Bond offer Fixed rate senior secured bonds

December 2014

Arranger, Organising Participant Joint Lead Manager Joint Lead Manager Co-Manager & Joint Lead Manager

0800 269 476 0800 226 263 0800 005 678 0800 742 737 www.precinctbondoffer.co.nz www.anzsecurities.co.nz www.craigsip.com www.fnzc.co.nz www.macquarie.co.nz

Disclaimer and Important Information

A simplified disclosure prospectus (SDP) dated 27 November 2014 has been prepared by Precinct Properties New Zealand Limited (Precinct) in respect of fixed rate senior secured bonds (Bonds)1 and registered in accordance with section 42 of the Securities Act 1978. This presentation does not constitute a recommendation by Precinct, The New Zealand Guardian Trust Company Limited (Bond Trustee), Public Trust (Security Trustee), ANZ Bank New Zealand Limited (Arranger and Organising Participant), Deutsche Craigs Limited and First NZ Capital Securities Limited (together with the Arranger, the Joint Lead Managers) or Macquarie Capital (New Zealand) Limited (Co-Manager) or any of their respective directors, officers, employees, agents or advisers to subscribe for, or purchase, any Bonds. Precinct, the Bond Trustee, Security Trustee, Arranger, Organising Participant, Joint Lead Managers, and the Co-Manager, their directors, officers, employees, agents or advisers, to the extent allowable by law, do not accept any responsibility or liability whatsoever for any loss arising from this presentation or its contents or otherwise arising in connection with the offer of the Bonds. This presentation is for preliminary information purposes only and is not an offer to sell or the solicitation of an offer to purchase or subscribe for the Bonds and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The information in this presentation is given in good faith and has been obtained from sources believed to be reliable and accurate at the date of preparation, but its accuracy, correctness and completeness cannot be guaranteed. You should not decide whether to purchase the Bonds until you have read Precinct’s SDP relating to the Bonds. No applications will be accepted or money received unless the subscriber has received the SDP. Precinct intends to offer the Bonds to the public in New Zealand. Precinct has not and will not take any action which would permit a public offering of the Bonds, or possession or distribution of any offering material in respect of the Bonds, in any country or jurisdiction where action for that purpose is required (other than New Zealand). The Bonds constitute fixed rate senior secured debt obligations of Precinct and benefit (on an equal ranking basis with other secured creditors, including Precinct's Bank Facility Lenders, the Bank Facility Agent, the USPP Noteholders, the Hedging Provider and any future secured creditors) from Mortgages over real property granted by Precinct’s property holding subsidiaries (Precinct Properties Downtown Limited and Precinct Properties Holdings Limited). In an insolvency of those security providers, the claims of the senior secured creditors will (by virtue of that security) rank ahead of all other creditors of the relevant security provider other than certain statutorily preferred creditors. Capitalised terms used in this presentation and not otherwise defined have the meanings given to them in the SDP. Application has been made to NZX Limited (NZX) for permission to quote the Bonds on the NZX Debt Market and all the requirements of NZX relating thereto that can be complied with on or before the date of this presentation have been duly complied with. However, the Bonds have not yet been approved for quotation and NZX accepts no responsibility for any statement in this presentation. NZX is a registered exchange and the NZX Debt Market is a registered market under the Securities Markets Act 1988. Investors should contact any of the Joint Lead Managers, the Co-Manager, or their usual financial advisor to request a free copy of the SDP for the Bonds. A free copy of the SDP can also be reviewed at www.precinctbondoffer.co.nz.

PRECINCT1 The security – FIXED for RATEthe Bonds SENIOR is discussed SECURED on page BOND 3 and OFFER 21. – DECEMBER 2014 Page 2 Key terms of the offer

Issuer Precinct Properties New Zealand Limited

Precinct Properties Holdings Limited, Precinct Properties Downtown Limited and Precinct Properties Guarantors Wynyard Limited1

The Bonds are senior secured fixed rate debt obligations of Precinct

The Bonds will rank equally among themselves. The Bonds will be secured by Mortgages and will rank Ranking and Security equally with certain other senior obligations of Precinct (including bank facilities, USPP Notes and hedging facilities) also secured by the same Mortgages. The Bonds are guaranteed by Precinct Holdings, Precinct Downtown and Precinct Wynyard

Offer Amount Up to $50 million (plus up to $25 million oversubscriptions)

Use of Proceeds To repay existing bank debt (net of issue costs)

Maturity Date 17 December 2021

Interest Rate To be set following the bookbuild on 12 December 2014 as determined by the Issuer and Arranger

Indicative Margin 1.30% - 1.45% p.a.

