PrivateInvest Capability Statement

Investment Delivered.

Differently.

Capability Statement - June 2024

privateinvest.com.au

Your Investment – Your Choice – Your Option Do you have an interest in, or have investments in the Commercial Private Credit Market, financing property transactions?

1. Fund Investment

2. Investment Mandate

3. Co-Invest Opportunities

4. Managing Credit Books

Invest into our flagship PrivateInvest First Mortgage Income Fund.

Provide PrivateInvest an investment mandate for PrivateInvest to originate first mortgage loans for you and syndicate the loan with PrivateInvest.

Invest with PrivateInvest on a pari passu basis in single first mortgage loans that we originate and we provide the additional capital.

An Investment Mandate is an agreement between PrivateInvest and your nominated entity to originate the loan types you seek to invest in. PrivateInvest has deep relationships with larger broking houses and an extensive national data base of over 10,000 commercial Brokers, which means we can find the right loan for you.

With both parties having “skin in the game”, both parties share the risk and return of the co-investment opportunity.

Better outcomes can be achieved when aligned resources work together.

You may already have a commercial debt book and wish to reduce the time, effort and resources that are required to manage this loan book by engaging PrivateInvest to manage this loan book on a Fee for Service basis for you.

The Fund is a pooled open- ended, unregistered Unit Trust for wholesale and sophisticated investors. Investors are paid monthly distributions. No impairments or write downs since inception in August 2018. The June 2024 distribution was 9.72% per annum, net of fees and expenses. Return since inception is 8.85% per annum, net of fees and expenses.

2

Strictly Confidential | PrivateInvest

The management of loan books is very active, with detailed credit analysis, governance and compliance regimes needing to be in place. Outsourcing these processes by engaging with PrivateInvest can potentially mitigate risk and increase your returns.

5. Special Situation Opportunity Trusts At PrivateInvest, we specialise in senior debt, mezzanine debt, preferred equity, and hybrid debt instruments.

Our expertise attracts investment opportunities in distressed assets and restructuring property transactions.

With our extensive network, we identify underperforming or defaulted investments, negotiate favorable terms, and structure deals that offer excellent returns while minimising risk. Our proactive approach ensures we effectively manage these complex opportunities.

June 2024

Company Overview and History ■ PrivateInvest was founded over a decade ago by the Roberts Family based off a long history in property development, large scale property, asset and facilities management, both in listed and unlisted sectors.

■ It then established PrivateInvest Credit Pty Limited (Investment and Facility Manager) in August 2018, to provide investment opportunities to wholesale and sophisticated investors through its lending to qualified borrowers in the Australian commercial property sector.

■ PrivateInvest Credit is now its core business activity, which is a 100% subsidiary of PrivateInvest.

■ At its inception, the major shareholder of PrivateInvest Credit was the Roberts Family with a holding of 55% shareholding with two other parties holding the other 45% share.

■ In late 2022, the Robert’s Family purchased the other two families 45% share of the business share and another Senior Member of the PrivateInvest team took a 3% stake.

Shareholders of PrivateInvest are now the Robert’s Family 87% and two Senior Staff with 10% and 3% shareholdings.

■ PrivateInvest has evolved its business model to combine the best of large and small sized financial service providers to deliver a personalised service to both investors and borrowers.

■ As an Investment Fund Manager in non-bank lending, with an impressive pedigree in funds management, we are large enough to offer Fund Investments, Investment Mandates, Co-Invest Opportunities, Management of Commercial Credit Books or assist with Capital Raising within the property sector. However, we remain small enough to ensure both borrowers and investors have direct access to all team members when required to leverage the expertise, industry leadership, and governance expected of major financial institutions.

■ PrivateInvest has currently over 120 existing wholesale investors consisting of high net individuals, ultra-high net individuals (“UHNW”) and Family Offices. Additionally, we have developed a significant list of Family Offices and UHNW investors for future capital origination.

3

Strictly Confidential | PrivateInvest

June 2024

Company Overview and History cont.

■ PrivateInvest does not seek capital through advisor platforms or from retail investors.

Instead, our business model focuses on creating bespoke solutions for Family Offices investing in the commercial property sector. This direct market positioning differentiates us from our competitors.

■ To date, all investment growth has been achieved with minimal external marketing, relying primarily on referrals.

■ Our loan origination initially established through large broking houses, has expanded to include over 10,000 commercial brokers in our database. PrivateInvest has developed a marketing campaign to leverage this network for loan origination.

■ The core essence of our business model is captured in our name, PrivateInvest. As our Funds grow, our strategic objective is to maintain our “Big Enough. Small Enough.” positioning. We aim to be the best in class and sector, focusing on being an optimum funds management and commercial credit provider. This corporate investment objective can align with strategic partners that have similar objectives upon further investigation by both parties.

■ The alternative commercial credit property sector is not a business that is learnt overnight.

Getting the right balance of resources and systems takes hard work. PrivateInvest has learnt from past experiences in the sector, which has strong growth potential to scale the PrivateInvest business.

■ Having offices based in Perth and Sydney allows PrivateInvest to service both the Eastern and Western seaboards of Australia with a national spread of loans. We share our Sydney office with a major commercial construction company, multi-family office and a large real estate investment trust. This allows access to sector specific market intelligence.

