Long Term Good Buying Opportunity, page-3

Page 15 on the Equity Raising Investor Presentation. Post placement with a 1.2 billion cap raising is equal to $2.23 nta and shares outstanding approx. 4,529.6 mil. If they raise a further 200m with the placement then nta will be around $2.16 and nav at 2.29 with approx. 4,664 mil shares outstanding. Pre cap raising the 34.9 % gearing was in the upper range based on June revaluations. Good news is the gearing is much lower now and no breaches of lending covenants. Debt has been extended and only 150mil due fy 21. By maintaining their current S&P and Moody’s credit ratings , their cost of funds and access to money markets in the future will be cheaper. Ranked 3rd global listed retail company by Global RealEstate Sustainability Benchmark. Ranked 6th most sustainable real estate company globally in Dow Jones Sustainability Index survey. Still quality assets in great locations and more importantly things are improving now and people want to get out and about and are sick of being at home. Also foot traffic in the malls are on the up and I’ve witness this myself in the various malls over the past few weeks. Still a margin of safety and a good long term play on this one.