Interest Payments Semi-annually in arrear in equal payments on 17 June and 17 December of each year

Application Amounts Minimum holding of $5,000 and in multiples of $1,000 thereafter

Listing2 It is expected the Bonds will be quoted under the ticker code PCT010 on the NZX Debt Market

Credit Rating Precinct and the Bonds are not rated

1. The guarantee obligations of the Guarantors are joint and several and are not limited and their obligations are secured by Mortgages.

2. Application has been made to NZX for permission to quote the Bonds on the NZX Debt Market and all the requirements of NZX relating thereto that can be complied with on or before the date of this presentation have been duly complied with. However, the Bonds have not yet been approved for trading and NZX accepts no responsibility for any statement in this presentation. The NZX Debt Market is a registered market operated by NZX, which is a registered exchange, regulated under the Securities Market Act.

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 3 Our business Overview New Zealand’s only specialist listed investor in prime commercial office property NZX 20 company with around 7,800 New Zealand shareholders1 Owns and operates some of New Zealand’s best known and highly regarded office buildings

Total assets of $1.75 billion (total liabilities $0.64 billion)2 Industry Leaders Precinct is New Zealand’s only specialist listed investor in prime office buildings. Our Majority of income generated portfolios in and Wellington are arguably the best in both cities. from Government organisations and financial and professional services firms

1 As at 30 June 2014. No shareholder guarantees the Bonds.

2 As shown in the audited financial statements for the Group for the year ended 30 June 2014.

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 5 Governance and management

■ Majority independent Board with Craig Stobo, Chairman, Independent shareholder voting ■ Externally managed by AMP Haumi Management Limited, a joint venture between AMP Capital and Haumi (19% cornerstone investment) – Tiered management fee structure – Performance fee aligned with investor returns

■ Management team Independent Directors (Pictured left to right) – Scott Pritchard, CEO − Graeme Wong − Don Huse – George Crawford, CFO − Graeme Horsley – Davida Dunphy, General Counsel – Andrew Buckingham, GM Development – Kym Bunting, GM Property

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 6 Our Portfolio

30 June 14 Auckland Portfolio 60% Weighting by value to Auckland

155,000m2 Net lettable area

6.0 years 01. 02. Weighted average lease term

03. 05. 06. 07. 04. 98% Occupancy

6.9% Valuation cap rate

Asset list 01. SAP Tower1 05. AMP Centre 02. ANZ Centre 06. PwC Tower 03. Zurich House 07. HSBC House All information is as at 30 June 2014 1Precinct has entered into an unconditional PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 agreement to sell SAP Tower in Auckland for $97 04. Downtown Shopping Centre million. Settlement is expected to takePage place 8 in February 2015. Wellington 10. Portfolio 40% 08. Weighting by value to Wellington 09.

04. 07. 167,000m2 06. Net lettable area

4.8 years 05. 03. Weighted average lease term

97% Occupancy 02.

7.9% 01. Valuation cap rate

Asset list 01. Bowen Campus 05. Mayfair House 09. Deloitte House 02. No1 and No3 The Terrace 06. 80 The Terrace 10. State Insurance Tower 03. Pastoral House 07. 125 The Terrace PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 9 04. Vodafone on the Quay 08. 171 Featherston Street All information is as at 30 June 2014 Portfolio metrics as at 30 June 14 5.4 years Lease expiry profile by NLA Weighted average lease term

98% Occupancy

87% Weighted (by value) New Build Standard Score

86% Of our office towers weighted (by value) are Premium or A-Grade

Occupancy

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 10 Our clients

■ 21% of gross rental Major government occupiers Major corporate occupiers2 income generated from The Treasury ANZ Bank New Zealand Limited

government organisations Ministry of Social Development PwC

■ ANZ Bank is Precinct’s Ministry of Primary Industries Buddle Findlay largest individual Department of Corrections Chapman Tripp

occupier representing Ministry of Health IAG around 10% of gross rental income1 Composition of revenue by industry sector ■ Top15 clients contribute 40% of gross income

1 ANZ Bank New Zealand Limited is not the lessee and is not liable for the rent. A subsidiary of ANZ Bank New Zealand Limited, Arawata Assets Limited, is the lessee and is liable for the rent. 2 The party liable to pay the rent under the leases for the corporate occupiers is, in most cases, a special purpose vehicle with limited assets. The occupier has not guaranteed the lease in these cases.

