Argosy Annual Meeting Address and Presentation

2019
Annual Meeting
Create.
Manage.
Own.
Argosy Property Limited
8
th
August 2019
www.argosy.co.nz

The Board
2
Mike Smith -Chairman
Peter Brook - Director
Jeff Morrison- Director
Mike Pohio - Director
Chris Gudgeon - Director
Stuart McLauchlan - Director

Executive Team
3
Dave Fraser – Chief Financial Officer
Peter Mence – Chief Executive Officer

Agenda
4
Chairman’s Review
Chief Executive Officer’s Review
Questions
Resolutions
General Business
Close of Meeting
Note: 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.

Chairman’s Review
5
Change image
23 Customs Street, Snickel Lane

FY19 Full Year Highlights
6
35.1%
Total shareholder
return for 12 months
$70.5m
6.1yr
Annual revaluation gain,
4.3% above book value
Weighted average
lease term (WALT)
$100m
6.275c
Successful Green Bond
Issue
Full year dividend
5.0%
Net Distributable
Income increase
4 Henderson Place, Compaq
7WQ
Solid progress

Dividends
7
6.275c
FY20 dividend guidance
The Board has signalledFY20 dividend guidance of 6.275 cents per share.
The FY20 dividend reflects the Board’s wish for shareholders to share in the continued strong results
whilst allowing Argosy to maintain its momentum towards an AFFO based dividend policy.
A Q1 cash dividend of 1.56875 cents per share has been declared, with imputation credits of
0.29766 cents per share attached.
25 Sept
Q1 payment date

Governance / Risk Management
8
Your Board is committed to the highest standards of business behaviour and accountability;
We are guided by our Code of Conduct and Ethics; and
We have a well developed risk management policy & framework which manages Argosy’s risks
within the overall risk appetite set by the Board.

Capital Management
9
Argosy operates within its Capital Management Framework
The Board’s policy is for debt to total assets to be between 30% to 40%
As at 31 March 2019 Argosy’s debt to total assets ratio was 35.6%
We aim to maximise earnings through the property cycle within the following parameters:
Properties are acquired when they meet approved Investment Policy criteria, or sold when they are non Core;
Argosy is not forced to issue equity at a price that is dilutive to shareholders; and
Measured dividend growth is maintained.
35.6%
Debt-to -total assets ratio

Chief Executive Officer’s Review
10
23 Customs Street, Level 2 –Predict HQ

Create. Manage. Own.
11
Proactive delivery of sustainable
growth.
Manage all elements of the
business to deliver the right
outcomes for all our
stakeholders.
Own the right assets, with the
right attributes in the right
locations.

Portfolio at a Glance
12
Data as at 31 March 2019
TOTAL PORTFOLIO VALUE
BY SECTOR
TOTAL PORTFOLIO VALUE
BY REGION
PORTFOLIO MIX
BY VALUE
72%
25%
3%
Auckland
Wellington
Regional North Island
& South Island
82%
10%
8%
Core properties
Value Add properties
Non Core
44%
38%
18%
Industrial
Office
Retail
Divestment of non Core assets continued through FY19.
Subsequent to year end Argosy sold Albany Lifestyle Centre for $89.0m, a 2% premium to its book
value. Settlement is expected to occur on or around 27 March 2020.

Distributable Income
13
Net distributable income per
share up by 4.8%
FY19FY18
$m$m
Profit before income tax143.3109.3
Adjusted for:
Revaluations gains(70.5)(47.3)
Realised losses/(gains) on disposal(6.1)(0.3)
Derivative fair value loss/(gain)7.4 4.1
Earthquake expense net of recoveries(6.8)(0.2)
Gross distributable income67.365.6
Depreciation recovered1.7 0.6
Current tax expense(11.7)(11.6)
Net distributable income57.454.6
Weighted average number of ordinary shares (m)827.0825.1
Gross distributable income per share (cents)8.147.95
Net distributable income per share (cents)6.946.62
Net distributable income up by
5.0%
Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.

