AGM Presentation and Addresses

Asset Plus
Annual Meeting 2026
6 August 2026

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A
D
Manager’s
presentation
B
E
C
Chairman’s
address
Resolutions
General
business
Shareholder
questions
Agenda
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6-8 MUNROE LANE AUCKLAND
A - Chairman’s address

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B - Manager’s presentation
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Overview
6-8 MUNROE LANE
•Funds from operations (FFO)
1
profit of $3.18m
($0.53m profit in FY25)
•Adjusted funds from operations (AFFO)
1
profit of$0.17m
($0.53m profit in FY25)
$3.01m of leasing incentives and costs incurred in FY26
•Total loss for the year net of tax of $3.16m
(FY25 lossof $5.70m)
•Result impacted by $7.43m of unrealised revaluation losses
($7.16m of revaluation losses in FY25)
•New Aderant lease commenced on 1 February 2026
1.FFO and AFFO are non-GAAP financial information, calculated based on guidance issued by the Property
Council of Australia. Asset Plus considers that FFO and AFFO are a useful measure for shareholders and
management because FFO assists in assessing the Group’s underlying operating performance and AFFO assists
in assessing the ability to service leasing costs from FFO in the absence of the Company’s cash reserves. This
non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may
not be comparable to similar financial information prescribed by other entities. The calculation of FFO and
AFFO has been reviewed by Asset Plus' auditor, Grant Thornton New Zealand Audit Limited. A reconciliation of
FFO and AFFO to Total Comprehensive Income / (Loss) Net of Tax is included in Appendix 1.
6-8 MUNROE LANE

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Key metrics
$107.0m
(((
1
65.0%
9.0 years
0.0%
32.4 cps
$105.5m175.6%
2

9.4 years
0.0% 30.7 cps
Net tangible
assets
Portfolio valuePropertiesOccupancyWALELoan-to-value
ratio
March 2025
March 2026
2
Occupancy of 75.6% reflects the unconditional agreement to lease with MILK Orthodontics, which is expected to commence in the coming months.

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Key activity during the year
ADERANT, 6-8 MUNROE LANE
Commencement of Aderant lease from 1 February
2026, lifting occupancy to 74.3%.
Completion of partial fit-out works on the balance
of Level 6 and part Level 2 providing turn-key
occupancy solutions across these vacant areas.
MILK Orthodontics secured for ground floor
tenancy, lease expected to commence in the coming
months, which lifts occupancy to 75.6%.

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Munroe Lane, Albany
6-8 MUNROE LANE, ALBANY
10
Fully leased net rental range of
$7.1 – $7.2 million
3

once fully occupied
Building occupancy
75.6%
with 3,577m
2
of space available
Passing annual net rental
$5.2 million plus GST
after unrecovered outgoings
Property valuation
$105.5 million
as at 31 March 2026
3
Reflects passing rent for current leases plus assumed market rents
from the Bayleys Valuations Limited valuation report for Munroe
Lane dated 31 March 2026

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Munroe Lane – new leases secured
ADERANT, 6-8 MUNROE LANE
Aderant – part Level 6
•The Aderant lease commenced 1 February 2026 across
half of Level 6 for a 10-year term.
•Increased occupancy to 74.3%.
MILK Orthodontics – part Ground
•MILK Orthodontics secured for a 12-year term.
•Lease expected to commence in the coming months
upon completion of fit-out works.
•Tenant will further activate the ground floor lobby space
in conjunction with Little Fields.
•Increases occupancy up to 75.6%.

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Munroe Lane - leasing update
•Partial fit-out of Level 6 North completed, as well as construction of a staircase
between Level 1 – Level 2 and partial fit-out of part of this tenancy.
•Space now presents extremely well, and we can compete against turnkey
spaces.
•Floor plates remain flexible:
-The balance of Level 6 can be split into 2 tenancies, allowing for 3 occupiers
across this floor.
-Level 2 can also be split into multiple tenancies and the staircase from Level
1 creates further options.
•The office leasing market remains challenging, with a continued paucity of large
tenants on the North Shore.
Remaining VacancyArea
Level One239sqm
Level Two1,935sqm
Level Six1,403sqm
Total3,577sqm

Outlook

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Outlook
MUNROE LANE, AUCKLAND
•Key focus remains on successfully leasing the balance of the Munroe Lane
development. Future costs associated with leasing will be funded from
available cash reserves. Thereafter, we will look to sell Munroe Lane.
•We wish to emphasise that the leasing of Munroe Lane will influence the
timing of such decisions, while market conditions at the time are likely to
dictate the ultimate outcome.
•Any steps to sell Munroe Lane or to subsequently wind up the Company,
will require shareholder approval, and we would likely anticipate asking
shareholders to vote on both decisions at the same time.
•Dividend of 0.25 cents per share for quarter ending 30 June 2026 declared
today – increase from previous quarterly dividends of 0.20 cents per share.
The dividend remains subject to quarterly review.

