Argosy Dividend Reinvestment Plan Update

This document is dated 30 June 2020 and sets out the terms and conditions of the Argosy Property
Limited Dividend Reinvestment Plan (“DRP”) established by Argosy Property Limited (“Company”)
as a means by which shareholders in the Company may elect to have fully paid shares issued to them
in lieu of all or a specified part of any dividends otherwise payable to them.
Argosy Property Limited
Dividend Reinvestment Plan

Terms &
Conditions
These terms and conditions (“Terms”) are issued in compliance with the Financial Markets
Conduct Act 2013, which exempts the Company from the need to issue a product disclosure
statement in respect of the DRP.
These Terms replace the terms and conditions of the Company’s Dividend Reinvestment Plan
dated 30 September 2016 (the “Former DRP”). An election already made under the Former DRP
will apply under these Terms.

3
Terms and Conditions
Argosy Property Limited Dividend Reinvestment Plan
cannot participate in the DRP while the sum
remains unpaid.
8. Normal cash dividend payments will be made in
respect of shares not participating in the DRP.
ELECTION TO PARTICIPATE
9. Election to participate in the DRP may be made
by a shareholder at any time by completing and
sending to the Registrar an Election Notice in the
form attached to these Terms. Following receipt
by the Registrar of a correctly completed
Election Notice, participation in the DRP will
commence from the Election Date for the next
dividend.
10. An Election Notice will not attach to the shares
in respect of which it has been given but will be
personal to the shareholder giving it. This means
that participating shares will cease to participate
upon transfer, and the transferee will not be
eligible to participate in the DRP in relation to
those shares, unless the transferee has submitted
a valid Election Notice or unless the transferee is
an existing shareholder who has elected full
participation.
11. The Company will give shareholders a
reasonable opportunity to elect to participate
in the DRP.
DEGREE OF PARTICIPATION
12. Participation in the DRP may be either full
or partial.
Full Participation
In choosing full participation, the Participant
elects to include in the DRP all shares held now
or in the future.
Partial Participation
In choosing partial participation, the Participant
elects to include in the DRP EITHER:
(a) the number of shares nominated by the
Participant in the Election Notice; OR
(b) the proportion of the Participant’s shares
from time to time (including any shares
subsequently acquired (less shares sold from
time to time)) nominated in the
Election Notice.
PRELIMINARY
1. These Terms constitute the terms and conditions
of the DRP established by the Company.
2. The DRP will continue in operation until
suspended or terminated by the Company
pursuant to clause 33.
OPERATION OF THE DRP
3. By electing to participate in the DRP, a Participant
elects to forgo cash dividends on shares
participating in the DRP and is instead entitled to
acquire fully paid shares in the Company, to the
extent of their participation in the DRP (and
subject to these Terms). The Company will, on the
day that a Participant would have otherwise been
paid a cash dividend on shares participating in the
DRP, issue the number of new fully paid shares to
which the Participant is entitled under the DRP.
Shares issued under the DRP will be issued on
these Terms, will all be subject to the same rights
as each other and will rank equally in all respects
with each other and with all other fully paid
shares in the Company as at the date of issue.
4. The Board will determine the source of payment
for the shares issued under the DRP and for this
purpose may capitalise any amount available for
payment of the dividend in accordance with the
Constitution. Argosy’s dividend policy is available
on its website, www.argosy.co.nz.
PARTICIPATION
5. Participation in the DRP is optional and is open
to all shareholders except to the extent that the
Company excludes shareholders in jurisdictions
outside New Zealand where to extend the DRP to
that jurisdiction would risk breaching the laws of
that jurisdiction or where it would be unduly
onerous for the Company to extend the DRP to
that jurisdiction. For further details please see
clauses 27 and 28.
6. Shares which do not qualify for a dividend under
their terms of issue, or by virtue of any of the
terms of the Constitution, cannot participate in
the DRP.
7. Any shares over which the Company has a lien or
charge in accordance with the Constitution or
otherwise, for a sum that is presently payable,

