Special Meeting Presentation and Chairman’s address

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ASSET PLUS LIMITED
Special Meeting
29 September 2020
Artist impression of the Munroe Lane Development

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2
MEETING PROCEDURES
Artist impression of 35 Graham St Development
2

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01
Portfolio update
0203
Meeting
Procedures &
Chairman’s
Address
3
04
Munroe Lane
Development
Special Meeting Agenda
0506
Key Risks
Resolutions
Shareholder
Q&A

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2. Chairman’s Address
4
Bruce Cotterill
Chairman’s Address
Bruce Cotterill
Artist impression of the Munroe Lane Development
4

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PORTFOLIO UPDATE
0
2
5

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2.0 Portfolio Update
Key Metrics –estimated as at 31 August 2020
$153.4m
(Mar-20: $142.1m)
98%
(Mar-20: 98%)
2.9 years
(Mar-20: 3.2)
72
(Mar-20: 71)
5
(Mar-20: 4)
35.6%
(Mar-20: 34.3%)
$0.63
(Mar-20: $0.57)
6
Portfolio Value
1,2,3
WALE
4
Properties
1
LVR
1,2,3
OccupancyNumber of TenantsNTA
3
1.In the period since 31 March 2020, the Kamoproperty was acquired on 30 July 2020 for $2.125m
2.Final valuations have been received and approved by the Board but are subject to further auditor review as part of the half yearreporting process at 30 September 2020. See Section 5 (Key Risks –Property valuation uncertainty) of the Investor Presentation
3.Portfolio value and LVR exclude capital expenditure incurred in relation to the developments at Munroe Lane and Graham Street, amounting to $3.1m in total. Such amount is included in the NTA figure shown above
4.Eastgate WALE and occupancy excludes the agreement to leases entered into with Restaurant Brands, one of which is subject to resource consent and completion of a development

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Impacts of COVID-19 to date
Update on APL’s portfolio performance
•Rental abatements and relief expected to impact 1H21
operating income by $0.68m ($0.49m after-tax), equivalent to
approximately 5% of the current annualised gross rental income
•Majority of rental abatements and relief are now agreed,
however regular monitoring of smaller retail operator
performance continues
•The NPAT impact of the above will be partially offset by a lower
tax expense due to the reintroduction of building depreciation in
the current financial year
•The full impact of COVID-19 will not be known for some time
•While upfront rental abatement and relief has been granted in
respect of the first lock-down period, preservation of long-term
value is also a key strategy.

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Graham Street, AucklandEastgate, ChristchurchStoddard Rd, AucklandMunroe Lane, AucklandKamo, Whangarei
Valuation ($m)
1
$57.5 (Mar-20: $50.1)$47.4 (Mar-20: $47.0)$38.5 (Mar-20: $37.5)$7.5 (Mar-20: $7.5)$2.5 (On acquisition: $2.1)
WALE (years)1.0 (Mar-20: 1.2)4.2 (Mar-20: 4.5)
2
3.8 (Mar-20: 4.0)--
Occupancy (%)100% (Mar-20: 100%)95% (Mar-20: 95%)
2
100% (Mar-20: 100%)--
Net Rental Income ($m)$3.98 (Mar-20: $3.95)$3.60 (Mar-20: $3.66)$2.65 (Mar-20: $2.63)--
Passing yield (%)6.9% (Mar-20: 7.9%)7.6% (Mar-20: 7.8%)6.9% (Mar-20: 7.0%)--
Comments•Acquired June 2019
•Auckland Council lease has
approximately 1 year to run
•Attractive holding income
•6 month extension agreed
for basement and ground
floors from July 2021 for
$1m rental
•Bargain Chemist recently
secured as a new tenant on a
6-year lease
•Agreement to Lease entered
with Restaurant Brands,
subject to Resource Consent
and completion of
development
•Seismic work for The
Warehouse completed
•The property continues to
perform well and provide
a steady income stream
•100% of expiring leases
were renewed by existing
tenants so far during the
year
•Acquired off-market
December 2019
•Large ~4,200m
2
corner site
with three road frontages
•Acquired on 30 July 2020
•Large 38,000m
2
industrial site
located adjacent to SH1
Largest tenant exposures•Auckland Council•Countdown, The Warehouse•The Warehouse•Auckland Council
Portfolio overview
8
1.Based on final valuations received and approved by the Board which are subject to further auditor review as part of the half year reporting process at 30 September 2020. Further details will be included in APL’s half year results announcement for the six months
ended 30 September 2020. See Section 5 (Key Risks –Property valuation uncertainty) of the Investor Presentation.
2.Eastgate WALE and occupancy excludes the agreements to lease entered into with Restaurant Brands, one of which is subject to resource consent and completion of a development.

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Office sector outlook
•APL believes that the office sector remains attractive on a long-term basis despite the impacts of COVID-19
•As a result of COVID-19, peak vacancy rates in the Auckland office market are expected to increase from 6.3% as at June 2020 (25,171m
2
available for sublease as a direct result of COVID-19), but stabilise to vacancy levels of ~8.0% by the end of 2023, which sits below the long
term average vacancy rate of 10.4%
1
•Annual average prime office rental growth projections have reduced from 3% to 2%, and incentives are forecast to increase from ~13% to
~18%
1
•Auckland office sector remains attractive with supportive long-term demand drivers
2
•Auckland is expected to achieve average 5-year annual rental growth of 2.2%
•While Colliers expects the concept of core markets and core assets to be emphasised again, in the office sector “core” does not
necessarily imply location in CBDs. Office assets in decentralised areas and business parks may well be more attractive
•Colliers believes office markets with solid rent growth (specifically including Auckland) have the greatest potential for long-term capital
appreciation
1.Source: Colliers NZ Research, June 2020
2.Source: Colliers APAC 1H 2020 Report & 5-year outlook

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MUNROE LANE
DEVELOPMENT
0
3
Artist impression of the Munroe Lane Development
10

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The Munroe Lane Development
Artist impression of the Munroe Lane Development
Albany:
Vacancy (prime) 0.0%
4
CBD:
Vacancy (prime)3.5%
4
Albany has been identified for
its office sector growth and low
vacancy levels
•As one of Auckland’s three
key nodes outside of the city
centre, it will continue to
evolve and develop over time
as the key node for the North
of Auckland
2
•Recent large infrastructure
developments, including the
extended busway, improve
links and access
3
1.Source: Auckland Council “Auckland Plan 2050” (https://www.aucklandcouncil.govt.nz/plans-projects-policies-reports-bylaws/our-
plans-strategies/auckland-plan/development-strategy/future-auckland/Pages/what-albany-look-like-future.aspx)
2.Source: NZTA
3.Source: Colliers International Research, June 2020
•On 20 December 2019, APL announced the development of a
26,500m
2
(GFA) / 15,100m
2
(NLA) building in Albany, 63% by
forecast income pre-leased, with a 15-year lease to Auckland
Council
•Resource Consent was obtained in May 2020, which increased the
GFA to 27,200m
2
and NLA to 15,900m
2
•Funding condition to be satisfied by 30 October 2020
•The marketing process for the remaining vacant space at Munroe
Lane will commence after the special meeting
•Construction is expected to commence in November 2020, with an
anticipated completion date of 14 November 2022 and a targeted
completion date of 16 December 2022 under the ADL
•Development funded by $60 million equity raise (which will be
used to repay outstanding debt) and increase in committed bank
debt

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•6 levels plus 2 basement carparking level development in
the heart of Albany with 224 carparks
•Large floor plates of ~3,000 m
2
each
•~425m
2
of expected Café / Food & Beverage / Retail
outlets on ground level
•Excellent daylighting due to three street frontages and an
adjoining laneway
•63% (by forecast income) pre-leased on a 15-year lease to
Auckland Council.
•Estimated remaining cost to completion of $119.8m as at
31 August 2020
•The development has an ‘as if complete’ valuation by
Jones Lang LaSalle (JLL) of $142.0m(dated 31 August
2020), representing a development margin of 9.8%
including land
1
•It is intended that Munroe Lane will be held as a long-term
asset upon completion
Munroe Lane, Albany
Gross Floor Area (GFA)27,200 m
2
Net Lettable Area (NLA)15,900 m
2
Expected yield on cost
2
5.9%
Estimated total development cost
2
$129.3m
Value on Completion (JLL)$142.0m
Development margin
2
9.8%
Munroe Lane –Indicative Metrics
1
12
1.See Appendix 3 of the investor presentation for a description of key assumptions surrounding these Indicative Metrics, includingthe
valuer’s assumptions.
2.Includes forecast capitalised interest costs, Managers fees and contingency

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NorthernMotorway
Westfield Albany
Auckland CBD
North Harbour QBE
Stadium
IAG
BNZ New Office
Risland Apartments
Munroe Lane
•Close proximity to both Albany Heights and Albany Lake Reserves
•Ready access to State Highway 1
•Minutes to the Albany Bus Station Park & Ride
•Highly visible and accessible site
•Extensive local amenities including: childcare, retail, food & beverage,
leisure, reserves and sport facilities
Munroe Lane
Location and Amenity
Note: Photos in boxes show expected new buildings
Albany Park-and-Ride
Oteha Valley Road
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Update on the Munroe Lane
Development construction process
•Developed design has been completed with detailed design well underway
•Early Contractor Involvement (ECI) Agreement awarded to Icon after
competitive procurement process –to be converted to construction
contract (based on NZS 3910 form) subject to shareholder approval at
today’s meeting
•Parent company guarantee from Icon’s Australian parent with liability
limited to the same level as Icon, being $50m plus 50% of the
remaining contract value
•Construction contract includes a 4% performance bond, and 2%
retentions from progress payments.
•If the contractor does not complete the project by the target
completion date, liquidated damages are payable on a tiered basis of
$10,000 per day, increasing to $20,500 per day. Liquidated damages
of $12,883 per day are payable from APL to Auckland Council if
completion is delayed beyond 16 December 2022
1
1.All dates noted in this point are subject to the extension of time and event of delay provisions in the Agreement to Develop andLease with Auckland Council and the
Construction Contract with Icon.
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Update on the Munroe Lane
Development construction process
•Buffer period of 4 weeks and 4 days between anticipated completion date of
14 November 2022 and target completion date of 16 December 2022 under
the ADL
•Icon have now submitted a fixed price offer representing 80% of the
estimated construction costs, which are currently being reviewed by Asset
Plus and will be fixed prior to entering the construction contract
•Balance (~20%) to be competitively tendered by Icon with APL oversight as
design packages become available to take advantage of competitive sub-
contractor market conditions
•Staged consenting strategy, with early works (utility diversions) underway,
with piling and construction commencing in November 2020
•Contingency of $5.75m being carried (6% on total construction cost of
$95m)
1.All dates noted in this point are subject to the extension of time and event of delay provisions in the Agreement to Develop andLease with Auckland Council and the
Construction Contract with Icon.
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Key terms of the Agreement to Develop and Lease
Key Terms of the Agreement to Develop and Lease
Key Development Obligations
•Build to agreed building performance specifications. In most cases these specifications align with typical A-Grade office building
specifications
•Achieve 5-star design and built Greenstar rating
•Use reasonable endeavours to achieve 5-star NABERSNZ rating
•Deliver in accordance with the agreed milestone schedule to deliver practical completion by 16 December 2022
•Construct within pre-agreed tolerances of the target NLA
•Integrate Te Aranga design principles into the development
Target Lease Commencement Date
(Target Completion Date)
•16 December 2022
Sunset Date
•18 Months from the Target Completion Date, as extended by tenant variations or delays
Liquidated damages
•$12,883 + GST for every day of delay beyond the Target Completion Date (save for tenant delay and certain force majeure events)
Key lease terms
Term & Rights of Renewal
•Initial term of 15 years from Lease Commencement Date
•2 rights of renewal for a further 6 years each
Rent
•$4,702,525 p.a. excluding GST and outgoings, subject to final measure and options selected
Rent review
•2.75% p.a. from the third anniversary of the Lease Commencement Date (but no fixed increases during any renewal term)
•Market review on the 10
th
anniversary of the Lease Commencement Date, on each renewal date and on the 3
rd
anniversary of each
renewal date (subject to a cap and collar)
Seismic Warranty
•The Munroe Lane Development is required to be constructed to 100% of New Building Standard, and maintained at a minimum of 67% of
New Building Standard following any earthquake (measuring MM6.5 or greater) in Auckland or any future code changes
16

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Indicative Munroe Lane Development Timetable
17
Dec-
19
Mar-
20
Jun-
20
Sep-
20
Dec-
20
Mar-
21
Jun-
21
Sep-
21
Dec-
21
Mar-
22
Jun-
22
Sep-
22
Dec-
22
Mar-
23
Munroe Lane
Development
Land acquired
ADL with Auckland
Council signed
ADL unconditional
Resource Consent
Design and building
consent
ECI tender
Construction works
Completion

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Pro-forma portfolio on completion of the Munroe Lane Development
The development is expected to increase the quality, size and value of APL’s portfolio as well as raising the NLA, net rentalincome and WALE.
The table below shows indicative key portfolio metrics, on the following four bases:
•APL today–portfolio value is based on final valuations that have been received and approved by the Board.
•APL post Equity Raise–reflects the impact of the Equity Raise immediately post-completion. The LVR reduces to 0%.
•APL post Munroe Lane Development(no divestments)–pro-forma view reflects the Munroe Lane Development on a completed basis in
December 2022 at a valuation of $142m.
•APL post Munroe Lane Development (with Stoddard Road divested)–APL has the flexibility to sell Stoddard Road, if necessary, during the
development period, although no decision has been taken at this time.
18
Portfolio metrics
1
APL
today
APL post
Equity Raise
APL post Munroe Lane Development
2,3
–No divestments–Stoddard Rd divested
Value of Investment Properties ($m)
153.4153.4 295.8 257.3
Net Rental Income –All Properties ($m)
10.2 10.2 17.8 15.2
Weighted Average Lease Expiry (WALE –years)2.9 2.9 6.5 7.0
Loan to Value Ratio (LVR)
35.6%0%43.0%34.4%
Management Expense Ratio (MER)
1.15%1.15%0.93%1.00%
1.Pro-forma financial information presented in this table has not been subject to external accountant review or audit. See Appendix 3 for the assumptions relating to forecast metrics
2.APL intends to introduce a dividend reinvestment plan, commencing at its next dividend payment date in December 2020.
3.Final valuations have been received and approved by the Board but are subject to further auditor review as part of the half yearreporting process at 30 September 2020. Further details will be included in APL’s half year results announcement for the sixmonths
ended 30 September 2020. See Section 5 (Key Risks –Property valuation uncertainty)

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KEY RISKS
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4
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Key risks of the Munroe Lane Development
The following is a brief summary of key risks relating to the Munroe Lane Development.
Further detail is set out in Section 5 of the Presentation circulated to shareholders alongside the Special Notice of
Meeting
•Increased levels of debt and higher LVR
–APL’s borrowing capacity will increase from $75 million to $130 million under the restructured facility
-LVR increases to ~43% on completion of development without any divestments
-Ability to manage LVR within loan covenants
•Cost overrun and construction risk
–Offer representing 80% of anticipated construction costs received from Icon, and will be fixed prior to entering into
the construction contract
-Risk of unforeseen costs or costs falling within the standard variation grounds or exclusions to the fixed costs
-General construction risks relating to the Munroe Lane Development which are outside of APL’s control
-$5.75m contingency is also being carried

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Key risks of the Munroe Lane Development Continued
•Delay to completion
–If completion is delayed beyond 16 December 2022 then liquidated damages are payable to Auckland Council, full
recovery may not be possible from Icon
•Leasing of remaining Munroe Lane space
-APL may not be able to secure leasing commitments for the un-let space at Munroe Lane (~37%)
-Reduced rent, or other incentives, may be required to let any residual space, which would affect project returns, yields
and margins
•Impact on dividends during the development period
-APL’s ability to maintain dividends at current levels may be negatively impacted during the period of the Munroe Lane
development, including if development costs are greater than forecast
•Portfolio mix and ability to secure long-term leasing commitments
-APL’s portfolio is heavily weighted towards retail tenants, and the non-retail component comprises office space
-Increased likelihood of short-term demand for retail and office space
-APL’s ability to obtain sufficient leasing commitments is critical to its ability to source debt funding and/or to raise
further equity in the future to fund and complete its developments
Further detail on the key risks identified are set out in Section 5 of the Presentation circulated to shareholders alongside theSpecial Notice of Meeting.

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Key risks of the Munroe Lane Development Continued
•Tenant default, rent relief and abatement
–APL’s tenants may be unable to fulfil their contractual obligations, including payment of rent. Default by
tenants and the cost of replacing such tenants is likely to have a negative impact
–If further Alert Level 3 or 4 restrictions are in place for an extended period of time during the balance of
FY21, there is a risk that tenant default and the level of rental support required to be given by APL materially
increases reducing the available funding to complete the developments
•Property valuation uncertainty
–There is a greater degree of caution around valuer’s opinions in the current market
–A valuation fall would impact the price at which APL would be able to divest one of its assets and could affect
APL’s capacity to borrow or its ability to comply with banking covenants
•Economic downturn and impact of COVID-19
–An economic downturn may materially impact on leasing demand, market rents, APL’s ability to lease
premises or keep premises tenanted, and on its operating and financial performance
Further detail on the key risks identified are set out in Section 5 of the Presentation circulated to shareholders alongside theSpecial Notice of Meeting.

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Implications of the Munroe Lane Development not proceeding
•If the resolution is not approved then, absent an alternative agreement being made with Auckland
Council that is viable for APL, the development will not proceed and APL will need to cancel the
Agreement to Develop and Lease with the Auckland Council.
•Costs incurred to date may not be able to be recovered in full –the land was acquired for $7.25m
and approximately $2.00m of costs have been incurred to 30 September.
•APL’s pathway to growth via the Munroe Lane Development would be lost, creating uncertainty
over its growth strategy.
•Components of the equity raise still complete, and APL would be over capitalised.
•Alternative development options would need to be considered to realise a return on Munroe Lane.
•APL’s reputation is likely to be damaged which could affect APL’s ability to transact in the future.
23

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5.0
Q&A
24
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6.0
Resolutions
25
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Munroe Lane
Development
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Resolution 1 –
“That:
(i)the entry into and performance of the Agreement to Develop and
Lease; and
(ii)the undertaking of the Munroe Lane Development,
together with all associated and related agreements, transactions,
actions and matters, and incurrence of any expenditure, that are
reasonably necessary to perform the Agreement to Develop and
Lease and complete the development, construction and leasing of the
Munroe Lane Property, by Asset Plus (or any of its wholly-owned
subsidiaries), as described or referred to in the Explanatory Notes, be
ratified and approved for all purposes (including Listing Rule 5.1.1(b)
and section 129 of the Companies Act).”
26

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Ratification of issue of
40,480,108 Shares
under the Placement
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Resolution 2
“That the previous issue under Listing Rule
4.5.1 of 40,480,108 fully paid ordinary
shares in Asset Plus to investors at an issue
price of $0.30 per share on or around 16
September 2020 under the Placement, be
approved and ratified for all purposes,
including Listing Rule 4.5.1(c).”
27

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Important Notice
PleasereadthispresentationinthewidercontextofthematerialpreviouslypublishedbyAssetPlusLimited(APL)andannouncedthrough
NZXLimited.Inparticular,youshouldreadtheNoticeofMeetingandthePresentationdated10September2020(Presentation)circulated
toshareholdersalongsidetheNoticeofMeetinginfull,astheycontainimportantinformationtoassistyouindeterminingwhethertovote
infavouroftheResolutions.
Thispresentationcontainsnotonlyareviewofoperations,butmayalsocontainsomeforwardlookingstatements(includingforecastsand
projections)aboutAPLandtheenvironmentinwhichAPLoperates.Becausethesestatementsareforwardlooking,APL’sactualresults
coulddiffermaterially.
Norepresentation,warrantyorundertaking,expressorimplied,ismadeastothefairness,accuracy,completenessorcorrectnessofthe
informationcontained,referredtoorreflectedinthispresentationorsuppliedorcommunicatedorallyorinwritingtoyou(oryouradvisers
orassociatedpersons)inconnectionwithit,astowhetheranyforecastsorprojectionswillbemet,orastowhetheranyforwardlooking
statementswillprovecorrect.Youwillberesponsibleforformingyourownopinionsandconclusionsonsuchmatters.
Nopersonisunderanyobligationtoupdatethispresentationatanytimeafteritsreleasetoyou.
Tothemaximumextentpermittedbylaw,noneofAPL,AugustaFundsManagementLimited(AFM)noranyoftheirdirectors,officers,
employeesoragentsoranyotherpersonshallhaveanyliabilitywhatsoevertoanypersonforanyloss(including,withoutlimitation,any
liabilityarisingfromanyfaultornegligenceonthepartofAPL,AFM,theirdirectors,officers,employeesoragentsoranyotherperson)
arisingfromthispresentationoranyinformationcontained,referredtoorreflectedinitorsuppliedorcommunicatedorallyorinwritingto
you(oryouradvisersorassociatedpersons)inconnectionwithit.
AcceptanceofthispresentationconstitutesacceptanceofthetermssetoutaboveinthisImportantNoticeandintheDisclaimerand
ImportantNoticecontainedwithinthePresentation.

---

ASSET PLUS LIMITED

NZX ANNOUNCEMENT

29 September 2020

ASSET PLUS LIMITED – CHAIRMAN’S ADDRESS TO SPECIAL MEETING
On 20 December 2019, Asset Plus announced the development of an office building at Munroe Lane, Albany backed by a 15-
year lease with Auckland Council (being the Munroe Lane Development).
On 10 September 2020, it was further announced that an Equity Raise of approximately $60.2 million was being undertaken to
fund the Munroe Lane Development (the Offer). At today’s special shareholder meeting, shareholders are asked to approve the
Munroe Lane Development and to separately approve the issue of approximately 40.4 million shares as part of the equity raise.
Detailed materials outlining the Munroe Lane Development and the equity raise have already been distributed to all
shareholders along with the Notice convening today’s meeting. The presentation distributed to shareholders contains
important information to assist you in determining whether to vote in favour of the resolutions and included details of the
Munroe Lane Development, key risks associated with the development and a portfolio and trading update for Asset Plus.
I do not propose to go through each page of the investor presentation. However, I will provide an overview of the Munroe
Lane Development and its strategic objectives and Stephen will provide a more detailed presentation on the development
itself.
We are of course also very happy to answer any questions from shareholders on the information that has been provided in
relation to Munroe Lane, or that shareholders may otherwise have in relation to the equity raise.
You may recall that Asset Plus announced a $100 million equity raise in March, however, given global volatility and uncertainty
at that time, that offer was withdrawn and the shareholder meeting to approve the Munroe Lane Development scheduled for
31 March was cancelled.
Since then, Auckland Council has reconfirmed its desire for Asset Plus to progress the Munroe Lane Development, and has
agreed to extend the funding and shareholder approval condition associated with the development to 30 October 2020. Asset
Plus has maintained progress with the development timetable over the past six months and used undrawn debt capacity to
cover initial development costs. The Council are fully committed to the relocation to Albany – with their existing 3 North and
West Auckland offices being sold and staff amalgamating into the one location at Albany – in other words if the shareholder
resolution passes today then the Development Agreement becomes unconditional for all parties.
Asset Plus continues to explore the redevelopment of 35 Graham Street. However, as it is uncertain at this stage which
development option will be pursued, we considered it prudent to focus on the Munroe Lane Development and raise only $60.2
million at this time. In addition to the Equity Raise we have secured an increase in bank debt facilities from $75 million to $130
million to provide sufficient funding to complete the development. That said, we have financial capability through the Equity
Raise and bank funding package to progress our strategic options at Graham Street and Kamo as well as providing cover for
forecast working capital requirements and small scale capex within the portfolio. However today is about focusing on Munroe
Lane development.
In respect to the Equity Raise, the placement and Institutional entitlement offer is complete. On 16 September 2020, 95.6
million shares were allotted which equates to $28.67 million of proceeds. The balance of the Equity Raise ($31.57 million),
being some deferred settlements to manage the two major shareholders under 20% as well as the Retail entitlement offer, will
settle this Friday the 2
nd
of October.
The Board intends to maintain a constant dividend through the development phase. We understand the importance of a
dividend yield to retail shareholders and while the proposed annual cash dividend of 1.8 cents per share does exceed near term
forecast operating earnings, the use of capital to support the dividend will not materially erode the NTA. The dividend does
however remain subject to quarterly review.
The Munroe Lane development is in line with the core strategic objectives of the Company.
The development increases the scale of the portfolio by $134.5 million based on an as if complete valuation of $142 million.
We also believe that this transaction will resolve some legacy issues within the portfolio (being sub scale and overweight in
retail). The transaction also enhances the portfolio quality, underpinned by the Auckland Council tenant covenant and
represents a compelling total return story for shareholders.
Despite the onset of COVID-19 there remains strong demand for well located commercial property with long lease terms and
strong tenant covenants. The low interest rate outlook is having an impact on demand for property as investors pursue higher
yields. The office sector has however been impacted by COVID-19 and the work from home trend, but Colliers International
research (as set out in the investor presentation) suggests that demand for commercial office will not be materially impacted.

The Munroe Lane development will be managed by the Augusta team. Under the management contract leasing and
development management fees are payable to the Manager, Augusta. The Board is very confident in Augusta’s ability to deliver
the development and have an expert team with the relevant experience. The Augusta team has worked hard to present this
opportunity for shareholders (to vote on) and on behalf on the Board I thank them for their efforts to date in what is a very
exciting opportunity for this Company.

Bruce Cotterill
Chairman

ENDS