Precinct 2025 Annual Meeting of Shareholders

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
NZX announcement – 18 November 2025

Precinct Properties Annual Shareholder Meeting (ASM)
11:30am (New Zealand time) Tuesday, 18 November 2025
Toroa Meeting Suite, Commercial Bay, Level 2, PwC Tower 15, Customs St West, Auckland.
Or online attendance at https://meetnow.global/nz

Chair’s opening address

Morena, Tena Koutou Katoa,

Good morning and welcome to the Precinct Properties 2025 Annual Meeting of
Shareholders. I’m Anne Urlwin, Independent Director and Chair.

We are delighted to be at Precinct Flex’s Toroa Meeting Suite again this year. It’s a
pleasure to see so many of you, our shareholders in attendance today.

Similar to previous years, today’s meeting has a hybrid format. In addition to the in-person
meeting being held, shareholders, proxies and guests can attend the meeting online via
the Computershare online meeting platform. Shareholders and proxies attending virtually
also have the ability to ask questions and submit votes online.

For online participants, if you have a question to submit during the live meeting, please
select the Q&A tab on the right half of your screen anytime. Type your question into the
field and press submit. Your question will be immediately submitted to the moderator.

Should you require any assistance, one of the Computershare team will be able to assist
you via the chat function and reply to your query. Alternatively, you can call
Computershare on 0800-650-034.

Please note that while you can submit questions at any time from now, I will not address
them until the relevant time in the meeting at the end of the presentations. Please also
note that your questions may be moderated or, if we receive multiple questions on one
topic, amalgamated together.

While we will try to get through as many questions as possible, we do apologise in
advance for any questions submitted online that we are unable to answer due to time
constraints. In this case, questions will be followed up by email after the meeting.

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

Voting today will be conducted by way of a poll on all items of business. In order to
provide you with enough time to vote, I will shortly open the voting for all resolutions.

For those attending virtually, if you are eligible to vote at this meeting, you will be able to
cast your vote online under the Vote tab. Once the voting has opened, the resolutions
and voting options will allow voting.

To vote, simply click on the Vote tab, and select your voting direction from the options
shown on the screen. Your vote has been cast when the tick appears. To change your
vote, simply select ‘Change Your Vote’. You have the ability to change your vote, up until
the time I declare voting closed.

I now declare voting open on all items of business.

For those physically attending today, the Board and Executive team look forward to
engaging with you directly and we hope you will all stay and join us for some light
refreshments after the meeting is concluded.

I would now like to introduce the members of the Board and Executive team joining us
today. We have Alison Barrass, Nicola Greer, Chris Judd, Chris Meads, Mark Tume, Scott
Pritchard, and Richard Hilder.

Taurua Grant also joins us today. Taurua is a Future Director through the Future Directors
Programme.

Also present with us are representatives from our auditors, Ernst & Young, tax advisors,
KPMG, legal advisors, Chapman Tripp and our registrar, Computershare.
Now moving to the agenda of today’s meeting.

The agenda for today’s meeting is outlined on the slide in front of us.

We will begin with reviewing the performance and activity of Precinct over the last
financial year. Following the conclusion of the presentation, there will be an opportunity
for shareholders attending either in person or using the virtual meeting platform to ask
questions.

We will start with any in-person questions before moving to any online questions received.
To encourage shareholder participation, we have also invited those unable to attend

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
today to submit questions ahead of the meeting via email or post. We welcome any
feedback and will consider any other matters that may properly be brought before the
meeting today.

The meeting will then proceed to the formal business. Today, we will consider five ordinary
resolutions which are being put forward for shareholder approval. There are four ordinary
resolutions for Precinct Properties New Zealand Limited, and one ordinary resolution for
Precinct Properties Investments Limited.

As detailed in the Notice of Meeting sent to shareholders last month, the first resolution is to
consider my own re-election as a director. The second resolution is to consider the re-
election of Chris Meads as a director. The third resolution will consider proposed changes
to director remuneration, with the fourth and fifth resolutions to consider fixing the
remuneration of Ernst & Young as auditor for the ensuing year for each of Precinct
Properties New Zealand Limited and Precinct Properties Investments Limited.

Before voting begins, both Chris Meads and I will deliver brief re-election speeches. You
will also have another opportunity to ask questions about each resolution prior to casting
your vote.

