Westpac Essential Services Trust

Net Trust Value1

-          $91.5 million

Term

-          Open-ended

Assets

WEST currently has investments in three quality Australian assets:

-          Newcastle Mater Hospital

-          Bonnyrigg Living Communities

-          Sydney Airport Link

Target returns

-          Benchmark return: 10 year bond rate + 3%.

-          IRR: 10% - 12%2 per annum

Distributions

-          Quarterly

Investment mandate

Primary and secondary PPP and PPP-style assets, including:

-          Hospitals

-          Public housing

-          Essential public transport concessions

-          Schools and educational facilities

-          Correctional service facilities

-          Facilities for government agencies and departments

-          Police and emergency service assets

Who should invest

Only wholesale investors are invited to participate in WEST. It is suitable for investors looking for:

-          Long-term, stable cash flows

-          Growth potential

-          Exposure to a professionally managed portfolio of unique essential public service infrastructure

-          Low correlation to the more traditional asset classes

Fees

-          Management fee of 0.70% p.a. excluding GST of assets under management, subject to a minimum of $750,000 p.a.

-          Performance fee of 20% of above-benchmark return