Trafalgar Corporate Group was established in 1997 and operates primarily in the passive commercial property market, having made a strategic decision in 2008 to progressively withdraw from development related activities.

Trafalgar Corporate Group is an internally managed corporate vehicle and two trusts.  The two trusts hold the Group’s investment assets, while the corporate entity owns the responsible entity that manages the trusts and residual development assets.

The stapled structure of the Group creates an internally managed property group, which aligns the interests of management with the interests of Security Holders.  This means that only the actual cost of running the Trust is paid by the Group, without the leakage of management fees to an outside service provider.

The key objectives of Trafalgar Corporate Group are as follows:

• Complete the exit from development activities
  
• Enhance the value of the commercial assets by renewing and/or extending lease maturities
• Maximise the value to Security Holders by closing the gap between the current security price to the Net Tangible Assets per security by realising the value of assets on an opportunistic basis.
  
• In the absence of any alternative proposal that generates greater value to Security Holders, the Group proposes to realise the value through individual asset sales by December 2011