4

Strictly Confidential | PrivateInvest

June 2024

A Snapshot of PrivateInvest Key Loan Portfolio Investment Metrics

About Us Number of Employees PrivateInvest Credit Established in

2018

13

Total First Mortgage Loans Repaid

Big Enough. Small Enough. At PrivateInvest we focus on quality over quantity, a philosophy we follow in all aspects of our business.

$127.09M

PrivateInvest’s investment offerings have been methodically grown over the last six years and are now ready for scale.

Total Current Managed Loan Book Current First Mortgage

$114.29M

Total Loan Facility Limit (LUM).

$89.13M Drawn Balance (FUM)

Current Second Mortgage

$45.87M

Total Loan Facility Limit (LUM).

22 LOANS

Historical Avg First Mortgage Loan Size Total Years of Sector Combined Professional Experience

275+

PrivateInvest’s goal and promise is to be a transparent, trustworthy, and forward-thinking values-based investment business.

Total Combined Loans Under Management

$147.20M

$7.6M

FIRST MORTGAGE POOLED INCOME FUND LAUNCH DATE 5.0%

ACT

NSW

48.1%

VIC

14.6% INVESTMENT

0.1%

LAND

31.4%

AVERAGE TENURE OF FACILITY TO MATURITY

Includes $8.32M in Cash

CONSTRUCTION LAND

40.3%

>12 MONTHS

12.5%

< 3 MONTHS

50.0%

Loan Maturity

PRIVATEINVEST FIRST MORTGAGE INCOME FUND

Piara Waters Lifestyle Park WA

6-12 MONTHS

31.3%

Investment return (June 2024) 9.72% p.a post fees and expenses Since inception - 8.85%.p.a post fees and expenses

$22.64m (Repaid) Parramatta Mixed Use Commercial NSW

RESIDENTIAL SUBDIVISION

NUMBER OF REDEMPTIONS (SINCE INCEPTION)

$19.00m (Repaid) Construction Investment Construction Built Form Land

Land

28.2%

63.19%

AVERAGE TIME TO LOAN MATURITY

Largest Transactions – First Mortgage

CONSTRUCTION BUILT FORM

Loan Type

13 months

$136.32M

12.8%

18.4%

TOTAL PORTFOLIO NUMBER OF INVESTMENTS

FIRST MORTGAGE WEIGHTED AVERAGE LVR

Historical Composition Loans (100%) 26.2% 13.6% 53.2% 7.0%

1.1%

Geographic Spread

Available upon election – Only Applies to Pooled Income Fund

5.2 Months (now rolling of at matched against Loan Pipeline)

$25.00m (Repaid)

TAS

August 2018 REINVESTMENT

WA

QLD

17

Total Funds Under Management

South East QLD 4 x Mobil Fuel Stations QLD

Current First Mortgage Loan Diversity

$2.857m (which was transferred between funds and only $632k across four investors was lost to income fund for different reasons not related to fund performance.

12.5%

3-6 MONTHS

6.2%

RESIDENTIAL LAND

9.4%

RESIDENTIAL

45.7%

Loan Sector MIXED USE

19.5%

INDUSTRIAL

4.6%

5

Strictly Confidential | PrivateInvest

COMMERCIAL

8.3%

June 2024

Non-Bank Lending Commercial Real Estate The Rise of Non-Bank Lending: A Decade of Growth and Strategic Realignment Around the World

Around The World

■ S&P Global estimates that the global private debt market has grown tenfold in the past decade (2011-2021).

■ In 2008, in the US and Europe, Banks held a 55% share of first mortgage lending (NonBank Lending 45%). By 2019, this composition had inverted to 21% and 79%.

6

Strictly Confidential | PrivateInvest

■ According to the European Central Bank, since the GFC in 2008, “the overall growth in financial assets can almost entirely be traced to non-bank entities which now represent more than half of the total financial asset holdings in the euro area”.

A demonstrated global shift in the deployment of debt via Non-Bank Lenders has seen investors realign their portfolio strategy through:

■ Overseas investors, particularly Asian domiciled, are taking advantage of Australia’s growing Non-Bank Lending sector.

■ An emergence of demand towards private debt funds and away from volatile equities markets, meaning lower volatility and stable, risk-adjusted returns.

June 2024

Non-Bank Lending Commercial Real Estate Australia’s Non-Bank Lenders Gain Market Share Amid Shifting Funding Dynamics

In the Australian Market

■ Traditionally in Australia, Non-Bank Lenders have had limited exposure to large capital mandates, restricting their market share compared to Banks which have regular access to cheaper and more diversified funding e.g. deposits.

■ The market share of Australia’s ‘Big Four’ Banks in CRE lending is falling, currently at 70.3% in Q2 2022 and well below its 10-year average of 78.2%.

■ Driving the falling market share is a lack of appetite for early-stage construction and land subdivision loans, with Banks restricting first mortgage LVRs to 50-55% 7

Strictly Confidential | PrivateInvest

compared to their Non-Bank peers which remain at 60-65% LVR.

Non-Bank Lending Sector Growth In Australia

Given the prevailing local market conditions, coupled with the demonstrated success of the sector globally: ■ Non-Bank Lenders, which are not subject to increased regulation brought about by changes in APRA lending guidelines, are now attracting further institutional capital, for example: Non-Bank Lending reached a record high of $287.94 billion in 2021-22 and is forecast to grow 16.92% through to 2026-27 ($336.67 billion).

June 2024

The Funds and Process The PrivateInvest First Mortgage Income Fund (“Fund”) is PrivateInvest’s flagship Fund and offers sophisticated investors monthly income derived from property loans which provides returns uncorrelated to listed instruments.

