2024 Annual Meeting Speeches

FY24 Annual
Shareholders Meeting
18 June 2024

Argosy Property Ltd.
Hybrid ASM
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Debt to total assets ratio in the middle
of the target 30-40% range
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Argosy Property Limited
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.
We will open the poll now, to give
you plenty of time to vote.
The ability to vote will appear on your
screen 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.
Asking questions
Voting

Argosy Property Ltd.
The Board
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xx%
Debt to total assets ratio in the middle
of the target 30-40% range
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Argosy Property Limited

Argosy Property Ltd.
The Executive Team
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Debt to total assets ratio in the middle
of the target 30-40% range
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Argosy Property Limited

Argosy Property Ltd.
Agenda
Chairmans Review9
CEO’s Review13
Questions22
Resolutions23
General Business28
Close of Meeting29
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.
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Argosy Property Limited

Argosy Property Ltd.
Chairmans
Review
6

Argosy Property Ltd.
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Argosy Property Limited
Chairmans Review
SOUND RESULTS IN A CHALLENGING MARKET, BUT EXECUTING ON STRATEGIC GOALS
•Achieved a sound result in the face of weakening environment
•Delivered on sustainability goals and carbon reduction plan
•Maintained or improved green building certifications
•Sound portfolio position with good exposure to Government sector
•Comfortable capital position with investment policy bands tweaked
•Dividend maintained for FY25

Argosy Property Ltd.
8
Building a better future
A diversified portfolio by sector and region
A diversified asset allocation across sectors to
reduce volatility and widen growth opportunities
Targeting strategic growth opportunities with green
potential and a focus on Auckland Industrial
Maintaining a portfolio of high-quality, well located
Core assets with growth potential
Proactive delivery of sustainable growth
A business culture that is environmentally focused
Developing green Value Add portfolio opportunities
to drive earnings and capital growth
A commitment to funding for green assets
A business that is adaptable and responsive
to change
Maintaining strong and valued relationships across
all stakeholders
A commitment to management excellence delivering
earnings and dividend growth
Ensuring safe working environments for Argosy and
its partners

Argosy Property Ltd.
Dividends
STEADY THROUGH TOUGH ECONOMIC
CYCLES
•Our policy is to pay between 85-100% of
AFFO earnings
•The Board will be comfortable being
outside policy for limited periods to reduce
volatility
6.65c
FY25 dividend guidance in line with prior year
9
Argosy Property Limited
6.28
6.35
6.45
6.55
6.656.656.65
5.00
5.20
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
FY19FY20FY21FY22FY23FY24FY25 f'cast
Dividend cps

Argosy Property Ltd.
CEO’s Review
10

Argosy Property Ltd.
Results Summary
11
Argosy Property Limited
Net property income increased
3.3%
Full year FY24 dividend
NTA per share down from $1.58
driven by revaluation decline
Full year net loss after tax, driven
by -$111.7m revaluation decline
$116.5m6.65c
$1.45-$55.3m
Q4 final dividend declared
1.6625c
Gearing comfortably in the middle
of the target 30-40% band
36.5%

Argosy Property Ltd.
Portfolio Highlights
12
Argosy Property Limited
Occupancy Weighted Average Lease Term
Tenant retention rateGovernment sector rental income
Like for like rental growth
96.7%5.2yrs
85% 34.4%
3.3%
Weighting to Auckland Industrial
44%

Argosy Property Ltd.
Sustainability Commitment
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xx%
Debt to total assets ratio in the middle
of the target 30-40% range
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COHESIVE APPROACH ACROSS THE BUSINESS
To reduce our impact on the environment, create vibrant spaces for tenants, engage more with stakeholders and
provide transparent and effective governance...
•Targeting >50% of the portfolio to be green by 2031
•Targeting carbon emission reductions of 17.5% by 2031
•Initial XRB climate disclosures completed in FY24
•Health & safety focus (zero harm)
•Ongoing engagement with our community
•Committed to high standards of corporate behaviour
•An important responsibility is to identify and assess the risks presented by
climate change, just as we manage other risks facing our business.
•Third party verification to validate building performance through a mixture
of energy ratings (NABERSNZ) and internationally recognised systems
(Green Star) for sustainable design, operational excellence, construction
and community impact.
•ESG ratings provide stakeholders with a standardised way to evaluate
our sustainability practices and ethical conduct against a global pool of
companies. We are currently AA rated by MSCI.
Asset
Performance
Ratings
Sustainability
Reporting
ESG Ratings
Argosy Property Limited
52
37
11
Portfolio by Green Asset Type
Non Green
Green
Value Add