Value Add
14
The following properties have been designated as Value Add
and make up ~10% of the total portfolio:
As at 31 March 2019
8-14 Willis Street (yellow) and Stewart DawsonsCorner
(red).
PropertyLocationSector
Valuation
$m
90 -104 Springs Road, East TamakiAKLIndustrial5.7
80 Springs Road, East TamakiAKLIndustrial13.2
211 Albany Highway, AlbanyAKLIndustrial26.2
960 Great South Road, PenroseAKLIndustrial6.9
133 Roscommon Road, WiriAKLIndustrial8.7
180-202 Hutt Road, KaiwharawharaWTNIndustrial12.9
99-107 Khyber Pass Road, GraftonAKLOffice11.6
107 Carlton Gore Road, NewmarketAKLOffice29.0
8-14 Willis StreetWTNOffice22.8
Stewart DawsonsCornerWTNRetail18.3
252 Dairy Flat, AlbanyAKLRetail7.9
56 Jamaica Drive, Grenada NorthWTNLand1.1
TOTAL (excl. land)164.3
15 Unity Drive, AlbanyAKLLand4.5
TOTAL168.8

Green Assets
15
Assets with Green Star Ratings and their NABERSNZ Ratings shown below.
Value of Existing Green Assets
AddressUseCurrent NABERSNZ RatingGreen Star Rating
Asset Value
(NZDm)
1
143 Lambton QuayOffice4 Stars Energy Whole Building5 Star Office Built$29.3
15-21 Stout StreetOffice5 Stars Energy Whole Building5 Star Office Built$111.0
82 Wyndham StOfficeTargeting 5 Stars (in progress)5 Star Office Built $44.7
Total Existing Green Asset Value$185.0
Value of Green Assets Awaiting Certification
AddressUseCurrent NABERSNZ RatingTargeted Green Star Rating
Asset Value
(NZD m)
Highgate ParkwayIndustrialn/a4 Star Industrial Built (in progress)$29.5
Sub-total$29.5
Total Green Asset Value
(Existing + Awaiting Certification)$214.5
$157.4m
Expected end value of other
green projects underway
1. 31 March 2019 full year valuation.

Lease Maturity
16
Normalised lease maturity profile relatively stable over the medium term.
Strong Crown interest in 7 Waterloo Quay space.

2020 Focus
17
Create
Proactive delivery of
sustainable growth.
Manage
Manage all elements of our
business to deliver the right
outcomes for all our
stakeholders.
Own
Own the right assets, with
the right attributes in the
right locations.
Continue to invest in a diverse range of properties across sectors, locations and
sizes.
Maximise current attractive vendor market conditions.
Investment activity focused on existing portfolio.
Maintain high tenant retention rates and address key expiries / vacancies.
Leasing up of 7 Waterloo Quay.
Ensure diversity of debt funding and increase tenor.
Maintain transition towards AFFO based dividend policy.
Continue transitioning Value Add properties to drive earnings and capital growth.
Ensure projects are completed on time and on budget.
Keep investigating strategic acquisitions (off market or contiguous).

Questions
18
Change image
Albany Mega Centre

Resolutions
19
Change image
Albany Mega Centre

Resolution 1
20
That Mike Smith be re-elected as a Director.

Resolution 2
21
That Peter Brook be re-elected as a Director.

Resolution 3
22
That Stuart McLauchlan be elected as a Director.

Resolution 4
23
That Chris Gudgeon be elected as a Director.

Resolution 5
24
That Mike Pohio be elected as a Director.

Resolution 6
25
That for the purposes of NZX Listing Rule 2.11.1, the maximum
aggregate amount of remuneration payable by the Company to
Directors (in their capacity as Directors) be increased by $32,000
per annum, from $746,500 per annum to $778,500 per annum, with
effect on and from 8 August 2019.

Resolution 7
26
As a special resolution:
That the existing constitution of the Company is revoked, and the
constitution tabled at the meeting, and referred to in the explanatory
memorandum under the heading “Change to Constitution”, is
adopted as the constitution of the Company.

Resolution 8
27
That the Board be authorised to fix the Auditor’s Fees and
Expenses.

General Business
28
Change image

Close of Meeting
29

Thankyou
30

Disclaimer
31
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.
8 August 2019

