QUEENSLAND Investment Opportunities

INFORMATION MEMORANDUM
Pathway Four Syndicate
Information Memorandum
Properties & Pathways Pty Ltd invites you to invest in:
1 EDEN STREET, MINYAMA,

QUEENSLAND
Well established, high performing retail centre on great lease covenants
Estimated 9.0% net return to investors in the first year
Fantastic tenancy mix, including 4 national retailers:

Snooze, Whitworths, Carpet Call & Mr Toys Toyworld
Weighted Average Lease Expiry (WALE) of 5.2 years
100% occupancy since 1988 (the property hasnt had a vacancy in 27 years)
Dominant corner site with three street frontages
Brilliant exposure with 52,000 vehicles passing daily (department of main roads, QLD)
Diversification of risk with 5 rental income streams
Located in one of the regions strongest retail growth corridors
Date of issue: March 2015
Proper es & Pathways Pty Ltd
www.proper esandpathways.com.au

A: 2 Chidley Road, City Beach, WA 6015
T: (08) 9285 0396
F: (08) 9285 0397
E: alan@dogge .net.au
E: cal@dogge .net.au
ABN 18 321 741 809
AFSL 438152
INVESTMENT OBJECTIVE & STRATEGY

The Pathway Four Unit Trust (the Syndicate) is providing investors with an opportunity to acquire a well located retail/
bulky-goods property oering a long term income stream, robust capital growth with secure lease covenants.
The investment strategy for this property is to implement an ecient maintenance program to prolong the useful life and
condi on of the property with a long term view of passive rent collec on. Furthermore, we will work closely with the
tenants to extend their tenure and proac vely maintain the WALE of the investment and the strength of the lease
covenants. Due to the rela ve age of the building, there is poten al for a value-add refurbishment which would typically go
hand-in-hand with a substan al increase in the WALE (based on the renewal of current tenancies). I.e. a possible investment
strategy would be to approach each tenant in the 4th year of their term and oer them to exercise their op on or commit to
a longer lease, subject to us (the Landlord) doing a substan al refurbishment to the exterior and facade of the building.
Naturally, we could also approach the banks for the requisite nance to achieve this objec ve. Please note, any investment
strategy is subject to change, with such change dependant on (but not limited to) the available opportuni es,
development poten al, tenant composi on, lease structure, risk analysis, access to nance and the general economic
climate over the life of the asset.
Please also note: This is a long-term investment strategy and due to the structure of the syndicate it may have a limited
secondary market making it rela vely illiquid when compared to other nancial products and/or alterna ve investments.
REASONS WHY THIS PROPERTY IS IDEAL FOR INVESTMENT
A rac ve return from a well located property with fantas c exposure