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 11 Long term strategy (vision)

Portfolio transition Precinct’s 20:20 Vision 2014 20201 ■ Improve the quality of the portfolio Total Assets (billion) $1.75 $2.1 ■ Sell non-core assets Weighting to Auckland 60% 70% – Invest proceeds in portfolio developments WALT 5.4 years +6 years 2 – Reweight to Auckland Average asset age 26 years 15 years ■ Create unrivalled precincts in Average quality A-Grade Premium unrivalled locations Government exposure 21% 15% ■ Provide end to end property Portfolio asset composition solutions ■ Deliver an improved earnings outlook ■ Deliver an improved NTA outlook ■ Maintain a moderate risk profile

1 Management expectations based on development activity and asset disposals. 2 Average age as at 2020 based on the current portfolio.

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 12 Development opportunities

Downtown Shopping Centre Bowen Campus

Existing NLA: 13,950 sqm 30,167 sqm Nil

Status: Income producing Income producing Development option

Indicative Gross 25,000-30,000 sqm retail, 30,000 sqm 46,000 sqm Floor Area: 40,000-44,000 sqm office Project type: Demolition and development Refurbishment and redevelopment Development

Indicative timing: 2016-2020 2017-2019 2015-2022

Opportunity: To develop a retail/office complex on To refurbish the existing building to an A-Grade To develop the commercial office property within the Auckland's waterfront. standard suitable for office occupiers in the Central precinct of Wynyard Quarter.

The development will consist of around Wellington market. A staged development approach over several years 20,000 sqm retail, 35,000 sqm office and offering larger floor plates and greater efficiencies.

associated carparking.

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 13 Financials and capital management FY14 Highlights

$117.2 million net profit after tax

$47.5 million Portfolio revaluation 57,000m2 Leasing activity

+3% Leasing activity above valuation rents Portfolio 98% occupied $62.5 million equity issue September and October 2013

All information is as at 30 June 2014.

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 15 Financial overview

1 ■ Total assets of $1.75 billion 30 June 2014 30 June 2013 Key metrics ■ Total liabilities of $641 million1 Audited Audited – Total bank debt $572 million1 Debt drawn $572m $603m 1 ■ Loan to Value Ratio of 33.1% Loan to Value Ratio 33.1% 37.3% ■ Interest coverage of 3.2 times1 ■ Hedging cover 67%1 Weighted facility expiry 3.1 yrs 4.0 yrs

– Proposed asset sales will see Hedged 67% 57% hedging levels increase ■ Recent initiatives Interest cover ratio 3.2 times 3.0 times

– New bank facilities negotiated in Weighted average hedging 2.3 yrs 2.2 yrs August – Agreed to borrow NZ$98 million Hedges notional value $482m $491m from US Private Placement market – Increased debt tenor by 1.3 years to 4.4 years(as at date of the SDP)

1 As shown in the audited financial statements for the Group for the year ending 30 June 2014. All information is as at 30 June 2014.

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 16 Peer comparisons

Precinct Goodman Property Trust Kiwi Income Property Trust (as at 30 June 2014) (as at 31 March 2014) (as at 31 March 2014)

Retail 1 6% Land 10% Land 3% Industrial Office 25% Portfolio diversification (by 32% property portfolio value) Office parks Office 28% 94% Business Retail parks 65% 37%

Occupancy 98% 97% 97%

WALT 5.4 years 5.5 years 4.7 years

Gearing / Loan to Value Ratio 33.1% 36.0% 35.2%

Interest Cover 3.2 times 2.6 times 3.1 times

Mortgages and General General Security Security for Bonds Mortgages Security Agreement Agreement

1 Includes land and adjoining properties

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 17 Bond offer information and timetable Credit strengths

■ Strong balance sheet and stable cashflows ■ Active capital management ■ High quality buildings – Greater income resilience – Attract high quality occupiers – Key city centre locations ■ Solid market fundamentals – Auckland experiencing strong growth underpinned by population growth projections Auckland – Wellington market steady experiencing ■ Sound strategy strong growth – Specialist strategy for CBD office – Focused on improving portfolio quality through selling lower quality buildings and recycling proceeds into development of new high quality buildings

