Argosy Property Limited Investor Update September 2026

Argosy Property LimitedSeptember 2026 | Volume III01
SEPTEMBER 2026 | VOLUME III
Steward
THE
AN ARGOSY PERSPECTIVE
Welcome to the
latest edition of
The Steward.
There’s plenty happening across our
portfolio, from new developments and
improved tenant facilities to well-deserved
recognition for our people and properties.
We’ve also been getting out into the
community, supporting the next generation
of property professionals and lending a
hand to some great organisations.
We hope you enjoy this latest snapshot
of what we’ve been up to as we continue
Building a Better Future together.
Development Update
It’s been a busy few months across our Auckland industrial developments,
with some significant milestones reached.
Property Council Tour Event, Mt Richmond.
MT RICHMOND
Warehouse 6 at Mt Richmond Industrial
Estate reached practical completion in
May, with Viatris moving in the following
month. A blessing was held in July
to welcome Viatris and mark another
important milestone for the development.
Earlier in the year, around 60 people
visited the site as part of a Property Council
New Zealand tour, hearing from our team
and JLL before taking a look around the
new facility.
Development Update
An update on our
current developments p.1
CEO Insight
From our CEO
Peter Mence p.3
In the Spotlight
Read about our
tenants and staff p.4
Community Update
See what we’ve been
doing with our community
partners p.5
Portfolio Update
Portfolio and dividend
update p.6

September 2026 | Volume IIIArgosy Property Limited02
Development Update continued
We’re proud to see 224
Neilson Street recognised
on the national stage. These
awards acknowledge the
hard work of the entire team
and the project’s strong
sustainability outcomes.
Simon Brake
DEVELOPMENT MANAGER
The Argosy team at the 2026 Master Builders Commercial Property Awards.
Citigroup Centre, Auckland.
A NEW LEASE OF LIFE AT
CITIGROUP CENTRE
A former NZ Post PO Box facility at Citigroup
Centre has been transformed into a modern
end-of-trip facility, new retail tenancy and
three secure storage units.
Designed to support active lifestyles and more
sustainable ways of getting to work, the new
end-of-trip facility includes premium showers,
changing areas and secure lockers.
Together, the changes have turned an
underused area into a more functional
space, while providing better facilities and a
better building experience for tenants and
their visitors.
Building Update
224 NEILSON STREET
Leasing activity has also continued at
nearby 224 Neilson Street with ECLY Limited
securing a 16-year lease for Warehouse A
from March 2027.
The development also picked up some
impressive recognition at the 2026 Master
Builders Commercial Project Awards. The 6
Green Star-rated project received a National
Category Award, a Gold Award and the overall
Environmental and Sustainability Award.
In July, a blessing was held for
Warehouse 6, developed for
Viatris, in partnership with local
iwi. The blessing recognised
the significance of the site and
marked the completion of the
development, celebrating a
milestone for both the estate
and its newest tenant. The
project has also since achieved
a 6 Green Star Built rating,
recognising its sustainability
features and high standard of
environmental performance.
Dawn Blessing, Mt Richmond Industrial Estate, Auckland.
Mt Richmond
Industrial Estate / Warehouse 6
Mt Wellington
AUCKLAND

