RG 46 Disclosures

In September 2008, the Australian Securities and Investments Commission (ASIC) released Regulatory Guide 46 - Unlisted property schemes - improving disclosure for retail investors (RG 46) setting out eight principles for improved disclosure to help retail investors understand the risks associated with investing in unlisted property funds and to decide whether such investments are suitable for them.

The Guide covers the following disclosure requirements:

Disclosure Principle 1 - Gearing Ratio

The gearing ratio of the Trust is currently 45.4%.

This ratio has been calculated in accordance with ASIC RG 46 which states that entities should disclose a gearing ratio using the following formula:

Gearing ratio =	Total interest bearing liabilities(1)
	Total assets(2)

(1) Interest bearing liabilities exclude deferred transaction costs.

(2) Based on audited financial statements as at 30 June 2011.

Disclosure Principle 2 - Interest Cover

Currently, the Trust's interest cover is 2.13 times. This figure indicates that the Trust currently has sufficient earnings to satisfy interest repayments.

The interest cover has been calculated for the year in accordance with ASIC RG 46 which states that the entity's interest cover should be disclosed and calculated using the following formula:

Interest cover =	EBITDA(1) - unrealised gains + unrealised losses
	Interest expense

EBITDA = earnings before interest, tax, depreciation and amortisation

Disclosure Principle 3 - Borrowing

The Trust has obtained a loan from the Commonwealth Bank of Australia. The amount currently drawn down is $67.0 million from a total facility limit of $67.0 million. The maturity date of this loan is June 2012.

As at 30 June 2011, the Trust is in compliance with its loan covenants, and is not aware that any covenants are likely to be breached in the future.

Investors' interests in the Trust will generally rank behind lenders and other creditors of the Trust. This means, if the Trust was to be wound-up, then the Trust's lenders and other creditors would be repaid first, before any capital or outstanding distributions were paid to investors.

Disclosure Principle 4 - Portfolio Diversification

Property:	Industry House
Property value:	$144 million*
Geographical location:	Canberra
Sector:	Office
Weighted average lease expiry:	10.5 years*
Occupancy rate:	100%*
Major tenant:	Commonwealth Government of Australia (99% by area)
*As at 30 June 2011

The Trust was established to invest in one specific property being Industry House. The Trust does not intend to acquire any other properties or make any other investments.

Disclosure Principle 5 - Valuation Policy

Pursuant to the constitution of the Trust, the Responsible Entity may determine the valuation methods and policies it will apply from time to time in determining the net asset value of the Trust. Independent valuations are performed as at 30 June each year by registered valuers who are appropriately qualified to undertake the valuation, based on the type and locality of the property being valued. All independent valuations comply with relevant industry standard and codes.

Disclosure Principle 6 - Related Party Transactions

The Responsible Entity has established a policy for proposed or potential related party transactions, to ensure that any actual or potential conflicts of interest are identified and appropriately dealt with. Any potential transactions with related parties go through an assessment process, and must be approved unanimously by the Board. No related party transactions can be approved or entered into unless they are strictly on arms-length, commercial terms (unless otherwise approved by Unitholders , with any possible conflicts of interest having been fully disclosed). Any related party transactions are then monitored to ensure they are carried-out as approved and continue to be on arms-length terms.

The following related party fees were paid or payable to the Responsible Entity during the year ended 30 June 2011:

Disclosure Principle 7 - Distributions

Year ended 30 June 2012

Quarter ended	Distribution rate (cpu)
30 September 2011	2.0795
31 December 2011	2.0795
	4.1590

Year ended 30 June 2011

Quarter ended	Distribution rate (cpu)
30 September 2010	2.0795
31 December 2010	2.0795
31 Mar 2011	2.0342
30 Jun 2011	2.0568
	8.2500

Year ended 30 June 2010

Quarter ended	Distribution rate (cpu)
31 March 2010(1)	2.0096
30 June 2010	2.0319
	4.0415

(1) Units in the CorVal Industry House Trust were first allotted on 22 January 2010. The first income distribution was therefore in the quarter ended 31 March 2010.

Disclosure Principle 8 - Withdrawal Rights

Investors have no rights to withdraw from the Trust as it is a fixed term investment with no ongoing liquidity.