2018 Retail Roadshow Presentation

2018
Retail Roadshow
Presentation
Argosy Property Limited
28 May 2018 to 18 June 2018
www.argosy.co.nz

AGENDA
2
HighlightsPage 4
FinancialsPage 6
Strategy Page 16
Leasing UpdatePage 31
OutlookPage 35
PRESENTED BY:
Peter Mence CEODave Fraser CFO
Note: This result should be read in conjunction with the NZX stock exchange
release dated 23 May 2018. Due to rounding, numbers presented in this
presentation may not add up exactly to the totals provided and percentages
may not exactly reflect absolute figures.

Our strength lies in the diversity of our
properties across sectors, grades, sizes
and locations allowing us to adapt to
the changing needs of our growing
family of tenants.
Peter Mence
CEO
3

HIGHLIGHTS
4
Change image

HIGHLIGHTS
6.62c
1.55c
$1.12
3.0%
98.8%
6.1 years
Net Distributable Income
per share +1.1%
4
th
Quarter Dividend +1.6%
Occupancy (by rental)
Annualisedrent review
increase
NTA +5.5% on prior year
WALT
$101m
Net property income
5
6.25c
FY19 dividend guidance,
+1%
$48.8m completed,
including $33.8m of
green projects
Value Add Developments

FINANCIALS
6
Change image

Income Reconciliation
7
106.8
1.3
-1.3
2.5
0.4
-0.1
-2.2
107.4
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
110.0
120.0
Gross Property
Income FY17
Acquisitions /
developments
DisposalsRent reviewsVacancy & leasing
up
OtherNet movement re
NZ Post House
Gross Property
Income FY18
Rental income $m

Financial Performance
8
FY18F17
$m$m
Net property income101.0100.8
Administration expenses(9.9)(9.3)
Profit before financial income/(expenses),
other gains/(losses) and tax
91.191.4
Interest expense(25.5)(25.9)
Gain/(loss) on derivatives(4.1)11.0
Revaluation gains47.3 42.3
Realised gains/(losses) on disposal0.3 2.7
Net: Insurance proceeds & earthquake
expense
0.2 (1.2)
Profit before tax109.3120.4
Taxation expense(11.1)(16.8)
Profit after tax98.2103.6
Basic and diluted earnings per share (cents)11.9012.69
Net income stable year on year
Expenses up due to additional
resourcing costs across the
business
Non cash impact of derivatives
Solid year-on-year revaluation
gains largely driven by cap rate
firming
Lower taxation expense primarily
due to deferred tax movements
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not exactly reflect the
absolute figures.

Distributable Income
9
Current tax lower due to higher
capitalisedinterest,
depreciation and non-
assessable insurance proceeds-
reinstatement
Net distributable income
increased 1.1%
FY18FY17
$m$m
Profit before income tax109.3120.4
Adjusted for:
Revaluations gains(47.3)(42.3)
Realised losses/(gains) on disposal(0.3)(2.7)
Derivative fair value loss/(gain)4.1 (11.0)
Earthquake expense net of recoveries-0.21.2
Gross distributable income65.665.6
Depreciation recovered0.6 1.0
Current tax expense¹(11.6)(13.1)
Net distributable income54.653.5
Weighted average number of ordinary shares (m)825.1816.7
Gross distributable income per share (cents)7.958.03
Net distributable income per share (cents)6.626.55

Investment Properties
10
1,442.2
61.4
-10.1
-27.4
47.3
-0.3
1,513.1
1,200.0
1,250.0
1,300.0
1,350.0
1,400.0
1,450.0
1,500.0
1,550.0
Investment Properties
FY17
Capitalised costsDisposalsTransfer to properties
held for sale
RevaluationsOtherInvestment Properties
FY18
Investment Properties $m
Portfolio growth driven by a combination of developments completed and revaluation gains

Movement in NTA per share
11
* Excluding revaluations
Annual revaluation gain key driver of 5.5% NTA uplift year on year
1.06
0.06
0.05
0.01
(0.06)
1.12
1.00
1.02
1.04
1.06
1.08
1.10
1.12
1.14
1.16
1.18
1.20
NTA at FY17Profit for the year*RevaluationsDRP & otherDividends paidNTA at FY18
$ per share

