The Notice of Meeting and Explanatory Memorandum, which was lodged with ASIC as a product disclosure statement on 6 July 2016, is updated with the following information.

Propertylink has sought a Class Ruling from the ATO in relation to the treatment of the capital reduction and reallocation which is being implemented as part of the Restructure. Information about the capital reduction and reallocation and its implications for investors are set out in Section 6.4.10 of the Explanatory Memorandum accompanying the Notice of Meeting, and in Section B.4 of Appendix B to the Explanatory Memorandum.

Confirmation that the ATO will provide the Class Ruling on the terms requested is a condition of the Restructure. As the Class Ruling has not yet been obtained, Propertylink, the Goldman Sachs Investor and Grosvenor have agreed to waive the ATO condition and proceed with the Restructure, so as not to delay implementation of the Restructure and Offer.

While the Class Ruling has not yet been obtained, the tax position of PHL/PT Existing Investors is unaffected and will remain as set out Section B.4 of Appendix B of the Explanatory Memorandum.

This update has been prepared for the purpose of giving PHL/PT Securityholders additional information in relation to the proposed Restructure. This update has not been prepared for any other purpose. This update supplements the Notice of Meeting and Explanatory Memorandum.  Capitalised terms used in this update have the meaning given in the Glossary to the Explanatory Memorandum.

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