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Sunland Diversified Land Fund

Offer Now Closed: Fully Subscribed

The Sunland Group is currently managing a domestic and international portfolio comprising over 8,500 property products (including residential allotments, houses and apartments), retail and commercial projects, childcare centres and hotel management (either under development or to be developed). The current portfolio is valued in excess of $4.2 billion.

The Sunland Group is intending to establish a new closed-end unlisted land development Fund. Sunland Diversified Land Fund ("Fund") the responsible entity of the Fund, Sunland Funds Management Limited, is a wholly owned subsidiary of Sunland Group Limited.

Key features
    • Forecast Internal Rate of Return ('IRR') (including all fees and Franking Credits) over the Investment Term of 20%*
    • Closed-end fund with a forecast investment term of 2.6 years**
    • Geographically diversified portfolio of land holdings at different stages of development, situated in Queensland and Victoria.
    • Cornerstone investment by Sunland in 15% of the Units on issue
    • Limited Liquidity Facility permits Investors to transfer up to 4.9% of Units on Issue to Sunland***

Minimum investment

The minimum under the Offer is 20,000 Units at the Offer price of $1.00 per Unit for a total cost of $20,000.
Applications in excess of 20,000 Units must be made in multiples of 1,000 Units. June 2011.^

              Offer launch -14 August 2006

              Offer Close date -22 September 2006 (or earlier if oversubscribed) ^^

              Allotment of Units -26 September 2006

Eligibility
The offer of units in the Fundis only open to Australian residents. ^^^

How to apply

Investors should obtain and consider the Product Disclosure Statement ("PDS") for the offer (available 14August 2006) in deciding whether the investment is appropriate for them and whether to acquire or hold Units in the Fund.

Applications for Units may only be made by completing and returning the Application Form attached to, or accompanying, the PDS. Detailed instructions on how to complete the Application Form are set out in the PDS.

Payment must be in Australian currency and made by cheque.

To register for a copy of the PDS (containing application form) to be sent to you by post:

* The Forecast IRR is inclusive of all fees relating to this investment as described in Section 13 and relates to Australian resident investors.
** The Investment Term is forecast to be a period of 2.6 years from 31 August 2006. The Termination Date of the Fund is expected to be the date of finalisation of the wind up of the Fund.
The Responsible Entity, Sunland and its associates do not guarantee that the Termination Date will occur immediately after 2.6 years from 31 August 2006 or at any specific time. The "Risk and Sensitivity Analysis"outlined in section 6 provides a summary of the various factors which may affect the timing of completion of the Project and the wind up of the fund.
*** Please refer to section 14 of the PDS. Sunland's total interest in the Fund will not exceed 19.9% of Units on Issue in the Fund at any one time.
^^ If you come into possession of this PDS outside of Australia, you should seek advice on, and observe, any restrictions imposed by law.
^^^ The issuer, Sunland Funds Management Limited ABN 25 114 733 569 in consultation with National Australia Bank Limited, has the absolute discretion to extend or reduce the offer period.

Important information regarding National Australia Bank Group

The Units in Sunland Diversified Land Fund ARSN 119 852 541 the "Fund" are not deposits with, or other liabilities of, National Australia Bank Limited ABN 12 004 044 937 ("National") or other companies of the National group. Units in the Fund are issued by Sunland Funds Management Limited ABN 25 114 733 569 ("Issuer"). National does not guarantee the performance of the "Fund" or stand behind, in any way, the capital value or performance of the units or the investments made by the "Fund". Investment in the units is subject to investment risk, including possible delays in payment and loss of income and principal invested.

Offers of Units in the "Fund" will be made in the Product Disclosure Statement ("PDS") for the Offer. Units in the "Fund" can only be acquired on the application form to be included in, or accompanying, the PDS.

The Offer of Units in the Fund is only open to Australian residents. By obtaining a copy of the PDS you acknowledge and confirm that you are an Australian resident.

National acts as equity arranger, joint lead manager and sub-underwriter in relation to the Offer. National may also provide debt, treasury, and other services to the Trust or its controlled entities. These services are provided in various capacities as a third party. Any such services provided by National will be described in the PDS. National may act if necessary to protect its interests ahead of those of investors and other parties. In acting in its various capacities, National will only have the duties and responsibilities expressly agreed by it in the relevant capacity and will not, by virtue of acting in any other capacity, be deemed to hold any differing standard of care.

The information on this website has been made available to the recipient for information purposes only and is not intended to be, and does not constitute a product disclosure statement, prospectus, short form prospectus or profile statement as those terms are defined in the Corporations Act. It does not constitute an offer for the issue, sale or purchase of any securities, or any recommendation in relation to investing in the assets. Full details are set out in the PDS available as set out above.

While every care has been taken in the preparation of the information on this website, National makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Full details are set out in the PDS for the product. To the maximum extent permitted by law, National expressly disclaims all or any liability which may arise out of the provision to, or use by, any person of the information contained on this website. The information on this website has been prepared for the purpose of providing information only without taking account of any particular investor's objectives, financial situation or needs. An investor should, before making any decision whether to buy or hold units in the Fund, consider the full details set out in the PDS for the product (available as set out above), and seek professional advice, having regard to the investor's objectives, financial situation and needs.

Forward Looking Statements

Without limiting the foregoing, any forecast, budget, target, projection or other forward looking statement ("Projection") is provided for information purposes only and comprises the Issuer's estimates of future prospects. No warranty or representation is given as to the accuracy or reasonableness of any such Projection or that any such Projection will actually be met. As the achievement of any Projection is dependent upon future events, the outcome of which cannot be assured, the actual results achieved may vary materially from the Projection. In all the circumstances, no warranty, express or implied, is given that these future matters will occur or that the future performance will be met. The Issuer and National have provided this information on the basis that each recipient will carry out and rely solely upon its own investigation and analysis.

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