Ann: Update on JPTD Loan Maturity , page-5

Default on JTPA and JPTD(?) would in some ways be the best option. NTA rises to a min of $5.93 Aus. Remaining trust assets could be sold and money returned to shareholders.

If agreement is reached as per todays anouncement, with a capital raising, it all depends on the detail - which we don't know. JPTA default is worth $67 M plus to AJA.

The proposed new loan over 10 or (11?) properties should not give up much of this $67 m or still require a high LTV ratio or default and liquidation would be a better option.