Precinct to settle PCTHB convertible notes in cash

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 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 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 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 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 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 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 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 – 4 September 2026

Precinct to settle PCTHB subordinated convertible notes in cash

Precinct Properties Group (Precinct) announces today that the subordinated convertible
notes under the NZX ticker code PCTHB, issued by Precinct on 21 September 2023 (2026
Notes), are approaching the end of their three-year term and will mature on 21
September 2026.

Precinct will redeem all outstanding 2026 Notes on the maturity date by paying the Cash
Settlement Amount to Noteholders, rather than by converting the 2026 Notes into Stapled
Shares.

What Noteholders will receive

Each Noteholder will be paid a Cash Settlement Amount equal to the number of Stapled
Shares into which their 2026 Notes would otherwise have converted, multiplied by the
Market Price. That number of Stapled Shares will be the Noteholder's Principal Amount
(together with any Unpaid Interest and any interest thereon) divided by the Conversion
Price, rounded down to the nearest whole Stapled Share.

Accordingly, Precinct will not be issuing any Stapled Shares in respect of the 2026 Notes.

Market Price and Conversion Price mechanics

The Market Price and Conversion Price will be determined on the Conversion
Announcement Date, being 14 September 2026. Precinct expects the Conversion Price to
be the Market Price, being the lesser of the Conversion Price Cap of $1.3449 and the
Market Price.

The Market Price will be the arithmetic average of the daily volume weighted average
price of Stapled Shares traded through the NZX Main Board on each of the 20
consecutive Trading Days immediately preceding the Conversion Announcement Date.

Further information

The final day of trading in PCTHB is expected to be Wednesday, 9 September 2026, prior to
the notes being suspended at close of business on that day.

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 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 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 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 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 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 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 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
Further details of the terms of the Notes are set out in the Final Terms Sheet dated 8
September 2023 and the Product Disclosure Statement dated 1 September 2023 (the
"PDS"), both available on Precinct's website at:
https://www.precinct.co.nz/investors/bondholder-noteholder-information

Capitalised terms used in this announcement have the same meaning as in the PDS.

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, developer and investment partner of premium city-centre real estate in Auckland and
Wellington. Precinct’s markets span office, retail, flexible workspace and living, which includes purpose-built
student accommodation and high-end, multi-unit residential development.

As at 30 June 2026 on a pro forma basis following completion of the PwC Tower transaction, Precinct's directly-
held portfolio totals $3.0 billion and Precinct has a further $2.2 billion of committed capital partnering assets
under management; Precinct is co-invested in $2.0 billion of these assets, with the balance being managed
on behalf of third-party partners (all amounts presented on a committed, completion value basis).

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 securities is PCT.

For more information visit: www.precinct.co.nz.