Withdrawal of Capital Raising and Shareholder Meeting

NZX RELEASE
18 March 2020

WITHDRAWAL OF CAPITAL RAISING AND SHAREHOLDER MEETING

Asset Plus advises that in light of the current volatility of capital markets and the current trading price of Asset
Plus shares, the Board has decided that it is in the best interests of the company and its shareholders to withdraw
the $100 million rights issue that was due to open on Thursday, 19 March 2020. As a result, it has terminated the
underwriting agreement with Jarden. The shareholder meeting scheduled for 31 March 2020 will also no longer
occur.

The Agreement to Develop and Lease with Auckland Council in relation to the proposed development at Munroe
Lane, Albany is still in place and remains subject to the funding and shareholder approval condition and the
resource consent condition. Asset Plus intends to meet with Auckland Council to discuss a potential extension to
the funding and shareholder approval condition satisfaction date, which is currently 15 April 2020. Asset Plus will
provide further updates when appropriate.

The Asset Plus Board thanks all Asset Plus shareholders for their continued support during these unprecedented
times.

-ENDS-

For further information please contact:

Bruce Cotterill
Chair, Asset Plus Limited
Mobile: 021 668 881