Precinct Corporate Governance Presentation

Governance
Roadshow
2-4 November 2026

Contents
Governance Roadshow | 2-4 November 20262
1Governancep. 3
2Strategy & Progressp. 10
3ASM Resolutionsp. 15
4Executive Remunerationp. 18
Appendixp. 24
Presenters
Anne Urlwin
Chair
Chris Meads
Independent Director and
Chair of the People &
Performance Committee

Governance
Section 1
Governance Roadshow | 2-4 November 2026

Precinct Board
Governance Roadshow | 2-4 November 20264
Anne Urlwin ONZM
Board Chair
Appointed September 2019
Alison Barrass
Appointed October 2024
Nicola Greer
ESG Committee Chair
Appointed July 2021 | 2026 re-election
Chris Judd
Appointed April 2013
Chris Meads
People & Performance Committee Chair
Appointed October 2023
Mark Tume
Audit & Risk Committee Chair
Appointed August 2021 | 2026 re-election
Monica Yianakis (Board Observer)
Future Director
From left to right: Nicola Greer, Chris Judd, Chris Meads, Anne Urlwin, Mark Tume and Alison Barrass

Board Committees
Governance Roadshow | 2-4 November 20265
BOARD
Audit & Risk
Committee
Environmental,
Social &
Governance
Committee
People &
Performance
Committee
Committee Members:
•Mark Tume, Chair
•Anne Urlwin
•Nicola Greer
•Chris Meads
Committee Members:
•Nicola Greer, Chair
•Anne Urlwin
•Alison Barrass
•Chris Judd
Committee Members:
•Chris Meads, Chair
•Anne Urlwin
•Alison Barrass
•Chris Judd
Photo Credit: Simon Devitt

Director Skills Matrix
Governance Roadshow | 2-4 November 20266
•The matrix reflects the director attributes which
the Board considers are required to oversee
Precinct’s strategic business objectives and is
reviewed annually
•Precinct believes assessing the level of skills and
experience collectively, rather than on an
individual basis, is the most appropriate means
to demonstrate Board effectiveness and reflects
the benefits of diversity of director experience
•The allocations in the matrix reflect each
Director's assessment of the current skills he or
she believes they bring to the Boards and
highlights the different attributes held
collectively by the Precinct Boards of Directors

Board Succession
•Under NZX Listing Rule 2.7.1, a Director must not hold office
(without re-election) past the third annual meeting following the
Director’s appointment or three years, whichever is longer
•In order to maintain best practice Board succession planning,
the Board has decided to stagger the existing re-election
schedule
•Although Nicola and Mark are not required to retire in
accordance with this rule this year, they both stand for re-
election with the support of the Board and are considered by
the Board to be Independent Directors
•The diagram to the right illustrates the year each Director is due
for re-election and, where applicable, the earlier re-election
dates proposed
Governance Roadshow | 2-4 November 20267
Board member
Current
tenure
CY2026CY2027CY2028CY2029
Chris Judd13 years
Anne Urlwin7 years
Nicola Greer5 years
Mark Tume5 years
Chris Meads3 years
Alison Barrass2 years
Due for re-electionProposed earlier re-election date

Current director position and fee rate
$ per annum
unless noted
otherwise
Chair$214,240
Independent Director$98,800
Audit & Risk Committee Chair$23,000
People & Performance Committee Chair$20,000
Environmental, Social & Governance Committee Chair$20,000
Audit & Risk Committee Member$11,900
People & Performance Committee Member$10,000
Environmental, Social & Governance Committee Member$10,000
Due Diligence Committee Chair (ad hoc rate)$380 /hour
Due Diligence Committee Member (ad hoc rate)$350 /hour
Annual Cap for Due Diligence Committee Fees$100,000
Director Remuneration & Attendance
Governance Roadshow | 2-4 November 20268
Director
Regular
schedule
(full agenda)
Board
meetings
Out-of-
cycle
(limited
agenda)
Board
meetings
Audit &
Risk
Committee
meetings
People &
Performa-
nce
committee
meetings
ESG
committee
meetings
Equity
Raise Due
Diligence
Committee
meetings
Downtown
Car Park
Due
Diligence
Committee
meetings
No. of meetings5456431
Anne UrlwinBoard Chair5456431
Alison BarrassDirector53n/a64n/an/a
Nicola Greer
ESG
Committee
Chair
535n/a431
Chris JuddDirector54n/a64n/a1
Chris Meads
People &
Performance
Committee
Chair
5456n/a3n/a
Mark Tume
Audit & Risk
Committee
Chair
435n/an/an/an/a
Meeting attendance – year to 30 June 2026Director remuneration
Director remuneration was
approved by shareholders in 2025