4
Terms and Conditions
Argosy Property Limited Dividend Reinvestment Plan
EFFECT OF TRANSFER OF SHARES
18. A Participant who transfers all of their shares will
be deemed to have terminated their participation
in the DRP on the date the transfer of their
shareholding is registered.
19. If a Participant who has elected full participation
disposes of part of their shareholding without
giving the Registrar notice of termination of
participation, the Participant will be deemed to
have terminated their participation in the DRP
with respect to those shares disposed of, on the
date the relevant transfer is registered.
20. Where a Participant who has elected partial
participation (in respect of a nominated number
of shares) transfers part of their shareholding
without giving the Registrar notice of intention to
vary or terminate their partial participation in the
DRP, the shares transferred will be deemed to be
shares which are not participating in the DRP. If
the number of shares transferred is more than the
number of non-participating shares held by the
Participant, the transfer will be deemed to include
all such non-participating shares and the balance
will be attributed to participating shares.
21. Where a Participant who has elected partial
participation (in respect of a nominated
proportion of shares) transfers part of their
shareholding without giving the Registrar notice
of intention to vary or terminate their partial
participation in the DRP, the number of
participating shares held by that Participant
will be reduced proportionately.
CALCULATION OF ENTITLEMENTS
22. The number of new fully paid shares to be
issued to a Participant in respect of a dividend
will be calculated in accordance with the
following formula:
S x D
P
where:
S = the number of shares held by the Participant
as at the Record Date for the relevant dividend
which are participating in the DRP.
D = the net amount of the dividend (expressed in
13. If a Participant who has elected partial
participation in respect of a nominated number
of shares (rather than a nominated proportion
of shares):
(a) ceases to hold that nominated number of
shares, the Participant will be deemed to
have elected full participation while that
Participant holds less than the specified
number of shares; or
(b) subsequently acquires shares, those shares
will not participate in the DRP unless
the Participant sends to the Registrar an
appropriate Notice of Change or Withdrawal.
14. If an Election Notice does not indicate the degree
of participation, or if it purports to elect both full
participation and partial participation at the same
time, it will be deemed to be an application for full
participation provided it is otherwise correctly
completed and signed.
VARIATION AND TERMINATION
OF PARTICIPATION
15. A Participant may at any time, by completing and
sending to the Registrar a Notice of Change or
Withdrawal in the form enclosed with these Terms:
(a) change the Participant’s degree of participation
in the DRP (subject to the requirements of the
DRP); or
(b) terminate participation in the DRP.
16. A Notice of Change or Withdrawal takes effect
from the first Election Date after the correctly
completed Notice of Change or Withdrawal is
received by the Registrar.
17. If a Participant who is an individual dies, his or her
participation will be terminated upon receipt by
the Registrar of notice in a form acceptable to the
Company of that Participant’s death. Receipt by
the Registrar of notice of the death of one of two
or more joint shareholders will not terminate
participation in the DRP by the surviving
shareholder(s).

