Ann: FY24 Half Year Results Investor Presentation, page-10

Maali Group was a joint venture partner. My knowledge of these types of ventures is that a JV company is set up with nominal joint share holdings of very small value and the main capital is used to operate joint projects for a profit. Any losses would be losses suffered on projects and would appear in the profit and loss statement of both companies. The sale of the nominal 39% holding back to the main shareholder in Maali would be the assessed value of the project current under the joint venture. IMO I would not think there were any major losses involved if any at all with GNP pulling out when they could see that current projects were either not core business or were not making the profit margin they were targeting or any margin at all. Since Maali did not contribute any profit in the last full year it would appear to be the latter and therefore a good decision by GNP to end the JV partnership. As I expect you are already aware that Maali is in Administration.