Argosy Property Ltd.
88
11
1
Core (75-90%)Value AddDivest
69
28
3
Auckland (70-80%)Wellington (15-25%)Regional (0-10%)
51
39
10
Industrial (60-70%)Office (20-30%)LFR (5-15%)
Portfolio at a glance
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1.Large format retail 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
Sector by value %Region by value %Asset mix by value %
1
2
Argosy Property Limited
Target Bands
Target Bands
Target Bands

Argosy Property Ltd.
Revaluations
CAP RATE SOFTENING ABATING,
RENTAL GROWTH STILL EVIDENT
•Independent valuations as at 31 March
were completed on all properties
•$111.7m decline reported, or 5.4%
devaluation versus book values
•Four non Core properties divested above
book value over the period for $93.1m
6.21%
Weighted average portfolio cap rate
1. Book Value excludes September 2023 revaluation gain/loss
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect
exactly absolute figures.
15
Argosy Property Limited
Auckland1,439.81,369.7(70.1)(4.9%)6.07%5.66%
Wellington585.8548.2(37.7)(6.4%)6.49%6.25%
North Island Regional & South
Island
59.956.0(3.9)(6.5%)6.86%6.25%
Total 2,085.5 1,973.8 (111.7)(5.4%)6.21%5.84%
Industrial1,066.11,014.9(51.2)(4.8%)5.94%5.48%
Office813.3763.5(49.9)(6.1%)6.45%6.23%
Large Format Retail206.0195.5(10.6)(5.1%)6.67%6.25%
Total 2,085.5 1,973.8 (111.7)(5.4%)6.21%5.84%
Mar 24
Cap rate
%
Mar 23
Cap rate
%
31 Mar 24
Book Value
1
($m)
31 Mar 24
Valuation
($m)

$m
Mar 24
Cap rate
%
Mar 23
Cap rate
%
31 Mar 24
Book Value
1
($m)
31 Mar 24
Valuation
($m)

$m

%

%

Argosy Property Ltd.
Financial Performance
SOLID TOP LINE GROWTH
•The net property income increase for the
period was principally driven by solid like-
for-like rental growth and development
income from completed projects such as 8-
14 Willis Street and 105 Carlton Gore Road
•Net interest expense was higher driven by
higher floating interest rates, higher
average debt and lower capitalised interest
•The full year revaluation decline reflected a
5.4% reduction on book value
$116.5m
NPI for the period, up 3.3%
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Argosy Property Limited
FY24FY23
$m$m
Net property income116.5112.8
Administration expenses(11.6)(10.8)
Profit before financial income/(expenses), other gains/(losses) and
tax
104.9102.0
Net interest expense(43.7)(36.3)
Gain/(loss) on derivatives0.6 7.3
Other gains/(losses)
Revaluation gains/(losses) on investment property(111.7)(146.6)
Realised gains/(losses) on disposal of investment property(1.0)(0.4)
Settlement for failed sale of investment property3.0
Profit/(loss) before income tax attributable to shareholders(50.8)(70.9)
Taxation expense(4.5)(9.9)
Profit/(loss) and total comprehensive income/(loss) after tax(55.3)(80.8)
Earnings per share (cents)(6.53)(9.55)

