New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>Precinct (PCT) has entered into a conditional agreement to sell the Intercontinental hotel at One Queen Street for NZ$180m, which is half the total One Queen 1H25 book value of approximately NZ$360m.</li><li>The transaction helps reduce committed gearing by approximately 3% to 37.5%, is accretive to near-term earnings, and removes operational risks associated with running a hotel.</li><li>The deal is conditional only on subdivision being completed, which is expected in 3Q25, and Precinct will retain ownership and management of the remaining property at One Queen Street.</li></ul>

Precinct (PCT) has entered into a conditional agreement to sell the Intercontinental hotel at One Queen Street for NZ$180m, which is half the total One Queen 1H25 book value of approximately NZ$360m.The transaction helps reduce committed gearing by approximately 3% to 37.5%, is accretive to near-term earnings, and removes operational risks associated with running a hotel.The deal is conditional only on subdivision being completed, which is expected in 3Q25, and Precinct will retain ownership and management of the remaining property at One Queen Street.

Precinct (PCT): Sale of Intercontinental Hotel