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C - Shareholder Questions
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D - Resolutions
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Re -election of Carol Campbell as a Director
Carol Campbell retires under NZX Listing Rule 2.7.1
and, being eligible, offers herself for re-election
as a Director of the Company.
“That Carol Anne Campbell be re-elected
as a Director of the Company.”
Resolution 1
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Auditors’ fees and expenses
“That the Board be authorised to fix the auditor’s fees
and expenses from time to time.”
Resolution 2
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•Will be conducted via a poll.
•MUFG Corporate Markets will have
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•Please complete and any shares that
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OnlineResults
•Will be published on Asset Plus’
website and will be announced to
the NZX this afternoon as soon as
they are available.
Voting instructions
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E – General Business
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Where to find us
Auckland Office
Bayleys House
Level 2, 30 Gaunt Street
Auckland 1010
New Zealand
PO Box 37953 Parnell
Auckland 1151
Telephone +64 (9) 300 6161
Facsimile +64 (9) 300 616

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Important notice
This presentation contains not only a review of operations, but may also contain some forward looking statements (including forecasts and
projections) about Asset Plus Limited (APL) and the environment in which APL operates. Because these statements are forward looking, APL’s
actual results could differ materially. Please read this presentation in the wider context of material previously published by APL and announced
through NZX Limited.
No representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy, completeness or correctness of the
information contained, referred to or reflected in this presentation or supplied or communicated orally or in writing to you (or your advisers or
associated persons) in connection with it, as to whether any forecasts or projections will be met, or as to whether any forward looking
statements will prove correct. You will be responsible for forming your own opinions and conclusions on such matters.
No person is under any obligation to update this presentation at any time after its release to you.
To the maximum extent permitted by law, none of APL, Centuria Funds Management (NZ) Limited (CFM) nor any of their directors, officers,
employees or agents or any other person shall have any liability whatsoever to any person for any loss (including, without limitation, any liability
arising from any fault or negligence on the part of APL, CFM, their directors, officers, employees or agents or any other person) arising from this
presentation or any information contained, referred to or reflected in it or supplied or communicated orally or in writing to you (or your advisers
or associated persons) in connection with it.
Acceptance of this presentation constitutes acceptance of the terms set out above in this Important Notice.

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CHAIR’S ADDRESS – BRUCE COTTERILL

The year to 31 March 2026 continued to reflect a challenging economic environment and the operating
environment for the office sector has not been spared, with elevated vacancy levels and subdued
tenant demand persisting, particularly in the North Shore market.
There have been moments of anticipated improvement during the year, however macroeconomic
uncertainty, particularly in light of recent events in the Middle East and the corresponding impact on
energy prices and supply chains, have impacted the momentum and the long hoped for recovery.
Against this backdrop, we are pleased to report that management has made measurable progress
during the year in improving the Company’s underlying operating performance, while further advancing
leasing at Munroe Lane.
Key highlights for the year include:
• A significant increase in Funds from Operations to $3.18 million, up from $0.53 million in the
prior year.
• The commencement of the Aderant lease across half of Level 6 at Munroe Lane in February
2026.
• Further leasing success, including securing MILK Orthodontics for a 12-year lease term across
the ground floor tenancy.
• An increase in occupancy to 75.6%, up from 65.0% in the prior year.
For the year ended 31 March 2026, the Company reported a total comprehensive loss of $3.16 million,
an improvement on the $5.70 million loss recorded in the previous year. This result continues to be
driven by non-cash fair value movements, with a $7.43 million unrealised revaluation loss recognised
during the year.
The underlying operating performance of the Company has strengthened significantly. Funds From
Operations increased materially, reflecting improved rental income following leasing successes and the
absence of interest costs following the repayment of all debt in the prior year. Adjusted Funds from
Operations reflected a profit of $0.17 million, net of $3.01 million of leasing costs and incentives
incurred at Munroe Lane.
Despite leasing progress, ongoing concerns about confidence in the economy, and the office sector in
particular, have meant that the value of Munroe Lane was independently assessed at $105.5 million as
at 31 March 2026, reflecting softer capitalisation and discount rates on the prior year. Net Tangible
Assets reduced from 32.4 cents per share to 30.7 cents per share, as a result of the $7.43 million
unrealised fair value loss.
Leasing the balance of Munroe Lane remains the Company’s primary focus. We’ve completed further
fit -out works to support turnkey solutions for prospective tenants on vacant spaces, and for those who
are with us here today can see that the spaces present extremely well.
Whilst we continue to have good conversations with potential tenants, there is no doubt that the market
conditions remain challenging, with limited demand from large-scale office occupiers and elevated
vacancy across the wider Auckland office market. However, we are confident that future leasing costs
and incentives will be funded from available cash reserves, without requiring any debt to be drawn.
The Board remains committed to progressing leasing outcomes that enhance earnings and increase
both occupancy and weighted average lease term at Munroe Lane. Doing so will improve the overall
value of the property and better position it for eventual divestment. As previously noted, any decision to
sell Munroe Lane or subsequently wind up the Company would require shareholder approval.

