maritime Room.
2018 has been another successful year for Precinct. Significant progress has been made on
our major initiatives and we have seen the business take substantial steps forward.
We have continued to enhance our portfolio. We have maintained occupancy in our
portfolio, sold assets to recycle capital, progressed our developments, sourced non-bank
debt to strengthen the balance sheet, and importantly, we have grown earnings and
dividends for our shareholders.
I would now like to introduce the members of the Board and executive team joining us here
today.
We also have with us representatives from our auditors, Ernst & Young, tax advisors, KPMG, our
legal advisors, Chapman Tripp, along with Precinct staff.
On behalf of the Board and Executive team, I would also like to acknowledge, today, the
recent resignation of Precinct’s General Counsel and Company Secretary, Davida Dunphy.
Davida joined Precinct in 2014 and has been responsible for the provision of legal and
compliance support to the business. She is leaving Precinct to return to the legal profession

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
joining law firm DLA Piper New Zealand. Although we are disappointed to see Davida leave,
we thank her for her contribution to Precinct and wish her well with her future endeavours.
Meeting agenda
We will shortly begin by reviewing the recent performance and activity of Precinct. We will
then take any shareholder questions after concluding the presentation, before proceeding
to the formal business of the meeting.
Today, we will consider four ordinary resolutions. This includes two resolutions relating to the re-
election of Independent Directors, one resolution on fixing the remuneration of Precinct’s
auditors, Ernst and Young and lastly, one resolution that the directors be authorised to fix the
remuneration of the independent directors of the company from 1 November 2018.
Today’s forum provides an opportunity for you, our shareholders to communicate directly with
those who are responsible for your investment in Precinct. We welcome any feedback you
may have and on behalf of my fellow board members, I would like to acknowledge the good
suggestions made thus far by shareholders for change.
As an example of changes made following your feedback, voting today will be conducted
by way of a poll in accordance with NZX Corporate Governance recommendation 8.4, with
voting results of the poll to be announced to the NZX later this afternoon.
We are also providing, today, full transparency of director fees including committee
memberships. The proposed rates in resolution 4 on Directors remuneration have been
independently benchmarked by Strategic Pay Limited, with a review of both the structure of
payments and the current level of directors’ fees having been completed.
We recognise an effective board comprises a balance of independence, tenure, skills,
knowledge, experience and perspectives amongst directors. With this in mind, we are looking
to proactively advance our board succession planning.

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Following the meeting, we hope you will stay and join us for some morning tea and
refreshments after the meeting.
Delivering results
During the last financial year, we have delivered a strong result and we are pleased with the
performance achieved across our business.
The quality of Precinct’s portfolio including its active development pipeline resulted in a
significant portfolio revaluation gain of $208.7 million or 9.0%, increasing the value of Precinct’s
portfolio to around $2.5 billion.
This contributed to a net profit after tax of $254.9 million, up 57.2%. Net tangible assets per
share rose 13% to $1.40 and net operating income also increased by 2.5%, in line with
guidance.
Full year dividends paid to shareholders and attributed to the 2018 financial year was 5.80
cents per share, representing a 3.6% increase.
Focused strategy
As we continue to focus on our long-term strategy as city centre specialists, we are particularly
pleased with the strong position we are in. Our FY18 results reflect continued growth in
earnings as well as the targeted lift in portfolio quality being achieved.
Precinct's strategy is a continual focus of the Board. It has continued to evolve over the last
20 years. Reviewed annually, our strategy is regularly refined, and we believe it provides clear
direction for both the Precinct team and our shareholders.
Importantly, we are monitoring risk and applying sound capital management. This has resulted
in a total of $250 million of capital raised in FY18 through the completion of a convertible notes
offer and a bond issue. Asset sales totalling $191 million which Scott will talk more about has

