prime retirement & aged care property trust pds 2003

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8/4/2019 Prime Retirement & Aged Care Property Trust PDS 2003 http://slidepdf.com/reader/full/prime-retirement-aged-care-property-trust-pds-2003 1/54 Australian ropertyCustodianHoldingsLimited AB N 74 A95474436 FSRLic. No.226692 Responsible ntity

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Page 1: Prime Retirement & Aged Care Property Trust PDS 2003

8/4/2019 Prime Retirement & Aged Care Property Trust PDS 2003

http://slidepdf.com/reader/full/prime-retirement-aged-care-property-trust-pds-2003 1/54

Australian ropertyCustodianHoldingsLimitedAB N 74 A95474436 FSRLic. No.226692Responsible ntity

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"a,titl l

.' a

Objectiveof thefrust

Th eTrusts a public ropertynit rust

dedicatedo a spec;ificsset lass, amely

retirementndagedcare acilities,he

objectives or he lust o provide onthlyincome istr ibr, t iono UnltHoldersnd o

maintainndaccruets eaL apitalalue. he

Trust i l lbe diversifd by hegeographic

locationnd ypeo1 acil i ty/propertyithinhe

r lec 'nna-ed sse- c lass The Trustwas

establ ishedn12001

Who should nvesll?

This nvestmentssuitedo prudentnvestors

seering 'org-terrpotentral lyigh erforming

p'operfynvestmertrom soundly anaged

nrnnertv-h:qad incnrre Stfeam.

Superarruatrorunis 'eel igibleo rvesI

TheMinimumnvestment^ ^ n r i ^ ^ ^ r ^ . . . i i l^ - . , ' " ^ , J n i t si n h e T r u s t .P P i l Udr r t J vv i l r d u 9 u i l g !

Appi icantsust nvest m inimurnmount

of$10000 0 lnvestmentsnexcess f

$10000 0wil l niy eacceptedn

$1000.00ncremenis

lncomeDistr ibut ions

lncome rstr ibut ionso LJnit olders i l l e

rnademonthly,i rect lyo a UnitHolder's

rrominatedank ccount y direct redtt.

t \ proport ionf hedistr i :ut iono UnitHoldersrvill e axadvantageds;ee art )

-l 'heProperties

-"heTrust ill nitialLyave, s tsprimary

. 1 ^^^+^ rh^ n rnna r { : ^n tnd secu r , t i es desc " i bed1 J J U I ) , L r U P r U V s r U V O o

inSect r 5 Howeverl 'eResporsiblent iLy

intentions or heTrusto acquire ver. \ a r i ^ . 1 ^ f t i m o f r r r t h a r n r n n o r t i o c n r c o n r r i t i o c

lvithinhe etirementndaged areasset

c;lass ndwillendeavouro do so on an

ongoing asis,

Iiiquityo be Raised nder his PDS

T'he esponsiblenti tys; eekingo raise

{i16mil l ionrom hesubscriptronf 16mil l ion

$;1 0Units hich i l l eappl iedtogetheri th

tre Trust'sorrowing)owardsheacquisition

of hePropertjess deiailedn Section ,

th eexpensesf administeringheTrust nd

th ecreationf hisPDS.However,he

Flesponsiblentityeserveshe ightoaccept versubscrrptions,

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TrustBorrowings

Th eTrust assignificantorrowingsecured

nnlvhv hePronertiesheFinanciersave o

right f recourseo UnitHolders, ferearen,c

guaranteesequiredromor providedy Unit

Holders.

Responsible ntity's ees

Th eResponsiblentitys entit ledo chargelre

Trust monthly anagementeeof up o 4.0%

ofgrossncome ndup o 0.25"/.f hegross

value f heTrust. heResponsiblentitys

alsoentit ledo charge thereeson he

happeningf specifiedontingencies

(seeSection for urthernformation).

Responsible ntityGovernancend

Compliance

TheResponsiblentity, ustralianroperty

Custodianoldingsimited'APCHf),s

also heTrusteef heTrust ndha sbeen

l icensedyASICo be heResponsible

Entityor heTrust.

TheConstitutionTrust eed) f heTrust

regulateshe elationshipetweenheUnit

Holders nd heResponsiblentity.

TheCompliancelan'outl inesheprinciples

andprocedureshich heResponsiblentity

will ollowo ensurehat t compliesn

all espects ith heprovisionsf he

Corporationsct ,ASIC olicy nd

theConstitution,

TheCompliancelanwillbeadministered

by heDirectorsndCompliancefficer f

the Responsiblentity.heCompliance

Committee'sole s o ensurehat he

Compliancelan s odged ithASIC sa n a r a + i n n a l a n r l + h n + - ^ n m n l i a n n o n r r l f r r au P U l d l l u l l d l d l l u L l o l o u v l I P l l a l l u s u u l L u l s

is prevalentn heResponsiblentity.

TheTrustincludingheConstituttonnd he

Compliancelan) asbeen egisteredit h

ASIC s a Managednvestmentcheme

(ARSN 9751 4746) nderPart Cof hel ' - n rnnra t i nnc A ntv v , v v , q ( , v ,

, u , \ v L .

OpenTrustThi^ ̂ ̂ ^ ̂ ^^^ ̂ ^,-.r^, -.rrustso here sno| i l D l D O t I V V E | r - s r r ugu r

closing ate or heOffer. owever,he

Responsiblentityeserveshe ight o close

th eOffer tany ime t deems ppropriate.

Therefore,rospectivepplicantshouldodge

theirApplicationssoonaspossible.

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:

="j-i=n .

reF{]:i'rti:r:lttit.il:::tt:'.:.9";' 1'1i.'1'..1:.,i;llll;l1i

What s the Objecllivef the Trust?-he

Trusras beerestabl isheosa plb ic

propety n lrLSt eocatedo the oecif 'c

accer c lass o f n 'onr l tv LSed ore t i rement and" r '

' J '

aged a'e+aci l i res.TheResoons;iblert i ty

considershat hs ciesignatederctorf he

property arket assolid rowth otential he

objectives or helrust

to provtde onthly

income istr ibut iono UnitHoldersnd o

maintainndaccruets eal apitalalue. he

Trust il l eek o milke urther cquisitionsver

timeand o bediversifieciy hegeograph

ocal ior nd ype f acl i ty/prope;r lyi thinhe! ^ ^ i ^ ^ ^ + ^ l ^ ^ ^ ^ + ^ l - a au u J r g r r d t u u d J ) u r u t o o D .

WhatCri teria i l lLheResponsibleEintity dopt?

It s he ntentionf heResponsiblenti tyo

have egaroo he 'oow'tgc' i ter ian eeting

f l-e bject ivesf h.: -st rr de'ermining

currentnd uture cquisi t ions.

. standardf bui ldlngsnd aci ies;

. rntegri tyndstandingf sui tablyual i f ied

facility perator;nd

. satisfactoryncome ield nd uture

nn*on-ial c:niral r^rrnr4l l l .

\Vhat s the Offer?

IhroughhisPDS rospectiveni tHoldersre

invitedo subscribeor Jnitsn heTrust t he

pr r e of $100perUnit -hemoniesaised y

theTrust nderhisPDSwil l eappLiedl r , . , a . z - J ^ - h n n r r n h r ^ n n . . o l ^ n n m n l o r o l h oI J Y V O L ) t l g P U I U I l O J s P r u v L U u v r r r v . v . u r r L

i,Lcquisitionf he Ne wPropertiesy heTrust

irno o rneerheorgoirgexpensesssociated

vvithheProperties,headmnistrationf he-liust

and hecreation f hisPDS

\Vhat s the valueof the Properties?-l-he

delai ls f each ropertyreselo:t i r' i l c , n r i n n A T h o n r r n h a c o n r i n o n f o a n h n r n n o r t v

i . :sr nnorpn i i nd-oneld entworn aual iors;re; ler

oSection for urrherelas).\Vhat ncomeand return an I expect?-l-he

pro.ecLedeLLrrso-rhe.ls l . ard the

irssumptionsnderlyinghose roject ions,. . . ^ - , , ^ i r ^Ar^ . ^^ . ,^ , " I inanc ia l dv iso" .UE 4 V O r O U r V I V r I y U U l

\A/ho i l lhold i t le o the Propert ies?

lhe Custodian,tate rusteesimited i l l oldj r i l o t n t h o P r n n o r t i a c t : n d a n v n t h o r a q q o r q n l

thr:Trust)n tsname s Cusiodiann behalf f

lheTrust ursuanto're Cuslody greenent.

| : :urtheretai lsoncerninghis rrangementrer.:cnLainednSecrion1

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,,,-s

What s APCHI-sole?A P ( - ! l i c l i n o n c o . l h r i A Q I C a c l h o R a c n n n c i h l r :

Fn i i i r r n f f ho Tr r r c i Tha Tr r r -+ h^ . h^^ - r aa i o rn ranrL r r u L y v r u r u i l u o r . | | r u i l u D L I r q D u E E l I l E g l - L g l l l u

hv ASle as a N,4an2ner^lnvestmenlCheme.

I I nnor -r a f - n rnarn i i nnc A n i t ho Roennnc i h l ou l l u E l t l Y v v i v v l q L l v l l o n u L . - r u I r e o v u r r o r u r u

Fnt i i r r i c r ocnnnc i h l o f n r t ho n rnnor n rnmnt i n r r

: n r j menenomoni n f i ho Tr r r o+ no . N / ^^ - ^^ / . 1G l l u I l q l l G v e l I v l l L v l L l v I I U J L O - 4 l v l d l I O 9 E U

Investmentcheme.PCHL asbeenr nnn^nn;h l n {nz o a n n + i n a i ho P rnnor i i oc an . jTY DP UT l D rV rY r9 l Dg Y ut i l 1 9 Lr u | . v l J u r L r u o u r ,u

n r o a q r i n n i h i c P T I Q l i c n n n n i n n r o c n n n c i h l i t i o < :

r r r i l i nn l r r e {o i nc r r r r o t i nn t ho [ - r c t n r ] i : n l " oon i nn

^^^^ I n+^ ^^ ^ r / { i n^ - i h^ enr l r l o t o rm i n i nnduLUUr r t J . u u - u r u i l d u r rg q r ru v e L s | i l r l r v

d'sLributionso UnitHoldersndpreparing

financialtatementsor heTrust,

Are he Propertiesoing o be mortgagecl?V o c T h o R o c n o n c i h l o F n l i l v h a c c o n r r r o . l

variousoan acilitieso assist it h hen r r n h e c o n f r h o N l o r n iP r n n o r l i o c

Assecuriryor heLoans.heFinarciersi l ln h t a i n e r o a i c t o r o r ] f i r e t m n r i n : n a n r r o r i h o

Prnner ' 'os he Finar^ciersi l lat at l imesaCt n

their wn nterest . nder he ermsof he

mor lgages.f a defaul t ccurs, he Financier : , ;

wi l lbe er t i ted to er force heir ecur i ly nd st : l l

t h e P r n n o r t i o c T h o F i n q n n i o r c h r r i o n n r i n h t n f

^ ^ ^ i ^ ^ + l l ^ i + L lrec(Jurse ga | rs . u i l . -o loers .

How ongdo I need o invest?

Ini t ial lyn nvestmentnUnitsn heTrusts

l i kehr n ne i l l in id her :a i l3s he Un i tSw i l l no t be

l i c t o 6 j n n r n r i c i n c k m n r l n t n w n l ^ r n n a - h ^ r ^ i -i l D L g U U r ' q r r y D t v v n | | o r n E t E U I L o l r g v , t l l E l E l D

r r n l i k o r r r n h n a c o n n n d a n i m e r l " a l f n r t h e I l n i i c

andUnitHoldersave o gh t o requireheirI l n i r c r n h o h n r r n h r h v t h p R o q n n n q i h l o F n i i t i r n r

Lo aveheirUnitsedeemed.

I r i tHoldersrenerni i tedo ransfe' theirI I n i t c n , , n r i r r a ta an r - :a { j 6p e i l he . IO Othe f Un i t

Holoersrnon-Unitolderseekifgo nvestjn th eTrustHowever,heResporsiblentity

willnotac tas a brokero procureuch

transfers.

