Custodian Truganina Syndicate Limited

Prospectus Date
28 November 2008

Offer
For the issue of a minimum of 11,100,000 and a maximum of 11,500,000 shares at $1.00 each

Property
12 hectares (approximately 30 acres) situated at 250 Sayers Road, Truganina, Victoria

Independent Property Valuation
$9,000,000

Assessed Project Gross Realisations
$29,130,000

Forecast
Cash distribution yield of 22.7% and gross distribution yield of 32.4% over the forecast period of 32 months

Project

Custodian Truganina Syndicate Limited contracted to purchase 12 hectares (approximately 30 acres) of land in the growth suburb of Truganina situated 20 kilometres South West from the Melbourne CBD.

Settlement of the purchase of the property was effected on 15 April 2009.

It is intended that the property be developed into 202 residential allotments, roadways and other services. The following is a copy of the proposed plan of development.

Locality

Located 20 kilometres South West from the Melbourne CBD, Truganina is located within one of Australia’s fastest growing regions.

Land to the South and West of the Property is currently, or has recently been, developed for residential purposes. Land to the North and East of the property has been identified for employment purposes and is currently being worked on by the relevant local authority at the moment.

Truganina and the property itself are well serviced by transport infrastructure. The property has easy access to central Melbourne by the Westgate Freeway and suburban train services are available via the Werribee train line.

Other infrastructure for the locality includes:

• Westbourne Grammar whose campus of nearly 100 acres houses a current enrolment of in the order of 1,390 students from years P to 12;
• The Regional Shopping Centre “Wyndham Village” with Coles Super Market and over 40 specialty shops;
• “Williams Landing” the $1.5billion master planned suburb to include train station, bus interchange, shops, café’s, restaurants, offices and entertainment.