TARHF TRINITY ACCOMMODATION REGIONAL HOSPITALITY FUND

1. TARHF TRINITY ACCOMMODATION REGIONAL HOSPITALITY FUND

2. FUND HIGHLIGHTS TIMETABLE • 18-30 month investment period depending on total funds raised • Five year investment time frame • 12 month exit period • Ability to exit or continue at each investor's choice at end of term. RETURNS • Cash distributions of at least 10% per annum paid quarterly from inception • Capital growth of at least additional 5% per annum FUND SIZE • Targeting $30m with first soft close at $10m. Max $50m with oversubscriptions • Gearing at 50-65% depending on asset class and risk profile of asset UNIT TRUST STRUCTURE • Flow through structure • Independent custodian (IOOF) • Tax timing benefits ASSET MIX • Low risk profile. Property backed. • Maximum 20% capital to any one asset or town • Targeting a portfolio of asset classes and geographies - Freehold business (30-50%) - Passive Freehold (30-50%) - Leasehold (0-20%)

3. KEY INVESTMENT PROFESSIONALS JOHN ZECKENDORF – PRINCIPAL B.Econ, ACA,Grad Dip Fin • Chartered accountant with over 25 years work in hospitality, property and finance • Completed 12 years with Price Waterhouse in insolvency, property and corporate finance • Specialist in hospitality and property working on more than 200 regional assets • Seconded to NAB to turnaround and monitor 75 regional assets • Asset Manager for HRH Prince Jefri of Brunei.Involving more than 70 property assets globally worth $5 Bn • Established Mandala Asset Solutions in 2003 with Ryan Shaw. Serving much of the financial industry in Australia and around Asia: - Property Development - Asset Management - Financial Advisory • Purchased first motel 2007 on private account • Establish Trinity Accommodation Master Trust (TAMT) 2010 RYAN SHAW – PRINCIPALB.Econ, ACA • Chartered accountant with over 20 years work in hospitality, property and finance • Completed 9 years with PWC in insolvency and corporate finance in 8 countries rising to director level • Developed IT and job management systems for PWC, 2 major banks, 4 asset management companies and use in 6 countries • Worked for HRH Prince Jefri of Brunei also including capex programs for three major hotel assets • Established Mandala Asset Solutions in 2003 • Heavily involved in operation of current TAMT motels

4. KEY INVESTMENT PROFESSIONALS TRACK RECORD HRH PRINCE JEFRI OF BRUNEI: Asset and legal management, 1500 hotel rooms, 70 properties, US$5bn assets PWC: Principals trained in insolvency, corporate finance and property at PW(C) and managed 200+ hospitality assets 1992 1994 1996 1998 2000 2002 1993 1995 1997 1999 2001 ASIAN FINANCIAL CRISIS: Peregrine Bank (HK), Thai FRA ESTABLISHED MANDALA ASSET SOLUTIONS: Thai asset restructuring, China, Indonesia. Manage 300+ properties for Australian Govt. JV WITH ING: NPL/NPAPhilippines, China & Taiwan FIRST MOTEL PURCHASE SETUP TAMT MOTEL FUND TAMT expands to four properties Group own /manage seven properties Seeking to expand motel funds 2004 2006 2008 2010 2012 2014 2003 2007 2009 2011 2013 2005 INDIA: Setup property advisory business in India. Advising investors, land owners, financiers and developers on design, technology, sales and materials. Asset management including managing and advisory for multiple hospitality assets

5. INVESTMENT STRATEGY • STABLE INCOME AND CAPITAL GROWTH • To invest in income producing regional hospitality assets with operational and property upside to enhance returns of both capital and income. • To assemble a portfolio of freehold passive and trading properties to achieve overall IRR of at least 15%, including annual cash distributions of more than 10% over an asset holding period of five years. • Utilize the Principals’ property, finance, insolvency and turnaround skills to add value in: - Asset acquisition including forced sales - Revenue enhancement, cost control and marketing - Property upgrading including product positioning, hard and soft renovations • Play the arbitrage between multiples associated with different ownership classes for a property.

