2022 Annual Meeting

Argosy Property Limited
Annual Meeting:
Building a
Better Future
2022
21.6.22

.2
HYBRID AGM
Any shareholder or appointed proxy /
representative attending is eligible to
ask questions.
If you wish to ask a question, select the
question icon button on your computer,
tablet or mobile phone, and then type
and submit your question.
The question will then be sent to the
Board to answer.
We will try to get to as many of the
questions as possible, but not all
questions may be able to be answered
during the meeting.
In this case, questions will be followed
up via email after the meeting.
Q&A
VOTING
We will open the poll now, to give
you plenty of time to vote.
The ability to vote will appear on
your screen as a bar chart icon, and
from here, the resolution and voting
choices will be displayed on your
device.
To vote, simply select your voting
direction from the options shown on
screen.
To change your vote, simply select
another direction—you can cancel
your vote by clicking ‘Cancel’.
You can change your vote at any
time up until when the poll is closed.
Prior to the poll closing, simply select
another voting choice to change
your vote.

.3
THE BOARD
Jeff Morrison Chairman
Stuart McLauchlan Director
Chris Gudgeon Director
Mike Pohio Director
Rachel Winder Director
Martin Stearne Director

.4
THE EXECUTIVE TEAM
Peter Mence Chief Executive Officer
Dave Fraser Chief Financial Officer

Agenda
.5
Chairman’s Review6
CEO’s Review11
Questions25
Resolutions26
General Business30
Close of Meeting31
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may notre flect exactly absolute figures.

Chairmans
Review
.6

●XXX
XX
.7
FY22 ACHIEVEMENTS
Delivered solid results through a challenging year
Laid a strong foundation for 2023 and beyond
Continued to deliver on our sustainability and development strategies
Continued building strong relationships with tenants
Delivered on key focus areas (key expiries and vacancies)
Progressed future development opportunities
XX
●XXX

.8

STAKEHOLDER ENGAGEMENT – MATERIAL SUSTAINABILITY
FACTORS
.9
Sustainability and efficient use of
resources...minimizing impact on the
environment..
Actively transitioning to a net carbonzero
economy..
Creating flexible, healthy and high
quality environments..
Cultivating a strong and healthy
workplace culture..
Engaging and supporting our
communities..
Building strong ESG leadership and
governance frameworks..
OUR APPROACH

Dividends
.10
A 4
th
quarter dividend of 1.6375cps was
declared with 0.1276 cents per share
imputation credits attached.
The record date was 8
th
June and the
payment date is 22
nd
June.
The Dividend Reinvestment Plan has
been suspended until further notice.
FY23 dividend guidance of 6.65cps.
Steady and sustainable
6.65cps
FY23 dividend is 1.5% increase on
prior year
6.20
6.28
6.35
6.45
6.55
6.65
5.00
5.20
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
FY18FY19FY20FY21FY22FY23f
Dividend cps

CEO’s
Review
.11

.12
$105.1
$m in net property income
$163.7
$m annual revaluation increase, or 8%
above book value
$1.74
NTA up ~14% from $1.53 @ 31 March 21
6.55ps
FY22 dividend delivered
$236.2
$m net profit after tax
Key result highlights

.13
98.7%
Occupancy
5.7yrs
Weighted average lease term
Portfolio highlights
3.0%
Annualised rent review increase on rents
reviewed

Sector Summary
.14
Number of
buildings
INDUSTRIAL
Number of
buildings
OFFICE
Number of
buildings
LARGE FORMAT RETAIL
34154
Market value
of assets ($m)
Market value
of assets ($m)
Market value
of assets ($m)
$1,127.0$857.4 $223.2
Occupancy
(by income)
Occupancy
(by income)
Occupancy
(by income)
100%97.4%98.9%
Weighted average
lease term (WALT)
Weighted average
lease term (WALT)
Weighted average
lease term (WALT)
6.0yr6.0yr3.1yr
Contract
yield
Contract
yield
Contract
yield
4.67%6.04%5.61%
1. Excludes 25 Nugent Street which was held for sale at 31 March 2022
1

Portfolio at a glance @ 31 March
.15
Sectorby value %Regionby value %Asset Mix by value %
1.Large Format Retail.
2.2. Regional North Island and South Island. This weighting also includes up to 5% allocation to the Golden Triangle area between Auckland, Tauranga and Hamilton.
1
2
51
39
10
Industrial
Office
LFR
New Previous
Band Band
55-65% (45-55%)
25-35% (30-40%)
5-15% (10-20%)