Argosy Property LimitedSeptember 2026 | Volume III03
CEO Insight
CEO
Insight
Peter Mence
CHIEF EXECUTIVE OFFICER
Current market conditions are being shaped
by a high level of geopolitical instability,
and any discussion of the international and
domestic economies will be forced to consider
the effects of the Middle East conflict,
including the resulting constraints on oil
supplies around the world.
This is compounded by uncertainty
surrounding international trade, including
tariffs. These developments have contributed
to heightened market volatility and
inflationary pressures, while established trade
patterns are changing, with little certainty of
where these will settle.
Domestically too, there are changes with
further reductions targeted in the headcount
of Government employees, and in migration
numbers. Over the last few months, we have
seen the tarnishing of the artificial intelligence
(AI) star, with the breaking of supposed
tethers and undirected hacking into computer
data systems. With China and America both
racing to dominate this field, it should not be
surprising to find that the new toy is over-
reaching (it should be noted that this column
is prepared the old fashioned way!).
Then of course we have an election due
in New Zealand and opinion polls are, to
date, not anointing a probable winning
combination. It may be that the mid-term
elections in America are of greater economic
impact in New Zealand than our own
Government elections.
In the climate change area, there is plenty to
be concerned about, and plenty to be thankful
that we live in New Zealand for. The northern
hemisphere has been dealing with weather
extremes producing droughts or flooding,
depending on the location.
Extreme heat and wildfires have rocked the
United Kingdom and Europe. In addition
to the human costs, property has been
destroyed and travel disrupted. The tragedy
in Nepal has brought home the unpredictable
power of nature.
Scientists have noted that the world, when
viewed from space, has become duller –
that is less reflective. Apparently this is
measured by what is referred to as the earth’s
planetary albedo and suggests that the
world is absorbing heat from the sun rather
than reflecting it at a higher level. Ironically,
this may be contributed to by a reduction in
atmospheric pollutants.
As is often observed, the share market hates
uncertainty and we can certainly see the
impact on the NZX. So top down, there are
plenty of issues to focus on.
Real estate as an asset class has the solid
benefit of being tangible, and often the
investment community will neglect this
benefit when assessing the investment case
for the sector. It is not a sector where asset
values can evaporate to zero in the face of the
next best product arriving in the market.
The domestic property market is continuing
to deliver stability in investment values and
income levels that provide regular predictable
dividends. The market is coming from a
relatively modest level of valuation and there
is little excess capacity. In this context, it is
worth considering just how much negativity
is currently priced into current trading prices
and assess what level of downside realistically
is justified. Certainly, leasing activity is slower
than before the commencement of hostilities
in Iran, and there has been some slight easing
in net effective rentals. There is some excess
capacity in the industrial market in Auckland
and in commercial offices in both Auckland
and Wellington, that may take some time
to absorb. However this is already factored
into most asset valuations, and in Wellington
office, enquiry is surprising on the upside.
The Argosy portfolio has shown some good
bottom-up improvement since my last
update and is not causing significant concern
with either investment values or income
levels. The portfolio has weathered another
downturn very well and has consistently
demonstrated resilience, one of the benefits
of diversification. New leases, lease renewals
and lease extensions have been secured
across all three sectors in both Wellington
and Auckland, with notable success in the
Wellington office market at 147 Lambton
Quay.
It is easy for market commentators to make
the mistake of assuming that all assets in a
sector are going to perform in the same way,
but (with apologies to George Orwell) some
animals are more equal than others. This is
particularly so with the Wellington commercial
office market where there is a locational
preference for occupants being close to
parliament, a seismic preference for buildings
of at least 80% of the new building standard,
and a sustainability preference for buildings of
at least 4 stars (built or performance rating).
The Argosy portfolio is well positioned and
we are building momentum on the leasing
front. This is a positive backdrop upon which
to consider the next period and reassuring
for those of us that rely on regular and
sustainable dividend payments.
This commentary is provided for general information only
and does not constitute financial or investment advice.
You should consider your own circumstances and seek
independent professional advice before making any
investment decisions.

Argosy Property LimitedSeptember 2026 | Volume III
04
In the Spotlight
It’s a privilege to be included
among such an inspiring group
of women and I’m proud to
contribute to an industry that
helps shape the way people live,
work and connect.
Marilyn Storey
HEAD OF DEVELOPMENT
New and Renewed Tenants
We’re pleased to welcome the following
new tenants:
• ECLY Limited, 224A Neilson Street –
12,077m² of office and warehouse on a new
16-year lease
• Viatris Limited, 8–14 Mt Richmond Drive
– 5,871m² of office and warehouse on a
new 10-year lease
• Moore Markham Partnership, 101 Carlton
Gore Road – 989m² of office on a new
nine-year lease
• New Zealand Red Cross Incorporated,
Albany Mega Centre – 509m² of retail
space on a new five-year lease
• Financial Services Complaints Limited,
147 Lambton Quay – 496m² of office on a
new six-year lease
• Scott Technology NZ Limited, 101
Carlton Gore Road – 473m² of office on a
new eight-year lease.
And we’re pleased to have the following
tenant extend their stay with us:
• Alpine Motors Limited, 291 East Tamaki
Road – 280m² of warehouse on a two-
and-a-half-year extension.
Henkel New Zealand
This year marks a significant milestone
for Henkel as the company celebrates
150 years of innovation. Operating in
New Zealand for nearly four decades,
Henkel is a leader in adhesives,
sealants, coatings and consumer
brands, supporting customers across
a diverse range of industries.
For the Henkel team, 2 and 12 Allens Road
were a natural fit. The industrial buildings
provide a combination of quality office
and operational space, excellent transport
connections and easy access for customers
and suppliers, supporting both day-to-day
operations and future growth.
The Henkel team speaks highly of its
Argosy Property Manager and Asset
Manager, valuing their practical support,
responsiveness and willingness to work
collaboratively to meet the needs of
the business.
A major milestone for Henkel was bringing
its Adhesive Technologies and Consumer
Brands teams together at 2 Allens Road last
year, creating a more connected workplace
and strengthening collaboration across
the business.
Staff Spotlight
Tenant Spotlight
Reflecting the breadth of Henkel’s work, its
technologies have been used in projects
such as Barcelona’s iconic Sagrada Familia,
now the tallest church in the world. Closer
to home, the team enjoys making the
most of the East Tamaki and Highbrook
area, with local cafés and eateries proving
popular for coffee catch-ups and customer
meetings.
A big congratulations to our Head of
Development, Marilyn Storey, who was
named in Property Council New Zealand’s
Women of Impact Property list earlier
this year.
Released to mark International Women’s
Day, the list recognises women making a
significant contribution to New Zealand’s
property sector.
Marilyn’s inclusion acknowledges both
her leadership within the industry and
her track record of delivering successful
development outcomes. It’s fantastic to see
her contribution recognised alongside other
women helping shape New Zealand’s built
environment.
MARILYN STOREY RECOGNISED
AS A WOMAN OF IMPACT
Nine months into his time with us, Property
Manager Oli Pritchard is making the most of
everything the property sector has to offer.
Having grown up around property, Oli
developed an early appreciation for the
difference well-managed spaces can make to
businesses, communities and the people who
use them every day.
One of his highlights so far has been
managing our own home at 39 Market Place.
He particularly enjoys the people side of
the role, working with tenants, contractors,
consultants and colleagues to solve problems
and get things done.
Outside work, you’ll often find Oli surfing
Auckland’s east or west coast, or fitting in
a gym session. And his advice for anyone
starting out in property? Stay curious, keep
learning and embrace new opportunities.
Oli Pritchard
PROPERTY MANAGER