Before we turn to Precinct’s performance and highlights over the last year, I’d like to begin
with a brief overview of our Board composition and a bit more detail on resolution three
which considers proposed changes to director remuneration.

As you will be aware, the People and Performance Committee is responsible for
managing the Boards’ succession planning and regularly reviews the skills required for the
Precinct Boards. This means ensuring that the Boards of Precinct are composed of
individuals with a range of appropriate skills, knowledge and experience that are well
aligned with Precinct’s strategy.

Importantly, in accordance with the NZX Code a majority of Independent Directors is
maintained.

Moving to the proposed changes to Director remuneration.

As detailed in the Notice of Meeting which you would have received, Precinct's policy is
to engage an external review of director remuneration every two years.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
At the 2023 Annual Shareholders’ Meeting, shareholders approved an increase in Director
fees (excluding the Chair), acknowledging the rising regulatory risk, expanding scope of
responsibilities, and increased time demands on Directors.

Precinct has consequently re-engaged PwC to update the New Zealand listed company
benchmark data last provided in 2023. This review includes the roles of chair, committee
chairs, committee members and base non-executive director fees.

The Board has also asked PwC to propose a Chair’s fee that includes committee
membership fees, rather than the Chair receiving committee membership fees as well as
the Chair’s fee, which is currently the case. This better reflects best practice in the market.

The Board is conscious of its obligation to ensure Directors' fees are set and managed in a
manner which is fair, flexible and transparent. At the same time, the Board seeks to ensure
that Directors' fees are set at an appropriate level to assist Precinct and Precinct
Investments to secure and retain the skills, knowledge and experience at Board level
necessary to govern the business and are well aligned with Precinct’s strategy.

In line with this commitment, the Board has reviewed the current Directors’ fees and
considers the proposed changes relating to Resolution three to be modest adjustments
that are aligned with market benchmarks.

In order to create value for our clients, partners and you, our shareholders, over the long
term, Precinct has evolved into a broader real estate developer, investor, and manager,
focusing on central city environments and targeting developments and ownerships of
mixed-use assets of scale.

Notably, Precinct has developed over $2.6 billion in premium grade real estate since 2017,
and now manages around $1.6 billion of capital partnerships which Scott will cover in
more detail later in the presentation.

Precinct launched its capital partnering and living sector strategies in 2022, which have
since become core components of our business. Entry into the living sector marks a
strategic shift into an adjacent opportunity set from Precinct’s core commercial office
portfolio. Since then, Precinct has also extended its living strategy to include purpose-built
student accommodation which reflects a natural extension of Precinct’s expertise in
creating high quality, mixed-use urban precincts.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct has continued to progress its strategic initiatives which includes advancing our
living sector projects with the announcement last month to commence a $201 million, 638-
bed student accommodation development at 256 Queen Street in Auckland.

I also wanted to provide some comments regarding the recent equity raise, which
consisted of an underwritten placement and a non-underwritten share purchase plan.

While the equity raise was not structured as a rights offer, it was designed and
implemented in a manner that is consistent with the Board’s objective of ensuring fairness
for all shareholders.

While Precinct targeted raising $25 million through the SPP, around $52 million of
applications were received and $15 million of oversubscriptions were accepted, in
accordance with the terms of the SPP.

Precinct’s acceptance of oversubscriptions recognises the strong support from retail
shareholders and the desire to, as far as is practicable, allow shareholders to maintain their
proportionate ownership following the equity raising.

Importantly, the outcome meant 99.5% of investors received either pro rata or 100% of
their application.

Moving now to an update on Precinct’s sustainability efforts.

Precinct’s integrated sustainability strategy ensures compliance and positions us as an
industry leader. This alignment enables effective partnerships with stakeholders to
advance shared ESG goals while improving environmental performance and reducing
operational costs.

Today, we are pleased to share with you our most recent 2025 Global Real Estate
Sustainability Benchmark (GRESB) score. Precinct has achieved an increased GRESB survey
score of 91 out of 100, up from 89 last year. We are extremely proud to have Precinct in
the top 20% of funds globally, reflecting a 5-star top leadership.