Responsible groupDescription of responsibility
Precinct Board
•Determine the nature and extent of the risks it is willing to take to
achieve the business strategy
•Establish the parameters for each risk
Audit & Risk Committee
•Delegated authority in assessing effectiveness of internal
controls and risk management processes
•Delegated authority to regularly oversee and review the Risk
Register
Executive
•Input into Board's process for setting risk parameters
•Lead and execute Precinct's approach to risk
•Oversee reporting and identification of emerging risks
Development
control group
Operational
management
Health &
Safety
committee
•Implement and maintain risk management policies
•Create an environment that embraces risk management
•Audit and monitor all development sites
ContractorsEmployeesOther
•Day-to-day responsibility of managing risk
•Report and maintain internal risk and hazard registers
Risk Management
Governance Roadshow | 2-4 November 20269
The Board has a sound
understanding of the material
risks faced by the business and
how to manage them. The
Board regularly verifies that
the Company has appropriate
processes that identify and
manage potential and
material risks
Our Approach
Precinct has a robust risk assessment
process and is committed to providing a
clear risk management and reporting
framework for the business to operate under
to achieve its objectives, while ensuring all
risks are understood and managed
Reporting Framework

Strategy & Progress
Section 2
Governance Roadshow | 2-4 November 2026

Governance Roadshow | 2-4 November 2026
Our Strategy
Our Strategy
Strategic Pillars
Our Focus
Leverage our strategic pillars to create vibrant, mixed-use precincts that provide premium experiences for the
people who live, visit or come to work in our spaces, while delivering long-term value to shareholders
Core Investments
DevelopmentCapital Partnering
•Well-located prime assets which
have significantly outperformed
lower grade stock
•Stock selection remains a key
success factor for outperformance
•Extending and reinvesting into
Precinct's offering to ensure the best
quality clients in the country continue
to be attracted
•Recycling and deploying capital into
projects that generate higher yielding
returns
•Leveraging Precinct’s expertise and
capability to deliver on its $4 billion
development pipeline across office,
living, and mixed-use projects
•Expanding the investor base enables
Precinct to explore a broader set of
opportunities
•Investing in value-add opportunities
alongside capital partners leverages
Precinct’s expertise in repositioning,
releasing, and realising value,
delivering a higher return on the
invested capital through a moderate
risk profile
•Funds management, development
management, investment
management, and property
management
Our purpose is to enrich everyday lives through the environments we create
11

Strategic Progress – FY26
Governance Roadshow | 2-4 November 2026
Core investments
•97% occupancy maintained
•WALT extended to 7.1 years
•Achieved record leasing activity of around
37,850 square metres
•Completed 55 Molesworth Street, anchored by
the Ministry of Foreign Affairs and Trade (MFAT)
with a 21-year WALT
Capital partnering
•Expanded Precinct’s partnership with global
institutional investor, GIC, through the $205
million acquisition of ASB North Wharf
•Established a new $600 million investment
partnership for a 50% interest in the PwC Tower
with PAG, a leading global investment firm and
existing capital partner
•Successfully managed the completion of Fabric
2 and Domain Collection residential
developments on behalf of capital partners
12
6.706.70
6.756.756.75
0
1
2
3
4
5
6
7
8
FY22FY23FY24FY25FY26
Cents (cps)
Full year dividends (cents per share)
107.5
114.0
114.5
112.7
129.5
0
20
40
60
80
100
120
140
FY22FY23FY24FY25FY26
$ millions
FFO performance ($ millions)
Developments
•Commenced construction at 256 Queen Street,
Precinct’s second purpose-built student
accommodation project, taking total PBSA
beds under development to approximately
1,600 across 22 Stanley Street and 256 Queen
Street
•Committed to deliver Pillars, a premium
boutique residential project overlooking St
Mary’s Bay, reflecting a more targeted
residential strategy focused on high-quality,
well-located developments of appropriate scale
55 Molesworth Street

