Capabilities Statement

“The Lester Group has a passion for excellence, focus on performance and commitment to deliver.”

Partnerships are formed through the meeting of like minds and the establishment of common goals.

The Lester Group has been strategically and successfully growing the wealth of our investors since 1995. We are known for being fiscally responsible, disciplined and committed to consistently delivering value for our investors. The Lester Group is family owned and run, offering a level of security and comfort that only comes when those in charge have such a vested and personal stake in its success.

The Lester Group is the perfect partner with skill, scale and discipline. We partner with like-minded people, carefully selecting and developing properties to produce solid and sustainable returns.

We take the emotion out of investment. Our approach is built on a proven, methodical and analytical process. We offer carefully selected property investment opportunities that deliver financial security and enviable growth through a diversified property portfolio.

Our investors typically form long-term relationships with us, and that’s why word of mouth is still the most meaningful endorsement of what we deliver, and how we do business.

3

INVESTING WITH THE LESTER GROUP

44

There is no substitute for a strategic approach backed by decades of experience

“Put simply, our expertise is your reward”

A passion for excellence, focus on performance and commitment to deliver, form the cornerstone of the Lester Group’s investment philosophy.

Our reputation has been built on two and a half decades of consistently delivering returns on investments we undertake on behalf of our group of like-minded investors.

Armed with an intimate knowledge of market conditions, our experienced team identifies and secures attractive investment options for our partners. We then manage and help grow these investments into sustainable, long-term financial assets.

5

KEY PERSONNEL

Dick Lester is Executive Chairman of Lester Group. He has been in the real estate development business for many years, following a career in real estate sales, market research and valuations.

Dick was the Founder and Chief Executive Officer of Growth Equities Mutual Limited, a market - leading unlisted property trust in Australia with $1.6 billion under management. Lend Lease Corporation purchased the company in 1994.

Dick was a Non-Executive Director of Wesfarmers Limited for over 12 years until 30 June 2008. He was Chairman of the Western Australian Institute for Medical Research, now the Harry Perkins Institute of Medical Research, until his retirement in 2009 and is a member of the Real Estate Institute of Western Australia.

On Australia Day 2010, Dick was appointed a Member (AM) in the General Division of the Order of Australia for service to the community of Western Australia through contributions to education, health and medical research organisations, and to business.

Dick was awarded an Honorary Doctorate of Murdoch University in March 2010 in recognition and appreciation for his work as Inaugural Chairman and Trustee of the Murdoch University Veterinary Trust and for two terms each of three years as Senator of Murdoch University.

Richard (Dick) Lester AMChairman

6

Stuart Lester is an Executive Director of the Lester Group of companies. He has over 25 years direct property experience with a background of residential real estate development, property sales and commercial leasing in Perth and regional areas. He is a licensed real estate agent and holds a Bachelor of Commerce - Property from Curtin University and is a Member of the Real Estate Institute of WA and the Urban Development Institute of Australia.

Adrian LesterExecutive DirectorAdrian Lester is an Executive Director of the Lester Group of companies. He has over 30 years direct property experience with a background of real estate investment, development, property sales and commercial leasing in Perth and regional areas. He holds a Bachelor of Business (Valuation and Land Administration) from the Western Australian Institute of Technology.

Stuart Lester Executive Director

Russell has over 25 years experience in the Australian investment industry and global financial markets, building a broad range of investment management skills.

Russell holds a Bachelor of Economics degree from the University of Western Australia; a Graduate Diploma in Applied Finance and Investment from the Financial Services Institute of Australasia (formerly Securities Institute of Australia); is a Graduate Member of the Australian Institute of Company Directors, a Fellow of the Financial Services Institute of Australasia and a Member of the Real Estate Institute of Western Australia.

Russell Lester Executive Director

MEET THE TEAM

7

Dan has over 40 years experience in Corporate and Commercial Banking in Australia and overseas with a specific focus on property investment and development, oil and gas services, mining services, import and export finance and wholesale industries. Previous full time roles included Head of Property at National Australia Bank in WA and Regional Executive for WA at Bank of New Zealand Australia. Dan was previously a Non–Executive Director and Chairman of the Audit & Risk Committee of LandCorp.