The Fund is a traditional ‘pure play’ private debt strategy, which has nil exposure to subordinate debt and no debt leverage (gearing). PrivateInvest Credit Pty Limited (Investment and Facility Manager) focuses exclusively on property finance, by offering short term loans typically between 6 months to 2 years which are secured by registered first mortgages.

■ The Loan Originator (either external broker, or the Investment and Facility Manager) is responsible for sourcing the lending opportunity.

The Fund is independently audited, which is unusual for a wholesale fund, as wholesale funds are not required to be audited unlike retail funds. This is part of PrivateInvest’s rigid compliance framework.

■ The Investment and Facility Manager is responsible for managing and assessing loans on behalf of the Trustee.

PrivateInvest applies a high level of governance to the Fund. The Trustee has external nonexecutive Directors on its Trustee Board, its Compliance Committee and Investment Review Committee, and has engaged independent Registry Services.

The First Mortgage Income Fund is a “pooled fund” comprised of registered first mortgages.

The First Mortgage Income Fund seeks exposure to a diversified range of private debt loans (secured by first mortgage) mostly construction and civil works, with an exclusive focus on commercial property development opportunities. The types of loans may vary across commercial and industrial projects, site finance for land and land development, residential projects and residual stock projects.

The Select Mortgage Trusts offer larger, individual registered first mortgages for investors seeking direct investment, allowing investors to select the loan.

The Capital Trusts instrument offers registered second mortgage and preferential equity placements, for investors pursuing returns further up the risk curve.

The Impact Investments Trusts provide a platform for investors to make a positive difference in the community.

8

Strictly Confidential | PrivateInvest

■ The Trustee is responsible for provision of finance, protecting interests of fund investors, and approval of loan applications.

■ The Underwriter underwrites part or full loan, subject to satisfactory due diligence.

■ The Investment Review Committee is an advisor to the Trustee in relation to loans.

“ The Fund is a ‘pure play’ private debt strategy with no subordinate debt or leverage. PrivateInvest Credit Pty Limited offers short-term loans secured by first mortgages. Uniquely, the Fund is independently audited despite being a wholesale fund, ensuring strict compliance. The First Mortgage Income Fund targets diverse private debt loans in commercial property development, while Select Mortgage Trusts and Capital Trusts provide direct and higher-risk investment opportunities. Our Impact Investments Trusts enable investors to positively impact the community.”

Mark Roberts - PrivateInvest Managing Director

June 2024

PrivateInvest Investment Offers

First Mortgage Income Fund

Select Mortgage Trusts

PrivateInvest + Capital Trusts

PrivateInvest ESG/Impact Trusts

Target Returns 8.25% to 9.25% per annum, post fees and expenses.

Target Returns 7.50% to 11.00% per annum, post fees and expenses.

Target Returns 15.00% to 21% per annum, post fees and expenses.

Target Returns Case by Case

This Fund is a pooled, open-ended, unregistered Unit Trust for wholesale and sophisticated investors. Distributions are paid monthly.

The Trusts are mortgage trusts, structured as an unregistered Unit Trust, for wholesale and sophisticated investors.

The objective of the Fund is to provide wholesale and sophisticated investors with a professionally managed exposure to a nationally diversified portfolio of commercial finance secured by registered first mortgages over real estate.

A mortgage trust allows investors to select the loan or loans they wish to invest in, secured by registered first mortgages over real estate.

PrivateInvest First Mortgage Income Fund/Trusts do not offer second mortgage or preferential equity. The PrivateInvest + Capital Trusts fills this void, providing qualified borrowers financial services across the capital stack.

Monthly interest returns paid into your bank account

The Fund has always met its target returns since inception over six years ago with a strong focus on capital preservation and liquidity.

This Fund is “pure play” meaning there is no subordinated debt in the Fund, or debt leverage to bolster the investment returns.

There have been no impairments, or loss of capital in the Fund.

9

Strictly Confidential | PrivateInvest

The choice on selecting and investing in individual loans

Investors can purchase units in the trust alongside others that are syndicated to the specific loan they select. This approach enables investors to determine their level of participation and choose which loans to invest in.

Other lenders can also syndicate in the loan under bi-lateral facility agreements with PrivateInvest.

For investors that understand the correlation of higher returns against higher risks

Property is a capital-intensive industry and many large listed and unlisted development entities use different forms of project finance as it generally cheaper than common equity.

Our PrivateInvest Capital Partnership Platform provides pre-qualified developers access to trusted recurrent capital in order to scale their company without diluting shareholder equity.

For impact investors seeking to make a difference in the community ESG (Environmental, Social, and Governance) or impact investments are increasingly popular due to their multifaceted benefits. These investments not only generate financial returns but also align with investors’ values, fostering sustainable practices. They promote responsible corporate behavior, leading to a cleaner environment and ethical governance. Furthermore, ESG/impact investments often demonstrate resilience during market downturns, reducing risk. Ultimately, they contribute to addressing pressing global issues like climate change and social inequality, making them a compelling choice for socially conscious investors.

Leveraging our strong track record in delivering social and affordable housing and our acknowledged commitment to environmental, social, and governance practices, PrivateInvest aims to harness its capacity to create a positive impact on local Australian communities.

June 2024

PrivateInvest First Mortgage Income Fund First Mortgage Income Fund

Investment Returns

Yield Quality and Stability

Minimum Investment

Stable Regular Income

The Fund is a “Pure Play” First Mortgage Income Fund with a high focus on capital preservation and with no subordinated debt to bolster investors returns that brings additional risk to the Fund.

