Precinct Annual General Meeting 2019

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 - 20 November 2019
Precinct Properties New Zealand Limited Annual General Meeting
11:30am (New Zealand time), Wednesday 20 November 2019
The Maritime Room, Princes Wharf, Viaduct Harbour, Auckland

Chairman’s opening address
Good morning and welcome everyone. I’m Craig Stobo, Independent Director and Chair of
Precinct Properties. It is a pleasure to welcome you all here to our 2019 Annual General
Meeting. It is wonderful to be back at The Maritime Room today, and we are delighted to
have so many of you, our shareholders, joining us.
As you would have noticed there are extensive enhancements underway outside today’s
venue on Quay Street. With various public transport options available including buses, ferries
and trains close to The Maritime Room, we hope you were all able to get here without any
trouble. Quay Street is a significant street in Auckland’s city centre, and we look forward to a
revitalised waterfront street. With many of our Auckland assets in close proximity, our portfolio
will directly benefit from the enhanced connections between the city centre and the
waterfront, once this project is complete.
2019 has continued to deliver great results for our business. The strong performance achieved
in the last financial year has been underpinned by another very active period. We have
further enhanced our portfolio with the completion of H&M at Commercial Bay in Auckland
and the completion of Bowen Campus Stage One in Wellington. We have also progressed
our other active developments including Commercial Bay and Wynyard Quarter Stage 2. In
addition, we have sold assets to recycle capital, successfully raised equity and sourced non-
bank debt to strengthen the balance sheet. Most importantly, we have continued to grow
earnings and dividends for our shareholders.
I would now like to introduce the members of the Board and executive team joining us here
today: Scott Pritchard, George Crawford, Richard Hilder, Don Huse, Anne Urlwin, Graeme
Wong, Launa Inman, Rob Campbell, Chris Judd and Anthony Bertoldi. Mohammed Al Nuami
is unable to attend this year’s meeting and has given his apology.

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 also have with us representatives from our auditors, Ernst & Young, tax advisors, KPMG,
legal advisors, Chapman Tripp and our registrar, Computershare, together with Precinct staff.
Board composition and changes
As you would have noticed, the composition of the Board in front of you today has changed
since we met last year. Importantly, in accordance with the NZX Code, a majority of
Independent Directors is maintained. The recently updated NZX Listing Rules have also
simplified Director rotation requirements. This has effectively changed the frequency at which
your Directors stand for election going forward. So, rather than having one third of Precinct
Directors required to retire and Independent Directors being re-elected every 2 years,
Directors will now stand for re-election every 3 years.
Acknowledging recent Director changes announced, Anne Urlwin joins us as a newly
appointed Independent Director. If elected today, Anne will replace Don Huse who will retire
in the second half of 2020 after serving 10 years on the Board. She will also succeed Don as
Chair of the Audit & Risk Committee. As permitted by our constitution which allows the number
of Directors to increase, Don will remain on the Precinct Board and remain as Chair of the
Audit & Risk Committee through until late 2020. This will facilitate an orderly director transition
and provide for a seamless handover. On behalf of my Board colleagues and the executive
team, I would like to formally welcome Anne here today.
We also acknowledge, today, Chris Judd’s recent resignation as a director of Precinct and
our management company, AMP Haumi Management Limited. Chris will remain on both the
Precinct and AHML Boards until early 2020. Given this will be the last Annual General Meeting
for Chris, I would like to thank him for his long service and on-going contribution to Precinct.
An announcement regarding Chris’s replacement will be made prior to his resignation date.
We will of course, farewell Don appropriately next year.
I would also like to note that following an annual review on Director remuneration by the
Board, we have decided not to propose any adjustments, to shareholders today. That is, we
are holding Director remuneration at the same rates approved at last year’s Annual General
Meeting. All new Directors joining Precinct during the current year will be paid in line with these
rates.

