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Annual Report 2026

Ergon Properties Limited

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Annual Report 2026

Contents Highlights

Chairman’s Report

Directors

Financial Statements

Independent Auditor’s Report

Directory

P — 12

Company number:

3671045

IRD number:

108-160-772

Nature of business:

Property investment

Location of business:

1 The Warehouse Way Akoranga Business Park Northcote

Registered office:

Level 26, PwC Tower 15 Customs Street West, Auckland 1010, New Zealand

Directors:

Kim P Barrett Simon J Bufton Arthur W Young Kitt R M Littlejohn

Bankers:

ANZ Bank ASB Bank BNZ Bank Westpac Accident Compensation Corporation

Auditors

Grant Thornton New Zealand Audit Limited

Accountant

PricewaterhouseCoopers (PwC) Chartered Accountants

Annual Report 2026

Directors' report The Board of Directors have pleasure in presenting the annual report of Ergon Properties Limited, incorporating the financial statements and the auditors' report, for the year ended 31 March 2026. Directors The persons listed below held office as directors during the year. No other persons held the office of director at any time during the year. Kim P Barrett Simon J Bufton Arthur W Young Kitt R M Littlejohn

Information on Directors of the Company There were no notices from the Directors of the Company requesting to use company information in their capacity as Directors which would not have otherwise been available to them. The Board of Directors of Ergon Properties Limited authorised these financial statements presented on pages 14 to 35 for issue on date shown below. For and on behalf of the board

Principal activities The business of the Group is property investment. The Group's business has not changed during the financial year. State of affairs The Directors are of the opinion that the state of affairs of the Group is satisfactory.

Director

Date: 02 September 2026

Dividends Dividends totalling $16,466,145 have been paid during the year ended 31 March 2026 (2025: $13,755,656).

P — 13

Ergon Properties Limited

Consolidated statement of comprehensive income For the year ended 31 March 2026

2026 $

2025 $

31,263,220

30,523,588

3,546,364

3,214,523

34,809,584

33,738,111

(493,389)

(418,975)

Finance expenses

(10,706,598)

(14,158,861)

Property expenses

(3,726,338)

(3,658,103)

(654,592)

(633,361)

(15,580,917)

(18,869,300)

1,759,888

12,200,746

16,444,582

Dividend received

534

512

Interest received

27,930

81,607

37,765

6,927,657

2,031,045

40,145,422

33,464,322

(4,627,202)

(3,516,019)

35,518,220

29,948,303

35,518,220

29,948,303

Notes Lease income

Operating expense recovery Total operating income Expenses Administrative expenses

Management fees

Total operating expenses Non-operating income / (expense) Development introduction and contract award fees Gain on revaluation of investment property

Sundry income Share of profits of investments accounted for using the equity method

Profit before income tax PIE tax expense Profit for the year

Other comprehensive income for the year, net of tax Total comprehensive income for the year

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

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Annual Report 2026

Consolidated statement of financial position As at 31 March 2026

Assets

Notes

2026 $

2025 $

Current assets Cash and cash equivalents

2,490,310

2,978,816

Trade and other receivables

659,566

269,651

Other current assets

1,302,022

1,244,905

Current tax assets

16,718

4,451,898

4,510,090

Total current assets Non-current assets Investment properties

614,750,000

595,800,000

Investments accounted for using the equity method

53,675,336

49,273,099

Property, plant and equipment

1,566

2,375

Other non-current assets

2,176,087

2,340,320

Total non-current assets

670,602,989

647,415,794

Total assets

675,054,887

651,925,884

1,656,811

1,854,530

Interest bearing liabilities

43,900,000

7,150,000

Current tax liabilities

717,465

46,274,276

9,004,530

Liabilities Current liabilities Trade and other payables

Total current liabilities Non-current liabilities Interest bearing liabilities

140,150,000

184,700,000

Deferred tax liabilities

14,972,241

12,613,736

155,122,241

197,313,736

Total liabilities

201,396,517

206,318,266

Net assets

473,658,370

445,607,618

305,585,875

296,587,198

Total non-current liabilities

Equity Share capital

Retained earnings

168,072,495

149,020,420

Total equity

473,658,370

445,607,618

For and on behalf of the Board:

Director

Date: 02 September 2026

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

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Ergon Properties Limited

Consolidated statement of changes in equity For the year ended 31 March 2026

Attributable to equity holders of the Company Notes Balance as at 1 April 2024

Share capital $

Retained earnings $

Total equity $

293,354,943

132,827,773

426,182,716

Profit for the year

29,948,303

Total comprehensive income

29,948,303

Issue of ordinary shares

Dividends paid

3,232,255

(13,755,656)

Total transactions with owners

3,232,255

(13,755,656)

(10,523,401)

Balance as at 31 March 2025

296,587,198

149,020,420

445,607,618

Balance as at 1 April 2025

296,587,198

149,020,420

445,607,618

Profit for the year

35,518,220

Total comprehensive income

35,518,220

8,998,677

(16,466,145)

Total transactions with owners

8,998,677

(16,466,145)

(7,467,468)

Balance as at 31 March 2026

305,585,875

168,072,495

473,658,370

Issue of ordinary shares Dividends paid

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

P — 16

Annual Report 2026

Consolidated statement of cashflows For the year ended 31 March 2026

2026 $

2025 $

Receipts from tenants

38,126,462

28,916,294

Payments to suppliers

(6,067,967)

