Precinct Adjusts Conversion Price Caps for PCTHB and PCTHC

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 – 9 December 2025

Precinct Adjusts Conversion Price Caps for Subordinated Convertible
Notes

On 21 September 2023, Precinct Properties Group (Precinct) (NZX: PCT) issued two series of
subordinated convertible notes (PCTHB and PCTHC, and together the Notes). Both Notes
are subject to a Conversion Price Cap under each respective Supplemental Trust Deed.

Clause 8.5(a)(iii) of each Supplemental Trust Deed provides that, if Precinct issues Stapled
Shares in certain circumstances (including under a placement or share purchase plan) at
less than 98% of Market Price, then the Conversion Price Cap shall be adjusted in such
manner as the Issuer considers fair and reasonable, and agreed with the Supervisor, to
take account of any dilution as a result of such action.

Conversion Price Cap Adjustments

Precinct Properties Group (being the Issuer and Subordinated Guarantor) has recently
issued Stapled Shares at less than 98% of Market Price pursuant to a placement and share
purchase plan first announced on 13 October 2025.

As a result, Precinct is today confirming that the Conversion Price Cap for each of the
Notes has been adjusted as follows:

- PCTHB: $1.3449
- PCTHC: $1.3845

The Conversion Price Cap adjustments have been agreed to by the Supervisor, The New
Zealand Guardian Trust Company Limited.

ENDS

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
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 Precinct Flex, Commercial Bay retail
and a multi-unit residential development business. As at 30 June 2025, Precinct's directly-held portfolio (on-
completion value) totalled $3.2 billion and Precinct had a further $1.6 billion of capital partnering assets under
management: $1.2 billion of these were assets in which Precinct holds a minority interest; with the balance
being managed on behalf of third party partners. For more 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 shareholders in equal proportions.
The shares in each parent company can only be transferred or dealt with together.

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