Risk, candidly.

Property values, capitalisation rates, and rental markets fluctuate. Adverse movements may reduce the value of assets held by the fund and the returns realised on exit.

Tenant default, vacancy, or rental decline can reduce income. While the fund favours healthcare tenants with structural demand, individual lease outcomes are not guaranteed.

The fund is illiquid. There is no automatic redemption mechanism. Liquidity may only be available through agreed methods or secondary transfer, and there is no guarantee of timing or price.

Debt amplifies both returns and losses. The fund targets 50% LVR but may move outside this range with RE approval. Cost-of-debt changes affect net distributions and refinance risk applies at debt maturity.

Healthcare is a regulated sector. Changes to Medicare, bulk-billing arrangements, telehealth, or zoning could affect tenant economics and therefore property values.

Valuations are estimates. Differences between independent valuations, directors’ valuations, and realised sale prices can be material.

Projected returns, target distributions, and capital growth are forward-looking and not guarantees. Actual outcomes may differ materially.

MPG may receive fees from multiple sources within the fund. Full disclosure is in the IM. Conflicts are managed under the Responsible Entity’s policies.

A focused sector strategy means returns are exposed to healthcare property as a sector. Diversification across geography, tenant, and strategy is sought, but not absolute.

Performance depends on the continued involvement of senior MPG personnel. Loss of key people may affect execution.