Precinct Corporate Governance Presentation

Governance
Roadshow
3-4 November 2025
Replace photo with
non-construction

Precinct Board
Governance Roadshow | 3-4 November 20252
Anne Urlwin ONZM
Board Chair
Appointed September 2019 | 2025 re-election
Alison Barrass
Appointed October 2024
Nicola Greer
ESG Committee Chair
Appointed July 2021
Chris Judd
Appointed April 2013
Chris Meads
People & Performance Committee Chair
Appointed October 2023 | 2025 re-election
Mark Tume
Audit & Risk Committee Chair
Appointed August 2021
Taurua Grant (Board Observer)
Future Director
From left to right: Nicola Greer, Chris Judd, Chris Meads, Taurua Grant (Future Director Board Observer), Anne Urlwin, Mark Tume and Alison Barrass

Board Committees
Governance Roadshow | 3-4 November 20253
BOARD
Audit & Risk
Committee
Environmental,
Social &
Governance
Committee
People &
Performance
Committee
Committee Members:
•Mark Tume, Chair
•Anne Urlwin
•Nicola Greer
•Chris Meads
Committee Members:
•Nicola Greer, Chair
•Anne Urlwin
•Alison Barras
•Chris Judd
Committee Members:
•Chris Meads, Chair
•Anne Urlwin
•Alison Barrass
•Chris Judd
Photo Credit: Simon Devitt

Director Skills Matrix
Governance Roadshow | 3-4 November 20254
•The matrix reflects the director attributes which
the Board considers are required to oversee
Precinct’s strategic business objectives and is
reviewed annually
•Precinct believes assessing the level of skills and
experience collectively, rather than on an
individual basis, is the most appropriate means
to demonstrate Board effectiveness and reflects
the benefits of diversity of director experience
•The allocations in the matrix reflect each
Director's assessment of the current skills he or
she believes they bring to the Boards and
highlights the different attributes held
collectively by the Precinct Boards of Directors

Board Succession
•Under NZX Listing Rule 2.7.1, a Director must not hold office
(without re-election) past the third annual meeting following the
Director’s appointment or three years, whichever is longer
•In order to maintain best practice Board succession planning,
the Board has decided to stagger the existing re-election
schedule
•Although Chris Meads is not required to retire in accordance
with this rule this year, he stands for re-election with the support
of the Board and is considered by the Board to be an
Independent Director
•The diagram to the right illustrates the year each Director is due
for re-election and, where applicable, the proposed earlier re-
election dates proposed
Governance Roadshow | 3-4 November 20255
Board member
Current
tenure
CY2025CY2026CY2027CY2028CY2029
Chris Judd12 years
Anne Urlwin6 years
Nicola Greer4 years
Mark Tume4 years
Chris Meads2 years
Alison Barrass1 year
Due for re-electionProposed earlier re-election date

Current director position and fee rateCurrent
1
Proposed
1
Increase
2
Comp. to
market
median
3
Chair$182,340$214,2400%
4
101%
Independent Director$98,800$98,8000%99%
A&R
5
Committee Chair$20,000$23,00015%100%
P&P
5
Committee Chair$17,500$20,00014%100%
ESG
5
Committee Chair$17,500$20,00014%100%
A&R
5
Committee Member$11,900$11,9000%99%
P&P
5
Committee Member$10,000$10,0000%100%
ESG
5
Committee Member$10,000$10,0000%93%
DD
5
Committee Chair (ad hoc rate)$380 /hr$380 /hr0%N/A
DD
5
Committee Member (ad hoc rate)$350 /hr$350 /hr0%N/A
Annual Cap for DD
5
Committee Fees$100,000$100,0000%N/A
Director Remuneration & Attendance
Governance Roadshow | 3-4 November 20256
Director
Board
Meetings
A&R
5