Strong lease covenants from 4 na onal tenants and 1 state-wide trader
Secure leasing history with 100% occupancy since incep on of the building in 1988
Strategic tenancy mix for diversica on of rental risk
Robust rental pla orm with over 85% of income derived from na onal tenants
Long Weighted Average Lease Expiry (WALE) of over 5.2 years
Strategic layout, posi on and loca on to service the surrounding catchment & area
Prolic site with well-sized tenancies crea ng high demand from retailers
Please see summary video at the following link: HTTPS://VIMEO.COM/116610497
Please refer to page 9 for Disclaimer, Risk Factors & Other Important no ces.
THE PROPERTY
1 Eden Street, Minyama is a stand alone single level retail showroom of 3,212 sqm divided into 5 individual tenancies and
situated on 5,838 sqm of land. The property has 3 street frontages and 64 open car bays to compliment a well performing
retail/bulky-goods centre fron ng the prime 4-6 lane arterial road of Nicklin Way. This large, modern, retail showroom sits
alongside other bulky good retailers in a dense, established retail precinct in a prominent, high-prole loca on.
The Gross Le able Area (GLA) of the property is 3,212sq.m (approx.), comprising an excellent tenant mix, outlined below:
Snooze - with over 70 stores across Australia and who are part of the well-known Steinho group;
Barra Jacks - with 2 QLD stores and who have traded at the centre since 2009;
Carpet Call - Australias largest independent ooring retailer with over 70 stores across Australia and who have traded
along Nicklin Hwy since 1992;
Whitworths Nau cal World - Australia's largest marine accessories retailer with 16 stores across Australia and who
have traded at the centre since 2000; and
Mr Toys Toyworld - Australias largest retail chain of specialist toy stores with 24 stores over Queensland, 141 stores
across Australia and who have been there since incep on of the building.
The centre provides convenient in-front car parking and a favourable bay/le able area ra o with all tenancies facing into the
car park making it convenient for pedestrian and vehicles alike. The site is also strategically posi oned to oer easy and direct truck access for delivery of goods to each retailer.
The Centre was built in 1988 and has been well maintained. Nonetheless, the building will require pro-ac ve maintenance
throughout our ownership tenure (which we have taken into account in our investment strategy outlined on page 2).
TENANCY SCHEDULE
1 Eden Street, Minyama tenancy schedule:
Tenant
Snooze (Mul well Pty
Ltd)
Barra Jacks (Georey
& Jennifer Clarke)
Carpet Call (Blondec
Pty Ltd)
Whitworths (Nau cal
World Pty Ltd)
Mr Toys Toyworld
(Cen Pty Ltd)
Totals
Area (sq.m)
Term
Op on
Start Date
Expiry
930
5+5
01/05/2014
30/04/2019
224,130
CPI
483
30/06/2014
29/06/2019
115,920
CPI
334
20/03/2014
19/03/2021
82,474
5%
466
5+5
25/02/2014
24/02/2019
116,567
4%
999
5+5+5
01/01/2015
31/12/2022
242,267
3.5%
3,212
Net Rent
Escala ons
$ 781,358
BANK GUARANTEES
Snooze (Mul well P/L):

Barra Jacks (G & J Clarke):
Carpet Call (Blondec P/L):
Whitworths (Nau cal P/L):
Mr Toys Toyworld (Cen P/L):
3 months bank guarantee (currently $61,635) plus franchisee / personal guarantees

4 months bank guarantee (currently $42,504)
Franchisee / personal guarantee
3 months bank guarantee (currently $10,521)
Franchisee / personal guarantee
LOCATION
The subject property fron ng Nicklin Way is located within the established commercial and residen al precinct of Minyama
on the Sunshine Coast, located approximately 1 hour and 15 minutes from Brisbane CBD.
Nicklin Way has evolved into a mix of commercial oce and retail establishments with a concentra on of car yards, bulky
retail, medical and strip retail along approx. 13 kilometres from Caloundra in the South through to Minyama in the North.
Nicklin Way is a 4-6 lane, dual carriage road boas ng an average of 52,000 vehicles passing per day, making it one of the
Sunshine Coasts best known arterial roads which acts as the primary connec on between Caloundra to the South and
Maroochydore to the North (Source: Department of Main Roads, Queensland).
MANAGEMENT & STRUCTURE
Proper es & Pathways Pty Ltd (the syndicator) is the licensee, holding AFSL 438152.
Directors:
Alan Dogge
Cal Dogge
Proper es & Pathways Pty Ltd is also the trustee company which will be responsible for the asset and syndicate
management, including, but not limited to:
Finalisa on of lease nego a ons & renewals;

Re-nancing and nance terms;
All dealings with nancial ins tu ons;
Quarterly distribu ons;
Development poten al and feasibility;
Overall capital works and property maintenance;
Acquisi on and/or sale of the property;
Various other management items; and
Will appoint a leading commercial real estate company to manage the property, including collec on of rent,
payment of outgoings and the day to day management.
Pathway Four Unit Trust: issues units assigning ownership en tlement. Unit holders are governed by the Unit Trust
Deed which regulates the opera on, distribu on, administra on, transfer of units and other general legali es of the
unit holders, both individually and collec vely.
FINANCE & VALUATION POLICY
Proper es & Pathways Pty Ltd has appointed Structured Property Finance to nego ate acceptable commercial terms for the
loan facility. From preliminary discussions, the banks have indicated nance on the following terms:
Loan amount equal to 60% of the purchase price;

