Conversion Price and Market Price for PCTHB Notes

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 – 14 September 2026

Precinct confirms Conversion Price and Market Price for PCTHB Notes

Further to the announcement on 4 September 2026, Precinct Properties Group (Precinct)
(NZX: PCT) is today confirming the Conversion Price and Market Price in respect of the
subordinated convertible notes issued under the NZX ticker code PCTHB which will mature
on 21 September 2026 (2026 Notes).

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.

Conversion Price and Market Price

The Conversion Price is $0.9941 per Stapled Share, being the lesser of the Conversion Price
Cap of $1.3449 and the Market Price.

The Market Price has been determined as $0.9941 per Stapled Share, being 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 from 17 August 2026 to
11 September 2026 inclusive, being the 20 Trading Days immediately preceding the
Conversion Announcement Date of 14 September 2026.

What Noteholders will receive

As previously announced, 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, rounded down to the nearest whole Stapled Share, multiplied by the Market
Price. By way of illustration, a $10,000 Principal Amount would result in a Cash Settlement
Amount of $9,999.65.

Further information

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

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
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.

---

Capital Change Notice




Section 1: Issuer information
Name of issuer Precinct Properties New Zealand Limited
(“Precinct NZ”)
NZX ticker code PCTHB
Class of financial product Interest bearing subordinated convertible
notes (“Notes”)
ISIN (If unknown, check on NZX website) NZPCTDG002C4
Currency NZ$
Section 2: Capital change details
Number redeemed 65,000,000
Nominal value (if any) NZ$65,000,000.00
Redemption price per security NZ$1.00, together with any Unpaid
Interest and any interest thereon
Nature of the payment (for example, cash or other
consideration)
Cash
Amount paid up (if not in full) Fully paid up
Percentage of total class of Financial Products
redeemed (calculated on the number of Financial
Products of the Class, excluding any Treasury
Stock, in existence)
1

100%
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for
example the Conversion price and Conversion date
and the ranking of the Financial Product in relation
to other Classes of Financial Product) or the Option
(for example, the exercise price and exercise date)
Precinct NZ has elected to pay a cash
amount to Noteholders at the end of the
term.

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,
rounded down to the nearest whole
Stapled Share, multiplied by the Market
Price.

The number of Stapled Shares is
determined by dividing the Principal
Amount (together with any Unpaid Interest
(and any interest thereon)) by the
Conversion Price of $0.9941, which is the
lesser of:

1. the Conversion Price Cap of
$1.3449; and
2. the Market Price of $0.9941.


1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

The Market Price is determined based on
the arithmetic average of the daily volume
weighted average price of Stapled Shares
on the NZX Main Board in the 20 Trading
Days immediately preceding (but not
including) the Conversion Announcement
Date (14 September 2026).
Reason for redemption and specific authority for
redemption (the reason for change must be
identified here)
Precinct NZ is redeeming the Notes upon
their maturity date, following Precinct NZ’s
election to pay the Cash Settlement
Amount to Noteholders in lieu of
converting the Notes into Stapled Shares.

Specific authority for redemption:
Resolutions of the Board of Directors of
Precinct NZ passed on 26 August 2026.
Total number of Financial Products of the Class
after the redemption (excluding Treasury Stock)
and the total number of Financial Products of the
Class held as Treasury Stock after the redemption.
Nil

Nil Treasury Stock
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
N/A
Specific authority for the redemption, including a
reference to the rule pursuant to which the
redemption is made
Resolutions of the Board of Directors of
Precinct NZ passed on 26 August 2026.

Rule 3.13.1
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
As set out in the supplemental trust deed
(2026 notes) dated 25 August 2023 (as
amended on 1 September 2023) and the
replacement product disclosure statement
dated 1 September 2023
Date of redemption 21/09/2026
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Richard Hilder, Chief Financial Officer
Contact person for this announcement Martin Boys
Contact phone number +64 22 1941 263
Contact email address Martin.Boys@precinct.co.nz
Date of release through MAP

14/09/2026