ARGOSY LAUNCHES GREEN BOND OFFER

1
Argosy Property Limited (‘Argosy’) announced today that it has opened an offer (‘Offer’) of up
to $125,000,000 (with the ability to accept up to an additional $25,000,000 in oversubscriptions
at Argosy’s discretion) of senior secured fixed rate 7 year green bonds (‘Green Bonds’) to New
Zealand retail and institutional investors.
The Offer will be made in accordance with the Financial Markets Conduct Act 2013 as an offer
of debt securities of the same class as existing quoted debt securities. The notice required by
the Financial Markets Conduct Regulations 2014 has been provided to NZX.
The proceeds of the Green Bonds are intended to be applied according to the criteria
established by Argosy in its Green Bond Framework dated 7 February 2019 (as amended from
time to time).
The interest rate for the Green Bonds will be no less than the minimum interest rate of 2.20% per
annum and the indicative margin range above the 7 year swap rate for the Green Bonds is
1.95% to 2.15% per annum. The margin and interest rate will be set following a bookbuild
process, which is expected to be completed on 16 October 2020 and will be announced via
NZX. The Offer is expected to close on 16 October 2020 following the bookbuild and the Green
Bonds are expected to be issued on 27 October 2020.
Argosy has appointed ANZ Bank New Zealand Limited (‘ANZ’) as Arranger and Green Bond Co-
ordinator and ANZ, together with Forsyth Barr Limited, Hobson Wealth Partners Limited, Jarden
Securities Limited and Westpac Banking Corporation (ABN 33 007 457 141) (acting through its
New Zealand branch) as Joint Lead Managers in relation to the Offer.
There is no public pool for the Green Bonds, which will be reserved for the Joint Lead Managers,
NZX Participants and other approved financial intermediaries.
Full details of the Offer are contained in the indicative terms sheet. The indicative terms sheet
and roadshow presentation are attached.
Market Release
12 October 2020
ARGOSY LAUNCHES GREEN BOND OFFER

2 ⸺
Interested investors should contact a Joint Lead Manager as detailed below, or their regular
financial adviser. The Green Bonds are expected to be quoted on the NZX Debt Market.
ARRANGER & JOINT LEAD
JOINT LEAD MANAGER MANAGERS
0800 269 476 0800 367 227 0800 742 7370800 005 678 0800 942822
− END −
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

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Indicative
Terms Sheet
for an issue of up to $125,000,000 senior secured fixed rate
green bonds (plus up to $25,000,000 oversubscriptions)
due 27 October 2027
12 OCTOBER 2020