Inaddit ion.heTrust Corrst i tut ionequi res

that heTrust e erminatedn heearlier f

a t i { t n a R o c o n n c i h l o F . ! : r " L ^ ^ ^ ^ + ^ ^ ^ ^ ^ ! ^o / r ' r r u I r u o v u r r o r u r v L r l i l l y l l d J l l U L P d J J U U d

resolut ionn orbefore 1July 007o seek

andapplyora l 'st go{ heUnits f he

Trust n an appropriatexchange- 31 Decembet007, r

h t c r r n h r j a l o h o i n n a 2 r l ^ t ^ t l - t n r t h r n l h a ^ a * ^U / o u v l I U G L U u v r l V u o r ' U l U l I O L E I L l 4 l I L l E U q t U

q n o n i [ i o r ] i n / : \ : h n y n , r o l h a D a o n n n o i l ^ ' l ao V U w i l r u u i l r \ u / u u u v V q - L l E I l s o P v l l D l U l E

Entitymaywith heconsent f heUnit

Holdersyspecial a.ori typpoint ,subjecLo hedatebei.rg ot aterhar

26December080

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Upon erminationf heTrustinal istribuiionswillbe made o UnitHoldersfter rderly

realisationf heassets f heTrust.

Whatminimum nvestments required?

Theminimumppl icat ions$10,000or

10,000 nits. pplicationsn excess f

$10,000 ust emadenmult iPlesf

$1,000or1,000Units ach.

Howdo I invest n the Trust?

Toapply o become UnitHolder,oumust

completeheApplicationorm etoutat heendof hisPDS r complete printedop yof

theApplicationorm ncludedn heelectronic

version f hisPDS.When ompletinghe

Applicationorm, lease arefullyead nd

followhe nstructionsoApplicantshat

accompanyheForm. ysending completed

Applicationorm ouar emaking n offero

become UnitHolder nd heoffer annot

be revoked.

Applicationsus tbe accompaniedya

chequenAustralianollars, ad epayableo"ThePrime etirementndAgedCareProperty

Trust' ' ndcrossedNo tNegotiable".

Completedpplicationsith equired

Application onies hould e deliveredy

handor sent o theCustodiant he ollowing

address:

ThePrimeRetirementndAged Care

PropertyTrust

Cl StateTrustees imited

16 8Exhibition treetMelbourneictoria 000

GPOBox1461N

Melbourneictoria 001

Ph:(03)96676444

Application oney il lbe depositedn

receiptntoa bankaccountontrolledy

theCustodian

lf aftereadinghis DS,ou onot ullyunderstandt or he ights ttachingo

theUnits ffered y t,yo ushould onsultyour tockbrokerr other rofessional

financialdvisor.

\lVhen ill applicationslose?11he esponsiblentity as he ight o close

tljreOfferat any rmeand t is herefore

irJnportanthat nvestorsontemplating

zicquiringnitsn heTrustorwardheir

l\pplicationss soonas possible.

15 herea minimum ubscriPtiono

tle raised?'llihe

Responsiblentity oesno t equire

rhinimumubscriptions hisPDS s seeking

to raise dditionalundswhichwillbe

{pplied ogether ith heTrust's orrowingstb acouireheNewPropertiesnd o finance

lfe lnvestmento meet hecosts f he

r\cquisitionndTrust xpenses,

Ilurthermore,heResponsiblentity as

llrocurednderwritingervicesn heeventha t

theres an nterimequirementora particular

propertycquisition.

trltVillversubscriptionse accepted?'{es.As his s an open-endedrust,he

llesponsiblentityma yaccept ubscriptionsriLtny ime.Oversubscriptionsil lbe heldon

iaccountf uture cquisitions.owever,he

Responsiblentity i l laim o ensurehat he

iacceptancef oversubscriptionsil lnot

icousenvdetrrmentalffecto UnitHolders'

loveralleturn.

'Whatare he tax consequences?

tlJnderustralianaxationawoperativet the

Uimef hi sPDS,heTrusts nota taxable ntity

hu t tsdistributionsillbe subjecto ax n he

llrandsf heUnitHolders.heTrust il lclaim

deductronsordepreciationo plant nd

bquipmentndallowancesor hecapital

expendituren hebui ldings.hedeductions

willbepassedhrougho UnitHolders,ausing

a componentf he ncomeeceivedo be"tax

advantaged"n hehands f UnitHolders.

GST oes ot pplyo hessuer ransferfl l-Jnitsn heTrust ordoes t apply o

distribuiionso UnitHolders, STwillapply o

certain osts ndexpensesncurredy he

Trust nd he inancialorecastseflecthe net

impact f anyapplicable ST o theTrust.

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l

':!.':.:i

. . . ]

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Historically,ccommodationor hesenior

market asbeen ategorisedccordingo

th e evel f health areprovided.hesi x

main evels f senior ccommodationn

Australiare :

a) lndependentiving nits "lLUs");

b) Servicedpartments"SAs");

c) Respite are;

d) Supported esidentialervices"SRS");

e) LowCare "Hostel");nd

f) HighCare "Nursingome").

Independentiving nits ndServiced

Apartmentsompriseheaccommodation

generallyvailablenRetirementillages.

Retirementillagesre egulatedy applicable

Stateegislationuchas heRetirement

Villages ct 986 (Vic) pplicablenVictoria.

ThisAct sdesignedo clarify ndprotecthe

rights f residentsy dealing ith heoverall

administrationf he etirementillageacilities

and he nformationequiredo be providedo

prospectiveesidents.

ooorted esidentialervicesrealso

by applicable tateActsand

ulations.heHealth ervicesct1988

Nic)

nd heHealth ervicesResidentialare)

ulations99 1 Vic) pplynVictoria

Care ndHighCare ccommodationre

referredo asHostel ndNursinq

facilitresespectivelyndar egenerally

ie dby residentsequiring highdegree

care. heCommonwealthepartmentf

h andAgedCares responsibleor he

ation f heseacilities.

brief escriptionf each evel f senior

mmodations setoutbelow.

LivingUnits "lLU's")

s aredesignedorseniors howant o

theirull ndependenceuthave ccess

thesecurity,ompanionship,acil i t iesnd

ofa seniorivingommunity.

acil i t ies eed o offerattractive. oacious

s within friendlyommunrtytmosphere.

residentsn1oy completely

lifestyle,heyhave heassurance

help s alwaysavailable t the touchof a

ttonby offeringhe keybenefit f 24 hour

d 5 5 t 5 L d t t u u

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Leisurendsocial ctiviiiesrealsoan

importantndpopular artof a senioriving

lifestylendoptionsor esidentso choose

from nclude:

Artsandcrafts;

Bowls;

Cinema utings

Libraries;

Gardening;

Outingso local hops ndeventsn hevillaLge

bus; nd

A range fvisi t ingervicesncludingdoctor.

pharmacisi,airdresserndmasseur.

External ainienancef heunitand

communityardenss he esponsibi l i tyf

facility taffThereforeesidentsave ime c

enjoy l l hesocial, ulturalnd ecreational

activitiesndprogramsvailable ithinhe

communityswellas outsidenterests.

Facilitiesreself-funded,hereforeweekly

serviceeecontributeso theoverall peration

of he acility his ee,which s ied o CPI

coversnsurancen heunitand tscontents,

al lexternal aintenance,l loperatingosts f

thevil lage nd n some asesmunicipalaters.

ServicedApartments

Servicedpartmentsredesignedorseniors

wh o equire xira are n heir ay{o-dayif eor

wh owish o free hemselvesf cooking,

cleaningndheavyaundryuties.

Residentsreable o reiainheirndependence

whilst avingmore ime o pursueheir wn

interestsndenjoy range f organised

activitiesndentertainmentlternatives.

A weekly erviceeecoversheprovisionf

a l lmeals, leaningervices,regularinen

service,ndmaintenance.om eee sareall

inclusive,it h heexceptionf private

telephoneharges hilst ome trata-tit led

facilitiesreseparatelyaterdormunicipal

charges ndmeteredorutility ervices.

Purchasingrrangementsreon hesame

basis s ndependentnits ndapartments.

Some ssistediving ervicedpartmentsan

provideental na short{erm r ong-term

basisnadditiono purchasingptions,

Respite ervices

Many ssistediving ervicedpartment

facilitiesrenowofferinghort o mediumerm

rental ervicesn additiono their ore evel f

care. his s often eferredo as respite,

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This nables eopleo adjusto anychange flifestylenvironmentr convalescefter

period f hospitalisati onna comfortablend

caring nvironmentithouthenormal

concerns f everydayife.

Home-basedarers, suallyamilymembers,

find hisserviceonvenienthen heyneed o

takea short reakro mcaringorseniors.

Quite ften eniors ecide, fter period f

respiteare, o movent oanassistedtving

servicedpartmentn a permanentasiso

alleviatehestressesf householdiving nd

for he ifestylendcompanionshipffered,

SupportedResidentialervices "SRS")

An SRS s designedorseniors ho

have imited apabilitieso copewith

day-to-dayiving

A weekly erviceeecovershe provision

of a higherevel f direct ar e ha n s

providednassistediving erviced

apartments,swellasallmeals, leaning

services, regularinen ervice,uilding

an dgardenmaintenance.urchasing

arrangementsregenerallyhesame s

forassistediving ervicedpartments,

Residentso not dquire n assessmentrom

AgedCareAssessmenterviceso enter

supportedesidentialccommodation.

Supportedesidentialervicesregoverned

by heHealth ervicesResidentialare) ct

1e88 Cth).

LowCare(Hostels)

Lowcare acil i t iesredesignedorseniors

who havebeenassessed yAgedCare

Assessmentervicesnddeemedo be

in need f owcareassistance.

Hostels rovide n excellentpecialistar e

andsupport tructure,s hostels repartial ly

government-funded,ntry osts r edependent

onmany actorsncludinghe ndividual's

assets,Most esidentsre equiredo pay

a bond o enter hostelacility. ostels

are equiredo havea percentagef

concessionallaces vailableo financially

disadvantagedeople.

Vt/eeklyccommodationeesareset by he

Ciommonwealtheparimentf Health nd

l{gedCare ndar ealsostructuredccording

trl he ndividual'sncome.

lr iadditiono theservicesrovidedn assisted

liiring ervicedpartmentsndsupported

residentialervices,ostels lsoprovide

plersonalar e uc hasdiet, ygiene,

rrhedicationndmobility ssistance.

tJighCare NursingHome)

l{ursing omes regovernment-fundednd

pjrovideuality ursingare upportor hose

vVho eed high evel f carean dassistance.

Flotentialesidentsreselected y heAged

QareAssessment ervicesndpaya weekly

feedeterminedy heCommonwealth

Departmentf Health ndAgedCare.

l-heAgedCareAssessmenterviceACAS)

iias he esponsibil i tyf deciding ho s

e)ligibleorhighand owcareaccommodation.

l\ person's hysical, ental ndsocial ituation

irs ssessed.

l legulatory ramework lndependent iving

tfnits and ServicedApartments

l-heprincipalegislationoverningenior

l iving ommunitieslndependentiving nits

and Serviced partments)revarious tate

l\ctswhich la rify ndprotecthe ights f

$ersons ho ive n,or wish o live n,senior

l iVingommunit ies.

llhese ctsdeal, mong ther hings, it h

rbsidents'ights,heoverall dministrationf

rbtirementillageacilitiesnd he nformation

l'Vhich ustbe providedo prospective

residentsf seniorivingacilities.

Government egulationsLow Carean d

tilighCareand Accreditation

In 1998,heCommonwealthovernment

introducednewquality ssuranceystem

for esidentialare, esignedo improve

thre uality f residentialare nAustralia

l i system f accreditation,hichmeasurestnequality f careandservicesrovidedo an

alged are esident,pplieso all esidential. , ^ ^ A ^ ^ / ^ ^ ^ v t , i ^ ^ ^C L U U U U d I E D E I V I U E - ,

* ,

.*

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Accreditatrons inkedo Governmentunding

andservicerovidersil lnot eceive

Governmentubsidiesnlessheyar eaccredited,ogainaccreditation,ach ervice

nas o:

. demonstraieighquality ersonalare;

. have a safe hr i l r^ l inr^lnd

o ho nnmmi f i ad i n n rn ion t i nn roe idan i i a l

rights.

TheAgedCareStandardsndAccreditation

Agency tarted perationn 1998o manage

theaccreditationrocess,romote nd

encourageetteruality

areand eferoor

qualityerviceso heCommonwealtho

ensure ppropriatections aken.

