AroundTown - What's Next - Positioning

We have re-evaluated our positioning following the publication of AroundTown’s Q4 and FY24 numbers. That AroundTown has launched a separate fund to take advantage of any dislocation in the real estate market is an acknowledgement of the issues and priorities at AroundTown. We model the impact of this approach and its effect on ArooundTown's ultimate aim of a rating upgrade. Operationally, AroundTown remains stable, allowing easy extension of our model. We have chosen to spend more effort on potential strategic decisions available to the Company to drive alpha return. Combining all of this work, we have adjusted our positioning.