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 19 Objectives Debt diversity profile ■ Objectives Post Issue Bank debt

– Increase tenor with NZ Bond staggered maturity profile USPP Pre Issue – Diversify funding outside of bank funding ■ Current weighted average term to expiry of borrowings as at date of prospectus of 4.4 years Debt maturity profile – Increases to 4.6 years post (assuming successful $50 million Bond issue and $50 million Bond issue the drawdown of the USPP Notes) ■ Proceeds used to repay existing $250 m bank debt (net of issue costs) $200 m

$150 m

■ Assuming $50 million issue Totalfacility size – Bank borrowings reduce to $100 m $424 million $50 m

– Non bank funding equivalent FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 to 25% of borrowings USPP NZ bond Bank debt

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 20 Security

■ The Bonds are secured by Mortgages granted by the Precinct Group Companies over the Mortgaged Properties in favour of the Security Trustee (Public Trust)

– The Mortgages are held by the Security Trustee for the benefit of the Beneficiaries (the Security Trustee, the Bank Facility Agent, the Bank Facility Lenders, the Hedging Provider, the USPP Noteholders, the Bondholders, the Bond Trustee and any future Beneficiary) in pro rata proportions based on the outstanding indebtedness owing to them, and are able to be enforced by the Security Trustee in accordance with the Security Trust Deed

■ Total assets as at 30 June 2014 was $1.75 billion and of that the value of the Mortgaged Properties as at 30 June 2014 was $1.73 billion 1 (total liabilities as at 30 June 2014 was $0.64 billion and of that senior secured obligations as at 30 June 2014 was $0.58 billion)

■ Precinct has undertaken to ensure that while any Bonds are outstanding the amount of indebtedness secured by the Mortgages (other than in respect of Ancillary Transactions, other than Ancillary Transactions entered into to hedge the foreign currency risk of foreign currency borrowings, the value of which shall be added to or subtracted from the foreign currency borrowing amount) does not exceed 50% of the Mortgaged Property Value

1 As shown in the audited financial statements for the Group for the year ending 30 June 2014.

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 21 Covenant and default

■ Gearing covenant – Loan to Value Ratio must not exceed 50% – This ratio as at 30 June 2014 was 33.1% – Breach of Loan to Value Ratio is an Event of Review, – Precinct will have up to 13 months to remedy the breach before it will be an Event of Default. ■ Events of default include: – Non-payment of interest or principal – Cross default – Insolvency ■ Other covenants – Bank facility and USPP Notes contain interest coverage and leverage covenants – Bondholders do not have the benefit of those covenants

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 22 Offer Process Bookbuild ■ NZX firms are invited to participate in the bookbuild process on a margin basis, indicatively 1.30% to 1.45% per annum ■ To be institutional style distribution process ■ There will be no public pool

Minimum Application ■ $5,000 and in multiples of $1,000 thereafter

Fees ■ Firm fee of 0.50% to those participating in the bookbuild ■ Brokerage of 0.50%

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 23 Important dates

Date1 SDP registered Friday 28 November 2014 Roadshow presentations 3-4 December 2014 Bookbuild bids due 10 am on Friday 12 December 2014 Rate Set Date & allocations notified Friday 12 December 2014 Issue Date Wednesday 17 December 2014 Expected date of quotation on the NZX Debt Market2 Thursday 18 December 2014

1These dates are indicative only and are subject to change. Precinct has the right in its absolute discretion and without notice to open or close the Offer early, to accept late applications, and to extend the Closing Date. If the Closing Date is extended, subsequent dates (including the Issue Date, the Interest Payment Dates and the Maturity Date) will be extended accordingly. Any such change will not affect the validity of any applications received before or after that point. Precinct reserves the right to cancel the Offer and the issue of Bonds in which case all Application Monies received will be refunded (without interest) as soon as practicable.

2Application has been made to NZX for permission to quote the Bonds on the NZX Debt Market and all the requirements of NZX relating thereto that can be complied with on or before the date of this presentation have been duly complied with. However, the Bonds have not yet been approved for trading and NZX accepts no responsibility for any statement in this presentation. The NZX Debt Market is a registered market operated by NZX, which is a registered exchange, regulated under the Securities Market Act.

PRECINCT – FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 24 Appendix

Precinct Portfolio Auckland Property Portfolio

01. 02. 03. 04. 05. 06. PwC Tower ANZ Centre AMP Centre SAP Tower Zurich House Downtown Shopping Centre Occupancy 98% Occupancy 97% Occupancy 100% Occupancy 99% Occupancy 100% Occupancy 97% WALT 5.9 years WALT 10.5 years WALT 5.7 years WALT 3.7 years WALT 4.8 years WALT 1.8 years Clients Clients Clients Clients Clients Clients PwC, Buddle Findlay, Hesketh ANZ Bank, Chapman Tripp, Mighty AMP Financial Services, Aon, AJ SAP, Marsh, Colliers International Zurich, Willis New Zealand, CBRE, The Warehouse, Burger King, Henry, Jones Lang LaSalle River Power, Vero, First NZ Capital Park, QBE Insurance, Southern NZ Funds Management, Guardians McDonald's, ASB Cross, Thales New Zealand of NZ Superannuation

Quay Street, Auckland Albert Street, Auckland Customs Street West, Auckland Queen Street, Auckland Queen Street, Auckland Customs Street West, Auckland

The PricewaterhouseCoopers Topped by a unique geodesic The AMP Centre is a 25-level Located in Auckland’s CBD, this Zurich House was redeveloped by First opened in 1975, the Tower is one of New Zealand’s dome, the ANZ Centre is one of building with excellent views to prime office building comprises 21 Precinct to a 5-Star Green Star Downtown Shopping Centre has a most sought after office addresses. New Zealand’s tallest and most and the Hauraki levels of high-quality office space, rating, achieved by incorporating land area of approximately 6,500 Completed in 2002 with state-of- recognisable buildings at 39 levels, Gulf. It occupies a prominent site as well as two levels of retail and a highly innovative energy-efficient sqm and existing resource consent the-art building technology, the occupying a key site on adjoining the PwC Tower in health club that includes a tennis and environmentally-friendly for a 71,000 sqm (GFA) mixed-use 29-level tower is set in a first-class Auckland’s Albert Street. It features Auckland’s waterfront precinct, court and swimming pool. SAP materials while recycling some of office and retail development. This location in Auckland’s waterfront a distinctive polished Spanish and has large flexible plates, Tower was built in 1989 to a striking the existing building structure and asset has excellent access to precinct and features some of the granite façade and full-height making it attractive to design, and its distinctive using sustainable business public transport and is positioned country’s largest floor plates, a windows, providing generous organisations requiring extensive architecture has practices. The building features 15 by Auckland’s waterfront. hotel-style lobby and high-speed natural light and expansive areas of efficient working space. made it an Auckland landmark. levels of high-quality office lifts, along with 11 retail premises views of and the The building’s rectangular shape, accommodation, with a two- and 358 car parks. Waitemata Harbour. The ANZ together with the positioning of the storey entrance gallery and lobby. Centre has undergone a major service core, provides a high level The entire façade of Zurich House upgrade. of flexibility of use. is clad in energy-efficient glazing Precinct has entered into an to maximise natural light. unconditional agreement to sell SAP Tower for $97 million. Settlement is expected to take place in February 2015.

Jones Lang LaSalle Valuation CBRE Valuation Jones Lang LaSalle Valuation CBRE Valuation Colliers International Valuation CBRE Valuation As at 30 June 2014 $263.0 million As at 30 June 2014 $256.0 million As at 30 June 2014 $122.4 million As at 30 June 2014 $95.6 million As at 30 June 2014 $91.5 million As at 30 June 2014 $101.0 million PRECINCTTotal NLA 31,296 – sqm FIXED RATE SENIORTotal NLA 33,351 SECURED sqm BONDTotal OFFER NLA 25,265 –sqm DECEMBER Total 2014 NLA 17,630 sqm Total NLA 14,445 sqm Total NLA 13,950Page sqm 26 Typical Office Floor 1,350 sqm Typical Office Floor 1,000 sqm Typical Office Floor 1,097 sqm Typical Office Floor 762 sqm Typical Office Floor 912 sqm Auckland Property Portfolio

07. HSBC House Occupancy 100% WALT 4.1 years Clients HSBC Bank, NZTA Limited, Baldwins Limited

Queen Street, Auckland

HSBC House comprises a 21 level commercial office tower situated on a prime waterfront CBD site. This building occupies one of the most prominent and sought after positions in the Auckland CBD. The building enjoys excellent natural light on all sides together with virtually uninterrupted harbour views.