Strategic Updates – FY27 YTD
Governance Roadshow | 2-4 November 202613
Downtown decision
•Precinct’s FY26 Annual Result presentation set out the criteria being targeted prior to
making a commitment decision
•Market conditions for long-duration development projects have become materially more
challenging, 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
•Following the decision to cease work on Downtown, the Board resolved to return surplus
capital to shareholders
Capital Return and on-market share Buyback
•A pro rata special capital distribution of $103 million from PPNZ (“Capital Return”) provides
an immediate and equitable return of capital to all shareholders based on their existing
holdings
•Following completion of the Capital Return, Precinct will undertake an on-market buyback
of up to $50 million (or maximum of 60 million shares) over a period of up to 12 months
Share Consolidation
•Precinct also announced that it will complete a 17-to-16 share consolidation. This has the
effect of reducing the number of securities on issue by approximately 5.9%
•The consolidation is expected to broadly normalise Precinct’s share price and per-share
metrics for the effects of the Capital Return
Dividend
•The Downtown decision impacts Precinct’s near-term earnings due to ceasing the
capitalisation of interest and management expenses
•As a result, the FY27 full-year dividend will be rebased to 6.50 cps, reflecting a 3.7%
reduction
•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
Governance and fairness considerations
•Shareholders’ ownership rights and proportionate ownership of Precinct remain
unchanged, except for any immaterial effect arising from the rounding of fractional
entitlements
•All shareholders are treated equally
•Aggregate of cash received through Capital Return, and the theoretical post-transaction
value of residual shareholding, is equivalent to pre-transaction value
As announced on 30 October, Precinct will not progress the Downtown development under current market
conditions

Strategic targets remain unchanged
Governance Roadshow | 2-4 November 202614
Notes: (1) Metrics as at 30 June 2026 on a pro forma basis post the PwC Tower transaction; (2) Weighted look-through across all sectors; (3) Weighted
look-through for stabilised assets; (4) Includes Pillars (committed capital) and Dova; (5) Westhaven Residential LP (Orams residential partnership).
City-centre commercial
Office-centric focus
87% office
3
Student accommodation
~2,500 bed portfolio
1,602 beds under
development
Residential build-to-sell
$100-150m capital
•Smaller projects on balance sheet
•Larger alongside capital partners
$99m committed capital
•77% on balance sheet
4
•23% equity investments
5
Geographic exposure
2
75:25 Auckland : Wellington
67:33 Auckland : Wellington
Capital partnerships
~25% of invested capital
10% of invested capital
TARGETS
Sector targets
Strategic targets
TODAY
1
Commercial
Living sector
1%
9%
~20%
~5%
90%
10%
75%
25%
Target capital allocation
Direct investment
Capital
partnerships
Today
1
Target

ASM Resolutions
Section 3
Governance Roadshow | 2-4 November 2026

Resolutions
Governance Roadshow | 2-4 November 202616
1. Re-election of Director (PPNZ)
That Nicola Greer, who retires by rotation and, being eligible, has offered
herself for re-election, be re-elected as a Director of Precinct Properties New
Zealand Limited.
2. Re-election of Director (PPNZ)
That Mark Tume, who retires by rotation and, being eligible, has offered
himself for re-election, be re-elected as a Director of Precinct Properties
New Zealand Limited.
3. Auditor's Remuneration (PPNZ)
That the Directors be authorised to fix the remuneration of Ernst & Young as
auditor for Precinct Properties New Zealand Limited for the 2027 financial
year.
4. Auditor's Remuneration (PPIL)
That the Directors be authorised to fix the remuneration of Ernst & Young as
auditor for Precinct Properties Investments Limited for the 2027 financial
year.