JOINT LEAD MANAGERS
ARRANGER &
JOINT LEAD MANAGER

2
Argosy Property Limited | Indicative Terms Sheet
This indicative terms sheet (“Terms Sheet”) sets out the key terms of the offer (“Offer”) by Argosy Property Limited (“Argosy”)
of up to NZ$125,000,000 (with the ability to accept oversubscriptions of up to an additional NZ$25,000,000 at Argosy’s discretion)
of seven year senior secured fixed rate green bonds maturing on 27 October 2027 (“Green Bonds”). The Green Bonds are to be
issued pursuant to a master trust deed dated 30 January 2019 as amended and supplemented by a supplemental trust deed dated
9 October 2020 entered into between Argosy and The New Zealand Guardian Trust Company Limited (“Supervisor”) (together with
the master trust deed, the “Trust Deed”). Unless defined in this Terms Sheet or the context otherwise requires, capitalised terms
used in this Terms Sheet have the same meaning as given to them in the Trust Deed.
Important Notice
The offer of Green Bonds by Argosy is made in reliance upon the exclusion in clause 19 of schedule 1 of the Financial Markets
Conduct Act 2013 (“FMCA”).
The Offer contained in this Terms Sheet is an offer of Green Bonds that have identical rights, privileges, limitations and conditions
(except for the interest rate and maturity date) as:
• Argosy’s $100 million senior secured fixed rate green bonds maturing on 27 March 2026, which have a fixed interest rate of 4.00%
per annum and are currently quoted on the NZX Debt Market under the ticker code ARG010; and
• Argosy’s $100 million senior secured fixed rate green bonds maturing on 29 October 2026, which have a fixed interest rate of
2.90% per annum and are currently quoted on the NZX Debt Market under the ticker code ARG020;
(together, the “Existing Green Bonds”).
Accordingly, the Green Bonds are the same class as the Existing Green Bonds for the purposes of the FMCA and the Financial
Markets Conduct Regulations 2014.
Argosy is subject to a disclosure obligation that requires it to notify certain material information to NZX Limited (“NZX”) for the
purpose of that information being made available to participants in the market and that information can be found by visiting
www.nzx.com/companies/ARG.
The Existing Green Bonds are the only debt securities of Argosy that are currently quoted and in the same class as the Green Bonds.
Investors should look to the market price of the Existing Green Bonds to find out how the market assesses the returns and risk
premium for those bonds.
Issuer
Argosy Property Limited
Instrument
Senior secured fixed rate green bonds
Offer Amount
Up to NZ$125,000,000 (with the ability to accept oversubscriptions of up to an additional
NZ$25,000,000 at Argosy's discretion)
Use of proceeds
The proceeds of the offer are intended to be used to refinance existing bank debt that supports
“Green Assets”. Green Assets are office, industrial or retail buildings, including upgrades,
owned or undertaken by Argosy or its subsidiaries that meet the criteria established in Argosy’s
“Green Bond Framework” dated 7 February 2019 (as amended from time to time).
The funds from the Green Bonds may be internally allocated to other Green Assets in accordance
with the Green Bond Framework.
The Supervisor has no obligations in relation to the application of the proceeds of the Green Bonds.
Ernst & Young Limited (“EY”) has provided an independent third party review of the Green
Bond Framework against the Green Bond Principles published by the International Capital
Markets Association. Following that review, EY has issued a limited assurance report to Argosy
in relation to the proposed use of funds raised through the issuance of the Green Bonds,
including its Green Bond Framework.
A copy of the Green Bond Framework and the report from EY is available at
www.argosy.co.nz/investor-centre/greenbondframework/
Opening Date
Monday 12 October 2020
Rate Set Date
Friday 16 October 2020
Closing Date
12pm, Friday 16 October 2020
Issue Date
Tuesday 27 October 2020
Expected Quotation on
NZX Debt Market
Wednesday 28 October 2020

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Argosy Property Limited | Indicative Terms Sheet
Maturity Date
Wednesday 27 October 2027
Interest Rate
To be determined by Argosy in consultation with the Arranger following the bookbuild held on
the Rate Set Date (16 October 2020). The Interest Rate will be announced via NZX on or about
the Rate Set Date. The Interest Rate will not change over the term of the Green Bonds.
The Interest Rate will be equal to the sum of the Base Rate and the Margin but in any case will
be no less than 2.20 percent per annum.
Indicative Margin range
The indicative Margin range is 1.95 to 2.15 percent per annum for the Green Bonds.
Margin
The Margin for the Green Bonds (which may be above or below the indicative Margin range)
is the rate (expressed as a percentage rate per annum) determined by Argosy (in consultation
with the Arranger) through the bookbuild held on the Rate Set Date.
Base Rate
The rate per annum (expressed on a percentage yield basis rounded, if necessary, to the nearest
2 decimal places with 5 being rounded up) which is determined by Argosy (in consultation with
the Arranger) as the mid market swap rate for a period from the Issue Date to the Maturity
Date, in accordance with market convention, by reference to Bloomberg page ICNZ4 (or any
successor page) on the Rate Set Date expressed on a quarterly basis.
Interest Payments and Interest
Payment Dates
Interest will be calculated on an annual basis and is payable in equal amounts in arrear on
each quarterly interest payment date, being 27 January, 27 April, 27 July and 27 October
(or if that day is not a Business Day, the next Business Day) of each year up to (and including)
the Maturity Date.
The first Interest Payment Date will be 27 January 2021.
Record Date
Payments of interest on the Green Bonds will be made to the persons who are the Holders as
at 5pm (New Zealand time) on the 10th calendar day before the relevant Interest Payment Date
(or such other date as required by NZX).
Payments of any other amount will be made to the persons who are the Holders as at 5pm
(New Zealand time) on the date as is determined by Argosy and notified to NZX (or such
other date as required by NZX).
If such date would fall on a day which is not a Business Day, then payments will be made to
persons who are Holders as at the immediately preceding Business Day.
Issue Price
NZ$1.00 per Green Bond, being the Face Value of each Green Bond.
Minimum application amount
Minimum of NZ$5,000 and in multiples of NZ$1,000 thereafter.
Applying for the Green Bonds
All Green Bonds offered under the Offer, including oversubscriptions, will be reserved for
clients of the Joint Lead Managers, NZX Participants and other persons invited to participate
in the bookbuild. There is no public pool for the Green Bonds.
Accordingly, retail investors should contact any Joint Lead Manager or their financial adviser
for details on how they may acquire Green Bonds.
In respect of oversubscriptions or generally, any allotment of Green Bonds will be at Argosy’s
discretion, in consultation with the Joint Lead Managers. Argosy reserves the right to refuse all
or any part of an application without giving any reason.
Minimum transfer amount
You may only transfer your Green Bonds in multiples of NZ$1,000 in aggregate principal
amount and after any transfer you and the transferee must each hold Green Bonds with an
aggregate principal amount of at least NZ$5,000 (or no Green Bonds).
Trading the Green Bonds
Each investor’s financial adviser will be able to advise them as to what arrangements will need
to be put in place for the investors to trade the Green Bonds including obtaining a common
shareholder number (CSN), an authorisation code (FIN) and opening an account with a
primary market participant, as well as the costs and timeframes for putting such arrangements
in place.