Value Add Properties
.16
Transformation of Value Add properties
remains key to delivering Strategy 2031
Strong industrial sector fundamentals
supportive of outlook
Master Planning for Mt Richmond and
Neilson Street industrial estates
progressing – strong market interest
Bell Ave and Unity Drive green projects
underway
101 & 105 Carlton Gore Rd properties are
in planning and development phase.
Green assets driving
organic growth
+$480m
Of properties with potential to
deliver earnings and capital growth
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.
Status & ProjectSectorLocation
Value @
31 Mar 22
Total
Complete
8-14 Willis Street/ 360 Lambton Quay OfficeWellington146.1
146.1
Underway
12-20 Bell Avenue, Mt Wellington IndustrialAuckland60.9
105 Carlton Gore Road, Newmarket OfficeAuckland27.0
1-5 Unity Drive, Albany IndustrialAuckland29.3
117.2
Planning
5 Allens Road, East Tamaki IndustrialAuckland6.4
224 Neilson Street, Onehunga IndustrialAuckland36.9
8-14 Mt Richmond Drive, Mt Wellington IndustrialAuckland90.0
101 Carlton Gore Road, Newmarket OfficeAuckland29.5
162.8
Future
Currently Leased (6 properties)Industrial Auckland
58.9
Total $m484.9

.17
15km
From the CBD
40,000
m2 of new warehouse space
4,000
m2 of new office space
~7%
Internal rate of return
Value Add Case Study: Mt Richmond Estate
1
+$250m
Project end value over quarter of a billion
dollars
1. Potential development strategy

Annual Revaluations
.18
$163.7m gain reported, or 8% increase
over book value. Portfolio market yield
firms 35bps. On a cap rate basis, the
portfolio firmed 39bps to 5.16%.
Auckland was again the largest
contributor by location with 87% of the
total gain or $142.1m.
By sector, Industrial delivered the biggest
gain at $144.7m (or 88% of the total)
driven by cap rate firming and market
rental growth over the year.
Auckland industrial stars
$163.7m
Annual revaluation gain above book
value @ 31 March
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.
Auck land 1,436.3
1,578.4 142.1 9.9%
Wellington 577.2
596.6 19.4
3.4%
Regional 30.3
32.5
2.2 7.3%
Total 2,043.9
2,207.5 163.7 8.0%
Industrial 982.2 1,127.0
144.7 14.7%
Office 848.3 857.4 9.11.1%
Large Format Retail 213.4 223.2 9.8
4.6%
Total 2,043.9
2,207.5 163.7 8.0%

$m


%
31 Mar 22
Book Val ue
($m)
31 Mar 22
Valuation
($m)

$m


%
31 Mar 22
Book Val ue
($m)
31 Mar 22
Valuation
($m)

Distributable Income
.19
Net distributable income was $64.7 million
compared to $67.7 million in the prior
comparable period.
The prior comparable period included a
forfeited non-refundable ALC deposit of
$4.5 million.
Prior period comparison
affected by one offs
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.
FY22
FY21
$m$m
Pr ofi t befor e i ncome tax241.2248.4
Adjustments:
Revaluations gains(163.7)(157.7)
Realised losses/(gains) on disposal 2.6 (2.0)
Derivative fair value (gain)/loss(12.4) 4.2
Insurance proceeds(22.0)
Earthquake expense net of recov eries - 0.7
Gr oss di str i butabl e i ncome
67.771.6
Depreciation recov ered 1.2 (0.0)
Current tax expense(4.2)(3.9)
Net di str i butabl e i ncome64.767.7
Weighted average number of ordinary shares (m)843.2832.3
Gr oss di str i butabl e i ncome per shar e (cents)8.038.61
Net di str i butabl e i ncome per shar e (cents)
7.688.14

