Winton Investor Day

MARKET ANNOUNCEMENT
NZX: WIN / ASX: WTN
14 June 2023

WINTON INVESTOR DAY
Winton Land Limited (Winton) has today released the presentation material for its 2023 Investor
Day.
Winton reaffirms FY23 guidance issued on 3 February 2023, and expects FY23 net profit after tax
towards the lower end of our guidance of between $72.4 million and $82.4 million. This guidance
excludes any unconfirmed fair value revaluation adjustments of investment properties for FY23.
Ends.
For investor or analyst queries, please contact:
Jean McMahon, CFO
+64 9 869 2271
investors@winton.nz

About Winton
Winton is a residential land developer that specialises in developing integrated and fully
masterplanned neighbourhoods. Across its 14 masterplanned communities, Winton has a portfolio
of 27 projects expected to yield a combined total of circa 7,000 residential lots, dwellings, apartment
units, retirement village units and commercial lots. Winton listed on the NZX and ASX in 2021.
www.winton.nz

---

Chris Meehan
Chief Executive Officer
•Founded Winton in 2009.
•Over 30 years’ real estate
experience.
•Strategic and operational
leadership.
•Founded the Belle Property
real estate franchise in
Australia, andgrew the
business to 20+ offices across
Australia and New Zealand.
2
Duncan Elley
General Manager, Project Delivery
•Over 20 years of experience in
land development, real estate,
finance and investment
management.
•Responsible for delivery of
development projects.
•Previously at Chenavari
Investment Managers and
CapmarkBank Europe plc.
Simon Ash
Chief Operating Officer
•Over 18 years’ experience in
real estate, finance and
investment banking.
•Responsible for oversight of
Winton’s business operations.
•Previously at Macquarie Group
and Brookfield Financial.
Julian Cook
Director of Retirement
•Over 20 years experience in
corporate finance and
retirement living.
•Responsible for leading and
executing Winton’s retirement
living strategy.
•Previously held CEO and CFO
roles at Summerset Group and
spent 12 years at Macquarie
Group.

3
1.Business Overview & Update
2.Land Developments
3.Northbrook

5
1
2
3
We have a track record of delivering premium, large scale, high return projects.
Winton is a New Zealand based residential developer, with 27 projects across 14 communities.
We buy large parcels of land not currently zoned for residential development, adjacent to growth corridors, water and
transportation, which have strong prospects for rezoning.
4
A significant part of our value-creation is securing zoning and resource consents on land acquired; 79% of our current
portfolio is land lots where Winton does not undertake residential construction.
5
Northbrook, our premium retirement village offering is unlike any other across New Zealand. Both Northbrook Wynyard
Quarter and Northbrook Wanaka have been released to the market.
6
7
We currently operate on an ungeared basis –we raised $350m capital on 17 December 2021 to fund growth opportunities
and repaid our only debt facility. Existing shareholders retained their shares with no further sell down, with some investing
further. The combined shareholding of the existing shareholders, staff and Macquarie is 90%.
Notes: 1. Residential and commercial lots refer to a parcel of land within a Winton development.
8
Established a $200m Medium Density Development Fund with MaxCap.
We have 6,751 residential and commercial lots
1
, houses, townhouses and apartments in our pipeline, including 907
retirement village units to be developed.

Founded
2009 by Chris and
Michaela Meehan
Large-Scale
Developer
Residential
Retirement
Landbank
Pipeline: 6,751units
1
Portfolio
27 Projects across 14
Communities
Well Resourced
•56 Staff
•4 Offices
Shareholding
Dual listed NZX and ASX
Increasing
Recurrent Income
•Investment Properties
•Funds Management
Strong Balance Sheet
No Debt
$89.0mCash and cash
equivalents
De-Risked Forecast
100% of forecast gross
revenue pre-sold and
development costs under
contracts in the FY23F
period
Pre-Sale Book
NZ$565.8m
of gross pre-sales
secured
(with 52% to Crown
entities)
6
Notes: 1. Target units to be developed from 1 January 2023 onwards on existing projects based on management estimates and masterplans current as at31 December 2022. Target total units, target product mix and target
settlement period may change, including due to planning outcomes and market demand.

