Structure Calibre Capital is a joint venture established in 2004 between KordaMentha and two experienced property funds management executives, Alexander ("Sandy") Calder and Richard Stacey. Calibre Capital combines the senior level, institutional real estate funds management experience of Sandy Calder and Richard Stacey with KordaMentha’s expertise in real estate workout management. Additionally, Calibre Capital’s investment decision-making process benefits from the chartered accounting, liquidation and investigation expertise of KordaMentha partners, Mark Korda and David Winterbottom. Activities Its activities include the creation, launch and ongoing management of real estate investment vehicles. Investment Philosophy Calibre Capital is committed to its investment philosophy of matching both its own and investors’ capital with property and property-related assets that provide an appropriate risk adjusted total return over time. The company is focused on systematic risk management and transparency through continuous and even disclosure to investors. KordaMentha Calibre Capital’s joint venture partner, KordaMentha, is an independent professional services firm with approximately 380 personnel, specialising in corporate recovery, corporate advisory and real estate services. It has offices in Sydney, Melbourne, Brisbane, Gold Coast, Adelaide and Perth as well as the global resources of international affiliates in the UK and USA. Independence Being independent of any property development or construction business, property investment organisation or real estate agency, investors can benefit from Calibre Capital’s ability to move swiftly and discreetly in the real estate investment market and make relatively objective decisions on real estate investment and development, seeking maximum advantage from prevailing market conditions. Real Estate Workouts Calibre Capital specialises in the resolution and workout of difficult and unusual real estate problems including financial, contractual, and environmental issues, union/labour issues, contamination, half completed developments, vacancies, cost management, leasing issues, subdivision and inefficient or inappropriate land use. Management Calibre Capital’s directors are Sandy Calder, Richard Stacey, Mark Korda, Berrick Wilson and David Winterbottom. Together, they are experienced in Australian business, accounting, corporate recovery and real estate, having held senior management roles in major companies including Colonial First State, BT Australia, Principal Global Investors, Paladin Australia, Arthur Andersen, Ernst & Young and Colliers International. Their combined attributes include: Skill in identifying purchasing opportunities and successfully managing and adding value to real estate portfolios; Extensive property fund, asset and development management experience; Corporate, financial, government and real estate networks Australia-wide; A strong focus on professional and ethical business, accounting and corporate governance practices; and Expertise in unlocking value from problematic real estate assets and projects. The senior management team has many years experience in assisting clients achieve property investment and development objectives while also clearly identifying and managing risk.