Withdrawal of Capital Raising and Shareholder Meeting

NZX RELEASE 18 March 2020 WITHDRAWAL OF CAPITAL RAISING AND SHAREHOLDER MEETING Asset Plus advises that in light of the current volatility of capital markets and the current trading price of Asset Plus shares, the Board has decided that it is in the best interests of the company and its shareholders to withdraw the $100 million rights issue that was due to open on Thursday, 19 March 2020. As a result, it has terminated the underwriting agreement with Jarden. The shareholder meeting scheduled for 31 March 2020 will also no longer occur. The Agreement to Develop and Lease with Auckland Council in relation to the proposed development at Munroe Lane, Albany is still in place and remains subject to the funding and shareholder approval condition and the resource consent condition. Asset Plus intends to meet with Auckland Council to discuss a potential extension to the funding and shareholder approval condition satisfaction date, which is currently 15 April 2020. Asset Plus will provide further updates when appropriate. The Asset Plus Board thanks all Asset Plus shareholders for their continued support during these unprecedented times. -ENDS- For further information please contact: Bruce Cotterill Chair, Asset Plus Limited Mobile: 021 668 881 End CA:00350133 For:APL Type:OFFER Time:2020-03-18 08:31:52