Argosy Property Ltd.
Distributable Income
SOUND RESULT
•Net distributable income for the year was
$55.8m compared to $64.2m in the prior
comparable period
•The variance from last year was driven
primarily due to higher interest costs and
higher taxation
•The prior comparable period also benefited
from the receipt of a $3.0m settlement for
the failed sale of the Albany Lifestyle
Centre
$55.8m
Net distributable income
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Argosy Property Limited
FY24FY23
$m$m
Profit before income tax(50.8)(70.9)
Adjustments:
Revaluation (gains)/losses on investment property111.7 146.6
Realised losses/(gains) on disposal1.0 0.4
Derivative fair value (gain)/loss(0.6)(7.3)
Gross distributable income61.268.7
Depreciation recovered on disposals0.9 0
Current tax expense(6.3)(4.5)
Net distributable income55.864.2
Weighted average number of ordinary shares (m)847.1846.7
Gross distributable income per share (cents)7.238.11
Net distributable income per share (cents)6.587.58

Argosy Property Ltd.
Lease Expiry & Rent Review Profile
MEDIUM TERM LEASE EXPIRY PROFILE
IS WELL MANAGED
•Largest single expiry remains MBIE in 2027
•Average annual expiry over the next three
years is ~11%
3.5%
Annualised rent review growth over the
year to 31 March
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Argosy Property Limited
1.2
1.8
9.3
6.4
1.6
2.9
1.4
2.1
1.4
0.4
5.4
7.3
6.7
5.6
10.4
5.9
5.9
2.4
6.4
2.5
0.3
9.5
0
2
4
6
8
10
12
14
16
18
VacantMar-25Mar-26Mar-27Mar-28Mar-29Mar-30Mar-31Mar-32Mar-33Mar-34Mar-35 +
Percentage of portfolio (by income)
As at 31 March 2024
Largest single expiry
Year ending
3.3
Total remaining
expiry

Argosy Property Ltd.
Market Insights
• Softer period of both supply and demand currently as
projected for 2024 as both occupiers and developers struggle
• Limited land supply in Auckland and Wellington continues
pressure on land values, with prime sites holding their value
• Rent continues to show some growth in well specified and
well located assets
• Vacancy remains very low, with limited speculative supply
and with little expansion capacity
• Modest reduction in construction costs reduces rental growth
pressure
INDUSTRIAL
• Flexible working environments continue but working from
home and full-time remote work are declining
• Changes in the way space is used, focusing on the
environment, now a staff attraction matter
• Continued focus from tenants on sustainability/green
• Increase in desire for flexibility in lease terms from tenants
• Wellington vacancy levels have increased and are expected
to increase further, particularly in secondary locations and for
poorer quality stock (seismic issues)
OFFICE
• Retail turnover rates have declined significantly on a per
capita basis
• Discretionary lines showing a significant drop in sales
• Online proportion of total sales continues to reduce
• Large Format Retail continues to receive solid demand in
prime locations
• "Moving of the deck chairs" as market share changes
• Retailers consolidating to a fewer number of locations
• Increased costs of operation are giving affordability issues
LARGE FORMAT RETAIL
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Argosy Property Limited

Argosy Property Ltd.
OUTLOOK
STAYING FOCUSED ON ACHIEVING STRONG OPERATIONAL RESULTS AND EXECUTING ON STRATEGIC GOALS
•New Zealand’s domestic economy continues to experience challenging headwinds from stubborn inflation and restrictive interest rates.
•The diversified portfolio exposure continues to provide a degree of resilience.
•Argosy is well placed, with a solid capital position to continue to transform towards a green & environmentally sustainable business.
•Our key focus areas for 2025 are to:
1.deliver strong operational results by addressing key expiries, leasing up remaining vacancies and achieving strong rental growth;
2.deliver on key strategic objectives including green developments and other value add opportunities;
3.achieve Green Star & NABERSNZ certifications; and
4.divest low growth assets and reinvest proceeds into green developments.
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Argosy Property Limited

Argosy Property Ltd.
Hybrid ASM
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•First level bullets – ipsum dolor sit amet,
consectetuer elit.
•Aliquam tincidunt mauris eu risus.
•Vestibulum auctor dapibus neque.
xx%
Debt to total assets ratio in the middle
of the target 30-40% range
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Argosy Property Limited

