EXTENSION OF MUNROE LANE CONDITION / COVID-19 UPDATE

NZX RELEASE
30 March 2020

EXTENSION OF MUNROE LANE CONDITION / COVID-19 UPDATE

As announced on 20 December 2020, Asset Plus has conditionally agreed to develop a new office building for
Auckland Council at Munroe Lane, Albany, Auckland. Auckland Council are to occupy approximately two thirds of
the building. Asset Plus is pleased to confirm that Auckland Council has agreed to extend the satisfaction date for
the funding and shareholder approval condition to 31 July 2020. The agreement also provides an ability for the
parties to agree to further extend it to 30 October 2020 (with such agreement at each party’s absolute discretion).

The variation agreement also provides that Asset Plus is to continue to progress the development in accordance
with the previously agreed milestone schedule. The agreement remains conditional on obtaining the required
resource consent prior to 30 June 2020, which continues to be progressed.

Covid-19
The Asset Plus Board, alongside the Augusta management team, are actively monitoring the impact of the Covid-
19 lockdown. Asset Plus is currently unable to quantify the impact of the lockdown at this point but will update
shareholders at the appropriate time. Shareholders should be aware that, as signaled in previous dividend
announcements, the dividend is reviewed quarterly by the Board taking into account all relevant factors.

-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