Adjusted Funds From Operations (AFFO)
.20
Capitalisation of leasing incentives was
lower overall due to large incentives on
developments (7WQ and 107 Carlton
Gore Rd) in the prior comparable period.
Maintenance capex relates to a range of
smaller projects with the largest being
$1.7m for roof & gutter replacement at 17
Mayo Road
Adjusted for 7WQ façade maintenance
capex net of tax, the FY22 AFFO payout is
94%.
AFFO affected by one-offs
$48m
AFFO for the year to 31 March
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.
FY22FY21
$m$m
Net distributable income64.767.7
Amortisation of tenant incentiv es and leasing costs 4.6 5.1
Funds from operations (FFO)69.472.9
Capitalisation of tenant incentiv es and leasing costs(1.1)(8.2)
Maintenance capital expenditure(5.8)(3.9)
7 Waterloo Quay façade repairs (14.5)(1.0)
Maintenance capital expenditure recov ered through sale 0.4 0.7
Adjusted funds from operations (AFFO)48.360.4
Weighted av erage number of ordinary shares (m)843.2832.3
FFO cents per share 8.238.75
AFFO cents per share 5.737.26
Div idends paid/payabl e in rel ation to period6.556.45
Dividend payout ratio to FFO80%74%
Dividend payout ratio to AFFO114%89%

Debt Profile including Bonds
.21
During the year Argosy extended $215
million of its existing syndicated bank
facilities with its banking group.
The total amount of the bank facility has
also reduced by $35 million and is now
$455 million, down from $490 million
previously.
Argosy’s $325m of green bonds continue
to provide diversification and tenor
benefits to the business.
Green bonds provide
diversification and tenor
3.5yrs
Weighted average duration of
Argosy’s debt

.22
15km from CBD
Prime industrial location
Green development
40,000m2 of warehouse
4,000m2 of office
End value +$250m
IRR ~8%
Value Add Case Study: Mt Richmond Estate
Leasing
23,750
Of NLA leased to PBT on a new 10 year
lease at 18-20 and 12-16 Bell Ave
properties
7.4yr
New lease signed by Ministry of Housing
and Urban Development for 1,228m
2
at 7
Waterloo Quay
31
Leasing transactions including 23 new
leases, 5 renewals and 3 extensions
~12%
Equivalent of total portfolio by NLA
74,376
Of NLA leased over the year

Lease Expiry
.23
Overall vacancy remains very low at year
end and strategic lease extensions are
included as part of new developments
and leasing deals.
The largest single expiry remains the 9.4%
expiry in Mar-27 to Ministry for Business,
Innovation and Employment, at 15-21
Stout Street.
Portfolio under rented by 3.3%.
Expiry profile remains well
managed
3.3%
Under renting across portfolio

FY23 has challenges ahead, but we’re well placed
.24
Local and global economy experiencing rising interest rates (tightening) and inflation headwinds. This is creating construction cost tension
together with ongoing global supply chain pressure.
Globally, many countries are accelerating their re-opening and New Zealand has started to follow.
Geopolitically there are challenges, particularly in Europe, which is adding to global economic and market volatility.
Key focus areas for FY23 are simple: delivering strong operational results, addressing key expiries, leasing up remaining vacancies, completion
of key green developments and commencing new ones as planned.
Master planning across key green Value Add developments at Mt Richmond and Neilson Street continues and there is healthy market interest.
Attractive property fundamentals in key markets (Auckland industrial and Wellington office) continue to present attractive dynamics of low
supply, high demand and steady rental growth.
Structural changes in the way property is used will provide opportunities and challenges. We are keeping a watching brief.
We will stay focused on delivering on Strategy

Questions
.25

Resolutions
.26

.27
RESOLUTION 1
That Chris Gudgeon be elected as a Director.

.28
RESOLUTION 2
That Mike Pohio be elected as a Director.

.29
RESOLUTION 3
That the Board be authorisedto fix the Auditor’s Fees and Expenses.

General
Business
.30

Close of
Meeting
.31

Disclaimer
.32
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.
21 June 2022

---

.1
21.6.2022
CHAIRMAN’S REVIEW (PART 1)
ANNUAL MEETING [SLIDE 1]
Good afternoon everyone. My name is Jeff Morrison and I am the Chairman of
Argosy Property Limited. On behalf of my fellow directors and members of the
management team, it is my pleasure to welcome you all to the 2022 annual
meeting of shareholders of Argosy. It is my privilege to be able to chair this meeting
for the second time at the Royal New Zealand Yacht Squadron.
Before we get things underway we have a couple of housekeeping matters. In the
unlikely event of an emergency, please evacuate the building using the blue
doors at the eastern exit behind you and assemble in the carpark. The bathrooms
are located behind me next to the main reception area.
This years’ annual meeting is Argosy’s third hybrid annual meeting and its certainly
nice to be hosting a face to face meeting again. Shareholders who are not
attending in person can attend virtually and still ask questions and vote, through
the Computershare online virtual meeting platform. Shareholders can also follow
proceedings via the live webcast.