Argosy Property Ltd.
Questions
22
Argosy Property Limited

Argosy Property Ltd.
Resolutions
23

Argosy Property Ltd.
•Achieved a solid result in the face of weakening environment
•Delivered on sustainability goals
Resolution 1
24
•That Jeff Morrison be elected as a Director
Argosy Property Limited

Argosy Property Ltd.
•Achieved a solid result in the face of weakening environment
•Delivered on sustainability goals
Resolution 2
25
•That Stuart McLauchlan be elected as a Director
Argosy Property Limited

Argosy Property Ltd.
•Achieved a solid result in the face of weakening environment
•Delivered on sustainability goals
Resolution 3
26
•That the Directors remuneration pool be increased by $25,000 to $853,000 per annum
Argosy Property Limited

Argosy Property Ltd.
•Achieved a solid result in the face of weakening environment
•Delivered on sustainability goals
Resolution 4
27
•That the Board be authorised to fix the Auditor’s Fees and Expenses
Argosy Property Limited

Argosy Property Ltd.
General Business
28

Argosy Property Ltd.
Closing of Meeting.
Thank you
Presentation title goes here
29

Argosy Property Ltd.
Thank you
DISCLAIMER
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. Thispresentation 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.
18 June 2024
30
Argosy Property Limited

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1
18.06 .2024
CHAIRMANS 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 2024 annual meeting of shareholders of Argosy. It is my
privilege to again chair this meeting at the Royal New Zealand Yacht Squadron.
As usual, before we get things underway there are the usual housekeeping matters. Firstly,
can I remind those shareholders or proxy holders attending in person to have your phones on
silent please. 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.
As per previous years, today’s annual meeting is a hybrid annual meeting. 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.
Today’s meeting will focus on our recent annual results to 31 March 2024, our long term
strategy for growth and progress around our sustainability goals.
Before we get to that, there are a few procedural differences we need to run through for our
hybrid meeting to run smoothly.

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HYBRID AGM - INSTRUCTIONS FOR WEBCAST PARTICIPANTS [SLIDE 2]
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 type your query into the “Q&A” tab or you can
call Computershare on 0800-650-034.
THE BOARD [SLIDE 3]
With those procedural matters explained, lets get things underway.
I’d like to record that the Notice of the Meeting was duly given on 20 May 2024 and as
there are at least five shareholders here today, there is a quorum present. Accordingly,
I declare the 2024 Annual Meeting of Argosy Property Limited - open.
Your Board of Directors
There is detailed information about the Board in the 2024 Annual Report, however I
will briefly introduce them to you.

3
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, Scott Technology Limited and Skyline Aviation Limited. He is a
director of EBOS Group Limited, Dunedin Casinos and several other companies.
Stuart’s position as director is up for re-election and we’ll hear from him later in the
meeting.
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 and Capital Properties NZ Ltd.
Next, to Chris 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
across a variety of senior roles including strategy, portfolio management, financial
management, development and leadership.
Next, to Rachel we have Martin Stearne. Martin has over 20 years commercial and
capital markets experience, and currently holds appointments to the NZX’s NZRegCo
Advisory panel, the Takeovers Panel and the Investment Committee of the Impact
Enterprise Fund. He is a member of INFINZ and ICEAngels.
Mike Pohio is absent today and sends his apologies.

4
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 role as Chairman of Argosy, I also chair the Remuneration &
Nominations Committee and sit on the Company’s Audit and Risk Committee. My
position as director is up for re-election and you will hear from me later in the
meeting.
THE EXECUTIVE TEAM [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.
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 brief review of Argosy’s 2024 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.

