Shareholder update

Shareholder update NZX RELEASE 29 January 2020 Asset Plus (NZX:APL) refers its shareholders to the announcement made earlier this morning by its major shareholder, Augusta Capital Limited (NZX:AUG) regarding the entry into a bid implementation agreement (Bid Implementation Agreement) with Centuria Platform Investments Pty Limited, a subsidiary of Centuria Capital (Centuria). A copy of the announcement can be viewed here: www.augusta.co.nz/takeover The Bid Implementation Agreement contemplates a transaction that, if successful, would result in Augusta Capital becoming owned by Centuria and potentially de-listed from the NZX (Takeover). Augusta Capital currently holds 18.85% of APL's shares. Further, Asset Plus' assets are managed by Augusta Fund Management Limited, a wholly-owned subsidiary of Augusta Capital, under a management agreement. The board of Asset Plus believe, based on information known to it at this time, that the Takeover is not expected to negatively impact Asset Plus or its operations and strategic objectives, including: o the proposed development of the office building in Albany backed by a 15-year Agreement to Develop and Lease with Auckland Council announced on 20 December 2019; o the 35 Graham Street redevelopment; and o the management of its assets by Augusta Fund Management. In addition, the independent directors of Augusta Capital have advised Asset Plus that, based on information known to them at this time, they do not believe that a change of control of Augusta Capital that would result from the Takeover would affect the management of Asset Plus' assets by Augusta Fund Management Limited or Augusta Capital's holding in Asset Plus. Asset Plus Chairman, Bruce Cotterill said: "We will continue to monitor this development regarding Augusta Capital and will update our shareholders if any new material information comes to our attention, but at this stage we are confident that Asset Plus will be able to continue with the transformational strategy it announced at the end of last year." Investors are encouraged to consult their own advisers before making decisions on their investment, having regard to their own individual circumstances. -ENDS- For further information, contact: Bruce Cotterill Chairman, Asset Plus Limited 021 668 881 End CA:00347637 For:APL Type:GENERAL Time:2020-01-29 10:06:19