(7,547,111)

Cash generated from operations

32,058,495

21,369,183

Interest paid

(10,050,058)

(13,045,184)

PIE tax (paid) / refunded

(1,534,515)

22,507

Net GST (paid) / refunded

(4,572,601)

3,395,974

(3,957)

Other income received

1,759,888

Net cash inflow from operating activities

17,657,252

11,742,480

353,000

Interest received

27,930

80,806

Dividends received

534

512

(5,785,173)

(342,221)

(2,340,320)

2,525,419

1,711,683

(2,878,290)

(889,540)

8,998,677

3,232,254

Loan facility repayments

(31,950,000)

(300,000)

Loan facility drawn down

24,150,000

Dividend paid

(16,466,145)

(13,755,654)

Net cash outflow from financing activities

(15,267,468)

(10,823,400)

Net movement in cash and cash equivalents

(488,506)

29,540

Cash and cash equivalents at the beginning of the financial year

2,978,816

2,949,276

2,490,310

2,978,816

Notes Cash flows from operating activities

RWT paid

Cash flows from investing activities Proceeds from sale of easement rights

Capital expenditure on investment properties Prepayments on investment properties Distributions received from limited partnerships Net cash outflow from investing activities Cash flows from financing activities Issue of new shares

Cash and cash equivalents at end of year

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

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Ergon Properties Limited

Notes to the consolidated financial statements For the year ended 31 March 2026

General information These consolidated financial statements are for Ergon Properties Limited (the 'Company') and its subsidiaries (together 'the Group'). Ergon Properties Limited is a company registered under the New Zealand Companies Act 1993. The principal activity of the Group is property investment.

Summary of material accounting policies The consolidated financial statements have been prepared in accordance with the Financial Reporting Act 2013 and the Companies Act 1993. The principal accounting policies adopted in the preparation of the consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. (a) Basis of preparation (i) Compliance with NZ IFRS RDR The consolidated financial statements of the Group have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP). The Group is a for-profit entity for the purpose of complying with NZ GAAP. The consolidated financial statements comply with New Zealand equivalents to International Financial Reporting Standards Reduced Disclosure Regime (NZ IFRS RDR), other New Zealand accounting standards and authoritative notices that are applicable to entities that apply NZ IFRS RDR. The Group is eligible and has elected to report in accordance with Tier 2 For-profit Accounting Requirements (NZ IFRS RDR) on the basis that the Group has no public accountability and is not a large for-profit public sector entity. In applying NZ IFRS RDR, the Group has applied a number of disclosure concessions. (ii) Historical cost convention The consolidated financial statements have been prepared on a historical cost basis, except for investment property which is measured at fair value as outlined in the accounting policies below. (iii) Functional and presentation currency Items included in the consolidated financial statements are measured using the currency of the primary economic environment in which the Group operates ('the functional currency'). The consolidated financial statements are presented in New Zealand dollars ($), which is the Group's functional and presentation currency. Amounts are rounded to the nearest dollar.

These notes form part of these consolidated financial statements.

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(iv) Accounting policies issued but not yet adopted NZ IFRS 18 Presentation and Disclosure in Financial Statements will replace NZ IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The Group has not early adopted this standard. The Group is currently assessing the impact of adopting this standard. While the standard is not expected to have a material impact on the recognition or measurement of amounts reporting in the consolidated financial statements, it is expected to result in changes in presentation and disclosure. The standard will become applicable for the Group for the year ending 31 March 2028. (b) Principles of equity accounting Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group's share of the post-acquisition profits or losses of the investee in profit or loss, and the Group's share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When the Group's share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. (c) Revenue recognition Revenue is measured at the fair value of the consideration received or receivable. (i) Rental income The Group enters into property leases with tenants on its investment properties. The Group has determined that it retains all significant risks and rewards of ownership of these properties and has therefore classified the leases as operating leases. Operating lease income is recognised in profit or loss on a straight-line basis over the term of the relevant leases. Fixed rental adjustments are accounted for to achieve straight-line revenue recognition. (ii) Operating expense recoveries Operating expenses which are recoverable from tenants are recognised as gross property income from operating expense recovery. This is associated with the provision of services relating to the operations of investment properties (e.g. cleaning, repairs and maintenance, utilities).

Annual Report 2026

Notes to the consolidated financial statements continued

The Group has assessed the performance obligations associated with these as being satisfied each month the services are undertaken for the relevant investment property. Operating expense recovery is billed monthly and recognised in profit or loss in the same manner reflecting that recovery revenue from tenants is received at the same time the performance obligation is satisfied. (iii) Interest income Interest income is recognised using the effective interest method. (iv) Dividend income Dividend income is recognised when the right to receive payment is established. (d) Income tax The Company is a multi rate portfolio investment entity (PIE) and pays tax on behalf of its investors based on their tax rates. The Company files PIE returns quarterly and is in a consolidated PIE group with its subsidiary, Ergon Properties No.1 Limited. The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis. (e) Goods and Services Tax (GST) The consolidated statement of comprehensive income has been prepared so that all components are stated exclusive of GST. All items in the consolidated statement of financial position are stated net of GST, with the exception of receivables and payables, which include GST invoiced. (f) Cash and cash equivalents For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. (g) Leases The Company as Lessor Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Group has entered into commercial property leases for its investment properties. The Group has determined that it retained all significant risks and rewards of ownership of these properties and has therefore classified these leases as operating leases. (h) Trade and other receivables Trade receivables are amounts due from customers for services performed in the ordinary course of business. Trade and other receivables are presented as current assets unless collection is not due within 12 months after the reporting period. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

These notes form part of these consolidated financial statements.