5
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 377,085,300 shares and these have been
audited by Deloitte. There are 847,168,744 shares on issue.
CHAIRMAN’S INTRODUCTION [SLIDE 6]
I am pleased to now present to you a summary of the Company’s performance for
the year ended 31 March 2024. You will have received the 2024 Annual Report and
financial statements, either by post or electronically, depending on your preference.
FY24 ACHIEVEMENTS [SLIDE 7]
The Board was pleased with the way the business, management team and staff have
performed during the year despite continued weak operating conditions.
Inflation remained sticky and consequently interest rates stayed high and clearly had
a negative influence on property values at year end.
Despite these cyclical factors, as a Board we were very happy by the progress we
made towards our sustainability goals as evidenced by the green buildings
completed during the year and certifications achieved. During the year we achieved a
6 Green Star Built certification for 8-14 Willis Street – which was Wellington’s first 6

6
Star office development and Argosy’s first too. Well done to Management and staff for
a great achievement.
For the year to 31 March 2024, we again achieved Toitu Net Carbonzero certification,
maintained or improved our NABERSNZ ratings across rated assets and retained our
MSCI ESG Green Rating at AA – which is a great result.
The diversified portfolio remains resilient and the 34% weighting to the Government
sector provides a measure of earnings defensiveness in our view. Whilst portfolio
metrics remain sound, we acknowledge the coming year will certainly bring more
challenges.
The Board is comfortable with the company's capital position and balance sheet
strength and we were pleased management achieved several strategic asset
divestments through the year. Balance sheet gearing is sitting at middle of our target
30-40% band.
As part of its strategic asset allocation strategy review during the year, the Board
chose to adjust policy targets, with an increased weighting in Auckland Industrial and
a reduced weighting in Wellington Office. Whilst Peter will talk more to the exact
weightings shortly, the decision was made with a view to where we see the best long
term returns to support earnings and dividend growth for the company.
Shareholders will also be pleased we delivered a dividend in line with guidance of
6.65 cents per share for 2024 and importantly, have maintained it at 6.65 cents per
share for FY25.

7
Looking ahead, I do believe the company’s sound financial and portfolio position sees
the business well placed to manage the near term economic weakness.
VISION – BUILDING A BETTER FUTURE [SLIDE 8]
Many of you here will be quite familiar with this slide. Our vision of building a better
future continues to be underpinned by our three core pillars of being a green, resilient
business owning a quality portfolio diversified by sector, tenant and location.
Our focus on greening the portfolio is unchanged as we target 50% of our portfolio
being green assets by 2031. Our current developed green asset weighting of 35%
sees us well placed to deliver on this target.
Peter will touch on this in his review but there is growing evidence around rental
premiums between green and non green buildings. Furthermore, with increasing
climate change reporting and analysis companies are being required to disclose – we
expect to see growing valuation differentials between green assets built with more
climate resilience than those without. As I have said previously - this all underpins
the sustainability and stability of earnings and dividends over the long term.
Argosy’s portfolio remains diversified by sector, tenant and location. We believe this
approach will continue to reduce volatility in returns and widen growth opportunities
over the longer term.
In summary, the future of our business is still green and we’ll continue to support our
tenants who are on this journey as well. We will remain focused on being the market
leader in retro-fitting existing buildings to create modern, attractive working

8
environments for our tenants and their people. We’ll continue to target strategic
growth opportunities with green potential – with Auckland Industrial being the focus.
Our strategy of creating a green, resilient and diversified business continues to be
based around creating value in the business to deliver measurable and sustainable
dividend growth to shareholders.
On the subject of strategy, the Board is very focused on the current and future
success of the business. A key part of this is ensuring there is appropriate succession
planning in place at both the Board and Executive levels. The Board is developing a
longer term succession plan for Directors and Senior Management that will position
the business well to continue to deliver solid and reliable results for shareholders.
DIVIDEND SLIDE [SLIDE 9]
The Board was pleased to announce a FY24 full-year cash dividend of 6.65 cents per
share, in line with the prior year. Looking ahead, it is clear that the New Zealand
economy will face challenges during the remainder of FY25 as inflation and interest
rates remain high. However, the Board believes it is appropriate to look through short
term cyclical headwinds to provide certainty for investors.
With this in mind, the Board has decided to maintain this FY25 year dividend at the
current level of 6.65 cents per share, which we expect to be more than 100% of
AFFO.
I’ll now hand over to Peter who will take you through a brief review of the business.
END.
Peter Mence
Chief Executive Officer
09 304 3411
pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
09 304 3400
dfraser@argosy.co.nz
Stephen Freundlich
Head of Corporate Communications & Investor Relations
09 304 3426
sfreundlich@argosy.co.nz