247
186
171
76
553
449
562
0
200
400
600
800
1,000
1,200
PriorFY18AFY19AFY20AFY21AFY22AFY23FFY24F+
7
Neighbourhood
Units settled
to H1 FY23
Units to settle
H2 FY23
Units to settle
in FY23
Lakeside11175186
Beaches8287169
North Ridge-105105
Northlake137083
Launch Bay13215
River Terrace-44
Total219343562
6,000+
219
Notes: 1. Target units to be developed from 1 January 2023 onwards on existing projects based on management estimates and masterplans current as at31 December 2022. Target total units, target product mix and target
settlement period may change, including due to planning outcomes and market demand.
¹

8
•On 3 February 2023 we updated guidance for the 12 months ending
30 June 2023. The change to guidance was driven by delivery delay of
pre-sold projects attributable to the heavy January rainfall
experienced in the North Island.
•For FY23, we now expect net profit after tax
1
towards the lower end
of our guidance of between $72.4 million and $82.4 million.
This guidance is subject to no material adverse changes or unforeseen
events, no material development delays, material settlement defaults or
any further material Covid restrictions.
1. Excluding any unconfirmed fair value revaluation of investment properties for FY23.

9
Notes: 1. Data has been sourced from StatsNZ. 2. Assessment of the Housing System: with insights from the Hamilton-Waikato Area –The Housing Technical Working Group. 3. MBIEdata provided by KPMG.
Slower building starts
•New consents for dwellings have fallen nationally in April 2023, falling
26% from the same month last year¹. This follows annual declines in
February and March of 29% and 25% respectively¹.
•Ready-mix concrete volumes provide an indicator of construction
activity. Lower housing supply resulting from lower activity will create
supply side constraints in the New Zealand housing market.
•Land supply continues to be constrained by current policy, with
restrictions on existing urban land intensification continuing. A 2022
report by The Housing Technical Working Group, which included the
Treasury, found that the supply of land continued to be a contributing
factor to housing and rental price increases².
•In April 2023, construction companies made up approx. 23% of all
insolvencies, up from 8% of insolvencies in April 2022³.
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
Quarters ending
Volume of ready-mix concrete (m³)¹
19.0% annualised
decline
2,200
2,600
3,000
3,400
3,800
4,200
4,600
5,000
5,400
JanFebMarAprMayJunJulAugSepOctNovDec
Building consents issued¹
202120222023Long-run average, 2000 - present

10
Notes: 1. Data has been sourced from StatsNZ. 2. Investor insights report May 2023, Crockers and Tony Alexander.
Increasing rental prices
The rental market appears to be showing signs of recovery, with an increase
in the desirability of new builds, partly owing to current interest rate
deductibility rules.
•Rental price growth slowed in September 2021, just prior to the peak of
the housing market in November 2021.
•Rental price growth has begun to trend upwards since January 2023.
•There has been an improvement in the proportion of investors thinking
about buying another investment property in May 2023².
•There has been an upward trend in the intent to purchase new builds by
investors for the last 5 months².
•Interest deductibility rules favour new builds, with up to 20 years interest
deductibility on new builds.
•Investors who intend to raise rents within the next six months are
targeting a 5.7% increase².
1450
1500
1550
1600
1650
1700
1750
Rental flow index New Zealand¹
Rental price growth rate slows
prior to house price peaks in
November 2021
Rental price growth rate
increases again
Rental price stability

11
Notes: 1. Data has been sourced from StatsNZ. 2. NZ Insight: How does immigration affect the New Zealand economy? –ANZ.
Increased net migration
•Net migration in the year ending April 2023 totalled 72k
people. This compares to the 2015 to 2019 average of 55k
people per annum.
•In 2021 ANZ forecasted that house prices would double in
five years if net migration returned to pre-Covid levels².
•The 2022 population estimate by StatsNZplaced the
estimated population of New Zealand at 5.1m people in
2023, and 5.9m in 2043¹. This would require an additional
c.287,000 dwellings at the current household density of 2.7¹
people per household. We note that if current high
immigration levels continue, population increase may be
greater than originally forecast.
Ageing population contributes to decreasing household size
•The proportion of those aged 65 and over is projected to
increase from 16% in 2022 to 22% by 2043, longer term this
group is expected to make up over 25% of the population¹.
•Household size is forecast to decrease from 2.7 people per
household in 2018 to 2.6 people per household in 2043¹.
•“Couple-only and one-person households are more common
in areas with older populations” –Susan Hollows, Senior
Manager –Census data delivery.
15%
20%
25%
30%
202220232028203320382043204820532058206320682073
Forecast % of 65+ Population¹
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
201520162017201820192020202120222023
Annual Net Migration returns to pre-Covid levels¹
Annual net migrationAverage net migration 2015-2019

