Key Terms

• Fund Size: The Fund size is open-ended, with no minimum or maximum amount to be raised.
• Fund Structure: The Fund is an unregistered managed investment scheme structured as an unit trust and is governed by Australian law. The rights and obligations of the Trustee and Unit Holders are governed by the terms of the Trust Deed.
• Target Return: The Fund will aim to provide income returns of at least the Performance Benchmark whilst preserving capital. The Performance Benchmark is a target return only and the Fund may not meet this objective.
• Term: There is no set term of the Fund.
• Minimum initial investment: Applicants must make an initial investment of at least AUD 1,000,000 (subject to Manager’s discretion).
• Management Fees and Expenses: The Trustee is entitled to be paid out of the income of the Fund a management Fee of 1% per annum (plus GST) of the Gross Asset Value of the Fund accrued daily and paid monthly. The Trustee is entitled to recover Expenses from the Fund.
• Performance Benchmark: 10% per annum of the Net Asset Value of the Fund after deducting any Management Fees and adding back any distributions during the relevant calculation period and any accruals for Performance Fees.
• Performance Fee: The Trustee (or its nominee) is entitled to be paid a performance fee of 20% of returns above the Performance Benchmark, calculated monthly and payable within 30 days of the end of each Financial Year.
• Applications: Applications for Units will be accepted by the Trustee (in its absolute discretion).

These key terms are not an exhaustive summary, and you should read the Fund’s Information Memorandum before deciding to invest in the Fund.