.2
Today’s meeting will focus on our recent strong FY22 results, our long term strategy
for growth and progress around our sustainability strategy where we have some
exciting projects in the pipeline.
Before we get to that, there are a few procedural differences we need to run
through for our hybrid meeting to run smoothly.
[SLIDE 2]
INSTRUCTIONS FOR WEBCAST PARTICIPANTS
For shareholders participating through the live webcast, polling on the three
resolutions has now opened. Votes can be cast by selecting the polling icon on
the instruction screen and following the prompts. Votes can be amended up until
the time the poll closes, which is at the conclusion of the meeting.
Now the meeting has started, questions can also be submitted through the
webcast portal. We have allocated time to address these at the relevant time in
the meeting, but they can be submitted at any stage.
If you experience any technical issues casting your vote or submitting questions,
please refer to the instructions provided in the Virtual Annual Meeting Guide that
accompanied the Notice of Meeting or you can call Computershare on 0800-650-
034.

.3
[SLIDE 3]
With those new procedural matters explained, lets get things underway.
I’d like to record that the Notice of the Meeting was duly given on 19 May 2022
and as there are at least 5 shareholders here today, there is a quorum present.
Accordingly, I declare the 2022 Annual Meeting of Argosy Property Limited - open.

Your Board of Directors
There is detailed information about the Board in the 2022 Annual Report, however I
will briefly introduce them to you.
To my right is Stuart McLauchlan. Stuart was appointed to the Board in August 2018
and is a prominent businessman and company director. He is Chairman of the NZ
Sports Hall of Fame and Scott Technology Limited and a director of EBOS Group
Limited and several other companies.
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 and is currently a director of Crown Infrastructure
Partners and Ngāti Whātua Ōrākei Whai Rawa Limited. He was previously Chief
Executive of Kiwi Property Group. Chris’ position as director is up for re-election and
we’ll hear from him later in the meeting.

.4
Next to Chris, 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 the Chairman of Ngāi Tahu
Holdings Corporation. Mike’s position as director is up for re-election and we’ll also
hear from him later in the meeting.
Next to Mike, we have Rachel Winder. Rachel was first appointed to the Board in
August 2019. Rachel has been involved in the property sector for over 20 years in a
variety of roles including strategy, portfolio management, facilities management
and development.
Next, we have Martin Stearne. Martin has over 20 years commercial and capital
markets experience, and currently holds appointments to the NZX Listing
Subcommittee, the Takeovers Panel and the Investment Committee of the Impact
Enterprise Fund. He is a member of INFINZ and ICEAngels.
Finally, I have been a director since July 2013 and have over 40 years of
experience as a property lawyer, 29 of them as a commercial property partner at
Russell McVeagh. As well as my newish role as Chairman of Argosy, I also chair the
Remuneration Committee and sit on the Company’s Audit and Risk Committee.

.5
[SLIDE 4]
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.
As you know Argosy is reporting its results for a second covid disrupted year and on
behalf of your board I would like extend our collective appreciation to the
management team for another job well done.
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.

AGENDA [SLIDE 5]
The agenda for this afternoon’s meeting will be as follows:
• As Chairman, I will deliver a review of Argosy’s 2022 results and strategy;
• This will be followed by a more detailed review of Argosy’s performance by
our Chief Executive, Peter Mence;
• Following Peter’s review, 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.

.6
After the meeting has been formally closed, please stay 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 352,475,278 shares and these have
been audited by Deloitte. There are 846,723,895 shares on issue.
CHAIRMAN’S INTRODUCTION [SLIDE 6]
I am really pleased to now present to you a summary of the Company’s
performance for the year ended 31 March 2022. You will have received the 2022
Annual Report and financial statements, either by post or electronically,
depending on your preference.
FY22 ACHIEVEMENTS [SLIDE 7]
The 2022 financial year certainly proved to be an incredibly challenging one and
we’re very pleased with the way management has navigated Argosy through
those challenges.
The 2022 results again reflected a business that continues to demonstrate
resilience.