The Fund targets a return between 8.25% and 9.25% per annum, post fees and expenses.

May 2024’s distribution was 9.72% post fees and expenses.

First mortgage registered security aligned with a rigorous credit approval process and properly priced lending interest rates that support stable investment distributions.

Minimum application $100,000, and thereafter in $10,000 multiples. This can be altered at the Trustee discretion.

Distributions are paid monthly or can be reinvested into the Fund.

Investment and Facility Management Expertise

Investment Structure

Liquidity

Loan Origination

Low Risk on Curve

The Fund is a pooled, open-ended, unregistered mortgage Unit Trust for wholesale and sophisticated investors, meaning it is always open for investment.

Investors can redeem their investment in part or in full whenever one of the Fund’s underlying loans matures or by new investor subscriptions.

Loans are constantly maturing and new capital inflow provides excellent liquidity. There is no lock-up period and no entry and exit fees.

PrivateInvest has an extensive database of finance brokers and industry professionals providing the PrivateInvest loan origination team a solid weekly national supply of new loans allowing the team to “handpick” the right loans.

Average weighted sub 65% LVR on registered first mortgages, supported by Directors and Personal guarantees, which further increases the security pool and hedges against default recovery and downside risk in declining markets.

Portfolio Repayment Strategy

Management Fees and Trustee Fees

Governance and Compliance

Fund Performance

Loan Size and Term

Exit strategy and repayment of loans is important to credit analysis. Loans usually have a bridging strategy with refinance by mainstream ADI Banks or sale to market.

Management fee of 1.95% per annum payable monthly in arrears, calculated on the total Funds Under Management. The Trustee is entitled to an annual fee of 0.25% of the drawn loan balance of the Fund, payable monthly in arrears, subject to a minimum payment of $6,000.

For our wholesale fund, we apply a retail fund manager mindset. The pooled fund, though exempt from audits like retail funds, undergoes voluntary audits for enhanced governance. Our Trustee Board, with NonExecutive Directors, oversees our adept management team, supplemented by the Investment Review Committee, all supported by institutional-grade investor reporting

The Fund has met its target returns since inception August 2018 with a strong focus on capital preservation and liquidity.

Whilst historical performance is not necessarily an indication of future performance, the investment return is expected to increase with the rise in wholesale interest rates in Australia.

These loans are generally in the $3 million to $25 million loan size range, with an average loan size now increasing to between $8 million and $12 million (variation with market demand). This range has the highest market demand and is considered the “unloved sector” as the amount is too small for bigger Funds. Average loan facility is generally 12 months which avoids the risk of loans with longer tenure trading through different property cycles.

The PrivateInvest team has decades of technical management experience in funds management, property development, valuation, property asset management and banking gained from prior work in the public and private financial sectors.

10

Strictly Confidential | PrivateInvest

June 2024

“ The First Mortgage Income Fund offers

wholesale and sophisticated investors a professionally managed, nationally diversified portfolio of commercial credit secured by registered first mortgages.

This pooled, open-ended Unit Trust provides monthly investor distributions directly to your bank account.”

Mark Roberts - PrivateInvest Managing Director - On PrivateInvest’s First Mortgage Income Fund

Investment Mandate PrivateInvest to originate registered mortgage loans for other similar investors and then syndicate the loan with PrivateInvest.

An Investment Mandate is an agreement between PrivateInvest and your nominated entity to originate the loan types you seek to invest in. PrivateInvest has deep relationships with larger broking houses and an extensive national data base of over 10,000 commercial Brokers.

We can find the right loan for you.

An Investment Mandate Agreement is usually structured where you would appoint PrivateInvest on the following basis: 1. Appointing PrivateInvest to source and present debt-based investment opportunities in Australia which fall within set investment criteria (agreed between the parties prior, which may include max/min investment amounts, returns, sectors); 2. Non-exclusive appointment; 3. Investor to commit a set amount of funds for potential investments, however participation in an investment is subject to the investor approving the terms presented for a specific investment; 4. PrivateInvest to source and present investment opportunities which satisfy the agreed investment criteria; and 5. Investor would have a pre-agreed time frame within which to accept an investment proposal.

12

Strictly Confidential | PrivateInvest

June 2024

Co-Invest Opportunities with PrivateInvest Invest with PrivateInvest on a pari passu basis in single first mortgage loans you originate and we provide the additional capital.

With both parties having “skin in the game”, both parties share the risk and return of the co-investment opportunity. Better outcomes can be achieved when aligned resources work together.

There are contractual ways this can be structured between the entities. A single purpose special Unit Trust is established to be the Lender. The options for the legal structure are as follows;

Participation Agreement This is involves: a) A bilateral facility arrangement between the Borrower and PrivateInvest (PrivateInvest will be the security holder and lender on record (meaning registered on the title). b) As an Investor you participate in the loan by way of a sub-participation arrangement. The sub-participation would be documented by way of a participation deed, which would give you, the Investor, the right to participate in the loan, though not as a lender on record. In essence it gives you, the Investor, the right to share in the interest under repayment of (on a pro-rata basis) the loan. That relationship however is strictly between you the Investor and PrivateInvest

Club v Syndicated The key differences between a club loan and a syndicated loan are:

3. Under a traditional club arrangement there is no lead arranger or agent. The lenders usually share common facility agreement definitions, warranties, covenants, events of default, review events and boilerplate clauses.