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Ergon Properties Limited

Notes to the consolidated financial statements continued

(i)

Financial assets

(i) Classification The Group classifies its financial assets as those to be measured at amortised cost. (ii) Recognition and derecognition Regular purchases and sales of financial assets are recognised on the date the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. (iii) Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Debt instruments Loans receivable from related parties are initially measured at fair value plus directly attributable transaction costs. They are subsequently measured at amortised cost using the effective interest method, less any impairment. (iv) Impairment The Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by NZ IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. (j)

Impairment of assets

All non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash generating units).

These notes form part of these consolidated financial statements.

P — 20

(k) Property, plant and equipment All property, plant and equipment is stated at historical cost less depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Depreciation of property, plant and equipment is calculated using the diminishing value method so as to expense the cost of the assets over their useful lives. The rates are as follows: Fixtures and fittings

10 - 50%

Computer software and equipment

45%

(l)

Investment property

Investment property is held for long-term rental yields and is not occupied by the Group. Investment property is carried at fair value, which is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If this information is not available, the Group uses alternative valuation methods such as recent prices in less active markets or discounted cash flow projections. These valuations are reviewed annually by a member of the New Zealand Property Institute. Changes in fair values are recorded in the consolidated statement of comprehensive income as part of gain on revaluation of investment property. The value recognised in the consolidated statement of financial position includes assets arising from 'smoothing' or straight-lining lease income due to variability in periodic cash payments. These assets are calculated using the minimum fixed rental increases over the term of each lease. The lease payments including future fixed rent increases are spread evenly over the remaining term of the lease. Investment property also includes properties that are under construction for future use as investment properties. These are also carried at fair value unless the fair value cannot yet be reliably determined. Where that is the case, the property will be accounted for at cost until either the fair value becomes reliably determinable or construction is complete. This is different to previous years where properties under construction were accounted for at cost and presented under property, plant and equipment until construction was complete.

Annual Report 2026

Notes to the consolidated financial statements continued

The Group classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: - Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. - Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). - Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). All of the Group's investment properties have been determined to be Level 3 in the fair value hierarchy because all significant inputs that determine fair value are not based on observable market data. (m) Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

(n) Interest bearing liabilities Interest bearing liabilities are initially recognised at fair value, net of transaction costs incurred. Interest bearing liabilities are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the interest bearing liabilities using the effective interest method. General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed in the period in which they are incurred. Interest bearing liabilities are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. (o) Share capital Ordinary shares are classified as equity.

These notes form part of these consolidated financial statements.

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Ergon Properties Limited

Notes to the consolidated financial statements continued

Critical accounting estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The areas where estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:

– Estimated useful life of assets – note 2(k) – Impairment of assets – note 2(j) – Provision for impairment – note 2(h) –C lassification of financial assets and debt instruments – note 2(i) – Classification of leases – note 2(g) – Deferred tax – note 2(d) – Determination of joint arrangements – note 12 – Investment properties – note 6.

Audit fees 2026 $ Remuneration of the auditor for audit of the consolidated financial statements

57,880

2025 $ 53,340

During the year, the audit fees disclosed above were paid for services provided by Grant Thornton New Zealand Audit Limited. These fees relate to the audit of the consolidated financial statements of the Group and have been recorded within administration expenses in the consolidated statement of comprehensive income.

Lease income

Lease income from investment properties Lease income - straight-line method Total revenue

These notes form part of these consolidated financial statements.

P — 22

2026 $

2025 $

29,946,139

29,010,391

1,317,081

1,513,197

31,263,220

30,523,588

Annual Report 2026

Notes to the consolidated financial statements continued

Investment properties

The tables below outline the movements in the carrying values for all directly owned investment properties: 1 April 2024 Gain / Straight31 March Opening Capital (Loss) on line Rent 2025 Closing Fair Value expenditure Construction Revaluation Accrual Fair Value $ $ $ $ $ $ 8-14 Stanley Street, Auckland

48,700,000

57,062

2,242,938

51,000,000

84 Don McKinnon Drive, Albany

30,500,000

(900,000)

29,600,000

54 Manukau Station Road, Manukau

67,000,000

1,500,000

68,500,000

Lot 2 52-54 Manukau Station Road, Manukau

5,300,000

9,047

(9,047)

5,300,000

15 Te Tiki Road, Mangere

190,000,000

3,900,000

193,900,000

28-38 Stanley Street, Auckland - Stuart McCutcheon House

236,000,000

276,112

11,223,888

247,500,000

(1,513,197)

1,513,197

577,500,000

342,221

16,444,582

1 April 2025 Opening Fair Value $

Capital expenditure $

8-14 Stanley Street, Auckland

51,000,000

406,814

(1,506,814)

49,900,000

84 Don McKinnon Drive, Albany

29,600,000

20,348

(1,620,348)

