Ann: Extraordinary Meeting Presentation, page-3

I've just had a read over the presentation and wanted to note down some thoughts.

I think management sentiment seems to have improved a little over the last 6 months all though it's still really disappointing that the fitted out space in Cremorne has now been collecting dust since October 2023.

The weighted average cap rate at 6.16% still seem a little tight to me despite the guidance being that they were internally revalued as being stable in December of 2024. I reckon we will see one further smallish drop when the independent valuations come through in June. This should take it out to around 6.5% which should represent the "trough" for this cycle.

I wish they would have just revealed who the "peers" were in the comparative slide but there was some interesting information in there. In particular how small TOT really is as compared to other REITS! The next smallest peer had a market cap of 250 million vs us at 85 million.

I think the slide on "pathways to growths" gives a pretty good tip as to why this new agreement may have been put in place with the break fee but also where we might find a catalyst to finally close that huge NTA gap in the future. They stated that M and A opportunities were likely going to come from unlisted funds that needed liquidity rather than other REITS. I think 360 want the protection of that break fee in place so they can benefit from any merger that would replace them as the fund manager (I think this is similar to the controversial pay out in the Newmark/BWP takeover last year).

A 20% no vote is more substantial than what I normally see and I hope that the fund manager acknowledges that this shows there is a level of discontent amongst the share register.

If anyone attended the meeting today in Sydney it would also be great to know what questions were asked.