6. EXAMPLES OF DELIVERING ON INVESTMENT PROPERTIES • AMBASSADOR • ORANGE • 50 rooms 4 star • Purchased 2010 for $1.7m as a leasehold. Freehold sold at same time for $4.8m • RATIONALE: Property quality was high but poorly managed. Excellent motel town with stable and strong demand • VALUE ADDED STRATEGY: Improving marketing, enhance offering including premium product, promote functions. • RESULT: sales up 20%, profit up 50%, cash cow! • OPTION: If funds were available, we could have purchased the freehold also, lifted result and sold off a lease. Had we done this, we would be sitting on a passive freehold yielding >20% with a massive capital upside • PARKLANDS RESORT – MUDGEE • 68 rooms (plus large conference resort) 4 star • Purchased 2010 for $1.75m leasehold. Freehold sold toinvestor at same time for $6.25m • Initial yield to investors = 20% • RATIONALE: Poorly managed and maintained property. Very tired product • VALUE ADDED STRATEGY: Renovate extensively ($600k), created premium product, marketing, drop franchise • RESULT: Sales up 25%, Profit up 15%, asset quality maintained and capital value enhanced • OPTION: If funds were available, we could have purchased the freehold also, lifted result and sold off a lease • We would be sitting on a passive freehold yielding 18% with considerable capital upside • BERRY VILLAGE BOUTIQUE MOTEL • 25 rooms 4 star • Purchased 2007 for $3.6m as a freehold business • Initial yield to investors =12% • RATIONALE: Good upside in supply constrained town. Strong weekend business • VALUE ADDED STRATEGY: Product enhancement, proper marketing to corporates to lift mid-week trade, operational effectiveness, keep upgrading the property • RESULT: Present yield of 30%. Capital uplift has more than doubled the value of the equity • NAMBOUR LODGE MOTEL • 19 rooms 3 star • Purchased 2012 for $1.4m as a freehold passive • Initial yield to investors = 12% • RATIONALE: Recently upgraded property with minimal work required. Good returns and great rent reviews. • VALUE ADDED STRATEGY: Possible deal with tenant to upgrade room for rent increase. Financing options. • RESULT: Present yield exceeds 16% passive and recently rejected offer indicated that capital has almost doubled

7. VALUE PROPOSITION • KEY INDUSTRY DRIVERS RESULT IN LOWER RISK • Regional centres more stable • Prices for motel properties are determined by yield • Less “bubbles” than capital cities • Long tenant leases with low default rates • Demand rising, supply falling and expensive to build new properties • Often owned by “mum and dad” allowing considerable upside for many properties under professional management and finance. • Over 75% of all regional motels need renovation.

8. WHY MANDALA FOR THIS MARKET MANDALA COMPETITIVE ADVANTAGE • Hands on operations combined with deep understanding of property and finance • Deal origination network • Background in insolvency and turnaround to add value • Deep sector knowledge and experience • Success in delivering result in these assets over many years • Leverage off existing capability and team is already in place • Access to multiple exit routes

9. ALIGNMENT AND FEES TO MANAGERS MANDALA ALIGNMENT • Key Professionals own 100% of Mandala = retention and alignment • Mandala Principals already heavily invested personally in this asset class • No related party transactions • Reward based performance fee will deliver profits to Mandala • Principals will adopt significant personal guarantees for trading accounts FEES • 1% of funds under management paid quarterly • 10% of the cash distribution made to investors each quarter • 10% of the net capital gain made with a catch up for any losses • Independent trustee (AET) fees

10. INVESTMENT STRUCTURE

11. KEY STAFF JOHN ZECKENDORF – Principal. Refer detailed profile - KEY SKILLS – marketing, operations, finance, structuring RYAN SHAW – Principal. Refer detailed profile - KEY SKILLS – IT, systems and reporting, internet distribution of product, operations, cost control KERRIE WALLACE – CA - KEY SKILLS – finance and accounting operations FRANCIS PRIOR – Group manager - KEY SKILLS – operations and management, cost control, HR VARIOUS GENERAL MANAGER COUPLES – more than 30 years in ownership and managing motel properties such as those targeted - KEY SKILLS – operations and management, connectivity in industry NEVILLE HOCKING – Capex Has developed and fitted out more than 50 hospitality assets - KEY SKILLS – development of maintenance, project management, worthiness of buildings GRAHAM MCKEE – environmental lawyer specializing in DA and development - KEY SKILLS – legal support and getting DA’s approved Other members include a wide network of property managers, real estate agents, brokers, operators, industry experts and property developers. Note, many of the above team are on an “as required” basis

12. CONTACT DETAILS MANDALA ASSET SOLUTIONS www.mandala.net.au JOHN ZECKENDORF – PRINCIPAL International Mobile: +61 407 915 188 Email: jz@mandala.net.au RYAN SHAW – PRINCIPAL International Mobile: +61 438 415 367 Email: rs@mandala.net.au INVESTOR WEBSITE: www.tarhf.com.au