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Argosy Property Limited | Indicative Terms Sheet
No Event of Default in relation
to Green Bond Framework or
Green Bond Principles
If:
• Argosy fails to comply with the Green Bond Framework;
• Argosy or any Green Asset fails to comply with any environmental laws and standards;
• the Green Bonds cease to satisfy the Green Bond Principles; or
• Argosy fails to notify Holders that the Green Bonds cease to comply with the Green Bond
Framework or the Green Bond Principles,
then:
• no Event of Default will occur in relation to the Green Bonds; and
• neither the Holders nor Argosy have any right for the Green Bonds to be repaid early.
This means there is no obligation on Argosy to comply with the Green Bond Framework or the
Green Bond Principles on an ongoing basis.
Guarantors
The obligations of Argosy to pay interest on the Green Bonds and for the repayment of the
Green Bonds on the Maturity Date are guaranteed by certain subsidiaries of Argosy, being
Argosy Property Management Limited and Argosy Property No.1 Limited (together, the
“Guaranteeing Subsidiaries”). The Green Bonds are not guaranteed by any other member
of the Argosy Group (being Argosy and all of its subsidiaries) or by any other person.
Security
The Green Bonds are secured by a general security interest granted by Argosy and the
Guaranteeing Subsidiaries under the General Security Deed over all of their property
(except any property held by it as trustee), together with first ranking Mortgages granted
over all of the land (including the buildings and other fixtures on that land) owned by them.
The guarantee and security interests are granted in favour of the Security Trustee for the benefit
of all of the secured parties under the Security Trust Deed (including Holders, holders of the
Existing Green Bonds, bank facility lenders and hedge providers and any future secured parties)
on an equal ranking basis and can only be enforced in accordance with the Security Trust Deed.
The Supervisor represents the Holders in relation to the Security Trust Deed (that is, individual
Holders do not participate in the administration of the Security Trust Deed).
Security documents
The documents that create or govern the security are:
• the “Security Trust Deed” dated 17 May 2010 as amended most recently by a deed dated
18 October 2018;
• the “General Security Deed” as amended, restated and consolidated on or about
1 September 2014 and as amended and restated most recently by a deed dated
28 February 2018; and
• the “Mortgages” granted by Argosy Property No.1 Limited, being first ranking registered
mortgages over all of the land (including the buildings and other fixtures on that land)
owned by the Guaranteeing Subsidiaries.
Financial Covenant
Under the Trust Deed, Argosy will ensure that the total principal amount of all indebtedness
that is secured pursuant to the Security Trust Deed is no more than 50% of the Secured
Property Value.
If Argosy breaches the loan to value ratio under the Trust Deed, it must remedy the breach
within 6 months of the time that the non-compliance is required to be reported to the
Supervisor. If Argosy does not meet this covenant after that 6 month period, Argosy must
notify the Supervisor and all Holders of the breach, together with its plan to remedy the
breach. If Argosy is still in breach of this covenant after an additional 6 month period,
an Event of Default occurs.
Distribution stopper
Under the Trust Deed, Argosy will not make any distributions if an Event of Default has
occurred and is continuing, or would occur as a result of making that distribution.
Further Debt
Argosy is able to issue further bonds and incur other financial indebtedness without the consent
of Holders on such terms and conditions as Argosy may from time to time determine provided
that Argosy continues to comply with the financial covenant in the Trust Deed.
ISIN
NZARGDT003C2