13
Unlike its major market competitors, Winton operates across the entire development value creation chain.

14
10%20%30%40%50%60%70%80%90%100%
Expected project breakeven
(incl. 100% of land and key
lead-in infrastructure)
Emphasis on margin
improvement and
maximising returns
Emphasis on maximising
pre-sales and building
project momentum to
recover 100% of land and
key lead-in infrastructure
Illustrative multi-stage lot development
10%20%30%40%50%60%70%80%90%100%
Project
Completion (%)
Expected project breakeven
(incl. 100% of land and
development costs)
Illustrative dwelling/apartment development
Project
Completion (%)
Break-even further into project timeline is a
function of incremental construction costs
not applicable in lot developments

15

CommunitiesLocationTarget units
1
Settled
2
Target units
remaining
1
Pre Sold Units
2
1. NorthlakeWanaka972(564)408150
2. LakesideTe Kauwhata1,672(655)1,0171,005
3. Launch BayHobsonville352(69)28337
4. SunfieldAuckland3,957-3,957-
5. Wynyard QuarterAuckland178-1781
6. Avon LoopChristchurch210-210-
7. Northbrook ArrowtownQueenstown214(2)212-
8. Ayrburn Farm & PrecinctArrowtown28-28-
9. BeachesMatarangi330(190)140125
10. North RidgeCessnock (AU)358(54)304122
11. River TerraceCromwell18(12)64
12. ParnellAuckland6-6-
13. BridesdaleFarmQueenstown139(137)2-
14. Cracker BayAuckland----
Total8,434(1,683)6,7511,444
Notes: 1. Target units to be developed from 1 January 2023 onwards on existing projects based on management estimates and masterplans current as at31 December 2022. Target total units, target product mix and
target settlement period may change, including due to planning outcomes and market demand. 2. Settled and Pre-sold units as at31 December 2022.
16
Target units remaining by type
ResidentialRetirementCommercial
27012810
1,005-12
67216-
3,643-314
21157-
-210-
-19616
21-7
139-1
304--
6--
5-1
1-1
---
5,482907362

17
Notes: 1. Management estimates. 2. Total target units to be developed based on management estimates and masterplan, current as at31 December 2022. Target total units, target product mix and target settlement period
may change, including due to planning outcomes and market demand. 3. Calculated based on number of units pre-sold as a % of target lots remaining.
Key development highlights
Project statistics
Northlake Masterplan
Purchased
2012
Target yield
2
972
Area
108ha
Pre-sales
3
37% (as of 31 December 2022)
Target product
mix
2
Lots, dwellings, apartments, townhouses, a retirement
village (including care suites), commercial tenancies and a
retail precinct, the Northlake Village Centre, which consists
of a gastro pub / restaurant, childcare facility and an eight
tenancy two storey office building and the Northlake
Commercial building which consists of 10 retail units.
The successful rezoning of this property increased
Wanaka’s housing supply by ~24%¹.
A significant range of product offerings –residential lots,
dwellings, townhouses and apartments.
Established Northlake Village Centre, including a
restaurant, childcare facility and a two-storey office building.
All major lead in infrastructure and earthworks have been
completed.
✓
✓
✓
✓

18
As at 31 December 2022
SettledUnits remaining
Lots462203
Dwellings9215
Apartments-25
Townhouses-27
Commercial1010
Retirement-128
Total564408
Key sub-projects remaining, and status of projects
•Stage 17 (48 lots)
•Earthworks are complete.
•Civil works commencing FY24.
•Stage 18 (97 lots)
•Earthworks completed.
•Private plan change hearing scheduled
for FY24.
•Retirement (128 units)
•Show suite construction is underway.
•The main build is expected to take place
in FY24.
NORTHLAKE WANAKA

Earthworks
ALTA VillasDuplex Townhouses
Civil worksCompletion of works
19
Northlake Apartments &
Commercial

20
Community Reach¹
As at TodayAs at Completion
Residents living6932,727
People working57185
Visiting daily530750
Community Highlights¹
$490m
Northlake’s contribution to Wanaka’s GDP to date.
537
Dwellings occupied.
12
Land lots provided at cost to Queenstown Community Housing Trust.
“To transform the lives of committed people in our district by providing them an opportunity to
secure an affordable place to call home.”
2
Land lots gifted to Queenstown Community Housing Trust.
NORTHLAKE WANAKA
Notes: 1. Management estimates.