.7
We delivered strongly on our sustainability and development strategy and the
recent handover of the now completed 8 Willis Street is a great example of this.
We’re targeting a 6 Green Star Built rating here which will certify that the building
has been built to World Leading standards. As a corporate entity, we also
achieved Toitu net carbon zero certification and initiated our emissions reduction
plan.
We also continued to build and maintain strong relationships with tenants, which
was verified through our tenant survey results, and completed new leases with
Government tenants.
Peter will speak to the property and financial achievements in more detail in his
presentation shortly.
We are progressing planning and delivery around our bigger long term strategic
growth drivers with our two large Auckland industrial estate opportunities and our
rejuvenation of older office properties into modern, attractive green buildings to
support our carbon reduction plan of 30% over the next 10 years.
While there are still a few headwinds as we start the 2023 financial year, such as
inflation, interest rates and supply chain disruption which are impacting markets
generally, Argosy’s sound financial and portfolio position provides sees the business
well placed to manage any near term economic volatility.

.8
VISION – BUILDING A BETTER FUTURE [SLIDE 8]
Our vision of building a better future will continue to be underpinned by the three
core pillars of being a green, resilient business owning a quality portfolio diversified
by sector, tenant and location.

Our long term strategy remains focused on;
• reducing our impact on the environment, focusing on our carbon reduction
aspirations, developing more greening buildings and providing better spaces for
tenants and their people;
• engaging more deeply with and making a bigger difference in our communities
we impact on; and
• maintaining the highest levels of corporate behaviour and accountability.
Argosy’s future will be driven by maintaining our leading market position of
rejuvenating and redeveloping existing buildings into green buildings and driving
growth into the attractive Auckland Industrial sector, especially over the medium
term.
In summary, our strategy of creating a green, resilient and diversified business is
about ensuring we can produce measurable and sustainable dividend growth to
shareholders.

.9
STAKEHOLDER ENGAGEMENT [SLIDE 9]
For the year ending 31 March, Argosy implemented sustainability reporting in
accordance with the Global Reporting Initiative, or GRI reporting principles. To
identify the material topics of importance to a wide range of stakeholders, we
engaged EY who undertook interviews with them. We believe this was a very
valuable and important exercise.
As you can see here there are a range of environmental, social and governance
areas which were raised as being material topics for stakeholders. We have taken
the stakeholder feedback on board and we will now report our progress on these
various issues moving forward.
FULL-YEAR DIVIDEND AND FIRST QUARTER ANNOUNCEMENT [SLIDE 10]
The Board was pleased to announce a 2022 full-year cash dividend of 6.55 cents
per share, an increase of 1.6% on the prior year.
Looking ahead, we do start FY23 with a portfolio in good shape and the business in
a very sound capital position with solid foundations for this year and beyond.
We do recognise that with rising interest rates, inflation concerns and unfortunate
events in Europe - there is a lot of global market volatility around that’s having an
impact on share prices.

.10
We remain very focused on delivering measured dividend growth to shareholders.
Accordingly, based on current projections for the portfolio and subject to market
conditions, the Board is pleased to reaffirm our expectations of a full year dividend
of 6.65 cents per share for the 2023 financial year.
I’ll now hand over to Peter who will take you through a review of the business.



-END-
.8

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 Corporate Communications &
Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz

.1
21.6.2022
CHAIRMAN’S ADDRESS (PART 2)
[SLIDE 25]
Thank you 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 or virtual audience?
QUESTIONS
As there are no further questions at this time, we will now consider the formal
resolutions for the Meeting.

.2
RESOLUTIONS [SLIDE 26]
The resolutions for consideration today may only be voted on by Shareholders,
either in person or virtually 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 352, 475, 278 shares and these have
been audited by Deloitte. There are 846, 723, 895 shares on issue.
RESOLUTION 1 [SLIDE 27]
Resolution 1 proposes that Chris Gudgeon be elected as a Director.
Pursuant to Clause 24.6 of the Company’s constitution and NZX Main Board
Listing Rule 3.3.11, Chris retires by rotation. The Board confirms that Chris is an
independent director and Chris has confirmed that he is available for election.
The Board supports Chris’ election and believes Argosy benefits from his extensive
property expertise and experience he brings to the Company.
I will now ask Chris to say a few words (Chris approaches lecturn to speak – once
finished - Jeff returns to lecturn)
Are there any questions on this resolution?
I now put to vote the resolution that Chris Gudgeon is elected as a director of the
C
ompany.

