Enhanced Disclosure ASIC s Regulatory Guide 46 Unlisted Property Schemes Improving Disclosure for Retail Investors

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1 Enhanced Disclosure ASIC s Regulatory Guide 46 Unlisted Property Schemes Improving Disclosure for Retail Investors Open Access Fund Port Coogee Project ARSN SECTION 2: DISCLOSURE PRINCIPLES AS THEY APPLY TO FUNDS OpenCorp Funds Management Ltd ABN: AFSL No: Reporting Date 30 September 2018

2 This enhanced disclosure document is issued by Open Corp Funds Management Limited (ACN AFSL ) as responsible e tity OCFML o the espo si le E tity fo Ope Access Fund Port Coogee P oje t OAFPCP o the Fu d pu sua t to A IC s Regulatory Guide 46 Unlisted Property Schemes: Improving Disclosure for Retail Investors G46. The information provided in relation to RG46 is based on the most recent financial statements available for the Fund, being the Financial Management Accounts for the quarter ended 30 September The Responsible Entity is not aware of any material changes since those statements were published. A o e ie of the eight dis losu e p i iples, the e h a ks as e ui ed p i iples a d OCFML s espo ses to the practical application of each of these principles as they relate to OAFPCP are provided below. Gearing Disclosure principle 1: Gearing ratio Gearing ratio: 0.0% APSB loan has been fully repaid in September As at the reporting date the Fund complies with its gearing related financial covenants for its financing facilities. The Fund does not have any off-balance sheet financing. Benchmark 1: Gearing policy Met or not met: The responsible entity maintains and complies with a written policy that governs the level of gearing at an individual credit facility level. OCFML as responsible entity complies with Benchmark 1 and meets the Gearing requirements. Interest Cover Disclosure principle 2: Interest cover ratio Interest cover ratio: Due to the development nature of the Fund, OCFML is unable to calculate the interest cover ratio. The bank debt facility will not contain an interest cover ratio. Benchmark 2: Interest cover policy Met or not met: The responsible entity maintains and complies with a written policy that governs the level of interest cover at an individual credit facility level. OCFML as responsible entity complies with Benchmark 2 and meets the Interest Cover requirements. Open Access Fund Port Coogee Project 2 September 2018

3 Scheme Borrowings and Interest Capitalisation Benchmark 3: Interest capitalisation The interest capitalised on the loan until 30 September 2018 is $66, Met or not met: OCFML as responsible entity complies with Benchmark 3. Disclosure principle 3: Fund borrowing 3.1 Refinancing risk total credit facility and expiry profile As at the reporting date, the maturity profile and undrawn credit facilities is as follows: Lender: APS Benefits Group Amount of facility: $1,000,000 Amount drawn as of 30 Sep 2018 $0 * Maturity Date: 4 May 2020 *Loan was fully repaid to APSB in September Interest rate risk Percentage of borrowings subject to fixed interest rates: 100% 3.3 Currency risk The Trust is not exposed to currency risk. Open Access Fund Port Coogee Project 3 September 2018

4 Portfolio Diversification and Valuation Policy Disclosure principle 4: Portfolio diversification The project is not a diversified investment since the Fund consists of economic interests in a single asset. Benchmark 4: Valuation policy The responsible entity maintains and complies with a written valuation policy that requires the following: a. a valuer to: i. be registered or licensed in the relevant state, territory or overseas jurisdiction in which the property is located (where a registration or licensing regime exists), or otherwise be a member of an appropriate professional body in that jurisdiction; and ii. be independent; b. procedures to be followed for dealing with any conflict of interest; c. rotation and diversity of valuers; d. valuations to be obtained in accordance with a set timetable; and e. for each property, an independent valuation to be obtained: i. before the property is purchased, for a development property on an as is and as if o plete basis, and for all other property, on an as is basis; and ii. within two months after the directors form a view that there is a likelihood that there has been a material change in the value of the property. Met or not met: OCFML as responsible entity complies with Benchmark 4. Related Party Transactions Disclosure principle 5: Related party transactions Related party transactions are disclosed in the Fund s annual financial statements including details of investments in loans, guarantees and fees to any related party. The most recent disclosure available can be found in the latest annual report for each fund, available from our website: Benchmark 5: Related party transactions The responsible entity maintains and complies with a written policy on related party transactions, including the assessment and approval processes for such transactions and arrangements to manage conflict of interest. Met or not met: OCFML as responsible entity complies with Benchmark 5. Open Access Fund Port Coogee Project 4 September 2018

5 Distribution Practices Disclosure principle 6: Distribution practices The Responsible Entity does not intend to make any distributions during the period of the Project. No distributions will be paid from debt. Benchmark 6: Distribution practices The Responsible Entity intends to distribute fully franked distributions to Investors in the Fund when profits and funds are available after completion of the Project, subject to relevant taxation provisions, the availability of franking credits and working capital requirements. Met or not met: OCFML as responsible entity complies with Benchmark 6. Withdrawal Arrangements Disclosure principle 7: Withdrawal arrangements The Fund is considered illi uid based on the definition in the Corporations Act and there is no current redemption or withdrawal facility available to unitholders. The Fund should be considered as a medium to long term investment, with capital returns at the end of the Project when the Fund is wound up. Net Tangible Assets Disclosure principle 8: Net tangible assets The NTA measures the value of the tangible or physical assets of the scheme. This value may often be less than the original issue price of the units due to some costs being expensed prior to the completion of the development and revenue not being recognised until settlements occur. As a result, the NAV is not necessarily reflective of the market value or the performance of the Fund. The NTA calculated at 30 June 2018: $0.76 Important notice This enhanced disclosure document (ED) is issued by Open Corp Funds Management Limited (ACN AFSL ) as espo si le e tity OCFML o the espo si le E tity fo Open Access Fund Po t Coogee P oje t OAFPCP o the Fu d and is effective as at 30 September 2018 and may be subject to change. The information in this ED is of a general nature only and does not take into account your personal needs, financial circumstances and objectives. This ED is not an offer or an invitation to acquire any financial product and is not a prospectus, product disclosure statement or other offer document under Australian law or any other law. It is for information purposes only. Before acquiring, disposing or deciding whether to continue to hold an investment, investors should consider the appropriateness of the information in this ED and the Fund s information having regard to their objectives, financial situation and needs. Investors should consider the relevant disclosure document and any product updates and obtain independent professional advice prior to making any decision. An investment in the Fund is subject to investment and other known and unknown risks, some of which are beyond the control of OCFML and the Fund, including possible delays in repayment and loss of income and principal invested. OCFML and the Fund do not guarantee any particular rate of return or the performance of the Fund nor do they guarantee the repayment of capital from the Fund or any particular tax treatment. Past performance information given in this ED is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Open Access Fund Port Coogee Project 5 September 2018