Fixed loan term of 3 to 5 years;
Interest will be paid from the net rental income of the property;
Loan will be in the name of Proper es & Pathways Pty Ltd a the Pathway Four Unit Trust;
Non-recourse loan i.e. the lender will secure the loan against the land and buildings only and not individual investors;
In eect, the investors are NOT required to provide guarantee over the property;
Security A rst ranking mortgage to be registered over the land; and
An cipated xed interest rate at se lement between 3.75% and 4.00% pa.

intends to re-value the property
prior to the expira on of the
nance facility or when the trustee
believes there has been a material
change to the value of the
property.
THE INVESTMENTACQUISITION
Purchase Price (PP)

Es mated Costs:
$10,100,000
Stamp Duty & Transfer
$592,000
Se lement & Legal Costs
$15,000
Due Diligence Costs
$15,000
Loan Establishment Fee (0.5% of mortgage)
$30,250
AFSL Compliance Costs
$9,000
Valua on
$10,000
Reserve Fund
$100,000
Establishment Fee (1.65% of PP)
$166,500
Total
$11,037,750
Less: Mortgage at 60% of Purchase Price (approx.)
$6,050,000
Equity required to be raised (approx.)
$5,000,000
Any surplus remaining post se lement will accumulate as reserve fund to oset any unforseen expenditure.
SENSITIVITY ANALYSIS
Due to the high demand for this asset we have factored in a premium on purchase price. Through lengthy discussions with
valuers and professionals in the area, we understand there is a high demand for the level of security and risk diversica on
which this asset oers. As such, we will likely compete with 4 or 5 other buyers which means our terms have to be a rac ve
for the seller AND we need to factor in room to move on the purchase price. From a preliminary indica ve valua on we
conrm the asset value is between approx. $9.75million and $10.1million (reec ng a return of between 7.75% - 7.50%).
However, in our calcula ons (above and below) you will no ce we have assumed a purchase price of $10.1million which
reects a 7.5% return on purchase price. We have based our assump ons and calcula ons on this but must make it very
clear we would be willing to purchase this asset at up to $10.44mil which reects a 7.25% return on purchase price. Please
note, the sensi vity analysis below, showing the NET return to each investor based on the dierent purchase prices (ranging
from $9.75mil$10.4mil).
YR 1
YR 2
YR 3
YR 4
YR 5
Purchase price $10,400,000
8.66%
9.05%
9.45%
9.87%
10.30%
9.00%
9.40%
9.82%
10.25%
10.70%
9.34%
9.76%
10.18%
10.62%
11.08%
Please note, whilst we rmly believe we can purchase the asset at $10.1mil, you must sa sfy yourself of such investor return
(as shown above), based on a purchase price of anywhere up to $10.44mil as the case may warrant.
INCOME & RETURN

Cash distribu ons to investors as a percentage return on equity invested (assuming cash investment) is forecast to be:
YR 1
YR 2
YR 3
YR 4
YR 5
Current Annual Return (fully let) at