.3
Voting on this resolution will be by poll. For those shareholders and proxy holders
physically in attendance here, please tick the relevant box on your voting form.
For those shareholders and proxy holders attending virtually, please simply select
your voting choice from the options shown on your screen.
Note: Pause for people to complete voting papers.
Thank you, we will now move to the next resolution.
RESOLUTION 2 [SLIDE 28]
Resolution 2 proposes that Mike Pohio be elected as a Director.
Pursuant to Clause 24.6 of the Company’s constitution and NZX Main Board Listing
Rule 3.3.11, Mike retires by rotation. The Board confirms that Mike is an
independent director and Mike has confirmed that he is available for election.
The Board supports Mike’s election and believes Argosy benefits from his extensive
property, infrastructure and governance expertise and experience he brings to the
Company.
I will now ask Mike to say a few words (Mike approaches lecturn to speak – once
finished – Jeff returns to lecturn)
Are there any questions on this resolution?
I now put to vote the resolution that Mike Pohio is elected as a director of the
Company.

.4
Voting on this resolution will be by poll. For those shareholders and proxy holders
physically in attendance here, please tick the relevant box on your voting form.
For those shareholders and proxy holders attending virtually, please simply select
your voting choice from the options shown on your screen.
Note: Pause for people to complete voting papers.
Thank you, we will now move to the next resolution.
RESOLUTION 3 [SLIDE 29]
Resolution 3 seeks to authorise the Board to fix the auditor’s fees and expenses.
Is there any discussion on this resolution?
Voting on this resolution will be by poll. For those shareholders and proxy holders
physically in attendance here, please tick the relevant box on your voting form. For
those shareholders and proxy holders attending virtually, please simply select your
voting choice from the options shown on your screen.
As this is the final resolution, the online voting system will close in approximately 30
seconds. Please ensure that you have cast a vote on all resolutions.
Note: Pause for people to complete voting papers.
That completes voting on all resolutions, online voting will now be closed and I will
now ask for the voting papers to be collected in the boxes being circulated.
Note: Pause for voting papers to be collected.

.5
Due to the number of votes to be counted, the votes collected at this meeting
and online 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 [SLIDE 30]
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.
For those shareholders online, if you wish to ask a question, select the question icon
button on your computer, tablet or mobile phone, and then type and submit your
question.
The question will then be sent to the Board to answer.
As I noted at the beginning of this meeting, we will try to get to as many of the
questions as possible, but not all questions may be able to be answered during the
meeting.
In this case, questions will be followed up via email after the meeting.

.6
I would like to remind you that only Shareholders, proxy holders or Shareholder
company representatives have a right to speak or ask questions.
Note: General business discussion - if any.

CHAIRMAN’S CLOSING [SLIDE 31]
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 some refreshments.

THANK YOU [SLIDE 32]

-END-


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 Corporate Communications &
Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz

---

.1
21.6.2022
CEO’S ADDRESS
CHIEF EXECUTIVE OFFICERS REVIEW [SLIDE 11]
Thankyou Mr Chairman. As noted earlier, I’ll be taking you through a few more
highlights of the FY22 results in a little more detail before rounding out with an
update of the NZ market as we see things.
KEY FY22 RESULT HIGHLIGHTS [SLIDE 12]
The key highlights are shown here. Net property income was very pleasing in a
challenging year. A good revaluation increase in the second half of the year. Net
profit after tax again was really solid and our NTA was up solidly driven by annual
revaluation gains to $1.74. And finally, we maintained our FY22 dividend of
6.55cps.
PORTFOLIO HIGHLIGHTS [SLIDE 13]
Portfolio remains almost 100% full. Our WALT of 5.7yrs but excludes the Maui Street
acquisition in Hamilton which would add around 0.2 years to that – so the portfolio
WALT is looking good. Annualised rental growth was solid again and we see
additional growth in the Industrial sector and the Albany Mega Centre.

