Ann: Notice of Meeting, page-3

Hi Tim
This all looks very tricky to me. There is a little bit of carrot to entice people to vote in the change but I don't trust management to be really looking after my interests. If a reduction of 0.05% results in a saving of $100k, it is outrageous they are getting $1,000,000 for not a lot of work

Reasons to vote in favour of Resolution 1

• entering into the Investment Management Agreement secures the benefit of the Investment Manager's experience and expertise in running assets or businesses similar to those of the fund
• entering into the Investment Management Agreement will streamline the day-to-day operational decision making of TOT
• 
  

Same people doing the same job. And lets face it managing 2.5 properties is hardly going to be a fast paced environment so rapid decision making is hardly an issue

entering into the IMA will allow the fund to grow and in assisting in allowing the fund to diversify its portfolio and improve its liquidityWhat can be done in the new structure that cannot be done under the old structure ?- nothing

The fourth reason to vote in favour - the Investment Manager will have comfort for the duration of the Investment Management Agreement - 10 years plus rolling 5 years - There we have it. No mystery at all.

Cheers