---

2019 ANNUAL MEETING

Good afternoon Ladies and Gentlemen. My name is Mike Smith and I am the Chairman of Argosy
Property Limited. On behalf of my fellow directors and members of the management team, it i s my
pleasure to welcome you all to the 2019 annual meeting of shareholders of Argosy. It is my privilege to be
able to chair this meeting again.
Just a couple of housekeeping matters before we get things underway. I n the unlikely event of an
emergency, please evacuate the building using the fire exits and assemble on the corner of Albert Street
& Swanson Street. Bathrooms are located on the left down the hallway as you exit the Ballroom.
I’d like to record that the Notice of the Meeting was duly given on 11 July 2019 and as there are at least 5
shareholders here today, there is a quorum present. Accordingly, I declare the 2019 annual meeting of
Argosy Property Limited open.
Your Board considers a high standard of corporate governance is essential for sustaining the long-term
performance of a company such as Argosy. Our role as directors is to ensure the company is heading in
the right direction and creating value for our shareholders while also having regard to the interests of
other stakeholders. We are focused on ensuring that the board has the right composition of skills and
experience to be able to deliver these performance goals for all stakeholders, and I will cover shortly
what we will be doing in this area.
Before I introduce the current Board to you, I would briefly like to acknowledge the services of those
directors who departed during the 2019 financial year. Chris Hunter, Mark Cross and Andy Evans were all
experienced members of the Argosy Board. Their collective insight over many years was highly valued
and I would like to extend the Board’s appreciation for their input and contribution towards Argosy’s
success and we wish them well for the future.
While there is detailed information about the Board in the 2019 Annual Report, I would briefly like to
introduce them to you. To my right is Peter Brook.
8 August 2019


CHAIRMAN’S SPEECH (PART 1)

Peter joined the Argosy Board in 2002. Peter is presently the Chairman of BurgerFuel Worldwide Limited,
Trust Investments Management Limited and Generate Investment Management Limited. Peter is a
member of both the Remuneration and Audit and Risk Committees.
Next to Peter is Jeff Morrison a director since July 2013 and with 40 years of experience as a property
lawyer, 29 of them as a commercial property partner at Russell McVeagh. Jeff is a member of Argosy’s
Remuneration Committee.
Next, we have Stuart McLauchlan. Stuart is one of Argosy’s new directors having been appointed in
August 2018. He is a prominent businessman and company director and his directorships include being
Chairman of Scott Technology Limited and a director of EBOS Group Limited.
Next, we have Chris Gudgeon who joined the Board in November 2018. He has been involved in property
investment, development and construction in New Zealand for more than 25 years. Most recently he was
Chief Executive of Kiwi Property Group.
Next, we have Mike Pohio. Mike was appointed in February 2019 and has over 25 years of corporate
experience across a range of industries including property, investment, ports/logistics and dairy. Mike
holds a number of directorships and is currently Chairman of BNZ Partners, Waikato Region.
You will hear directly from all Directors seeking election later in today’s proceedings.
Finally, I was appointed to the Argosy Board in 2002 and have held the role of Chairman since 2005. For a
large part of my career I was employed by Lion Nathan where I held a number of senior executive
positions with the Lion Nathan Group and was a director of the parent company for 16 years. I am also a
director of several non-public companies. As well as my role as Chairman, I continue to chair the
Remuneration Committee and sit on the Company’s Audit and Risk Committee.
Seated next to the Board of directors is the Chief Executive, Peter Mence and the Chief Financial Officer,
Dave Fraser. We also have several other members of the management team here today.
I would also like to welcome our auditors, Deloitte, our solicitors, Harmos Horton Lusk, our Registrar,
Computershare and our tax advisors, KPMG, to the meeting.

The agenda for this afternoon’s meeting will be as follows:
• As Chairman, I will deliver a brief summary of Argosy’s performance;
• This will be followed by a more detailed review of the Company’s performance by our Chief
Executive, Peter Mence.
• Following these presentations, we will take questions from Shareholders.
• We will then move to the formal resolutions of the Meeting.
• And finally, we will then attend to any general business.
After the meeting has been formally closed, please join us for refreshments where the Directors and
Executives of Argosy will be available to discuss any queries you may have.
PROXIES
Proxies have been received in respect of 318,085,766 shares and these have been audited by Deloitte.
There are 827,186,969 shares on issue.
CHAIRMANS REVIEW
I am pleased to now present to you a summary of the Company’s performance for the year ended 31
March 2019. You will have received the 2019 Annual Report and financial statements, either by post or
electronically, depending on your preference.
FY19 FULL YEAR HIGHLIGHTS
The 2019 financial year has been an excellent one and the Board is very pleased to have delivered a
solid full year result with a number of highlights across the business.
Argosy delivered a total shareholder return of over 35%, outperforming the property sector by 11% which
was a fantastic result. The Company also delivered a net distributable income increase of 5%.
Rental income, earnings and distributable profit all improved on the back of strong leasing and rent
review outcomes during the year. Our portfolio metrics have been maintained or improved and the
quality of our buildings is high – as seen in the strong revaluation gain of $70.5 million for the year.
The management team worked hard over the year to resolve key lease expiries and vacancies resulting
in a consistently high occupancy rate and a weighted average lease term over six years for the second
consecutive year.

