INVESTIGATING ACCOUNTANT’S

TOPIC

Will the Company pay dividends?

Who will manage the Investment Portfolio?

How will the Investment Portfolio be constructed?

SUMMARY

As noted above, part of the Company’s Investment Objective is to maximise total Securityholder return through a combination of capital and income growth, with the aim of allowing fully franked dividends to be paid to Securityholders when possible and to the extent permitted by the Corporations Act and the Income Tax Assessment Act.

The amount of any dividend paid by the Company will be determined at the discretion of the Board. The Board will only exercise this discretion if the Company has sufficient reserves and it is within prudent business practice to do so. URB’s aim is to pay out between 50% and 70% of Net Operating Profits as ordinary fully franked dividends. In circumstances where URB accumulates sufficient Special Investment Revenue, the Board will consider declaring special fully franked dividends to Securityholders. URB’s long term target is to offer Securityholders a sustainable and growing fully franked dividend and a yield that is competitive within the listed investment company market.

The Company’s Investment Portfolio will be managed by Contact. Contact is currently the manager of BKI, a listed investment company with a market capitalisation of over $1 billion as at 31 January 2017. Contact will manage the Investment Portfolio, utilising its own specialist equities experience and benefitting from the specialist property expertise of PSRE with respect to the Property Portfolio. PSRE is the real estate advisory division of Soul Pattinson and has experience identifying and securing direct property assets for Soul Pattinson over the last seven years.

The Contact Management Team is comprised of Tom Millner and Will Culbert as joint portfolio managers. The joint portfolio managers will have primary responsibility for the investment decisions of the Investment Manager in accordance with URB’s Investment Strategy.

The Investment Manager is responsible for the construction of the Investment Portfolio in accordance with the Investment Strategy and any investment guidelines agreed between Contact and the Company in accordance with the terms of the Investment Management Agreement.

In terms of the composition of the Investment Portfolio: a at least 50% of the Investment Portfolio will be invested in the Equity

Portfolio; a 30%–49.9% of the Investment Portfolio will be invested in the Property

Portfolio; a it is currently expected that the Equity Portfolio will comprise of 20–40

Equity Assets listed on ASX; a there is no minimum limit on the equity value of any Equity Asset or Direct

Property Asset; a the Investment Portfolio may include cash (and cash equivalents such as investment grade interest bearing debt securities and corporate bonds) from time to time pending such cash being invested in the Equity Portfolio or the Property Portfolio; a there is no limit to the level of cash in the Investment Portfolio; and a there are no limits on the investments that may be made by the Investment

Manager based on industry sectors, provided the investment is within the Investment Strategy

The Investment Strategy does not include: a the Company engaging in short selling; a borrowing at the Company level (however, as detailed in Section 3.4, debt may be used at the property level to fund acquisitions of Direct Property

Assets or developments of Direct Property Assets); or a investing in exchange traded and over the counter derivatives.

REFER TO

Section 3.12

Section 4

Section 3.6