Columbus Equity PartnersProperty the cornerstone to financial independence

November 2015

Contents

1. Introduction2. About Columbus3. Market Knowledge4. Fee Arrangements5. Our Partners

Introduction

● Columbus Equity Partners (Columbus) is a privately owned investment house specialising in private real estate, private debt & equity and private infrastructure. We are a firm focused on alternative investments with a bias for direct real assets.

● With core competencies across real estate and select infrastructure investments, Columbus’ team is uniquely positioned to originate and asset manage investment grade opportunities to deliver superior risk-adjusted returns to investors seeking to diversify their investment portfolios.

● We invest in private real estate opportunities that are not listed on a stock exchange. These include direct real estate developments and investments as well as mezzanine and preferred equity positions with reputable market participants. Our strategies include opportunistic, value-added and credit/special situations. We seek to generate absolute returns that exceed our investors’ expectations.

● Our business model is to seek to co-invest alongside our investors to ensure the strongest alignment of interest possible.

● Columbus is of the firm belief that direct real assets provide a distinctive, uncorrelated and attractive risk/return profile that listed securities cannot generate.

● Our senior staff are directly and actively involved throughout the firm’s investments lifecycles, not just at the sourcing phase. As a result, we increase value and mitigate risk through our hands-on advisory, asset management and direct tenant interface .

● This document sets out:

− Columbus’s Property credentials and capabilities within the property and broader real asset investment space

− Our assessment of the Australian property investment sector

− Our preliminary views on potential growth options available from the Australian and New Zealand markets.

ABOUT COLUMBUS

Columbus and Property

Columbus Equity Partners is a specialised property sector provider focussed on the needs of our wholesale clients, who are typically, Family Offices, Institutions, Industry Funds, Wholesale syndications, Property Groups and HNW property investors, both domestically and within certain ASEAN centres.

Our geographical focus is on Australia, New Zealand, Singapore, Malaysia, and the UAE.

Our core principles :

We are autonomous and non-aligned

We are holistic in our investments, lending and markets solutions

The Directors facilitate every mandate

We provide access to otherwise unattainable opportunities

We often co-invest.

Columbus is able to act as an advisor, structurer, arranger and manager of investment assets, funding solutions and financial markets products.

Columbus objectively provides tailored solutions via a well researched process coupled with structuring and strategic advice to our clients in order to meet their unique financial requirements.

•

Our Experience

Income Assets Development Social Funding General Advisory

- REITS- Office- Retail- Hotels

- Residential- Retail- Office- Hotels- Master planned

- Childcare- Retirement villages- Student Accommodation- Storage

- Senior debt- Mezzanine finance- JV equity- Preferred equity

- Deal structuring- Syndication- Joint Ventures- Asset management- Asset search and - Benchmarking

Columbus Attributes

•Strategic partners

•Transaction / Deal management

•Strong connections & network

•Sector understanding

The Columbus Partners in their individual capacities have significant experience in acquiring, disposing, managing and funding property, both direct and indirect.

Columbus has strong connections with

investors across the Family Office,

Institutional, and Pension Funds both domestically and internationally.

Columbus is able to identify and source strategic partners

for each opportunity. These strategic partners

provide access to a broad spectrum of

expertise.

Columbus is able to manage all aspects of the deal process including preparation of data room, coordinating due diligence and negotiation of deal points

Our Advantage

Quality Investment

Team

•We are an independent management owned firm and our senior team is directly involved throughoutthe firm’s investments lifecycles. We all have hands-on expertise with the assets in which we invest.•We have a lean, nimble and multidisciplinary team which enables us to directly source, execute, manage risksand exit investments seamlessly.•We strongly believe in the quality of our investments and seek to align our interest by co-investing alongside our investors.

Proven Investment Approach

•Fundamental, bottom-up valuation & qualitative analysis.•We generally are of greatest value to our clients when sourcing, negotiate the terms of and buying or investing in direct property assets. Our analysis of any investment is based on understanding the physical, financial and legal nuances of an asset and correctly off setting or pricing risk.

Deep Industry Relationsh

ips

•Our strong network with family offices, investors, developers, land owners as well as other key industry participants gives us a unique access to investment grade opportunities.•Our proven business origination capabilities as well as recognised technical skills are the contributing factors to our long term relationships with our partners and the trust invested in us.

MARKET KNOWLEDGE

Australian Market Dynamics

Current Position

Strong appetite for real assets both domestically and internationallyinternationally

Seeking active managers with value add strategies

Preference for Melbourne and Sydney commercial, retail and industrial core and industrial core or core plus and unique broad acre residential or mixed residential or mixed use opportunities

Focus on quality of income stream, tenant covenants , WALE and current WALE and current management is a priority

Increasing demand by non-aligned boutique wealth advisers for structured advisers for structured fund products for DIY Self-Managed Superannuation Managed Superannuation funds

Strong support for “Green” buildings

Considerations

Australian investor groups now have a more robust procedure for selecting managers:

Strength of the company, its management structure and ownership Investment process used by the manager Experience of its investment team Track record Whether the manager complements other investment managers Investing upwards of $150,000 at a time Still seeking commissions circa 2.5% - 3.5%

Family Offices are increasingly investing between AUD$5m – AUD$10m in property investments domestically and offshore

Easier to engage with Shorter decision making time frame 24 month investment horizon 20%+ return expectation

Market Opportunities

Growth Columbus has strong relationships with a number of

substantial property developers and portfolio managers across:

Domestic and international pension funds

Boutique non-aligned Dealer Groups

HNW / Family Offices

We are well positioned to make confidential soundings with selected parties to enable the raising of investment funds in both the Australian and New Zealand markets.

