Ann: Fund and NAV Update, page-6

They can't buy back all the prefs before conversion. However, for every amount they do buy back they are using USD to pay back AUD debt and a lower amounts will be converted to ordinaries & finally a lower distribution to pay in January. To understand the calculation of net debt and geraing see the quarterly report Gearing after repayment of the prefs is around 50%, little high, I suggest that we need it around 40%. The Atlantic loan (4%) is fixed for about another 4 years from memory. Late 2023 I am expecting distributions to restart. This does depend on the discount to NAV as still more logical to buy back if the discount to NAV is large.