Ann: Blue Sky H1 FY19 Results Update, page-77

Answers to balance sheet and FEAUM questions from 1H FY19 Report

P20
Balance sheet investments (net of realisations) $5.5m
Co-investment with institutional mandates and other funds during the period net of $3.4m realisations of earlier co-investments (Retirement Living)

Bridging and working capital loans $13.8m
Secured bridging loans provided to certain funds and underlying investments. Expected to be repaid within the next 12 months as investment capital is more readily accessed.

Abnormal, non-recurring operating cash outflows $13.0m
Restructuring costs and reimbursements to certain investment trusts.

P24
US Joint Venture FEAUM up $77m

P28
Real Assets
Real Assets has continued to deliver growth in Funds Under Management and compelling investor returns from Australia’s irrigated agricultural sector.
Realised returns since inception of 18.8% p.a.
67% growth in FEAUM during CY18 to $1,167m at 31 December 2018

P29
Private Equity
Overall realised returns (net of fees) since inception of 18.4% p.a.
Three investment exits (totalling $10.5 million capital invested) were completed during 1H FY19.
Exit processes commenced for a further four investments, totalling $30 million capital invested
Reduction in FEAUM due to realised investments and net adjustments to fund investment size.

P30
Private Real Estate
Last five years realised returns of 17.8% p.a.
Student Accommodation
Portfolio of over 3,500 beds across six operational sites across Brisbane, Melbourne, and Adelaide with two Melbourne assets now operational for semester 1, 2019.
A new development site settled in Kensington, Sydney in December 2018. Development application lodged for this 276 bed asset.
Retirement Living
In October 2018, the Company successfully exited the six retirement living funds through a sale to an offshore institutional investor.
The final IRR performance of the funds ranged between 6% p.a. to 40% p.a. depending on each specific fund and its time invested.