VICTORIAN FUNDS MANAGEMENT CORPORATION

VFMC – CorVal Land and Operator Trusts

Victorian Funds Management Corporation (VFMC), as investment manager of several investment vehicles (VFMC Clients), proposes for the VFMC Clients to subscribe to units in two stapled trusts of which CorVal Partners Limited acts as trustee, comprising RF CorVal MHE Land Trust (Land Trust) and RF CorVal MHE Operator Trust (Operator Trust) (together, MHE Fund). MHE Fund is a stapled structure pursuant to which the Land Trust holds properties and leases them to the Operator Trust. MHE Fund’s downstream co-venture, also comprised of a stapled land trust and operator trust, develops and manages residential property. The VFMC Clients involved in the acquisition are the Emergency Services Superannuation Board (as trustee for Emergency Services Superannuation Scheme), the Transport Accident Commission, the Victorian Managed Insurance Authority, the Victorian WorkCover Authority, and the VFMC Investment Fund (of which VFMC is the trustee). Following completion of the transaction, State Street Australia Ltd, acting as custodian for each of the VFMC Clients, will hold minority interests in the relevant MHE Fund entities.