Ann: Investor Presentation May 2024, page-5

I can see that the capital recycling program in the residential and commercial construction segments of this business are critical to its current consistent performance. The momentum of the company is reliant on the ability to continually turnover stock in those segments to provide working capital. I have run a quick check of the housing and land subdivision sales on the website and find that very few blocks of land and house packages are left in each recently released estate. I find considerable comfort in those findings when I hear that despite the Fed Govt current mandate of pushing for more affordable housing that builders are generally struggling and suffering bad times. If MGH can operate comfortably in these reported conditions what can it do in the good times? Its a fair question. I would also add that the residential land development and housing segment of the MGH business gives the second highest return on capital within the business according to the recent presentation. Well done to those who bought in at last year's lows around $2.60.