We maintain our HOLD rating and TP of US$0.10. The debt restructuring plan is a first step to move forward and ensures that MUST has two years to execute its asset divestments plan or possibly its last resort of EFR. Loan, we believe MUST’s sponsor wants to ensure that they are sustainable by 2025. However, we believe this comes at a hefty price (sponsor loan interest) and the journey to resolving MUST’s debt issue is lengthy, with execution risks. Previously, we upgraded in early Nov ‘23 and highlighted that it was a short-term tactical play on reaching a tripartite agreement with the sponsor, lenders, and MUST, but the longer- term resolution could also be lengthy with some risks involved. We take on a more cautious stance in the longer-term given the retention of the distributions, uncertainty in the recovery of US office market, and execution risks.