Ann: Investor Presentation May 2023, page-4

I do have some concerns when I see regional news reporting these forms of activities by developers. I am sure that the broad aspects of the report are true but I wonder about the full context of the actions taken by MAAS. On occasions where there is an unresolved standoff between Council, a local Ratepayers Association and a developer which appears to be coming a long term delay in progressing a development the developer who is likely to suffer the economic risk will make a move to precipitate an outcome in the short term. This could be a reason - but regardless Wes needs to resolve these issues as soon as possible to capture the current economic housing shortage, obtain a return on his $20m investment and ensure that he retains a reasonable relationship with his regional council in this area. Just my take on what is being reported and having been involved in financing this type of industry during the past.