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
also been completed. These initiatives are providing the necessary available capital to match
our development commitments.
FY19 Dividend
It has been five years since we fully transitioned our dividend policy to a sustainable AFFO
based policy. Notably, our AFFO payout ratio has averaged around 101% over this period
ensuring that what we pay in dividends is consistent with the cash generated in the business.
We continue to see dividend and AFFO growth through a sustainable dividend policy, an
effective strategy and strong markets.
Following another good year for Precinct, I would like to confirm a first quarter dividend for
the 2019 financial year of 1.50 cents per share, representing an increase of 3.4%.
We are delighted to be providing shareholders with dividend growth which is consistent with
our previously published long-term earnings pathway.
The Board expect to pay a 6.00 cents per share dividend for the full 2019 financial year.
Leasing momentum, construction progress, the recent announcement of One Queen Street
and the second stage of Wynyard Quarter which Scott will talk to you more about shortly,
provides us confidence with our earnings outlook.
Payment of the 2019 first quarter dividend will be on the 3rd of December this year.
Increased Disclosure – Sustainability
Recognising sustainability is an important part of Precinct's business activities. It’s strategy has
been designed in parallel with Precinct's broader business strategy.
We have defined sustainability at Precinct as enabling sustainable and successful business,
improving our operational performance and incorporating sustainable design across our
portfolio of properties.

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
The Board and team at Precinct are focused on our Environmental, Social and Governance
(ESG) issues, which extends beyond reporting on them. We are developing plans of action
with targets to achieve our goal of creating sustainable value through city centre real estate.
Our sustainability committee leads this work and includes staff from key roles across the
business.
In line with our long-term view we are seeking to deepen our understanding of sustainability
and future-proof our business. We have undertaken a number of initiatives in the last year to
strengthen how we define sustainability and clarify the related material risks and opportunities.
We are pleased with the progress we are making.
As you would have seen, this year Precinct prepared its annual report in accordance with the
Global Reporting Initiative (GRI) Standards. By reporting to GRI Standards we are providing
greater clarity and accountability around our sustainability issues including how we are
responding to them.
For those of you who haven’t already, we encourage you all to read more about
“Sustainability at Precinct” in our 2018 Annual Report.
GRESB
Being able to measure Precinct’s sustainability performance and having measurable long-
term targets is just as important. The overarching measure we have chosen to use as Precinct’s
core ESG indices performance benchmark is the Global Real Estate Sustainability Benchmark
(GRESB).
GRESB assessments are guided by what investors and the industry consider to be material
issues in the sustainability performance of real estate investments. It is considered the global
standard for ESG benchmarking and reporting for real estate.

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Precinct was one of two New Zealand entities to participate in the GRESB real estate
assessment this year. Globally, there were a total of 903 property companies, real estate
investment trusts, funds and developers. This represents over 3.6 trillion USD in gross asset value
across 64 countries. To add some market context to those numbers, the listed real estate
dataset includes 75 of the top 100 largest REITs by market capitalisation and the assessment
now covers more than 79,000 assets.
Precinct became a member of GRESB earlier this year and we are pleased to report that we
achieved a Participation & GRESB Score in 2018 of 69 out of 100. This reflects both a score
above the GRESB global average and a significant improvement from our first submission in
2017.
Our 2018 score demonstrates our commitment to being able to measure Precinct’s
sustainability operational performance and having measurable long-term targets. Improving
on our score in 2019 and beyond is a key objective for Precinct.
Health and safety
The Board recognises Precinct’s influence on health and safety across the business and wider
industry, making it a highly material issue and something we are very focused on.
So, before Scott talks to you, I would like to provide an update on health and safety again,
this year.
We are committed to promoting an engaged and positive health and safety culture
throughout the supply chain. This is achieved through robust practices and policies, active
principal monitoring and engaging with workers at the work face which includes principal led
health and safety awards and wellness initiatives.
In FY18, there were no significant injuries with approximately 75% of recorded incidents being
classified as minor.

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
We are also pleased to note that over 225 principal audit and monitoring inspections were
undertaken during FY18, which is in addition to regular internal contractor health and safety
practices.
Before I hand over to Scott to take you through the past year in more detail and provide an
overview of our next major development, One Queen Street, I would like to thank you, our
shareholders, again, for your continued investment in our business.
I look forward to delivering more strong results as we execute our long-term strategy for
continued growth.
Thank you.