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Argosy Property Limited | Indicative Terms Sheet
Quotation
Argosy will take any necessary steps to ensure the Green Bonds are, immediately after issue,
quoted. Application has been made to NZX for permission to quote the Green Bonds on the
NZX Debt Market, and all requirements of NZX relating thereto that can be complied with
on or before the distribution of this Terms Sheet have been duly complied with.
NZX takes no responsibility for the content of this Terms Sheet. NZX is a licensed market
operator, and the NZX Debt Market is a licensed market under the FMCA.
NZX ticker code ARG030 has been reserved for the Green Bonds.
ArrangerANZ Bank New Zealand Limited (“ANZ”)
Joint Lead Managers
ANZ, Forsyth Barr Limited, Hobson Wealth Partners Limited, Jarden Securities Limited and
Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch).
Supervisor
The New Zealand Guardian Trust Company Limited
Security Trustee
NZGT Security Trustee Limited
Registrar & Paying Agent
Computershare Investor Services Limited
Green Bond Co-ordinator
ANZ
Brokerage
0.50% of the aggregate principal amount of Green Bonds issued, plus 0.25% on firm allocations
to be paid by Argosy.
Governing Law
New Zealand
Selling Restrictions
The Green Bonds are being offered only in New Zealand. Argosy has not taken and will not
take any action which would permit a public offering of the Green Bonds, or possession or
distribution of any offering material in respect of the Green Bonds, in any country or
jurisdiction where action for that purpose is required (other than in New Zealand). The Green
Bonds may only be offered for sale, sold or delivered in a jurisdiction other than New Zealand
in compliance with all applicable laws and regulations in any jurisdiction in which they are
offered, sold or delivered.
Any information memorandum, disclosure statement, circular, advertisement or other offering
material in respect of the Green Bonds may only be published, delivered or distributed in
compliance with all applicable laws and regulations (including those of the country or
jurisdiction in which the material is published, delivered or distributed).
By subscribing for Green Bonds, each investor agrees to indemnify Argosy, the Supervisor,
the Arranger, the Joint Lead Managers and their respective directors, officers, employees and
agents in respect of any loss, cost, liability or expense sustained or incurred as a result of an
investor breaching these selling restrictions.
Tax consequences for
overseas Holders
Except where a Holder elects otherwise and Argosy agrees, or it is not possible under any law,
Argosy intends to apply the AIL regime in order to reduce the rate of non-resident withholding
tax to zero percent.
If the AIL regime changes, Argosy reserves the right not to pay AIL.
Documentation
The terms and conditions of the Green Bonds are set out in the Trust Deed. Holders are bound
by, and are deemed to have notice of, the Trust Deed.
The terms of the guarantee and the security interests are set out in the Security Trust Deed,
the General Security Deed and the Mortgages.
If you require further information in relation to the Trust Deed, the Security Trust Deed, the
General Security Deed or the terms of the Mortgages, you may obtain copies of those documents
by contacting Argosy during usual business hours at its registered office set out below.
The dates and times set out in this Terms Sheet are indicative only and are subject to change. Argosy has the right in its absolute discretion
to close the Offer early, to accept late applications, and to extend the Closing Date. If Argosy changes the Closing Date, the changes will be
announced via NZX as soon as reasonably practicable. If the Closing Date is extended, the Issue Date, the expected date of quotation and
trading of the Green Bonds on the NZX Debt Market, the Interest Payment Dates and the Maturity Date may be extended accordingly.

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Argosy Property Limited | Indicative Terms Sheet
Contact details
Issuer
Argosy Property Limited
39 Market Place
Auckland 1010
PO Box 90214
Victoria St West
Auckland 1142
Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Private Bag 92119
Auckland 1142
Supervisor
The New Zealand Guardian Trust Company Limited
Level 8
191 Queen Street
Auckland 1010
Legal adviser to Argosy
Russell McVeagh
Vero Centre
48 Shortland Street
Auckland 1010
Arranger, Joint Lead Manager and
Green Bond Coordinator
ANZ Bank New Zealand Limited
Level 25, ANZ Centre
23-29 Albert Street
Auckland 1010
Joint Lead Managers
Forsyth Barr Limited
Level 23, Lumley Centre
88 Shortland Street
Auckland 1010
Hobson Wealth Partners Limited
Level 4, Australis Nathan Buildings
37 Galway Street
Britomart
Auckland 1010
Jarden Securities Limited
Level 14, ANZ Centre
171 Featherston Street
Wellington 6011
Westpac Banking Corporation (ABN 33 007 457 141)
(acting through its New Zealand branch)
Westpac on Takutai Square
16 Takutai Square
Auckland 1010