28,000,000

54 Manukau Station Road, Manukau

68,500,000

(1,300,000)

67,200,000

Lot 2 52-54 Manukau Station Road, Manukau

5,300,000

15 Te Tiki Road, Mangere

193,900,000

5,100,000

199,000,000

28-38 Stanley Street, Auckland - Stuart McCutcheon House

247,500,000

1,553

(353,000)

12,851,447

- 260,000,000

219 Cameron Road, Tauranga

5,356,458

(6,458)

5,350,000

Fair value adjustment for lease straight-line

(1,317,081)

1,317,081

595,800,000

5,785,173

(353,000)

12,200,746

1,317,081

614,750,000

Fair value adjustment for lease straight-line Total Investment Properties

Total Investment Properties

Sale of easement rights $

Gain / (Loss) on Revaluation $

1,513,197 595,800,000 Straightline Rent Accrual $

31 March 2026 Closing Fair Value $

These notes form part of these consolidated financial statements.

P — 23

Ergon Properties Limited

Notes to the consolidated financial statements continued

Investment properties (continued) Investment properties were valued on 31 March 2026 by Jones Lang LaSalle, Savills (NZ) Limited and Colliers, registered valuers and associates of the New Zealand Institute of Valuers, at a total value of $614,750,000. The valuers have recent experience in the location and category of the investment being valued. The basis of the valuation of investment properties is fair value being the amounts for which the properties could be exchanged between willing parties in an arm’s length transaction, based on current prices in an active market for similar properties in the same location and condition and subject to similar leases. Investment property under construction As of 31 March 2026, the property comprised an unimproved site at Lot 2, 52-54 Manukau Station Road. All costs directly associated with the purchase and construction of a property and all subsequent capital expenditure are capitalised. Subsequent to initial recognition investment properties are stated at fair value. Gains or losses arising from changes in the fair value of investment properties are included in profit or loss and other comprehensive income in the year in which they arise.

Operating leases as lessor The Group has entered into investment property leases as lessor. Future minimum rentals receivable under noncancellable operating leases are as follows: 2026 $ Within one year

31,030,114

29,562,119

After one year but not more than five years

118,779,478

115,391,096

422,577,454

424,852,962

572,387,046

569,806,177

More than five years

Rental p.a. Commenced on Leases at 8-14 Stanley Street, Auckland National Libraries of New Zealand Ltd 1,039,007 National Libraries of New Zealand Ltd 151,783 Crown Tenant 1,730,036 Level 2 & 3 Red Zone External Car Parks 44,230 Level 2 & 3 Yellow Zone External 27,429 Car Parks Leases at 84 Don McKinnon Drive IAG ActivePlus Cadmus Dental Leases at 58 Manukau Station Road Manukau Institute of Technology Base Build Net Rental Amortised Fit-Out Annual Rental Leases at 54 Manukau Station Road Stellar Parking Lease at 15 Te Tiki Road Sistema

2025 $

10/05/2022 10/05/2022 8/07/2024 1/01/2026 1/01/2026

Term (years) Rent review Review mechanism 6 9/05/2028 3 yearly to market 6 10/05/2026 3 yearly to market 15 8/07/2026 CPI annually and 3 yearly to market 1.5 1/01/2027 CPI Annually 1.5

1,542,017

24/09/2018

139,010 86,394

1/10/2018 1/09/2019

10 10

2,916,680

1/09/2020

1,091,280

1/09/2020

88,200

1/01/2027 CPI Annually CPI + 1% 2 yearly & market mid-way term and on renewal 1/10/2026 CPI + 2% 2 yearly & market on renewal 1/09/2026 CPI + 0.5% annually & market on renewal

12 24/09/2026

2 yearly CPI + 2% (Min 5.1% Max 9.2% & market review mid-term) 1/09/2030 Bank interest rate + 2% margin 1/09/2026

15/09/2022 1 month rolling CPI yearly (Min 1.5% Max 3%) & market 5 yearly

9,488,324

1/10/2016

1/11/2026

Lease at 28-38 Stanley Street University of Auckland 12,685,724

1/02/2023

1/02/2029 3 yearly CPI & market on renewal

These notes form part of these consolidated financial statements.

P — 24

Annual Report 2026

Notes to the consolidated financial statements continued

Property, plant and equipment Computer software and equipment $

Fixtures and fittings $

Total $

At 1 April 2024 Cost

37,518

Accumulated depreciation

(34,645)

2,873

Net book amount At 31 March 2025 Cost

1,033

38,388

39,421

Accumulated depreciation

(196)

(36,850)

(37,046)

Net book amount

837

1,538

2,375

Opening net book amount

837

1,538

2,375

Depreciation

(84)

(725)

(809)

Closing net book amount

753

813

1,566

Year ended 31 March 2026

At 31 March 2026

Cost

1,033

38,388

39,421

Accumulated depreciation

(280)

(37,575)

(37,855)

Net book amount

753

813

1,566

Other assets

Prepayments Development projects work-in-progress Current Non current

2026 $

2025 $

2,804,234

2,953,736

673,875

631,489

3,478,109

3,585,225

1,302,022

1,244,905

2,176,087

2,340,320

3,478,109

3,585,225

These notes form part of these consolidated financial statements.

