Key Terms

• Fund Size: The Fund Size is capped at $35m with a minimum of $10m. The Trustee in its discretion may resolve to increase the fund size but presently does not intend to do so.
• Fund Structure: The Fund is an unregistered managed investment scheme structured as a unit trust governed by Australian law.
• First Performance Benchmark: Greater than 18% per annum to the investor
• Second Performance Benchmark: Greater than 25% per annum to Investor
• Term of the Fund: A maximum of seven years. There will be a 24 month Commitment Period during which the Commitment Amount may be called, followed by a circa four year period before investments are realised and funds invested are repatriated to the investor
• Minimum Commitment Amount: Applicants must make an initial commitment of at least $500,000, which may be drawn by the manager over the Commitment Period of two years.
• Management Fees and Expenses: The Trustee is entitled to be paid out of the Fund a management Fee of 2% per annum (plus GST) of the Capital Commitment Amount in years one and two of investment. From the third year, the Management Fee will be 2% of Capital Invested. The fee is accrued daily and paid monthly. The Management Fee may be accrued by the Trustee in any month.
• Performance Benchmark: Two Performance Benchmarks apply. The Performance Benchmarks are a percentage return to the calculated on the Net Asset Value of the Fund after deducting any Management Fees and adding back any distributions during the calculated period and any accruals for Performance Fees. There is no guarantee that the Fund will achieve a Performance Benchmark.
• Performance Fee: The Trustee (or its nominee) is entitled to be paid a performance fee of 30% of returns achieved above the First Performance Benchmark and 50%of returns above the Second Performance Benchmark. This fee is calculated monthly and payable within 60 days of the end of each Financial Year.
• Applications: Applications for Units will be accepted by the Trustee (in its absolute discretion).
• Distributions: The Trustee expects to pay distributions of Distributable Income to Investors (after deducting fees and expenses of the Fund) annually (within 90 days of 30 June). Unless otherwise agreed by the Trustee distributions will be reinvested in the Fund for the initial two years. Distributions will only be distributed in cash when the Fund has available liquidity at the Trustee’s discretion.
• Redemptions requests: A minimum holding period of 36 months applies to Units (the Initial Investment Term). After this period, redemption requests will be paid from available liquidity at the Trustee’s discretion.
• Reports: Investors will receive semi-annual performance reports.

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