Argosy Property LimitedSeptember 2026 | Volume III05
Community
Update
Community Update
Putting future property
talent to the test
We were pleased to support The Property
Foundation’s 2026 Case Challenge, providing
a real-world property case study with support
from Donavin Wick, Development Manager.
The standard of the student teams was
exceptional and a great showcase of the
future talent coming into New Zealand’s
property sector. Teams from Auckland,
Lincoln and Massey universities will now
represent New Zealand at the PropConnex
Case Competition in Sydney.
Supporting Keystone Trust
We recently joined more than 500 property
industry colleagues at the Keystone Trust
Rugby Lunch at the New Zealand
International Convention Centre.
Hosted by Paddy Gower and featuring Mils
Muliaina and John Afoa, the event raised
funds for scholarships, development
programmes and hardship assistance.
A highlight was hearing directly from students
about the difference Keystone Trust has made
to their education and career journeys.
Saatyesh Bhana, Head of Sustainability
volunteering at Camp Bentzon.
Rolling up our sleeves
Earlier this year, our team put their volunteer
days to good use with Camp Bentzon and the
New Zealand Food Network.
At Camp Bentzon, the team helped with
clean-up and maintenance work to improve
the camp’s facilities and outdoor spaces. At
the New Zealand Food Network, volunteers
sorted and packed fresh produce and other
food that would otherwise have gone to
landfill, ready for distribution to charities
around the country.
Two very different days, but both great
opportunities to support organisations
making a positive difference.
Getting a taste of the
property industry
In May, we welcomed University of Auckland
students as part of the Department of
Property’s Buddy Programme.
Starting at 82 Wyndham Street, the
students then split into groups to visit
Citigroup Centre and Mt Richmond, meeting
our people and getting a first-hand look
at asset management, development and
sustainability in action.
It was a great opportunity to give students
a taste of the breadth of careers available in
commercial property and bring some of their
classroom learning to life.
Camp Bentzon Update
Camp Bentzon has had a productive
winter, with several improvement projects
completed ahead of the busy school camp
season. The largest project has been the
refurbishment of the female ablution block,
including new plumbing, wiring, ventilation,
lighting, showers, toilets and finishes.
The upgrade modernises a facility that has
served youth for more than 30 years.
The camp has also developed a new
team-based activity where students work
together to construct a bridge and move
their group across an obstacle using
limited resources.
Despite rising costs across the construction
sector, Camp Bentzon continues to invest
in its facilities while working hard to
keep camp fees affordable for schools.
We are pleased to continue supporting
the camp and the opportunities it provides
for young New Zealanders.

Argosy Property LimitedSeptember 2026 | Volume III06
Portfolio Update
As at 31 August 2026
Important dates
FY27 Q1 DIVIDEND PAYMENT
23 SEPTEMBER 2026
FY27 Q2 DIVIDEND PAYMENT
DECEMBER 2026
FY27 Q3 DIVIDEND PAYMENT
MARCH 2027
FY27 ANNUAL ANNOUNCEMENT
MAY 2027
CONTACT
T/ 0800 653 653 T/ +64 9 304 3400
F/ +64 9 302 0996
39 Market Place, Auckland 1010,
PO Box 90214, Victoria Street West,
Auckland 1142, New Zealand
argosy.co.nz
REGISTRAR
To find out about more about your investment,
please contact Computershare:
T/ +64 9 488 8777 F/ +64 9 488 8787
enquiry@computershare.co.nz
computershare.com/InvestorCentre
Dividend
The 1st Quarter Dividend for the 2027
financial year of 1.6625 cents per share with
imputation credits of 0.219213 cents per share
attached was announced on 22 July 2026.
The record date for the dividend was
9 September and the payment date was
23 September 2026. Overseas investors will
receive an additional supplementary dividend
of 0.099475 cents per share to offset
non-resident withholding tax.
55% Industrial
35% Office
10% Large Format Retail
72% Auckland
25% Wellington
3% Regional North Isl. & South Isl.
81% Core
13% Value Add properties
6% Properties and land to divest
PORTFOLIO
$2.25
b
PROPERTIES
49
TENANTS
183
W A LT
5.3
yrs
OCCUPANCY BY RENT
9 7. 3
%
TOTA L P O R T F O L I O U P D AT E
by asset type
TOTA L P O R T F O L I O U P D AT E
by sector
TOTA L P O R T F O L I O U P D AT E
by region