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
Before I outline the meeting agenda, I’d like to also acknowledge changes in the
Management team. We welcome Ed Timmins with us today who is seated in the front row. Ed
joined the Precinct team at the beginning of the year as the new General Counsel and
Company Secretary. Prior to joining Precinct, Ed was the General Counsel for NZX-listed Fisher
& Paykel Healthcare. He has a strong background and extensive legal experience having
worked at various corporate law firms in New Zealand and abroad. It is great to have him
join our meeting today.
Meeting agenda
Moving to the agenda of today’s meeting. We will begin with reviewing the performance and
activity of Precinct over the last financial year. We will then take any shareholder questions
after concluding the presentation. The meeting will then proceed to the formal business
where we will consider two ordinary resolutions and one special resolution. The first ordinary
resolution is to consider the election of Anne Urlwin as a director. The second ordinary
resolution is to consider that the directors be authorised to fix the remuneration of Ernst &
Young as auditor for the ensuing year. The third resolution is a special resolution. It will consider
that the existing constitution of the Company is revoked, and the constitution presented at
the meeting is adopted as the constitution of the Company.
Today’s forum provides an opportunity for you all to communicate directly with those
responsible for your investment in Precinct. We welcome any feedback you may have and
will consider any other matters that may properly be brought before the meeting today.
We hope you will all stay and join us for some refreshments after concluding the meeting.
2019 results highlights
The last financial year has seen Precinct achieve superior performance. We recorded a
portfolio revaluation gain of $161.7 million or 6.1%, demonstrating the high quality of our
investment and development portfolio. This resulted in total comprehensive income after tax
of $190.1 million. In line with guidance, net operating income increased by 3.7% to $79.4
million. Full year dividends paid to shareholders and attributed to the 2019 financial year was
6.00 cents per share, representing a 3.4% increase.

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
Capital Management
In addition to the strong financial result in FY19, we have also progressed a comprehensive
capital management plan. This means we actively managed our capital to ensure a strong
balance sheet is maintained and as a business we have enough capital to deliver on our
medium-term projects. Completing a $152 million equity raising and securing $163 million in
non-bank funding through a 100% hedged United States Private Placement both reinforce
investor confidence in Precinct’s strategy and the overall quality of our business.
In addition, we refinanced bank debt and sold a total of $191 million of assets.
Dividend policy changes
I would now like to move onto recent dividend policy changes. Recognising a dividend policy
should optimise long term sustainable returns for our shareholders, the Board recently
reviewed Precinct's dividend policy. As a result, Precinct intends to transition towards paying
out approximately 100% of Adjusted Funds From Operations (AFFO) as dividends, with the
retained earnings being used to fund the capital expenditure required to maintain the quality
of Precinct’s property portfolio.
Aligning dividends with AFFO is considered to be best practice in a global context for real
estate entities and best reflects the sustainable cash flow produced by our portfolio. It is
consistent with the objectives of the current dividend policy and further supports our strategy
in the long-term. With a transformed portfolio of new assets and a weighted average lease
term of 9 years this bodes well for good growth in our AFFO and dividends.
FY20 dividend
Following another year of strong results for Precinct, I am pleased to confirm a first quarter
dividend for the 2020 financial year of 1.575 cents per share. This represents an increase of
5.0%. Precinct is proud that as we advance our 2020 vision, we have been able to offer
significant growth in dividends over the past few years.
The updated policy just mentioned has been considered in relation to our full 2020 financial
year dividend guidance of 6.30 cents per share. Consistent with our dividend policy, we are
delighted to be providing year on year dividend growth to our shareholders. It reflects key

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
strategic initiatives and demonstrates their well-executed delivery. Payment of the 2020 first
quarter dividend will be made on the 12th of December this year.
Integrating sustainability across operations and design
Companies in the real estate sector along with the building and construction sectors have an
integral role in improving current and future societies. Precinct’s sustainability efforts are
therefore focused on incorporating sustainable design across our assets and improving our
operational performance.
In the last year, we have continued to focus on understanding and responding to our material
Environmental, Social and Governance (ESG) risks and opportunities. Our goal is to create
sustainable value through city centre real estate. We have now developed an initial suite of
ESG targets which are aligned to our material topics to help us achieve this goal.
As a direct result of our strategy, the environmental performance of our portfolio is improving.
We are seeing positive results from our investment in sustainable design. The recently
completed Mason Bros. building achieved a 6 Star Green Star rating and won the Green
Building award at the 2019 New Zealand Property Council Awards. As well as setting a new
benchmark in sustainable design, the Mason Bros. building has delivered measurable
environmental improvements as well as social benefits.
We are also pleased to have recorded a reduction in our carbon emission intensity across our
operating business. Since 2016 when we began reporting this metric, we have reduced
emission intensity by over 20%. While we recognise the good progress made so far, we are
currently exploring more options to reduce our carbon footprint. We recognise to maximise
the benefits of our efforts in reducing our climate impacts, both measuring and managing
emissions is key.
Global Real Estate Sustainability Benchmark (GRESB)
We are pleased to share with you today our 2019 Global Real Estate Sustainability Benchmark
(GRESB) results. For any of you unfamiliar with GRESB, it assesses a company’s performance
against environmental, social and corporate governance. GRESB is the overarching measure
for Precinct to benchmark its sustainability performance.

