Ann: KAM: Proposed Responsible Entity appointment, page-3

They have a good sense of irony

“a responsible entity unrelated to the negative sentimentthat has prevailed over the USMasters Residential Fund (URF.ASX) (for which E&PIL is the responsibleentity), which maybe a contributing factor to the discount to NTA at which [each CD] Fund trades”.

“you may choose to vote against the Proposal if you do not consider that the benefits [with K2] described abovewill be superior to the existing Responsible Entity remaining in place. WHAT?! You mayalso prefer the existing governance and services provided by E&PIL WHAT?!

“the [CD funds] Merger Proposal was withdrawn on 31 October 2022 due toUnitholder feedback”... and proxies runningat 85%+ AGAINST.

“some of the disadvantages of the Proposal include: -.E&PIL has considerable knowledge of the Fund, its operations, and itsportfolio, which may take time for K2 toreplicate; I certainly hope that K2 does not "replicate" E&PIL.

- some Unitholdersmay prefer that existing arrangements with and services provided by E&PILremain in place”; There is every reason to change RE and no reason to remain with status quo.

We must hope that, under K2, disclosure practices will improve in timeliness and quality.