These are commonly documented in a common terms deed. Each lender may then have a separate bilateral facility setting out terms negotiated directly between the borrower and the specific lender. In a syndicated facility, lenders lend a proportion of the total amount borrowed by separate loans under a single facility agreement. Aside from the amount each lender makes available, the terms of the facility are common to each lender.

4. Under both a club and a syndicated facility, a security trustee can be appointed to deal with, and hold, the security. This can be a professional security trustee such as Global Loan Agency Services (GLAS) or a PrivateInvest entity with an AFSL that allows for it.

1. A club loan usually has fewer lenders (between two and five) whilst a syndicate can have 1 to 20.

2. A syndicated loan usually has a lead arranger or agent that coordinates the syndication process, structures the deal and takes on additional responsibilities such as: a) Notifying the Lenders: b) In relation to any Defaults; c) Of non-payments of any principal, interest, commitment fee or other fee payable to a Lender; and d) Where there are requests by the borrower regarding extensions or pre-payments e) Distribution of payments under the Finance Documents.

“ A Participation Agreement involves a bilateral facility arrangement between the Borrower and PrivateInvest, where PrivateInvest is the security holder and lender on record. Investors participate in the loan via a sub-participation arrangement, giving them the right to share in the interest repayment on a pro-rata basis, though not as a lender on record. This relationship is strictly between the Investor and PrivateInvest.”

Naomi Roberts - Director - Legal - Investor Relations - Trustee Board Member

13

Strictly Confidential | PrivateInvest

June 2024

Managing Loan Books High-Level Key Considerations for Loans | Loan Origination and Distribution Channels | Loan and Credit Process | Borrowers Rate Card - First Mortgage Loans | Loan Origination Process | FinTech: Integrated Systems | Third-Party Service Providers | Cyber Security Implementation | Governance | Company Corporate Structure

High-Level Key Considerations for Loans

1. Location of Security Properties a) High preference to CBD locations. b) For regional and rural loans (outside of regional centres) we would require a rationale (e.g. demographic study, pre-sales) to justify the credit worthiness.

2. Liquidity/Capital Commitment from the Borrower a) A preference to loans that have the Borrower’s cash equity invested in the project and are not reliant on valuation uplift. b) An overview of the status of their other projects and loan facilities would be required.

3. Capability Of The Borrower

4. Capability of Third Parties

5. Facility Agreements

6. Exit Strategy

a) Has the Borrower completed similar projects?

a) Financials and capability statements of builders & tenants, when applicable.

a) Using top tier legal firms that have banking and finance divisions.

b) What is the strength of the consultant team and their advisers?

b) Documentation that addresses any risk mitigants (e.g. conditions precedent and subsequent, step-in deeds with builders, intercreditor deeds, corporate and personal guarantees).

Site finance: Capacity of the Borrower to move the project into construction and ability to achieve pre-sales or a “bankable” tenant for commercial/industrial assets.

b) Are all the necessary approvals and governance in place? c) Strength of their balance sheet? d) Capital plan for their exit strategy? e) And other areas that are covered in this document credit process.

15

Strictly Confidential | PrivateInvest

c) Valuation firms that are acceptable to PrivateInvest.

Construction finance: Level of pre-sales to demonstrate market acceptance of the product or a suitable tenant that has comparable experience and financials to support them being an operator.

June 2024

Loan and Credit Process Stage 1:

Stage 4:

Enquiry and review of information

Stage 5:

Detailed due diligence Complete Loan Feasibility and DD

Present to wider management team and IRC for preliminary endorsement and capital treasury assessment Credit Origination Team support?

Loan Enquiry

YES

Stage 6:

Stage 3:

Request further info

YES

NO Reject�

Proceed�

(Record loan enquiry)

Issue Indicative Term Sheet to Borrower/ Sponsor

RFI YES

NO

Brief Lawyers and, obtain legal quotes.

Review information �

(Provide email summary to Credit Origination Team)

Request further information (“RFI”)

Commence Conditions Precedent Satisfaction and Final DD

Stage 2:

Early stage assessment of quality (Preliminary Due Diligence) Positive

Reject

Negative

Reject

Proceed

Within PI Appetite?

(Record enquiry for Marketing ROE)

NO

Stage 7: Proceed

Credit Paper Production and obtain all due diligence requirements for presentation to Investment Review Committee (“IRC”)

Credit Origination Team feedback and initial DD Undecided

YES

Refer to wider team for feedback

Reject

Indicative Term Sheet Executed by Borrower

NO

Review and make amendments

Stage 8:

Issue Revised Term Sheet, or Reject

Stage 9:

Investment Review Committee Meeting Trustee Board: If Approved, Final Letter of O�fer to Borrower, subject to satisfaction of CP’s and satisfaction of legal documentation

Commence Legal Documentation and then Financial Close

NOTE: Stage 5: Credit Origination Team Support - assessing (but not limited to: credit worthiness, capital adequacy, type of loan and structure, pricing, and LVR

16

Strictly Confidential | PrivateInvest

June 2024

Borrowers Rate Card - First Mortgage Loans

17

Property Investment

Construction

Site Finance

Key Requirements

Takeout/refinance clearly evidenced Minimum ICR covenant 1.10(x).

Standard lending analysis.

Takeout/refinance clearly evidenced.

Pre-sales Debt Cover

N/A

Case by Case basis and must demonstrate market sales evidence

Case by Case basis and must demonstrate market sales evidence.

