Australian Unity announced that it received a revised proposal from Starwood on Saturday, 24 November 2018 reflecting a revised offer consideration of $2.95 cash per AOF unit to be reduced by the value of any distribution or capital return declared by AOF on and from the date of the Implementation Agreement until the implementation of the scheme (Revised Proposal). The net effect of this adjustment is a potential reduction of 7.9 cents per unit assuming the transaction is implemented post 31 March 2019. Australian Unity has determined that the Revised Proposal represents approximately $2.87 cash per AOF unit. The independent board committee (IBC) formed by Australian Unity to consider the Original Proposal is currently considering the Revised Proposal. Adjustments for declared distributions are not uncommon, however, it is the IBC’s view that this revised proposal is a materially different offer to the Original Proposal. The IBC advised that following consideration of the revised proposal and after consultation with major investors, the IBC have recommended the Board reject the revised proposal as it does not represent compelling value for AOF unitholders. The Board has accepted the recommendation and rejected the offer, closing the data room for Starwood. The Board also reconfirmed that there are no matters of which they are currently aware that would materially impact the current valuation of the assets of AOF or its FFO guidance of 17.2 – 17.4 cents per unit that have not been previously disclosed to the market. #AustralianUnity