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Scott Pritchard, Chief Executive Portfolio
Enhanced Portfolio and Key Milestones
Thank you Craig, and good morning everyone.
As Craig has mentioned, the last financial year has delivered another strong result for our
business. We have continued to take an active management approach with both our
investment and development portfolio’s, leveraging Precinct’s strong market position.
We are continuing to drive meaningful growth in our operating income at the same time as
transforming the portfolio into a higher quality set of assets.
The next slide highlights some of the key milestones achieved during the year. In addition to
diversifying our funding sources which Craig mentioned, Precinct also refinanced it’s $760
million bank debt facility in July of this year, further supporting our committed developments
by providing sufficient funding capacity to deliver these projects.
We have also successfully sold $191 million of assets which includes the unconditional sale of
50% of the ANZ Centre in Auckland, and the disposal of 10 Brandon Street in Wellington. These
sales have further strengthened the balance sheet and reduced Precinct’s gearing.
Another major highlight has been recording a total portfolio occupancy of 99%, with the
Auckland portfolio being 100% leased at balance date. Maintaining such high occupancy
levels year on year demonstrates the strength of the occupier markets that we are in and the
demand for premium inner-city office space.
One Queen Street
In August we announced our commitment to Precinct’s next major investment, One Queen
Street, which is something we are very excited about. The $298 million redevelopment will
enhance the Commercial Bay area and provide a further dynamic use to this precinct,
bringing the waterfront to life.

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
One Queen Street which is currently HSBC House, will comprise a luxury hotel, premium office
accommodation above and a variety of unique food and beverage options including a roof-
top hospitality venue.
The new flagship hotel will be known as InterContinental Auckland, managed and operated
by InterContinental Hotels Group (IHG). It will occupy 11 levels of the building and provide a
total of 244 guest rooms and suites, together with a restaurant, meeting suites, health club
and club lounge facilities. It is a great outcome to have secured such a strong brand with
local, regional, and international recognition.
The overall project is 75% precommitted and includes a signed heads of agreement across
3,700 square metres of the office premises.
LT McGuinness will be the main contractor for this development. With a proven track record
of delivering projects on time and to the highest standard, we are confident about the
delivery of this project.
Construction is scheduled to commence in the first half of 2020 with the hotel expected to
open in early 2022. Similarly, the commercial office and hospitality space are due to open in
mid-2022.
While a number of new hotel projects have been announced in the last 24 months, the
increase in supply is expected to still fall short of demand over the short term. Real estate
services provider, Colliers International have reported an unprecedented level of growth in
demand present in the Auckland hotel market and forecast that this will persist through further
growth in tourism numbers through to at least 2025.
We are committed to creating a world class waterfront destination on par with other global
cities.

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Commercial Bay
Commercial Bay has benefitted once again from a significant lift in its completed valuation,
having achieved further leasing success. The expected profit on completion is now forecast
to be $283 million, representing a development profit of more than 40%.
During the year we have lifted our retail commitments to 76% of the available space. This is a
major movement and demonstrates the significant demand that we are receiving. We are
delighted with the composition and mix of retailers, and very pleased that we will be bringing
some new entrants to the New Zealand market. We have also lifted our total commitment in
the office building to 78%. Pleasingly, the leasing transactions completed to date remain
consistent with feasibility and have assisted in seeing the value on completion for this
development now exceed $1 billion.
Following the first stage of the retail opening of Commercial Bay just over two months ago,
Aucklanders and visitors alike have had their first glimpse of how great Commercial Bay is
going to be.
Swedish retailer H&M, opened the doors to their new four storey flagship store, offering for the
first time in New Zealand H&M's entire range including men's, women's, kid's and homeware.
It was fantastic to see around 600 people queued up from 7am on the opening day to be
one of the first to experience the store. With over 100,000 customers passing through the doors
during its first month of being opened, we are excited by the number of people choosing
Commercial Bay as their retail destination.
An integral part of the Commercial Bay project has been having an independent program
expert. Our expert, RCP have provided us with advice on both the progress on site and
expected completion dates for this active development.