Asset Class

Commercial, Industrial, Residential and Hospitality.

Commercial, Industrial, Residential and Hospitality.

Commercial, Industrial, Residential and Hospitality.

Loan Size

Preferred range: $3,000,000-$25,000,000.

Preferred range: $3,000,000-$25,000,000.

Preferred range: $3,000,000-$25,000,000.

Loan Value Ratio (“LVR”)

General cap at 65% LVR and up to 70% if Loan Covenants are very strong.

General cap at 65% LVR and Total Development Cost and Net Realisable assessed case by case basis.

General cap at 65% LVR and up to 70% if Loan Covenants are very strong.

Interest Rate

10.75%+

3%+ Line Fee (on fully drawn facility amount) and 8.5%+ Interest Rate (in the form of interest on drawn funds).

10.75%+

Interest Rate Type

Prepaid or Serviced or Combination of Both.

Generally Fully Capitalised with one bullet payment at end.

Prepaid – Serviced or Fully Capitalised .

Net to Lender to Establishment Fees

Minimum 1.50% net to house - balance is pay aways or sometimes up to 2.0% net to house.

Minimum 1.50% net to house - balance is pay aways or sometimes up to 2.0% net to house.

Minimum 1.50% net to house - balance is pay aways or sometimes up to 2.0% net to house.

Default Interest

6.0% above standard interest shared 50% with Investors / Managers to compensate for the additional work required in managing these loans.

6.0% above standard interest shared 50% with Investors / Managers to compensate for the additional work required in managing these loans.

6.0% above standard interest shared 50% with Investors / Managers to compensate for the additional work required in managing these loans.

Brokerage Referral Fees

Case by Case as Borrowers sometimes pay additional brokerage.

Case by Case as Borrowers sometimes pay additional brokerage.

Case by Case as Borrowers sometimes pay additional brokerage.

Rollover Fees

Minimum 1.0% of Facility Limit up 2.0% Facility

Minimum 1.0% of Facility Limit up 2.0% Facility

Minimum 1.0% of Facility Limit up 2.0% Facility

Term

6-24 Months – general loan tenure 13 months.

6-24 Months – general loan tenure 13 months.

6-24 Months – general loan tenure 13 months.

Locations

Capital cities and most major regional towns.

Capital cities and most major regional towns.

Capital cities, selected major regional towns and growth corridors.

Strictly Confidential | PrivateInvest

June 2024

Loan Origination Process PrivateInvest is currently transitioning to a new Web Portal Loan Management system to be live by the 1st July 2024.

Loan Enquiry • •

Loan enquiry Gather information

Initial Assessment • •

Request from borrower more info Management to approve/reject opportunity based on info

Issue Indicative Term Sheet (ITS) • •

Loan Process

•

Legal and Execution

Loan Settlement

•

•

Reporting Req

• • • • •

18

Instruct lawyer to proceed with Legal Documentation Review CP Checks AML - KYC Check Dra�t documentation Final documentation Executed documentation

• • •

Send Funding Amount to Lawyers Trust Account Issue Establishment Fee Invoice, bank account details to Lawyers Receive Final Legal Opinion & CP Checklist Notify borrower upon receipt of settlement from lawyer

Monthly

Quarterly

Borrower Within 5 Business Days of the end of each month a project update report regarding the status

Borrower Within 5 Business Days of the end of each quarter the quarterly management accounts for each of the Borrower and the Guarantors, if applicable.

Creditor • Loan Statements • Interest Invoices (if required)

Strictly Confidential | PrivateInvest

Issue ITS to borrower Issue Privacy Notice and forms to be included Executed ITS Return – continue with process.

Due Dilligence

Credit Loan Approval (IRC)

• • •

•

Request Conditions Precedent Quote for Legal Prepare Credit Paper

•

Investment Review Committee hold meeting to Approve/reject Credit Paper Issue Credit Approval Letter of Offer – if approved

Loan Extension

Loan Discharge

• •

• • • • •

Trustee Approval for any Extension Borrower to pay Extension Fee upon Approval of Extension

•

Notify lawyer & Prepare Documents Release PPSR Approval of Settlement Statement Book Settlement Send lawyer acc details to disburse the settlement Notify borrower

Financial Year Borrower within 180 days of the end of each year financial statements of the Borrower.

ARMnet Loan Management Web Portal PrivateInvest has recognised the necessity of establishing an online presence for the Loan Management of the business to manage a Loan through the life cycle. This system was selected after an exhaustive process of reviewing replacement systems.

June 2024

FinTech: Integrated Systems PrivateInvest’s FinTech’s evolution began with early phase Cloud-based solutions and we have further expanded our capabilities, encompassing a CRM, Salesforce, Ansarada Project Management, and Axcess Loan Management system. This enhanced functionality has set our platforms for the integration of AI, unlocking opportunities for data analytics and automation in powerful new ways.

Axcess is our digital platform provider that flows the automation and streamlining the entire loan life cycle including loan servicing, reporting, loan management and syndication as part of the business lifecycle.

Salesforce is our preferred customer relation management (CRM) platform. It is a cloud-based system that centrally manages our customer data, sales processes, and integrates with other business tools.

