INDUSTRIAL TRUST No 1

[FULLY SUBSCRIBED]

The Industrial Trust No 1 was established to acquire 100% of the units in the Underlying Trusts which separately hold the Somerton (Victoria), Naval Base (Western Australia) and Currumbin Waters (Queensland) Industrial Properties.

Investment Highlights

Purchase Price - $60.25m

Equity Raising - $33.00m

Projected Returns on Equity

Year 1 Distribution Forecast - 9.5%
Average (5yr) Distribution forecast - 10.4%
Projected Internal Rate of Return (IRR) - 11.8%
Quarterly Distributions from Settlement

Weighted Average Lease Expiry (WALE) of 9 years

Triple Net Leases

Naval Base, Western Australia

Somerton, Victoria

Naval Base, Western Australia

Currumbin Waters, Queensland

6900