Gearing
12
Further divestment of non Core assets will see the portfolio repositioned to the lower end of its retail
band (15-25%) and higher end of industrial band (40-50%) over next 12-18 months.
The asset held for sale is 7 Wagener Place (Auckland), sold for $31.0m and which settles in July 2018.
New target policy gearing range of between 30-40% (previously 35-40%).
FY18FY17
$m$m
Investment properties1,513.11,442.2
Assets held for sale27.413.0
Other assets4.33.4
Total assets1,544.81,458.6
Bank debt (excl. capitalised borrowing costs)554.2529.9
Debt-to-total-assets ratio35.9%36.3%
35.9%
Debt-to-total assets ratio

Portfolio Snapshot
13
Our focus is delivering improved portfolio quality and is reflected in our strong portfolio metrics
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY14FY15FY16FY17FY18
WALT (years)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
FY14FY15FY16FY17FY18
Debt-to-total-assets
80.0%
82.0%
84.0%
86.0%
88.0%
90.0%
92.0%
94.0%
96.0%
98.0%
100.0%
FY14FY15FY16FY17FY18
Occupancy
$0.85
$0.90
$0.95
$1.00
$1.05
$1.10
$1.15
FY14FY15FY16FY17FY18
Net Tangible Assets

Funding & Interest Rate
Management
14
Argosy maintains strong relationships with its banking partners ANZ Bank New Zealand Limited, Bank
of New Zealand and The Hongkong and Shanghai Banking Corporation Limited, and remains well
within its banking covenants.
Argosy restructured its syndicated bank facility in May 2017 and February 2018.
FY18FY17
Weighted average duration of bank facility3.1 years2.5 years
Weighted average interest rate
1
4.98%4.88%
Interest Cover Ratio3.3x3.4x
% of fixed rate borrowings62%65%
Average fixed interest rate
2
4.56%4.56%
¹ Including margin and line fees
2
Excluding margin and line fees
3.1 years
Weighted avg. bank facility term

Dividends
15
6.25c
FY19 dividend guidance
A final quarter cash dividend of 1.55 cents per share has been declared, with imputation credits of
0.3744 cents per share attached, and will be paid on 27 June 2018
FY19 dividend guidance of 6.25 cents per share is an increase of ~1.0% on the FY18 full year
dividend
The FY19 dividend reflects the Boards wish for shareholders to share in the continued strong results
whilst allowing Argosy to maintain its momentum towards an AFFO based dividend policy over the
medium term
27 June
Final quarter dividend paid

Strategy Overview
16

Strategy
17
Argosy will continue to invest in a diverse range of properties across sectors, grades, sizes and
locations.
Our Investment Strategy consists of Core and Value Add properties.
Core properties between 75-90% of the portfolio by value.
Our Investment Policy sector band parameters (by value) are:
Industrial 40-50%
Office 30-40%
Retail 15-25%
As at 31 March 2018, Argosy was operating within the parameters of its Investment Policy.
Argosy strives to deliver reliable and sustainable returns to shareholders. We take a considered
approach to acquisition, divestment, development, leasing and capital management decisions,
reflecting our proposition to shareholders as a dividend stock, with all the advantages of the
PIE Regime.

Portfolio at a glance
TOTAL PORTFOLIO VALUE
BY SECTOR
TOTAL PORTFOLIO VALUE
BY REGION
PORTFOLIO MIX
BY VALUE
71%
24%
5%
Auckland
Wellington
Regional North Island &
South Island
87%
7%
6%
Core properties
Properties and land to divest
Value Add properties
18
42%
38%
20%
Industrial
Office
Retail
Focus on continuing the divestment programmeof non Core assets
Expect to move towards the higher end of the industrial band and lower end of the retail band
over the medium term

Portfolio Metrics
19
Note: Data as at 31 March 2018
The strength of our diversified portfolio is in the breadth and depth of our tenant base and sectors
they represent.
Top 10 Customers by Rent
MBIE
NZ Post
General Distributors
Cardinal Logistics
The Warehouse
Ezibuy
Ministry of Primary
Industries
Mitre 10
Te Puni Kokiri
Tonkin & Taylor
All other
Rent Roll by Industry
Government
Administration
Retail
Transport and Storage
Manufacturing
Property & Business
Services
Wholesale Trade
Finance and Insurance
Electricity, Gas and Water
Supply
All other