21
Link: https://youtu.be/i2qq5V8X99Y

22
Key highlights
Project statistics
Lakeside Masterplan
Target yield
1
1,672
Area
179ha
Pre-sales
3
99% (as of 31 December 2022)
Target product
mix
2
Residential lots and dwellings, a primary school and a
commercial precinct –the Lakeside Village Centre -
which consists of a general store, childcare facility,
café’s / restaurants, gym, retail and office spaces
A significantly de-risked residential development project.
Winton is only required to develop lots, there is no need to
deliver completed dwellings.
Infrastructure guarantee in place with the local authority to
ensure the provision of infrastructure to the development.
All major lead in infrastructure completed.
✓
✓
✓
✓
Notes: 1. 221 lots sold conditionally 2.Total target units to be developed on based on management estimates and masterplan, current as at31 December 2022. Target total units, target product mix and target settlement
period may change, including due to planning outcomes and market demand.3. Calculatedbased on number of units pre-sold as a % of target lots remaining.

23
As at 31 December 2022
SettledUnits remaining
Lots5561,005
Dwellings98-
School1-
Commercial-12
Total6551,017
Construction Status
•Stage 1 (359 units)
•All lots have been developed and on sold.
•Stage 2 (295 units)
•All lots have been developed and on sold.
•Stage 3 (435 units)
•Earthworks in progress.
•Civil works are well progressed.
•Infrastructure is currently under
construction, including stormwater
wetlands and a wastewater pump station.
•Stage 4 (272 units)
•Engineering design is currently being
finalised.
COMMERCIAL CENTRE
LAKESIDE

24
Commercial Centre
Stage 1 Completed
Stage 3 Earthworks
Civil WorksCommercial Centre
Stage 2 Completed Lots

25
Housing Infrastructure Fund
HIF funding was secured by Waikato District Council with Winton’s assistance. This enabled the upgrade of critical infrastructure for both Lakeside and the
broader community including:
•Watermains; and
•Wastewater treatment.
Education
•The existing TeKauwhataprimary school is currently at capacity. Winton has provided land to the Ministry of Education to build a new primary school,with a
potential role of up to 1,000 students. The primary school will relocate to Lakeside with the new school expected to open in 2025.
•A daycarewith capacity for 76 children is now operating at Lakeside.
Community
•An Iwi reserve is being created on the bank of Lake Waikare. This is easterly most point of the development and is an area of historical and cultural
significance to Māori. Winton is working with local Iwi to ensure there is access to, and awareness of, the site.
•Winton has engaged in consultation around the design of a further 60 hectares of open space reserves, which includes 3 playgrounds. The largest of these
has been designed to mirror the Matarikistar cluster.
•Key Māori family and place names have been integrated into the naming of streets and other areas of significance following collaboration with local Iwi.
Further opportunities remain to expand the use Māori language in signage and naming as we progress with the development of Lakeside.
•Scholarship programme for school leavers providing landscaping and horticulture training to commence in FY24.
Environment
•Wetlands and the significant planting of native trees within the Lakeside development is aimed at improving the ecology and biodiversity of the site, a former
dairy farm. Winton is assisting local Iwi with their funding applications to plant Kaihikateaforest within the Iwi reserve, a tree which once densely populated
the area but was cleared for farming purposes.