Committee
Meetings
P&P
5

Committee
Meetings
ESG
5

Committee
Meetings
No. of meetings9
6
564
Anne UrlwinBoard Chair9564
Alison Barrass
7
Director6n/a42
Nicola GreerESG
3
Committee Chair95n/a4
Chris JuddDirector6n/a54
Chris Meads
8
P&P
5
Committee Chair
8
956n/a
Mark TumeA&R
5
Committee Chair85n/an/a
Graeme Wong
8
P&P
5
Committee Chair
8
5n/a33
Meeting attendanceDirector remuneration – current and proposed
Notes
1.$ per annum (plus GST, if any), unless otherwise stated
2.When assessed across total director fees, the overall increase is 0.97%
3.Comparison is calculated using the proposed remuneration. See PwC's report on the Corporate Governance
section of Precinct's website for details of the comparator group used by PwC
4.Under Precinct's current Director Remuneration, the Chair is paid a base fee of $182,340 with an additional $31,900
in Committee fees (A&R Committee, ESG Committee, and P&P Committee). Under the proposed Remuneration, the
Chair's fee is inclusive of all Committee membership fees, but otherwise remains unchanged
5.A&R = Audit & Risk; P&P = People & Performance; ESG = Environmental, Social & Governance; DD = Due Diligence
6.Five scheduled meetings and four out-of-cycle meetings
7.Alison Barrass was appointed as an Independent Director with effect from 1 October 2024
8.Graeme Wong retired from the Board of Directors with effect from 15 November 2024. Chris Meads was appointed
People and Performance Committee Chair with effect from 14 November 2024
When assessed across total director
fees, the overall increase is 0.97%

Governance Roadshow | 3-4 November 2025
Our Strategy
Our Strategy
Strategic Pillars
Our Focus
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
Core Investments
DevelopmentCapital Partnering
•Well-located prime assets which
have significantly outperformed
lower grade stock
•Stock selection remains a key
success factor for out performance
•Extending our offering to ensure we
continue to attract the best quality
clients in the country
•Recycling and deploying capital into
projects that generate higher yielding
returns
•Leveraging Precinct’s expertise and
capability to deliver on our
development pipeline valued at $3.7
1

billion which includes mixed use,
office, living, and largescale projects
like the Downtown Car Park
redevelopment project
•Expanding our investor base enables
Precinct to explore a broader set of
opportunities
•Investing in value-add opportunities
alongside capital partners leverages
Precinct’s expertise in repositioning,
releasing, and realising value,
delivering a higher return on the
invested capital through a moderate
risk profile
•Funds management, development
management, investment
management, and property
management
Our purpose is to enrich everyday lives through the environments we create
Notes: (1) Estimated completion value of uncommitted development pipeline prior to commitment of 256 Queen Street.
7

Strategic Progress – FY25
Governance Roadshow | 3-4 November 2025
Key strategic initiatives
FY25 highlights include:
•Commitment to deliver NZ’s largest student
accommodation facility for the University of
Auckland at 22 Stanley Street, Auckland and
the formation of a new strategic real estate
investment partnership with Keppell.
•Advanced our Joint Venture with Orams Group
with the commercial office development and
marine-related space now commenced.
•Commenced construction at York House
apartment development in Parnell.
•Resource consent granted for the residential
apartment development on Dominion and
Valley Roads in Mount Eden.
•Resource consent granted at Pillars in Auckland
for a premium boutique apartment offering.
•Progressed preliminary design for the
Downtown Car Park redevelopment project.
•Sale of the remaining 20% interest in 40 and 44
Bowen Street in Wellington for $48 million, and
conditional sale of the hotel at One Queen
Street in Auckland for $180 million.
•Precinct is seeking to establish a capital
partnership for the PwC Tower in Commercial
Bay, Auckland.
6.50
6.706.70
6.756.75
0
1
2
3
4
5
6
7
8
FY21FY22FY23FY24FY25
cents (cps)
Full year dividends
96.6
107.5
114.0
114.5
112.7
0
20
40
60
80
100
120
140
FY21FY22FY23FY24FY25
$ millions
FFO performance
Precinct
directly
owned
$3.2b
Capital
partnerships
$1.6b
Assets under management
(completion value)
1
Precinct directly ownedCapital partnerships
Direct investment portfolioDirect developments
Commercial partnershipsResidential developments
Expected capital partnerships
over the medium term
~$4-5b
Precinct has a target of allocating around 20% of its
capital to investment partnerships across the living
and commercial sectors
Notes: (1) As at 30 June 2025
8

Strategic Progress – FY26 YTD
Governance Roadshow | 3-4 November 20259
Equity raise
•On 13 October 2025, Precinct announced an equity raise to:
oProgress its $3.7 billion
1
pipeline of growth opportunities;
oCommence a new 638-bed purpose-built student
accommodation (PBSA) development at 256 Queen St;
oOptimise the timing and approach to capital partnering;
and
oMaintain a balanced approach to gearing and liquidity
management
•The raise was well supported by shareholders with strong
demand across both the Placement and SPP
•Precinct received valid applications totalling approximately
$52 million under the SPP and is accepting an additional $15
million of subscriptions, bringing the total amount raised to
$325 million
256 Queen Street
•Precinct also announced a commitment to commence a
new PBSA development at the 256 Queen Street, Auckland
•A Design Build Fixed Price contract has been signed with
Icon appointed as main contractor
•Construction is 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
Artist’s impression: 256 Queen StreetArtist’s impression: 256 Queen Street
Notes: (1) Estimated completion value of uncommitted development pipeline prior to commitment of 256 Queen Street.