1
18.06 .2024
CEO’s REVIEW
CEO REVIEW SLIDE [10]
Thank you Mr Chairman. As noted earlier by the Chairman, I’ll be taking you
through the FY24 results in a little more detail before rounding out with an outlook
on the year ahead and areas of focus.
RESULTS SUMMARY SLIDE [11]
A few of the key result metrics are shown here. Net property income was up
3.3%, NTA was down due to the unrealised negative revaluations, we have held
the dividend flat and recognise that the economy will continue to be challenging
over the next 12 months. Gearing remains comfortably around the middle of the
30-40% band and well below our 50% covenant.
PORTFOLIO HIGHLIGHTS SLIDE [12]
Occupancy is less than we would like and has been affected by recent expiries,
however we continue to see leasing interest albeit conversion times are longer.
The portfolio metrics are solid and we continue to have high retention rates.
SUSTAINABILITY COMMITMENT SLIDE [13]
Sustainability initiatives have been very much a key plank of our strategy over the
last 10 years. We continue to target 50% of our portfolio being green rated by
2031 and we’re well on our way to achieving that. Climate disclosures are an
iterative process with reporting obligations likely to expand further.

2
PORTFOLIO AT A GLANCE SLIDE [14]
The portfolio at a glance shows that we are 51% industrial and around 40%
office. Our exposure to Auckland is just under 70% and we note that our Value
Add exposure is income generating – an important point.
REVALUATIONS SLIDE [15]
Revaluations clearly affected the overall result. Latest data suggests that cap rate
expansion has stopped – the last 3 months data indicates no change – other than
retail which appears to have a little bit of softness still. Construction costs are
falling, however there may be short term pressure on land values with the drop in
development activity. Overall, green assets performed better in the valuations
and in leasing transactions.
FINANCIAL PERFORMANCE SLIDE [16]
Net property income was up 3.3% or $3.7m on the prior period driven by like for
like rent reviews and competed developments over the year such as 8 Willis
Street and 105 Carlton Gore Road. Administration expenses were up due to the
interim valuation undertaken during the year, additional Health & Safety audit and
ESG costs and set up costs related to our insurance captive established during
the year. The management expense ratio for the year is 54bps and the corporate
expenses to net property income is 9.9% which is relatively stable on last year.
With the higher OCR the interest expense was up by $7.5m, the rate variance
was $4.7m, the volume variance was $1.3m and we had lower capitalised

3
interest of $1.5m this year. The revaluation loss we have covered earlier which
contributed to t he reported bottom line loss of $55.3m for the year.
DISTRIBUTABLE INCOME SLIDE [17]
After the usual fair value adjustments, net distributable income was $55.8m
versus $64.2m last year. The prior year benefitted from a receipt of $3.0m from
the failed settlement of A
lbany Lifestyle. Higher interest and tax also weighed on
the result. On a per share basis NDI was 6.58cps versus 7.58cps last year.
LEASE EXPIRY SLIDE [18]
The lease expiry profile is pretty modest over the next couple of years. In 2027
and 2028 we have expiries which we’re already work
ing on as you’d expect. Our
portfolio review indicates a pretty good retention rate so going forward over the
next 12-24 months we don’t expect to see many surpris
es. It’s a delicate
balance in a quiet market where tenants are more likely to retain existing
premises, but wanting sufficient room to meet their future growth.
M
ARKET INSIGHT SLIDE [19]
Turning to the market and what we’re seeing, there’s a low supply of industrial
pr
operty and low demand at present. However, 2025 is expected to be quite a bit
busier and there’s an increased focus on sustainability and demand for green
buildings. Our timing for the 224 Neilson Street first building looks pretty good in
Q1 2025.

