Net Asset Backing Valuations

Net Asset Backing Valuations

The following table shows the final Net Asset Backing (NAB) valuations for each Retail Direct Property syndicate as at 30 June 2014. The final NABs are based on the 30 June 2014 property valuations and audited financial results to 30 June 2014.

For all syndicates the change in the syndicate NAB from December 2013 to June 2014 predominantly reflects the change in the underlying property valuations of the syndicate magnified by the syndicate’s gearing ratio. The higher the gearing, the greater the amplification of the valuation change on the NAB.

Syndicate	Final NAB at 30 June 2014	Final NAB at 31 December 2013	Change vs 31 December 2013	Change vs 30 June 2013
Retail Direct Property 5	$2.65	$2.66	-0.38%	1.92%
Retail Direct Property 6	$1.58	$1.58	0.00%	-0.63%
Retail Direct Property 11	N/A⁽¹⁾	N/A	N/A	N/A
Retail Direct Property 14	$1.38	$1.35	2.22%	12.20%
Retail Direct Property 18	$1.25	$1.23	1.63%	11.61%

(1) As advised in our letter dated 14 July 2014, a distribution of $0.06 per unit was paid on 31 July 2014. The Responsible Entity will now proceed with winding up the Syndicate.

Please refer to the NAB policy contained at the following link:

Retail Direct Property - NAB Valuation Policy

Disclaimer
The estimate of net asset backing provided in this document is not a promise, warranty or guarantee that the amount could be realised, whether on the sale of a unit in the investment or on a winding up or other realisation of all of the assets and liabilities of the investment. The estimate has been arrived at by the Directors in good faith and taking into consideration all those matters which the Directors consider should be taken into account for the purposes of making an estimate of the sort here made. The Directors make no other representation and give no other warranty in relation to the estimate and expressly disclaim responsibility for any loss that may be occasioned by any person who claims to have relied upon the estimate for any purpose whatsoever.