Revaluations
20
Strong revaluation gain 3.2% above
book value
Regionally, Auckland biggest
contributor
Wellington office: Stout Street
recorded $13m increase but overall
result offset by 7 Waterloo Quay
(earthquake) and Stewart Dawson
Corner which is currently under
development
At 83%, the Industrial portfolio
biggest contributor of the total gain
followed by office (12%) and retail
(5%)
Portfolio market yield firmed 33bps
with Auckland firming 39bps and
Industrial 38bps
31 March
18 Book
Value
($m)
31 Mar 18
Valuation
($m)
Δ
$m
Δ
%
Market Yield
1
31 Mar 1731 Mar 18
Auckland1,025.4 1,081.5 56.1 5.5%7.14%6.75%
Wellington367.1 358.1 (9.0)-2.5%7.53%7.60%
North Island Regional & South Island73.3 73.5 0.2 0.3%8.70%7.96%
Total1,465.8 1,513.1 47.3 3.2%7.31%6.98%
31 March
18 Book
Value
($m)
31 Mar 18
Valuation
($m)
Δ
$m
Δ
%
Market Yield
31 Mar 1731 Mar 18
Industrial598.5 637.5 39.0 6.5%7.12%6.74%
Office571.7 577.3 5.6 1.0%7.58%7.37%
Retail295.6 298.3 2.7 0.9%7.27%6.80%
Total1,465.8 1,513.1 47.3 3.2%7.31%6.98%
1
Yields exclude 7 Waterloo Quay and Stewart Dawson Corner

Value Add
21
The following properties have been designated as Value Add,
which make up ~6% of the total portfolio:
¹ At 31 March 2018
PropertySectorLocation
Market Value
1
$m
90 -104 Springs RoadIndustrialAuckland5.4
80 Springs RoadIndustrialAuckland10.0
211 Albany HighwayIndustrialAuckland20.5
960 Great South RoadIndustrialAuckland6.1
99-107 Khyber Pass RoadOfficeAuckland8.7
8-14 Willis Street / Stewart Dawson CnrOffice/RetailWellington26.3
180-202 Hutt RoadRetailWellington9.3
TOTAL $m (excl. land)86.3
56 Jamaica DriveLandWellington1.1
15 Unity DriveLandAuckland4.3
246 Puhinui RoadLandAuckland3.2
TOTAL $m94.9

Value Add –Stewart Dawson Corner
22

23
Value Add –Stewart Dawson Corner

Industrial
NUMBER OF BUILDINGS
36
MARKET VALUE OF ASSETS ($M)
$637.6
OCCUPANCY (BY INCOME)
99.9%
WALT (YEARS)
7.4
PASSING YIELD
6.7%
24

Office
NUMBER OF BUILDINGS
17
MARKET VALUE OF ASSETS ($M)
$577.3
OCCUPANCY (BY INCOME)
97.3%
WALT (YEARS)
5.0
PASSING YIELD
7.0%
25

Retail
NUMBER OF BUILDINGS
8
MARKET VALUE OF ASSETS ($M)
$298.3
OCCUPANCY (BY INCOME)
100%
WALT (YEARS)
5.7
PASSING YIELD
7.1%
26

Completed Developments
27
Argosy completed two green developments totalling $33.8m during the period being Highgate
Business Park (targeting 4 Green Star Industrial Built Rating) and 82 Wyndham Street (targeting 5
Green Star Office Built Rating).
82 Wyndham will be targeting a 4 Star NabersNZ energy efficient rating now the building is fully
occupied.
DevelopmentMajor TenantTypeLocation
Total Cost
$m
Highgate Business ParkMighty ApeINDAKL24.7
82 WyndhamPanukuOFFAKL9.1
Foundry DrivePolarcold Stores LtdINDCHC7.5
Snickel LaneVariousOFFAKL7.5
TOTAL48.8

Green Case Study
28
Valuation
Building rating:
NABERSNZ rating:
Total project capex¹
BEFORE:AFTER:
$29.0m (31 March 2017)$42.3m (31 March 2018)
nilTargeting 5 Star Office Built Rating
nilTargeting 5 Star Office Base Build Rating
$9.1m
82 Wyndham Street, Auckland
Replaced air conditioning system to 100% above building code with CO
2
sensors
LED lighting with intelligent controls (daylight & occupancy)
Material increase in the building’s end of trip facilities
Energy monitoring capability to facilitate NABERSNZ measurement and emission reporting
NEW FEATURES:
1. Including green aspects

29
Air conditioning system to 50% above building code with CO
2
sensors
LED with intelligent controls for daylight and occupancy sensors throughout
Energy metering meets Green Star requirements and separates lighting, air-condition and three
point power
Rain water harvesting, for use in the gardens and toilets with water meters
NEW FEATURES:
1. Excluding land valued at $8.1m, making a total value of $24.7m
HighgateBusiness Park, Auckland
Green Case Study
Valuation
Building rating:
NABERSNZ rating:
Total project capex¹
BEFORE:AFTER:
Nil$28.2m (31 March 2018)
nilTargeting 4 Star Office Built Rating
nilnil
$16.6m