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12 OCTOBER 2020
Green Bond
Offer

Disclaimer
2—
This presentation has been prepared by Argosy Property Limited ("Argosy") in relation to the offer ("Offer") of senior secured fixed rate green bonds described in this presentation ("Green Bonds").
The offer of Green Bonds by Argosy is made in reliance upon the exclusion in clause 19 of schedule 1 of the Financial Markets Conduct Act 2013 ("FMCA"). The Offer is an offer of Green Bonds that
have identical rights, privileges, limitations and conditions (except for the interest rate and maturity date) as Argosy’s: (a) $100 million senior secured fixed rate green bonds maturing on 27 March
2026, which have a fixed interest rate of 4.00% per annum and are currently quoted on the NZX Debt Market under the ticker code ARG010; and (b) Argosy's $100 million senior secured fixed rate
green bonds maturing on 29 October 2026, which have a fixed interest rate of 2.90% per annum and are currently quoted on the NZX Debt Market under the ticker code ARG020 (together, the
"Existing Green Bonds"). Accordingly, the Green Bonds are the same class as the Existing Green Bonds for the purposes of the FMCA and the Financial Markets Conduct Regulations 2014. Argosy is
subject to a disclosure obligation that requires it to notify certain material information to NZX Limited ("NZX") for the purpose of that information being made available to participants in the market
and that information can be found by visiting www.nzx.com/companies/ARG. The Existing Green Bonds are the only debt securities of Argosy that are currently quoted and in the same class as the
Green Bonds. Investors should look to the market price of the Existing Green Bonds to find out how the market assesses the returns and risk premium for those bonds.
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. This presentation should be read together with the
indicative terms sheet dated 12 October 2020 ("Terms Sheet"). Further information about Green Assets and the Green Bond Framework can be obtained fromwww.argosy.co.nz/investor-
centre/greenbondframework.
This presentation is not a product disclosure statement, or other disclosure document under New Zealand or other law, is not intended to be relied upon as advice to investors or potential investors,
does not contain all information relevant or necessary for an investment decision and has been prepared without taking into account your investment objectives, financial situation or particular
needs (including taxation issues).
To the extent permitted by law, none of Argosy, its subsidiaries, the Arranger, Joint Lead Managers, nor any of their respective directors, officers, employees and agents: (a) accept any
responsibility or liability whatsoever for any loss arising from this presentation or its contents or otherwise arising in connection with the offer of the Green Bonds; (b) authorised or caused the issue of,
or made any statement in, any part of this presentation; and (c) make any representation, recommendation or warranty, express or implied regarding the origin, validity, accuracy, adequacy,
reasonableness or completeness of, or any errors or omissions in, any information, statement or opinion contained in this presentation and accept no liability (except to the extent such liability is
found by a court to arise under the Financial Markets Conduct Act 2013 or cannot be disclaimed as a matter of law).
The offer constitutes an offer of Green Bonds to the public in New Zealand. Argosy has not taken and will not take any action which would permit a public offering of Green Bonds, or possession or
distribution of any offering material in respect of the Green Bonds, in any country or jurisdiction where action for that purpose is required (other than New Zealand). The Green Bonds may only be
offered for sale, sold or delivered in a jurisdiction other than New Zealand in compliance with all applicable laws and regulations in any jurisdiction in which they are offered, sold or delivered.
This presentation, any disclosure statement, circular, advertisement or other offering material in respect of the Green Bonds may only be published, delivered or distributed in compliance with all
applicable laws and regulations (including those of the country or jurisdiction in which the material is published, delivered or distributed).
Argosy will take any necessary steps to ensure the Green Bonds are, immediately after issue, quoted. Application has been made to NZX for permission to quote the Green Bonds on the NZX Debt
Market, and all requirements of NZX relating thereto that can be complied with on or before the distribution of the Terms Sheet have been duly complied with. NZX takes no responsibility for the
content of this presentation. NZX is a licensed market operator, and the NZX Debt Market is a licensed market under the Financial Markets Conduct Act 2013.
Where relevant, some capitalised terms used but not defined in this presentation have the meanings given to them in the Terms Sheet (including by incorporation). Unless otherwise stated, all
amounts are based on Argosy’s preliminary results for the six months to 30 September 2020 which are subject to finalisation and review by Deloitte. All figures are rounded.
To the extent that certain statements contained in this presentation may constitute “forward-looking statements” or statements about “future matters”, the information reflects Argosy's intent, belief
or expectations at the date of this presentation. Argosy gives no undertaking to update this information over time (subject to legal or regulatory requirements). Any forward-looking statements,
including projections, guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future
performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Argosy's actual results, performance or achievements to differ
materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Any forward-looking statements, opinions and estimates in this
presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of
current market conditions. Neither Argosy, nor any other person, gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking
statements in this presentation will actually occur.