Responsible groupDescription of responsibility
Precinct Board
•Determine the nature and extent of the risks it is willing to take to
achieve the business strategy
•Establish the parameters for each risk
Audit & Risk Committee
•Delegated authority in assessing effectiveness of internal
controls and risk management processes
•Delegated authority to regularly oversee and review the Risk
Register
Executive
•Input into Board's process for setting risk parameters
•Lead and execute Precinct's approach to risk
•Oversee reporting and identification of emerging risks
Development
control group
Operational
management
Health &
Safety
committee
•Implement and maintain risk management policies
•Create an environment that embraces risk management
•Audit and monitor all development sites
ContractorsEmployeesOther
•Day-to-day responsibility of managing risk
•Report and maintain internal risk and hazard registers
Risk Management
Governance Roadshow | 3-4 November 202510
The Board has a sound
understanding of the material
risks faced by the business and
how to manage them. The
Board regularly verifies that
the Company has appropriate
processes that identify and
manage potential and
material risks.
Our Approach
Precinct has a robust risk assessment
process and is committed to providing a
clear risk management and reporting
framework for the business to operate under
to achieve its objectives, whilst ensuring all
risks are understood and managed.
Reporting Framework

Resolutions
Governance Roadshow | 3-4 November 202511
1. Re-election of Director (PPNZ)
That Anne Urlwin, who retires by rotation and has offered herself for re-
election, be re-elected as a Director of Precinct Properties New Zealand
Limited.
2. Re-election of Director (PPNZ)
That Chris Meads, who retires by rotation and has offered himself for re-
election, be re-elected as a Director of Precinct Properties New Zealand
Limited.
3. Directors’ Remuneration (PPNZ)
That, in accordance with NZX Listing Rule 2.11.1, the amount payable to any
person who from time to time holds office as a Director of Precinct be
increased pursuant to the per position sums shown in the “Proposed
Remuneration” column of the table contained in explanatory note 3, with
effect from 18 November 2025 and that the remuneration may be satisfied
in stapled securities in accordance with NZX Listing Rule 4.7
.
4. & 5. Auditor's Remuneration (PPNZ & PPIL)
That the Directors be authorised to fix the remuneration of Ernst & Young as
auditor for (4.) Precinct Properties New Zealand Limited and (5.) Precinct
Properties Investments Limited for the ensuing year.

Re-election Profiles
Governance Roadshow | 3-4 November 202512
Anne Urlwin
Director, Independent
First appointed by the Board in September
2019 and last elected by shareholders in
November 2022
Board Committees
•Audit & Risk Committee
•ESG Committee
•People & Performance Committee
Chris Meads
Director, Independent
First appointed by the Board in October
2023 and last elected by shareholders in
November 2023
Board Committees
•People & Performance Committee
(Chair)
•Audit & Risk Committee
Background
Anne is a professional director with experience in a range of sectors including construction,
infrastructure, telecommunications, renewable energy, health and financial services. She is
a director of Infratil Limited, City Rail Link Limited, Ventia Services Group Limited and Vector
Limited. Anne is a chartered accountant and is a former Chair of national commercial
construction group Naylor Love and of the New Zealand Blood Service, and a former
director of Chorus Limited, Tilt Renewables Limited, Summerset Group Holdings Limited
and Queenstown Airport Corporation Limited. Anne was made an Officer of the New
Zealand Order of Merit for services to business in 2022.
Key Skills
Governance; construction and property development; finance, audit & risk management;
infrastructure and major projects; sustainability; commercial experience.
Background
Educated at the University of Auckland and Victoria University of Wellington, Chris has over
thirty years’ experience working in the banking and finance sectors in New Zealand and
Hong Kong. Chris has previously worked as an economist, investment banker and was
formerly the Chief Investment Officer of Pantheon Ventures, a large global private markets
investment management firm with investment strategies encompassing private equity,
private credit and real assets including infrastructure and property.
Key Skills
Strategic growth; funds management/capital partnering; financial & commercial acumen;
international expertise; governance; people & culture; sustainability.