CBRE Valuation As at 30 June 2014 $108.0 million PRECINCTTotal NLA 19,224 – sqm FIXED RATE SENIOR SECURED BOND OFFER – DECEMBER 2014 Page 27 Typical Office Floor 1,060 sqm Wellington Property Portfolio

01. 02. 03. 04. 05. 06. State Insurance Tower Vodafone on the Quay No. 1 The Terrace 171 Featherston Street 125 The Terrace Pastoral House Occupancy 97% Occupancy 88% Occupancy 100% Occupancy 99% Occupancy 98% Occupancy 100% WALT 4.4 years WALT 4.3 years WALT 8.0 years (includes No3 The WALT 7.1 years WALT 5.1 years WALT 2.7 years Clients Clients Terrace lease) Clients Clients Clients State Insurance, Air New Zealand, Vodafone, Russell McVeagh, Clients Bell Gully, First NZ Capital, Minter Ellison Rudd Watts, Ministry of Primary Industries, AJ Park, Buddle Findlay, Hudson Microsoft, Fonterra, Rabobank, The Treasury, Ministry of Health, Cameron & Partners, ANZ New Zealand Qualifications Bank of New Zealand Global Resources Forsyth Barr Parliamentary Services Authority, Canadian High Commission

Willis Street, Wellington Lambton Quay Street, Wellington The Terrace, Wellington Featherston Street, Wellington The Terrace, Wellington The Terrace, Wellington

One of New Zealand’s best-known Vodafone on the Quay is a No. 1 The Terrace occupies the 171 Featherston Street is the office 125 The Terrace is in the heart of Pastoral House is an 18-level A- office buildings, located in the landmark property in the heart of prestigious corner location of tower component of a 26-level Wellington’s central business and grade building comprising 17 corporate precinct of the Wellington fronting Midland Park. The Terrace and Bowen Street dual office/hotel complex retail district and enjoys some of levels of office accommodation Wellington CBD, State Insurance The building has a distinctive in Wellington, in the heart of the occupying a key Wellington the region’s highest measured and one ground floor retail level. It Tower was completed in 1984. The presence on Lambton Quay, with parliamentary precinct. After waterfront location, with pedestrian traffic flows. The has dual frontages to The Terrace building is adjacent to Willis Street its integrated architectural styles redevelopment in 2006, it is an uninterrupted views of the building comprises 13 levels of and Lambton Quay, and offers and Lambton Quay and is a short and green-tinted glazing. 18-level building with an adjoining harbour. The office tower prime office accommodation, two easy access to Government stroll from Frank Kitts Park and the Vodafone on the Quay is close to low-rise annex featuring some of comprises the upper 13 levels, the levels of retail and four levels of car departments, Parliament and Wellington harbour waterfront. The the Courts, Parliament and the largest CBD floor plates in three basement levels of car parks parks. The blue laminated transport hubs. The property has an office floors enjoy excellent Treasury. The office floors have New Zealand. and part of the ground floor. The reflective glass and distinctive blue excellent aspect with harbour harbour views and natural panoramic views of the harbour building features distinctive granite exterior finishes merge to views and the Lambton Quay sunlight from all cardinal points. and inner city, and provide bronze-tinted glass cladding and create an attractive landmark that frontage enjoys good retail The property also offers one level column-free office space and strong vertical lines. provides some of Wellington’s best pedestrian exposure. Precinct of street-level retail, one-and-a- efficient floor layouts. office accommodation. completed a refurbishment of half levels of car parking and an Pastoral House in 2005. enclosed subterranean retail level.

