PCT announces Downtown decision, capital return & buyback

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 – 30 October 2026

Precinct announces Downtown decision, capital return and share
buyback

Precinct Properties Group (Precinct) (NZX: PCT) is today announcing that it will not progress
the Downtown Car Park development (Downtown) under current market conditions.

Precinct has made significant progress on Downtown, securing resource consent,
appointing Built on an early contractor engagement basis and advancing pre-leasing
negotiations with high-quality occupiers for around 50% of the office space. However,
market conditions for long-duration development projects have become materially more
challenging, reflecting renewed inflationary pressure and elevated long-term interest
rates.

These changes have reduced confidence in the value of the development on
completion, as well as increasing project costs due to higher financing costs during
construction, a lower NZD and greater escalation risk due to inflation. Making the decision
now provides greater certainty for shareholders, prospective occupiers and project
partners.

Precinct will retain the site and continue operating the car park, targeting a yield on cost
of around 5%. Precinct continues to believe that Downtown represents one of the
strongest city centre development sites in Auckland and future development of the
carpark will remain an objective of the company.

The decision reflects disciplined capital allocation in the context of current investment
market conditions. Precinct remains confident in the Downtown location and the outlook
for Commercial Bay, which continues to perform strongly. Premium office vacancy in
Auckland remains low, while higher project costs are expected to constrain new premium
supply and support rental growth across Precinct’s Auckland portfolio.

Precinct’s Chief Executive Officer, Scott Pritchard, said, "We are disappointed that current
market conditions do not support proceeding with the Downtown development. It is an
outstanding site at the heart of Auckland’s waterfront, and the strong occupier interest
and rental levels commercially agreed reinforce our conviction in the quality of the
opportunity."

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
“While we are not proceeding with the development, Precinct’s strategy remains
unchanged. The strength of occupier demand and rental levels evidenced through this
process validates our strategy of owning premium, well-located assets in markets where
quality space is increasingly scarce. This is positive for Precinct’s broader portfolio,
including Commercial Bay, and indicates a greater level of under-renting across the
portfolio than is currently reflected. With around $900 million of developments currently
underway, Precinct continues to execute its strategy of concentrating investment in
premium, well-located assets, strengthening our commitment to the future growth of
Auckland”

"However, higher funding costs and return requirements mean the project does not
currently justify committing shareholders' capital. This decision reflects Precinct’s
disciplined approach to capital allocation and, as a result, the Board has resolved to
return surplus capital to shareholders. While Precinct’s shares trade below NTA this is an
attractive and accretive use of capital."

CAPITAL RETURN AND SHARE BUYBACK

Precinct’s stapled shares currently trade at a discount to NTA of $1.13 per share as at 30
June 2026. This is despite recent transaction evidence at or around book value, supporting
Precinct’s underlying asset values.

To return surplus capital to shareholders, Precinct will make a $103 million pro rata special
capital distribution by Precinct Properties New Zealand Limited (PPNZ) (Capital Return), a
17-to-16 share consolidation (Share Consolidation), and a $50 million on-market share
buyback (Buyback).

The Capital Return and Buyback programme has been sized to preserve some balance
sheet flexibility for future opportunities that meet Precinct’s return requirements and will be
funded through Precinct’s existing debt facilities.

The dual approach is designed to provide a fair outcome for all shareholders while also
providing a balance between a mandatory return of capital and optional participation
through the Buyback.

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
Capital Return

PPNZ will undertake a special capital distribution of 5.555092 cents per stapled share,
returning approximately $103 million in cash. This will provide an immediate, equitable
return to all shareholders in proportion to their holdings prior to the Share Consolidation.

Share Consolidation

Precinct will undertake a 17-to-16 consolidation of its stapled shares. Under the Share
Consolidation, every 17 existing stapled shares registered in a shareholder’s name at 5.00
p.m. (NZDT) on 6 November 2026 (Record Date) will be consolidated into 16 stapled
shares. Fractional entitlements will be rounded to the nearest whole stapled share, with an
entitlement of 0.5 or more rounded up.