PRESENTED BY
Agenda
3—
Saatyesh Bhana
Head of Sustainability
Offer Highlights
4
Portfolio Update
6
Green Bond Offer
12
Key Terms & Dates
18
Appendix
21
Note: 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.
Dave Fraser
Chief Financial Officer

Offer Highlights
4—

Offer Highlights
5—
IssuerArgosy Property Limited (“Argosy”)
InstrumentSenior secured fixed rate green bonds (“Green Bonds”)
Offer AmountUp to NZ$125 million plus up to an additional NZ$25 million of oversubscriptions (at Argosy’s
discretion)
Tenor & Maturity Date7 years, maturing 27 October 2027
Arranger & Green Bond
Co-ordinator
ANZ Bank New Zealand Limited
Joint Lead ManagersANZ Bank New Zealand Limited, Hobson Wealth Partners Limited, Jarden Securities Limited,
Forsyth Barr Limited and Westpac Banking Corporation
1
Interest RateA fixed rate of interest will be payable on the Green Bonds until the Maturity Date. The Interest
Rate will not change over the term of the Green Bonds
Interest PaymentsQuarterly in arrear
Minimum Application
Amount
The minimum application amount is NZ$5,000 and in multiples of NZ$1,000 thereafter
1. (ABN 33 007 457 141) acting through its New Zealand branch.

Portfolio Update
6—
CHANGE IMAGE

Auckland and Wellington Focus
1
7—
27%
of rent from Government tenants
Number of properties by location
3
1. September 2020 desktop valuations are not included in portfolio weightings as they are incomplete and remain subject to finalisation and review by Deloitte.
Data is preliminary as at 30 September 2020 and remains subject to finalisation and review by Deloitte.
2. The industrial portfolio weighting excludes the acquisition of the Mt Richmond Properties.
3. Excludes held for sale properties at 80 Springs Road and 180-202 Hutt Road.
Portfolio weighting by value to
industrial property
2
42%

Portfolio Snapshot
8—
$1.84 BILLION
1
BOOK VALUE @ 30 SEPTEMBER 2020
TOTAL PORTFOLIO VALUE
BY SECTOR
1
42%
43%
15%
Industrial
Office
Large Format
Retail
TOTAL PORTFOLIO VALUE
BY REGION
1
71%
27%
2%
Auckland
Wellington
Regional North Island
& South Island
TOTAL PORTFOLIO VALUE
BY ASSET MIX
1
81%
13%
6%
Core
Value Add
Non Core
Target
Bands
45-55%
30-40%
10-20%
Target
Bands
65-75%
20-30%
<10%
Target
Band
75-90%
n/a
n/a
1. Book value and portfolio values are preliminary as at 30 September 2020 and remain subject to finalisation and review by Deloitte. Interim desktop
valuations have not been completed yet for 30 September 2020 and there are no revaluation adjustments included in the book or portfolio values. Book
value and portfolio values exclude assets that are held for sale (80 Springs Road and 180-202 Hutt Road).
2. Includes up to 5% allocation to the Golden Triangle area between Auckland, Tauranga and Hamilton.
2

Environmental Strategy
9—
The impact of Argosy’s property investment business on the natural environment is an increasingly important
consideration for investors, tenants and other stakeholders.
Our environmental strategy reflects our ambition to create vibrant sustainable workplaces for our tenants. We believe
that green buildings have the potential to provide a number of key business benefits including:
increased marketability;
higher rental rates;
lower operating costs;
higher occupancy;
improved worker productivity and occupant health and well-being;
lower regulatory risk.
We believe that an integrated design approach, where experts and tenants are involved from the pre-design stage
through to occupancy, can greatly assist in the reduction of green development costs.
We are a member of the New Zealand Green Building Council which is dedicated to promoting the benefits of
sustainable buildings.