Precinct has also published its second climate statement in accordance with the External
Reporting Board's (XRB) Aotearoa New Zealand Climate Standards.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Precinct’s Annual Report, available on the website with our Climate Statement, offers
detailed information on our sustainability initiatives. I encourage you to read it if you
haven’t already done so.

Before handing over to Scott and declaring the first quarter dividends for FY26, I will
provide an overview of Precinct’s dividend policy update, which was previously
communicated in August alongside the FY25 Annual Results.

During the year, Precinct undertook a comprehensive review of its dividend policy to
ensure it aligns with best practice and our evolving business model.

The review identified that the previous policy – based on 100% payout of Adjusted Funds
from Operations (AFFO) – was too rigid for Precinct’s evolving business model and may
lead to dividend volatility.

Following this review, Precinct has adopted a revised dividend policy which is based on a
payout range of 80% to 95% of Funds from Operations (FFO).

FFO better reflects Precinct’s evolving business operations, including active income
streams like the recognition of development profits relating to fund-through structures.
Basing dividends on FFO, which is a more stable measure than AFFO, means Precinct can
offer shareholders more predictable returns.

Consistent with the previous policy, the primary goal of the revised policy is to provide
stable, sustainable dividends with prudent long-term growth.

Importantly, profits from build-to-sell residential projects will be recognised on a cash basis
on settlement and the business remains focused on ensuring dividends will be cash
covered over the medium term.

The benefit to shareholders of this approach is that it will provide a more predictable,
stable and less rigid dividend that is based on operating earnings. As we execute our
strategy, we anticipate moving to the lower end of this range.

I will now declare the first quarter dividends for FY26.

The Board expects total combined cash dividends for Precinct Properties New Zealand
Limited and Precinct Properties Investment Limited for the 2026 financial year to be 6.75
cents per stapled security to be paid to shareholders.

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

The record date for both Precinct Properties New Zealand Limited and Precinct Properties
Investment Limited is 28 November 2025 and payments will be made on 12 December
2025.

On behalf of my Board colleagues, thank you all again for joining us today.
Nga Mihi Nui. I will now hand over to Scott.


Scott Pritchard, Chief Executive Officer – opening speech

E ngā mana
E ngā waka
E nga reo
E rau Rangatira mā
Tēnā koutou
Tēnā koutou
Tēnā Tātoua Katoa

Thank you, Anne.

Good morning everyone, welcome to the 2025 Annual Meeting of Shareholders. I am
Scott Pritchard, Precinct’s Chief Executive Officer.

Thank you for joining us today – it is a pleasure to provide an overview of Precinct’s recent
activity and performance.

Precinct’s financial performance in FY25 was robust, with operating income before
indirect expenses increasing 1.2% on the prior year.

Despite lower average occupancy in the period and a challenging economy, the
Auckland and Wellington office portfolio showed resilience, with funds from operations
from the investment portfolio increasing 3.7%.

After adjusting for lower occupancy, the Auckland office portfolio delivered like-for-like
rental growth of 2.5% while Wellington generated growth of around 6%.

Underlying funds from operations, which includes our property and operating investments
combined with our management business, rose 6.7% to $161.4 million.

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

We are pleased with our funds from operations result which reflects the removal of
depreciation as a tax deduction in the period. This change in legislation impacted us by
around 36 basis points in the period, so landing our AFFO at 6.54 cents per share
demonstrates the resilience of the business.

We’re also very pleased with the operational performance over the past 12 months. The
quality and strategic locations of our assets, combined with a proactive management
approach and increased market demand for high quality properties, has underpinned the
performance of our investment portfolio.

We increased the occupancy of our investment portfolio back to 97% in the second half
and secured significant leasing spreads over the financial year, with around 19,000 square
metres of leasing completed.

While Wellington remains subdued, as expected, we remain very encouraged by the
continued demand for premium grade office space in Auckland which continues to
surprise on the upside.

Our portfolio is well-positioned, with under-renting of 7% and, notably, our team has
secured an exceptional 17% uplift on new leases in the year and outperformed valuation
rents by 5.3%.

Before I provide an overview of our current development project commitments, I would
like to touch on our approach to capital allocation, and provide a bit more detail on the
recent equity raising.

Across our strategic initiatives, we are particularly pleased with the progress made
advancing our living sector projects.