Management has continued to reposition the portfolio extremely well through the combination of
strategic acquisitions, strategic developments and the ongoing divestment of non Core assets above
their book value. Operationally, the team has achieved some great leasing outcomes through the year
and Peter will cover these elements and our financial performance in more detail in his presentation.
We have continued our focus of greening the portfolio to deliver high quality buildings and have
complemented this with the inaugural green bond for the property sector. Our successful $100 million 7
year green bond offer was very well received by Argosy investors and I would like to take this opportunity
to say thank you to our investors for their support.
We continue to make solid progress at 7 Waterloo Quay and remain in advanced negotiations with
Crown tenants. We expect to be able to announce unconditional lease commitments soon.
FULL-YEAR DIVIDEND AND FIRST QUARTER ANNOUNCEMENT
The Board was pleased to announce a 2019 full-year cash dividend of 6.275 cents per share, an increase
on the prior year. The increase in the full-year cash dividend above guidance reflects our ongoing belief
that investors should share in the continued strength of the business. However, we are also mindful that
we must maintain our momentum towards an Adjusted Funds from Operations (or AFFO) based dividend
policy over the medium term. The Board expects, based on current projections, that the cash dividend
will be at least maintained over this transition period. Therefore, the dividend for the 2020 financial year is
therefore expected to be maintained at 6.275 cents per share.
Today I can also confirm that the directors have approved today a first quarter dividend for the 2020
financial year of 1.56875 cents per share with imputation credits attached of 0.29766 cents per share. This
will be paid on 25 September 2019 with a record date of 11 September 2019.

GOVERNANCE
Sound corporate governance and stewardship remain fundamental elements to Argosy’s strong
performance. We as a Board are committed to the highest standards of business behaviour,
accountability and corporate governance best practice. We remain guided by our Code of Conduct
and Ethics which is publicly available on our website, along with Argosy’s other policies and charters.
After the conclusion of this meeting, the Directors will meet to appoint a new Non-Executive Director,
Rachel Winder. Rachel is currently Head of Property Services for Westpac New Zealand.

Rachel was previously Head of Property for Vodafone New Zealand and National Manager – Property &
Procurement for TelstraClear. The necessary formal external checks on Rachel could not be completed
in time for the notice of meeting. As a result of the timing of Rachel’s appointment, she will come up for
re-election at the 2020 Annual General Meeting.
We signalled to shareholders last year that a Board renewal process was underway. Together with new
directors seeking re-election today, Rachel’s appointment reflects this renewal process and the Board
welcomes her experience and the unique perspective she will bring to Argosy.

RISK MANAGEMENT
At Argosy, the Board continues to take a cautious approach to risk, whether it be financial, operational,
regulatory or health & safety. We have a low tolerance for risk where it may result in adverse
consequences for Argosy, its shareholders or other stakeholders. As a business Argosy does encounter
many types of risk on a daily basis however, we will always focus on managing or mitigating risk to the
fullest practical extent possible.

CAPITAL MANAGEMENT
The board regularly reviews the company’s capital management strategy. The Board’s policy is for debt
to total assets to be between 30% to 40%. Argosy continues to divest non Core assets and take
advantage of strong investor demand still present in New Zealand.
Sale proceeds will be used to continue our tenant-led green development program and/or reduce
gearing. Our gearing currently sits in the middle of the target band and remains well within all bank
covenants. The board regularly considers capital management tools at its disposal and may initiate
options as and when necessary to maximise value for shareholders.


Now, I will hand over to Peter, who will comment on our performance for the year.
-END-

---

2019 ANNUAL MEETING

Thankyou Peter.
I will now open the meeting for questions about the Company’s performance generally. Other issues can
be addressed as General Business later in the meeting.
I would like to remind you that only Shareholders, proxy holders or Shareholder company representatives
have a right to speak.
In addressing the Chair with questions would you please clearly state your name and advise whether you
are a Shareholder, a proxy holder or a Shareholder company representative.
If you have a question, there are people here with cordless microphones in the aisles, please use these so
we can all hear your question.
Do I have any questions from the floor?
QUESTIONS
........................
As there are no further questions at this time, we will now consider the formal resolutions for the Meeting.
RESOLUTIONS
The resolutions for consideration today may only be voted on by Shareholders, either in person or by
proxy, and proxy holders and Shareholder company representatives present.
As noted earlier I have been provided with a record of the valid proxies received. Proxies have been
received in respect of 318,085,766 shares and these have been audited by Deloitte. There are
827,186,969
shares on issue.