Green Project Under Development
10—
1. Expected value on completion based on ‘as if complete’ valuation performed by independent valuer as at 31 March 2020.
8-14 Willis Street / 360 Lambton Quay
Completion
Targeting Q1 2022
Green Star Rating
Targeting 6 Star Built
NABERSNZ
Targeting 5 Stars
Major tenant
Department of Statistics
WALT
15 years
Valuation
1
$138.0 million

Recently Completed Green Projects
11—
82 Wyndham Street, Auckland
Completed
2018
Green Star Rating
5 Star Built
NABERSNZ
5 Stars
Major tenant
Panuku
WALT
1
5.2 years
Valuation
2
$48.1 million
107 Carlton Gore Rd, Auckland
Completed
2019
Green Star Rating
5 Star Built
NABERSNZ
Targeting 4 Stars
Major tenant
Kāinga Ora (Housing New Zealand)
WALT
1
11. 4 years
Valuation
2
$42.9 million
1.Number is preliminary as at 30 September 2020 and remains subject to finalisation and
review by Deloitte.
2.Independent market valuation as at 31 March 2020.

Green Bond Offer
12—

Security
13—
The Guaranteeing Subsidiaries, being Argosy Property Management Limited and Argosy Property No.1 Limited, have
granted an unconditional and unlimited guarantee of Argosy's obligations under the Green Bonds.
The Green Bonds are secured by a general security interest granted by Argosy and the Guaranteeing Subsidiaries
over all of their property (except any property held by it as trustee), together with first ranking Mortgages granted
over all of the land (including the buildings and other fixtures on that land) owned by them.
The guarantee and security interests are granted in favour of the Security Trustee for the benefit of all of the secured
parties (including Holders) and can only be enforced in accordance with the Security Trust Deed.

Covenants and Events of Default
14—
Key covenants under the Trust Deed include:
Borrowed Money Indebtedness
1
is no more than 50%
2
of the Secured Property Value
3
;
No distributions to be paid if an Event of Default has occurred and is continuing or would occur as a result of making that
distribution.
Events of Default are set out in the Trust Deed and, in summary, include events such as:
Non-payment of interest or principal by Argosy when due;
Non-compliance with other material obligations under the Trust Deed;
Material misrepresentation;
An insolvency event;
Un-remedied loan to value ratio breach within the grace periods set out in the Trust Deed.
If Argosy fails to comply with the Green Bond Framework or related matters or if the Green Bonds cease to satisfy the
Green Bond Principles, no Event of Default or any other breach will occur in relation to the Green Bonds.
1.Borrowed Money Indebtedness means the aggregate principal amount of all outstanding indebtedness which is secured pursuant to the Security Trust Deed.
2.Loan to Value ratio as at 31 March 2020 was 39.3%.
3.Secured Property Value equals the aggregate of the fair market value, as determined by reference to independent market valuation as at 31 March 2020,
and all costs and expenses that have been subsequently capitalised in respect of those properties in accordance with GAAP.

Adjusted Debt Profile & Tenor
15—
Increases funding diversification
from 23% to 41% of total debt
from non-bank sources after
bond issuance announced
today
1
.
Argosy’s weighted average
funding tenor is extended from
3.1 years to 4.2 years from
expected issue date of 27
October 2020
1
.
Weighted average debt term
2
4.2yrs
1.Assumes $150m (including $25m in oversubscriptions) of Green Bonds are issued and $150m of existing bank facilities are repaid.
2.Estimated debt term following the Green Bond issue.

Green Bond Framework
16—
Use of proceedsThe proceeds of the Offer are intended to be used to refinance existing bank debt that
supports Green Assets
External reviewEY has issued a limited assurance report to Argosy in relation to the proposed use of funds
raised through the issuance of the Green Bonds, including its Green Bond Framework
Monitoring &
compliance
The Green Bond Framework provides that an annual assurance process will be undertaken by
an independent third party assurance provider
ReportingThe Green Bond Framework provides for Argosy to publish semi-annual use of proceeds reports
and report on any changes to the Green Bond Framework
Evaluation of Green
Assets
To be eligible to be a Green Asset under the Green Bond Framework, the project or building
must be certified as obtaining or targeting:
A Green Star "Built" rating of at least 4 Stars; or
A NABERSNZ "Energy Base Building Rating" or "Energy Whole Building Rating" of at least 4 Stars
You can find the Green Bond Framework located on Argosy’s website at http://www.argosy.co.nz/investor-
centre/greenbondframework/.