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Pleasingly our main contractor, Fletcher Construction, has this year engaged fully with our
team to determine the current status of the site and consider the program to complete. We
believe this engagement has been highly beneficial for the project as it gives us as the
developer, and owner, the confidence that the revised program to complete is achievable.
As outlined in our year end results in August, the revised program will see the retail centre
opening in September 2019, and the new PwC Tower opening in December 2019.
As I have said previously, while any delay in a project is disappointing, we remain incredibly
excited about the project and the long-term benefits it will deliver for Aucklanders.
As you will be aware, locally we are facing a shortage of construction workers, in fact, it is
estimated by Crown agency MBIE that New Zealand needs 50,000 more construction workers
by 2022. So, like many others in the construction industry, Fletchers are operating in an
extremely challenging environment.
Importantly we believe Fletchers are maintaining a high standard of quality on this project
and Precinct remains comfortable with the provisions of its construction contract, which
protect it from potential losses from delay caused by the main contractor.
Wynyard Quarter Stage Two
Moving to Wynyard Quarter, having secured the development rights over certain land in this
precinct, we as a business have a unique opportunity to develop office buildings at an
unrivalled Auckland location.
Today, we are pleased to have announced our commitment to Stage Two of this project. This
follows the successful completion of Stage One and reflects an important step forward in the
development of the wider Innovation Precinct and the creation of a thriving creative hub.
We began construction of Stage One in 2015 and we are excited to proceed with the next
stage of the project’s evolution.

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Stage Two will commence construction later this month and is being developed on an
uncommitted basis.
We are receiving good levels of enquiry from businesses wanting to be located in the
innovation precinct and are pleased with the demand we have received in the Generator
space within our first stage, which is now recording committed occupancy of around 80%.
With on-going negotiations currently taking place with potential occupiers, we expect that
the majority of tenancies will be committed prior to completion at the end of 2020.
Following stage two, there are a further two sites which offer another 22,000 square metres of
office space, which we expect to develop over the next five to six years.
Bowen Campus
In Wellington, Bowen Campus continues to progress and remains on program and on budget.
It is anticipated that The Charles Fergusson Tower will reach practical completion in
December of this year, while the Bowen State building will complete in 2019.
Pleasingly the development profit for this project has increased to 18% or $37 million, following
an increase in the project's value on completion to $240 million.
During the year the Crown has determined that the New Zealand Defence Force will take on
a head lease of the Bowen State building for a period of 18 years.
With the remaining developable land at Bowen consisting of around 4,000 square metres,
there is potential to accommodate up to 20,000 square metres of commercial office space.
We would like to share the latest design render with you.
As you can see, 40 and 44 Bowen Street is the next step in the reinvigoration of Bowen
Campus. We have been given the opportunity to expand the area to deliver more premium
office space and amenity to the Wellington workforce.

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
The buildings have been designed to cater to the demands of the modern workforce. Large,
open floorplates allow occupants to tailor their work space to their needs and floor to ceiling
glass with ceiling heights of 2.95 metres maximises natural light and views.
Flexible design allows businesses to quickly adapt and change. We’ve seen growing demand
for businesses looking to implement agile working strategies and we believe the layout for 40
and 44 Bowen Street reflects this and will accommodate this demand.
The buildings have also been designed to offer a very high seismically resilient building with
dampers installed to withstand significant seismic events.
Generator
Before I conclude and hand back to Craig for the formalities of the meeting, I would like to
talk a bit more about our investment in Generator and how we see flexible space evolving.
Since our acquisition of the 50% interest in Generator in 2017, we continue to see strong interest
from a range of occupiers. We believe Generator provides a unique offering with something
for everyone.
Achieving committed occupancy levels around 80% has been well above expectations. With
over 900 members and 75% of its space being launched during the year, Generator has grown
substantially as a business. Generator, Britomart Place is the newest site to join Generator’s
co-working offering. Launched in June, it has already secured around 60% contracted
occupancy. Total square metres managed by Generator now totals 12,600 square metres
across three locations.
Flexible space
Looking at what has happened in other markets internationally with flexible space and the
more agile approach corporates are taking with their operations, we are pleased to have
exposure to this developing market.

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 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
Precinct currently has a significant presence in the Auckland CBD, making up around 50% of
the flexible/co-working market.
As we see the demand for flexible workspace increasing across our portfolio, being
committed to creating workspaces that meet the requirements of today’s businesses is
therefore a key objective.
In other major global cities anywhere between 5-8% of the office market is in co-working so
this is an area of investment that we definitely see room for growth in.
Conclusion and outlook
In summary, we are pleased with another year of strong results for our business. As we continue
with a long-term view, we are pleased with the results our strategy is delivering.
We are maximising our value potential and transforming the cities and communities we
operate in. Widening our investment into other city centre real estate to include retail, hotels
and co-working space, is offering greater opportunity for Precinct to create value for
shareholders.
Our balance sheet is well positioned and we are committed to developing high-quality real
estate in strategic locations.
I would like to thank the Precinct Board for their support, the Precinct team for their on-going
work during another busy year, and also you, our shareholders, for your continued investment
in Precinct.
I will now hand you back to Craig. Thank you.
-ends-

