INVESTMENT OVERVIEW FUND INFORMATION (JULY 2015) ASX Listing Date July Shares on issue. 272 million. Responsible entity

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1 INVESTMENT OVERVIEW The US Masters Residential Property Fund (URF or the Fund) was established in June 2011, by the Dixon Advisory Group and is listed on the Australian Securities Exchange (URF.AU) and has a market capitalisation of in excess of $550 million. In December 2014 the Fund raised $150 million in debt securities, URF Notes (URFHA.AU) The Fund was established to seek to take advantage of the significant drop in home prices that occurred during the US housing collapse of 2006 to 2011 by investing in freestanding and multitenant houses in the New York metropolitan area, specifically Hudson County, New Jersey and Brooklyn, Manhattan and Queens, New York. The Fund has an integrated business model, with a successful strategy of acquiring properties at attractive valuations, renovating the properties to high standards, and professionally leading and managing the properties for rental income and long term capital growth. URF is a leading provider of urban single and multi family home rentals focused on the New York metropolitan area. The Fund has built a high quality portfolio of New York Metropolitan area residential housing and apartments, consisting of some 2,000 housing units across nearly 550 houses and 27 apartment buildings. The Fund is the only listed fund that invests exclusively in New York metropolitan area freestanding and multi-tenant residential housing. FUND INFORMATION (JULY 2015) ASX Listing Date July 2012 Shares on issue Responsible entity Investment manager Target investment area 272 million Walsh & Company Investments Limited URF Investment Management Pty Limited Hudson County, New Jersey Brooklyn, Manhattan, Queens, New York Investment objective Provide investment exposure to a diversified portfolio of US residential property assets with attractive rental income and potential for long-term capital growth Distributions Semi annual

2 URF NOTES INFORMATION (JULY 2015) Listing Date January 2015 Redemption Date URF Notes on issue Interest 24 December 2019 (may be repaid partially or fully from 24 December 2017) 1.5 million Quarterly, fixed 7.75% per annum STRATEGY URF seeks to invest in undervalued neighbourhoods in the New York metropolitan area that are experiencing rapid growth and gentrification. Operating an integrated business model, the Fund aims to acquire at properties at attractive valuations, renovate and rehabilitate the properties to the highest standard, and lease & manage properties for long term growth and operational efficiency. The Fund has built a sustainable and scalable business focussed on high density urban markets of the Eastern seaboard of the U.S., a market that the Responsible Entity believes has the most attractive economic fundamentals and housing supply/demand dynamics in the U.S. These markets are benefiting from an ongoing urban growth revival. Key drivers of this urban growth revival include demographic fundamentals, such as a rising proportion of the young wishing to live in the urban core along with retiring baby boomers increasing preference to return to the urban lifestyle, and economic and social fundamentals, including proximity to jobs, rising commuting costs, historically low crime rates in cities.

3 Example properties 1303 Garden Street, Hoboken Located on a beautiful tree-lined block in the heart of Hoboken, New Jersey, Garden Street was acquired by the Fund in December The property featured an outdated interior, with low-end finishes and fixtures that deterred Hoboken home buyers looking for a high-end finished product. The Fund transformed the property from a three-bedroom, two-bathroom house to a three-bedroom, four-bathroom home that features two master suites, complete with high-end fixtures appropriate to the target market throughout. The renovation combines refurbished original details like wood railings, exposed brick walls, intricate pocket doors, wooden shutters, and a stained glass skylight with a fully modern upgrade including new floors, lighting, bathrooms, and kitchen.

4 385, 1 st Street Jersey City The Fund purchased this uninhabitable two-family property in February 2012, consisting of two threebedroom, one-bathroom rental units. Despite being located in the premium downtown Jersey City district, at the time of acquisition the property had no functioning kitchens or bathrooms and had expansive areas of walls and ceilings that were completely missing, allowing the Fund to purchase the property at a substantial discount. Following a full gut-renovation 385, 1 st Street was transformed into two top-of-the-line rental units, consisting of a two-bedroom, two-bathroom apartment and a three-bedroom, three-bathroom duplex, both with high-end finishes throughout.

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6 322 New York Avenue, Jersey City The Fund purchased the property in April 2013 in the Heights section of Jersey City near Riverview Park. At the time of purchase, the property was a dated two family dwelling in barely habitable condition, with a poorly designed layout and adjoining bedrooms that made the property feel cramped and constricted. The Fund transformed the property to a spacious, modern single family home, strategically altering each floor to maximize living space. The ground floor was converted from a one-bedroom apartment into two large bedrooms, complete with ensuite bathrooms for each bedroom and a private laundry area. The parlour level was reconfigured to create an open concept kitchen, living, and dining area, flowing directly to the deck and backyard area, while the adjoining bedrooms on the top floor were removed to create two spacious bedroom suites including private ensuite bathrooms. New fixtures and finishes were added throughout as well as a three-zone central air and heat system.

7 INVESTMENT OPPORTUNITY Scale Competitive advantage Significant opportunities Capital structure Simple investment platform c.us$550 million market value Some 2,000 housing units in the portfolio Operational efficiencies across the spectrum Vertically integrated model Expert local team Proprietary deal flow High barriers to entry High informational advantage Deep value remains in target markets Significant market opportunities in NYC market, a market approximately the same size as Atlanta, Phoenix, Houston, Dallas, Las Vegas, Charlotte, Jacksonville and Columbus combined Targeting long term consolidated gearing of 50% to take advantage of low interest rates in the US ASX listed (URF.AU) ASX listed debt securities (URFHA.AU) Access to a diversified US property portfolio without the need for direct investment RISKS Like all investment, an investment in the Fund carries risk and these risks are set out in detail of Section 5 in the PDS. FEES For more on the services provided and fees charged by the Responsible Entity and its related entities see the Services and Fees Section.