P — 25

Ergon Properties Limited

Notes to the consolidated financial statements continued

Income tax (a) PIE tax expense 2026 $

2025 $

2,268,696 2,516,413 (157,907) 4,627,202

3,301,029 214,990 3,516,019

2026 $

2025 $

40,145,422 21.97 % 8,821,894 (4,051,539) 169 (1,936,116) 2,834,408 (2,834,408) 5,192,914 2,358,506 2,268,696 4,627,202

33,464,322 22.25 % 7,446,959 (4,107,489) (7) (2,173,890) 1,165,573 (1,165,573) 4,681,592 3,516,019 3,516,019

Current tax asset / (liability)

2026 $

2025 $

Opening balance Current year tax (benefit) provision Tax group (utilised) / benefit received Tax paid / (refunded) Closing balance

16,718 (1,578,894) (685,444) 1,530,155 (717,465)

Current tax benefit Deferred tax movement Deferred tax movement - changes in average investors tax rates The PIE tax expense for the year can be reconciled to the accounting profit as follows:

Profit before tax Average investors PIR rate Tax calculated using average investors PIR rate Tax effect of unrealised (gain) / loss on revaluation of investment properties Tax effect of other permanent adjustments Tax effect of timing differences Current year tax expense calculated at applicable investors tax rates Current year tax benefit / (expense) Other deferred tax movements Total deferred tax movement Tax effect of losses utilised by the group Total PIE tax expense calculated at applicable investors tax rates (b) PIE tax balance

These notes form part of these consolidated financial statements.

P — 26

39,246 (22,528) 16,718

Annual Report 2026

Notes to the consolidated financial statements continued

Income tax (continued) (c) Deferred tax 2026 $ Deferred tax liabilities Movement consist of: Opening balance Accruals Doubtful debts Investment property Loss to carry forward Over returned income in PIE returns Movement - changes in average investors tax rates Closing balance Balance comprises of: Deferred tax assets Accruals Doubtful debts Over returned income in PIE returns Loss to carry forward Total deferred tax assets Deferred tax liabilities Under returned income in PIE returns Investment property Total deferred tax liabilities Net deferred tax liabilities

2025 $

(14,972,241) (14,972,241)

(12,613,736) (12,613,736)

(12,613,737) (7,300) (1,846,277) (585,256) (9,593) 89,922 (14,972,241)

(9,097,718) (865) (12,825) (2,160,214) (1,087,176) (39,057) (215,881) (12,613,736)

29,393 8,007 37,400

35,588 1,504 14,769 578,020 629,881

(2,935) (15,006,706) (15,009,641) (14,972,241)

(13,243,617) (13,243,617) (12,613,736)

The Group has recognised deferred tax liabilities relating to the depreciation claw-back which would arise on the sale of investment properties at carrying value. In estimating this deferred tax liability, the Group has relied on independent valuer's assessments of the fair value of the investment properties. The change in average investors tax rate is a result of adjusting the opening deferred tax liability balance using the current year average investor tax rate. Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The carrying amount of deferred tax asset is reviewed at each balance date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability settled, based on tax rates (and tax laws) applicable at balance date.

These notes form part of these consolidated financial statements.

P — 27

Ergon Properties Limited

Notes to the consolidated financial statements continued

Investments in subsidiaries The Company has the following subsidiaries: Holding

Name of subsidiary

Place of incorporation

Principal activity

2026 %

2025 %

Ergon Properties No. 1 Ltd

New Zealand

Property investment

100

Investments accounted for using the equity method The Group has the following investments accounted for using the equity method: Equity holding Name of investment

Place of incorporation

Type of joint arrangements

2026 %

2025 %

Carlaw Campus Limited Partnership

New Zealand

Joint venture

Carlaw Stage 2 Limited Partnership

New Zealand

Joint venture

The amounts recognised in the consolidated statement of financial position are as follows: 2026 $

2025 $

Carlaw Campus Limited Partnership

32,491,659

29,627,088

Carlaw Stage 2 Limited Partnership

21,183,677

19,646,011

53,675,336

49,273,099

2026 $

2025 $

29,627,088

29,191,050

Carlaw Campus Limited Partnership

Opening balance Share of net profit

4,392,947

1,422,917

Distribution received

(1,528,376)

(985,448)

Tax distributed Closing balance

(1,431)

32,491,659

29,627,088

This investment is a limited partner in terms of a Limited Partnership agreement as re-stated and dated 20 July 2012.

These notes form part of these consolidated financial statements.

P — 28

Annual Report 2026

Notes to the consolidated financial statements continued

Investments accounted for using the equity method (continued) Carlaw Stage 2 Limited Partnership 2026 $

2025 $

Opening balance

19,646,011

19,762,688

Share of net profit

2,534,710

608,128

Distribution received

(997,044)

(723,461)

(1,344)

21,183,677

19,646,011

Tax distributed Closing balance

This investment is a limited partner in terms of a Limited Partnership agreement as re-stated and dated 20 July 2012.

Cash and cash equivalents 2026 $

2025 $

Cash at bank

1,344,081

1,851,285

Cash on call

1,146,229

1,127,531

2,490,310

2,978,816

2026 $

2025 $

Trade and other receivables

Trade receivables

659,566

269,651

Financial assets at amortised cost

659,566

269,651

No expected credit loss provision has been recognised at 31 March 2026 (2025: $nil), as management assessed expected credit losses to be immaterial.

