Business as Usual at Avenue Living - Avenue Living Asset Management

Dear valued investors,

On May 20, we had an investor call to update you all on state of the union at Avenue Living. We are very much operating business as usual. April collections ended at over 97% during the month. Our collections for May have now hit just over 93%, putting us within 1-2% of where we normally would be at this time of the month.

For those of you who missed our call, here is our audio file.

All hands are on deck at Avenue Living and we continue to see strong fundamentals of our business with a focus on operations. Residents are fulfilling their basic needs and prioritising where they live and we are ensuring we provide a quality product.

We were pleased to have not only investors but also members of lending community and other key stakeholders on the call as we spoke with one voice, about various topics including:

• Focus on fundamentals of business
• Innovating to maintain operations
• Cautiously beginning the back to office process
• Cost-cutting measures
• Corporate Social Responsibility
• Government Relations
• Training and Quality Assurance
• Key Performance Indicators (KPIs)
• The look ahead – financial liquidity is strong

We are proud to say that we are in command and control of our business – more so today than ever.