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
Results were released in September with Precinct receiving a 2019 GRESB score of 77. We are
very pleased to have increased this from a score of 69 last year. We are now trending ahead
of the global average of 72 and we rate a public disclosure level B against the global average
of C. This year GRESB included 964 participants globally, representing USD 4.5 trillion in gross
asset value. As a team and business, we are extremely proud to have lifted our score and to
have recorded improvements in every area against our 2018 submission.
GRESB continues to help our business make improvements in public disclosure, measurement,
building design and how we approach Sustainability at Precinct. We are committed to
progressing all areas we can improve in. For those of you who have not yet reviewed our latest
annual report, we welcome you to do so and read more about Precinct’s sustainability efforts
over the last year.
Health and safety
Before I hand over to Scott to take you through Precinct’s operational performance in more
detail, I would like to touch briefly on Health and Safety. It is a highly material issue for our
business. During the 2019 financial year, we are pleased to again report that there were no
significant injuries in the period. Precinct continue to undertake principal audit and monitoring
inspections which are in addition to regular internal contractor health and safety monitoring
practices. Completing over 250 of these inspections in FY19 has proven to be highly effective.
We are also working on our performance targets and on understanding developments in
health and safety management in our industry, which includes addressing suicide risk in the
construction sector. Sadly, each year approximately 600 New Zealanders die from suicide, of
which 75% are men, with construction workers having the highest rate by occupation of
suicide.
Precinct has recently partnered with Mates in Construction, a charity established to reduce
the high level of suicide in the construction industry. Originally set up in Australia, Precinct has
been a key member of the steering group established locally. Working together with Mates in
Construction and alongside other corporates in the industry, the initiative was formally
launched in New Zealand on 30 October 2019. Mates in Construction recognises the
importance of raising the general awareness of mental health, wellbeing and suicide risk of

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
workers on site. It is about creating a pathway to professional help for those who are most
vulnerable. As a team, Precinct is committed to supporting this initiative.
Together with my Board colleagues, Management and wider Precinct team, I would like to
again thank you all for joining us today and for your continued investment in Precinct. We look
forward to delivering on another successful year in 2020. I will now pass over to Scott,
Thank you.
Scott Pritchard, Chief Executive Portfolio
Supporting our strategy
Thank you Craig, and good morning everyone. As Craig mentioned, 2019 has produced great
results for our business. It has certainly been another active year.
With a portfolio value of $2.8 billion, we have continued to advance our business
transformation and strategic execution. Precinct has a well-defined strategy which is focused
on our people and partners, operational excellence and developing the future. Our 2019
results demonstrate that our strategy is working well. It is driving meaningful growth in our cash
earnings and a strong growth profile for our adjusted funds from operations.
Achieving an overall portfolio occupancy of 99% and increasing Precinct’s weighted average
lease term to 9 years at year end reflects the strong demand for our assets. It reinforces the
high-quality of our portfolio and the strong market position Precinct holds in meeting the
needs of our clients.
Our markets
The markets we are invested in continue to perform well. Demand drivers for city centre real
estate across the office, retail and hotel markets remain positive. We are committed to
investing in New Zealand’s two major city centres, Auckland and Wellington, and their long-
term prosperity.
The Auckland city centre market is particularly strong. It is achieving higher growth compared
to the wider Auckland region. With office employment expected to grow by around 11,000
city workers by 2023 and 30,000 additional inner-city residents over the next 10 years, activity
levels in the Auckland city centre will be underpinned by these drivers.