Green Assets
17—
Green Star rating average across
existing green assets
5 Star
1. Independent market valuation as at 31 March 2020.
2. NABERSNZ ratings not available for industrial buildings.
3. Expected value on completion based on an ‘as if complete’ valuation as at 31 March 2020
performed by an independent valuer.
Existing Green Assets
Total Project Current
Cost
Market Value
1
(NZDm)(NZDm)
143 Lambton QuayOffice4 Stars Energy Whole Building5 Star Office Built$27.8$23.8
15-21 Stout StreetOffice5 Stars Energy Whole Build5 Star Office Built$107.0$119.2
82 Wyndham StreetOffice5.5 Stars Energy Base Build 5 Star Office Built$42.3$48.1
Highgate, Parkw ayIndustrial
n/a
2
5 Star Industrial Built $28.2$30.5
107 Carlton Gore RoadOfficeTargeting 4 Stars Base Build Rating5 Star Office Built$40.5$42.9
302 Great South RdOffice5 Stars Energy Base Buildn/a$10.8$10.8
308 Great South RdOffice4.5 Stars Energy Base Buildn/a$7.8$7.8
TOTAL EXISTING GREEN ASSETS$264.4$283.1
Planned Green Assets
Total Project Current
Cost
Market Value
3
(NZDm)(NZDm)
8-14 Willis Street Targeting 5 Stars Targeting 6 Star Built
- 360 Lambton QuayTargeting 5 Stars Targeting 5 Star Built
TOTAL EXISTING AND PLANNED GREEN ASSETS$377.4$421.1
Office$113.0$138.0
Current NABERSNZ RatingGreen Star Rating
AddressUseCurrent NABERSNZ RatingGreen Star Rating
AddressUse

Key Terms & Dates
18—

Key Offer Terms
19—
SummaryDetail
Issuer
Argosy Property Limited.
Instrument
Senior secured fixed rate green bonds.
Offer amount
Up to NZ$125 million plus up to an additional NZ$25 million of oversubscriptions (at Argosy’s discretion).
Use of proceeds
The proceeds of the Offer are intended to be used to refinance existing bank debt that supports Green Assets.
For more detail on Green Assets, see Argosy’s Green Bond Framework as published at
http://www.argosy.co.nz/investor-centre/greenbondframework/.
Tenor & Maturity Date
7 years, maturing on 27 October 2027.
Interest Rate
To be determined by Argosy in consultation with the Arranger following the bookbuild held on the Rate Set
Date (16 October 2020). The Interest Rate will be announced via NZX on or about the Rate Set Date. The
Interest Rate will not change over the term of the Green Bonds. The Interest Rate will be equal to the sum of the
Base Rate and the Margin but in any case, will be no less than 2.20 percent per annum.
Indicative Margin range
1.95% to 2.15% per annum.
Interest Payments
Interest will be calculated on an annual basis and is payable in equal amounts in arrear on each quarterly
interest payment date, being 27 January, 27 April, 27 July and 27 October (or if that day is not a Business Day,
the next Business Day) of each year up to (and including) the Maturity Date. The first Interest Payment Date will
be 27 January 2021.
Financial Covenant
Under the Trust Deed, Argosy will ensure that the total principal amount of all indebtedness that is secured
pursuant to the Security Trust Deed is no more than 50% of the Secured Property Value.
Brokerage
0.50% of the aggregate principal amount of Green Bonds issued, plus 0.25% on firm allocations to be paid by
Argosy.
Issue Price / Minimum
Application Amount
Each Green Bond is issued at par (NZ$1.00 per Green Bond). The minimum application amount is NZ$5,000 and
in multiples of NZ$1,000 thereafter.
Quotation
Argosy intends to quote the Green Bonds on the NZX Debt Market. NZX ticker code ARG030 has been reserved
for the Green Bonds.

Key Offer Dates
20—
Key EventDate
Offer opensMonday 12 October 2020
Rate Set DateFriday 16 October 2020
Closing Date12pm, Friday 16 October 2020
Issue DateTuesday 27 October 2020
Expected date of initial quotation and trading on the NZX Debt MarketWednesday 28 October 2020
First Interest Payment DateWednesday 27 January 2021
Interest Payment Dates
27 January, 27 April, 27 July and 27
October in each year during the
term of the Green Bonds
Maturity DateWednesday 27 October 2027

Appendix
21—

5 Year Operating Snapshot
22—
Data as at 31 March year end.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY16FY17FY18FY19FY20
WALT (years)
0%
5%
10%
15%
20%
25%
30%
35%
40%
FY16FY17FY18FY19FY20
Debt-to-total assets
0%
20%
40%
60%
80%
100%
FY16FY17FY18FY19FY20
Occupancy
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
FY16FY17FY18FY19FY20
Net Tangible Assets (per share)