AUP Delisted from the ASX

Aurora Funds Management Limited (Aurora), in its capacity as responsible entity for the
Aurora Property Buy-Write Income Trust (“AUP” of “Trust”), provides the following update to
unitholders regarding the current status of the Trust including future redemptions and/or

RNY Property Trust
As of 31 December 2021, the Trust had loans receivable of $3,395,631 plus accrued interest
of $1,240,996 from RNY Australia Operating Company (“RAOC”) and RNY Property Trust
(“RNY”). The Directors consider the loans and accrued interest from RAOC and RNY to the
Trust to be fully recoverable and therefore there is no Expected Credit Loss associated with
these loans.

In addition, the Trust holds 218,783,206 units in RNY which are carried at 1.1 cents per unit,
equating to $2,406,615.

Future Redemptions
Aurora is mindful of the impacts on AUP’s liquidity following the cessation of trading on the
Australian Securities Exchange (ASX). Aurora is currently working on several initiatives to
enable AUP’s loans to be repaid, including the potential refinancing and/or sale of RNY’s
properties. Following the execution of these initiatives, AUP will endeavour to fund off-market redemptions, taking into consideration the liquidity of the Trust.

RNY Update
RNY’s portfolio has continued to maintain its occupancy at pre-pandemic levels, with
increased leasing interest being shown across properties. Furthermore, RNY has received
several unsolicited offers for its properties at values at least equal to current valuations.
RNY is currently considering these offers and will update RNY unitholders accordingly.

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