---

ANNUAL
GENERAL
MEETING
1 November 2018

Welcome
and good morning
Craig Stobo,
Chairman

BOARD AND EXECUTIVE
George Crawford
Chief Operating Officer
Chris Judd
Director
Rob Campbell
Director
Craig Stobo
Chairman and Independent Director
Scott Pritchard
Chief Executive Officer
Mohammed Al Nuaimi
Director
Management
Board
Davida Dunphy
General Counsel and Company Secretary
Richard Hilder
Chief Financial Officer
Launa Inman
Independent Director
Graeme Wong
Independent Director
Don Huse
Independent Director

MEETING AGENDA
Review performance and activity
Shareholder questions and feedback
Consider and vote on four ordinary resolutions

DELIVERING RESULTS
$254.9m
net profit after tax
+3.6%
increase in dividend YoY
$1.40
net tangible assets per share, up 13%

FOCUSED STRATEGY
City centre specialists
−Strong position
Continued growth in earnings
Targeted lift in portfolio quality
Clear direction

FY19 DIVIDEND
6.00cps
FY19 dividend guidance
3 December 2018
FY19 Q1 dividend payment
+3.4%
expected increase in FY19 dividend

SUSTAINABILITY AT PRECINCT
Reporting to
GRI Standards

GLOBAL REAL ESTATE
SUSTAINABILITY BENCHMARK
2018 score 69/100
−Above GRESB average
−Improvement from 2017

HEALTH AND SAFETY
Highly material issue
−Embedded into all parts of our business
No significant injuries in FY18
75% of recorded incidents classified as minor

ENHANCED
PORTFOLIO

KEY MILESTONES
$250 million capital raised
$760 million bank debt refinanced
$191 million of assets sold
99% portfolio occupancy

ONE QUEEN STREET
$298m
estimated total project cost
7.0%
expected yield on cost
15.0%
expected stabilised profit on cost

COMMERCIAL BAY
$1.0b
expected value on completion

OPENED
AUG 2018

PROGRAM UPDATE
September 2019
−Retail centre opening
December 2019
−New PwC Tower opening
Precinct remains confident with the provisions
of
its construction contract

WYNYARD QUARTER STAGE TWO
S
WYNYARD QUARTER STAGE TWO

BOWEN CAMPUS
$240m
value on completion
$37m
expected profit on cost
18yr
lease to New Zealand Defence Force

PREMIUM OFFICE
SPACE

GENERATOR
~80%
committed occupancy
9,500sqm
space launched during the year
+900
Generator members

FLEXIBLE SPACE
Precinct’s investment
Increasing Demand
Evolving market
creating workspaces that meet the requirements
of today’s businesses

OUTLOOK
Precinct well positioned
Supportive markets
Creating further shareholder value
Strong balance sheet
Continue to advance our strategy

QUESTIONS
& ANSWERS
Please state your name and advise
whether you are a shareholder

FORMAL
BUSINESS

RESOLUTION 1 & 2
Don Huse, FCA
First Appointed: 1 November 2010
Graeme Wong, BCA (Hons) Bus. Admin. INFINZ (Fellow)
First Appointed: 1 November 2010

RESOLUTION 1
That Don Huse be re-elected as a director.
The Board unanimously recommend that
shareholders vote in favour

RESOLUTION 2
That Graeme Wong be re-elected as a director.
The Board unanimously recommend that
shareholders vote in favour

RESOLUTION 3
That the directors be authorised to fix the
remuneration of Ernst & Young as auditor for
the ensuing year.
The Board unanimously recommend that
shareholders vote in favour

RESOLUTION 4
That the directors be authorised to fix the
remuneration of the independent directors of
the company from 1 November 2018 as per
the table shown in note 4 of the explanatory
notes set out in the notice of meeting.
The Board unanimously recommend that
shareholders vote in favour

VOTING AND CLOSE
We will now proceed to a poll and conclude
the meeting
The results will be announced to the NZX

Thank you
PLEASE JOIN US FOR
REFRESHMENTS.