Assumptions

Net Income For the purposes of the financial summaries on pages 22 – 32 and the financial models on pages 38 – 40 these are based on the contractual net rental under the leases, known rent reviews and specified underwrites mentioned in this Information Memorandum.

For the purposes of the JLL valuations on page 11, these numbers vary slightly from the contract net income due to adjustments made by JLL in regard to OPEX.

Underwrites Any vacant space within Building 7 at completion is to be underwritten by the vendor for 24 months from completion at market rates to a maximum of $1,531,000 per annum (inclusive of OPEX). Any construction cost increases or variations is also to be covered by the vendor.

Interest Rate Cost Average cost of funds estimated to be 2.85% for years 1 to 5 on a mixture of fixed and floating rates. Interest rates yet to be confirmed and subject to change.

Loan-to-value ratio Based on 54% lending of the contracted purchase price of $217,850,000. Loan to value ratio not to exceed 60% during any development phase.

Development Modelling completed for development forecasts has used actual development costs incurred by QG Ltd on its current buildings with an additional contingency of 10%. Capital growth is assumed at 2.5% per annum. Assumed development process is for the outlet centre to be completed in year 2, the office building in year 3, the food and beverage in year 4 and the cinema in year 5. Total Costs (pages 37 - 38) These costs are nonrecoverable operating expenses for running the Five Mile Centre and development programme. These costs are charged by QG Ltd and payable by 5MQ LP and forecast at $787,097 in year 1 and rising to $885,885 at year 5. These costs cover all property, facility, asset management and building maintenance costs.

Management (page 36) Management fee charged by Mackersy Property set at 0.15% of total value of the property being managed by Mackersy Property. This is set at $100,000 in year 1 and includes accounting and directors insurance costs.

Accounting $6,500 per annum payable by M5M LP, fixed for 5 years.

Directors Insurance $2,350 per annum payable by M5M LP, fixed for 5 years.

Depreciation The tax benefit associated with building depreciation is based on our best estimate at depreciation rates for buildings under construction, and our understanding of current tax depreciation rules, but could be subject to change.

Car Parking We have forecast the construction of a multi-level car park building as part of the Southern Precinct development. The exact number of parks required is subject to council resource consent and meeting tenant covenants in place.

No Guarantee No guarantee can be given in respect of the returns payable or any capital expenditure increased.