Precinct Adjusts Conversion Price Caps for PCTHB and PCTHC

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   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.