The Share Consolidation will reduce each shareholder’s holding proportionately but will
not change their relative percentage ownership of Precinct or any ownership rights
attached to their shares, except for any immaterial effect arising from the treatment of
fractional entitlements. Following implementation, Precinct’s registrar will issue
shareholders with updated holding statements confirming their post-consolidation
holdings.

Following the consolidation, the number of securities on issue will reduce from 1,854.2
million to 1,745.1 million, a net reduction of approximately 109.1 million securities, or 5.9%.

Buyback

Following completion of the Capital Return and Share Consolidation, Precinct intends to
undertake an on-market buyback of stapled shares in Precinct Properties New Zealand
Limited (PPNZ) and Precinct Properties Investments Limited (PPIL).

Precinct will acquire up to 60 million stapled shares with an aggregate value of up to $50
million (whichever limit is reached first) over a period of up to 12 months ending on 29
October 2027.

The timing and number of stapled shares ultimately acquired will depend on market
conditions, Precinct’s prevailing stapled share price and other relevant considerations.

Any stapled shares acquired under the Buyback will be cancelled on acquisition. Precinct
may vary, suspend or terminate the Buyback at any time and will not acquire stapled

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
shares during blackout periods or while it holds material information that is not generally
available to the market.

OUTLOOK AND DIVIDEND GUIDANCE

Precinct’s medium-term outlook for earnings growth remains positive, underpinned by
anticipated rental growth for premium office buildings from limited new supply, continued
execution across the development pipeline and capital partnering initiatives. However,
the decision not to progress the project will reduce Precinct’s near-term earnings through
the cessation of capitalising interest and management expenses associated with the
project.

The impact of ceasing the capitalisation of expenses associated with Downtown will be
partly offset by the expected accretive impact of the capital management initiatives
announced today, continued car park income and targeted annual cost savings of at
least $3 million.

Accordingly, the Board has approved a rebased annualised dividend rate of 6.50 cents
per stapled share for the 2027 financial year. The rebased dividend will apply from and
including the first quarter of FY27, with that quarter’s dividend payable in December 2026.

The FY27 payout ratio is expected to be above Precinct’s dividend policy range of 80% to
95% of FFO, reflecting the impacts of the Downtown decision on FY27 earnings. As the
benefits of the Capital Return, Buyback and planned cost savings are realised, the Board
expects the payout ratio to return to the policy range in FY28.

TIMETABLE

Key dates for the Capital Return, Share Consolidation and Buyback are itemised below.

Event Date
Announcement of Capital Return, Share
Consolidation and Buyback
Friday, 30 October 2026
Last day of trading on a pre-consolidation basis Wednesday, 4 November 2026
Trading halt Thursday, 5 November and Friday,
6 November 2026

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
Event Date
Capital Return and Share Consolidation Record
Date (5.00pm NZDT)
Friday, 6 November 2026
Implementation Date; trading halt lifted; post-
consolidation trading resumes
Monday, 9 November 2026
Capital Return payment date Friday, 13 November 2026
Annual Meeting of Shareholders Friday, 20 November 2026
Buyback period ends (12 months from NZX notice) Friday, 29 October 2027

ADDITIONAL INFORMATION

Further information regarding the Downtown decision and capital management initiatives
is contained in the accompanying investor presentation released to the NZX today.

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.

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
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.

---

Downtown Decision
& Capital
Management
Initiatives
30 October 2026

Executive summary
Precinct Properties – 30 October 20262
Downtown Car Park Decision
•Precinct will not progress the Downtown Car Park development given elevated long-term interest rates and continued inflation, which have increased
project costs and investment return requirements, making long-duration developments more challenging
•Car park operations will continue, targeting a yield on total investment cost of ~5%
•Optionality to undertake redevelopment in the future is preserved
•The Downtown decision frees up balance sheet capacity and a package of initiatives totalling ~$153 million will be undertaken to reduce excess funding
and return surplus capital to shareholders
Special Capital Distribution
(“Capital Return”)
•$103 million to be returned to shareholders through a special capital distribution of 5.555092 cents per stapled share
1
•The distribution will be made by Precinct Properties New Zealand Limited (PPNZ), to be paid on Friday, 13 November 2026
Share Consolidation
•A 17-to-16 share consolidation is being implemented at the same time as the Capital Return: every 17 shares become 16
•Pairing the Capital Return, which reduces Precinct’s equity value, with the accompanying consolidation will proportionately reduce the number of stapled
shares on issue and is expected to broadly normaliseNTA and per-share metrics
•The number of stapled shares on issue will reduce from 1,854.2 million held on the Record Date to 1,745.1 million, a reduction of ~109.1 million (5.9%)
•Each shareholder’s percentage ownership of Precinct will remain unchanged
On-market buyback
(“Buyback”)
•Buyback of up to $50 million, or 60 million stapled shares (whichever limit is reached first), to commence after the Capital Return and Share Consolidation
Record Date
•An attractive and accretive use of surplus capital while shares trade below NTA of $1.13 per stapled share
2