5
non-participating shares (if applicable);
(e) the amount of any taxation deductions;
(f) the amount of any imputation or other
taxation credits; and
(g) such other information (if any) as the Board
considers necessary.
INFORMATION NOT PUBLICLY AVAILABLE
25. At the time the price of the new shares is set in
accordance with clause 22, the Company must not
have any information that is not publicly available
that would, or would be likely to, have a material
adverse effect on the realisable price of the shares
if the information were publicly available.
COSTS TO PARTICIPANTS
26. No brokerage, commissions or other transaction
costs will be payable by Participants under the
DRP.
OVERSEAS UNITHOLDERS
27. The Company is entitled to decline to accept or
disregard any Election Notice or Notice of Change
or Withdrawal lodged by any shareholder resident
or otherwise subject to the laws of a jurisdiction
outside New Zealand if by extending the DRP to
that jurisdiction, the Company would risk
breaching the laws of that jurisdiction or if it
would be unduly onerous for the Company to
extend the DRP to that jurisdiction.
28. The Company is entitled to suspend or terminate
the participation of any Participant who ceases to
be a resident of New Zealand until such time as it
can assess the legal requirements of the
jurisdiction to which the Participant has moved to
determine whether by extending the DRP to that
jurisdiction, the Company would risk breaching
the laws of that jurisdiction or whether it would
be unduly onerous for the Company to extend the
DRP to that jurisdiction.
cents and fractions of a cent after deduction
of any New Zealand withholding tax or
other taxes and excluding the amount of any
imputation credits attached to that dividend)
to which the Participant is entitled in respect
of each participating share.
P = the price equal to the weighted average of the
prices at which shares in the Company are
sold through NZX during the period of seven
calendar days commencing on the ex date
(being the day that is one business day before
the Record Date for the relevant dividend),
or if no sale occurs during that period, the
net asset value per share on the basis of the
Company’s most recently audited financial
statements, and in each case less such discount
(if any) of up to 5% of the weighted average
price or net asset value per share (as the case
may be), as the Board may determine from
time to time.
23. Where the number of new shares calculated in
accordance with the preceding formula includes
a fraction which is exactly one half or greater,
the number will be rounded up to the nearest
whole number. Otherwise the number will be
rounded down to the nearest whole number and
any residual balance of dividend entitlement
arising from such rounding will be forgone by
the Participant and will become an asset of
the Company.
STATEMENTS TO PARTICIPANTS
24. The Registrar will send to each Participant, as soon
as practicable after each dividend payment date, a
statement detailing in respect of that Participant:
(a) the number of participating shares held as at
the Record Date for the relevant dividend;
(b) the amount of the cash dividend in respect
of those participating shares which has been
applied towards subscribing for new fully
paid shares;
(c) the number and issue price of new shares
allotted to the Participant in respect of the
relevant dividend;
(d) the amount of cash dividend paid in respect of

6
Terms and Conditions
Argosy Property Limited Dividend Reinvestment Plan
SUSPENSION AND TERMINATION OF THE DRP
33. The Company may at any time suspend the
operation of the DRP, either for a fixed period or
until further notice. The Company will announce
any suspension or subsequent reinstatement to
NZX. The Company may at any time terminate the
DRP by announcement to NZX. The Company is
not required to provide notice to any shareholder
of any suspension, reinstatement or termination of
the DRP.
34. If the DRP is suspended or terminated then
elections made under the DRP will cease to have
effect and the shares will revert to their previous
character in relation to dividends (in the case of a
suspension, until the Company lifts the suspension
or the Participant withdraws from the DRP,
whichever first occurs).
TAXATION
35. Neither the Company, nor any of its officers,
employees or advisers:
(a) takes responsibility for the taxation liability
of Participants or the tax consequences of any
election made by any shareholder; or
(b) accepts responsibility for the accuracy or
correctness of any information as to tax liability.
36. Specific taxation advice should be sought by
shareholders.
NZX QUOTATION
37. The shares to be issued under the DRP have been
accepted for listing by the NZX and will be quoted
upon completion of allotment procedures.
However, NZX accepts no responsibility for any
statement in this booklet.
BOARD’S DISCRETION
29. The Board may at any time in its sole discretion
determine that:
(a) participation in the DRP will not apply to
the whole or a part of any dividend, in which
event Participants may not apply any dividend
or the balance of any dividend (as the case
may be) towards subscribing for shares under
the DRP;
(b) an Election Notice shall cease to be of any
effect; and/or
(c) in the event of any subdivision, consolidation,
or other rearrangement or reconstruction of
shares, an Election Notice will be deemed to
be an Election Notice in respect of the shares
as subdivided, consolidated or otherwise
rearranged or reconstructed unless the
Election Notice is subsequently changed or
withdrawn by the Participant.
VARIATION OF THE DRP
30. The Company may at any time vary the terms of
the DRP as it thinks fit, provided that the variation
does not:
(a) remove or vary a right to receive shares under
the DRP that has already accrued by reason
of the payment of the relevant dividend; or
(b) impose on a Participant any obligation to
pay money.
The Company will describe any such variation in
an announcement to NZX and is not required to
send notice of any variation to shareholders.
31. Neither a determination by the Board of a rate
of discount for the purposes of clause 22, nor a
suspension or termination (in whole or in part)
of the DRP pursuant to clause 33, amounts to a
variation of the DRP.
32. If the DRP is varied, then an Election Notice
shall be deemed to be an Election Notice
under the DRP as varied unless such Election
Notice is subsequently changed or withdrawn
by the Participant.