Columbus acts for its clients on specific mandates to achieve agreed outcomes in off market transactions.

Local Presence We have found in acting with other funds managers,

that the lack of a local presence has slowed considerably the investment process.

Columbus is well placed with its offices in Sydney and Melbourne to facilitate ongoing relationships with Australian and New Zealand domestic investment targets as well as with Singaporean and Malaysian investment funds.

We have found the relationship building process typically involves regular direct interaction in order to be successful.

FEE ARRANGEMENTS

Fee Arrangements

•A work fee of AUD$21,000 plus GST for identifying potential investee groups or assets within Australia and New Zealand and arranging direct one on one presentations•An expenses contribution of AUD$6,000 plus GST on account of travel and accommodation costs

Identifying investment targets and facilitation

of direct meetings

•A monthly retainer work fee of AUD$6,000 plus GST on account of ongoing strategic relationship building with all identified groups and continued identification of new potential groups or assets•An expense contribution as agreed from time to time on account of travel and accommodation costs

Ongoing strategic relationship

•A success based fee of 4% plus GST of the transaction value for capital raising , •A success based fee of 1% plus GST of the purchase and or sale based on Contract of Sale price. Retainers are in part reimbursed from success fees.

Success based Fee

OUR PARTNERS

Our Principal Partners

Attila’s 30+ years in the Institutional property markets most aspectsof commercial property development, ownership and investment.Attila has been elected an industry representative by variousrelated bodies, has chaired various property associations and beena guest lecturer at various Industry related Investment forums

Attila commenced his property career worked with Hillier ParkerMay & Rowden in Australia and then as a partner in London. Thiswas follows with roles as head of Institutional sales with Jones LangWootton, Knight Frank, then as director in Macquarie PropertyInvestment Banking, followed by Wholesale Transactions Managerfor Investa Property Group.

More recently Attila has completed various Industry fund mandatesincluding the establishment of a Wholesale Development Fund,review of property portfolio and development exposure for anInvestment bank, and the sourcing of specific property investmentopportunities for an off shore Pension Fund.

Attila is a qualified Valuer and holds a real estate licence No257191, a diploma of Financial Services Cert No 243 and, AFS PS146 Knowledge Assessment Cert No 37358.

He has also held the role of Chairman Investment Committee DNANRAS.

Attila FeketeExecutive Directorm: +61 419 204775e: afekete@columbus-ep.com.au

Attila has significant experience in: Sourcing and placing a vast array of property for institutions and

private investors; commercial, industrial, retail, leisure, residential Support capital raisings for wholesale property funds Independent expert panellist in legal proceedings Portfolio and asset strategies on behalf of an institutional clients Industry association committee member and contributor over time With an insight into most forms of property investment, the pricing

of risk across various markets and asset classes, Attila’s particular focus is identifying and structuring value add opportunities that can be self-funded for Wholesale, Corporate and private investors.

Our Principal Partners

Geoff Gedge is an Executive Director at Columbusadvising, structuring, and arranging a range ofInvestment and Corporate Solutions to our clients,with a particular expertise in all aspects of theproperty sector.

Since 1994, Geoff has worked extensively withinthe Financial Services industry, both as a fundsmanager for AXA involved with the formation,structuring and distribution of various investmentproducts, and as a corporate trustee supervising$2.4 billion of retail investors funds which wasinvested across domestic and international equity,fixed interest and property sectors.

For five years from 1999, Geoff’s focus was onCorporate Advisory work for Credit Suisse withinthe Asia Pacific region. He has spent considerabletime working on property, infrastructure, andfinancial services projects throughout Australia,New Zealand, Singapore, Malaysia, Philippines,Hong Kong and China.

Geoff was also previously the CEO of the PropertyFunds Association of Australia (PFAA)

Geoffrey GedgeExecutive Directorm: +61 405 983 635 e: geoffg@columbusequity.com.au

Geoffrey has significant experience in: Channel Partner distribution management Institutional and wholesale investor capital

raising in Australia, New Zealand and greater Asia Family Office and Pension Funds investment Property acquisition, divestment and funding in

Australia, New Zealand, Singapore, Malaysia, Hong Kong, Philippines, and greater China

Australasian Investment strategies Acquisition and divestment of Mez debt portfolios

in Australia and New Zealand Acquisition and divestment of unlisted REIT

platforms Malaysian based Islamic Debt MBO and capital

raising