CHAIRMAN’S SPEECH (PART 2)


8 August 2019

Voting on all resolutions will be by poll. On a poll, each person voting at the meeting and each
Shareholder who has cast a vote by proxy, has one vote for each share held. We will consider each
Resolution in turn and vote on that Resolution after any discussion. There will be opportunities to ask
questions on each of the resolutions prior to the vote being called for.
To vote, you should tick the relevant box on your voting form in respect of the resolution being voted on.
Please remember to sign your voting form once you have voted. If you did not bring your voting form
with you, you should have been given a voting form at the registration desk on arrival. If you are a proxy
holder and the shareholder has given directions as to voting on every resolution, you will not have been
issued with voting papers. If you have been overlooked, please let one of the Computershare
representatives know immediately.
Company representatives have pens available if you require one to complete your forms. On completion
of the voting, your forms will be collected. When all voting forms have been collected, they will be taken
to be counted by Computershare and will be scrutinised by Deloitte.
If you are both a Shareholder and a proxy holder or Shareholder company representative, please
complete a separate voting paper for yourself and each other Shareholder you represent. All resolutions
will be voted on in the form proposed in the Notice of Meeting given to Shareholders. Each of the
resolutions is taken as having been moved and no seconder is required. The resolutions will be binding on
the Board and Company if passed.
I will now hand over to Peter Brook.
RESOLUTION 1 [change of speaker from Chairman to Peter Brook]
Resolution 1 proposes that Mike Smith be re-elected as a director of the Company.
Pursuant to Clause 24.6 of the Company’s constitution and NZX Main Board Listing Rule 3.3.11, Mike retires
by rotation. Mike was first appointed to the Board in July 2002. The Board confirms that Mike is an
independent director and Mike has confirmed that he is available for re-election.
The Board supports Mike’s re-election and believes the Company benefits greatly from his extensive
property expertise and the balance his experience brings to Argosy board.
I would now like to invite Mike to address the meeting on his proposed re-election.
Note: Allowance for Mike to present
Thank you Mike - is there any discussion on this resolution?

I now put to vote the resolution that Mike Smith is re-elected as a director of the Company.
Voting on this resolution will be by poll. Please tick the relevant box on your voting form.
Note: Pause for people to complete voting papers.
Thank you, we will now move to the next resolution.
I will now hand back to the Chairman.
RESOLUTION 2 [change from Peter Brook back to Chairman]
Resolution 2 proposes that Peter Brook be re-elected as a director of the Company.
Pursuant to Clause 24.6 of the Company’s constitution and NZX Main Board Listing Rule 3.3.11, Peter
retires by rotation. Peter was first appointed to the Board in July 2002. The Board confirms that Peter is an
independent director and Peter has confirmed that he is available for re-election.
The Board supports Peter’s re-election and believes the Company benefits greatly from his extensive
corporate expertise and the balance his experience brings to Argosy board.
I would now like to invite Peter to address the meeting on his proposed re-election.
Note: Allowance for Peter to present
Thank you Peter - is there any discussion on this resolution?
I now put to vote the resolution that Peter Brook is re-elected as a director of the Company.
Voting on this resolution will be by poll. Please tick the relevant box on your voting form.
Note: Pause for people to complete voting papers.
Thank you, we will now move to the next resolution.

RESOLUTION 3
Resolution 3 proposes that Stuart McLauchlan be elected as a director of the Company.
Pursuant to Clause 24.6 of the Company’s constitution and NZX Main Board Listing Rule 3.3.11, Stuart
McLauchlan retires by rotation. Stuart was first appointed to the Board in August 2018. The Board
confirms that Stuart is an independent director and Stuart has confirmed that he is available for re-
election.

The Board supports Stuart’s re-election and believes the Company benefits greatly from his extensive
corporate and governance expertise and the balance his experience brings to Argosy board.
I would now like to invite Stuart to address the meeting on his proposed re-election.
Note: Allowance for Stuart to present
Thank you Stuart - is there any discussion on this resolution?
I now put to vote the resolution that Stuart McLauchlan is re-elected as a director of the Company.
Voting on this resolution will be by poll. Please tick the relevant box on your voting form.
Note: Pause for people to complete voting papers.
Thank you, we will now move to the next resolution.