Trade and other payables 2026 $ Trade payables Retention payable Other payables

2025 $

536,134

477,202

31,130

13,405

3,792

Financial liabilities at amortised cost

549,539

512,124

Accrued expenses

199,705

397,381

Revenue in advance

402,646

399,066

GST payable

504,921

545,959

1,656,811

1,854,530

These notes form part of these consolidated financial statements.

P — 29

Ergon Properties Limited

Notes to the consolidated financial statements continued

Interest bearing liabilities 2026 $

2025 $

Current Loan - ANZ bank term facility E

7,150,000

Loan - Westpac money market loan

43,900,000

Total current interest bearing borrowings

43,900,000

7,150,000

Loan - ACC facility

116,000,000

Loan - ASB loan 42

5,150,000

Loan - ASB loan 43

19,000,000

Non-current

Loan - ANZ bank facility D

17,000,000

Loan - Westpac money market loan

51,700,000

Total non-current interest bearing liabilities

140,150,000

184,700,000

Total interest bearing liabilities

184,050,000

191,850,000

(i) Loan - ACC At 31 March 2026, the facility limit of the loan with Accident Compensation Corporation was $116,000,000 (2025: $116,000,000) and comprised the following rates plus a margin of 2.15% p.a: - $29 million on a 4 year fixed term at 4.37% - $29 million on a 2 year fixed term at 4.54% - $29 million on a 3 year fixed term at 3.04% - $29 million on a 4 year fixed term at 3.04%. This facility expires on 31 March 2033. (ii) Loan - ANZ bank term facility D On 30 September 2025, the loan facility was refinanced with ASB Bank. (iii) Loan - ANZ bank term facility E On 30 September 2025, the loan facility was refinanced with ASB Bank. (iv) Loan - ASB loan 42 The loan balance as at 31 March 2026 was $5,150,000 (2025: $nil). The current facility limit is $5,150,000 comprising a floating loan with interest calculated on the 3 month BKBM plus a margin of 1.85% p.a. The facility expires on 29 September 2028. (v) Loan - ASB loan 43 The loan balance as at 31 March 2026 was $19,000,000 (2025: $nil). The current facility limit is $19,000,000 comprising a floating loan with interest calculated on the 3 month BKBM plus a margin of 1.5% p.a. The facility expires on 29 September 2028. (vi) Loan - Westpac money market loan The current facility limit is $43,900,000 (2025: $51,700,000) comprising a floating loan with interest calculated on the 3 month BKBM Bid Rate plus a margin of 0.95% (2025: 0.95%) with a 0.95% (2025: 0.95%) line fee. This facility expires on 31 January 2027. (vii) Securities Accident Compensation Corporation currently has the following securities: - Registered first ranking mortgage over the land at 28 - 38 Stanley Street, Auckland as comprised in record of title 1072657 (North Auckland Registry) owned by Ergon Properties No.1 Limited.

These notes form part of these consolidated financial statements.

P — 30

Annual Report 2026

Notes to the consolidated financial statements continued

Interest bearing liabilities (continued) - A registered first ranking General Security Agreement granted by Ergon Properties No.1 Limited. - A registered first ranking Specific Security Agreement granted by Ergon Properties Limited over the shares it holds in the Ergon Properties No.1 Limited (together with all rights, proceeds and documents of titles relating to the shares). ASB Bank currently has the following securities: - A first ranking general security deed given by the Ergon Properties Limited, limited to the Ergon Properties Limited’s right, title and interest in the MIT Property and related assets. - A first ranking mortgage given by Ergon Properties Limited over the MIT Property. - Any document designated as a “Security Document” by the Lender and the Ergon Properties Limited. Westpac New Zealand Limited currently has the following securities: - A registered first and exclusive mortgage over the freehold interest in the property situated at 15 Te Tiki Road, Mangere, Auckland, comprised in record of title 713167 to be granted by Ergon Properties Limited. - A registered first ranking General Security Agreement granted by the Ergon Properties Limited, limited to Ergon Properties Limited's rights title and interest in the property at 15 Te Tiki Road, Mangere, Auckland as comprised in record of title 713167 (North Auckland Registry). - Deed of Waiver or other security instrument as determined appropriate by Westpac's external solicitors negating any rights ANZ have under any security granted by the Borrower with respect to the property at 15 Te Tiki Road, Mangere, Auckland. (viii) Covenants The Group complied with all covenant requirements during the year and as at 31 March 2026 (2025: complied).

Share capital

2026 Shares

2025 Shares

2026 $

2025 $

Ordinary shares Opening balance Shares issued during the year

9,222,179

9,154,558

296,587,198

293,354,943

180,341

67,621

8,998,677

3,232,255

9,402,520

9,222,179

305,585,875

296,587,198

Fully paid and authorised ordinary shares carry one vote per share and carry a right to dividends. Fully paid and authorised ordinary shares have no par value. On 8 May 2025, 76,416 new shares were issued at $49.73 per share. On 21 May 2025, as part of the dividend reinvestment plan, an allotment of 24,008 new shares were issued at $49.73 per share. On 20 August 2025, as part of the dividend reinvestment plan, an allotment of 20,795 new shares were issued at $49.84 per share. On 19 December 2025, as part of the dividend reinvestment plan, an allotment of 22,139 new shares were issued at $49.89 per share. On 19 February 2026, as part of the dividend reinvestment plan, an allotment of 36,983 new shares were issued at $50.38 per share.

