The Manager of the Company is Augusta Funds Management Limited, which is owned by Mark and Chris Francis via AFM Holdings Ltd.

Management History
The Augusta Group was formed in 2001 to invest in and develop property. The Augusta Group has made a number of property acquisitions since inception, predominantly for development or refurbishment/redevelopment in the commercial, industrial and retail sectors.

In 2003, the Augusta Group diversified its interests establishing Augusta Capital Management Limited to undertake property syndication activities.

Augusta Group has become an established participant in the New Zealand property market building strong relationships with key industry players.

Role of Manager
The Manager has a board of two directors, which are currently Mark Francis and Chris Francis.

The Manager comprises a team of five senior executive staff, Mark Francis - Managing Director, Chris Francis - General Manager, Simon Woollams - Financial Controller, Patrick Gedye - Property & Facilities Manager and Deanna Pearton - Office Administrator.

The Company and Augusta Funds Management Limited have entered a management services agreement dated 6 November 2006. Under the Management Agreement, the Manager is appointed as the sole manager of the Company.

Rights of First Refusal
The Company has Rights of First Refusal with Augusta Group Limited. In the event that Augusta Group (including any of its related companies) wishes to sell any one of its New Zealand properties (subject to certain limited exceptions noted below) then it must first offer to sell those properties to the Company. While these Rights of First Refusal give the Company the right to acquire properties in preference to any third party, they do not oblige the Company to acquire properties offered to it by Augusta Group.

The purchase price for the property will be an amount determined by an independent valuer, less a discount to be nominated by the selling party (in good faith). Whilst the Company cannot compel the selling party to increase its nominated discount it can require that party to engage in good faith negotiations. These Rights of First Refusal provide the Company with an exclusive negotiating period within which to enter into a conditional agreement to acquire the relevant property. Any such agreement, where required, will be conditional upon purchaser due diligence and regulatory and Shareholder approvals.

If the Company is not interested in acquiring the property or does not accept the terms of the formal agreement, then the selling party will be free to sell the property to a third party on terms no more favourable than those offered to the Company.

Efficient and committed manager
The terms of the Management Agreement between the Company and the Manager have been negotiated to closely align the interests of the Manager with those of Shareholders. The management fee structure compares favourably with industry practice.