Asset Plus Limited — AGM Information 2025

Aug 5, 2025

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Asset Plus Annual Meeting 2025

5 August 2025

Virtual meeting information

Registering to vote Click on the ‘Get a voting card’ box at the top of the webpage or below the virtual presentation and webcast.

Asking questions Only shareholders are eligible to ask questions.

You will only be able to ask a question after you have registered to vote.

If you would like to ask a question, click on the ‘Ask a Question’ box either at the top or bottom of the webpage.

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Asset Plus

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Voting virtually

1. Click the “Get a Voting Card” button at the top or bottom of the page

2. Enter your CSN/Holder Number or Proxy Number and click “Submit Details and Vote”

3. Fill out your voting card for each item of business

4. Click “Submit Vote” or “Submit Partial Vote.”*

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Agenda

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

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A - Chairman’s address
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B - Manager’s presentation
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Overview

6-8 MUNROE LANE 6-8 MUNROE LANE

• AFFO profit of $0.53m ($0.67m loss in FY24)

• Total loss for the year net of tax of $5.70m (FY24 loss of $5.30m).

• Net rental income of $4.92m, up $1.27m on the previous year.

• Result impacted by $7.16m of revaluation losses ($4.90m of losses in FY24).

• 35 Graham Street sold on 29 November 2024 and all external bank debt repaid.

• Special dividend of 5 cents per share paid in December 2024.

• 4th quarter dividend of 0.20 cents per share paid in June 2025.

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Key metrics

Portfolio value WALE Loan-to-value Net tangible Properties Occupancy ratio assets ~~March 2025~~ $107.0m 1 65.0% 9.0 years 0.0% 32.4 cps ~~March 2024~~ 2 41.0% 5.9 years 18.2% 38.9 cps $180.8m* (((

Occupancy is expected to increase to 74% once the lease for part L6 announced on 16 July 2025 commences. *WALE is expected to increase by ~1.0 year once the lease for part L6 announced on 16 July 2025 commences, all things being equal.

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Significant Activity during the year

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6-8 MUNROE LANE
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35 Graham Street settlement occurred on 29 November 2024.

All external bank debt repaid post 35 Graham Street settlement.

Special dividend of 5 cents per share (CPS) paid on 18 December 2024

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6-8 MUNROE LANE
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Munroe Lane, Albany

• The independent valuation as at 31 March 2025 is $107.0m, a reduction from $116.2m.

• To date $24.2m of unrealised development losses have been recognised. The total development cost was $131.2 million.

• Have secured Aderant for approximately 50% of Level 6, with the lease expected to commence in early 2026 once fit-out is completed.

• Current tenancies set out in schedule below.

Tenant Area Annual Rental Lease Term Commencement Auckland Council 10,256sqm $4,761,856 15 years July 2023 Aderant 1,409sqm $721,343 10 years Early 2026* Little Fields 32sqm $14,208 9 years February 2024 Embedded $70,000 Network

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Subtotal $5,567,407

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*Rental remains subject to final measure upon completion of Landlord Works

** Lease commencement expected in early 2026 upon completion of Landlord Works

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Munroe Lane - leasing update

• Board has approved a partial fit-out of the balance of Level 6, to be implemented concurrently for cost efficiencies.

• Direct marketing initiatives remain ongoing to target potential occupiers for the balance of the space.

• 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 joined with Level 1 via intra floor stairs.

• Office leasing market remains challenging, with a continued paucity of large tenants on the North Shore.

Remaining Vacancy Area Potential Rental Range Ground Floor 151sqm $54,000 - $64,000 Level One 241sqm $84,000 - $107,000 Level Two 1,951sqm $710,000 - $890,000 Level Six 1,362sqm $510,000 - $633,000 Carparks 46 $180,000 - $190,000 Total 3,705sqm $1,538,000 - $1,884,000

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Outlook

• 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 any decision at the same time.

• A cash dividend of 0.2 cents per share has been declared for the quarter ended 30 June 2025. The dividend remains subject to quarterly review.

MUNROE LANE, AUCKLAND

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D - Shareholder Questions
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Shareholder questions

1. Click the “Ask a Question” button at either the top or bottom of the page.

2. Click “Text Question” , select the item of business from the dropdown menu and type your question in the space provided.

3. Click “Submit Question” once you have formatted and typed your question.

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C - Resolutions
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Resolution 1

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Re-election of Paul Duffy as a Director

Paul Duffy retires under NZX Listing Rule 2.7.1 and, being eligible, offers himself for re-election as a Director of the Company.

“That Paul John Duffy be re-elected as a Director of the Company.”

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Resolution 2

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Re-election of Bruce Cotterill as a Director

Bruce Cotterill retires under NZX Listing Rule 2.7.1 and, being eligible, offers himself for re-election as a Director of the Company.

“That Donald Bruce Cotterill be re-elected as a Director of the Company.”

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Resolution 3

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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.”

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Voting instructions

In Room

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• Will be conducted via a poll.

• MUFG Corporate Markets will have provided you with a voting form on your entry to the meeting.

• Please complete and any shares that you may be acting as proxy for.

• Pass the form to MUFG Corporate Markets who will move through the room to collect.

Online

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• To vote, you will need to click “ Get Voting Card” within the online meeting platform.

• You will be asked to enter your Shareholder or Proxy Number to validate.

• Please then mark your voting card in the way you wish to vote by clicking “FOR” , “AGAINST” or "ABSTAIN" on the voting card.

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Results

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• Will be published on Asset Plus’ website and will be announced to the NZX this afternoon as soon as they are available.

• Click “Submit Vote” on the bottom of the card to lodge you vote.

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E – General Business

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General Business

1. Click the “Ask a Question” button at either the top or bottom of the page.

2. Click “Text Question” , select the item of business from the dropdown menu and type your question in the space provided.

3. Click “Submit Question” once you have formatted and typed your question.

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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

Important notice

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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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