RESOLUTION 4
Resolution 4 proposes that Chris Gudgeon be elected as a director of the Company.
Pursuant to Clause 24.6 of the Company’s constitution and NZX Main Board Listing Rule 3.3.11, Chris
Gudgeon retires by rotation. Chris was first appointed to the Board in November 2018. The Board
confirms that Chris is an independent director and Chris has confirmed that he is available for re-election.
The Board supports Chris’s re-election and believes the Company benefits greatly from his extensive
property expertise and the balance his experience brings to Argosy board.
I would now like to invite Chris to address the meeting on his proposed re-election.
Note: Allowance for Chris to present
Thank you Chris - is there any discussion on this resolution?
I now put to vote the resolution that Chris Gudgeon is re-elected as a director of the Company.
Voting on this resolution will be by poll. Please tick the relevant box on your voting form.
Note: Pause for people to complete voting papers.
Thank you, we will now move to the next resolution.

RESOLUTION 5
Resolution 5 proposes that Mike Pohio be elected as a director of the Company.
Pursuant to Clause 24.6 of the Company’s constitution and NZX Main Board Listing Rule 3.3.11, Mike Pohio
retires by rotation. Mike was first appointed to the Board in February 2019. The Board confirms that Mike
is an independent director and Mike has confirmed that he is available for re-election.
The Board supports Mike’s re-election and believes the Company benefits greatly from his extensive
property and investment expertise and the balance his experience brings to Argosy board.
I would now like to invite Mike to address the meeting on his proposed re-election.
Note: Allowance for Mike to present
Thank you Mike - is there any discussion on this resolution?
I now put to vote the resolution that Mike Pohio is re-elected as a director of the Company.
Voting on this resolution will be by poll. Please tick the relevant box on your voting form.
Note: Pause for people to complete voting papers.
Thank you, we will now move to the next resolution.

RESOLUTION 6
That, for the purposes of NZX Listing Rule 2.11.1, the maximum aggregate amount of remuneration
payable by the Company to Directors (in their capacity as Directors) be increased by $32,000 per
annum, from $746,500 per annum to $778,500 per annum, with effect on and from 8 August 2019.
The company considers it desirable to attract and retain high performing Directors whose skill and
experience are well suited to the company’s requirements, and has adopted policy to align Directors
remuneration in the upper quartile of benchmark data. We engaged PwC to provide New Zealand listed
company benchmark summary data and, after reviewing the data, consider the increases proposed to
be appropriate and aligned with policy.
The proposed increase of $32,000 represents an annualised increase of 2.1% over the previous Directors
remuneration.

Is there any discussion on this resolution?
Thank you. Voting on this resolution will be by poll. Please tick the relevant box on your voting form.
Note: Pause for people to complete voting papers.

RESOLUTION 7
Resolution 7 is a special resolution:
That the existing constitution of the Company is revoked, and the constitution tabled at the meeting,
and referred to in the explanatory memorandum under the heading “Change to Constitution”,
is adopted as the constitution of the Company.
Is there any discussion on this resolution?
Thank you. Voting on this resolution will be by poll. Please tick the relevant box on your voting form.
Note: Pause for people to complete voting papers.

Resolution 8
Resolution 8 seeks to authorise the Board to fix the auditor’s fees and expenses.
Is there any discussion on this resolution?
Thank you. Voting on this resolution will be by poll. Please tick the relevant box on your voting form.
Note: Pause for people to complete voting papers.
That completes voting on all resolutions. I will now ask for the voting papers to be collected in the boxes
being circulated.
Note: Pause for voting papers to be collected.
Due to the number of votes to be counted, the votes collected at this meeting will be added to the
proxies already received and the results will be compiled by the registrar and scrutinised by the auditor.
The results, once available, will be published on the Argosy website and provided to the NZX.

GENERAL BUSINESS
I now move on to the general business of the meeting and open the floor for questions or comments.
Again, I ask that in addressing the Chair with questions would you please clearly state your name and
advise whether you are a Shareholder, a proxy holder or a Shareholder company representative. I would
like to remind you that only Shareholders, proxy holders or Shareholder company representatives have a
right to speak.
Note: General business discussion - if any.

