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Overview Fund Features Fund Structure   Closed end unlisted Australian Property Trust Fund Investments   European property Fund Aim   To achieve a total return in excess of 12% pa Income Distribution   Quarterly Exit strategy   Target ASX listing within 3 to 5 years Management Fees   Up to 0.70% of gross asset value of the Trust Performance Fee   25% of any excess return above a total return benchmark of 12% Date Closed   11 May 2007 Equity Raising   $52.4 million Initial Assets Under Management   A$158 million of European property Growth target   To expand assets invested to A$1 billion through further acquisitions Currency Hedging   Targeting 95% income and 90% capital hedge Management Pengana Capital is the Trustee and Joint Manager of the Trust, and oversees the structuring, capital raisings and risk management. The Manager is a joint venture between Pengana and Credo. The Manager provides management services to the Trustee (including the evaluation and execution of investment opportunities) and asset management services in relation to the Initial Portfolio and any further properties acquired by the Trust. In addition, through Credo, the manager is responsible for sourcing new investment opportunities for the Trust. The Trustee has appointed an investment committee to primarily assist the Trustee in making decisions regarding acquisitions, disposals, due diligence and certain other matters relating to the Trust assets. How the Fund is Invested The Trust's strategy is to invest primarily in retail and office properties (with industrial and alternative properties as a secondary focus). The Trust does not intend to take on development or construction risks nor does it intend to invest in any properties where the levels of rental income are primarily derived with reference to the operational performance of the tenant. PCEPT aims to maximise income and capital returns through active property management and an opportunistic yet focused acquisition strategy. The Initial Portfolio has a diverse tenant base. Major tenants, which represent 83.3% of the rental income of the Initial Portfolio, are the Edeka Group (a leading food retailer in Europe and the largest food retailer in Germany), Rewe Group (one of the leading food retailers in Europe and the second largest food retailer in Germany), Schwarz Group (Germany's second largest network of food discount retailers), Norma (a German discounter), Tengelmann (a grocery, DIY, and a clothing retailer), and Peugeot (Europe's second largest car manufacturer).