Dividend
•Dividend rebased to 6.50 cents per stapled share for FY27, a reduction of 3.7% from prior guidance
•The FY27 payout ratio is expected to be above Precinct’s dividend policy range of 80% to 95% of FFO, reflecting impacts of the Downtown decision on FY27
earnings
Strategy and outlook
•The decision reflects disciplined capital allocation in current market conditions
•Confidence remains in Auckland's waterfront location and premium office market. Low vacancy and higher costs should constrain new premium supply
and support rental growth across Precinct’s Auckland portfolio
•Precinct remains confident in a medium-term objective of growing capital partnerships to around $4 billion
Notes: (1) Per stapled share held at the Record Date, before the Share Consolidation; (2) NTA as at 30 June 2026.

The rise in long-term interest rates has increased the financial risk of committing
to Downtown and the return required to justify proceeding
Precinct Properties – 30 October 20263
What changedBoard decision
Downtown decision
MARKETS
Elevated long-term interest rates
Inflation concerns re-emerging,
coupled with weak NZD
Returns becoming more attractive
from existing assets with good rental
growth valued below replacement
cost
DOWNTOWN FEASIBILITY
Expected returns impacted due to
higher financing costs, inflation & NZD
Risk increased due to less certain
valuation on completion
Increased cost of capital increases
hurdle for investment decisions
Outcomes
Precinct set out its pre-commitment
criteria at the recent annual result
While positive progress has been
made on consenting, procurement
and pre-leasing, project economics
have become more challenging
Scale and duration risks have become
exacerbated due to market conditions
and shifting capital partner
preferences, meaning returns are no
longer sufficient on a risk-adjusted
basis
Making the decision now provides
greater certainty for shareholders,
prospective occupiers and project
partners
Precinct continues to believe that
Downtown represents one of the
strongest city centre development
sites in Auckland
While not proceeding at this time,
Precinct has the option to develop the
site in future
Precinct will work constructively with
Auckland Council on the future
development of the site
The resource consent applies for 10
years
1
Precinct will continue to operate the
site as a car park, targeting a yield on
total investment cost
2
of ~5%
Notes: (1) Resource consent must be “given effect to” (i.e. physical commencement of works) by mid 2036; (2) Total investment cost is
expected to be $215 to $220 million following the completion of all workstreams. Total investment as at 30 June 2026 was $196 million.

$0
$200
$400
$600
$800
$1,000
$1,200
Downtown
pre-commit
tower rents
Deloitte
Centre
PwC TowerHSBC TowerGHD HouseAON Centre
Average net effective rents
1
While current market conditions do not support proceeding at this time, the
strength of occupier demand and rental levels evidenced has only increased
Precinct’s confidence in the premium office market
Precinct Properties – 30 October 20264
Downtown decision
Downtown pre-commit tower rents at ~50-120%
above average market rents in Commercial Bay
1
Resource consent exists for 127,500 sqm landmark mixed-use
development, and Precinct continues to hold a yielding development
option
35,000 sqm of pre-commit demand at Downtown is equivalent to 110%
of HSBC Tower – all from outside of Precinct’s portfolio
Downtown pre-commit tower rents, de-escalated to today’s dollars, are
around 25-30% higher than average market rents in PwC Tower
2
Support for Commercial Bay precinct – a well-connected waterfront
location with high levels of amenity
Key learnings and takeaways
“This demand, all from outside Precinct’s portfolio,
will continue to support rental levels for premium
office that is materially above current valuation
levels”
Commercial Bay range
Notes: (1) Downtown = average net effective rents agreed with pre-commit occupiers, in 2032 dollars; Commercial Bay buildings =
average net effective market office rents as at 30 June 2026; (2) Assuming average market rent growth of ~2.5-3.5% pa

