By submitting this application, you:

1. declare that you are a wholesale investor (as defined by the Corporations Act).

2. declare that you have read and understood this Term Sheet IM and the Master IM.

3. declare that you have read and understood Section 4 "Terms of the Deferred Purchase Agreement" of the Master IM.

4. where the Series includes an Investment Loan, declare that you have read and agree to the terms of Section 6 "Loan Agreement" of the Master IM.

5. agree to the collection, use and disclosure of your personal information provided in this Application Form.

6. declare that you have received this Term Sheet IM and the Master IM personally, electronically or a print-out of it, accompanied by or attached to this Application Form before signing the form.

7. declare that all information provided in the Application Form or any other information provided in support of the Application is true and correct.

8. acknowledge that none of Issuer or any member of its groups or any of their directors or associates or any other entity guarantees the performance of or the repayment of capital invested in, or income from the Units.

9. declare that if the Execution Page of this Application Form is signed under power of attorney, you have no knowledge of the revocation of that power of attorney.

10. declare that you have the power to make an investment in accordance with this application, including, if applicable, the Application for the Investment Loan in accordance with the Loan Agreement and the Units in accordance with the terms of this IM.

11. declare that you have read and understood the Direct Debit Request Service Agreement.

12. confirm and make the declarations set out in the Direct Debit Authority.

13. declare that sole signatories signing on behalf of a company are signing as sole director or as a sole director/secretary of the company.

14. acknowledge that an investment in the Units is subject to risks including possible delays in repayment and possible loss of capital invested.

15. agree to be bound by the provisions of the terms and conditions of the Units set out in the IM, specifically those contained in Section 4 "Terms of the Deferred Purchase Agreement" and Section 6 "Loan Agreement" of the Master IM (if applicable), and as amended from time to time.

16. acknowledge that the terms and conditions of the Units are an agreement between the Issuer and the Investor arising on the terms and conditions set out in Section 4 "Terms of the Deferred Purchase Agreement" of the Master IM.

17. acknowledge that you give the indemnities in clause 10 of Section 4 "Terms of the Deferred Purchase Agreement" and clause 10 of Section 6 "Loan Agreement" of the Master IM for the benefit of the Issuer.

18. acknowledge that this IM does not constitute an offer in any jurisdiction in which, or to any person of whom, it would be unlawful to make the offer.

19. declare that if investing as a trustee of a trust ("Trust") (including acting as trustee for a superannuation fund) you are acting in accordance with your designated powers and authority under the Trust Deed. In the case of Superannuation Funds, you also confirm that the funds are complying funds under the Superannuation Industry (Supervision) Act.

20. declare that if investing as a trustee of a trust (Trust) (including acting as trustee for a superannuation fund), you are familiar with the documents constituting the trust (the Trust Documents) (and as amended, if applicable) purporting to establish, and relating to, the Trust and hereby declare and confirm that:

a) the Trust and the Trust Documents have been validly constituted and is subsisting at the date of this declaration;

b) you will be and are empowered and authorised by the terms of the Trust Documents examined by you to enter into and bind the Trust to the transactions completed by the Terms and this Term Sheet IM and the Master IM;

c) the transactions completed by the Terms and this Term Sheet IM and Master IM do or will benefit the beneficiaries of the Trust; and

d) you have all the power, authority and discretion vested as trustee to apply for and hold the Units.

21. acknowledge that all information relating to this Application Form for investment or any subsequent information relating to this investment may be disclosed to any service provider and to your adviser. This authority will continue unless revoked in writing by you.

22. If you use the facsimile or email facility you:

a) release, discharge and agree to indemnify the Issuer and their agents, including the registrar and their respective officers from and against all losses, liabilities, actions, proceedings, accounts, claims and demand arising from instructions received under the facility;

b) agree that a payment made in accordance with the conditions of the facility shall be in complete satisfaction of all obligations to you for a payment, not withstanding it was requested, made or received without your knowledge or authority.

23. where the Series includes an Investment Loan, irrevocably direct and authorise the Lender to draw down the Loan Amount and pay the amount directly to the Issuer in satisfaction of your obligation to pay your Investment Amount.

24. acknowledge that if the Units are subject to Early Maturity for any reason, you will not be entitled to any Coupon payable or Final Value or the Delivery Parcel on or after the occurrence of the relevant Early Maturity Event.

25. irrevocably direct and authorise the payment of any Final Value, Coupon, Buy-Back Price, Termination Payment, Early Maturity Value and Sale Monies to be paid firstly to the Lender in repayment of the Loan Amount.

26. where the Series includes an Investment Loan, if you fail to pay the Loan Amount, you authorise and direct the Issuer (or its nominees) to sell or procure the sale of the Delivery Parcel and to apply the resulting Sale Monies (which includes a deduction for Delivery Costs) to pay the Lender an amount equal to the Loan Amount. For the avoidance of doubt Coupons (if any) will not be applied against the Loan Amount during the Investment Term.

27. irrevocably appoint for valuable consideration the Issuer, its related bodies corporate and each of their respective employees whose title includes the word “director” jointly, and each of them severally as my/our true and lawful agent to do all acts and things:

a) necessary to bind you to the Terms, give effect to the Terms, including without limitation, completing or amending any Application Forms (if the Issuer, in its absolute discretion, has accepted the Application Form);

b) that the Investor is obliged to do under the Terms;

c) which, in the opinion of the Issuer are necessary in connection with:

I. payment of any moneys to the Investor;

II. the Maturity process, including without limitation, if an Early Maturity Event occurs;

III. any Issuer Buy-Back;

IV. the Delivery Assets, including without limitation the delivery or sale of the Delivery Assets;

V. the repayment of the Loan Amount (if applicable).

28. indemnify the agent against all claims, losses, damages and expenses suffered or incurred as a result of anything done in accordance with the above agency appointment.

29. agree to give further information or personal details to the Issuer if it reasonably believes that it is required to meet its obligations under anti-money laundering counterterrorism or taxation legislation. By making this application, you represent and covenant that the funds you are investing are not the proceeds of crime or money laundering, nor connected with the financing of terrorism. You agree that the Issuer may in its absolute discretion determine not to issue units to you, may cancel any units that have been issued to you or may redeem any units issued to you if the Issuer believes that such action is necessary or desirable in light of its obligations under the Commonwealth Anti-Money Laundering and Counter-Terrorism Financing Act 2006 or any related legislation.

30. have read and understand the Privacy Policy for the Issuer as described in detail in Section 3 "Additional Information" of the Master IM.

31. acknowledge that Registry Direct Pty Limited is not responsible for the terms of this offer and is not liable for any loss incurred from investing in this offer or for the use of the systems supplied by Registry Direct Pty Limited now or in the future.