Contingent liabilities At 31 March 2026, there were no contingent liabilities (31 March 2025: $nil).

These notes form part of these consolidated financial statements.

P — 31

Ergon Properties Limited

Notes to the consolidated financial statements continued

Capital Commitments

Related party transactions

At 31 March 2026, there were no capital commitments (31 March 2025: $nil).

(a) Key management personnel compensation The Group does not employ personnel in its own right. Under the terms of the Management Agreements with Haydn & Rollett Properties Limited, the manager is appointed to manage and administer the Group. The manager is responsible for the remuneration of personnel providing management services to the Group. Directors are considered to be the key management personnel and received Directors' fees of $100,000 in the year ended 31 March 2026 (2025: $100,000). (b) Transactions involving related parties The entities, the nature of the relationship and the types of transactions which the Company entered into during the period are detailed below: Year-end receivable/ (payable)

Transaction Related party

Relationship

Nature of transactions

2026 $

2025 $

Haydn & Rollett Limited

Common directorship

Other expenses

(5,446)

(41,353)

(631)

(29)

(757)

(200)

Expenses recharged

2025 $

Haydn & Rollett Properties Limited

Common directorship

Property management fees

(654,592)

(633,361)

(65,128)

(62,056)

Haydn & Rollett Property Services Limited

Common directorship

Property maintenance costs

(105,922)

(37,616)

(3,777)

Construction costs

(1,335,578)

Development introduction and contract award fees

1,759,888

Recovery of due diligence costs

333,775

Sale of easement rights

353,000

Development costs

(98,799)

43,880

11,343

Haydn & Rollett Developments No. 1 Limited

Common directorship

On-charged expenses AW Young

Director

Directors' fees

(60,000)

(17,250)

KRM Littlejohn

Director

Directors' fees

(40,000)

40,000)

Carlaw Campus Joint venture Limited Partnership

On-charged expenses

12,438

Carlaw Stage 2 Joint venture Limited Partnership

On-charged expenses

8,292

Expenses recharged

37,816

11,344

1,481,147 (2,045,446)

(83,209)

(43,175)

Reidy & Co Limited

Common ultimate shareholder

These notes form part of these consolidated financial statements.

P — 32

2026 $

Annual Report 2026

Notes to the consolidated financial statements continued

Financial instruments In the normal course of business through the use of financial instruments, the Group is exposed to interest risk, credit risk and liquidity risk. The Board agrees and reviews policies for managing these risks. The Group holds the following financial assets and liabilities at amortised cost: 2026 $

2025 $

Cash and cash equivalents (note 13)

2,490,310

2,978,816

Trade and other receivables (note 14)

659,566

269,651

3,149,876

3,248,467

Financial Assets

Financial Liabilities Trade and other payables (note 15)

549,539

512,124

Interest bearing liabilities (note 16)

184,050,000

191,850,000

184,599,539

192,362,124

a) Interest rate risk Interest rate risk is the risk that fluctuations in interest rates impact the Group's financial performance, future cash flows or the fair value of its financial instruments. The Group engages external treasury advisors to review and set treasury strategy to manage the interest rate risk. he following table demonstrates the sensitivity to a reasonably possible change in interest rates on interest bearing T liabilities, with all other variables held constant. 2026 Effect on profit or equity $

2025 Effect on profit or equity $

20 basis point increase

(368,100)

(383,700)

20 basis point decrease

368,100

383,700

b) Credit risk Credit risk represents the risk that the counterparty to the financial instrument will fail to discharge an obligation and cause the Group to incur a financial loss. Financial instruments which subject the Group to credit risk principally consist of cash and debtors. The Group's exposure to credit risk is equal to the carrying value of the financial instruments. The Group's debtor balances are monitored on an ongoing basis with the result that the Group's exposure to bad debts is not significant. (c) Li quidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities. The Group manages liquidity risk by monitoring forecast and actual cash flows, maintaining relationships with its lenders, monitoring compliance with borrowing covenants, and matching the maturity profile of financial liabilities to the Group’s expected operating cash flows and available refinancing options. At 31 March 2026, the Group had interest bearing liabilities of $184,050,000, of which $43,900,000 was classified as current and $140,150,000 as non-current. The current liability relates to the Westpac money market loan, which expires on 31 January 2027. The Directors expect the Group to meet its obligations through operating cash flows, available financing arrangements and, where required, refinancing of facilities before maturity.

These notes form part of these consolidated financial statements.