CHAIRMAN’S CLOSING
That completes the formal business of the meeting.
Thank you everyone for your attendance and participation this afternoon.
I formally declare this meeting closed.
Please join us for refreshments.
THANK YOU
-END-

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2019 ANNUAL MEETING

CHIEF EXECUTIVE OFFICERS REVIEW
Thankyou Mr Chairman. As noted earlier, I’ll be covering off strategy, taking you through a few more
elements of the FY19 results in a little more detail before rounding out with an update of the NZ market as
we see things.
CREATE. MANAGE. OWN
This slide is nothing really new to what we fundamentally do, we’re just articulating it in a better way.
Our Create, Manage, Own framework, complements our overall Investment Strategy and Investment
Policy. Ultimately, Argosy is focused on Creating sustainable growth - a good example of this is our focus
on greening the portfolio through organic growth and our Value Add properties. We’re passionate about
Managing the business for all our stakeholders - that includes our shareholders, staff, tenants and external
partners - and we ensure we Own the right assets in the right locations - and you’ve seen us delivering on
this through all our various portfolio activities including strategic acquisitions and divestments.
We think this is a simple strategic message and provides very clear way forward. In terms of our
Investment Policy, we have made a small change in that we will now consider management of external
portfolios where it is complementary to the strategy of the business.

PORTFOLIO AT A GLANCE
You’ll all be used to thee charts illustrating the portfolio composition in various ways.
I will just note the retail weighting in the first chart is towards the lower end of its 15-25% band. This will
reduce further with Albany Lifestyle under contract for sale in March 2020. I note that in the other charts,
our portfolio weightings by region and mix have not moved materially from the prior year, other than the
impact of the sale of an industrial asset in Palmerston North.
8 August 2019


CEO’S SPEECH

DISTRIBUTABLE INCOME
Here we have our distributable income slide, and after adjusting for non-cash items including
revaluations, realised gains and derivative losses, gross distributable income was $67.3 million up 2.5
percent on the prior year. Net distributable income was $57.4 million compared to $54.6 million in the
prior year, an increase of 5 percent. On a per share basis, net distributable income was up 4.8 percent –
so we were very pleased with the result overall.

VALUE ADD
There is solid construction activity on Value Add assets in the portfolio at the moment.
80 Springs Road – which is an upgrade of an existing well located industrial asset, 180-202 Hutt Road
where Placemakers have moved into their new building in Wellington.
99-107 Khyber Pass Road is a building upgrade which is one of our Green projects which I’ll speak to
shortly along with 8-14 Willis Street and Stewart Dawson Corner, representing an exciting redevelopment
in the Wellington CBD.

GREEN ASSETS
Here we briefly summarise some of our current list of green assets which currently totals a little over $200
million or around 13 percent by value. These assets underpinned our successful $100 million Green Bond
Issue earlier in the year and continues to reflect the congruity between how we grow the business and
how we fund the business. I also note the $157 million expected end value of green projects now
underway.

LEASE MATURITY
With a weighted average lease expiry of over 6 years, leasing has gone very well for us over 2019. As you
know we like to keep the lease expiry profile under 10 percent each year. We’re not dealing with an
onerous year until around March 2025. Over the first quarter of the FY20 financial year we have achieved
some good leasing outcomes with our lease expiry profile reducing 3% to a little over 5%.
We have continued to make strong leasing progress at 7 Waterloo Quay and are in advanced stages
with several Crown tenants.

2020 FOCUS
Looking ahead under our Create, Manage, Own framework.
We’ll continue to transition the Value Add properties in the portfolio – particularly green developments –
and you’ve seen we have made good progress on this through the 2019 year. We will keep working on
strategic acquisitions ensuring they add value to the existing business.
As a result of this work we expect the strong environmental focus to deliver a high proportion of green
assets into the portfolio.
We remain focused on maximising portfolio performance and retaining tenants, resolving vacancies and
addressing key lease expiries are all part of this. We will ensure our capital position remains solid through
the continued diversification of our debt funding and increasing the tenor to provide added certainty.

And lastly, we’ll remain focused on our progress towards a sustainable AFFO based dividend policy.
Argosy is about owning the right properties, with the right attributes in the right locations and we will
continue to deliver on this by investing in a diverse range of properties by sector, location and asset
value. At the same time, we will ensure we leverage attractive market conditions to divest assets where
appropriate whilst maintaining our value add approach to the existing portfolio.
Now, I will hand you back to the Chairman.

-END-