4
In office, theres a lot of commentary in the market about the loss of public sector
jobs and what impact that might have on the market, but we’re really only giving
up some of the growth in the last 6 months versus the last 6 years. The negativity
in the sector may be overdone.
Working from home is diminishing, particular in Wellington where we’re seeing
increased inbound inquiry for space as more people return to the office. In
Auckland office, we have launched Footprint which is our co-working / shared
office space offering based out of the Citibank building. It has just launched but
the early signs are good with interest levels rising every week. Strategically, we
elected to establish our own brand and product in this space rather than
contracting an outside party.
In the retail space, the sector still has challenges with turnover figures continuing
to fall but large format retail is still performing pretty well. Tenants considered to
be at risk remain very modest and where we have had vacancies we’ve had
strong demand for the space to date.
OUTLOOK SLIDE [20]
Finally, as we look ahead over the coming year there’s a number of focus areas
we really need to keep working on in an economy which we’ve noted is still
challenged. We have to pay for the increased taxation relating to building
deprecation, however ill-founded we think those policies might be.

5
From a capital perspective we remain well placed and our early move into the
green space is paying off with our delivery to tenants. Our experience and
intellectual property we’ve developed in the space is becoming more valuable
over time.
We’ll continue to focus on delivering strong operational outcomes around
expiries, leasing and driving rental growth. We will deliver on our strategic
objectives including our green developments and divest low growth assets to
recycle that capital into green developments. All of these factors will ensure we
can continue to create a green, diversified and resilient business to deliver
sustainable dividends to shareholders.
SUPREME AWARD [SLIDE 21]

I’ll now hand back to the Chairman.

END.
Peter Mence
Chief Executive Officer
09 304 3411
pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
09 304 3400
dfraser@argosy.co.nz
Stephen Freundlich
Head of Corporate Communications & Investor Relations
09 304 3426
sfreundlich@argosy.co.nz

1
18.06.2024
CHAIRMANS REVIEW – PART 2
QUESTIONS [SLIDE 22]
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 23]
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 377,085,300 shares and these have
been audited by Deloitte. There are 847,168,744 shares on issue.
CHANGE OF PRESENTER – MARTIN STEARNE SWITCH WITH JEFF
RESOLUTION 1 [SLIDE 24]
Resolution 1 proposes that Jeff Morrison be elected as a Director.
Pursuant to Clause 24.6 of the Company’s constitution and NZX Main Board
Listing Rule 3.3.11, Jeff retires by rotation. The Board confirms that Jeff is an
independent director and Jeff has confirmed that he is available for election.
The Board supports Jeff’s election and believes Argosy benefits from his
extensive property market and governance expertise and experience he brings to
the Company.
I will now ask Jeff to say a few words (Jeff approaches lecturn to speak – once
finished - Jeff returns to seat)
Are there any questions on this resolution? [pause for any questions]

3
I now put to vote the resolution that Jeff Morrison is elected as a director of the
Company.
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.
MARTIN RESUMES HIS SEAT - JEFF CAN RESUME AT THE LECTURN
RESOLUTION 2 [SLIDE 25]
Resolution 2 proposes that Stuart McLauchlan be elected as a Director.
Pursuant to Clause 24.6 of the Company’s constitution and NZX Main Board
Listing Rule 3.3.11, Stuart retires by rotation. The Board confirms that Stuart is
an independent director and Stuart has confirmed that he is available for election.
The Board supports Stuart’s election and believes Argosy benefits from his
extensive financial expertise and experience he brings to the Company.
Are there any questions on this resolution? [pause for any questions]
I now put to vote the resolution that Stuart McLauchlan 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 26]
Resolution 3 seeks to increase the Directors remuneration pool by $25,000 to
$853,000 per annum.
Is there any discussion on this resolution? [pause for any questions]
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 fourth and final resolution.

5
RESOLUTION 4 [SLIDE 27]
Resolution 4 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.
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.

6
GENERAL BUSINESS [SLIDE 28]
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.
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.

7
CHAIRMAN’S CLOSING / THANK YOU [SLIDE 29]
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.


END.
Peter Mence
Chief Executive Officer
09 304 3411
pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
09 304 3400
dfraser@argosy.co.nz
Stephen Freundlich
Head of Corporate Communications & Investor Relations
09 304 3426
sfreundlich@argosy.co.nz