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
Auckland is New Zealand’s gateway city, it is moving ahead at an increasingly fast pace and
we recognise the value of being located here. It is a hub for ideas, productivity, social
development and much more.
Moving to Wellington. Regionally, the Wellington city centre is performing well. With office
space in the city centre remaining limited after a reduction in total supply and demand
pressures increasing, especially for high quality office space. In addition, an increase in
demand for city centre office space is being driven by considerable growth in the
government employment base. We expect to see the increased activity levels within Central
Government translate to a number of Crown entities requiring additional space, further
supporting the Wellington office market we invest in.
Generator
The way in which people are working is changing and we are responding to this. The most
recent example would be our purchase of the remaining 50% of coworking company,
Generator. Generator allows us to provide flexible office space and meeting and events
solutions to a broader range of New Zealand businesses. Generator is the leading flexible
space provider in the Auckland City Centre and its business is highly complementary to
Precinct’s strategy.
As well as accessing a wider client base, Precinct’s existing clients can also access
Generator’s meeting and event spaces providing increased levels of amenity. Precinct clients
are also using Generator space to manage certain growth and office space requirements for
project teams. Over the last few months, we have also secured occupiers into the Precinct
portfolio from previously occupied Generator space through extending our offering and
providing office space solutions to occupiers we wouldn’t otherwise have had access to.
With a clear strategy for the Generator business, we expect to see continued growth in
demand from the coworking and flexible space market in Auckland and Wellington city
centres.

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
Bowen Campus Stage One
Moving to our development assets, I will begin with an update on Bowen Campus Stage One.
Acquired in 2012 and adjacent to the Beehive and Parliament Buildings in Wellington, the first
stage of the Bowen Campus redevelopment is now complete. This is a major achievement
for our business and all those who have been involved in transforming the government
precinct.
The Charles Ferguson Building reached practical completion in December 2018 and is now
occupied by Ministry of Primary Industries. At Defence House (previously Bowen State
Building), New Zealand Defence Force is now in occupation following the conclusion of their
fitout works in October 2019. We are pleased to have completed these projects with return
metrics that have been ahead of our feasibility due to increased rent, lower capitalisation
rates and higher occupancy. Here are some photos showing the official opening of Defence
House. The Hon Dame Patsy Reddy and The Hon Ron Mark joined the New Zealand Defence
Force and the Ministry of Defence to formally open their new home and headquarters.
Commercial Bay
Now moving to an update on Commercial Bay. With 98% of the retail space now leased, we
have achieved significant leasing over the last year. We are delighted with the composition
and mix of retailers, and excited to bring some new entrants to the New Zealand market.
Total office commitments are around 82% with a number of leases under negotiation. The
office tower continues to attract good interest from the market where occupiers are looking
to locate in a world class modern workspace with remarkable views across the harbour. As
outlined in August of this year, our opening dates are March 2020 for the retail centre and
April 2020 for the PwC Tower.
Wynyard Quarter
Since announcing to you last year the commencement of Stage Two at Wynyard Quarter,
the development has progressed well over the last 12 months. We committed to this project
on an uncommitted basis meaning there was no leasing secured at the time. Now a year on
and a year ahead of practical completion, we are delighted to have fully leased the office
space. This reinforces the quality of 10 Madden Street and our ability to attract occupiers to
this prime location. As you can see from the slide, construction is progressing very well with the

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
6th floor slab complete and roof structure now being installed. Pleasingly, we remain on
budget and have advanced works slightly ahead of program.
Future developments
Now looking to our future developments, the current slide shows the latest renders of One
Queen Street and the next stages at Wynyard Quarter and Bowen Campus. Located close
to our venue today, One Queen Street is now in the detailed design phase. Construction
remains on schedule to commence midway through next year and we are excited about
introducing a hotel into the Commercial Bay Precinct.
At Wynyard, we have now progressed our design for a further 19,000 square metres of space
for Stage’s 3 and 4. Having recently lodged for resource consent, these buildings are receiving
good levels of enquiry. We hope to progress these projects and start construction during the
next 12 months.
In Wellington, the remaining land at Bowen Campus will allow development of 21,000 square
metres of office space and we are excited about what this land and the latest designs will
offer both the corporate market and government occupiers. Additional stages at Bowen
Campus will also offer significant opportunity for Precinct to drive further value for
shareholders.
Conclusion and outlook
Before I hand back to Craig to take us through the formal business of the meeting, in terms of
outlook we believe that Precinct is well positioned to create further shareholder value and
develop high quality real estate in strategic locations. We have a strong balance sheet to
pursue future opportunities and we are especially pleased to lift our dividends to shareholders
for the FY20 year by 5%. This is a direct result of key strategic decisions and their well-executed
delivery.
I would like to thank the Precinct Board for their support, the Precinct team for their on-going
commitment during another busy year, and you, our shareholders, for your continued
investment in Precinct. I will now hand you back to Craig. Thank you.
-ends-