Certification

Th eCommonwealthlso ntroducedqualitv

improvementrocessocussedpecificallyn

thewidelyecognisedeed o improvehe

physicaltandard f residentialged are

buildings.hi sprocess,alled ertification,s

also inkedo heservice rovider'sevenue;

service rovidersha tar ecertif iedanask

residentso contributeccommodationpayments,nder ertain onditions.

Toachieveertification,residentialare

facilitys nspectedo determinef t meets

certain inimum uildingtandardselatingof i r n o n { n + r r n n a r r r i + , , . ^ ^ 6 a a h e z a r d c l i n h i i n nl i l E o 4 t E L y , D E U U r t L y , q U V V D D . I r q 4 q r U D , i l V r r U r1 9 .

heatirlg,ooling ndventi lation.

Legi$lationAged CareAc t 1997 Cth)

The esidentialar eprogramsadministeredr r n d a r i h o A n a d f ' a r a A n i 1 Q Q 7 / f l i h \ i h a f n a m o

in in a f f on t nn 1 An t nhor 1OO7 Tho An t nn r io rnc

allaspects f heprovrsionf residentialare,

flexiblearean dcommunityarepackageso

olderAustralians.heAc tclearlyetsout

matterselatingo th eplanning f services,

theapprovalf service rovidersndcareresidents aymentsf subsidies,nd

responsibilitiesf service roviders.here

areal$o number f setsof principles,

which rovideurther etail egarding

themattersetout n heAc t

Every rimelifeacility as eceivedhe

maxirhumeriod f accreditationrom

theCpmmonwealth'sgedCare

1 l

Stan{ards gency.

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OurAgeingPoprulat ion

I t swideLyecognisedhatAustraLia's

populat ionsagein13,ustral lanureauf

Stat ist icsABS prolect ionsnow hat ne

ageirg ' tre pol:r lat r. a, 'eady videri ,ssetto continue,he1999mecj ianopulat ionge

of 34.9 earssprojectedo ncreaseo

between36 and2f6,5earsn 2051Th eage;

str rc l 'eof hepop,; lat iori l l ot iceably

change it ha heavieroncentrationf peop :

rn heages 5years ndover ndonly smal l

i rcreaser evers ghtdecl i rer the ourge'

ageg'oups. sdetai led thegraprbelow.

Theproport ionf hepopulattonged 5and

over sexpectedo substantiallyncreaseronl21% n 1999o a most A%n2051The

prooort iorged 5ard overs expectedo^' ̂ ' ' r ' ̂ ̂ +"^- 1.3%n

]999lo/ l l i u D t 9 u d u / u P [ ] ,

i l u r l

approxir ralely"o r '2051as seer , r theg"apl '

PopulationProjections All Age Groups 2001-2051

below. hesize f he6ti+ ag egroupwt

lrr;reaseapidlyrom201 onwards hen he

1;ost o",dWar l oaby oo mers tart-Lrnirg

kl5. BSPopulat ionrojr:ct ionsustral ia999

'?_1A1G2224)

ll3aby oomers

t)ver henext 0years,heover 5'smarket' .v jroeco'ne heastest

! l 'ow gdemographic

sector s a result f hepostWorldWa rLl

BaoyBooners nf luer,;e.heexpressn

h:hv hnnmers s a re ' r l ref e to A-slra an'esidentswho were borrr n Australia r

n\ ,erseasr . i rn herrea[S 946 O1965 In he'yea'2001,the i rst f rhc; abybooners urred

r55ABS

Poput ion

Projr :ct ions997 o 2051

(Cat No 32220)

10000000

9000000

8000000

7000000

6000000

5000000

40000003000000

2000000

1000000

0

ir;ti:r

l : . , :

I'ili: , r

i . :: .:

: l::.:1

t t . : i

: l : r : a i . r: l i i r i l r ' .

2411

0-29

t , l .l r l i r , :

iti:

l

. l r

t _ .

2031 2041 2051

30-54 :r:-:55+

aai:lt, .

;i.iij:r::1,ir]rl

l lrl l i l: t : ' i , .

| i 1 : : . ..

li:irl ,.::

r:.:t l

ai l , l : ,, ' l:;i i i

2001

l

35oco0o Populationrojeciions55yearsndover

aoo,,oool

,.o,,oool il fl I il-"'":l,: l:l !, , liti ii!

200c000

1500000

" roooooo |:

5000(j0

0

'oo].,,ui?l' "o::,^

ltt,uuloot 3::'

:

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1600000

1400000

1200000

1000000

800000

600000

400000

200000

0

Thebaby-boomenerations he esult f a

period f high ertilityndhigh evels f

immigrationhat ollowed orldWar l.

Because f his hebabyboomers av emade,

andwillcontinueo make, largempact n

theabsoluteize f a range f population

groups s heyprogresshroughheag e

structure.BSPopulationrojections99 7

to 2051 Cat.No .32220)

As seer n hegraph elowbabyboomers

formed prominentulge t heyoungerncl

of heagedistr ibut ional l hi ldrennder 5) n

1961At heother ndof hespectrum,n 2001

th e irst f hebabyboomerseachedheage

of 55 ABSPopulation997 o 2051(Cat. o 3222.0) .

Agedistributionf 1961

Australia'shanginggestructureas

implicationsot h or he evel f social

expenditureha tmight erequiredn he

future, nd he evel f resourceshatmight e

availableo fund t As hepopulationge d55

years ndover ncreasesn size, ssociated

social xpendituren ncome upport, are

an dhealth ervicesanbe expectedo

increase,BSPopulationrojections997

to 2051 Ca tNo.3222.0)

Theageing abyboomersreset o be he

healthiestenerationnAustralianistory,ot

to mentionhewealthiest an y ab yboomers

willbe n a better ositionha n hecurrent lder

generation,o provideora financiallyecurerelirementithoutelying n heagepension

fora palorcomponentf heirncome.

t

distribution

'illl1:, 11:,.1 '.::1;.;

t t ! - t

30-34 40-44 50-54 60-64 70-74 80-U4

Agegroup (years)

o- 4 10-14 60-64 70'74 A0-84

1 3

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4

Thecombinationfa rapidly geing

populationith ncreasedif eexpecta

better ealth, ubstantialealth nddisposablencome, nda significant

of spareime, asenormousmplicati

allAustralianusinesses.

MarketProfile

Accordingo surveysf iving

olderAustraliansndertakeny heAB

number f personsndproportionl

populationivingn senioriving

accommodationas ncreasedn

\iVithhechanging emographicsnd

c;hanginghoices eing fferedo enhance

s;eniorivingifestyles,stimatesased n

l\BSdata ndicatehat he baby oomer"

populationxpansion ay equire p o

198,000 nits o accommodaten additional

217700 0Australiansver henext10years, s

s;eenn he able bove. hepenetration,hich

irs proportionf senior ustraliansesidingn

c;omparableenioriving ommunities,s

based n 6%of personsver 5.

llhe Future

l-heneed or uture enioriving lanningas

beenhighlightedy a number f ssues,includinghehighdemandsndemergencef

th e"baby oomers"nt oa retired gedmarket,

rvhichs rapidly hanginghedemographic

structuref ourpopulation.

'l[helarger layersn he marketmuststriveor

brand ecognitions an mportantbjectiven

their usrnessodel. uch ompeti t ioni l l

provide etteracilitiesndserviceso meet

thedemandsndexpectationsf he

<;ver-growingve r 5'sdemographic.

years.

of heunentlvt s estimatedhat ess han

senior ustralianopulationiv en

senioriving ccommodation ,ompared

to 12o/on certaineoions f other

nations ith imilaremographtcs.

The ollowingable ndicateshesize f the

seniorivingmarket nd he uture

people ged55yearsandover.

The ollowing able ndicates he size

and the futuredemand orpeople

I The penetrationate s he proportion f senior2 B. Stimson.'Livingn a RethementVillage'999

the senior ivi,ngmarket

55 yearsand over.

168,690

60,000

60,000

52,460

108,690

37,471

77,635

224,920 60,000 164,920 '117,800

60,000 157,964

337,380 60,000 277,380 198,128

562,30060,00060,000

333,610

389,840

446,070502,300

278,457

J t6,02

358,785

residing n comparable enior ivingcommunities

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6

lntroduction

The ollowingection utl ines descriptionf

th evarious ropertieslreadywned r

contractedoracquisitiony heTrustrlcluding

those ropertieswned y heAPNRetirement

Propertiesun d nwhich heTrust il lhold

Units ywayof nvestment.

1. Heathqlen etirement illaqe

Heathglenetirementillages ocatedn

Werribeen heCityof Wyndham etwebn

Victoria'swo arg est rban entres, elbourne

andGeelong. erribeesapproximatel5i5

kilometresouthwestof heMelbourneBD,

Heathglenil lage omprises14 wobedroom

independentiving nits nd37 supportedresidentialerviceSRS) partments

The37bedSRS acilitys or esidentsho

requireurther ssistanceithpersonaleeds

It s ocatedna separate-storey uilding

A,ll ropertieswned y heTrust re hesubjecl

of swornndependentaluationeports nd

detailedropertyeports reavailableor

inspection.

A,l l ropertiesre hesubject f ong erm

nranagementnd ease ontractsetween

Frimelifeorporationtdas manager nd

lelsseend heResponsiblentity.

l<nown s "The ndne" lt is the intention f the-l iust

to convert Th eLodge intoa 60 bed

licensed Commonwealth overnment

l\pproved)NursingHome.

l 'he rustettledhis cquisitionnDecember1100'1or hepurchaserice f$7 million lu s

associatedostswrih commencingnnualtree f$700,000erannum subjecto

annualeview)

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2. Riverwood ostel

Riverwoodostels ocated ithinhe

Riverwoodetirementillage ndHostelcomplex nd s approximatelykilometres

from heAlbury it yCentreNewSouthWales).

TheRivenryoodostel omprises 29 bed cw

care acil i ty nd hebody orporatewned

Communityentre.

3. CumberlandView Nu194g_Ho11e

Th eCunrberlandie wNursing ome spart,cf

theCumberlandie wRetirementillage nd

is ocated t Wheelers i l l nVictoria,

approxirnately4 kilometresrom he

MelbourneBD.

Th eCunrberlandie wNursing omesa

Commonwealthovernmentpproved 0 be;dnursing ome acil i ty rovidrngigh evel an:

to its esidents.

Th e Home onsists f 4 slngle ed

and13double edwards longwith

ve generalmenitiesndspecialist

rooms ocated bovea basement

ua l

Th ^I t g settledhisacquisitionnOctober

th epurchaserice f$3 million001prus tedcostswitha commencing

Feeof $300,000erannum

TheTrfustettledhisacquisitionnOctober

200.1or hepurchaserice f$3.5million lu ste dcostswitha commencinonnual

Feeof$385,000erannumsubjecio

to annual eview)

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4.Thnnoch raeRetirement illaqe

Tannoch rae s ocated t StAlbans ar k

which s approximatelykilometresor.Ithas t

of heGeelongVictoria)BD

TheTannoch raeRetirementillage

comprises4 oneand wobedroom

independentiving nits, communityentre

an d an dwrth ermitsor heconstructipnf 74

additionalnits. heManagerPrimelife)as

5. TannochBrae Hos;tel

TheTannoch raeHostelsa 50bed ioensed

(Commonwealthovernmentpproved)ow^^"^ ^^ir i+.,i+,,^r^-r;racentto heTannocho r u rou i l t t y J t t udLULr q u j r

BraeRetirementillage.TheTrust ettledhisacquisitionn November

2002or hepurchaserice f$5.5million lu s

r:ontractedo build headditionalnits ndhas

commencedonstructionf hese nits t ts

rlwncost.

-fheTrust ettledhisacquisitionnAugust

:2002or hepurchaserice f$4million

plusassociatedostswitha commencing

,Annualeeof $400,000erannum subjecto

rannualeview),

iassociatedostswitha commencingnnualF O O n t \ h / / h t I I n a r t n n r r m I c r r n r a ^ t t nI v v v ' v v l l , v

iennualeview).

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6,LittleParaHostel

TheLittle ar aHostelssituatednSalisuburb f Adeiaidepproximately0 kinorth f heAdelaideBD

Little ar aHostel omprises 62 bedlow care acilitywithnorthan d south esiden

wrngs eparatedy a centralommon rea,administrattonndservicesore.

Summerwoodsan ntegratedged arefacilityomprising30 bed icensedowcarean d30bed icensedigh are acitityogethelwitha medicalentre ontainingdaysurgerfr,

Th eTrust ettledhi sacquisitionnJune 00 3fo r hepurchaserlce f$6.5million lusassociatedostswitha commencingnnualFe eof$6 1 ,500 erannum subjectoannuaieview).

doctors onsultinguites, edicalmagingfacility ndpathologyooms nd aboratory.

Th eTrustsdue o settlehisacquisitiont he

endof August 003 or hepurchaserice f$10mil l ionlus ssociatedosts i thcommencingnnual eeof$950,000er

annum subjecto annualeview).

7. Summerwood eniorLivingand

Summerwoods ocatednLilydaleVictoria)

approximately5 kilomeiresastof heMelbourneBD.

t 9

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8. SunburySeniorLivingand Health

GareFacilitv

Th eSunburyacil i tys ocated 0 kilometres

northwestof heMelbourneBD.

The acility i llcomprise 60be d icensedow

care acilrty, edicalentre nddoctors

consult inguites, edicalmagingnd

pathologynits.

9. Montclaire

Montclaires situatedn heprestigious

Melbourneayside uburb f Brighton bout

12kilometresouth rom heMelbourneBD.

Montclaireffers6star" ccommodationnd

amenitiessa 39be d icensedostel ndextraservicesacility

fh e Trust ascontractedoacquirehis acility

florhepurchaserice f$9.5mill ion lusicquisitionostswitha commencingnnual

fe e of $902,500erannum subjecto

flnnualeview).

fhis acquisitions due o seti len

December003.

llheTrustntendso acquirehi s acilityor he

purchaserice f$13mil l ion i th

commencingnnual ee f$1.17mil l ion

f,his cquisitions ntendedo settlen

December003.

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1O . Heathglen Nursing Home

The30-bed RS uitdinghat orms artof he

Heathglenetirementillages o be convQrtedand efurbishedo become 60-bedicensr:dhigh-careacilityorapproximatelV36 mil l ionplus osts uringhe2004 inancialear.

11.APNReilrement ropertiesFund(APNFund)

TheAPNFundwasestabtishednMarch Q9 9and s a closedun dunit rust ha townsmodernMelbourneased etirementillagei;managednderong-termontracts ithPrimelifeorporationto .

TheTrustntendso make noffero purchqseunjts n heAPNFund ursuanto the ssuinr;of hisPDS. heTrust il loffertsunitsnconsiderationorunits n heAPNFund asg:don heResponsiblentity'sssessmentf hir

value f heAPNFund.

Theproperty aspurchasedor97.' la commencingental f$7i0,000.

ii . PortPhillip Altona

Comprises26 ndependentiving nits nd i3servrcedpartments.

Th eproperty aspurchasedor95.4mill iont

i i i.ViewBank Gardens - Rosanna

Comprises2 ndependentrvingnits

lhepropertyaspurchasedor$1.5millionta commencingental f $150,000.

iv.l(oorootangillage Mt Martha

Comprises8 ndependentiving nits nd31servicedpartmentsnd2 studio partments.

Th epropertyas

purchasedor94.45mill ionat a commencingental f$aa5,000.

v. Meadowvale illage Pakenham

Comprises43 ndependentiving nits nd53servicedpartments.

Theproperty aspurchasedorgZ45mill ionat a commencingental f $745,000

Tlrepropertiesn heAPNFund reheldunderlegalitle y tscustodiannd heAPNFundsanASIC egisteredanagednvestment

Scheme.heTrust'snvestmentn heAp NFund annot epredeterminedndwillbedependentpo n he evel f acceptancesytheAPNFund's ni tHolders.

' ) l

A summary f he ive etrrementi l lages

owned y heAPNFundssetoutbelow

i. TheVillage Williamstown

Comprises6 ndependentiving nits,34condominiumpartmentsnd gservrcedpartments.

a commencingental f$540,000

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22

Each f hepropertieswned r due o be

acquiredeither y heTrust r heAPNFund)

areoccupiedyPrimelifenderong{erm20

or25years)Managementeeds r Leases.

Primelifes a publiclyisted ompany hich s

Australia'seadingifestylerovidern he

seniorivingmarket nd s oneof a select

number f publiclyisted ompaniesn his

growingector

Thephilosophyf Primelife'snvolvemenin

seniorivings o adopt caring et

commercialpproacho corporatevolution,

with he ocus nquality f ifestyle ommunity

facilitiesndsupportiveare ervicesncluding

governmentundedowan dhigh are,

Investorshould ote hatPrimelifeil loccupy

an doperatehe acilitiesocated t he

Properties,owever,hi sPDS s notan offeror

an yshares r other ecuritynterestnPrimelife

(o r tssubsidiaries)ndanApplication ad e

underhi sPDS oesnotgive heApplicantny

interestn Primelifeor tssubsidiaries).

accordanceith he erms f he

t Deeds r Leases, rimelife ust

and operate achProperty nd

ted business i thdi l iqence nd

iency nd n a proper usinesslikeanner.

fe mustpa yal loutgoingsndcosts

sociated ith hebusinessesexcluding

hose hatar epayabley residentsnderheir

alResidentgreements)ncluding

intenancend epairs.

lifewillpay heResponsiblentity n

Feeor rental y monthlynstalments

arrearsoreachProperty

Th eAnnual eeor rentals subjecto

justmentywayof annualeview y

referenceo CPIexcept n hesth,1Oth, th

20th eviewateswhen he eview hall e

by referenceo market alue

Residentgreementsovernhepaymenl

to Primelifey residentsor heuse/occupation

th eorooertiesf Primelifeefaults nderhe

tractualgreementsit h heResponsible

Entity,heResponsiblentity an ak eover he

benefit f he Residentgreementsnd he

residentsil lbe bound o pa ydirectlyo he

Responsiblentity.

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--.i

- '

,,,:,,,-', '

, , ' . 1

'{#''

@

23

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-;a::

TheResponsiblenti tys; ppointednderhe

Trust's onstitutiono mzlnageheTrusi n

behalf f al lof heUnitHolders,

APCHLsa single urposeubl ic

ompanythatha sbeen icensedyASICo be he

Responsiblentity f heTrust. nderhe

Corporationsct, heResponsiblentitys

responsibleor heproper romotion,

managementndcompliancef heTrust s

a registeredanagednvestmentcheme.

The Directors f th e Rersponsiblentity

JohnDeans 8

Chaimanand Non-Exec:utive ector

John asbeen mployedn he inancial

servicesndustryor n e.xcessf40years, nd

bringso heBoard fAPCHL wealth f

experiencen bothbankingnd inancial

p rannrng.

During is ong areer i th heNational

Austral iaank NAB John eld heposit n

of Senior/Region alana:gernVictoriand

Western ustralia,nd arasenior ice

Presidentor2 yearsn ' lewYorkWhilsthe

NAB epresentativen n,Conesia,oh nalsc

held directorshipfa oint entureon-

bankinginancialnsi i tut ionPT ndonvest)

Prioro his etirementro m heNAB, ohnwa s

secondedo theAustralianankers'

Associationsprojecteader ndse tup an

radministration/researchrogramorbanking

relationsith19Asian ountries.fter isretirementohn pent periodnVanuatu

underheauspices f heAustralianxecutive

Services verseaso implementnd estore

bank endingontrolsnd elatedecoveriesf

irregularebts i the ndigenousationalan k

of Vanuatu,

'WilliamLionelLewski 6

ManagingDirector

WilliamBill) ewskis an Executiveirectorf

theResponsiblenti ty nd esponsibleor he

day-to-dayperationf heTrust. e s alsoa

member f heComplianceommittee.

Billhasgraduatendpost-graduate

qual i f icat ionsncommerce,ccounting,

taxationnd inance. eha sover 0years

experiencen he inancialervicesndustry

during hichimeBil l asbeen rincipalf a

n lh t in annnr n l innnr :c i i6e and a consu l tan l o r

a "ange f businessesrovidingroperty

syndicationndmanagementervlces.

Billhasexperiencen heaged are ndusiry.

Bi l l sa sole irectorf anassociatednti ty

that s registeredy heCommonwealth24

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Governments anapproved rovidernderTh eAgedCareAc t1997. ince 997Biilhas;been irectlynvolvedn propertyyndicateswitha gross yndicatealuen

excess f$200mil l ion.

Billha spreviouslyeen egisteredyASIC{sa proper uthorityolder. il l sa registeredTaxationgentanda Fellow f the nstituteffCertified ractisingccountanis.il l san

3::H:::I;fiT:l,[:,:l?l"reds'li'lu'iePf

CedricRichardPalmerBeck59ExecutiveDirector

Richardasa distinguishedareer istory la senior ropertyndustryndpropertyund$managementxecutive.ehasbuilt ourmajorbusinessesro m nception,omprisingollieisJardinenWesternustralla,JHookerAustralia ide ollowing ooker orporation,$restructure,nationalorporateovernance

consultingractice ithKPMG ndmorerecently estpointundsManagementimit$d

UnderRichard'seadership,estpoint

achieved30 0million ndermanagement

withinwoyears nddevelopmentrojectsnMelbourne,ydney ndPerth owexceed

$500mil l ion.

Richardashada wide ange f corporategovernancexperiencenternationallyndha sbeena director { ivepublic ompanies.e s

currentlyransitioningro m ul l imeexecutiveroleso non-executiveirectorships.ehasastrong onsultativeeadershiptylewith heabilityo selecthe ight eople ndcreateheright nvironmento retain nddeveloptrongexecutiveeams.He sa clear trategichinkerwith ision ndproven bilityo implement,Hehaswide ontactst hemost eniorevelthroughoutustraliandcandrive orporatees;tablishmentndgrowth sing ragmaticndwellproven usinessevelopmentkills.

AmongRichard's any ualificationsndmemberships,e sa pastCouncillorf hePropertyouncil fAustralia,ustraiian

InstitutefCompany irectors,ealEstateInstitutef Westernustralia,erth hamberfCommercenda trustee f heCommitteeorth eEconomic evelopmentfAustralia.

25

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Kinsman amuel aques55

Non Exe utiveD ecto

KinsmanKim) asextensivexperiencen

property anagementn hecommercialnd

retail reas.

Kim's xperiencenpropertyegann 1970

whenhewas hemanagerf a suburbanea l

estate ffice.Shortly fter, immovednto

commercialnd ndustrialropertyales nd

leasingnd n 1983 ebegan pecial is ingn

commercialropertynvestment.ore ecently

Kimheld heposiiion fVictorianevelopment

Manageror7 Eleventoresor10yearswith

responsibilityor hepurchasend easing f

th e7 Elevenonveniencetores, asNational

Managerf Urbis -PropertyUrbis as

formerly TCocksConsulting)nd spresently

th eDevelopmentanageror heBensons

Property roupPtyLtd nwhich isposition

involveshe dentificationndacquisitionf

potentialevelopmentroperty. imhashe;ld

a Victorianea lEstate gent'sicence

since 974,

MarkFrederick utler 3

Non-Executive ector

Mark asbeen nvolvednplanningnd

implemeniingan y ommercialropertyacquisitionsndhasextensivexperiencen

managementf commercialropertles.ark s

a oint ounder f Butler ComPanY

underiakingommercial,esidentialnd ural

sales, cquisitionndmanagement,ar k as

previouslyeen egisteredit hASIC sa

proper uthorityolder ndha shelda

Victorianstate gent 'sicenceince 991.

Entity'sFees

accordanceith heConsiitution,he

sponsible ntitys entitledo receivero m

Trust:

managementeepayable onthlyn arrears

as heaggregatef

4.0% erannum alculatedna daily asis

of hegrossncome f heTrust sat he

lastdayof eachmonth; nd

0.25% erannum alculatedn a daily

basis f hegross sset alue f heTrust;

exit eepayablen heearlier f

th edisposal f hemainAssets nd

undertakingf heTrust I 2.5% f hene t

saleproceedsf hesale; r

. th edeterminationf heTrust f2.5% f hegross sset alue f heTrust alculateds

at hedateof determinationf heTrust;

pxcept hereheResponsiblentitys

pntitledo receiven exit ee ,a sale eeon

fh ecompletionf hesaleofanymainAsset

bf heTrust I 2.5% f henetsaleproceeds

Df hesale; nd

a takeoveree n heevent f anyacquisitionf

Units yan acquirerhat:

(a) s subjecto the akeoverrovisionsnChapter of heCorporationsct;or

(b) ncreasesheacquirer'soting owern he

Trustrom:

(l ) 20 %or belowo more han20%; r

(ii)a starting oint hat s above20%and

below 0%;

the eebeing .5% f hegross rice aid

by heacquireror hesaidacquisiitonf

thoseUnits

TheConstitution

llowsheResponsiblentity

in tsdiscretiono determinelesser ayment

of heaboveeesand/orowaive r deferhe

paymento it

ana

zo

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aTheResponsiblentitysalsoentit ledorermbursementr paymentrom heTrustora, ,

charges,osts ndexpensesroperlyncurredby heResponsiblentitynestablishingndadministeringheTrust,ncludingutno tlimitedo anyaccounting,egistryr ncomedisiributionervices.

Management xpenseRatio

TheManagementxpense atio "MER")sthe atio, xpressedsa percentage,f hemanagementees o heaverageross alueof heTrusi ssets. heMER f heTrustssr;tat a modest .65% er

annum.Brokerage, ommissionsnd MarketingCosts

TheResponsiblentity i llpay orcosts ndfeesassocratedit h hepromoting,arketingandselling f heUnitsn heTrust. hisma yalso nclude rokeragendcommissionspayable y heTrusto icensedecuritydealersnd o personso whoma proper

authorityasbeen ssued ndotherinancialadvisors,ccountants,onsultantsr

service roviders,

TrustExpenses

Expenseshatar eproperlyncurredy he

Responsiblentityn relationo theTrust(butnot heusual verheadxpensesf heResponsiblentity)repaid orby heTrust.These xpensesnclude utar eno t imitedoth ecostsncurrednacquiring,olding ndsel l ingssetsncludingutnot imitedostamp uty, ustodianee sandbrokerage,

commissionsndmarketingosts,ee spaid otheauditor nd eespaid or axationnd egal

advrce,hecosts f printing,ostage,ouriersandstationery,xpensesncurredn

maintajningccountingnd egistryecords,

borrowingosts ndbank hargesncluding

rnterest,ocumentationxpensesndaccountand ransactionee s ncludinghecostof directelectronicayments,hecosts ssociatedit hthepreparationnd egistrationf he

Consti tut ion,ompl iancelan nd hisPDS,

thecosts ssociatedit h heconveningndconductingf UnitHoldermeetingsndcostsof registeringheTrust sa Managed

Investmentcheme,

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TheTrust

TheTrusts a public nit rust. public ni t

trust s an nvestmenttructurehatallows

individualni tholders ccesso nvestments

whichmayotherwiseave ee n ifficultor

them o access.t does hisby poolinghe

capital ubscribedy ndividualni tholdersand nvestingn assets f the ypepermitted y

th eConstitutionf heTrust. ni t olders ay

benaturalersons,orporations,amilyrusts,

privatenit rusts ndsuperannuationunds

as examples.

Applicantsreallocated nitshenumber f

which epresentsheir nterestn heTrust

anddeterminesheir haren he ncome

distributedy heTrust nd he ncreaser

decreasen heunderlyingalue f he

Trust'sssets.

Broadly,heResponsiblentity i lldetermine

th eUnitHolders'haren hedistributionsf

income ndcapitalro m heTrustn

accordanceit h heConstitutionf heTrust'

Generally,hedistributionerUnit s calculated

by dividingheamounihat heResponsible

Entity eterminess o bedistributedor he

particularistributioneriod y henumber f

Units n ssue.

Th eTrust's onstitutioninconjunctionit h he

Corporationsct )governshe elationship

betweenheUnitHoldersndAPCHL s he

Responsiblentity f heTrust. summaryt

theprincipalerms f heTrust's onstitutions

containedn heAdditionalnformationn

Section'1.

TheCustodian ndCustodyAgreement

UnderheCustodYgreement,he

Responsiblentity asengaged tate rustees

Limitedo actas heCustodianf heTrust.TheCustodianillhold heProperttesnd

otherTrust ssets n behalf f theTrust

underhe erms f heCustody greement.

A summaryf heCustody greements

includedn heAdditionalnformation

Sect ion1.

Compliance la n

TheResponsiblentity asprepared,nd

ASIC as egistered,Compliancelanwhich

setsou tproceduresha t heResponsiblentitywillapplyn operatingheTrusto ensure

complianceith heCorporationsctand

theTrust's onstitution.summaryf he

principalerms f heCompliancelan s set

outbelow

TheResponsiblentitys requiredo adhere

to theCompliancelan hat eekso ensure

compliancey heResponsiblentity ith he

Corporationsctand heConstitutiony

prescribingrinciplesndproceduresor he

Responsiblentityo adoptn hemanagement

of theTrust.

Th eCompliancela ndentif ieshepersonnel,

th estructurend heduties f heResponsible

Entity s a wholeaswellas heduties f

eachofficer.

TheCompliancelan lsodescribes

proceduresndsystemsor heResponsible

Entityo implementoncerningarious spects

of hemanagementunction.

These spectsnclude:

. meetingsnd eports f heCompliance

Committee;. thesafekeepingnd nspectionf records;

. valuationf heProperttes;

. engagementf externalervice roviders;

. paymentf ees;

. receipt f subscriptiononey nd tsuse o

purchaseheproPerties;

. maintenancendaudit f books faccount;

. reportingo UnitHolders;

. handling,ollectingnddealing ithmoney

receivedor heTrust;

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. allstaff f heResponsiblentity rerequiredo becomeamiljar ith, ndcomply ith, heCompliancelan;and

. theResponsiblentitys equiredomaintainnappropriate

evel fprofessional

indemnitynd idelitynsurancesn respectof tsoperations.

Compliance ommittee

A Complianceommitteeasbeenestablishedo monitorompliancey heResponsiblentity ith heCompliancela n

an d eport nybreacheso heResponsibleEntity ndotheruviseeporto heResponsibleEntity n a regular asis,

Th eComplianceommittees o reporto ASICif heResponsiblentity oesnotaddress nyjssuesraisednan adverseeportssuedo th eResponsiblentity.heComplianceommitteemembers ustdisclose ll heir nterests(i fany) elatingo theTrust.

Themembersf heComplianceommitteeare:

WilliamRobertWilson

ErternalMember

WilliamBill)Wilson as,untitecenily,he

Operationsirectorf Custodialimited,having ome o thatcompany ith ,|6years

experiencen hebuildingervicesield. rior

to that,Billworkedncommercialankingor15years.

Billholds Bachelorf BusinessAccounting)(Monash niversity)nd san Associate f theAustralianociety f Certif iedractising

Accountants.e sanAffiliatef heSecuritiesInstitutef AustraliandFinanciallanning

AssociationfAustralia,la n RichardBond

ErternalMember

la nBondhasbeen practisinghartered

accountantor25years. xperiencednmanagementccountingor eportingystemsand nternaluditor,anwa s heSenior artnerof Burke on dPartnersccountingroup ntil.1997

and henbecame ChairmanndCEOof Burke on dSecuritiesimited ndBurkeBondLimited pproved orporaterusteeso

prescribednterestmanagednvestment)schemesy heAustralianecurities

Commissionor 15years.

UnderheManagednvestmentsct , an sno wa specialistompliancendmanagedinvestmentsonsultantndholds roper

authorityuaiifications.an s heVictorian

Committeemanor heAssociationfCompliancerofessionalsf Australra.

lan sa member f he nstitutef CharteredAccountantsf Australia,ustralianociety f

Ceriif iedractisingccountantsnd heAssoclationfCompliancerofessionalsfAustralia.e s anAffiliatef heSecuritiesInstjtutefAustraliandFinanciallanning

Associationf Australianda registered

companyuditorinternaludit pecialist).

WilliamionelLewskiInternalMember

Refero Mr Lewski'srofile n page 4.

TheComplianceommitteeil lassess

th eCompliancela n t east uarterlyodetermrnehethert sadequate,eportothe Responsiblentity n heassessment

andmake ecommendationso theResponsiblentity bout nychangesotheCompliancelan.

Complaints esolution

Th eResponsiblentity asestablished

formal omplaintsesolutionrocess singheservicesf heFinancialndustry omplaints

Service heResponsiblentity il lprompfly

acknowledgenycomplainteceivedromaUnitHolder,nvestigatet anddecidena timelymanner nyactionhatneedso be aken.

RegistryConsultant

StateTrusteesimited"STt')hasbeen

appointeds Registry onsultantndwill

establishnddevelophe egisterssrequiredy heCorporationsctan d

th eCompliancelan.

ST Lwillprovideegistryervicesuringhe

applicationeriodo managehe eceipt ndprocessingf Applicationorms nd eport

to theResponsiblentity.naddition,TLwillprovideegistryervicesollowingettlement

of he NewPropertiesuchasprocessing

distributions,reparingeports,ndattending

to UnitHolder ontact.

29

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An nvestmentn heTrust as iskswhichcouldmpact n hevalue f hepropertiesandUnits. hese isksnclude,utarenot imitedto , he ollowing:

Generalnvestment isks. Changingocal rworld conomic

condit ions;. Interestate luctuationsutsidehose

assumedn hisPDS,. Changesnproperty arket onditions,

includinghevalue f and evel f demandfo rnursing ome nd etirementillageaccommodationn heareasnwhichhePropertiesre ocated;

. Legislativehanges,ncludingnrelationo

taxationndaccountingreatmentndagedcare ndustryegulation;

. lnflation;nd

. Naturalisasters,ncludingarthquakes,socral nrest, ctsof errorismrwar nAustraliandoverseas.

Risks pecific o the Properties

Perfomance f the Licensees- Ifpaymentof he ental ndoutgoingsy heLicenseesrenotmadena timelyashion, ni tHoiders il lnotreceiveheir eturns,rat eastmaynot eceive

themon ime. heResponsiblentitysnotrequiredodistributeoneyo UnitHoldersftheres nsufficientash vailablen hebankaccounto make istributions.owever,fPrimelifeefaultsnderheDeeds,heResponsiblentityan akeoverhebenefitf heResidentgreementsnd he esidentsil lbeboundopaydirectlyo heResponsibtentity,Vacancy- The icenses il lexpireafler 0yearsromcommencementndma yno tberenewed.f sucha vacancy ccurs,heTrust's

Incomema ydecreasend hevalue f hePropertiesight eaffected.heResponsibleEntitymight ave o pa ycommissionsoagents ho ntroducerospectiveicenseesor providencentiveso attract ew icensees,Alternatively,he Responsiblentityma yresoiveo conducthebusinessnwhich asetheres noassurancehat he ncomegeneratedro m hebusiness illbeequal othe ental reviouslyaidby heLicensee,Al lof hese xpensesillbepaid rom heTrust'sunds.

llliquidmarket or Units Until uc h imeastheUnits re isted n heASX heUnits il lberelativelylliquid nd, houldUnitHolders ishto selltheirnterest,he ymight ave ifficuity

findingbuyer. ni tHoldersave orightorequireheirnteresto bebought y he

Responsiblentity ranyother erson, r havetheir nterestn heTrustedeemed.nvestmentin hi sTrust hould econsidereds ong erm,Borrowing bligations An ncreaseninterestateswillhavean adverse ffect n heamount f ncome vailableo pay he ntereston heLoans.f heTrust's inanciersncreasethe nterestat e n heLoans,hen heperformancef theTrustmaydecrease ndmaynot

achieveheperformanceorecastnthisPDS.f here renotsufficientundsomeet he nterestaymentsf heLoans,heFinanciersaywant o enforceheir ecurityan dsell heProperties.owever,heFinancierswillno tbe able o askUnitHoldersocontributenymore han heir nitial

investment.heResponsiblentitymanagesthis nterestat e is kby monitoringhe nterestrateon heLoans nddetermininghe n nd fthe nterestate hould e variabler ixed.Selling he Properties

nd market aluesBeforenvesting,oushouldak e ntoaccountany iskof a declinen hevalue f hePropertiesr marketents. n hesale f heProperties,heResponsiblentityannotaccuratelyredict hat heselling rice f hePropertiesighibeat heendof heTrustHowever,heResponsiblentityonsidershatth ePropertiesrean excellentnvestmentorth eTrust ue o hequality f heexisting

tenant nd hevalue f he and.

Noguarantee

f incomeor capital Thislnvestmentsan nvestmentrustwhich asasit sprimaryssetsnvestmentsnreal state,' Ihe

Responsiblentity oe sno twarrant rguaranteehe ncome r he epaymentfcapital y nvestingn hisTrust.'fhe

Responsiblentity oesnotwarrantrguaranteehat herewillbe a capital ainorthat hePropertiesil lnotdecreasenvalue.

I 1 l

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Material Gontrac;ts

The Constitution

UnitHolders'ights;sholdersf heUnits nd

the ights { heResponsiblentity f heTrust

ar ese tou t n fh ePrime etirementndAged

CarePropertyrust onstitution

The erms ndconditionsf heConstitution

arebindingn UnitHoldersnd he

Responsiblentity sTrusteef heTrust

A summaryf hemore mportanteaturesj

th eConstitutionhich reno tadequately

covered lsewheren hePD S reset

out lelow,

Duration f theTtustTheConstitutionetsout hecircumstancesn

whichheTrust i l l e erminated.nsummary,

theTrust i l l ont inuerom hecommenceme;nt

date nti lheearl ierrf :

. 31December00 7 nlessheResponsib

Entity as esolvedn or before 1July

2007o seek ndapplyo have heUnits f

theTrustisted nan appropriatexchang;e

(such s heA[iX); r. 80yearsrom hecommencementate i. e

26DecemberOB0);r. suchearliera1.es heResponsiblentity

ma ydetermineith heconsent f heUrit

holdersYsPecial aioritY

Distr ibut ionponTermination

Upon erminationf heTrust,heResponsible

Entitymust ell heAssets f heTrust ndafter

paymentfallproper osts ndexpenses,

divideheproceedsmongheUnitHoldersnproport iono henumber f Units eld

Units

Thebeneficialnterestsn heTrust redivided

intoUnits.nvestorshowish o purchase

Unitsmust pplynwri t ing n heAppl icat ion

Form ogether it hpaymentor henumber f

Units ppl iedor

Application rice

TheAppl icat ionrice fa Unit s$100 or he

fundraisingnderhisPDS, nd orany urtherfundraisingsequalo hesumof heNetAsset

Value f heFund nd heTransactionosts

divided y henumber f Units n ssue

Certif icates

TheResponsiblenti ty i l l ssue ni t

Certificateso evidencehenumber f Units

heldbyeachUnitHolder,

Withdrawalof ights

Subjecto heCorporationsct, here re

nowithdrawalights nderheConstjtuttonavailableo UnitHolders. owever,nit

Holders ay ell heirUnitsn accordance

with heConstitution

32

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Transfer f Units

A UnitHolderma y ransferisor herUnits ydeliveringo theResponsiblentityheUnitCertificateogether it ha writtennstrumentcl ftransfer.he nstrumentf ransfer us tbesigned y he ransferornd he ransfereendstampedifnecessary)

Th eConstitutionls oha sprovisionsealing

with he ransmissionf Unitsn heevent fth edeath, ankruptcy,nsanityr other

disabilityf heUnitHolder.

Appointment nd Removal f Responsible

Entity

TheResponsiblentityan etirerom ts ole

as Responsiblentity po ngiving t east nr;month's ot iceo al lUnitHolders,he

retirementoesnot akeeffect nti iheUnitHoldersav e ppointed ne wResponsible

Entity. pon etirementheResponsiblentityis releasedromany urther bligationnder

th eConstitution,

TheResponsiblentitysdisqualifiedrom

holding ffice s Responsiblentityf tsuffers

an nsolvencyvent sdescribedn he

Constitutionr sotherwiseisqualifiedrremovednaccordanceith heCorporationsAc t UnitHolders ayappoint ne w

Responsiblentityn hese ircumstancesypassing specialmajorityesolution.

Powers f Responsible ntity

TheResponsiblentity asevery ower s f twere heabsolutendbeneficialwner f he

entireiy f heTrust und. heResponsible

Entity aswidepowerso invest nddealwith

theassets f theTrust, ut subject lwayso

the equiremento invest irectly r ndirectlynthedesignatedsset lass f propertysed orretirementndaged are acil i t ies.

Saleof the Properties

Th eResponsiblentitysgivenheabsolute

discretiono sellan yassets f heTrust nd

reinvestheproceedsf hesale nanother

investmentuthorisedy heConstitution.

Indemnity nd Liabil i ty

Subjecto heCorporationsct , he

Constitutionimitshe iabil i tyf he

Responsiblentityn respect f any ossor

damage ccasionedy heexercisef any

discretionr power y heResponsiblentity

iactingngood aith ndwithout egligence.-[he

Responsiblentity asa broad ight f

indemnityutof heassets f heTrustoral ll iabi l i t iest ncursnacting s Responsible

l-ntity f heTrust. he ndemnityxtendso

ilnyactions, roceedings,osts, laims nddemandsoncerningheTrust.

33

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Protection f UnitHolders

Th eConstitutionimitshe iabilityf Unit

Holderso moneys aidor payablenrespecl.of heUnitHolder's nits.

lncomeDistribution

TheResponsiblentitymustdistributellof lre

incomeo heUnitHolders it hdistributionsn

a monthlyasisn accordanceith he iming

an d ormula escribedn heConstitution.

Payment f exPenses

Th eResponsiblentitymayuse heTrust un d

to payallapplicableosts ndexpenses

includinghose elatlngo:

. th eacquisition,ale r maintenance

of heProperties;. insuringheProperties;. applicableaxes ndstamp uty;

. the emunerationf heResponsiblentity;

. valuers,olicitorsndother xperts;

. meetingsf heUnitHolders:nd

. record eeping

Meetings f the UnitHolders

TheConstitutionet sou t hemannernwhich

meetingsf UnitHolders re o be called nd

held, nd hebasis ponwhich otesma ybe;

taken. heResponsiblentitymust onvene n

extraordinaryeneral eeting po n equisition

of UnitHolders olding etweenhemat east

twenty ercent 20%) t the ssuedUnits r if

reouiredursuanto Part G.4 f he

-Corporationsct .Th equorumora general

meetings iv e 5)UnitHoldersolding

betweenhemat least enpercent 10%) f

al lUnits.Gomplaints andling

Theprocedureshatwillbeadopted y he

Responsiblentityn handlingnycomplaint

submittedya UnitHolder represcribedn

th eConstitution,

TheResponsiblentitys a member f he

Financialndustry omplaintervice.

PLCManagementDeed Lease

("Management eed")

Theacquisitionndsettlementf eachof he

Propertiesasbeenorwillbe (in hecaseof

the Ne wProperties)onditionaln he

executionf a PLCManagementeed

between rimelrfend heResponsiblentity.

Th eManagementee d ntitles rimelifeo

occupy achPropertyndoperatehe

associatedusinessn returnorpayment

of heaoplicablennual eeor rent o he

Responsiblentity.heprincipalrovisionsf

theManagementeed resummarisedelow

Primelifeil lbeappointedo operatehebusinessesn eachPropertyora termof

20years r, n some ases, 5Years.

Primelifeil lhave heoptiono extendhe

termof heDeed y 10yearsrom he

expirationf he nitialtermtwhich ime he

commencingnnual ee or heextended

termwillbe reviewed.

Primelife ustmanage ndoperateach

business ithdiligencendefficiencynd n

a proper usinesslikeanner.

Primelifei llpay heResponsiblentity n

Annual eeor rental y monthlynstalments.

TheAnnual eeor rentals subjecto

adjustmentach earbyreferenceo CPI

except n heSth, Oth, st hand20th eview

dateswhen hereview hallbe by referenceo

marketalue.

Primelifeustpayall heoutgoingsndcosts

associatedith hebusinessesexcluding

those hatarepayableyresidentsnderheir

Residentgreements)ncludingepairsnd

maintenance.

Th eoutgoingsayable yPrimelifeo not

includehose f a structuralr capital ature

and heResponsiblentitys obligedo

maintainhestructuralntegrityf hebusiness

premisess requiredy heResident

Agreementsnd/orheAgedCareAct,

Primelifes entit ledo terminateheDeed y

givingheResponsiblenttty neyear's ritten

noticef heResponstblentityails o meet

thisobligation.4

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ji::.!l:!::1]i':i::1iL=i*t

Primelifeannot mendhestandardormResrdentgreementsf heamendmentil lmaterjallyffectheResponsibtentity,sinterestsnrespect f hebusinesses,ithoutth econsent f heResponsiblentity.

TheResponsiblentitymust efrainromanyact,unlessequiredy aw,ha twillprejudice

Primelife'sntit lemento the eespayableoPrimeljfenderhe Residentgreements,

TheResponsiblentitysentitledo erminatetheDeedf Primelifeails o remedy defaultwithin14

days if hedefaultelateso henon-paymentf money) rwithin 0 days(inanyother ase) rom hedateof serviceof a default otice y heResponsiblentity.

TheResponsiblentity itlbe ndefault f heDeed f t ailso payanymoney ue o

PrimelifenderheDeed, uffersn nsolvencyevent r s nbreach f anessentialermof heDeed.Primelifean erminateheDeedf he

Responsiblentityailso remedy defaultwithin 0 daysof servicefa defauit otice yPrimelife.f heDeed s erminatedy primelife,

it mayelect o buy herelevant roperty(includinghe mprovementshereon).

tf,n he erminationf heDeed otherhanasia esult f a default y heResponsiblentity)Irrimelifeust ransferllof ts ightsn hebusinesselatingo ha tDeedo theIlesponsiblentityor hesu mof $i 00.

lf heResponsiblentityntendsellingtsinterestn hePropertyhosenterests ustfirst eofferedo Primelrfe,

OustodyAgreement

l-heCustody greementovernshe erms ywhich heCustodianoldsegaliile o thePropertiess agentor heResponsiblentityl-heCustodian'sesponsibilitiesrese tout ntlreAgreementnd nclude:

35

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. carryingut hepurchaser ransferf he

Propertiest the nstructionf the

ResponsiblentitY;. holdinghePropertiesn hename f he

Custodian;

. keepingaf e ustody fall itle ocumentsrwherehose ocumentsrenotheldby

a Financier;. receivingentalncomerom heProperties;

. payingncome istributionso UnitHolders,

interestaymentso Financiersnd ees

andexpenseso theResponsiblentity nd

other ervice rovidersnaccordanceit h

the Responsiblentity'snstructions;nd

' keeping roperecords f account.

TheCustodian us t omply ithal l awful

directionsf heResponsiblentity.he

Custodian ustpermitheResponsible

Entityo supervisend eviewhe

Custodian'sctivities.

TheResponsiblentityndemnifieshe

Custodiannrespect fany iabilityhe

Custodian ay ncur yreason f tsacting

in accordanceit h hedirectionsf he

Responsiblentity r performingtsother

duties nderheAgreements agent f

theResponsiblentitY.

TheCustodians entitledo be remuneratedt

an annualateequalo ivebasis oints with

minimumearly harge f$10,000)n he

marketalue f hePortfoliof heTrust hich

includeshe Propertiesndanyother ssets

of heTrust, alculatedn a daily asis

after osting ny ransactions,lu sGST

asapplicable.

TheAgreementontinuesora minimumerrn

of hree ears, ubjecto terminationyeitherparty, n hreemonth's ritten otice. he

Agreement ayalsobe erminatedherehe

other artys nsolventr has ailedo comply

witha 14daynoticeo remedy breach f he

Agreementrha sotherwiseommitted

breach f heAgreementhichs not

capable f being emedied'

Disclosing ntitY

As a disclosingntityheTrusts subjecto

regulareportingnddisclosurebligations

andcopies fdocumentsodged it hASICn

relationo theTrustmaybe obtainedrom,

or nspectedt,anASIC fficeFurther,nitHoldersave righto obtain

copies f half-yearndannualinancialeports

an dan ycontinuousisclosureotices f he

Trust ycontactingheResponsiblentity.

Consents

State rusteesimited asgivenandhasnot

beforeodgementf hisPDSwithdrawnts

writtenonsento being amedn hisPDS s

theCustodiannd heRegistry onsultant.

Staterusteesimited asnotauthorisedr

causedhe ssue f an ypartof hisPDS

la nRichard ondandWilliam obertWilson

have iven ndhave otbeforeodgementf

thisPDSwithdrawnheirwrittenonsento

being amedn hi sPDS smembersf he

ComplianceommitteeanRichard on d nd

William obertWilson ave otauthorisedr

causedhe ssue fan ypartof hi sPDS.

Primelifeorporationimited asgiven ndnot

beforeodgementf hisPD Swithdrawnts

consento being amedn hisPDS n he or m

andcontextnwhicht s named. rimeli{eas

notauthorisedrcausedhe ssue fanypart

of hisPDS

Dlsclosure of Interests

Responsible ntitY

As at hedateof hisPDS nd n he woyears

beforehi sPDSwas odged ith heASIC,he

Responsiblentity idnothave nddoesno t

have ny nterestn hepromotion

f orn any

assets roposedo be acquiredy heTrust

No amount asbeenpaidor agreedo bepaid

in he as t woyearso theResponsiblentityn

cashorotherwiseYan YPerson

. to nduceheResponsiblentityo ac t n he

capacity f trustee f theTrust r anyother

capacity; r

. forother ervicesenderedy he

Responsiblentityn connectionith

theTrust;

otherha n heResponsiblentity'sntitlement

to remunerationr reimbursementorexpenses

in accordanceith heConstitutionndas

describedn hisPDS,

36

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Exceptor he nitial umof$100 aid o he

Responsiblentityor hesubscriptionf he

nominalumber f Units 100) sa result f

establishingheTrust,o amount asbeenpaidor agreedo bepaid n he

ast woyears

to theResponsiblentityncashor otherwise

by anypersono procureubscriptionsor,n r n r r r n h a a a ^ + I l ^ ; + ^ur Purr/r aD Eur ut i l tJ.

Directors f the Responsible ntity

Except s disclosedelow hedirectorsf

th eResponsiblentity o nothave, nd

throughoutheprecedingwoyears ave ot

had,any nterestn hepromotionf,or nproperty roposedo be acquiredor, heTrust

otherhan, n hecaseof eachdirectorf he

Responsiblentity,hedirector'see sandan yother molumentse sentitledo receivero m

th eResponsiblentity.

Except sdisclosedelow, oamount as

beenpaidor agreedo bepaid n he ast wtyears o anysuchdirector,roposed irector,promoter r expertn cashor otheruuisey

an yperson:

. in relationo anydirectorr proposed

directoro induce im o become, r o

qualify imas,director;r. forother ervicesenderedy himor he r n

connectionit h hepromotionr nception

of theTrust.

TheNon-executiveirectorsf heResponsible

EntityJohnDeans, imJaques ndMark

Butler) ill eceivero m heResponsiblentity:

. directors'eeswherehe otal irectors'ee s

for heResponsiblentity recurrentlyn

aggregateotal f$20,000erannum;

. annual onuses nder performanceincentiverrangementased n hegross

asset alue f heTrust; nd. consultingeeswhichma y nclude

commissionsor ntroducingpplicantsia

intermediariessuch s icensedecurity

dealers,inanciallannersndaccountants)

whosubscribeorUnitsn heTrust, f up o

6.0% f heamount ubscribed.

Such eesandbonusesrenotpayable

from heTrust.

TheResponsiblentitysowned yentities

associatedit hWilliam ewski ho s a

director f heResponsiblentity.

Australianommercialropertyyndications

PtyLtd(ACN 55117765), company

asisociatedit han dcontrolledyWilliamLerwski,ct sas agentor heResponsible

Entityn relationo theprocurementf

contractsor heacquisitionf heProperties

arrdanyotherproperty ssets cquired y he

Trust. ustralianommercialroperty

Sy'ndicationstyLt dor tsnominee ill eceive

a fee rom heResponsiblentitywhich il lbe

reimbursedo theResponsiblentity y he

Trust)or hese gency ervicesf up o 5.0%

of heacqursitionos tof hePropertiesr other

pnrperty cquired y heTrust.

37

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AustralianommercialnderwritingtyLt d

(ACN 55 117934), company ssociated

withan dcontrolledyWilliam ewski, ay

underwritenyshortfallf capitalrom ime o

time nrespect facquisitionettlements,nd

it or tsnominee il l eceiveees or he

provisionf tsunderwritingervices.

William ewski aspreviouslyeenand s

currentlynvolvedn syndicationnd

consultancyrrangementsithPrimelife

Corporationimited nderwhich eor his

associatedompany ave eceivedeesand

ma ycontinueo receiveees.

Kebbel imited company ssociateditlt

Richard eck, asbeen ngaged y he

Responsiblentity s an ssue ndDistributtion

Consultant.ebbel imited ill eceive

wholesale arketingeeof up o 4 0%of he

equityunds aised y heTrust.

Experts

As at hedateof hisPDS nd hroughouthe

precedingwoyearsno expert, orany irmor

company ssociated ithanysuchexpert, as

or ha sha dany nterestn hepromotionf,or

in anypropertyroposedo beacquired v,

theTrust, xcept s ollows.

Madgwicksasacted s egal dvisoro the

Responsiblentityn connectionith hi s

PDS, btaining Dealer's icence,heTrus;t,ConstitutionndComPliancelan

documentationnd n connectionith he

acquisitionf he Properties.heResponsible

Entity aspaidor agreedo pay orwork rt

connectionith heacqutsittonf he

Propertiesees o Madgwicksor egal ervices

to heTrustn accordanceithMadgwicks'

normalimebased harges.

tGeneral

lithical onsiderationsThesocial, thical,

dnvironmentalr abour tandard

gonsiderationssprovidedor n he

Corporationscthavenotbeen aken nto

dccount s heyaredeemed otapplicable.

Oooling ff Theresno cooling-offeriodhat

is applicableo Applicantsnrespect f

investmentn heTrust.

DisclosingntityThis chemes subjecto

tegulareportingnddisclosurebligations,

hndcopies f documentsodgedwithASICn

ielationo theschememaybeobtainedrom,

br nspectedtanASIC ffice.

AvailablenformationInformationetailedn

thisPDS scontainedn documentsha tcan

be accessed y prospectivepplicantsr

their dvisorsndmadeavailableo he mby

ContactingheResponsiblentity t tsoffice

includingheannualinancialeport.

3B

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TheDirectorstate hat heyhavemade l l easonablenquiriesndhave

reasonableroundso believehatall stateipentsy Australian roperty

Custodianoldings td n hisPDS re ruean dno tmisleading.

EachDirectorasconsentednwritingo hp odgemerrtf hisPDSwith

ASIC ndhasno twithdrawnhat onsent.

ThisPDS sdated15August 003 nd s signedoranrJ n behalf f

Australianropertyustodian oldings imited y:

z 1z 2/ /W://'Z*-

/ / // r .

JOHNDEANS

CHAIRMAN

WILLIAM IONELLEWSKI

MANAGINGIRECTOR

CEDRICRICHARDPALMER ECK

EXECUTIVEIRECTOR

tuINSMANAMUELAQUES

NON-EXECUTIVEIRECTOR

MARKFREDERICK UTLER

NON-EXECUTIVEIRECTOR

'2c }

l

l

l

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Primelife and/ortssubsidiariesnd/or

APCHL

AnnualFee

APNFund

ASIC

ASX

Businesses

CommitteePlan

Constitution

Custodian

Custody greement th eCustody

Custodranelatinqo

Deed

Directors

Dollarsor $

Financiers

Licensees

Loans

lnvestment cheme nASIC

Offer

Primelifeorporation

Related ntities

ctot I

the ionof he res

Australian todian Limited 095474

th eannualeeor rent Licensees

th eAPNRetirement Fund

wh obubmitsn tionForm nderhisPDS

tion or he of Units nderhisPD S

anApplicationorm to hisPDS

d t I NI IO

Australianecurities lnvestmentsommission

AustraliantockExcha Ltd

the etirementnd care acilitv usinessesonductedt he

Propertiesnd th eLicensees

rance omml for heTrustiance la n n of theTrust

th econstitutionf he

State rusteesimited

rUSI

)01

theth e

ertions ctne

Deed r enterednto Primelifeor ionLtd

th edirectorsf he ibleEn

dollarsnAustralianu

means ny enoer r nkinonstitutionhose erms ndconditions

of inancere to he Enti

Primelife ation itssubsidiariesnd/or elated ntities

th e oans btarnedy

facrlitateeitlement f

ResoonsiblentitvromFinancierso

of the

betweenheResponsiblentity nd he

Trust

investment

the offer o subscr ibe Uni tsn heTrust etou t n hi sPDS

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Properties Heathglenetirement'illageRiveruvoodlostel

Cumberlan( ie wNursing om eTannochraeRetiremerrtillageTannochrqeHostel

LittleParaHkrstelSummenivoodenior irringndHealthcareacilitySunbury enior iving ndHealth areFacility

An d

APN Retirement Properties Fund (ApN ftnd) which owns:

TheVillageWilliamstown

PortPhillipAltona

ViewBankQardensRosannaKoorootang/illage Mt MarthaMeadowvaleillage Perkenham

PD S thisProductJisclosureStatement

Responsible ntity Australianrppertyustodian oldingsimitedACN 95474 436)sibleE:ntitvf heTrust

Resident greement an agreementetweenhe esidentf a Propertynd he elevantLrcensee

Trust,Scheme r UnitTrust theunit rust onstitutednderheConstrtutionnown s Theprime

RetirementhdAgedCeue ropertvrust, RSN 9751 4746

Unit Holder a personegjstereds a unitholder nderheTrust onstitution

+ I

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InstructionsoApplicants& Applicationorrn

.r.i i

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Please ompletell elevantectionsf heApplicationorm singBLOCK ETTERS.Thesenstructionsrecross-referencedo eiachSection f heApplicationorm.

A Enterhe ullname/s f all egal ntit iesfratare o be recordedsregisterednitholders. p o hreeointapplicants ayregister.oushould efero the ableovefpage or hecorrectorm/sof registrablenames. pplicationssinghewrongorrir fnamewillbe rejected.

B Please nter ourpostal ddressoraj lcorrespondence.l lcommunicationsoyoufrom heTrust i llbe mailedo th eUnitHolder(s)t headdresshown, or oint

Applicantsnl yon eaddressanbe enteied

C Please nter our elephoneumber(s),e-mail ddress ndcontact ame ncasN

ffi:i.oiff:ilactYouin erationo

D Insertheamounts f Units ouwish oacquire nd heamount f Application

Money.heminimumnvestments$iO,0p0fo r10,000 nits nd hereafterultiplesf

$1,0001,000 nits).

E Yo umust eturn cheque ayableo "Th{

PrimeRetirementndAgedCarepropert5i

Trust"n heamount hownn D.Theche$uemustbedrawn n anAustralianan k ndmustbe crossedNotNegotiable" etait$f

th echeque hould e nserted hereindicated.ufficientlearedunds hould eheld nyouraccount, schequeseturnefunpaid ill esultnyourApplicationeingrejected.taple ou r heque(s)o heApplicationor mwherendicatedn hetop right orner,

F Account etailsmustbe providedorpayment f Trust istributionsydirect re]ditto youraccount it hanAustralianank,

buildingociety rcredit nion.G Enter our ax ilenumber(s)TFN) r

exemptionategory. here pplicable,please nterheTFN oreachApplicant

Collectionf TFN'ssauthorisedy axati{n

iaws,QuotationfyourTFN snot

compulsory,owever,fyouchoose ot odiscloseou rTFNor exemptionn heApplicationorm axmaybe deductedroman y nterestarned nyourApplicationMoney nd/or rust istributionst hehighest arginalax ateplusMedicareevy.

H You hould arefullyea dandunderstand

theDeclarationnSection .

I Youmust ignhere nd f heresmore ha noneApplicant,heneachApplicant us t

sign.

Applicationya companyhould esignedby twodirectors r a director nd a

secretary.ora single irectorompany,heForm hould esigned y hesoledirector.Th edateof signing hould e nserted.