We announced in August our commitment to our first student accommodation project at
22 Stanley Street in Auckland, which we believe to be the largest student
accommodation project undertaking in New Zealand.

More recently we announced our second PBSA development at 256 Queen Street, a 32-
level facility located close to University of Auckland and AUT. Between these two projects
we now have over 1,600 student accommodation beds under development.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
The Stanley Street project is being delivered in partnership with Singaporean investor
Keppel, with Precinct acting as developer, development manager and co-investor. While
Precinct has committed to 256 Queen Street outright, it is our intention to introduce third-
party capital during the construction phase of the project and we are planning to
commence a process to secure a capital partner shortly.

Student accommodation is an attractive investment sector globally, and we are
confident that the strong Auckland market fundamentals that we see will also be
attractive to capital partners.

On our residential platform, Precinct is managing three active apartment projects on
behalf of capital partners which are in varying stages of construction.

The Domain Collection in Newmarket, which is being built by GN Construction, and Fabric
Stage 2 in Onehunga, being built by Kalmar, are both due to complete in the 2026
calendar year, while York House in Parnell, also being built by Kalmar, will complete in
2027.

Precinct does not have any equity invested in these projects but does earn fee income for
development management services.

Precinct has, however, used its balance sheet to acquire a pipeline of new residential
opportunities.

Over the last 18 months or so we have secured sites in Mount Eden, Wynyard Quarter (in
partnership with Orams Group), and at 99 College Hill where we have recently launched
Pillars, a boutique offering of twenty premium apartments on a ridgeline site overlooking St
Mary’s Bay.

As we secure consents, presales and move into construction, we will look to bring along
capital partners to fund construction, together with investment from Precinct.

We continue to believe that the residential pipeline represents some of the best sites within
Auckland and we are excited about the opportunities here as the residential market
improves.

Moving now to our capital partnering strategy.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Investing in value-add opportunities alongside capital partners leverages Precinct’s
expertise in repositioning, re-leasing and realising value, delivering a higher return on
invested capital through a moderate risk profile.

As you can see from the diagram on the right-hand side of the slide, our capital partnering
strategy is set for growth as we target allocating up to 20% of our balance sheet to capital
partnering.

We have originated $1.9 billion in capital partnerships since the launch of this strategy
three years ago. This approach means our development equity funding is now sourced
primarily from capital partners, with 70% of our developments funded by third party
investors as at the end of the financial year. This weighting has reduced slightly with our
commitment to 256 Queen Street although, as mentioned, the intent remains to secure a
capital partner for this project.

An improving investment market and stabilising valuation environment has continued to
provide opportunities for Precinct to execute on further capital partnering initiatives.

Precinct is also seeking to establish a capital partnership for the PwC Tower in Commercial
Bay, Auckland. We remain at an early stage, but the number and quality of parties
expressing interest in the asset is consistent with our view that PwC Tower is the best office
building in New Zealand.

This process will enable the recycling of capital to support Precinct’s strategic growth
opportunities, including the Downtown Car Park development project, while growing its
capital partnerships over the medium term.

This is an exciting phase for our business and we remain optimistic that we are very well
placed to take advantage of an economic recovery.

Regarding our recent equity raise, we are delighted with the strong investment demand
and support shown through this process from our existing shareholders, as well as new
institutional investors that we welcome to our share register.

Precinct targeted a $310 million raise, comprising a $285 million full-underwritten
placement and a $25 million share purchase plan (or SPP). As Anne noted, the SPP
received valid applications totalling approximately $52 million and Precinct accepted $15
million of oversubscriptions.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
The outcome of this process, which raised $325 million in total, provides us with ongoing
confidence that our strategy is well supported by shareholders as we continue to execute
our growth strategy and position our business for sustained earnings growth.

While the proceeds have been initially used to repay bank debt, it will allow Precinct to
progress its $3.7 billion pipeline of growth opportunities, consisting of premium office and
living sector exposures, alongside capital partners. It also allowed us to commence our
second PBSA development at 256 Queen Street in Auckland, which is expected to deliver
strong returns for shareholders.

Further, the raise allows Precinct to optimise the timing and approach to capital
partnering to ensure value for Precinct shareholders is maximised, while maintaining a
balanced approach to gearing and liquidity management.

