DNZ / Argosy Merger – Update

DNZ / Argosy Merger – Update

DNZ / Argosy Merger – Update 2/06/2011

DNZ Property Fund Chairman, Tim Storey, and Chief Executive, Paul Duffy, met today with Trevor Scott and Peter Brook, the independent directors of Argosy to discuss a possible merger of the two entities.

“No progress was made as the independent directors are singularly focussed on the internalisation of the manager and the termination of the management agreement with OnePath, a subsidiary of ANZ, and did not wish to advance the merger proposal.” said Mr Storey.

“DNZ remains of the opinion that the proposed merger should be considered as a path forward for both companies, a path that has significant potential to be of benefit to Argosy Unitholders and DNZ Shareholders alike.”

“We will continue to assess our options to achieve this goal.”

For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: tim.storey@dnzproperty.com

Paul Duffy, CEO, DNZ Property Fund Limited
Phone: 09 912 2690 – Mobile: 021 843 758 – Email: paul.duffy@dnzproperty.com

DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with commercial office, retail and industrial properties located in the main urban areas throughout New Zealand.

As at 31 March 2011, DNZ Property Fund owned 50 properties with 283 tenants, a weighted average lease term (WALT) of 4.3 years, an occupancy rate of 97.9% over a net lettable area of 371,481m², and a portfolio value of $637.7m.

DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internalised management team. DNZ Property Fund Limited also manages the property portfolio of Diversified NZ Property Fund Limited, which is owned by Australian institutional investors.

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