Dan Donovan Non-Executive Director

Brad has over 20 years direct property experience across commercial, residential and industrial investment and development around Australia. He is a qualified valuer and licensed real estate agent, an Associate of the Australian Property Institute and holds a Bachelor of Commerce (Property) from Curtin University of Technology, Western Australia.

Brad Spargo General Manager (Commercial & Industrial Property)

Bill’s extensive career began in the public and private Healthcare sector, and involved a variety of roles throughout Australia. In 2001, Bill’s transitioned into the home care sector as CEO of SwanCare Group. Bill has played a major role in a number of aged care developments, taking his skills to Aspen Communities, Westridge Australia and National Lifestyle Villages. In 2018, Bill joined Lester Group as Edenlife CEO, with the opportunity to progress the development of affordable accommodation for active over 50’s.

Bill Marshall CEO Edenlife

Andrew has over 30 years experience in financial management, including roles as CEO, CFO and company director. Andrew has worked in various industries including mining, timber and property industries, and has extensive experience in the financial services industry as an AFSL responsible manager. He is currently the CFO of the Lester Group, a responsible manager for Hull Trading Pty Ltd and Growth Equities Pty Ltd. Andrew holds a Bachelor of Business Degree from Curtin University of Technology, Western Australia.

Andrew Hull Chief Financial Officer

8

2 Bagot Road, SubiacoWestern Australia

Acquired: June 2010 for $8.5mType: Office BuildingArea: 2,141 sqm NLAParking: 57 car bays

Well located near the prominent corner of Kings Park Road and Thomas Street, adjacent to West Perth. Substantially refurbished and repositioned in 2012.

PROPERTY PORTFOLIOCOMMERCIAL

12 Waterloo Road, Macquarie ParkNew South Wales

181 Great Eastern Highway, BelmontWestern Australia

Acquired: Late 2015 for $14.56mType: Office BuildingArea: 3,887 sqm NLAParking: 91 car bays

Situated in Macquarie Park, which is 12 kms North West of the Sydney CBD. The entire ground floor is leased for 20 years to a Montessori Academy Childcare Centre.

Acquired: Late 2012 for $19.1mType: Office BuildingArea: 4,036 sqm NLAParking: 235 car bays

Located approximately 5 kilometres from the Perth CBD is fully leased to ASX-listed mining and engineering services company NRW Holdings Ltd.

9

45 Stirling Highway, NedlandsWestern Australia

47 Stirling Highway, NedlandsWestern Australia

45 Richardson Street, West PerthWestern Australia

Acquired: December 2002 for $4.7mType: Office BuildingArea: 2,069 sqm NLAParking: 61 car bays

Substantially refurbished and repositioned in 2018.

Acquired: December 2002 for $5mType: Office BuildingArea: 2,167 sqm NLAParking: 53 car bays

Refurbished in 2018.

Acquired: Feb 2007 for $4.8mType: Office BuildingArea: 1,088 sqm NLAParking: 21 car bays

Refurbished in 2018.

108 Freight Street, LyttonQueensland

Acquired: Sep 17 for $11,150,000Type: IndustrialArea: 2,483 sqm NLAParking: Included

The 2,483sqm cold store/freezer is divided into 7 temperature controlled areas and sits on a 8,820 sqm site zoned General Industry with 10.2 metre internal clearance and 6 loading docks.

10

159 - 163 Newton Road, Wetherill ParkNew South Wales

1 Eyre Street, BelmontWestern Australia

Acquired: Sep ‘11 for $5.8mType: Office/Industrial PropertyArea: 2,330 sqm Warehouse 2,465 sqm OfficeParking: 132 car bays

Located in the heart of Rivervale, which is highly sought after as an improving commercial and light industrial precinct

Acquired: Late 2015 for $15.5mType: Industrial FacilityArea: 12,655 sqm NLAParking: Included

The Property consists of 20,300sqm of land zoned general industrial, 10,904sqm of warehouse and 1,755sqm of office accommodation and amenities.

