On July 3, 2024, the Company announced the closing of the sale of the former Woodlands Golf Club to a joint venture managed by 13th Floor Homes. TWC is a 50% partner in the joint venture along with 13th Floor Homes. A gain of $7,788,000 (US$5,711,000) was recorded as a result of the sale and represents one-half of the total gain due to the sale to a joint venture owned 50% by the Company. This represents the majority of the total gain on property, plant and equipment recorded at December 31, 2024. Net earnings increased to $40,597,000 in 2024 from $22,042,000 in 2023 due to the $21,806,000 change in unrealized gain on the Company’s investment in Automotive Properties REIT as compared to 2023 and the $7,788,000 gain on sale of Woodlands Golf Club recorded in 2024. Basic and diluted earnings per share increased to $1.66 per share in 2024, compared to basic and diluted earnings per share of 90 cents in 2023. Non-IFRS Measures TWC uses non-IFRS measures as a benchmark measurement of our own operating results and as a benchmark relative to our competitors. We consider these non-IFRS measures to be a meaningful supplement to net earnings. We also believe these non-IFRS measures are commonly used by securities analysts, investors and other interested parties to evaluate our financial performance. These measures, which included direct operating expenses and net operating income do not have standardized meaning under IFRS. While these non-IFRS measures have been disclosed herein to permit a more complete comparative analysis of the Company’s operating performance and debt servicing ability relative to other companies, readers are cautioned that these non-IFRS measures as reported by TWC may not be comparable in all instances to non-IFRS measures as reported by other companies.