Benefits of investing in URB

• Investments exposed to urban renewal and regeneration - URB is the only listed investment company in Australia investing solely in Equity Assets and Direct Property Assets exposed to urban renewal and regeneration;

• Alternative asset class - URB's unique focus on urban renewal and regeneration investments provides an opportunity for diversification and growth of an investor's portfolio;

• Equity investments - access to investments within the Urban Renewal Universe which is made up of 89 stocks from ASX All Ordinaries Index of 500 stocks, has a combined market capitalisation of almost $350 billion. URB's Equity Portfolio will seek to complement more mainstream equity portfolios as URB does not intend to hold banking or resource stocks;

• Direct Property Assets - URB will have a 49.9% interest in the Direct Property Assets which have a value of approximately $59 million. The Direct Property Assets are located in New South Wales in Kingsgrove, Prestons and Penrith. URB considers that all Direct Property Assets have potential for valuation uplift through income and capital growth; and

• Co-Investment Agreement - through the Co-Investment Agreement, URB will have the right to co-invest, on an equal basis with Soul Pattinson, in all Direct Property Assets originated by PSRE that are presented to Soul Pattinson. Direct property investments will therefore be made alongside Soul Pattinson, one of Australia's oldest and respected investment houses.

About the Fund

URB is a research driven, listed investment company, focused on capturing long-term value by investing in a diversified portfolio of assets with exposure to urban renewal and regeneration. Listed on the Australian Stock Exchange (URB.ASX) and managed by Contact Asset Management, an investment in URB gives shareholders access to a diversified portfolio of Equity Assets exposed to urban renewal as well as direct access to exclusive urban renewal deals through a co-invest agreement with Soul Pattinson in all Direct Property opportunities.

The Company's investment objective is to:

• Capture long-term value by investing in a diversified portfolio of Equity Assets and Direct Property Assets with exposure to urban renewal and regeneration; and

• Maximise total securityholder return through a combination of capital and income growth, with the long term target to offer securityholders sustainable and growing fully franked dividends and a yield that is competitive within the listed investment company industry.

How we invest your money

URB's Investment Strategy is to create an actively managed portfolio of Equity Assets and Direct Property Assets. These assets will all have exposure to urban renewal and regeneration.

The Investment Manager is responsible for the construction of the Investment Portfolio in accordance with the Investment Strategy and any investment guidelines agreed between Contact and the Company in accordance with the terms of the Investment Management Agreement.

In terms of the composition of the Investment Portfolio:

• at least 50% of the Investment Portfolio will be invested in the Equity Portfolio;

• 30%-49.9% of the Investment Portfolio will be invested in the Property Portfolio;

• it is currently expected that the Equity Portfolio will comprise of 20-40 Equity Assets listed on ASX;

• there is no minimum limit on the equity value of any Equity Asset or Direct Property Asset;

• the Investment Portfolio may include cash (and cash equivalents such as investment grade interest bearing debt securities and corporate bonds) from time to time pending such cash being invested in the Equity Portfolio or the Property Portfolio;

• there is no limit to the level of cash in the Investment Portfolio; and

• there are no limits on the investments that may be made by the Investment Manager based on industry sectors, provided the investment is within the Investment Strategy.

The Investment Strategy does not include:

• the Company engaging in short selling;

• borrowing at the Company level (however, as detailed in Section 3.4 of the Prospectus, debt may be used at the property level to fund acquisitions of Direct Property Assets or developments of Direct Property Assets); or

• investing in exchange traded and over the counter derivatives.