ASSET PLUS UPDATE

NZX RELEASE 16 April 2020 ASSET PLUS UPDATE Asset Plus wishes to provide the following update regarding 31 March 2020 valuations and the on-going impact of the Covid-19 lockdown. As noted in an announcement on 19 March 2020, valuation firms had advised that they would be unable to finalise valuations at 31 March 2020 due to the evolving Covid-19 situation. Updated valuations which take into account the current position in respect of Covid-19 have now been received, advising the following valuations: o 35 Graham Street: $50.1 million o 22 Stoddard Road: $37.5 million o Eastgate Shopping Centre: $46.7 million o Munroe Lane (land only): $7.5 million The above valuations remain subject to the audit process but Asset Plus does not expect any further material changes. As a result of the above valuations, Asset Plus' NTA per share is expected to decrease to $0.57 per share (as at 31 March 2020) with Asset Plus' LVR at 35% being well within loan facility covenants. Following the commencement of the Covid-19 lockdown, Asset Plus has received a number of rent relief requests from tenants alongside claims for rental abatement in accordance with lease terms. Given the uncertainty regarding the length of the lockdown and ongoing conditions for the various alert levels, Asset Plus is unable to currently quantify the impact of the lockdown for the 2021 financial year. The Board has resolved not to pay a final quarter dividend for the year ended 31 March 2020. Dividends for the 2021 financial year will be considered on a quarterly basis. -ENDS- For further information please contact: Bruce Cotterill Chair, Asset Plus Limited Mobile: 021 668 881 Mark Francis Managing Director, Augusta Funds Management Limited, Manager of Asset Plus 09 300 6161 End CA:00351738 For:APL Type:MKTUPDTE Time:2020-04-16 09:01:29