VB: IPO Open Offers

	Broker to the Issue

Key Indicative Dates

Offer Summary

Offer Opens:	August 12, 2001
Offer Closes:	Open ended, pending minimum subscription being met by 30 September 2001, up to 27 August 2002

Application price:	$1.00 per unit
Listing:	The units will not be ASX listed
Minimum Application:	10,000 ($10,000) and then in multiples of 1,000 ($1,000)
Units on Offer:	6.82 million units, to raise up to $6.82 million
Minimum Subscription:	$4,000,000. Applicant monies returned if full after 30 September 2001 if minimum amount not is not achieved

Key Benefits

High projected yield of 10.5% in year 1, growing to 12.8% in year 5.
Forecast first year tax advantage is 81%.
Each property has a secure 20 year lease to Primelife.
Independent Property Investment Research has given the Trust overall investment ratings of AA, AA- and A+.
No entry fees.

Income paid monthly.

Business Summary

The objective of the Trust is to distribute monthly income from the properties under management to Unit Holders and to maintain and accrue its real capital value.

PRACPT is inviting investors to apply for $6.82 million of units which will be applied to the trusts borrowings to purchase 3 properties from Primelife Corporation (PLC):

Heathglen Retirement Village, Werribee, VIC - 114 2 bedroom units, and 37 supported residential service (SRS) apartments - valuation $7,000,000.
Cumberland View Nursing Home, Wheelers Hill, VIC - 30 bed purpose built high care nursing home - valuation $3,000,000
Riverwood Hostel, Albury, NSW - Resident funded retirement village incorporating 27 serviced apartments (the trust is acquiring the licensed hostel as well as the management rights of the adjoining retirement village) - valuation $3.5 million.
The Trust will purchase entitlements to annual fees from the three aged care facilities. The 3 properties are expected to yield 10.5% in year 1 increasing to 12.8% by year 5 with significant tax advantage. Income is paid monthly.

The manager intends to grow the trust through acquisition to provide greater geographic diversification and diversity within the designated asset class.

Important Notice

Note that the trust is unlisted and therefore likely to be illiquid in the short term. There is unlikely to be a secondary market for these Units, and therefore there are no rights for the Unit Holders to require the units to be purchased by the Responsible Entity.

Company Background

PRACPT is being established to be a public property unit trust dedicated to the specific asset class of property used for retirement and aged care.

State Trustees Limited, on behalf of the Trust, will hold the properties on behalf of unit holders. APCHL is licensed by ASIC as the Responsible Entity (RE). The RE is responsible for the proper promotion and management of the trust as well as the selection of the properties and preparing the prospectus. The Trust has been registered by ASIC as a Managed Investment Scheme.

Company Management

Directors:

John Deans, 66. (Chairman and Non Executive Director)
Forty years financial services experience primarily with the NAB in senior roles including Regional Responsible Entity for Victoria and WA, Senior Vice President (New York) and Indonesian Representative. Other roles include project leader for the Australian Bankers Association for Asian banking relations and a role helping with the implementation of bank lending controls at the Indigenous National Bank of Vanuatu.

William Lionel Lewski, 44 (Managing Director)
Over 20 years experience as the principle of a public accounting practice (as a CPA) as well as a consultant for a range of business providing property, syndication and management services. Experience in the aged care industry has been gained as the sole director of a government registered approved provider under the Aged Care Act of 1997.

Cedric Richard Palmer Beck, 57 (Non Executive Director)
Career in property industry including Colliers Jardine (WA), LJ Hooker Australia and as a past councillor of the Property Council of Australia. Other experience includes a national corporate governance practice with KPMG, Wealthpoint Funds Management and directorships in 5 public companies.

Kinsman Samuel Jacques (Non executive Director)
Property experience primarily in commercial and retail property management. Ten years with 7 Eleven as Victorian Development Responsible Entity for leasing of 7 Eleven convenience stores. Currently National Manager of Urbis T Property.

Mark Frederick Butler, 41 (Non Executive Director)
Extensive experience in the management of commercial properties. Joint founder of Butler & Company undertaking commercial, residential and rural sales, acquisition and management.

Use of Proceeds

Property Acquisition	$13,500,00
Establishment and acquisition costs and fees	$1,138,250
Stamp Duty and legals on acquisition	$266,000
Working Capital	$15,750

TOTAL	$14,920,000

Financial Forecasts and Projections

	9 months to June 2002	year to June 2003	year to June 2004	year to June 2005	year to June 2006
Property Income	$ 1,038,750	$ 1,426,550	$ 1,469,347	$ 1,513,427	$ 1,558,830
Interest on surplus cash	$ 3,292	$ 3,435	$ 3,581	$ 3,733	$ 3,888
Total	$ 1,042,042	$ 1,429,985	$ 1,472,928	$ 1,517,160	$ 1,562,718

less:
Interest	$ 425,250	$ 567,000	$ 567,000	$ 567,000	$ 567,000
Management Fees	$ 66,863	$ 91,825	$ 94,579	$ 97,417	$ 100,339
Audit Fees	$ 7,500	$ 10,000	$ 10,000	$ 10,000	$ 10,000
Custodian	$ 7,500	$ 10,000	$ 10,000	$ 10,000	$ 10,000
Total Expenses	$ 507,113	$ 678,825	$ 681,579	$ 684,417	$ 687,339

Cash Available for distribution	$ 534,929	$ 751,160	$ 791,349	$ 832,743	$ 875,379
Units on Issue (millions)	6.82	6.82	6.82	6.82	6.82
Distribution (cents per unit)	$ 0.078	$ 0.110	$ 0.116	$ 0.122	$ 0.128
Return on Equity (annualised %)	10.5%	11.0%	11.6%	12.2%	12.8%

Tax Advantage Calculation
Cash available for distribution	$ 534,929	$ 751,160	$ 791,349	$ 832,743	$ 875,379

less:
Depreciation Allowances	$ 203,700	$ 270,300	$ 263,000	$ 257,800	$ 253,900
Capital Establishment Costs	$ 227,650	$ 227,650	$ 227,650	$ 227,650	$ 227,650
Total Tax Allowances	$ 431,350	$ 497,950	$ 490,650	$ 485,450	$ 481,550
Taxable Income	$ 103,579	$ 253,210	$ 300,699	$ 347,293	$ 393,829
Percentage of income that is Tax free / Tax deferred	81%	66%	62%	58%	55%

Contact Information at Sanford Securities

Please contact your relationship manager or a Sanford Customer Service Officer

E-mail : ipo@sanford.com.au

Telephone: 1300 360 896

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