26
Link: https://youtu.be/k3_GEM2h16Q

27
•We are moving forward with the 50 hectares of the property which is
currently zoned future urban with a more traditional masterplan
supported by current regulation, yielding ~2,000 lots.
•In parallel, Winton is absolutely firm in its resolve to pursue alternate
legislative pathways to rezone the remaining c.150 hectares of the
Sunfieldland, including the Resource Management Act.
•Winton has issued proceedings in the Auckland High Court under the
Commerce Act, alleging anti-competitive conduct by Government
housing agency KāingaOra.
•Winton is seeking Court declarations that KāingaOra’s conduct is
unlawful and in breach of the Commerce Act, and an order requiring
KāingaOra to consider Sunfieldfor assessment under the UDA, as well
as substantial damages for KāingaOra’s conduct to date.
Sunfield
Sunfieldis an interconnected '15 minute' neighbourhood located in
Papakura Auckland, where residents can work, live and play. By
integrating recreation, health, schools, employment and retail, close to
residential areas, the day to day needs of a diverse kiwi community can
be reached in 15 minutes. Enabling a car-less, solar powered
neighbourhood allows for truly local living and takes a big step towards
New Zealand's goal of carbon neutrality.
Key features:
•3,643 healthy homes.
•50 hectares of employment land.
•22.8 hectares of parks and wetlands.
•Creates over 11,000 permanent jobs¹.
•90% less cars¹.
•Solar power throughout project.
Notes: 1. Management estimates.

•
•
•
32

33

35

36

37
1.StatsNZPopulation Estimates.
2.StatsNZNational Population Projections.
3.JLL Research Retirement Villages Market Review 2022.
4%
6%
8%
10%
12%
14%
0
100
200
300
400
500
600
700
800
900
20002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022
2023F2028F2033F2038F2043F2048F
75+ population% of total population
Source: StatsNZPopulation Estimates, National Population Projections
•
Source: StatsNZPopulation Estimates, National Population Projections
0%
5%
10%
15%
20%
25%
0
200
400
600
800
1,000
1,200
1,400
1,600
200020022004200620082010201220142016201820202022
2028F2038F2048F
65+ population% of total population
•

•
•
•
•
•
²
²
Notes: 1.JLL -New Zealand Retirement Villages and Aged Care July 2022.2. Includes serviced apartments.
2. Winton recalculation based on company disclosures.
38

39
Denotes limited instances / planned offering not yet available
✓
✓
✓
✓
✓
✓
✓
✘
~
✘
✘
✘
✘
✘✘
~
~
~
~
~
✘
✓
✓
~
~
~
~
✘
✘
~
✘
✘
~
✘
✘
✘
~
✓
~
~
~
~
~

•
–
–
–
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
40

•
–
–
–
•
Arrowtown Lifestyle Village
Aspiring Retirement Village
Presbyterian Support Village
Queenstown Country Club
41

•
•
•
•
•
•
42

43
•
•
•
³
32,260
38,440
44,470
49,810
52,450
55,130
–
10,000
20,000
30,000
40,000
50,000
60,000
202320282033203820432048
14,058
17,855
21,840
26,150
29,960
33,230
–
5,000
10,000
15,000
20,000
25,000
30,000
35,000
202320282033203820432048
Source: CBRE Demographic Analysis 2022
CAGR (‘23 –‘33) = 3.3%
CAGR (‘23 –‘48) = 2.2%
Source: CBRE Demographic Analysis 2022
CAGR (‘23 –‘33) = 4.5%
CAGR (‘23 –‘48) = 3.5%
1.CBRE Demographic Analysis 2022.
2.Projected population numbers are based on the medium growth scenario as per Statistics New Zealand.
3.BayleysHousing Market Analysis for Northbrook.
CAGR is defined as the compound annual growth rate in population from a base in 2023 within the primary catchment area,
defined by CBRE.

•
•
•
•
•
•
44

45
•
•
•
³
6,240
7,660
9,050
10,870
12,630
14,720
–
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
202320282033203820432048
2,500
3,415
4,385
5,385
6,305
7,550
–
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
202320282033203820432048
Source: CBRE Demographic Analysis 2022
CAGR (‘23 –‘33) = 3.8%
CAGR (‘23 –‘48) = 3.5%
Source: CBRE Demographic Analysis 2022
CAGR (‘23 –‘33) = 5.8%
CAGR (‘23 –‘48) = 4.5%
1.CBRE Demographic Analysis 2022.
2.Projected population numbers are based on the medium growth scenario as per Statistics New Zealand.
3.BayleysHousing Market Analysis for Northbrook.
CAGR is defined as the compound annual growth rate in population from a base in 2023 within the primary catchment area,
defined by CBRE.