Before I hand back to Anne for the formalities of the meeting, I will take you through our
other development priorities, followed by concluding remarks.

Our development at Molesworth Street in Wellington is nearing completion. When finished,
it will be fully leased on a 21-year weighted average lease term and will deliver a yield on
cost above 5% with fixed annual rental growth.

This is an outstanding asset. We’re incredibly proud of this project, completed during a
very challenging period of cost escalation but will be delivered later this year to allow its
occupiers to begin moving in in the New Year.

Downtown Car Park has been a major focus in the period with design advancing,
negotiations with office occupiers progressing well and, pleasingly, an increase in interest
from main contractors who are expressing strong interest in the project.

We have commenced discussions with a range of potential builders both here in New
Zealand and in Australia and are very encouraged about the level of interest being
shown.

The composition of tower 2 is now finalised with a five-star hotel introduced at the base of
the tower and build-to-sell luxury apartments located on the upper levels. We believe the
inclusion of a hotel will further enhance this world-class mixed-use project.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Our expectation is that stage 1, including demolition, basement construction works, podia,
and the office tower, will be the first commitment, with stage 2 to be committed to and
commenced later.

We are encouraged by the level of interest for this transformational project. Our current
expectation is that, subject to adequate pre-commitment, funding, procurement,
consents, and of course our own Board approval, that we hope to be in a position to start
the first stage in quarter four of the 2026 calendar year.

Now, before Anne takes us through the formalities of the Meeting, I would like finish with
some concluding remarks.

There’s no doubt that New Zealand’s economy, particularly in Auckland and Wellington,
has been challenging. Despite this, Precinct has remained very active and has continued
to attract capital partners and start new projects.

Property valuations have stabilised and the conditions for an improvement in the
investment market are now in place. There is a growing spread between investment yields
and the cost of debt, and this is expected to generate further improvement in investment
market activity. For the office sector, the Australian market continues to show returning
investor confidence, particular in Sydney.

Further, we see the return to office as a prevailing theme with high utilisation rates
observed across our assets. Leading businesses continue to prioritise premium office
spaces in well located, amenity rich precincts to attract and retain talent, and Precinct’s
market-leading office portfolio positions the company favourably to benefit from this
positive trend.

We believe that we are very well placed to now take advantage of an economic
recovery which we expect to occur over the near term. With a $3.7 billion development
pipeline and a core investment portfolio that continues to outperform, we are excited
about the next phase of our strategic roll out.

Consistent with last year, our forecast dividend for the next 12 months is 6.75 cents per
share, following a review of our dividend policy to ensure our future dividends are
sustainable and cash covered.

Thank you everyone for joining us today.

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
Huri noa i te whare
Tēnā Koutou
Tēnā Koutou
Tēnā Tātou Katoa

-ENDS-


For further information, please contact:

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

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

Richard Hilder
Chief Financial Officer
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz


About Precinct

Listed on the NZX Main Board under the ticker code PCT and ranked in the NZX top 30,
Precinct is the largest owner, manager and developer of premium city centre real estate
in Auckland and Wellington. Precinct is predominantly invested in office buildings and also
includes investment in Generator, Commercial Bay retail and a multi-unit residential
development business. As at 30 June 2024, Precinct's directly-held portfolio (on-
completion value) totalled $3.3 billion and Precinct had a further $1.6 billion of capital
partnering assets under management: $1.1 billion of these were assets in which Precinct
holds a minority interest; with the balance being managed on behalf of third party
partners. For information visit: www.precinct.co.nz

On 1 July 2023, Precinct effected a restructuring to create a stapled group structure. A
stapled group comprises two listed parent companies whose shares are held by the same

Precinct Properties New Zealand Limited
hello@precinct.co.nz
0800 400 599
precinct.co.nz
Auckland Office
Level 12, 188 Quay Street, Auckland 1010
PO Box 5140, Auckland 1141, New Zealand
Wellington Office
Level 3, 31 Waring Taylor Street
PO Box 2, Wellington 6140, New Zealand
shareholders in equal proportions. The shares in each parent company can only be
transferred or dealt with together.

Shareholders in Precinct Properties Group (“Precinct”) hold an equal number of shares in
Precinct NZ and Precinct Investments Limited and these shares can only be dealt with
together. The stapled issuers are described as “Precinct Properties NZ Ltd & Precinct
Properties Investments Ltd (NS)” on NZX systems and the ticker code for the stapled shares
remains PCT.