Colliers International Valuation Bayleys Valuation Colliers International Valuation Bayleys Valuation CBRE Valuation CBRE Valuation As at 30 June 2014 $136.7 million As at 30 June 2014 $108.0 million As at 30 June 2014 $72.5 million As at 30 June 2014 $75.8 million As at 30 June 2014 $63.8 million As at 30 June 2014 $49.5 million PRECINCTTotal NLA 26,641 – sqm FIXED RATE SENIORTotal NLA 16,756 SECURED sqm BONDTotal OFFER NLA 18,462 –sqm DECEMBER Total 2014 NLA 11,352 sqm Total NLA 12,069 sqm Total NLA 15,522Pagesqm 28 Typical Office Floor 1,050 sqm Typical Office Floor 1,001 sqm Tower 768 sqm, Podium 2,080 sqm Typical Office Floor 915 sqm Typical Office Floor 869 sqm Typical Office Floor 800 sqm Wellington Property Portfolio

07. 08. 09. 10. 05. 06. Bowen Campus Deloitte House Mayfair House 80 The Terrace PwC Tower PwC Tower Occupancy 100% Occupancy 98% Occupancy 100% Occupancy 89% Occupancy 87% Occupancy 87% WALT 2.3 years WALT 3.0 years WALT 4.9 years WALT 5.5 years WALT 6 years WALT 6 years Clients Clients Clients Clients Clients Clients Ministry of Social Development Deloitte, Medsafe, Department of Corrections New Zealand Fire Service, PwC, Buddle Findlay, Hesketh PwC, Buddle Findlay, Hesketh Real Estate Agents Authority Transport Accident Henry, Jones Land LaSalle Henry, Jones Land LaSalle and Investigation Commission, NZ Medical, AECOM

Bowen Street, Wellington Featherston Street, Wellington The Terrace, Wellington The Terrace, Wellington Quay Street, Auckland Quay Street, Auckland

Bowen Campus encompasses Deloitte House is located in the Mayfair House was constructed in 80 The Terrace is located on The The PricewaterhouseCoopers The PricewaterhouseCoopers approximately one hectare of heart of the Wellington corporate 1986. It is well-located, enjoying a Terrace, conveniently positioned Tower is one of New Zealand’s Tower is one of New Zealand’s land and is situated in the heart of precinct and enjoys triple favourable aspect at the northern near Government offices, car most sought after office addresses. most sought after office addresses. the parliamentary precinct next to frontages to Brandon and end of The Terrace, close to the parks, bus and rail transport links, Completed in 2002 with state-of- Completed in 2002 with state-of- the Beehive. This includes the 10- Featherston Streets and parliamentary precinct and close with nearby on- and off-ramps to the-art building technology, the the-art building technology, the storey Bowen State Building and Customhouse Quay. Originally built to key Government departments. the urban motorway. The set-back 29-level tower is set in a first-class 29-level tower is set in a first-class the 15-storey Charles Fergusson in 1983, the building was extended It comprises 13 office floors. The frontage and motorway to the rear location in Auckland’s waterfront location in Auckland’s waterfront Tower which were built between and refurbished in 2005/07 and property includes 251 car parks. ensure good natural light to all precinct and features some of the precinct and features some of the the early 1960s and mid-1970s. The now comprises 16 office floors, levels and harbour views from the country’s largest floor plates, a country’s largest floor plates, a property offers a redevelopment ground floor retail and a basement upper floors. Completed in 1987, hotel-style lobby and high-speed hotel-style lobby and high-speed opportunity with resource consent car parking level. There is good the building comprises 14 levels of lifts, along with 11 retail premises lifts, along with 11 retail premises currently in place for 60,000 sqm of natural light for all levels and office accommodation on top of and 358 car parks. and 358 car parks. office space. unobstructed harbour views from four levels(eight split levels) of car level five and above. parks. Currently being marketed for sale.

Colliers International Valuation Colliers International Valuation CBRE Valuation Colliers International Valuation CBRE Valuation CBRE Valuation As at 30 June 2014 $49.0 million As at 30 June 2014 $50.6 million As at 30 June 2014 $37.5 million As at 30 June 2014 $36.6 million As at 30 June 2012 $222.4 million As at 30 June 2012 $222.4 million PRECINCTTotal NLA 30,167 – sqm FIXED RATE SENIORTotal NLA 12,972 SECURED sqm BONDTotal OFFER NLA 12,332 –sqm DECEMBER Total 2014 NLA 10,682 sqm Total NLA 31,314 sqm Total NLA 31,314Page sqm 29 BS 1,480 sqm, CFT 802 sqm Typical Office Floor 775 sqm Typical Office Floor 1,100 sqm Typical Office Floor 780 sqm Typical Office Floor 1,350 sqm Typical Office Floor 1,350 sqm