Re-election Profiles
Governance Roadshow | 2-4 November 202617
Nicola Greer
Director, Independent
First appointed by the Board in July 2021
and last elected by shareholders in
November 2024
Board Committees
•ESG Committee (Chair)
•Audit & Risk Committee
Mark Tume
Director, Independent
First appointed by the Board in August
2021 and last elected by shareholders in
November 2024
Board Committees
•Audit & Risk Committee (Chair)
Background
Nicola is a professional company director. She has extensive experience in New Zealand,
Australia and the UK in the banking and finance sectors, previously holding a range of roles
within financial markets and asset and liability management at ANZ, Citibank and
Goldman Sachs. She has a significant background in the New Zealand commercial
property market, developing and owning commercial property across a variety of sectors.
Nicola is currently the Chair-elect of South Port NZ and a director of Fidelity Life Assurance
Ltd, Vulcan Steel and New Zealand Railways Corporation and is a member of the New
Zealand Markets Disciplinary Tribunal.
Key Skills
Residential & commercial property construction; infrastructure; financial & commercial
acumen; governance; people & culture; sustainability; strategic growth.
Background
Mark has governance experience with both public and private companies across the
infrastructure, energy, and investment sectors in Australia and New Zealand.
Mark is the Chair of Bluecurrent Holdings NZ Ltd and Bluecurrent Holdings (Australia) Pty
Limited and a director of ANZ Bank New Zealand Limited and Booster Financial Services. He
was previously Chair of Te Atiawa Iwi Holdings.
Key Skills
Infrastructure; energy; investment management; finance; financial & commercial acumen;
governance.

Executive
Remuneration
Section 4
Governance Roadshow | 2-4 November 2026

Precinct Executive
Governance Roadshow | 2-4 November 202619
Precinct’s executive team is highly experienced and collectively
holds around 97 years of tenure at Precinct.
Scott Pritchard
Chief Executive Officer
16 years at Precinct
George Crawford
Deputy Chief Executive Officer
16 years at Precinct
Richard Hilder
Chief Financial Officer
16 years at Precinct
Anthony Randell
General Manager – Property
15 years at Precinct
Nicola McArthur
General Manager – Marketing, Communications and Experience
14 years at Precinct
Tim Woods
General Manager – Development
10 years at Precinct
Emma de Vries
General Manager – People and Culture
5 years at Precinct
Louise Rooney
General Counsel & Company Secretary
5 years at Precinct
From left to right: Louise Rooney, George Crawford, Tim Woods, Nicola McArthur, Scott Pritchard, Emma de Vries, Richard Hilder, Anthony Randell

Chief Executive Remuneration
Governance Roadshow | 2-4 November 202620
FY25FY26
Fixed
remuneration
earned
Base salary $823,485
$1,055,978
Superannuation on base salary $24,705
$32,999
Other benefits $133,938
$218,119
Total fixed remuneration $982,128
$1,307,097
STI (short term
incentive) earned
STI earned $953,552
$649,900
Superannuation on STI $28,607
$22,747
Total STI plan value earned$982,159
$672,647
Amount earned as % of maximum STI award87%
75%
LTI (long term
incentive) RSRs
and PSRs earned
Number of shares vested 269,780
455,818
% of maximum vested for the performance period26%
35%
Market price of vested shares at 30 June $1.20
$1.04
LTI plan value earned $323,736
$474,051
Total Total remuneration earned $2,288,022
$2,453,794
FY26 remuneration
The CEO’s remuneration earned for FY26 consisted of:
•53% fixed remuneration incl. base salary (benchmarked annually), superannuation and
other benefits;
•47% performance-based remuneration, comprising:
•27% STI (including superannuation) payable in cash; and
•20% LTI in the form of performance share rights to be vested into Precinct shares;
and
•Participation in the Precinct Employee Share Scheme.
FY27 remuneration
For FY27 the Board has awarded a 2% increase in the CEO’s base
salary with effect from 1 July 2026 and the proportionate mix of the
CEO’s remuneration, based on on-target STI and LTI outcomes, is:
Relative TSR Target
FFO Growth Target
Fixed Pay
44%
STI
28%
(Performance Based)
LTI
28%
(Performance Based)

