Portfolio Revaluation

NZX RELEASE

1 September 2020

Portfolio Revaluation

Ahead of preparing its financial statements for the six month period ended 30 September 2020, Asset Plus
(NZX:APL) has obtained updated valuations of its portfolio. Asset Plus is pleased to announce a revaluation of the
portfolio from $142.05m as at 31 March 2020 to $153.40m as at 31 August 2020.

The individual valuation of each property (including a comparison to the 31 March 2020 valuations) is:

Asset 31-Aug-20
Valuation
31-Mar-20
Valuation
Eastgate $47.40m $46.95m
Stoddard Road $38.50m $37.50m
35 Graham Street $57.50m $50.10m
Munroe Lane (bare land) $7.50m $7.50m
Kamo (bare land) $2.50m NA (Purchase
price was $2.15
million)

The Eastgate valuation takes into account the Agreement to Lease with Restaurant Brands announced on 28 August
2020.

Asset Plus notes that a number of the assumptions within the final 31 March 2020 valuations have not materialised
at this time in terms of assumed abatement, and changes in capitalisation rates post COVID. The 31 August 2020
valuations were undertaken by Jones Lang La Salle across the portfolio. Final valuations have been received and
approved by the Board. As part of the half-year reporting process, these valuations will be reviewed by the auditor.

As a result of the increase in portfolio valuations, NTA per share has increased to $0.63 as at 31 August 2020.

Asset Plus notes that the material uncertainty disclaimers contained in the March valuations have been softened to
uncertainty disclaimers in the Munroe Lane and 35 Graham Street valuations, however the material uncertainty
disclaimers remain for Eastgate and Stoddard Road, and the bare land acquired at Springs Flat Road in Kamo,
Whangarei. Asset Plus notes that the market does remain susceptible to rapid changes, particularly in the current
COVID environment with the potential to move in and out of alert levels and lockdowns within New Zealand.
Accordingly, a higher degree of caution should be applied before relying on the valuations and investors should be
aware that the valuations may change if there are material changes to the valuation assumptions during the half
year reporting process.


-ENDS-

For further information contact:

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

Stephen Brown-Thomas, Asset Plus and Development
Manager, Augusta Funds Management Limited,
Manager of Asset Plus
09 300 6161