.2
SECTOR SUMMARY [SLIDE 14]
There are some changes across the sectors. Industrial land prices are rising given
scarcity of land. Strong industrial fundamentals means this sector is forecast to be
the best performer over the next five years and there is a potential return of
domestic manufacturing sector. In the office space we have activity at Willis Street
– handed over to Stats NZ. We are targeting a 6 Green Star rating for this high
quality Core asset. The Wellington office market continues to exhibit strong
fundamentals and our ongoing exposure to Government rental streams continues
to provide resilience. 360 Lambton Quay t is now 100% leased, with the recent
signing a Crown tenant. 105 Carlton Gore Road underway and tenant inquiry is
strong. The retail sector in our portfolio has gone reasonably well with solid
occupancy.
PORTFOLIO AT A GLANCE [SLIDE 15]
The driver here is the strategic change to the weightings where the Industrial
weighting will increase over the medium term. This will occur as we execute on
strategy and our development programme. This increase comes at the expense of
office and retail bands which are adjusted down slightly to reflect the upweight to
Industrial. By region and asset mix we’re largely within our target bands.
VALUE ADD OPPORTUNITIES [SLIDE 16]
The Bell Ave re-development opportunity is underway. 5 Allens Road in planning
phase and Unity Drive developments largely complete. Mt Richmond and Neilson
Street planning and design phase are progressing well and we’re getting a lot of
interest. These are both to be redeveloped into green industrial estates.

.3
101 Carlton Gore Road will follow on from 105 Carlton Gore Road which is
underway and we’re fielding good tenant enquiry there. Supply chain issues and
forward ordering remains something we need to keep a close eye on and is the
new normal for the time being.
CASE STUDY SLIDES [SLIDE 17]
A value add case study slide here with the Mt Richmond project and as I said
before we have a lot of interest in the site. But really, its a type of project which
really embodies our vision of building a better future for our tenants, their staff, the
environment and of course our stakeholders.
REVALUATIONS [SLIDE 18]
Revaluations were encouraging over the full year, the overall star being Auckland
Industrial. Wellington office also featured with solid demand for seismically sound
property and the projections on the Willis Street development will be under rented
on completion.
By location, Auckland was the largest contributor to the total year end valuation
result with an unrealised revaluation increase of $142.1 million or 87% of the total
portfolio uplift. By sector, and at 51% of Argosy’s portfolio by value Industrial was
the key driver of the overall gain at $144.7 million, up 14.7% on book value.
DISTRIBUTABLE INCOME [SLIDE 19]
After adjustments, gross distributable income was $67.7 million compared to $71.6
million last year and Net distributable Income was $64.7 million compared to $67.7
million last year. Net distributable income per share was 7.68 cents per share

.4
compared with 8.14 cents per share last year. I would remind shareholders that last
year included the forfeited deposit of $4.5 million from the sale of the Albany
Lifestyle Centre.
AFFO [SLIDE 20]
Adjusted Funds from Operation or AFFO was $48.3 million for the year. Capitalised
leasing costs were lower than last year which included leasing costs for 7WQ and
107 Carlton Gore Road. Maintenance capex was higher due to 7WQ façade
which is now largely complete, and reduced AFFO by $10 million net of tax. Our
audited AFFO payout ratio for the year was 114% but if you adjust for the 7WQ
façade maintenance works net of tax, AFFO was 94%.
DEBT PROFILE INCLUDING BONDS [SLIDE 21]
This slide shows our debt profile including bonds. We refinanced our $455 million
facility during the period, pushing out our tenor and improving our margins. We will
be looking to extend the $80 million tranche which needs to be refinanced by the
end of September. You can also see the benefits our green bonds provide the
business in terms of diversification and tenor. This slide shows our debt to total
assets over the last 5 years – which you can see has been broadly stable and
reflects the timing of asset sales, acquisitions and developments. The weighted
average duration of debt is 3.5 years.
LEASING [SLIDE 22]
Leasing during the year was very positive.

.5
LEASE EXPIRY [SLIDE 23]
Lease expiries for the coming year is about 10% which is pretty normal. The biggest
expiry of these is Parliamentary Services at 147 Lambton Quay. We’re working on
with them on some options.
OUTLOOK / CHALLENGES AHEAD [SLIDE 24]
So, 2023 has its own challenges.
Local and global economies are experiencing rising interest rates and inflation
headwinds. There is construction cost tension together with ongoing global supply
chain pressure. Geopolitically challenges are adding to global economic and
market volatility. Key focus areas for FY23 are simple: delivering strong operational
results, addressing key expiries, leasing up remaining vacancies, completion of key
green developments and commencing new ones as planned. Master planning
across key green Value Add developments at Mt Richmond and Neilson Street
continues and there is healthy market interest. Attractive property fundamentals in
key markets (Auckland industrial and Wellington office) continue to present
attractive dynamics of low supply, high demand and steady rental growth.
Structural changes in the way property is used will provide opportunities and
challenges. We are keeping a watching brief.
Now, I will hand you back to the Chairman.


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 Corporate Communications &
Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz