Why COF price drop so much?, page-8

1. I have not seen a substantial shateholder buying for a long time.

2. COF have over 34 per cent debt to equity on the NTA of 250 That was tge 30 June val4uation -what ate they worth now?

3. At the current market price the market cap is 890 million. The long tterm debt is 860 million..Debt financiers may want more equity when its time to refinance. . COF may need to sell in a falling market or do a capital raise when they refinance.

4. In a weak office market - will COF maintain occupancy once leases expire?

5..COF will pay more for febt that is not hedged.

For an examole of a challenged office REIT - look at AOF.