Precinct Properties – 30 October 2026
Auckland office market
Occupier demand and limited supply support premium office rents
Demand fundamentals
4% p.a.
CBD office employment growth
over the last 10 years¹
Densification has reached
practical limits. Future
employment growth should
translate more directly into office
demand
Workplace preferences
Quality
Amenity and connectivity
to attract and retain talent
Occupiers increasingly seek better
workplaces. Downtown leasing
discussions indicate demand
exceeds premium supply
Limited premium supply
2.1%
Premium office vacancy
in Auckland
2
A constrained development
pipeline and higher economic
rents support rental growth for
existing premium assets
Downtown leasing discussions support rental levels materially above existing levels
Notes: (1) Precinct analysis of Infometricsdata; (2) JLL data as at 30 June 2026
5

Precinct Properties – 30 October 20266
Core investment
•Core assets are valued well below
replacement cost
•Supply outlook is constrained
•Strong demand for premium space is
driving rental growth
Market conditions support rental
growth across Precinct’s portfolio
Development
•Project costs face further pressure
from high inflation and interest rates
•Return hurdles are increasing
•Occupier demand at higher rent levels
is evident
New developments are harder to
make financially viable and
require higher economic rents
Capital partnering
•Return requirements rising, with
capital partners targeting value-add
returns from existing assets
•Precinct’s directly-held assets provide
opportunities for further partnership
transactions
We will prioritise opportunities
that align with capital partner
preferences
Strategy and capital allocation
“Our strategy is unchanged. We remain focused
on creating long-term value from high-quality
real estate and will stay disciplined about when
and how we deploy shareholder capital.”
– Scott Pritchard, CEO
The Downtown decision demonstrates
Precinct’s disciplined approach to capital
allocation in a challenging market
environment.

$0.94
$1.13
$1.18
PCT share price (VWAP)NTA (30-Jun-26)Broker consensus target
7
Value per share ($)
~17% discount to NTA
A share buyback is accretive to NTA while Precinct trades below the value of its net tangible assets
The Downtown decision frees up balance sheet capacity, enabling Precinct to
return surplus capital to shareholders
Capital management
Notes: (1) VWAP = 20-day volume weighted average price of $0.9382 per stapled share as at 29 October 2026; (2) Pro forma gearing as
at 30 June 2026 was 29% following PwC Tower settlement and repayment of PCT HB convertible notes – this increases to 32% following
the Capital Return and up to 34% on the basis the Buyback is fully completed
Precinct Properties – 30 October 2026
1
~$150 million
surplus capital available
•On the basis that this surplus capital is returned, pro
forma gearing increases to between 32% and 34%
2
•Right balance between ensuring growth
opportunities can be funded, while maintaining
balance sheet resilience
•Precinct actively manages its capital by recycling
non-core assets and partnering with capital
providers, then reinvesting into accretive
opportunities

Precinct Properties – 30 October 20268
Precinct is announcing today a package of initiatives to return surplus capital to
shareholders and reduce excess funding capacity
Capital management initiatives
01
~$103 million Capital Return
+
02
17-to-16 Share Consolidation
+
03
$50 million Buyback
Special capital distribution of
5.555092 cents per stapled share
1
Applies to all holders on the share
register on the Record Date (Friday, 6
November 2026)
Paid by Precinct Properties New
Zealand Limited (PPNZ); no
imputation credits attached and for
New Zealand investors the distribution
will be excluded income
Payment to be made on Friday, 13
November
The same terms apply to all holders
and every holder receives the same
cash per share
Every 17 stapled shares become 16
Stapled shares on issue will reduce
from 1,854.2m → 1,745.1m – a reduction
of 109.1m stapled shares (5.9%)
Fractions will be rounded to nearest
whole stapled share (0.5 rounds up)
Shareholder’s proportionate
ownership in Precinct remains
unchanged (ownership rights are
unchanged)
Precinct will acquire up to:
60 million stapled shares in
PPNZ and Precinct Properties
Investments Limited (PPIL), or;
stapled shares with an
aggregate value of $50 million
(whichever limit is reached first)
The Buyback programme will be open
for a period of up to 12 months to 29
October 2027
All shareholders receive the pro rata Capital Return, while the Buyback
allows Precinct to deploy capital where it delivers value accretion
Notes: (1) Per stapled share held at the Record Date, before the Share Consolidation