Pleraseeturnyour completedApplicationFonmwith your cheque(s) o:

ThePrimeRetirement nd AgedCarePropertyTrust

C/- StateTrusteesLimited

16{}ExhibitionStreet

MelbourneVictoria3000

GPOBox1461NMelbourne 00 1

Telephone: 03)96676444

Contact:Mr JonathanCrayl 2

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lndividual MrThornasPeterSnlith T P Smith

Usegivennames, ot nitials

Company ABCPtYLtdABCP/LorABCCo

Usecompany ame,

not abbreviations

JointHoldings MrPeterrobertWillibms PeterRobert&

use ull andcomplete ames MsLouise usanwilliams LouiseS williams

Trusts MrRicfrard mith Richard mithFamily rust

Use rustee(s)ersonal ames, <RicherdSmithFarfilyTrustVC>

do not usenameof he rust

Deceased states Mr HaroldSmith Estate f he atePeterSmith

Useexecutor(s)ersonal ames, <EstPeterSmithVp> or PeterSmithDeceased

do not usenameof he deceased

Minor MrRichard mith MasterPeterSmith

(aperson nderhe ageof 18) <PeterSmithVC>

Use henameof a responsibledult

with he appropriateesignation

Partnerships MrJohnRobertSmlthand JohnSmith& Son

Use hepartners ersonal ames Mr Michael dward

<JohnSmith ndSiony'C>

LongNames Mr Jol'rnWilliam kfander Mr JohnW A Robertson-Smith

Robertson-Smith

Clubs/lncorporated Mr DavidPeterSmiJh ABCSwimming ssociaiion

Bodies/BusinessamesUseofficebearer's ames,

notnameof club etc

<ABCSwimminglssociation>

Superannuationunds T &H David tyLtcf Tom& Helen avid

Usenameof rustee f und, <Tom& HelenDavid Superannuationund

not nameof undATF Superannuationuftd>

(asTrusteeor)

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ATTACH HEQUEHERE

Tomeet he requirementsf theCorporationsaw, hismustnotbe distributed r usedunless ttached o this

. ThisProductDisclosuretatement houldbe read n its

. Follownstructionsn page43 of the ProductDisclosure

. Prlntclearlyn CAPITALETTERSsingblueor black nk

A. ApplicantDetailsFull ame includingABNf applicable)Refero instructionsor corect form of registerableitle/s

B. Postal Address Details

E, ChequeDetails

ThePrimeRetirement

(PDS)

'ootNsW

ADVISOB/BBOKEBTAMP

G. TaxFile Number IFN)

ENIERFNOREXEI\,4PTIONATEGOBY}

ENTEBFNOR XEMPTIONATEGORY)

ENTERFNOBEXEMPTIONATEGORY)

C. ContactDetails

NAME:

WORKH: )

H0ME H: )

E-MAIL:

FormDiscrosureStatement

Or PostOfficeBoxor otherMailBoxdetails ifapplicable)

D. lnvestmentAmount

(minimum f 10,000and ncrementsf 1,000 units n he or such esser umber f units hat maybe allocatedo me/us

Lodge ouapplicationorm s soonas . Chequeshouldbe crossedNotNegotiable"ndmadepayableo:

details elow:nd ued CarePropertyrust. nsert

F: Requestfor Direct Credit of Distributions

Please reditall payment fTrust istributionsirectlyo accountwith he ollowing ustralianank,buildingociety r creditunion:

H. Declaration

1,4ffeereby pplyor units n ThePrimeRetirementndAged Propertyrust. liVeacknowledge,gree nd understandhat /VVeave eceived

theattachedPDS, nd his Applications completed nd accordingo the PDS. A/Vegreeo beboundby he ermsand conditionsf he

Constitutionf theTrust asmaybe amendedrom ime o Neitherhe Responsiblentity oranyof ts associatesr o{ficers rpersons amed n

thisPDS uaranteeshe performancef heTrust r he of capital r anypafticularateof capital r ncomeetum. hecontract ithme/us

lawofVictoria.f thisApplications signed nderpower f attorney n my/our ehallarisingtom he acceptancef this uplicationwill begovernedy

the Attorney tates hat he has no noticeof revocation f that of attorney

!. Signingtuea

Individua/s igned y he Applicant: R

Company igned n behalf f thecompanyn accordance

SINGLE/JOINTPPLICANT: GIVEN AIVE(S)B C0MPANYAIVE

JOINT PPLICANT: GIVEN AI\A {S) R COMPANYAIVE

J0INTAPPLICANT: GIVEN AIVE{S)R C0l\iPANY AME

UNIT O. STREETO. STBEETAME

SUBUBB/CIW STATE

IAVEAPPLYOR: UMBEROFUNITS:

.OOAT$1.00 ER NITIAVE ODGEPPLICATIONI]NITSOL

APPLICATI0N0NIES:U$

DBAWER:

BANK:

BSB:

BSB:

ACCOUNTUIVBER

FINANCIALNSTITUT]ONNDBBANCH:

POSTALDDRESS:

NAMENWHICH CCOUNTS HELD:

JOINT PPLICANI/DIRECIR/SFCRETARY

its Constitutionnd/or . I27 of tneCorporationsaw n he presencef:

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: f i . i r : ,1."tj u j : i

- , ^ . ' , - ; ' - i . . i \ : '' . : ' ' . . ' . . l r \

Thispagehas been blank

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ATTACH HEQUEHERE

To meet the requirementsof the CorporationsLaw, this

must not be distributed or used unless attached to this

. ThisProductDisclosuretatement houldbe read n ts

. Follownstructionsn page43 of the ProductDisclosure

. Printclearlyn CAPITALEfiERSusingblueor black nk

Constitutionf theTrust asmaybe amendedrom ime o

Form

Dlsc/osureStatement

CODE

Kebbel

ADVISOR/BBOKEBTAIVP

G.Tax FileNumber IFN)

A. ApplicantDetailsFull ame includingABNf applicable)

Refer o instructionsor correctorm of reglsterableitle/s

ENTEBFNOBEXEMPTIONATEGORY)

ENTERFNOR XEIVPTIONATEGOBY)

ENTEBFNOREXEMPTIONATEGORY)

B. Postal Address Details C.ContactDetails

NAME:

W0BK H: )

HOMEH: )

E-MAIL:

Or PostOfficeBoxor otherMailBoxdetails if

D. lnvestmentAmount

(minimum f 10,000and ncrementsf l-,000unitsn he or such esser umber f units hat maybe allocatedo me/us

E. ChequeDetails Lodge ouapplicationorm s soonas ChequeshouldbecrossedNotNegotiable"ndmadepayableo:

ThePrimeRetirementndAgedCarePropertyrust. nsed details elow:

E Request or DirectCreditof Distributions

Please redit ll payment fTrust istributionsirectlyo accountwith he ollowing ustralianank,buildingociety r creditunion:

H, DeclarationlAiVeereby pplyor units n ThePrimeRetirementndAged Propertyrust.AVe cknowledge,gree ndunderstandhat ^/Ve ave eceived

the attached DS, nd hisApplications completed nd accordingo the PDS.A/Vegreeo be boundby he ermsandconditions f he

. NeithertheResponsiblentlty oranyof ts associatesr officers rpersons amed n

thisPDS uaranteeshe performancef heTrust r he of capital ranyparticularateof capital r ncomeetum. hecontract ithmdus

arisingfomhe acceptancef hisApplicationillbegovemed the awofVictoria.f thisApplications signed nderpower f attorney n my/our ehalf,

theAttorney tates hat he has no noticeof revocation f that of attorney.

l. SieningArea

Individua/s igned y he Applicant: R

Company igned n behalf f the companyn accordance its Constitutionnd/or . L27 oflhe Corporationsaw n he presencef:

SINGLE/JOINTPPLICANT: GIVEN AIVE(S)R C0IVPANYAIVE

JOINT PPLICANT: GIVEN AME(S)R COMPANYAIVE

JOINT PPLICANT: GIVEN AIT4E(S)R C0l\iPANY AME

UNIT O. STBEETO- STREETAIVE

SUBURB/CITY SIATE

IAVEAPPLYOR: UMBEROFUNITS:

.(l() AT$T,()(lERUNITIAVE ODGEPPLICATIONONIES F

APPIICATI0N0NIES:U$

DRAWER:

BANK:

BSB:

BSB:

ACCOUNTUMBER

FINANCIALNSTITUTIONNDBBANCH:

POSTALDDRESS:

NAI\,IENWHICH CCOUNTSHELD:

NAME{PBINT) DATEJOINT PPLICANTiDIRECTOR/SECBETABY

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"+**'-Y'! i

ii-.'.jr,j3} i

Thispagehasbeen

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ATTACHHEQUEERE

To meet the requirements of the Corporations Law, this

mustnot be distributedor used unlessattached to this

. ThisProductDisclosuretatement houldbe read n ts

. Follownstructionsn page43of the ProductDisclosure

. Printclearlyn CAPITALITTERSusingblueor black nk

A. ApplicantDetailsFull ame includingABNf applicable)Refero instructionsor correct orm of registerableitle/s

B. Postal AddressDetails

Form

Disc/osu/eStatement

CODE

Kebbel

ADVISOB/BBOKERTAMP

G.TaxFile Number IFN)

ENTEBFNOR XEIVPTIONATEGORY)

ENTERFNOREXEIVPTIONATEGOBY)

ENTEBFNOBEXEIVPTIONATEGORY)

C, Contact Details

NAME:

WORKH: )

H0ME H: )

E-MAIL:

Or PostOfficeBoxor otherMailBoxdetails if

D. InvestmentAmount

(minimumf 10,000and ncrementsf 1,000units n he or such esser umber f units hat maybeallocatedo me/us

E. ChequeDetails- Lodgeouapplicationorm s soonas Chequeshould ecrossedNotNegotiable"nd madepayableo:

ThePrimeRetirementndAgedCarePropertyrust.nsert details elow:

F. Requestfor Direct Credit of Distributions

Please reditall payment f Trust istributionsirectlyo accountwith he ollowing ustralianank,buildingociety r creditunion:

H. Declaration

l/irVeereby pplyor units n ThePrimeRetirementndAged Property rust. AMe cknowledge,gee andunderstandhat llNe have eceived

the attachedPDS, nd hisApplications completed nd accordingo the PDS. ̂ /Ve gree o be boundby he ermsand conditionsf the

. Neitherhe Responsiblentity oranyof ts associatesrofficers r personsamed nConstitutionf theTrust asmaybe amendedrom ime o

this PDSguaranteeshe performancef theTrustor the of capital ranyparticularateof capital r ncomeetum. heconvact ithme/us

lawofvictoria.f thisApplications signed nderpower f attomey n mylour ehalf,arisingrom he acceptancef hisApplicationillbegoverned

the Attomevstates hat he has no noticeof revocation f that of attorney.

l. SigningArea

IndMdua/sSigned y he Applicant: R

Company igned n behalf f the companyn accordance its Constitutionnd/or . !27 of theCorporationsaw n he presencef:

SINGLE/JOINTPPLICANT: GIVEN AI\iE{S) R COIVPANYAI\A

J0INTAPPLICANT: GIVEN AME{S)RC0IVIPANYAIVE

JOINIAPPLICANT:GIVEN AME(S)B COMPANYAIVE

UNIT O, STBEETO. STBEETAIVE

SUBUBB/CITY STATE

IAVEAPPLYOB: UMBEROTUNITS:

.ll(l AT$1.00 ERUNITIAVE ODGEPPLICATIONONIESF:

APPLICATI0N0NIES:U$

DRAWEB:

BANK:

BSB:

BSB:

ACCOUNTUMBER

FINANCIALNSTITUTIONNDBRANCH:

POSTALDDBESS:

NAIMENWH]CH CCOUNTS HELD:

NAIVE(PBINT) DATEJOINT PPLICANT/DIRECIOB/SECRETARY

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Responsible ntity

Australianropertyustodian oldings td

(ABN74 095474 436)

Unit5/3Myrtle treetRr i nh tnn \ / i n t n r i c Q-1QA

Telephone;03) 592 511Facsimi le:03) 593 116

Directorsof the ResponsibleEntity

JohnDeans

Chairman

Wil l iamionel ewsk,A,4 n e n i n r-tD i rcr,.f r' * - Y "

Cedric ichard almer eck

Executive irector

KinsmanamuelaquesNon Exec tiveD recto

Ma'kFredericktt ler

NonExec tiveD ecto

Compliance ommittee

Wil l iam obert i lson

ExternalMember

lanRichard ond

ExternalMember

William ionel ewski

lnternal ember

Custodian

State rusteesimited

(ABN 8064593148)

168Exhibi t iontreet

Melbourneictoria000

Auditorof the Responsible ntityand he

Trust nd,Compliancelan'PitcherPartners

Level

16 1Collins treet

Melbourneictoria000

Solicitors o the Responsible ntity

Madgwicksawyers

Level1

5J5 bOUrKe lreel

Melbourneictoria000

RegistryConsultant

State rusteesimited

168Exhibi t iontreet

Melbourneictoria000

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