Capital Change Notice

Capital Change Notice from Precinct Properties New Zealand Limited ("Precinct") pursuant to Listing Rule 3.13.1 for the issue of 87,837,837 ordinary shares as a result of the $130 million raised through the Placement which forms part of Precinct's $150 million capital raising announced on 19 February 2019. Pursuant to Listing Rule 3.13.1, Precinct advises that the following securities have been issued on 22 February 2019: Name of issuer Precinct Properties New Zealand Limited NZX ticker code PCT Class of Financial Product Ordinary Shares ISIN NZAPTE0001S3 Number issued/acquired/redeemed 87,837,837 Nominal value (if any) Not applicable Issue/acquisition/redemption/ price $1.48 Nature of the payment (for example, cash or other consideration) Cash Amount paid up (if not in full) Paid in full Percentage of total class of Financial Products issued/acquired/redeemed/ (calculated on the number of Financial Products of the Class, excluding any Treasury Stock, in existence) 7.253% For an issue of Convertible Financial Products or Options, the principal terms of Conversion (for example the Conversion price and Conversion date and the ranking of the Financial Product in relation to other Classes of Financial Product) or the Option (for example, the exercise price and exercise date) Not applicable Reason for issue/acquisition/redemption and specific authority for issue/acquisition/redemption/ (the reason for change must be identified here) Allotment of 87,837,837 ordinary shares under a placement conducted by Precinct Properties New Zealand Limited Total number of Financial Products of the Class after the issue/acquisition/redemption/Conversion (excluding Treasury Stock) and the total number of Financial Products of the Class held as Treasury Stock after the issue/acquisition/redemption 1,298,958,502 In the case of an acquisition of shares, whether those shares are to be held as treasury stock Not applicable Specific authority for the issue, acquisition, or redemption, including a reference to the rule pursuant to which the issue, acquisition, or redemption is made Directors' resolutions dated 18 February 2019 Terms or details of the issue, acquisition, or redemption (for example: restrictions, escrow arrangements) New ordinary shares which rank equally with all other fully paid ordinary shares in Precinct Properties New Zealand Limited Date of issue/acquisition/redemption 22/02/2019 Name of person authorised to make this announcement Richard Hilder +64 29 969 4770 Richard.Hilder@precinct.co.nz End CA:00330950 For:PCT Type:SECISSUE Time:2019-02-22 08:33:22