Precinct Properties – 30 October 20269
✓
Equal treatment for every holder
Every holder has the equivalent of 17 shares consolidated to
16 and receives 5.555092 cents cash per pre-consolidation
stapled share held
✓
Proportionate ownership is unchanged
Each holder’s proportionate interest in Precinct remains
the same before and after consolidation, subject to
immaterial rounding differences
✓
Capital management initiatives
Every holder receives the same cash per security and retains the same
proportionate ownership in Precinct
Notes: (1) Based on 20-day volume-weighted average price (VWAP) of $0.9382 per stapled share as at 29
October 2026; (2) Based on unrounded theoretical post-transaction value – refer Appendix C for calculation
Illustrative worked example: holder of 10,000 stapled shares
Holders receive cash and end up with fewer shares, with no change to their proportionate
ownership of Precinct. The Share Consolidation is expected to broadly normalise Precinct’s share
price and per-share metrics for the effects of the Capital Return.
Value neutral outcome targeted
Aggregate of cash received through Capital Return, and
the theoretical post-transaction value of residual
shareholding, is equivalent to pre-transaction value
1
PCT HC CONVERTIBLE NOTES
Any adjustment to the Conversion Price Cap for the PCTHC
subordinated convertible notes will be confirmed with the
Supervisor in accordance with the Supplemental Trust Deed. This
will be finalised following the outcome of the Share Consolidation.
KEY PRINCIPLES
What changes
Shares: 10,000 → 9,412
10,000 ÷ 17 × 16 = 9,411.76, rounded
Cash: $555.51
10,000 × 5.555092 cents
Total value: $9,382 → $9,382
$8,826.71 of shares + $555.51 cash
$9,382$9,382
$0
BeforeAfter (13 Nov)
Value of sharesCash
10,000 shares
× $0.9382
1
9,412 shares
× $0.9378
2
SHARE OF PRECINCT
0.00054%
before and after – unchanged
$555.51 cash

Key dates and terms
Precinct Properties – 30 October 202610
FRI
30 OCT
Announcement
to NZX
WED
4 NOV
Last day of
trading pre
consolidation
THU–FRI
5–6 NOV
Trading
halt
FRI
6 NOV
Record Date
5.00pm NZDT
MON
9 NOV
Implementation
Date, trading
resumes post
consolidation
FRI
13 NOV
Capital Return
paid
FRI
20 NOV
Annual
Shareholders’
Meeting
12 months to 29 Oct 2027
Buyback window
Up to $50 million or 60 million stapled
shares (whichever limit is reached first)
General note: All dates are 2026 unless stated; refer Appendix A for a detailed timetable.
Particulars of the Buyback Programme
Shares in PPNZ and PPIL will be acquired on-market through NZX
The Buyback programme will be suspended during blackout periods such as from 31 December 2026 until
the FY27 interim result, and from 30 June 2027 until the FY27 annual result
Stapled shares will only be acquired at a price below the most recently disclosed value of net tangible
assets per stapled share
The timing and number of purchases will depend on market conditions, share price and other relevant
considerations; Precinct may slow, pause or stop execution of the Buyback at any time
Acquired shares will be cancelled and not held as treasury stock

