Ann: Unmarketable Parcels Sale Facility Update, page-7

My comment is MSV's balance sheet debt level, even if currentlymanageable. Here's a perspective on capital allocation:

· Prioritize Debt Reduction: While a buyback can improve financial ratios, reducing debt should be a priority. This strengthens MSV's financial health and frees up future cash flow.

· Reinstated Dividends and Re-rating: Regular dividends can incentivize long-term investors and potentially lead to a market re-rating ofthe stock.

Sustainable Growth Strategy:

For equipment rental companies, some debt is necessary. Here's a potential balanced approach:

· Strategic Debt Reduction: Allocate a set percentage of free cash flow towards debt reduction until a comfortable level is reached.

· Cash Buffer Creation: Allocate another portion to build a cash buffer for economic downturns and unexpected expenses.

· Diversification and Investment: Finally, consider allocating remaining free cash flow to diversify the business through acquisitions or internal expansion, aiming for strategic growth.

· Opportunistic Buybacks: Maintain a small, dedicated fund for opportunistic buybacks if the share price falls significantly below book value. This protects against excessive price discounts.

Management's Role:

Ultimately, the ideal allocation percentages (X) should be determined by management, considering market conditions, risk tolerance, and future growth plans.