---

Annual Meeting of
Shareholders
18 November 2025

Welcome and
good morning
Anne Urlwin,
Independent Director and Chair

Online questions and voting
Precinct Annual Meeting of Shareholders3
Questions can now be submitted through
the webcast and will be addressed at
relevant time in meeting
Opening of voting

Board and Executive Team
Board of Directors
Anne Urlwin
Independent Director and Chair
Alison Barrass
Independent Director
Nicola Greer
Independent Director
4Precinct Annual Meeting of Shareholders
Chris Judd
Independent Director
Chris Meads
Independent Director
Mark Tume
Independent Director
Taurua Grant
Future Director Board
Observer
Executive Team
Scott Pritchard
CEO
Richard Hilder
CFO

Meeting agenda
•Review business performance and activity
•Shareholder questions and discussion
•Consider and vote on five resolutions:
•Four Precinct Properties New Zealand Limited resolutions
•One Precinct Properties Investments Limited resolution
5Precinct Annual Meeting of Shareholders

Board composition and director skills matrix
•People and Performance
Committee continues to ensure
that the Boards of Precinct are
composed of individuals with a
range of appropriate skills,
knowledge and experience that
are well aligned with Precinct’s
strategy.
•Majority of Independent Directors
maintained
6Precinct Annual Meeting of Shareholders

Director remuneration
•Director remuneration last reviewed in 2023
•Engaged independent advisors PwC to provide independent
remuneration benchmarking of non-executive director fees
•The Board considers the proposed changes to be modest
adjustments that are aligned with market benchmarks.
7Precinct Annual Meeting of Shareholders

Our business
8Precinct Annual Meeting of Shareholders
We create vibrant,
mixed-use
precincts that
deliver premium
experiences for
the people who
live, visit or come
to work in our
spaces
•Own and Invest

•Develop
•Manage

•Partner

Our strategy
9Precinct Annual Meeting of Shareholders
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 Investment
Development
Capital Partnering

Sustainability
Our strategy includes the integration of
sustainability across all areas of our business
10
2025 GRESB Result
Achieving an increased Global Real
Estate Sustainability Benchmark
(GRESB) survey score in 2025 of 91/100
(global average: 79)
5 star top leadership
(in the top 20% of funds globally)
Offsetting carbon emissions
Offsetting upfront development
carbon emissions on completion and
continuing to prioritising adaptive
reuse projects to reduce this impact
Climate Statement
Lodged Precinct’s Climate Statement
in accordance with the Aotearoa
New Zealand Climate Standards

Precinct Annual Meeting of Shareholders

Dividend Policy Update
•During the year, Precinct undertook a comprehensive review of
its dividend policy to ensure alignment with its evolving business
model and strategic priorities.
•Enhance dividend sustainability and provide greater flexibility.
•Precinct has adopted a revised dividend policy, which targets a
payout range of 80% to 95% of Funds From Operations (FFO),
reflecting recurring earnings from operations.
11Precinct Annual Meeting of Shareholders

FY26 dividend
12
12 December 2025
Q1 dividends payment
Precinct Annual Meeting of Shareholders
6.75 cents
per stapled security
Total combined FY26 dividends guidance for Precinct Properties
New Zealand Limited and Precinct Properties Investment
The new dividend policy has been considered in relation to the
FY26 dividend guidance.

Year in review

Scott Pritchard,
Chief Executive Officer

FY25 results highlights
14
6.54cps
Adjusted Funds from Operations
(AFFO)
+3.3% compared to restated FY24
Precinct Annual Meeting of Shareholders
$150.3m
Funds from Operations (FFO) from
directly held investment portfolio,
up 3.7% on pcp
+6.7%
Increase in underlying FFO
(pre transactions & developments)
$152.3m
Operating Profit before indirect
expenses and income tax,
up 1.2% on pcp

Investment portfolio update – as at 30 June 2025
15Precinct Annual Meeting of Shareholders
7%
Under-renting
vs. market rents
(office portfolio)
6.0yrs
Weighted average
lease term
97%
Occupancy
(by NLA)