PROPERTY PORTFOLIOINDUSTRIAL

7 Ashby Close, ForrestfieldWestern Australia

2 Discovery Drive, Bibra LakeWestern Australia

883 Abernethy Road, ForrestfieldWestern Australia

Acquired: May 18 for $20.5mType: IndustrialArea: 32,100 sqmTenant: ASCO Transport & Logistics Pty Ltd

This is an ‘A’ Grade transport and logistics depot and warehouse facility constructed in 2014. Well located with excellent access to Perth’s road network via Roe, Tonkin and Leach Highways it meets the needs of a major logistics supplier and is finished to the highest standards.

Acquired: June 19 for $6.85mType: IndustrialArea: 6,425 sqmTenant: Top Cut Foods Pty Ltd

This Property comprises a purpose-built, temperature controlled storage and distribution facility which was constructed in 2012. This includes entrance, reception, staff amenity and office areas over two levels, plus food preparation areas, large temperature controlled, high truss warehouse compartments and annex room serviced by truck loading docks with levellers. The remainder of the site comprises extensive concrete heavy vehicle circulation and hardstand.

Acquired: June 19 for $12.3mType: IndustrialArea: 11,651.3 sqmTenant: Boart Longyear

A transport and logistics depot and warehouse facility completed in 2010. It has been specifically designed to meet the requirements of a major logistics/warehousing supplier and is finished to a high standard.

11

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30

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81

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18

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81

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18

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18

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41.5

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864m²

97.14

48.76

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874m²

15

30

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15

30

15

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15

30

15

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15

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15

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15

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25

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25

17

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15

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15

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15

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35

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35

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438m²

10.64.2

33.7

23.2634m²

12.5

29 4.29.5

395m²

12.5

32

12.5

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30375m²

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15

34

15

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15

34

15

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15

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15

30

15

450m²

9.5

27

7891m²POS

9580m²POS

4.2

16

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16

517m²

16

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16

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16

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16

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16

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16

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5.21

12.5

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²

12.5

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391m²

16

496m²

16

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16

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16

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16

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17.7

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4.2

396m²

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22

14.8

366m²

4.212.2

25.1

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378m²

12.5

26

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14

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27

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13

28.4

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398m

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18

30

18

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18

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18

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18

18

30

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19

19

30

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19

30

19

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91

30

91

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19

19

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19

118

30

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19

19

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19

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19

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91

91

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15

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485m²

4.214.4

30

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27

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51

30

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51

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134.2

27

16

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15

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34

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15

34

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30

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27

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13.4

30

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13.6

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27

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15

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13.5

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17

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17

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17

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17

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15

32

15

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15

32

15

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18

27

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30

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14

30

14

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14

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13

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27.01

16

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16.1

30

30

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15

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15

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19.3

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18

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12.6

30

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15

15

30

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15

15

30

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15.5

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27

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12.5

30

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12.5

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12.5

30

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32

15

32

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32

15

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27

13

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4.210.5

30

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10

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8

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8

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14

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14

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32

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22.9 8.5

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32

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9.5

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12.5

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9.64.2

29.2

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15

32

15

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12.7

29 4.3

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19.4

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13.8

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15

15

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15

15

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8.5

9

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23.6

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15

30

15

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15

30

15

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15

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15

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15

30

15

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30

15

30

15

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33.3

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33.3

15

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33.3

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12.5

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29

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12.5

29

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12.5

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26

13

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26

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13.7

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15

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15

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10.63

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28.64

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29.69

10

10

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704m²

492m²

445m²

489m²

582m²

489m²

450m²

487m²

450m²

450m²

450m²

326m²

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300m²

357m²

300m²

300m²

381m²

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376m²

320m²

300m²

317m²

521m² 375m² 375m² 466m²

459m²

420m²

416m²

549m²

409m²390m²383m²458m²

290m²

300m²

301m²

462m²456m²

390m²

390m²

384m²

550m²538m²

439m²

390m²

390m²

450m²

501m²

450m²

450m²

450m²

450m²

510m²

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510m²

641m²

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504m²

296m² 301m² 302m² 298m²

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450m²

448m²

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448m²

450m²

450m²

367m²

249m²

249m²

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326m²

407m²

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PROPERTY PORTFOLIO

Kingston is a private residential estate located at Australind in the heart of the greater Bunbury region, 150km south of Perth. More than merely a residential development, Kingston boasts a vibrant community and an extensive range of lifestyle benefits. It consists of 1,400 residential lots, (300 lots remaining to be developed), a primary school, neighbourhood shopping centre and retirement village facilities.

