Update on 31 March Valuations

NZX RELEASE
19 March 2020

UPDATE ON 31 MARCH VALUATIONS

Asset Plus advises that it received late yesterday correspondence regarding a meeting of Colliers, CBRE, Savills
and JLL Valuation teams, advising the following:

“Representatives of the Colliers, CBRE, Savills and JLL Valuation teams met to review approach and process
regarding 31 March 2020 financial reporting valuations in light of the rapidly evolving Covid-19 situation and
the uncertain market conditions. Ongoing local and global Government policy making continues to change
markets by the day.

Given this unprecedented situation and the timing, we have formed a collective view that we are unable to
provide a final and definitive opinion on values until after the 31 March 2020 valuation date. If post that date,
there is a cause for material change to draft valuations then an appropriate time will need to be available to the
valuers to prepare updated valuations.”

Asset Plus notes that draft property valuations were included in the investor presentation which it released to the
market on 10 March 2020 in connection with the proposed capital raising and related shareholders' meeting. As
noted in that investor presentation, those draft valuations were indicative only and were subject to finalisation by
the issuing valuer and the completion of Asset Plus' audit process on or after 31 March 2020. The disclosure of
draft property valuations was specific to the capital raising and shareholders' meeting. However, as announced on
18 March 2020, the capital raising and shareholders' meeting will no longer take place.

Final property valuations are currently expected to be released with Asset Plus' full year results for the year
ending 31 March 2020. Until final valuations are made available by Asset Plus, shareholders should not place
undue reliance on the draft property valuations referred to in the investor presentation given the draft nature of
those valuations, the now redundant purpose for which they were disclosed and the rapidly evolving COVID-19
situation which is impacting market conditions.


-ENDS-

For further information please contact:

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

Mark Francis
Managing Director, Augusta Funds
Management Limited, Manager of Asset Plus
09 300 6161