NZ Post House, at 7 Waterloo Quay
30
Damage Assessment
Interim damage assessment reports now with insurers.
Insurance Claim
Three interim claims made under Argosy’s material damage and business interruption insurance.
Total recognised to 31 March was $9.8m (after deductible) and allocated as follows;
Loss of rents: $5.7m, Material damage expense: $2.3m and Expense recoveries: $1.8m.
Reinstatement
Proceeding swiftly with affected floors ready for occupation during FY19.
Reinstatement work on Levels 1-4 & 7 and Levels 10-12.
Programme cost estimated at $41 million to complete.
Leasing
Levels 10-12 are expected to be ready for occupation by March-19.
Very strong market enquiry.

Leasing Update
31
Change image

Leasing Success
32
Excellent leasing results over the back half of the year driving the higher WALT of 6.1 years
During the period Argosy completed 51 leasing transactions totalling ~150,000m² of NLA.
Notable leasing successes include:
Some larger FY19 lease expiries include:
PropertyTenantNLA (sqm)Lease Term
9 Ride Way, Albany Amcor Flexibles (New Zealand) Limited 9,17815 years
8 Forge Way, PanmureEclipx Fleet Holdings 4,23012 years
143 Lambton QuayTe Puni Kokiri 6,2156 years
105 Carlton Gore Rd, NewmarketTonkin & Taylor4,3773 years
147 Lambton QuayMBIE5,5601.5 years
PropertyTenantNLA (sqm)Status
147 Gracefield Rd, Seaview
The Information
Management Group
8,018In discussion with tenant
80 Springs Road, East Tamaki Coda GP Limited 9,675Extension to 31-Aug-18
12-16 Bell Avenue, Mt Wellington Mainfreight Limited 5,046
In discussion with tenant for
extension

9.9%
10.0%
8.6%
9.7%
4.2%
4.7%
10.0%
12.8%
11.3%
2.6%
15.0%
1.2%
29
23
28
21
17
12
9
12
8
4
13
0
5
10
15
20
25
30
35
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
Percentage of portfolio (by income)
Total ExpiryVacancyLargest Expiry
The number above each bar denotes the total tenant expires per year (excluding monthly carparks and tenants with multiple leaseswithin one property)
Yearending
Lease Maturity
33
Lease maturity profile relatively stable over the medium term, no material single tenant exposure

Market Update
34
Modest economic growth still forecast which will drive steady net absorption.
The mixture of a stable economy and continued technology change is driving demand for
industrial assets.
Growth in Auckland office supply is yet to cause concern, projections for increased vacancy
around 2020 are unchanged.
Wellington office vacancy continues to reduce with rental growth resulting.
Tougher funding environment will continue to impact developers. This will create potential
opportunities for Argosy.
Increasing construction costs and slowing of cap rate compression positives for rental growth if net
absorption continues.
Land values easing.
Focus on green assets, seismic performance and hazard management.

Outlook
35
Change image

Outlook
36
Fundamental real estate drivers remain sound.
Whilst global volatility is still present, the New Zealand economic outlook is still positive with
economic growth forecast and resilient local equity markets.
Argosy’s diversified portfolio provides balance across sectors allowing it to make the most of
market conditions.
Argosy will continue to focus on resolving near term expiries, maintaining high tenant retention
rates and ensuring core portfolio metrics remain strong.
Given the market appears to be firmly valued, divesting non Core assets to reinvest elsewhere or to
the balance sheet is more attractive versus acquiring.
We will continue to focus on our existing portfolio of value add properties in the context of
sustainability given the environmental and business benefits they can bring.
We remain focused on creating value and delivering sustainable and attractive risk adjusted
returns to shareholders.
Rental growth to continue.
Green assets will continue to see increase in demand.

Thank you.
37

Disclaimer
38
This presentation has been prepared by Argosy Property Limited. The details in this presentation
provide general information only. It is not intended as investment or financial advice and must
not be relied upon as such. You should obtain independent professional advice prior to making
any decision relating to your investment or financial needs. This presentation is not an offer or
invitation for subscription or purchase of securities or other financial products. Past performance
is no indication of future performance.
All values are expressed in New Zealand currency unless otherwise stated.
28 May 2018