Precinct Executive
Governance Roadshow | 3-4 November 202513
Precinct’s executive team is highly experienced and collectively holds
around 90 years of tenure at Precinct, with Scott, George and Richard
each recently surpassing 15 years at the company.
Scott Pritchard
Chief Executive Officer
15 years at Precinct
George Crawford
Deputy Chief Executive Officer
15 years at Precinct
Richard Hilder
Chief Financial Officer
15 years at Precinct
Anthony Randell
General Manager – Property
14 years at Precinct
Nicola McArthur
General Manager – Marketing, Communications and Experience
13 years at Precinct
Tim Woods
General Manager – Development
9 years at Precinct
Emma de Vries
General Manager – People and Culture
4 years at Precinct
Louise Rooney
General Counsel & Company Secretary
4 years at Precinct
From left to right: Louise Rooney, George Crawford, Tim Woods, Nicola McArthur, Scott Pritchard, Emma de Vries, Richard Hilder, Anthony Randell

Chief Executive Remuneration
Governance Roadshow | 3-4 November 202514
FY24FY25
Fixed
remuneration
earned
Base salary $799,500$823,485
Superannuation on base salary $23,985$24,705
Other benefits $158,642$133,938
Total fixed remuneration $982,127$982,127
STI (short term
incentive) earned
STI earned $788,599$953,552
Superannuation on STI $23,658$28,607
Total STI plan value earned$812,257$982,159
Amount earned as % of maximum STI award74%87%
LTI (long term
incentive) RSRs
and PSRs earned
Number of shares vested $188,190$269,780
% of maximum vested for the performance period26%26%
Market price of vested shares at 30 June $1.12$1.20
LTI plan value earned $209,832$323,736
Total Total remuneration earned $2,004,216$2,288,022
FY25 remuneration
The CEO’s remuneration earned for FY25 consisted of:
•35% fixed pay (benchmarked annually);
•65% performance-based remuneration: 35% STI payable in cash and 30% LTI in
the form of performance share rights to be vested into Precinct shares; and
•Participation in the Precinct Employee Share Scheme.
FY26 remuneration
For FY26 the Board has changed the composition of the CEO’s
remuneration to adopt a more balanced approach to fixed pay
and at-risk pay.
The CEO’s total ‘on target’ remuneration was increased by 4%.
FY25
FY26
Cash
Absolute TSR Target
Relative TSR Target
FFO Growth Target
Fixed Pay
35%
STI
35%
(Performance Based)
LTI
30%
(Performance Based)
Cash, and deferred
equity above a threshold
Relative TSR Target
FFO Growth Target
Fixed Pay
33%
STI
29%
(Performance Based)
LTI
38%
(Performance Based)

CEO Total
Remuneration
Governance Roadshow | 3-4 November 202515
Notes
1.TSR is based on close price for the financial year end (i.e. 30 June) and NZX Property is the S&P/NZX All Real
Estate Gross Index. Source IRESS.
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
0.0
0.5
1.0
1.5
2.0
2.5
2022202320242025
TSR
Total Remuneration ($m)
CEO Total RemunerationPrecinct (PCT)
NZX Property Gross IndexNZX50 Gross Index
CEO Remuneration Link to Precinct Performance
TSR and CEO Total Remuneration
1

Employee
Remuneration
Framework
Governance Roadshow | 3-4 November 202516
The People and Performance Committee is
committed to providing shareholders with clear
and transparent information regarding the link
between Precinct's performance and
remuneration outcomes. The performance and
remuneration framework supports the company’s
strategy
Precinct’s Strategy
Core
Investments
Strategic Pillars
Capital
Partnering
Development
Leverage the integration of 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
Underpinned by Remuneration Framework objectives
Aligns with
creating
sustainable
value for
shareholders
Is transparent,
fair and easy
to
understand
Contributes
to Precinct’s
culture
and drive
appropriate
behaviours
Is market
competitive
to attract,
motivate and
retain
talented
people
Supports
delivery of
Precinct’s
business
strategy
Rewards
Precinct people
for strong
business
performance
and long-term
shareholder
value
With remuneration delivered to Precinct’s CEO, Executive Team and selected other senior managers through:
Fixed annual remuneration (FAR)
Set at a range around the
median of market benchmarks
taking into account skills and
experience
Performance-linked variable remuneration
Short Term Incentive (STI)
Long Term Incentive (LTI)
Cash (base salary) and matched
Kiwisaver contributions at
statutory rate
Deferred
Equity
Restricted
Share
Rights (RSRs)
Performance
Share
Rights (PSRs)
Cash
Governed by
People and Performance Committee and the Board determining the FAR, STI and LTI remuneration of the CEO and the
Executive Team and the LTI remuneration of selected other senior managers, with the Board retaining discretion when
determining performance and remuneration outcomes