$10,100,000 purchaser price
9.00%
9.40%
9.82%
10.25%
10.70%
Return (with 7.5% vacancy allowance)*
8.15%
8.52%
8.90%
9.30%
9.71%
* As this is a mul tenanted property it is prudent to allow a vacancy factor in the event of a tenant vaca ng and a resultant reduc on in income. We have
assumed a vacancy factor for a property of this nature to be approx. 7.0% - 8.0% of the net rent.
Investors will receive income distribu ons quarterly in arrears. Please note, these gures do not account for the
deprecia on/amor za on of the property and the associated tax benets of this expense which improves the a er tax posi on
of the cash distribu ons.
PURCHASING ENTITY & APPLICATIONS
The property is purchased by Proper es & Pathways Pty Ltd as trustee for The Pathway Four Unit Trust. Units in the unit trust
must be purchased by investors who would like to take part in the syndicate. Please refer to the Unit Trust Deed (available
upon request) which outlines more comprehensively the way in which the syndicate operates.
Should you wish to par cipate in the Pathway Four Syndicate please no fy us and we will direct you through your applica on
which will require comple on of the following documents and disclosures (majority of which are Australian legisla ve
requirements to protect each investor):
Comple ng the a ached Investor Details in the name of your inves ng en ty and supply full iden ca on (Passport
or Australian Drivers License) of the responsible individual/s for that en ty;
Signing the Unit Trust Deed in the name of your inves ng en ty;
Comple ng and signing the a ached Applica on for Units in the name of your inves ng en ty;
Cer fying you are a wholesale investor by ge ng your accountant to complete an Accountants Cer cate in the
a ached format. (Please disregard if you have already supplied this within the last 2 years for previous syndica ons);
Please note: If you do not qualify for the wholesale criteria as dened in the a ached, please contact us immediately.
Email and/or mail the abovenamed a achments to the email address below or mail address on the front cover of this
Informa on Memorandum.
Applica on for units will not be accepted un l funds have been received, either by cheque, or via deposit into the following
A orney s Trust Account:
Account Name:
Bank:
BSB:
Account No:
Stephen Josland Barrister & Solicitor - Trust Account

ANZ Bank
016 460
4981 31998
Please note, these funds may only be withdrawn through authority by the transferring a orney in order to eect se lement.
If you require assistance in comple ng any of the required forms or have any queries, please contact either:
Alan Dogge :
Cal Dogge :
mob: 0402 327 776

