Aggregate - comment

We have been looking through this consent solicitation in our recent analysis and our view remains intact. The solicitation under German WpHG comes 55% pre-agreed, as the developer is not asking for fresh cash, but instead is proposing PIK interest of 9.625% instead of cash coupon, a permanent waiver of the LTV covenant and interestingly, a lift of the Material Subsidiary covenant from 10% to 20%. The remaining 2024 notes are to be treated in the same way with PIK of 8.25% and 1.5 years of extension to the same November 2025 maturity date. As previously concluded, Aggregate are in a good position to create value by completing QH Track and the Fürst. We are therefore hypothetically signing up to the request.