•
•
•
•
•
•
46

Notes: 1.As at31 December 2022. Units and Values remain subject to change as the masterplanningprocess progresses.
47

•
•
•
•
48

49

•
•
•
•
•
50

52

53
Past performance information provided in this Document may not be a reliable indication of future performance. This Documentcontains certain forward-looking statements and comments about future events, including
with respect to the financial condition, results, operations and business of Winton Land Limited (“Winton”). Forward lookingstatements can generally be identified by use of words such as ‘project’, ‘foresee’, ‘plan’,
‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Forward-lookingstatements involve known and unknown risks, significant uncertainties, assumptions, contingencies,
and other factors, many of which are outside the control of Winton, and which may cause the actual results or performance of Winton to be materially different from any results or performance expressed or implied by
such forward-looking statements. Such forward-looking statements speak only as of the date of this Document. There can be no assurance that actual outcomes will not differ materially from the forward-looking
statements. Recipients are cautioned not to place undue reliance on forward-looking statements.
Certain financial data included in this Document are "non-GAAP financial measures", including earnings before interest, tax, depreciation and amortisation (“EBITDA”). These non-GAAP financial measures do not have a
standardised meaning prescribed by New Zealand Equivalents to International Financial Reporting Standards (“NZIFRS") and therefore may not be comparable to similarly titled measures presented by other entities, nor
should they be construed as an alternative to other financial measures determined in accordance with NZIFRS. Although Winton’s management uses these measures in assessing the performance of Winton’s business, and
Winton believes these non-GAAP financial measures provide useful information to other users in measuring the financial performance and condition of the business, recipients are cautioned not to place undue reliance on
any non-GAAP financial measures included in this Document.
All amounts are disclosed in New Zealand dollars (NZ$) unless otherwise indicated.
Whilst every care has been taken in the preparation of this presentation, Winton makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts.
To the maximum extent permitted by law, none of Winton, its directors, employees, shareholders or any other person shall haveany liability whatsoever to any person for any loss (including, without limitation, arising from
any fault or negligence) arising from this Document.
This Document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any
investment decisions, consider the appropriateness of the information in this Document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs.

Project #ProjectLocation
Unsettled
units
1
1Northlake: Residential LandWanaka203
2Northlake: DwellingsWanaka15
3Northlake: TownhousesWanaka27
4Northlake: ApartmentsWanaka25
5Lakeside: ResidentialTeKauwhata1,005
6Launch Bay: The OvationHobsonville8
7Launch Bay: Townhouses and ApartmentsHobsonville29
8Launch Bay: Jimmy's PointHobsonville30
9Sunfield: ResidentialAuckland3,643
10The Villard: ApartmentsAuckland21
11AyrburnFarm: ResidentialArrowtown21
12Beaches: Residential LotsMatarangi139
13North Ridge: Residential LotsCessnock (AU)304
14River Terrace: Residential Lots and DwellingsCromwell6
15Parnell: ApartmentsAuckland5
16BridesdaleFarm: Residential LotQueenstown1
Total5,482
55
Notes: 1. Target units to be developed from 1 January 2023 onwards on existing projects based on management estimates and masterplans current as at 31 December 2022. Target total units, target product mix and target settlement period may change, including due to planning outcomes and
market demand.

Project #ProjectLocation
Unsettled
units
1
17Northbrook: WanakaWanaka128
18Northbrook: Launch BayHobsonville216
19Northbrook: Wynyard QuarterAuckland157
20Northbrook: Avon LoopChristchurch210
21Northbrook: ArrowtownArrowtown196
Total
907
56
Notes: 1. Target units to be developed from 1 January 2023 onwards on existing projects based on managementestimates and masterplans current as at 31 December 2022. Target total units, target product mix and target settlement periodmay change, including due to planning outcomes
and market demand.

Project #ProjectLocation
Unsettled
units
1
Northlake: Commercial
(within Northlake Apartments project)
Wanaka10
22Lakeside: Village Shopping CentreTeKauwhata12
23Sunfield: CommercialAuckland314
Northbrook: Arrowtown Commercial
(within Northbrook Arrowtown Retirement project)
Queenstown16
24Ayrburn Farm: Domain Restaurant PrecinctArrowtown7
25Beaches: Holiday ParkMatarangi1
26Parnell: CommercialAuckland1
BridesdaleFarm: Commercial
(within BridesdaleFarm Residential project)
Queenstown1
27Cracker BayAuckland-
Total
362
57
Notes: 1. Target units to be developed from 1 January 2023 onwards on existing projects based on managementestimates and masterplans current as at 31 December 2022. Target total units, target product mix and target settlement periodmay change, including due to planning outcomes
and market demand.