mob: 0439 886 931
email: alan@dogge .net.au

email: cal@dogge .net.au
KAWANA SHOPPING WORLD, Including the following MAJOR retailers:
Convenience: Big W, BWS, Liquorland, Australia Post, Chemist, Pharmacy, Optometrist
Supermarkets: Coles, Woolworths & ALDI plus major banks (ANZ, Commonwealth, NAB, Suncorp etc.)
Food outlets and retailer: JB Hi-Fi, Dick Smith, EB Games plus Grilld, KFC, McDonalds, Subway, Coee Club etc.
NICKLIN WAY
Major arterial road servicing 52,000 vehicles per day, connec ng
Caloundra in the South to Maroochydore in the North.
1 EDEN STREET, MINYAMA
DISCLAIMER
Whilst this document includes informa on about Proper es & Pathways Pty Ltd (P&P), the nature of the investment, the Property and
other ma ers, it is not exhaus ve in its contents and should not be considered as such.
All projec ons and forecasts in this document are for illustra ve purposes only using those sources as described. They are based on the
opinions of, and the assump ons and qualica ons made by the directors of P&P as at the date of this document. Actual results may be
materially aected by changes in economic and other circumstances.
Any reliance placed upon the accuracy of projec ons, forecasts and other informa on provided in this document, and the appropriateness
of opinions, assump ons and qualica ons used, is a ma er for your own commercial judgment. No representa on or warranty is made
that any projec ons, forecasts, values, assump ons or es mates contained in this document can or will be achieved.
Notwithstanding that par es other than P&P are named in this document, none of those other par es were involved in the prepara on or
issue of this document and therefore, none of those other par es has any responsibility for its contents.
P&P and its directors, ocers, employees, advisers and representa ves:
a.
give no warranty and make no representa on in respect of the contents of this document; and
b.
accept no responsibility for the accuracy, reliability or completeness of the informa on provided in this document.
ACKNOWLEDGMENT OF RISK
The Applicants acknowledge that:
a.
they are aware of the risks of property investment;
b.
they have made their own assessment of the Trusts proposed investment property;
c.
they view the Trust as a long term investment;
d.
there is only a limited secondary market for the sale of their Units;
e.
the purpose of the Informa on Memorandum is to provide details in rela on to the Trusts proposed investment property and is
not a disclosure document pursuant to the provisions of the Corpora ons Act;
f.
any advice that may have been provided by the Trustees pursuant to the Informa on Memorandum or otherwise is general
nancial product advice only in rela on to the Trusts proposed investment property;
g.
the Trustees have relied on the acknowledgements of the Applicants that they are sophis cated, wholesale investors and that the
nancial product or nancial service is not deemed to be provided to them as retail clients and specically that the Trustees have
not given any personal advice or been provided with or taken into account any Applicants objec ves, nancial situa on or needs;
h.
any representa on made by the Trustees was made in good faith but they have not relied upon any representa on as an
inducement to acquire their interests in the Trusts proposed investment property.
The nancial projec ons in this Informa on Memorandum have been prepared using various assump ons which have been made based
on the best es mates of the Directors and their advisors. Investors should appreciate that many factors (including, but not limited to, loss
of tenant, interest rate uctua ons, market condi ons, projected returns, regulatory changes, illiquid investment, environmental risk,
leasing risk, valua on risk, unexpected capital expenditure and destruc on of buildings) which aect these projec ons are outside the
Trustees control and cannot be foreseen. Accordingly the actual results may dier from those projected. The projected results demonstrate the expected return of the Trust before tax and other non-cash deduc ons are taken into account.
PRIVACY STATEMENT
By applying to invest in the Syndicate, you are providing personal informa on to P&P. The Privacy Act 1988 (Cwth) regulates the way P&P
collects, uses, disposes, keeps secure and gives people access to their personal informa on.
P&P is commi ed to respec ng the privacy of your personal informa on. P&P has adopted a privacy policy, which states how P&P
manages personal informa on. You can obtain a copy of that policy by wri ng to us.
P&P collects, holds and uses personal informa on in order to process your applica on, and if your applica on is successful, administer your
holding in the Syndicate.
CONFIDENTIALITY
This Memorandum (and the informa on contained in it) is conden al. It is not intended for and should not be distributed to any other
person. By receipt of the Memorandum, the Recipient agrees that it will not transmit, reproduce or make available the Memorandum (or
any informa on contained in it) to anyone other than its professional advisers, without the prior wri en consent of P&P. Any such
disclosure to the advisers of the Recipient must be on a conden al basis, for the purposes only of assessing the informa on contained in
it as adviser to the Recipient.
ANTI MONEY LAUNDERING AND COUNTER TERRORISM ACT
If you are a new investor with P&P, before we can accept your applica on it will be necessary to provide cer ed photographic
iden ca on of your iden ty. This is a legisla ve requirement. If you are making an applica on as a company, Trust or Superannua on
Fund we will require details of the registra on of the en ty and cer ed photographic iden ca on of at least one of the directors if a
company or details of the Trustee and beneciaries of the Trust and cer ed photographic iden ca on of the Trustee. Further details of
the requirements can be obtained from P&P.
CONFLICTS OF INTEREST
The Directors and sta of P&P or members of their families or en es which they control or have an interest in may also invest in the Unit
Trust. They may also indirectly benet from any management fees charged in rela on to the management of the Trust.
INVESTOR DETAILS
PURCHASING ENTITY
Purchasing En ty Name:
________________________________________________________
Address of Purchasing En ty: ________________________________________________________

TFN of Purchasing En ty:
________________________________________________________ (N/A for non-resident investors)
ABN of Purchasing En ty:
________________________________________________________ (N/A for non-resident investors)
Associated Individuals of Purchasing En ty: _____________________________________________

______________________________________________________
Address of Associated Individuals: _____________________________________________________
______________________________________________________
(Please provide a copy of Iden ca on for the associated individuals)
INVESTMENT
Amount Invested ($):
______________________________________________________
ACCOUNT DETAILS OF INVESTING ENTITY (for receipt of quarterly distribu ons)