1

Raw

2

Convert

Leads

Account

■ Unqualified brokers (finance/investment) ■ Unqualified investor

■ Individuals/business ready to invest /borrow ■ Brokers (finance/investment) with appropriate opportunities

3

Invest/Borrow

4

Reports

■ Fund/loan application ■ Closed won (fund invested/loan settled) ■ Closed lost (fund exit/loan lost)

■ Lead engagement ■ Sales pipeline ■ Broker activities

Strictly Confidential | PrivateInvest

Servicing

■ All Workflow Driven ■ Document Management

■ Full Arrears Management ■ Reporting + Loan Statements ■ Privacy

Systems Integration

Underwriting

■ Accounting and General Ledger ■ Extensible API (Application Programming Interface) ■ Web Service End points to and from other services

■ Automated Rules Engine ■ Dashboard Reporting

Customers

Opportunity

19

Automation

June 2024

Third-Party Service Providers These providers bring specialised expertise, resources, and capabilities that enhance efficiency, reduce costs, and allow PrivateInvest to focus on its core business functions.

Automic provides external funds registry services which includes online applications, KYC/ AML verifications, funds management services and reporting.

Fund Management Dashboard Fund Management dashboard includes consolidated holder reporting across multiple entities, holding balances, transactions, distribution history and full registry reporting.

Assists in meeting all regulatory requirements by generating reports - quarterly TFN, Annual Investment Income Return (AIIR), share and unit transfer and FATCA/CRS. As part of the investor process, Automic completes AML/KYC verification and FATCA/CRS declarations of all investors and associated entities.

Online Application Process

First AML provides KYC/AML verifications of all borrowers in the Fund.

Electronic Identification and Verification First AML’s user-friendly Electronic Identification and Verification is via a secure web form to verify borrower identification. The platform automatically conducts checks on politically exposed persons, sanctions, and adverse media.

Multi-Country Privacy Legislation First AML complies with relevant privacy legislation within the United Kingdom, New Zealand, Australian, and European countries. All data transmitted and stored via the First AML platform is encrypted both in transit and at rest using the industry standard AES-256 encryption algorithm to encrypt data.

Online application process for investors to reduce paperwork and time.

Investors dashboard with real time access to holding statements, tax statements and correspondence.

As part of the credit review process, all borrowers must complete a privacy form to authorise a credit score check for both themselves and their guarantor.

Multi-factor authentication

Multi-Country Privacy Legislation

Multi-factor authentication is mandatory for all users as security protocol.

■ Quick summary of a borrower’s credit history, financial behaviour, and gauge likelihood of timely repayment.

Automic follows strict adherence to ISO 27001 and ISO 9001 quality standards, with strong cryptographic standards across all customer data, encrypted with TLS in transit and AES-256 at rest. All systems are thoroughly tested by an external independent third-party security vendor.

■ Mitigate risk - identify potential red flags, such as past defaults or late payments, which might indicate a higher risk of non-payment.

■ Compliance with financial regulations and lending guidelines.

20

Strictly Confidential | PrivateInvest

June 2024

Cyber Security Implementation With the support of our IT partner, iQuest, PrivateInvest recently reinforced our security posture, in line with the Essential Eights framework (devised by the Australian Cyber Security Centre, part of the Australian Signals Directive).

21

Managed Security Operating Centre (SOC)

SendMARC – Email Protection

Azure AD, Defender & InTune Deployment

Cyber Security Awareness (KnowBe4)

Provides continuous cyber threat monitoring, real-time threat detection, swift incident response.

Monitors emails sent from various privateinvest.com.au locations; creates and maintains approved list of senders.

Centrally managed PI devices to effectively implement security functions, IT policies.

Enhance cyber security awareness, fostering security-conscious culture via phishing simulations, questionnaires.

Strictly Confidential | PrivateInvest

June 2024

Governance PrivateInvest has a detailed Compliance Manual addressing the following work plans: ■ General Compliance arrangements

■ Money Handling

■ Outsourcing Statement

■ Anti-Money Laundering and Suspicious Transactions

■ Conflicts of Interest Policy and Procedures and Related Party Disclosure ■ Organisational Expertise − Processes ■ Development Program for Responsible Officers ■ Industry Standards Compliance ■ Monitoring and Supervision of Representatives Plan ■ Staff Functions and Responsibilities ■ Control of Financial Transactions ■ Financial Statements and Financial Resources ■ Audit ■ Process for Reporting on Financial Obligations

22

Strictly Confidential | PrivateInvest

■ Non-Financial Resources ■ Human Resources Statement

Compliance Structure of the Company

Board of Directors

Leon Boyatzis Compliance Officer (CO)

■ IT Capacity Statement, Business Continuity and Disaster Recovery

External Auditor (RSM International)

■ Risk Management System ■ Risk Management System Statement ■ External Service Provider Criteria ■ Electronic Communication Policy ■ IT Strategic Plan ■ IT Disaster Recovery Plan ■ Privacy Policy

Reports on Periodic Review/ Audit of Compliance Process

Compliance Committee Conduct Regular Reviews of Registers and Records Compliance Consultant

Staff with AFSL Related Responsibilities

Create Documentary Records and Provide Signoffs to Compliance Officer

June 2024

Governance Cont.

Investment Review Committee (‘IRC’) The IRC is tasked by the Trustee to ensure any proposed loans meet the investment criteria, objectives and mandate of the Fund.

The IRC is governed by its Charter, and its members represent and serve the interests of unitholders in the Fund. They oversee and appraise loan recommendations by the Manager, identify and manage conflicts of interest and perform its functions as per the IRC Charter.