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DEFINITIONS
43. In these Terms, unless the context otherwise
requires, the following terms have the following
meanings:
Board means the board of directors of the
Company.
Constitution means the constitution of the
Company.
Company means Argosy Property Limited.
DRP means the Argosy Property Limited
Dividend Reinvestment Plan established by the
Company under the Constitution and on these
Terms, as amended from time to time.
Election Date means the first Business Day
after the Record Date or such later date set by
the Board.
Election Notice means the Election Notice
accompanying these Terms.
Notice of Change or Withdrawal means the
Notice of Change or Withdrawal accompanying
these Terms.
NZX means NZX Limited.
Participant means an eligible shareholder who
has correctly completed (and has not withdrawn)
an Election Notice and delivered the Election
Notice to the Registrar.
Record Date means 5pm on the date fixed by the
Board to determine shareholder entitlements to a
dividend.
Registrar means Computershare Investor
Services Limited.
share means an ordinary share in the Company.
shareholder means a person registered as the
holder of a share on the Company’s share register.
Terms mean the terms and conditions of the DRP
contained in this document, as amended from time
to time.
ANNUAL REPORT AND FINANCIAL STATEMENTS
38. Copies of the Company’s most recent annual
report and most recent financial statements
complying with the Financial Reporting Act 2013
(and any auditor’s report on those financial
statements) are available to shareholders free of
charge upon request from:
Argosy Property Limited
Unit A, Level 1
39 Market Place
Auckland 1010
PO Box 90214, Victoria Street West
Auckland 1142
Telephone: (09) 304 3400
Toll Free: 0800 653 653
Facsimile: (09) 302 0996
E-mail: service@argosy.co.nz
39. An electronic copy of these documents
can be downloaded from Argosy’s website
at www.argosy.co.nz.
NOTICES
40. Unless the DRP otherwise requires, a notice or
other communication to be given to the Company
under or for the purposes of the DRP shall be in
writing and shall be given by sending or delivering
it to the Registrar at the following address:
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Private Bag 92119
Victoria Street West
Auckland 1142
Telephone: (09) 488 8777
Email: enquiry@computershare.co.nz
41. Unless the DRP otherwise requires, a notice or
other communication to be given by the Company
under or for the purposes of the DRP shall be in
writing and shall be given in any manner provided
in the Constitution for the giving of notices to
shareholders.
GOVERNING LAW
42. The DRP shall be governed by and construed in
accordance with the laws of New Zealand.

argosy.co.nz

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DO NOT COMPLETE UNTIL YOU HAVE READ THE TERMS OF THE ARGOSY PROPERTY LIMITED DIVIDEND REINVESTMENT
PLAN. (Expressions defined in the terms of the Argosy Property Limited Dividend Reinvestment Plan dated 30 June 2020 shall
have the same meaning in this notice.)
Name(s):
(Print Name(s) as shown on your FASTER Statement)
Address:

Shareholder Number: (from your FASTER Statement)
I/We acknowledge that I/we have received and read a copy of the terms of the DRP.
I/We elect during the currency of the DRP to apply any dividend payable to me/us on the number(s) of shares held by me/us indicated below
towards subscribing for fully paid shares in the Company under the DRP set out in the terms of the DRP and in the manner set out below.
I/We authorise you to issue such shares to me/us and to enter particulars of the shares in the register of shareholders of the Company
and I/we agree to hold such shares upon the terms and conditions set out in the Company’s constitution.
RESIDENCE FOR TAXATION PURPOSES
Please indicate your country of residence for taxation purposes in the box below.
I/We nominate that the following shares held by me/us will participate in the DRP on the terms and conditions set out in the terms of the DRP.
FULL PARTICIPATION
All the shares from time to time registered in my/our name(s) (Please tick)
OR:
PARTIAL PARTICIPATION – EITHER:
(a) The following proportion (as a percentage) of the shares
from time to time registered in my/our name(s); OR (state %)
(b) The following number of the shares registered in
my/our name(s) (state no.)
I/We acknowledge that this election shall continue to apply until varied or terminated by written notice (or deemed varied or terminated)
in accordance with the terms of the DRP.
FOR AN INDIVIDUAL OR HOLDER OF POWER OF ATTORNEY
Signed by the shareholder(s):
FOR A COMPANY
Signed by the shareholder by:
(Director/Authorised signatory)
DATED the day of
ARGOSY PROPERTY LIMITED DIVIDEND REINVESTMENT PLAN
ELECTION NOTICE

1. LODGEMENT INSTRUCTIONS: To ensure your participation in
the DRP, please return this Election Notice as soon as possible.
To be effective in respect of any dividend, the Election Notice
must be received by the Registrar on or before the relevant
Election Date. Subject to the terms of the DRP, participation
automatically applies to all subsequent dividends.
2. INDIVIDUALS: Individuals and attorneys should sign and date
this form where marked.
3. COMPANIES: Companies must sign in accordance with the
Companies Act 1993 and their constitution (if any), and date this
form where marked.
4. JOINT HOLDERS: If the shares are registered in the names of
joint holders, all holders must sign this form.
5. POWER OF ATTORNEY: If this form is signed under a power
of attorney, the relevant power of attorney must be submitted
with this form for noting and return, and the certificate of
non-revocation of power of attorney printed below must be
completed. Where such power of attorney has already been
noted by the Company, then this fact must be stated under the
signature of the attorney and a copy of any acknowledgement
from the Company attached.
6. ON COMPLETION: On completion please send the signed form to:
Argosy Property Limited
c/- Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Auckland 1142
New Zealand
CERTIFICATE OF NON-REVOCATION OF POWER OF ATTORNEY
I, of CERTIFY:
(Full name of attorney) (Place and country of residence, and occupation)
OPTION 1
Please complete the following if you are an individual acting on behalf of someone for whom you hold power of attorney
1. That by deed dated the day of /
of
(Full name of person for whom attorney is signing) (Place and country of residence of person for whom
attorney is signing)
appointed me his/her/its attorney; AND
2. That I have not received notice of any event revoking the power of attorney.
OPTION 2
Please complete the following if you are a body corporate acting on behalf of someone for whom you hold power of attorney
1. That by deed dated the day of /
of
(Full name of person for whom attorney is signing) (Place and country of residence of person for whom
attorney is signing)
appointed as attorney
(Full name of body corporate holding power of attorney)
a body corporate having its registered
office or principal place of business at

(Address of registered office or principal place of business)
and I am authorised to give this certificate on its behalf. The capacity in which I give this certificate for the attorney is as: director / officer /
other capacity (please circle one); AND
2. That I have not received notice of any event revoking the power of attorney and to the best of my knowledge and belief no such notice
has been received by:
or by any employee or agent of that body corporate.
(Full name of body corporate holding attorney)
Signed at this day of /
(Signature of attorney)
ARGOSY PROPERTY LIMITED DIVIDEND REINVESTMENT PLAN
NOTES AND INSTRUCTIONS FOR COMPLETION OF ELECTION NOTICE

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DO NOT COMPLETE UNTIL YOU HAVE READ THE TERMS OF THE ARGOSY PROPERTY LIMITED DIVIDEND REINVESTMENT
PLAN. (Expressions defined in the terms of the Argosy Property Limited Dividend Reinvestment Plan dated 30 June 2020 shall
have the same meaning in this notice.)
Name(s):
(Print Name(s) as shown on your FASTER Statement)
Address:

Shareholder Number: (from your FASTER Statement)
I/We acknowledge that I/we have received and read a copy of the terms of the DRP.
I/We wish to make the following change to my/our participation in the DRP.
TO FULL PARTICIPATION
All the shares from time to time registered in my/our name(s) (Please tick)
OR:
TO PARTIAL PARTICIPATION – EITHER:
(a) The following proportion (as a percentage) of the shares
from time to time registered in my/our name(s); OR (state %)
(b) The following number of the shares registered in
my/our name(s) (state no.)
OR:
TERMINATION
Terminate my/our participation in the DRP (Please tick)
FOR AN INDIVIDUAL OR HOLDER OF POWER OF ATTORNEY
Signed by the shareholder(s):
FOR A COMPANY
Signed by the shareholder by:
(Director/Authorised signatory)
DATED the day of
ARGOSY PROPERTY LIMITED DIVIDEND REINVESTMENT PLAN
NOTICE OF CHANGE OR WITHDRAWAL

1. LODGEMENT INSTRUCTIONS: To ensure your change in
participation in the DRP is effective, please return this Notice of
Change or Withdrawal without delay. Notices received after the
Election Date for the relevant dividend will not be effective in
respect of that dividend but will be effective for all subsequent
dividends in respect of which the DRP is in operation.
2. INDIVIDUALS: Individuals and attorneys should sign and date
this form where marked.
3. COMPANIES: Companies must sign in accordance with the
Companies Act 1993 and their constitution (if any), and date this
form where marked.
4. JOINT HOLDERS: If the shares are registered in the names of
joint holders, all holders must sign this form.
5. POWER OF ATTORNEY: If this form is signed under a power of
attorney, the relevant power of attorney must be submitted with
this form for noting and return, and the certificate of non-revocation
of power of attorney printed below must be completed. Where
such power of attorney has already been noted by the Trust, then
this fact must be stated under the signature of the attorney and a
copy of any acknowledgement from the Company attached.
6. ON COMPLETION: On completion please send the signed form to:
Argosy Property Limited
c/- Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Auckland 1142
New Zealand
CERTIFICATE OF NON-REVOCATION OF POWER OF ATTORNEY
I, of CERTIFY:
(Full name of attorney) (Place and country of residence, and occupation)
OPTION 1
Please complete the following if you are an individual acting on behalf of someone for whom you hold power of attorney
1. That by deed dated the day of /
of
(Full name of person for whom attorney is signing) (Place and country of residence of person for whom
attorney is signing)
appointed me his/her/its attorney; AND
2. That I have not received notice of any event revoking the power of attorney.
OPTION 2
Please complete the following if you are a body corporate acting on behalf of someone for whom you hold power of attorney
1. That by deed dated the day of /
of
(Full name of person for whom attorney is signing) (Place and country of residence of person for whom
attorney is signing)
appointed as attorney
(Full name of body corporate holding power of attorney)
a body corporate having its registered
office or principal place of business at

(Address of registered office or principal place of business)
and I am authorised to give this certificate on its behalf. The capacity in which I give this certificate for the attorney is as: director / officer /
other capacity (please circle one); AND
2. That I have not received notice of any event revoking the power of attorney and to the best of my knowledge and belief no such notice
has been received by:
or by any employee or agent of that body corporate.
(Full name of body corporate holding attorney)
Signed at this day of /
(Signature of attorney)
ARGOSY PROPERTY LIMITED DIVIDEND REINVESTMENT PLAN
NOTES AND INSTRUCTIONS FOR COMPLETION OF NOTICE OF CHANGE
OR WITHDRAWAL

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1 ⸺

Argosy Property Limited (NZX:ARG) (Argosy) has in place a Dividend Reinvestment Plan
(DRP) under which eligible shareholders may elect to receive new Argosy shares
instead of some or all of the cash dividends on their existing Argosy shares. Participation
in the plan is entirely optional.
The DRP Offer Document has been updated to reflect a requirement in the NZX Listing
Rules that the last date to make an election must be at least one business day after the
record date for the relevant dividend. The terms and conditions of the DRP otherwise
remain the same.
The updated Offer Document will not affect shareholders’ existing DRP elections to
participate in the DRP.
A copy of the updated DRP Offer Document is attached with this announcement and
will be available on Argosy’s web site.
− END −
Market Release
1 July 2020
Argosy Dividend Reinvestment Plan Update
ENQUIRIES
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: dfraser@argosy.co.nz
Stephen Freundlich
Head of Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz