Successful Completion of Asset Plus’ Entitlement Offer

NZX RELEASE

1 October 2020

Successful Completion of Asset Plus’ $48.1 Million Entitlement Offer

Asset Plus Limited (NZX:APL) is pleased to advise that it has successfully completed the retail component (“Retail
Entitlement Offer”) of its fully underwritten 1 for 1.01 pro-rata accelerated entitlement offer (“Entitlement Offer”)
of new fully paid ordinary shares in Asset Plus (“New Shares”). A total of $60.2 million was raised under the
Entitlement Offer and institutional placement (together the “Equity Raise”) announced on Thursday, 10 September
2020.

The Retail Entitlement Offer closed at 5.00pm (NZST) on Tuesday, 29 September 2020 and raised gross proceeds
of approximately $25.9 million. The Retail Entitlement Offer received good support from Asset Plus’ Eligible Retail
Shareholders, electing to take up 42% of their entitlements under the Retail Entitlement Offer. In addition, Eligible
Retail Shareholders who took up their entitlements in full also applied for an additional $1.9 million of New Shares
via the oversubscription facility. The effective take up rate by Eligible Retail Shareholders, including allocations via
the oversubscription facility, was therefore approximately 50%. Total take up across both the institutional and retail
components of the Entitlement Offer was approximately 73%.

Asset Plus is pleased with the level of take-up by its Eligible Retail Shareholders, and is delighted that all of those
shareholders were able to be allocated all of the New Shares they applied for and therefore had the opportunity to
avoid being diluted as a result of the equity raise.

The approximately 43.5 million New Shares (amounting to approximately $13 million) not taken up under the Retail
Entitlement Offer have been allocated to the sub-underwriters procured by the underwriter, including the Manager
of Asset Plus, Augusta Capital. Following completion of the Equity Raise and allocation of the Retail Entitlement
Offer shortfall, Augusta Capital will have a stake in Asset Plus of 19.99%.

The New Shares to be issued under the Retail Entitlement Offer are expected to commence trading on the NZX
Main Board on Friday, 2 October 2020 and will rank equally with existing Asset Plus shares on issue.

Funding and shareholder approval condition in agreement with Auckland Council

Asset Plus is now working to finalising the full loan facility agreements with BNZ. Those agreements are expected
to be finalised and signed within the next one to two weeks, following which Asset Plus intends to satisfy the funding
and shareholder approval condition in the Agreement to Develop and Lease with Auckland Council. A further
announcement will be made once the condition is satisfied.

Additional Information

Shareholders who have any questions about the Entitlement Offer (which is now closed) are encouraged to read
the Offer Document and seek financial, investment or other professional advice from a qualified professional
adviser.


- ENDS -

For more information contact:

Bruce Cotterill Mark Francis Simon Woollams
Chairman, Asset Plus Limited Managing Director, Augusta Capital CFO, Augusta Capital
021 668 881 021 677 242 021 569 045

OVERVIEW https://www.assetplusnz.co.nz/

Asset Plus invests in real estate assets throughout New Zealand, with a focus on the attractive Auckland market, where the risk
adjusted returns support the overall outperformance objectives of the fund. Asset Plus shareholders voted on 19 March 2018
to externalise the management of Asset Plus, to Augusta. Under Augusta’s management, Asset Plus focuses on a ‘Yield Plus
Growth’ investment strategy, targeting long term total returns that are greater than the benchmark return threshold detailed by
the S&P/NZX All Real Estate Index through value add and active management initiatives. Augusta externally manage Asset Plus,
report to the Asset Plus Board and provide shared service functions.

This announcement is not a product disclosure statement or offering document under New Zealand law or under any other law.
It is for information purposes only and does not constitute an offer, invitation or recommendation to subscribe for, retain or
purchase any securities in Asset Plus in any jurisdiction. This announcement does not constitute financial product advice or
investment advice and does not and will not form part of any contract for the acquisition of Asset Plus securities.

This announcement has been prepared for release in New Zealand. This announcement may not be released to US wire services
or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy,
securities in the United States (or to, or for the account or benefit of, any person in the United States) or in any other jurisdiction
in which such an offer would be unlawful.

The information in this announcement is of general background and does not purport to be complete. It should be read in
conjunction with Asset Plus' other market announcements lodged with NZX, which are available at
www.nzx.com/companies/APL.