+5.3%
Outperformance against Jun-24
valuation market rents
(office & retail)
+4.3%
Growth in contract rentals
from rent reviews
(office & retail)
+17.2%
Uplift in contract rentals
on new office leases

Living sector progress
Precinct Annual Meeting of Shareholders16
22 Stanley Street – PBSA
256 Queen Street – PBSA
Pillars – Residential
Dominion & Valley – Residential

Capital partnering
17
Investing in value-add
opportunities
alongside capital
partners leverages
Precinct’s expertise in
repositioning, releasing
and realising value,
delivering a higher
return on invested
capital through a
moderate risk profile.
Precinct Annual Meeting of Shareholders
Target (outer)
Capital allocation
1
Directly ownedManaged
Current
(inner)
Note 1: Total capital of $3.2bn ($1.6bn share capital plus $1.6bn drawn debt)

Equity raise to fund growth
18Precinct Annual Meeting of Shareholders
$325m
New equity raised
$285m
Fully underwritten placement
$40m
Non-underwritten share purchase
plan
Precinct accepted $15m of
oversubscriptions above the $25m
target

Artist’s impression: 256 Queen Street PBSA

61 Molesworth nearing completion
Precinct Properties – FY25 ResultAnnual
19
Delivery of 6 Green Star
development to deliver enhanced
asset and income resilience
•Construction nearing completion
•Q4 2025 rent start
•On track to achieve 6 star ‘World Leadership’
Green Star Built rating and 5 star NABERSNZ rating
•Highly attractive net lease to NZ Government
with fixed annual rent growth
•Forecast investment returns remain on track
Office pre-commitment100%
WALT on completion21 years
Yield on cost5.1%

Downtown
20Precinct Annual Meeting of Shareholders
The Downtown Car Park redevelopment
is the final phase of the Commercial Bay
masterplan.
•Negotiations with office pre-commitment occupiers
ongoing for around 50% of NLA, all from outside of
Precinct’s portfolio
•Main Contractor procurement has commenced with
interest from several parties
•Advancing with an iwi consortium led by Ngāti
Whātua Ōrākei on minority investment in Stage 1
•Target commitment to Stage 1 in Q4 of 2026
calendar year
Artist’s impression: Downtown development

Conclusion and outlook
21Precinct Annual Meeting of Shareholders
Reconfirming dividend guidance of 6.75 cents per share for FY26,
consistent with FY25, reflecting an FFO payout ratio of 90-92%
•Economic recovery is taking longer than
expected; RBNZ expects lower interest rates
to support a recovery in growth
•Decreasing funding costs and completed
developments aid the near-term earnings
outlook
•Premium office market continues to
outperform and supply outlook remains
constrained
•Valuations have stabilised, aided by lower
interest rates
•Precinct is well placed to benefit from
economic recovery and remains optimistic
about its medium-term outlook
•Precinct remains committed to providing
stable and sustainable dividends with
prudent long-term growth
•FY26 funds from operations guidance
updated to a range of 7.30 to 7.50 cents per
share, reflecting the impact of the equity
raise

Shareholder Q&A

Formal business

Precinct Properties
Resolution 1
24
Precinct Annual Meeting of Shareholders
Re-election of Director
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
The Board unanimously
recommend that shareholders
vote in favour

Precinct Properties
Resolution 2
25
Precinct Annual Meeting of Shareholders
Re-election of Director
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
The Board unanimously
recommend that shareholders
vote in favour

Precinct Properties
Resolution 3
26
Precinct Annual Meeting of Shareholders
Directors’ Remuneration
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
The Board unanimously recommend
that shareholders vote in favour

Precinct Properties
Resolution 4
27
Precinct Annual Meeting of Shareholders
Auditor’s Remuneration
That the Directors be
authorised to fix the
remuneration of Ernst & Young
as auditor for Precinct
Properties New Zealand
Limited for the ensuing year
The Board unanimously
recommend that shareholders
vote in favour

Precinct Investments
Resolution 5
28
Precinct Annual Meeting of Shareholders
Auditor’s Remuneration
That the Directors be
authorised to fix the
remuneration of Ernst & Young
as auditor for Precinct
Properties Investments Limited
for the ensuing year
The Board unanimously
recommend that shareholders
vote in favour

Voting and closure

Thank you