project1 28 6 04 1 08 pm page level 33 york street sydney nsw 2000 australia locked bag 7 square 1215 phone 61 2 8296 1100 fax 9299 3777 abn 72 085 293 910 www aer com au australian private client property fund december 2004 of copyright by aegis equities holdings pty limited all rights reserved contents summary 3 management 5 12 4 finance 18 exit strategy 24 important notice has been commissioned to produce this report disclaimer & disclosure interests publication prepared research acn an financial services licensee prepare independent and will receive fees for its preparation the company specified in participant provided with information about activities whilst contained reasonable care from sources that believes are reliable no responsibility or liability is accepted any errors omissions misstatements however caused opinions forecasts recommendations reflects judgement assumptions
