ARGOSY SETS INTEREST RATE AND FINAL OFFER SIZE

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Argosy Property Limited (‘Argosy’) has announced that, following a successful bookbuild for its
offer (‘Offer’) of senior secured fixed rate 7 year green bonds (‘Green Bonds’), the Offer has
closed and $125,000,000 of Green Bonds have been allocated to participants in the bookbuild
process.
All the Green Bonds have been allocated to participants (or their clients) in the bookbuild
process as there was no public pool.
The interest rate for the Green Bonds has been set at 2.20% per annum, which is the minimum
interest rate set out in the indicative terms sheet for the Green Bonds dated 12 October 2020.
The margin has been set at 1.95% per annum. The Green Bonds are expected to be quoted on
the NZX Debt Market on 28 October 2020 under the ticker code ARG030.
A copy of the final terms sheet is attached.
ARRANGER & JOINT LEAD
JOINT LEAD MANAGER MANAGERS
0800 269 476 0800 367 227 0800 742 7370800 005 678 0800 942822
− END −
Market Release
16 October 2020
ARGOSY SETS INTEREST RATE AND CONFIRMS FINAL
ISSUE SIZE FOR GREEN BOND OFFER
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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JOINT LEAD MANAGERS
ARRANGER &
JOINT LEAD MANAGER
Final
Terms Sheet
for an issue of $125,000,000 senior secured fixed rate green
bonds due 27 October 2027
16 OCTOBER 2020

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Argosy Property Limited | Final Terms Sheet
This final terms sheet (“Terms Sheet”) sets out the key terms of the offer (“Offer”) by Argosy Property Limited (“Argosy”) of
NZ$125,000,000 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
Issue Amount
NZ$125,000,000
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
Maturity Date
Wednesday 27 October 2027

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Argosy Property Limited | Final Terms Sheet
Interest Rate
The Interest Rate for the Green Bonds is the higher of:
• the minimum Interest Rate of 2.20 percent per annum (as announced to the market on
12 October 2020); and
• the sum of the Base Rate and the Margin (each as determined on the Rate Set Date).
The Base Rate on the Rate Set Date was 0.23 percent per annum and the Margin was
determined by Argosy (in consultation with the Arranger through the bookbuild) at
1.95 percent per annum.
Accordingly, the minimum Interest Rate of 2.20 percent per annum will apply to the
Green Bonds.
Margin
1.95 percent per annum
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 | Final 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 | Final 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 | Final 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