2.5%
1.9%
1.5%
1.4%
0.9%
0.3%
-1.4%
-1.8%
-2.2%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
Dividend
Precinct Properties – 30 October 202611
December 2026
First dividend paid at the rebased rate
1.625 cps per quarter (6.50 cps annualised), paid in December 2026
The Downtown decision impacts Precinct’s near-term earnings due to
ceasing the capitalisation of interest and management expenses
Targeted annual cost savings of at least $3 million per annum
As a result, the FY27 full-year dividend will be rebased to 6.50 cps
1
, reflecting
a 3.7% reduction
The rebased dividend will apply from and including the first quarter of
FY27, with that quarter’s dividend payable in December 2026.
PPIL dividend to reduce from 0.76 to 0.51 cps due to loss of revenue
recharge to PPNZ
PPNZ dividend remains unchanged at 5.99 cps
Payout ratio in FY27 is expected to be above Precinct’s dividend policy range
of 80% to 95% of FFO, reflecting the impacts of the Downtown decision on
FY27 earnings
While the FY27 dividend payout is outside policy, the forecast payout ratio is
expected to return to the 80–95% FFO policy range in FY28
Precinct remains committed to providing stable and sustainable dividends
with prudent long-term growth
10Y avg. dividend growth FY17-27F: NZ listed property
Notes: (1) Total dividends paid in the 2027 financial year are forecast at 6.56 cps, comprising
1.6875 cps for FY26Q4 plus three rebased quarterly payments of 1.625 cps each

Summary
Precinct Properties – 30 October 202612
•Downtown car park provides a yielding long-term
development option for Precinct
•The strength of occupier demand and rental levels evidenced
through Downtown occupier negotiations reinforces
Precinct’s confidence in the premium office market
•While market conditions haveled to the Downtown decision,
theoutcome demonstrates Precinct will only allocate capital
where the expected returns appropriately compensate for
the risk
•The special capital distribution provides an immediate,
equitable return of capital to shareholders
•A Buyback is accretive to NTA while Precinct trades below
NTA and is also expected to be earnings accretive
•Confidence remains in the medium-term outlook and
Precinct’s broader strategy remains unchanged

Appendix
Precinct Properties – 30 October 2026

Detailed transaction timetable
Precinct Properties – 30 October 202614
ITEMDATE
NZX announcementFriday, 30 October 2026
Last day of trading on a pre-consolidation basisWednesday, 4 November 2026
Trading halt Thursday, 5 and Friday, 6 November 2026
Capital Return and Share Consolidation Record Date (5.00pm NZDT)Friday, 6 November 2026
Implementation Date; trading halt lifted; post-consolidation trading resumesMonday, 9 November 2026
Capital Return payment dateFriday, 13 November 2026
Precinct Annual Shareholders' MeetingFriday, 20 November 2026
Buyback period ends (12 months from NZX notice)Friday, 29 October 2027
APPENDIX A

Your holding: No action required
Precinct Properties – 30 October 202615
Precinct handles everything. Your stapled shares are consolidated, the cash is paid and you receive a new holding statement
FRI 6 NOV, 5.00PM
Record date
Your holding on the register at
this time counts
MON 9 NOV
New holding
Every 17 shares become 16;
trading resumes
FRI 13 NOV
Cash paid
5.555092 cents for each share
held at record date
THEN
Holding statement
A new statement shows your new
number of shares
Do I need to do anything?No. It happens automatically for every shareholder
Is the special capital distribution
taxable?
For New Zealand investors the distribution will be treated as excluded income under the New Zealand listed portfolio
investment entity rules
For an Australian resident investor holding PPNZ shares on capital account, the distribution should be treated as a
return of capital rather than a dividend or revenue distribution. Independent tax advice specific to each investor’s
circumstances should be obtained
For non-Australian overseas investors, the tax treatment will depend on each shareholder’s individual circumstances
and the laws applicable in their country of residence. Overseas shareholders should obtain independent tax advice
Am I worse off?No. Fewer shares plus the cash received equals the value of what you had
1

Does my ownership change?No. Your percentage ownership of Precinct remains unchanged
APPENDIX B
Notes: (1) Based on illustrative analysis as set out on page 9 and further detailed in Appendix C

Illustrative impact on market cap
The Capital Return reduces market cap by the cash paid out; the 17-to-16 Share Cconsolidation reduces
the number of stapled shares on issue by 5.9%
Market capStapled sharesShare price
Before (at VWAP)
1
$1,739.6m1,854.2m$0.9382
Capital return($103.0m)–($0.0556)
17-to -16
consolidation
–(109.1m)$0.0552
After$1,636.6m1,745.1m$0.9378
THEORETICAL POST-TRANSACTION
PRICE
$0.9378
0.0% variance to VWAP
1
Market cap
$1,739.6m
Shares on issue
1,854.2m
1,745.1m
Share price
$0.9382
$0.9378$1,636.6m
BeforeAfter
Precinct Properties – 30 October 2026
Notes: (1) VWAP = 20-day volume weighted average price of $0.9382 per stapled share as at 29 October 2026
APPENDIX C
16