The IRC critically evaluates each loan via a deep dive into each credit paper. Detailed loan analysis occurs covering characteristics and background, property description and development management, security, valuation, borrower and guarantees, key risks and mitigation, and any relevant conditions precedent that apply for final loan approval.

Compliance Committee Compliance Committee meets quarterly and is comprised of the following personnel: ■ Roger Campbell – Chair and Compliance – External Compliance Consultant ■ Leon Boyatzis (Compliance Officer) ■ Naomi Roberts

23

Strictly Confidential | PrivateInvest

June 2024

Company Corporate Structure Directors: PrivateInvest Pty Limited (PI) Parent Entity ACN 626 703 026 PrivateInvest 87% shares Roberts Family – 13% shares staff

Mark Roberts (Managing Director)

Naomi Roberts (Company Secretary)

Leon Boyatzis (Head of Funds Management)

Directors: PrivateInvest Credit Pty Limited (PIFM) Investment and Facility Manager ACN 625 468 215 PrivateInvest 100% Subsidiary Entity

PrivateInvest Capital Securities Limited (PICSL) (Trustee Company) ACN 611 892 249 AFSL Licence No 491287 PrivateInvest 100% Subsidiary Entity

Greg Peel (Non-Executive Director / Chairman)

Mark Roberts (Managing Director)

Naomi Roberts (RM/ Company Secretary)

Leon Boyatzis (RM)

Directors: Mark Roberts (Managing Director)

Naomi Roberts (Company Secretary)

PrivateInvest Select Mortgage Trusts (PIST) (Master Constitution)

24

Strictly Confidential | PrivateInvest

PrivateInvest First Mortgage Income Fund (PIFF) ABN 40 229 793 954

PrivateInvest Capital Trusts (PICT) (Master Constitution)

June 2024

Company Corporate Structure cont.

Independent Non-Executive Director PrivateInvest Capital Securities Limited

Investment Review Committee (IRC)

Greg Peel Independent Non-Executive Director

Greg Peel Investment Review Committee

Tom Ellen Investment Review Committee

PrivateInvest Credit Pty Limited

Mark Roberts Executive Chairman, Managing Director

Matt Evans Loan Origination Manager

25

Marina Wei Credit Analyst

Strictly Confidential | PrivateInvest

Leon Boyatzis Director - Funds Management

Sarah de Rozario Director - Group Finance

Naomi Roberts Director of Operations Legal - Investor Relations

Belinda Stewart Office Manager/ Southeast Asia Coordinator

Andrew Groves Manager – Private Capital

Brett Roberts Graphic Design - Marketing

John Ferguson Construction Advisor

June 2024

Contact The registered office of the company is: Perth: 561 Stirling Highway, Cottesloe, Western Australia 6011 Postal: PO Box 477 Cottesloe, Western Australia 6911 Phone: 1300 2 INVEST (1300 2 468 378) 1300 4 FUNDING (1300 4 386 346) Email: corporate@privateinvest.com.au Web: www.privateinvest.com.au

The principal places of business of the company are: Perth: 561 Stirling Highway, Cottesloe, Western Australia 6011 Sydney: Level 9, 60 Castlereagh Street, Sydney, NSW 2000 Postal: PO Box 477 Cottesloe, Western Australia 6911 Phone: 1300 2 INVEST (1300 2 468 378) 1300 4 FUNDING (1300 4 386 346) Email: corporate@privateinvest.com.au

Accounting and Taxation Accountants

Banking and Finance

Pitcher Partners Level 11, 12-14 The Esplanade Perth, Western Australia 6000

Lavan Level 20, 1 William Street Perth, Western Australia 6000 +61 8 9288 6000

Registry Services Automic Group Pty Ltd Level 5, 126 Philip Street Sydney, New South Wales 2000 1300 288 664

26

Strictly Confidential | PrivateInvest

Banking and Finance / Funds Management HWL Ebsworth Lawyers Level 14, Australia Square 264-278 George Street Sydney, New South Wales 2000 +61 2 9334 8555

June 2024 2024 June

Disclaimer This presentation has been prepared by PrivateInvest Credit Pty Limited (“PrivateInvest”). The information contained herein is based on sources we believe to be reliable but is not guaranteed as to its accuracy, completeness, or timeliness. It is provided on an “as is” basis and is subject to change without notice.

This Presentation is provided to each recipient on the condition that it is strictly confidential and is solely for the use of the recipient. Redistribution or reproduction of this presentation without the prior written consent of PrivateInvest is strictly prohibited. By accepting this Presentation, you agree to be bound by the foregoing limitations and to keep the information contained herein confidential.

This presentation does not constitute an offer, invitation, or recommendation to buy or sell any securities or other financial instruments, nor does it constitute financial, investment, legal, tax, or other advice. Recipients should not act or rely on any material contained in this presentation without seeking their own professional advice.

To the maximum extent permitted by law, neither PrivateInvest, nor any of their associates, related parties, directors, officers, employees, advisors (including financial, accounting and legal advisors) do not accept any liability whatsoever for any direct or indirect loss or damage arising from any use of this Presentation or its contents.

This Presentation may contain certain forecasts and forward-looking statements. These have been prepared by PrivateInvest and represent PrivateInvest’s best estimates based on present circumstances. The forecasts and forward-looking statements involve subjective judgements and assumptions as to future events, which may or may not be correct. PrivateInvest cannot, and does not, guarantee the achievement of these forecasts and forward-looking statements.

27

Strictly Confidential | PrivateInvest

June 2024