---

Precinct
Annual General
Meeting
20 November 2019

Welcome
and good morning
Craig Stobo,
Independent Director and
Chair

Strong results
Enhanced portfolio
Strengthened
balance sheet
Earnings and
dividend growth

Board and Executive Team
George Crawford
Chief Operating Officer
Rob Campbell
Director
Craig Stobo
Independent Director and Chair
Scott Pritchard
Chief Executive Officer
Chris Judd
Director
Executive Team
Richard Hilder
Chief Financial Officer
Launa Inman
Independent Director
Graeme Wong
Independent Director
Don Huse
Independent Director
Board of Directors
Mohammed Al Nuaimi
Director
Anthony Bertoldi
Alternate Director for
Mohammed Al Nuaimi
Apology
Anne Urlwin
Independent Director

Board composition and changes
•Majority of Independent Directors maintained
•Newly appointed Independent Director
−Anne Urlwinto replace Don Huse
•Don Huse retires second half of 2020
•Chris Judd leaves early 2020

Meeting agenda
•Review Precinct performance and activity
•Shareholder questions and discussion
•Consider and vote on twoordinary
resolutions and onespecialresolution

2019results
highlights
$190.1m
total comprehensive income after tax
+3.7%
increase in net operating income
+3.4%
increase in dividend YoY

Capital management
•Completed $152m equity raising
•Secured $163m in non-bank funding through
a United States Private Placement
•Refinanced bank debt
•Sold $191m of assets

Dividend policy changes
Optimise long term sustainable returns for our
shareholders
•Recently reviewed
•Transition towards paying out
approximately 100% of AFFO as dividends
•Aligning dividends with AFFO best
practice

FY20 dividend
6.30cps
FY20 dividend guidance
12 December 2019
FY20 Q1 dividend payment
+5.0%
expected increase in FY20 dividend

Sustainability
Our goal is to create
sustainable value
through city centre
real estate

Environmental performance
•Positive results from sustainable design
−measurable environmental improvements
and social benefits
•Reduction in carbon emission intensity across
our operating business
−Currently exploring more options to
reduce our carbon footprint

GRESB
Global Real Estate Sustainability Benchmark
•2019 score of 77, up from 69 last year
•Trending ahead of the global average of 72
•Public disclosure level B, global average C

Health and safety
•No significant injuries in FY19
•Completed over 250 principal audit and
monitoring inspections
•Mates in Construction (NZ)
−a mate who can keep you safe while
connecting you to help

Strategic
execution
We are focused on our
people and partners,
operational excellence
and developing the
future

Our markets
•Auckland city centre
−Strong performance
−Office employment growth
−Inner-city resident growth
•Wellington city centre
−Limited supply for high quality office
−Growth in government employment

Generator
100% owned
by Precinct
Clear strategy
for Generator business
Growth in demand
in Auckland and Wellington

Bowen Campus
•Stage One now complete and occupied
−Ministry of Primary Industries
−New Zealand Defence Force
•Return metrics ahead of feasibilities
−Increased rent
−Lower capitalisation rates
−Higher occupancy

Defence House

Commercial Bay
Significant leasing
over the last 18 months
New retail entrants
to New Zealand market
On schedule
for completion March/April 2020

Wynyard Quarter
Stage Two progressing well
over the last 12 months
Office fully leased
On schedule
for completion end 2020

Future developments

Outlook
•Precinct remains well positioned
•Strong balance sheet position
•Increased dividends to shareholder
−FY20 dividend guidance up 5.0%

Questions &
Answers
Please state your
name and advise
whether you are a
shareholder

Formal
business

Resolution 1
That Anne Urlwinbe
elected as a director
The Board unanimously
recommend that
shareholders vote in favor
Anne Urlwin, BCom, FCA, CFInstD, MAICD,
ACIS, FNZIM

Resolution 2
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 favor

Resolution 3
That the existing constitution of the
Company is revoked, and the
constitution presented at the meeting is
adopted as the constitution of the
Company.
The Board unanimously recommend that
shareholders vote in favor

Voting and closure
•We will now proceed to a poll and conclude
the meeting
•The results will be announced to the NZX

Thank you