The ever popular Margaret River region has unique characteristics that attract both old and young alike to its laid back “down south” lifestyle. The Bohemian culture mixes amiably with the retiring and “empty nesters”. The region is known for its award-winning wineries, surf breaks and eco-conscious community. After the success of the 620 lot Riverslea Estate to the east of the Margaret River township, the Rapids Landing development will expand the town to the south, located just 800 metres from the town centre. Approximately 200 lots have been developed and sold with another 250 lots remaining. The development includes a primary school, neighbourhood shopping centre and retirement village facilities.

RESIDENTIAL

Kingston at Australind Western Australia

Rapids Landing, Margaret RiverWestern Australia

Balwyn Private Estate, Caversham Western Australia

Balwyn Private Estate feels like a small-town getaway despite being only thirty-five minutes out of Perth CBD, and in the heart of the Swan Valley. This 270 lot subdivision has been designed to incorporate large, beautiful open spaces to enjoy, retaining established native trees so that these spaces are at their full potential from the day residents move in.

PROPERTY PORTFOLIORETIREMENT LIVING

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Edenlife, Australind Western Australia

Edenlife is meeting the needs of Western Australias’ active over 50’s. As the Australian population is ageing, the life-expectancy is also rising, and this growth needs to be matched with an upsurge in housing opportunities. Edenlife forms part of the solution to the challenge of providing affordable living for seniors.

Not only does Edenlife meet the current needs of the Western Australian market, it also has a significant point of difference to others. Edenlife is the first community of its kind to have no exit fees, allowing residents to retain more of their worth. Affordable homes, and land lease, allow seniors to release the equity from their home and see a lifestyle change.

Edenlife is the first step in Lester Group’s integrated retirement and aged care portfolio.

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PROPERTY PORTFOLIORETAIL

Midland Megaplex, 7 Clayton Street, MidlandWestern Australia

Acquired: August 2019 for $57.5mType: Large Format RetailArea: 7.23 haParking: 836 baysTenants: Spudshed, Spotlight, Anaconda, Fantastic

Furniture, Plush, Discount Pharmacy etc

This is a newly constructed large format retail centre in a active and growing retail precinct in Midland.

© Google 2018

PROPERTY PORTFOLIOCOMPLETED PROJECTS

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The Moorings, North FremantleWestern Australia

“The Moorings” is one of the most prestigious residential property developments in Perth. The development comprises 46 luxury apartments, across three low-rise buildings, with direct frontage to the Swan River. Each apartment includes a boat mooring located directly in front. The complex includes a swimming pool, tennis court, barbeque facilities, underground parking and store rooms.

Exmouth Marina Canals, ExmouthWestern Australia

The Exmouth Marina Canals project comprised a unique residential estate offering 130 Canal (wet) lots and 39 residential (dry) lots in a unique location on the east coast of the Exmouth Peninsula. This was a highly successful project despite the challenges of Exmouth being an isolated town within a very harsh environment.

20 Williamson Road, Ingleburn New South Wales

Acquired: Late 2014 for $13.2mSold: Mid 2018 for $23.46mReturn: Investors received 21.4% IRRType: Industrial Facility

The property features 10,327sq m of warehouse and 1,237sq m of office space on a total land area of 2.542 hectares.

SOLD

SOLD

324 St Kilda Road, MelbourneVictoria

Acquired: Early 2013 for $22mSold: Early 2018 for $42mReturn: Investors received 18.36% IRR

Located less than 1.5 kilometres from the Melbourne CBD, anchored by secure leases to blue chip corporate Wesfarmers and its wholly-owned subsidiary Target.

SOLD

SOLD

ADDRESS Level 2, 47 Stirling Highway Nedlands, Western Australia, 6009

MAIL PO Box 1110 Nedlands, Western Australia, 6909

PHONE +61 8 9423 5100

FACSIMILE +61 8 9423 5199

EMAIL info@lestergroup.com.au

www.lestergroup.com.au