ASSET PLUS UPDATE

NZX RELEASE
16 April 2020

ASSET PLUS UPDATE

Asset Plus wishes to provide the following update regarding 31 March 2020 valuations and the on-going impact of
the Covid-19 lockdown.

As noted in an announcement on 19 March 2020, valuation firms had advised that they would be unable to
finalise valuations at 31 March 2020 due to the evolving Covid-19 situation. Updated valuations which take into
account the current position in respect of Covid-19 have now been received, advising the following valuations:

• 35 Graham Street: $50.1 million
• 22 Stoddard Road: $37.5 million
• Eastgate Shopping Centre: $46.7 million
• Munroe Lane (land only): $7.5 million

The above valuations remain subject to the audit process but Asset Plus does not expect any further material
changes. As a result of the above valuations, Asset Plus’ NTA per share is expected to decrease to $0.57 per
share (as at 31 March 2020) with Asset Plus’ LVR at 35% being well within loan facility covenants.

Following the commencement of the Covid-19 lockdown, Asset Plus has received a number of rent relief requests
from tenants alongside claims for rental abatement in accordance with lease terms. Given the uncertainty
regarding the length of the lockdown and ongoing conditions for the various alert levels, Asset Plus is unable to
currently quantify the impact of the lockdown for the 2021 financial year.

The Board has resolved not to pay a final quarter dividend for the year ended 31 March 2020. Dividends for the
2021 financial year will be considered on a quarterly basis.


-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