Performance Share Rights granted under Long Term Incentive

Capital Change Notice – Allotment of 2026 PSRs


Section 1: Issuer information
Name of issuer Argosy Property Limited
NZX ticker code ARG
Class of financial product Unlisted performance share rights
(“PSRs”)
ISIN N/A
Currency NZD
Section 2: Capital change details
Number issued 519,831
Nominal value (if any) Nil
Issue/acquisition/redemption price per security Nil
Nature of the payment (for example, cash or other consideration) No consideration is payable for
the PSRs
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of Financial
Products of the Class, excluding any Treasury Stock, in existence)
1

The PSRs for the 2026 grant
comprise 100% of the financial
products for that class. Argosy
has other PSRs of different
classes on issue from previous
grants under its Long Term
Incentive Scheme.
For an issue of Convertible Financial Products or Options, the
principal terms of Conversion (for example the Conversion price and
Conversion date and the ranking of the Financial Product in relation
to other Classes of Financial Product) or the Option (for example, the
exercise price and exercise date)
N/A
Reason for issue/acquisition/redemption and specific authority for
issue/acquisition/redemption/ (the reason for change must be
identified here)
To incentivise senior executives.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding Treasury Stock)
and the total number of Financial Products of the Class held as
Treasury Stock after the issue/acquisition/redemption.
519,831
In the case of an acquisition of shares, whether those shares are to
be held as treasury stock
N/A
Specific authority for the issue, acquisition, or redemption, including
a reference to the rule pursuant to which the issue, acquisition, or
redemption is made

Directors’ resolution dated 19 May
2026 and Listing Rule 4.6.1


1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
The PSRs are subject to a vesting
period of 3 years. Vesting is
subject to certain performance
hurdles. The number which
actually vest will be dependent
on: the relative ranking of
Argosy’s total shareholder returns
against a comparator group of
listed entities determined by the
Board from the NZX Property
Index; the amount of Argosy’s
shareholder returns; and growth
in Argosy’s funds from operations.
Date of issue/acquisition/redemption
2
21 May 2026
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement David Snelling
Contact person for this announcement David Snelling
Contact phone number 09 304 3400
Contact email address service@argosy.co.nz
Date of release through MAP

21 May 2026


2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).