Ann: Exchange of Valentine Avenue Parramatta, page-9

Their quoted 'discount to valuation' is (IMO) rudely deceptive-they have referenced it to their estimated 30 June 2024 price of $85.5M in contrast to the estimated price at the last valuation date of 31/12/23 which was $95.5M. They should have at least had the courage to openly declare that $10M difference in the announcement. I also note the pricing at 30/6/23 was $104.75M. This means the sale at $80.5M is ~$20M or 76.8% of the valuation ascribed to the property a year ago-a drop of 23%. And this is after they have spent money renovating it. The market pricing is what the market pricing is, so this does give some insight into office property valuations in the current market. No wonder the newspapers are going on about superannuation funds with lots of money in unlisted property.