FY26 STI Framework
FY26 STI
The operation of the STI scheme and determination of STI amounts
is entirely at the Boards' discretion. However, for any STI to be
available Precinct needs to meet certain hurdles as follows:
Financial:
•90% of FFO budget.
Non-financial:
•Health & Safety – where Precinct has caused material harm
through non-performance of its duties or a lack of
process/monitoring has not mitigated potential risk.
•Ethical conduct in accordance with policies.
Where FFO exceeds the hurdle (90% of budget) but is below the
threshold, there will only be an assessment of STI for those items
which do not include FFO (i.e. the remaining 60% of assessment).
Notwithstanding, the Board retains discretion and could determine
to assess STI in some scorecard area.
Governance Roadshow | 3-4 November 202517
STI Performance Targets for FY26
WeightingPerformance Targets
Financial Measures (75%)
40%FFO Budget
•Precinct FFO performance
relative to budget
20%Development•Project performance
15%
Funds under
Management
•New equity capital partnerships
•Growth in existing partnerships
Non-financial Measures (25%)
5%Client Engagement
5%Talent & Succession
5%Staff Engagement
5%ESG
5%Health & Safety
100%

FY26 LTI Framework
Governance Roadshow | 3-4 November 202518
WeightingLTI Performance targets for FY26
50%Relative TSR
Based on performance against specific NZX peer
group
1
over the vesting period. Precinct’s TSR is
compared with the 50th and 75th percentile TSRs
from the peer group and a progressive scale is
adopted -
•Below the 50th percentile : 0% vests
•Equal to 50th percentile : 50% vests
•Equal or greater than 75th percentile: 100% vests
50%FFO Growth
Based on FFO (free cash flow) from operations against
CPI (Consumer Price Index – All Groups) growth over
the vesting period. Precinct’s FFO growth is compared
with the 75th and 125th of CPI growth over the vesting
period and a progressive scale is adopted –
•Below 75% of CPI growth : 0% vests
•Equal to 75% of CPI growth : 50% vests
•Equal or greater than 125% of CPI growth : 100%
vests
100%
1.The peer group consists of Goodman Property Trust, Argosy Property Limited, Property for Industry Limited,
Kiwi Property Group Limited, CDL Investments NZ Ltd, Vital Healthcare Property Trust, Stride Stapled
Group, Asset Plus Limited, Investore Property Limited.

Appendix
Governance Roadshow | 3-4 November 202519

Performance areaWeightingPerformance
FY25
outcome
Assessment
Earnings and
dividends
30%
•Adjusted funds from operations (AFFO)
of 6.55 cps was above the target
•Dividend guidance of 6.75 cps was
achieved
26%
Capital partnering25%
•Capital partnerships targets to grow
Precinct’s AUM (Assets Under
Management) not achieved
•Investor (capital partners) return targets
assessed as achieved
17%
Investment Portfolio15%
•Occupancy of 97% compared to target
of 98%
•WALT (Weighted Average Lease Term)
target of 5.5 years was achieved
•Leasing transactions target was
achieved
•Growth in market rents for leasing
transactions target was achieved
11.7%
Development15%
•Existing projects were not all delivered
on time and budget
•New projects key milestones were
assessed as achieved
7.5%
Capital Management15%
•Execution of capital management
initiatives to support Precinct’s strategic
growth initiatives and optimise its
balance sheet were assessed as
achieved
13.1%
Overall STI scorecard
achievement
100%75.3%
FY25 STI outcome
Summary of Precinct’s performance against the performance targets set out in the STI scorecard for FY25
FY25 STI Outcome
Governance Roadshow | 3-4 November 202520

Disclaimer
21
The information and opinions in this presentation were prepared by Precinct Properties New Zealand Limited or one of its subsidiaries (Precinct).
Precinct makes no representation or warranty as to the accuracy or completeness of the information in this presentation.
Opinions including estimates and projections in this presentation constitute the current judgment of Precinct as at the date of this presentation and are subject
to change without notice. Such opinions are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other
factors, many of which are beyond Precinct’s control, and which may cause actual results to differ materially from those expressed in this presentation.
Precinct undertakes no obligation to update any information or opinions whether as a result of new information, future events or otherwise.
This presentation is provided for information purposes only.
No contract or other legal obligations shall arise between Precinct and any recipient of this presentation.
Neither Precinct, nor any of its Board members, officers, employees, advisers or other representatives will be liable (in contract or tort, including negligence, or
otherwise) for any direct or indirect damage, loss or cost (including legal costs) incurred or suffered by any recipient of this presentation or other person in
connection with this presentation.
Governance Roadshow | 3-4 November 2025