INVESTOR REPORT TO 3O SEPTEMBER 2021

STRICTLY PRIVATE AND CONFIDENTIAL

This document contains information of a general and introductory nature only and does not purport to contain all information that may be required to evaluate all of the factors that would be relevant to a recipient considering this investment. Belay Capital Pty Limited (ACN 613 444 143) (Belay Capital) and its related bodies corporate expressly disclaim all liability for any loss, damage, cost, expense or other liability, incurred by any person in connection with this document, any omission from it, or the receipt, use or disclosure of it, or purported reliance on it, except to the extent (if any) prohibited by applicable, non-excludible law. This document does not in any way constitute an offer or invitation to invest. Belay Capital reserve the right to, at any time, alter the nature and/or duration of any process that is decided to be undertaken. The document and the information contained herein may not be copied, reproduced or distributed without the prior written consent of the Belay Capital and the document remains private and confidential.

INVESTOR REPORT TO 3O SEPTEMBER 2021

Investment Summary

Investment Structure

Belay Capital Opportunities Fund B (Fund), is comprised of Trust I and Trust II, both Australian unregistered managed investment schemes (unit trusts).

Business Unitas Healthcare Pty Ltd (ACN 635 424 814), who, through a wholly owned subsidiary will be the operator of the Sunshine Private Hospital.

Total to be invested

~$12M for 91.7% of the business, with the balance being held by management.

Prior Call Dates First Call – 1 October 2019 (25% of your Capital Commitment). Second Call – 29 January 2021 (25% of your capital commitment).

FINANCIAL SUMMARY

Belay Capital Opportunities Fund B financial statements to 30 September ‘21.

Balance Sheet (Belay Capital Opportunities Fund B) Cash Flow, Q1FY22 (Belay Capital Opportunities Fund B)

Cash $0.6M Opening Cash Balance $0.6M

Uncalled Capital $6.0M Capital Called during period $0.0M

Investment in Unitas $4.8M Investment in Unitas $0.0M*

Liabilities $0.0M Net Operating Expense* $0.0M

Net Assets 11.4M Closing Cash Balance $0.6M

Retained earnings -$0.6M * Belay Opportunities Fund B, along with management are capitalising Unitas Healthcare through the issue of equity pari passu as capital is required. Current Year Earnings $0.0M

Capital (Called + Uncalled) $12.0M

Total Equity $11.4M

MANAGERS UPDATE

Having commenced construction on the 18th of May the Built team have made good progress to date. The Covid-19 construction shut down and subsequent changes to site regulations in Victoria (double vaccinated workers only on site and closure of tea rooms) caused an extension of time delay. Otherwise the only major variation has been to finalise the energy usage plan which has seen the buiding upgraded to a 5 star green star rating. This change involves the electrification of all facets of power usuage, improvement to leakage from the building, and the addition of solar to power the common areas and lifts. The unavoidable extension of time delay now sees practical completion move from 22nd October to late November 2022.

Pleasingly, since our last report;

• Management have finalised the procurement of integrated operating theatre equipment, inpatient beds and trolleys to be used in the hospital. The tender process came down to three suppliers with Stryker putting forward the most compelling bundled offering,

• Management have been working through the ITC requirements for the new hospital with Deloitte as our external consultants,

• Final interior design schemes are being worked through with colour and most materials now agreed,

• We have welcomed our new CFO to Unitas Healthcare (Simon Walsh) who has brought considerable experience in planning and

operating private hospitals




PROJECT TIMELINE

Construction has now begun. The project timeline is as follows:

Key Milestone Target Completion Date Complete

Feasibility Study 4 Oct 2019 ü

Contracts Complete 24 Feb 2019 ü

Design and Documentation Finalised 15 Feb 2021 ü

Construction Begins 18 May 2021 ü

Planned Hospital Open Late November 2022*

* Brought forward from 5 April 2023 in June ’20 investor report.

EXPECTED CALL DATES

We have updated the estimated future Capital Call dates to align with the capital requirements of the Fund and the above timeline. We have brought forward the 3rd call by one month from January 2022 to December 2021 as a security deposit is required on the integrated operating theatre equipment.

Future Capital Calls Target Date % of Capital Commitment Called

First Call 1 October 2019 25% ü

Second Call 29 January 2021 25% ü

Third Call December 2021 25%

Fourth Call January 2023 25%

VALUATION AND UNIT PRICING

Units in the Fund were issued at $1.00 each. It is not anticipated that units will be revalued until either, after the final Capital Call has been issued, additional capital is raised by the Fund or the Sunshine Hospital is operational. This approach is consistent with International Private Equity and Venture Capital valuation guidelines. Please contact us should you have any further queries. We thank you for your support.

Andrew Kloster M +61 411 193 663 [email protected]

Etienne Alexiou M +61 400 313 412 [email protected]




PROGRESS PHOTOS

Documents

INVESTOR REPORT TO 3O SEPTEMBER 2021