CEO Total
Remuneration
Governance Roadshow | 2-4 November 202621
CEO Remuneration Link to Precinct Performance
TSR and CEO Total Remuneration
1
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
20222023202420252026
TSR
Total Remuneration ($m)
CEO Total RemunerationPrecinct (PCT) TSR
NZX Property Gross IndexNZX50 Gross Index
Notes
1.TSR is based on close price for the financial year end (i.e. 30 June) and NZX Property is the S&P/NZX All Real
Estate Gross Index. Source IRESS.

FY27 STI Framework
FY27 STI
The operation of the STI scheme and determination of STI amounts
is entirely at the Boards' discretion. However, for any STI to be
available Precinct needs to meet certain hurdles as follows:
Financial:
•90% of FFO budget.
Non-financial:
•Health & Safety performance meets Precinct’s expectations,
including full compliance with H&S policies, proactive risk
identification and mitigation, and appropriate management of
incidents and hazards.
•Ethical conduct in accordance with policies.
Where FFO exceeds the hurdle (90% of budget) but is below the
threshold, there will only be an assessment of STI for those items
which do not include FFO (i.e. the remaining 60% of assessment).
Notwithstanding, the Board retains discretion and could determine
to assess STI in some scorecard area.
Governance Roadshow | 2-4 November 202622
STI Performance Targets for FY27
WeightingPerformance Targets
Financial Measures (75%)
40%FFO Budget
•Precinct FFO performance
relative to budget
20%Development•Project performance
15%
Funds under
Management
•New equity capital partnerships
•Growth in existing partnerships
Non-financial Measures (25%)
5%Client Engagement
5%Talent & Succession
5%Staff Engagement
5%ESG
5%Health & Safety
100%

FY27 LTI Framework
Governance Roadshow | 2-4 November 202623
WeightingLTI Performance targets for FY27
50%Relative TSR
Based on performance against specific NZX peer
group
1
over the vesting period. Precinct’s TSR is
compared with the 50th and 75th percentile TSRs
from the peer group and a progressive scale is
adopted -
•Below the 50th percentile : 0% vests
•Equal to 50th percentile : 50% vests
•Equal or greater than 75th percentile: 100% vests
50%FFO Growth
Based on FFO (free cash flow) from operations against
CPI (Consumer Price Index – All Groups) growth over
the vesting period. Precinct’s FFO growth is compared
with the 75th and 125th of CPI growth over the vesting
period and a progressive scale is adopted –
•Below 75% of CPI growth : 0% vests
•Equal to 75% of CPI growth : 50% vests
•Equal or greater than 125% of CPI growth : 100%
vests
100%
Notes
1.The peer group consists of Goodman Property Trust, Argosy Property Limited, Property for Industry Limited,
Kiwi Property Group Limited, CDL Investments NZ Ltd, Vital Healthcare Property Trust, Stride Stapled
Group, Asset Plus Limited, Investore Property Limited.

Appendix
Governance Roadshow | 2-4 November 202624

FY26 STI outcome
Summary of Precinct’s performance against the performance targets set out in the STI scorecard for FY26
FY26 STI Outcome
Governance Roadshow | 2-4 November 202625
STI Performance Targets
Weighted
outcome
Assessment
WeightingPerformance Targets
Financial
Measures (75%)
40%FFO Budget
•Precinct FFO performance relative to
budget.
37.7%
20%Development•Project performance.18.5%
15%
Funds under
Management
•New equity capital partnerships.
•Growth in existing partnerships.
12.7%
Non-financial
Measures (25%)
5%Client Engagement5%Achieved
5%Talent & Succession5%Achieved
5%Staff Engagement5%Achieved
5%ESG5%Achieved
5%Health & Safety5%Achieved
100%93.9%

Disclaimer
26
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.
Governance Roadshow | 2-4 November 2026