OVERVIEW OF THE FUND

The fund, through its US entities and relationships with local operators in the US, it will invest in the US residential property market, with the
objective of providing investors with regular half yearly distributions and the potential for capital growth.

Assets of the fund in the US will be acquired in a number of US entities. An important purpose of this structure is asset protection, to ensure
any impairment of an asset in one US entity does not affect assets in another US entity.

Investors will own Stapled Securities in the Fund

A Stapled Security in the Fund consists of both a share in the company and a unit in the trust which cannot be separately traded. The Stapled Securities and the options are intended to be listed on the ASX following the close of the offer.

The trust is registered with ASIC as a managed investment scheme with the wholly owned subsidiary of the company, USA Residential Funds Management Ltd, as the responsible entity.

INVESTMENT OBJECTIVE AND STRATEGY OF THE FUND

In the management agreement the directors have adopted a benchmark t
otal return of 10% to 12% per annum, including a distribution return of six to eight cents per Stapled Security per annum. The benchmark applies from 1 January 2015 and may be reviewed and reset every three years.

The adopted benchmarks do not make any allowance for movements in the exchange rate.

In adopting a benchmark total return for the fund, the directors have recent information on the US residential property market, the likely
investment strategies of the fund and the ability to enhance returns with low fixed interest rate loans. The directors have also taken into
account the estimated costs of running the fund. 

Adoption by the directors of a medium-term benchmark total return and benchmark distribution return, does not imply that the total return
or distribution of the fund will meet or exceed the benchmark in any particular financial year or period of financial years.

The performance of the manager will be measured against these benchmarks every three years. The fund’s investment strategies are intended to take advantage of the opportunities currently available in the recovering US residential property market to build a diversified US residential property investment portfolio with interests in both single family homes and multiple family apartment complexes across several preferred locations.