New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Argosy (ARG) has delivered a solid 1H23 result with adjusted funds from operations (AFFO) +25% to NZ$32.0m</li><li>RG’s debt hedging has reduced to 51% and weighted average interest rate has to 5.0%</li><li>ARG continues to progress its internal value-add development pipeline with 105 Carlton Gore now 50% leased for an expected yield on cost of 5.3%</li></ul>

Argosy (ARG) has delivered a solid 1H23 result with adjusted funds from operations (AFFO) +25% to NZ$32.0mRG’s debt hedging has reduced to 51% and weighted average interest rate has to 5.0%ARG continues to progress its internal value-add development pipeline with 105 Carlton Gore now 50% leased for an expected yield on cost of 5.3%

Argosy Property

Argosy: 1H23 Result – Initial Thoughts