Pr e c inc t Pr ope r tie s Ne w Ze aland Annual Ge ne r al Me e - PowerPoint PPT Presentation

Pr e c inc t Pr ope r tie s Ne w Ze aland Annual Ge ne r al Me e ting 18 No ve mb e r 2015

Welcome and good morning Cra ig Sto b o , Cha irma n

BOARD AND E XE CUT I VE Manage me nt Sc ott Pr itc har d Ge or ge Cr awfor d Chie f E xe c utive Offic e r Chie f Ope ra ting Offic e r Davida Dunphy Ge ne ra l Counse l a nd Compa ny Se c re ta ry Boar d Rob Campbe ll Don Huse Dire c tor Inde pe nde nt Dire c tor Gr ae me Wong Mohamme d Al Nuaimi Inde pe nde nt Dire c tor Dire c tor Gr ae me Hor sle y Chr is Judd Inde pe nde nt Dire c tor (ste pping down) Dire c tor L auna Inman Inde pe nde nt Dire c tor

POSI T I VE RE SUL T S Ne t ope ra ting inc ome $ 122.4 m ne t pr ofit afte r tax $ 68.3 m $ 64.8 m ne t ope r ating inc ome afte r tax r e valuation gain + 7.1 % $1.11 inc r e ase in ne t ope r ating ne t tangible asse ts inc ome afte r tax e pe r shar

CAPI T AL MANAGE ME NT Re duc tion of Ge ar ing: 33.8% to 11.3% Capital Manage me nt initiative s: - Unite d Sta te s Priva te Pla c e me nt - Ne w Ze a la nd Bo nd I ssue - E ntitle me nt o ffe r whic h ra ise d $174 millio n - Asse t sa le s

BOARD F BOARD F E XE CUT I OCUS NG OCUS BOARD F OCUS ON ST RAT E GY We ha ve fo llo we d a stra te g y fo r ming the c o mpa ny a nd gr tr ansfor owing value , while c o ntinuing c lo se ma na g e me nt o f risk a nd re wa rd

F Y16 DI VI DE ND 5.40 c e nts pe r sha re F Y16 divide nd guidanc e 1.35 c e nts pe r sha re Y16 1st quar te r divide nd F 10 De c e mbe r 2015 Y16 1st quar te r divide nd payme nt date F

DRI VI NG VAL UE

K E Y ME T RI CS 5.0 ye a rs 98 % 25,600 m 2 we ig hte d a ve ra g e total le asing tr ansac tions portfolio oc c upa nc y le a se te rm (e xc luding downtown shopping c e ntre ) HIST ORICAL PE RF ORMANCE

AN E VOL VI NG PORT F OL I O Auc kla nd po rtfo lio fully o c c upie d Auc kla nd’ s stro ng po pula tio n g ro wth Auc kla nd CBD ma rke t stro ng Wa te rfro nt pre fe re nc e An e stima te d 200,000m 2 o f ne w spa c e will b e ne e de d to me e t de ma nd

WYNYARD QUART E R Ne t L e ttable Ar e a (NL A) 13,400sqm E xpe c te d valuation on c omple tion $98.2m Yie ld on c ost 8.0% T otal pr oje c t c ost $83.6m Gr id AKL le ase te r m 12 ye ar s Constr uc tion Comme nc e me nt E nd 2015 NL A Pr e - c ommit % 70% Pr ac tic al c omple tion July 2017

WYNYARD QUART E R NE XT ST E PS

DOWNT OWN UPDAT E

DOWNT OWN NE XT ST E PS

BOWE N CAMPUS One he c ta re o f la nd a dja c e nt to b e e hive Re c e ive d Ca b ine t a ppro va l fo r the Cro wn to e nte r the fina l pha se o f the Go ve rnme nts We lling to n Ac c o mmo da tio n Pro je c t Pa sto ra l Ho use , Ma yfa ir Ho use , a nd 3 T he T e rra c e ha ve a lso b e e n a ppro ve d 1 T he T e rra c e still re ma ins unde r c o nside ra tio n re q uire me nts

OUT L OOK - Str ong po sitio n to g ro w - Str ong fina nc ia l po sitio n - Str ong o c c upie r ma rke t - Str ong CBD re ta il ma rke t

QUE ST I ONS AND ANSWE RS Ple a se sta te yo ur na me a nd a dvise whe the r yo u a re a sha re ho lde r

F ORMAL BUSI NE SS

Re so lutio n 1 & 2 Cr aig Stobo, Inde pe nde nt Dir e c tor and Chair man st appointe d: F ir 4 May 2010 Bo a rd c o mmitte e s: Cha irma n o f the no mina tio ns c o mmitte e a nd me mb e r o f the a udit a nd risk, the due dilig e nc e a nd the re mune ra tio n c o mmitte e s. L auna Inman, Inde pe nde nt Dir e c tor st appointe d: F ir 28 Oc t 2015 Bo a rd c o mmitte e s: L a una is a me mb e r o f the no mina tio ns c o mmitte e a nd due dilig e nc e c o mmitte e .

Re so lutio ns Resolution 1 T ha t Cra ig Sto b o b e re -e le c te d a s a dire c to r o f Pre c inc t. Resolution 2 T ha t L a una I nma n b e e le c te d a s a dire c to r o f Pre c inc t.

Re so lutio ns Resolution 3 T ha t, with e ffe c t fro m 1 No ve mb e r 2015 (b e ing the a nnive rsa ry o f the c o mpa ny’ s c o rpo ra tisa tio n) the a g g re g a te Dire c to r’ s fe e po o l (b e ing a mo ne ta ry sum pe r a nnum pa ya b le to a ll dire c to rs) fo r the c o mpa ny, pursua nt to listing rule 3.5.1(a ) b e inc re a se d fro m $450,000 to $580,000.

Re so lutio ns Resolution 4 T ha t the dire c to rs b e a utho rise d to fix the re mune ra tio n o f E rnst & Yo ung a s a udito r fo r the e nsuing ye a r.

Thank you PL E ASE JOI N US F OR RE F RE SHME NT S DI RE CT L Y OUT SI DE T HI S ROOM.