Execution of this strategy has taken longer than we originally envisaged. As a result of this,
management and the board have considered a range of possible strategies the company could adopt
in the interim that could be pursued for the benefit of shareholders. Various scenarios have been
explored including:
• acquiring other assets in the short term;
• potential partial return of capital to shareholders via different mechanisms;
• or a potential merger or takeover.
Ultimately none of the alternative strategies considered are deemed to have any material benefit when
weighing up the potential risks involved for shareholders, and likely financial outcomes. We remain
committed to the core strategy of leasing the balance of Munroe Lane and divesting the asset when
market conditions are supportive.
We’ve just announced that a dividend of 0.25 cents per share for the 1st quarter of FY27, with future
dividends remaining subject to quarterly review.
We thank shareholders for their continued support and patience through what continues to be a
challenging period. The Board remains confident that management is dedicated to delivering the best
possible outcome for shareholders.


THE MANAGER’S PRESENTATION – STEPHEN BROWN-THOMAS

Thank you, Bruce, and good afternoon everyone – great to see you all here today and also welcome to
our virtual meeting participants. I am Stephen Brown-Thomas, the Asset Plus Fund Manager from
Centuria NZ, the external manager of Asset Plus.
The result for the FY26 year was in line with expectations at an operational level, delivering Funds
From Operations (FFO) of $3.18m profit up from $0.53m in the prior year. As Bruce has alluded to,
property markets remain challenging, with asset values remaining under pressure particularly in the
office sector. This resulted in $7.43m of losses for the year when also accounting for capital
expenditure incurred on the property for the new Aderant lease, and speculative fit-out works
completed.
The key milestone during the financial year was commencement of the Aderant lease in February
2026.
Set out here are the key metrics for the company’s portfolio as at 31 March 2026, with occupancy and
WALE improving on the back of the new Aderant lease. NTA has reduced as a result of the valuation
reduction.
Key activity during the year was the commencement of the new lease to Aderant on a 10-year term,
securing MILK Orthodontics for the ground floor space on a 12-year term and completing partial fit-out
works to part of Level 6, and part L1-L2.
Turning to Munroe Lane now, as noted previously there have been further revaluation losses driven
predominantly by softer assumptions on the capitalisation and discount rates, with the valuation
reducing from $107m to $105.5m.
Current passing rental has now increased to $5.2m, with an expected fully occupied net rental range of
$7.1m - $7.2m based on the valuer’s assumptions for vacant spaces.

As noted in the highlights section we’ve secured Aderant for just over half of L6 on an initial 10-year
term which commenced in February.
We’ve also secured MILK Orthodontics on the ground floor space with the lease expected to
commence in the near term on a 12-year lease which will further activate the lobby.
We’ve now completed partial fit-outs to the Northern end of L6, which for those of who you are with us
today can see presents very well and has certainly helped prospective tenants appreciate the space.
For those not able to join us in person there are a number of images contained within this presentation
of the completed fit-outs.
We have also installed a staircase joining L1 to L2 at the Southern end of the building, opening up a
range of opportunities for potential occupiers who want their own street frontage with the associated
profile that we couldn’t previously provide.
We retain flexibility with the balance of L6 able to be split into 2 tenancies, and L2 able to be split from
the current 2 tenancies into 3.
As you heard from Bruce, the office market remains challenging, particularly outside of the prime CBD
sector, but we are continuing to pursue prospective tenants and the fit-outs completed are assisting in
those discussions.
Moving now to the outlook for the company,
Our key focus remains on leasing the residual space within the Munroe Lane property, before looking
to sell the property.
We wish to reemphasise that the leasing of Munroe Lane will influence the timing of such decisions,
with market conditions likely to also dictate when this may occur.
As noted previously any steps to sell Munroe Lane, or wind the company up will require shareholder
approval, and we anticipate asking shareholders to vote on both decisions at the same time.
The dividend remains subject to quarterly review moving forward.
That now concludes the managers presentation, I’ll hand back over to Bruce now to facilitate the rest of
proceedings.

- ENDS -