Account Name:
______________________________________________________
BSB:
______________________________________________________
Account Number:
______________________________________________________
AUTHORISATION & ACKNOWLEDGEMENT

Signature:
______________________________________________________
Posi on:
______________________________________________________
Name:
______________________________________________________
Date:
______________________________________________________
10
APPLICATION FOR UNITS
I/WE __________________________________________________________________________________ (Applicant)

Hereby apply for ____________________ ordinary class Unit(s) of one dollar each par value in The Pathway Four Unit Trust
(Trust) and hereby tender a cheque for $___________________________ being the subscrip on moneys in rela on to
such units.
AND I/WE hereby agree and undertake to be bound by the terms of the Trust Deed crea ng the Trust (Deed) as varied or
supplemented from me to me and, make the following acknowledgements:
1.
Acknowledgment of No Disclosure Provided

The Applicants (or their associated en es) acknowledge that they are sophis cated, wholesale investors for the
purposes of sec on 708(8) of the Corpora ons Act and that notwithstanding sec on 761G(7) of the Corpora ons
Act, the nancial product or nancial service provided to the Applicants is not deemed to be provided to the Applicants as retail clients, in that they each have:
a.
invested in the Trust a minimum amount of $500,000.00; or
b.
net assets of at least $2.5 million; or
c.
had a gross income for the two years prior to entering into the Deed of at least $250,000.00 for each such nancial
year; and
d.
provided to the Trustee a cer cate cer fying as correct either of the ma ers referred to in (b) or (c) above, such
cer cate having been provided by a qualied accountant as dened in the Corpora ons Act and dated no more than
24 months prior to entering into the Deed.
2.
Acknowledgment of Risk
The Applicants acknowledge that:
a.
they are aware of the risks of property investment;
b.
they have made their own assessment of the Trusts proposed investment property;
c.
they view the Trust as a long term investment;
d.
there is only a limited secondary market for the sale of their Units;
e.
the purpose of the Informa on Memorandum, if one has been provided, is to provide details in rela on to the Trusts
proposed investment property and the Trust and it is not a disclosure document pursuant to the provisions of the
Corpora ons Act;
f.
any advice that may have been provided by the Trustees pursuant to the Informa on Memorandum or otherwise is
general nancial product advice only in rela on to the Trusts proposed investment property;
g.
the Trustees have relied on the acknowledgements of the Applicants pursuant to clause 1 above that they are
sophis cated, wholesale investors and that the nancial product or nancial service is not deemed to be provided to
them as retail clients and specically that the Trustees have not given any personal advice or been provided with or
taken into account any Applicants objec ves, nancial situa on or needs; and
h.
any representa on made by the Trustees was made in good faith but they have not relied upon any representa on as
an inducement to acquire their interests in the Trusts proposed investment property.
11
3.
Acknowledgment of AML / CTF Iden ca on Requirements

The Applicants acknowledge and cer fy that they have provided to the Trustee the proof of iden ca on required
by the Trustee and that all documents so provided are true and correct.
4.
Acknowledgment of Privacy Policy

The Applicants acknowledge that by applying to invest in the Trust they are providing personal informa on to the
Trustee. The Privacy Act regulates the way in which the Trustee collects, uses, keeps secure and gives people access
to their personal informa on. The Trustee is bound by the Na onal Privacy Principles and will collect and store
personal informa on from Applicants in a safe and secure manner. Personal informa on of Applicants will be used
to process each applica on and, if such applica on is successful, to administer and report on each Applicants
holding of Units and the progress of the Trusts ac vi es. Personal informa on of Applicants may also be provided
to other persons to enable the Trustee to provide services to the Applicants (for example, service providers,
consultants and advisors) or to persons that Applicants authorise to act on their behalves in rela on to their
investment (for example, the nancial advisors, accountants or lawyers of Applicants). The Trustees may also
disclose personal informa on of Applicants to others as permi ed under the law. Applicants personal informa on
will be added to a mailing list of the Trustee and used for future marke ng of investment opportuni es promoted by
the Trustee
DATED this ______________________ day of _____________________ 20 ___________________
SIGNED by the said Applicant(s)
Individual(s)
______________________________________
______________________________________
Company
______________________________________
Director
______________________________________
Director/Secretary
12
ACCOUNTANTS CERTIFICATE
ACCOUNTANTS LETTERHEAD
Date
A en on: Mr. C Dogge

