Pallas Preference Equity - Bowen Terrace, New Farm

An investment in Preference Units in the Bowen Terrace Capital Trust, funding the development of two luxury residential buildings at 424 Bowen Terrace, New Farm — one of Brisbane's premium residential suburbs, approximately 2km northeast of Brisbane's CBD. The net proceeds of the issue are loaned to the Developer under the Trust Loan to undertake a proposed 101-residence project with about 15,108 sqm of Net Saleable Area and an adopted completed value of about $404.8 million (including GST), subject to approval of the Developer's amended development application. Offered to wholesale and sophisticated investors only under an Information Memorandum dated March 2026. An investment in the Issuer is speculative and subject to investment risk, including possible delays in repayment and loss of income and principal invested.