ERSKINE OWEN

Capital raise to support Erskine Owen property investment schemes

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Forecast Pre-Tax Return

Wholesale Investors Only

Erskine Owen Capital Fund LP

Offer restricted to “Wholesale Investors” under clauses 3(2) and 3(3) of schedule 1 to the Financial Markets Conduct Act 2013 (or to any other person to whom an exclusion applies under Schedule 1 of that Act). Returns are not guaranteed and are subject to change. *Details of the assumptions on which the forecast returns are based on and the risks associated with the investment and returns will be set out in the Information Memorandum.

Risks

Some specific risks attaching to the Units include, but are not limited to, the following:

Default: Borrowers may default on interest payments and/or capital repayments. This could happen for a number of reasons, including, but not limited to, an inability to meet loan obligations where (a) a tenant of a scheme fails to pay rent, (b) any property of the scheme is vacant or untenanted, (c) the scheme's cost of bank funding increases or (d) underwritten units in a scheme are not subscribed for. The Corporate Manager may default on its obligation to pay the guaranteed return. If any default occurred this could impact on returns as well as the value of the Limited Partnership.

Related party - conflict: The Limited Partnership will loan to, and invest in, Erskine Owen Property Investment Schemes which are also managed by the Corporate Manager and which have a company related to both the Corporate Manager and the General Partner as their general partner. Additionally, the Limited Partnership may invest directly in the Corporate Manager. The Corporate Manager itself guarantees returns under this Limited Partnership up to the specified percentage. From time to time each of the non-independent directors of the General Partner and the Corporate Manager may face conflicts between their respective duties to the Limited Partnership, duties to other Erskine Owen Property Investment Schemes, duties to the Corporate Manager and their own interests. There is a risk that monitoring or decision-making between various related entities may not be impartial. The General Partner and the Corporate Manager have protocols in place to identify and manage conflicts of interest and related party transactions. The General Partner has an independent director, who must agree to all decisions in relation to lending (including, without limitation, decisions to advance funds, the terms of any loans, any waivers granted and the decision to enforce any obligations) and distributions made by the General Partner. Each director has an obligation to act in the best interests of the Limited Partnership at all times.

Related party - concentration risk: The Limited Partnership will make loans to, and invest in, a limited number of Erskine Owen Property Investment Schemes and the Corporate Manager, which have exposure to the same sector and have similar underlying risks (including, without limitation, risks in respect of the commercial and rural property market, interest rate increases, tenancies, damage or destruction, capital expenditure and any other underwriting arrangements the Erskine Owen Property Investment Schemes may have). This may cause the capital and returns to be more affected by any single adverse economic, political or regulatory event than if the lending or investments were more diversified.

Liquidity of loans: Loans are not easily saleable to a third party and liquidity is generally dependent on the borrower repaying the loan.

Transfer of Units: While Units in the Limited Partnership are transferable, a buyer for the Units may be difficult
to find, and investors may not be able to realise their investments in the Limited Partnership, including where redemption of Units has been suspended or delayed by the General Partner.

Forecasts: Actual results are likely to be different to the forecasts since anticipated events frequently do not occur as expected and the variation may be significant and material. Returns may vary and, except for any annual return guaranteed by the Corporate Manager, no warranty or representation is made in respect of whether the revenue, expenses, or any capital appreciation in the future will be achieved. Prospective investors should obtain their own independent valuation, legal, accounting, and income tax advice for their own individual circumstances.

Insolvency: Any loans or advances made by the Limited Partnership will be unsecured, and the Limited Partnership will be exposed to the credit or insolvency risk of the Erskine Owen Property Investment Schemes and the Corporate Manager as an unsecured creditor. If any borrower is or becomes insolvent, the Limited Partnership's loan will rank equally with all other unsecured creditors of the borrower, and behind all claims preferred by legislation, prior interests and those with security.

Please register your interest in the form below and we will send you the Information Memorandum.

Simon Paris - Profile