Director
2 Chidley Road,
City Beach, WA, 6015
I am qualied to provide this statement as a qualied accountant in accordance with the provisions of the
Corpora ons Act.
(Name of client) is a client of mine / this prac ce and I am in a posi on to cer fy the following:
1. (Name of client or par cipa ng en ty) has assets of at least $2.5 million; or
2. Has had an income of at least $250,000 pa over the past two years; or
3. Controls a company or trust which meets the requirements of either clauses 1 or 2.
Yours sincerely
Name of Accountant
(Qualica ons)
13

QUEENSLAND Investment Opportunities

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INFORMATION MEMORANDUM

Pathway Four Syndicate

1 EDEN STREET, MINYAMA,

Well established, high performing retail centre on great lease covenants

Estimated 9.0% net return to investors in the first year

Fantastic tenancy mix, including 4 national retailers:

Weighted Average Lease Expiry (WALE) of 5.2 years

Dominant corner site with three street frontages

Diversification of risk with 5 rental income streams

Located in one of the regions strongest retail growth corridors

Date of issue: March 2015

Proper es & Pathways Pty Ltd

Proper es & Pathways Pty Ltd

INVESTMENT OBJECTIVE & STRATEGY

A rac ve return from a well located property with fantas c exposure

Proper es & Pathways Pty Ltd

Snooze (Mul well P/L):

3 months bank guarantee (currently $61,635) plus franchisee / personal guarantees

Proper es & Pathways Pty Ltd

MANAGEMENT & STRUCTURE

Finalisa on of lease nego a ons & renewals;

Loan amount equal to 60% of the purchase price;

Proper es & Pathways Pty Ltd

Proper es & Pathways Pty Ltd

Purchase Price (PP)

Se lement & Legal Costs

Due Diligence Costs

Loan Establishment Fee (0.5% of mortgage)

AFSL Compliance Costs

Establishment Fee (1.65% of PP)

Less: Mortgage at 60% of Purchase Price (approx.)

Equity required to be raised (approx.)

Purchase price $10,400,000

Purchase price $10,100,000

Purchase price $9,975,000

Proper es & Pathways Pty Ltd

INCOME & RETURN

Current Annual Return (fully let) at

Return (with 7.5% vacancy allowance)*

Stephen Josland Barrister & Solicitor - Trust Account

Proper es & Pathways Pty Ltd

mob: 0402 327 776

email: alan@dogge .net.au

KAWANA SHOPPING WORLD, Including the following MAJOR retailers:

Convenience: Big W, BWS, Liquorland, Australia Post, Chemist, Pharmacy, Optometrist

1 EDEN STREET, MINYAMA

Proper es & Pathways Pty Ltd

Proper es & Pathways Pty Ltd

Address of Purchasing En ty: ________________________________________________________

________________________________________________________ (N/A for non-resident investors)

ABN of Purchasing En ty:

________________________________________________________ (N/A for non-resident investors)

Associated Individuals of Purchasing En ty: _____________________________________________

ACCOUNT DETAILS OF INVESTING ENTITY (for receipt of quarterly distribu ons)

AUTHORISATION & ACKNOWLEDGEMENT

Proper es & Pathways Pty Ltd

APPLICATION FOR UNITS

I/WE __________________________________________________________________________________ (Applicant)

Acknowledgment of No Disclosure Provided

invested in the Trust a minimum amount of $500,000.00; or

net assets of at least $2.5 million; or

they are aware of the risks of property investment;

they view the Trust as a long term investment;

Proper es & Pathways Pty Ltd

DATED this ____________ day of _ 20 _________