P — 33

Ergon Properties Limited

Notes to the consolidated financial statements continued

Financial instruments (continued) The following table analyses the Group’s interest bearing liabilities into relevant maturity groupings based on the remaining period from reporting date to the contractual maturity date. Amounts shown are contractual undiscounted principal cash flows and exclude future interest payments. Within 12 months $

1-2 years $

2–5 years $

More than 5 years $

Carrying amount $

As at 31 March 2026 Westpac money market loan

43,900,000

ASB loan 42

5,150,000

ASB loan 43

19,000,000

ACC facility

116,000,000

43,900,000

24,150,000

116,000,000

184,050,000

51,700,000

ANZ bank term facility D

17,000,000

ANZ bank term facility E

7,150,000

Total interest bearing liabilities As at 31 March 2025 Westpac money market loan

ACC facility Total interest bearing liabilities

116,000,000

7,150,000

51,700,000

17,000,000

116,000,000

191,850,000

The table above does not include estimated future interest cash flows. Interest on the ACC facility includes fixed and floating components, while interest on the ANZ, ASB and Westpac facilities are based on floating BKBM rates plus applicable margins. The Westpac facility also includes a line fee.

These notes form part of these consolidated financial statements.

P — 34

Annual Report 2026

Notes to the consolidated financial statements continued

Events occurring after the reporting period On 16 December 2025, the Group entered into an agreement to lease 228 studio apartments at 219 Cameron Road, Tauranga to the University of Waikato. Resource consent was received for the development on 29 May 2026, and construction is scheduled to commence in November 2026. On 7 May 2026, the Board declared a dividend of 53 cents per share. On 21 May 2026, as part of the dividend reinvestment plan, an allotment of 19,840 new shares was issued at $51.87 per share. On 4 August 2026, the Board declared a dividend of 56 cents per share. On 20 August 2026, as part of the dividend reinvestment plan, an allotment of 14,110 new shares was issued at $51.94 per share. Subsequent to balance date, the Group entered into an agreement with Westpac New Zealand Limited to refinance and extend the banking facilities that were due to mature on 31 January 2027. The refinanced facilities are on substantially the same terms to the Group's existing lending arrangements and extend the maturity date of the facilities to 31 August 2028. As the refinancing was completed after balance date, no adjustment has been made to the amounts recognised in these financial statements. There were no other events occurring subsequent to balance date which require adjustment to or disclosure in the financial statements.

These notes form part of these consolidated financial statements.

P — 35

Ergon Properties Limited

Independent Auditor’s Report

Grant Thornton New Zealand Audit Limited L4, Grant Thornton House 152 Fanshawe Street PO Box 1961 Auckland 1140 T +64 9 308 2570 www.grantthornton.co.nz

To the Shareholders of Ergon Properties Limited Report on the Audit of the Consolidated Financial Statements Opinion We have audited the consolidated financial statements of Ergon Properties Limited (the “Company”) and its controlled entities (the “Group”) on pages 14 to 35 which comprise the consolidated statement of financial position as at 31 March 2026, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 March 2026 and its financial performance and cash flows for the year then ended in accordance with New Zealand equivalents to International Financial Reporting Standards Reduced Disclosure Regime (“NZ IFRS RDR”) issued by the New Zealand Accounting Standards Board. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) issued by the New Zealand Auditing and Assurance Standards Board. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other than in our capacity as auditor, we have no relationship with, or interests in, the Group. Other Information Other than the Consolidated Financial Statements and Auditor’s Report thereon The Directors are responsible for the other information. The other information obtained at the date of this auditor’s report is the Directory and the Directors’ declaration included in the annual report, but does not include the consolidated financial statements and our auditor’s report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of audit opinion or assurance conclusion thereon. In connections with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

‘“Grant Thornton” refers to the brand name under which the Grant Thornton member firms provide services to their clients and/or refers to one or more member firms, as the context requires. In the New Zealand context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton New Zealand Limited and its New Zealand related entities. Grant Thornton International Limited (GTIL) and the member firms, including Grant Thornton New Zealand, are not a worldwide partnership. GTIL and each member firm are separate legal entities. Services are delivered by the member firms, GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions.

P — 36

grantthornton.co.nz

Annual Report 2026

Directors’ Responsibilities for the Consolidated Financial Statements The Directors are responsible on behalf of the Group for the preparation and fair presentation of these consolidated financial statements in accordance with NZ IFRS RDR issued by the New Zealand Accounting Standards Board, and for such internal control as those charged with governance determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for assessing the Group‘s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. A further description of the auditor’s responsibilities for the audit of the financial statements is located on the External Reporting Board’s website at: https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-71/ Restriction on use of our report This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that we might state to the Company’s shareholders, as a body, those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its shareholders, as a body, for our audit work, for this report or for the opinion we have formed.

Grant Thornton New Zealand Audit Limited

Auckland, New Zealand 02 September 2026

P — 37

Ergon Properties Limited

P — 38

Annual Report 2026

Directory Registered office of Ergon Properties Ergon Properties Limited PricewaterhouseCoopers Level 26, PwC Tower, 15 Customs Street West, Auckland 1010

Directors of Ergon Properties Arthur Young Kim Barrett Sam Bufton Kitt Littlejohn

Registered Office of the Manager Haydn & Rollett Properties Limited 1 The Warehouse Way, Northcote, Auckland 0627

Solicitors Chapman Tripp Level 34, PwC Tower 15 Customs Street West, Auckland 1010

Accountants PricewaterhouseCoopers Level 27, PwC Tower, 15 Customs Street West, Auckland 1010

Tax advisers PricewaterhouseCoopers Level 27, PwC Tower, 15 Customs Street West, Auckland 1010

Auditors Grant Thornton New Zealand Audit Limited, Level 4, Grant Thornton House 152 Fanshawe Street, Auckland 1010

P — 39