Disclaimer
17
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.
Precinct Properties – 30 October 2026

---

Distribution Notice


Section 1: Issuer information
Name of issuer Precinct Properties New Zealand Limited (PPNZ)
Financial product name/description Precinct Properties New Zealand Limited Shares
NZX ticker code PCT
ISIN (If unknown, check on NZX
website)
NZAPTE0001S3
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year Special X
DRP applies
Record date Friday, 06/11/2026
Ex-Date (one business day before
the Record Date)
Thursday, 05/11/2026
Payment date (and allotment date for
DRP)
Friday, 13/11/2026
Total monies associated with the
distribution
1

$102,999,997
Source of distribution (for example,
retained earnings)
Surplus contributed share capital of PPNZ
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.05555092
Gross taxable amount
3
$0.00000000
Total cash distribution
4
$0.05555092
Excluded amount (applicable to listed
PIEs)
$0.05555092
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed
Partial imputation
No imputation X

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

N/A
Imputation tax credits per financial
product
$0.00000000
Resident Withholding Tax per
financial product
N/A
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Richard Hilder
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

Friday, 30/10/2026






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Corporate Action Notice
(Other than for a Distribution)
Page 1 of 2

Section 1: Issuer information (mandatory)
Name of issuer Precinct Properties Group
Class of Financial Product A stapled security comprising one ordinary share in
Precinct Properties New Zealand Limited and one ordinary
share in Precinct Properties Investments Limited, stapled
so that they may only be dealt with as a single equity
security
NZX ticker code PCT
ISIN (If unknown, check on NZX
website)
NZAPTE0001S3
Name of Registry Computershare Investor Services Limited
Type of corporate action
(Please mark with an X in the relevant
box/es)
Share Purchase
Plan/retail offer
Renounceable
Rights issue or
Accelerated
Offer

Capital
reconstruction
X Non-
Renounceable
Rights issue or
Accelerated
Offer

Call Bonus issue
Placement
Record date Friday, 06/11/2026
Ex Date (one business day before the
Record Date)
Thursday, 05/11/2026
Currency N/A
External approvals required before
offer can proceed on an unconditional
basis?
N/A
Details of approvals required N/A
Section 2: Capital reconstruction
Nature of capital reconstruction
(Please mark with an X in applicable
box)
Financial
Product Split
Financial Product
Consolidation
X
Other Amalgamation
Ratio (for example 1 for 2) New 16 Existing 17
Treatment of fractions
**
Fractional entitlements will be rounded to the nearest whole
share, with an entitlement of 0.5 rounded up
Number of Financial Products to be
issued/ redeemed
N/A

2 of 2
Total number of Financial Products of
the Class after the capital
reconstruction (excluding Treasury
Stock)
Approximately 1,745,086,735 (subject to rounding)
Total number of Financial Products of
the Class held as Treasury Stock after
the capital reconstruction
Nil
Per Financial Product amount (if cash
reconstruction)
N/A
Payment date (if cash reconstruction) N/A
Allotment date Monday, 09/11/2026
Section 3: Lead Manager and Underwriter (mandatory)
Lead Manager(s) appointed N/A
Name of Lead Manager(s) N/A
Fees, commission or other
consideration payable to Lead
Manager(s) for acting as lead
manager(s)
N/A
Underwritten N/A
Name of Underwriter(s) N/A
Extent of underwriting (i.e. amount or
proportion of the offer that is
underwritten)
N/A
Fees, commission or other
consideration payable to
Underwriter(s) for acting as
underwriter(s)
N/A
Summary of significant events that
could lead to the underwriting being
terminated
N/A
Section 4: Authority for this announcement (mandatory)
Name of person authorised to make
this announcement
Richard Hilder
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 Friday, 30/10/2026