Commonwealth Bank

Dear Sir/Madam

W Herrmann Real Estate Pty Ltd was registered in 1973 and is currently situated at 20 King Street Rockdale NSW. The business deals in all facets of real estate.

The directors of the company, Walter Herrmann and June Sylvia Herrmann, have many years experience in their field and are highly respected members of the community. Mr Herrmann is currently a director of the Estate Agency Corporation (E.A.C.).

The Bank's association with Walter Herrmann commenced in 1972 and all dealings have been conducted in an excellent manner.

This letter is private and confidential and no responsibility to any person is accepted by the Bank or the writer.

Yours faithfully

- Susan Bell -

Bamburgh Properties

To whom it may concern,

We have been asked to give a reference regarding Walter Herrmann Real Estate Pty Ltd.

As a property company with a turnover in excess of $50million we have a significant demand for property management. Our requirement is not for a 'standard' service but for a specialist property approach. We accept no less than prompt, efficient and reliable property management for ourselves and our customers alike.

For this reason, having tried a number of property managers in the past, we have for the last six years been using Walter Herrmann Real Estate exclusively.

We have always found their approach and professionalism exemplary in what is traditionally regarded as the most time consuming and difficult part of the property business. From our experience, we can give the highest recommendation for to any organisation who are considering using their services of Walter Herrmann Real Estate Pty Ltd.
Yours sincerely,

- Clive Hughes - Finance Director

"Efficient, reliable and professional service of the highest standard and integrity"

To whom it may concern,

My associations with W Herrmann Real Estate Pty Limited has extended over the last 22 years. During that time W Herrmann Real Estate Pty Limited has been entrusted with the management of our Rental properties and Strata Title Developments.

During this time, W Herrmann Real Estate Pty Limited have shown an efficient, reliable and professional service of the highest standard and integrity.

I have no hesitation in recommending their services.

Yours faithfully

- A Sonego - Sylvania Waters

"Highest standard and have no hesitation in recommending W Herrmann Real Estate"

This letter serves to confirm that W Herrmann Real Estate Pty Ltd is the Managing Agent for our properties situated in Palm Beach, City of Sydney and Enmore. We find the services provided to be of the highest standard and have no hesitation in recommending W Herrmann Real Estate Pty Ltd to any Landlord seeking an honest and reliable service.

- J Serafim -

Millbank Residential

To Whom It May Concern
We have been asked to give a reference regarding Walter Herrmann Real Estate Pty Ltd.
As a property company with a turnover in excess of $40million we have a significant demand for both strata and property management. Our requirement, is not for a 'standard' service but for a specialist property approach. We accept no less than prompt, efficient and reliable property management for ourselves and our customers alike.
For this reason, having tried a number of property managers in the past, we have for the last three years been using Walter Hellmann Real Estate exclusively.
We have always found their approach and professionalism exemplary in what is traditionally regarded as the most time consuming and difficult part of the property business. From our experience, we can give the highest recommendation for to any organisation who are considering using their services of Walter Herrmann Real Estate Pty Ltd.

- Alistair Darling - Managing Director

Property Rentals Management Tender

Dear Mr Herrmann

I wish to confirm the oral advice of acceptance of your Company's proposal for the Property Rental Management of the South Eastern Residential Portfolio dated 6 April 1995. Acceptance is subject to, inter alia, the execution of the Agreement, the provision of the security deposit and evidence of current insurances. The delay in not writing earlier is regretted.

The Authority's Property Portfolio Manager responsible for your portfolio of properties is Mr Ross Calver who may be contacted by phoning (02) 218 6758.

The delay in commencement of this contract has been compounded by the inability of the Authority to complete the revision of the software for the computer-based Property Information Management System to be installed in your office.

I am confident that the system refinements will be completed and tested to enable training of your staff to be effected in June, and for your Company to take over full responsibility for the management of the Portfolio on 1 July 1996.

I will write to you again shortly attaching two copies of the RTA Residential Property Management Agreement for execution.

The Authority looks forward to working with your Company on this Property Management program.

Yours faithfully

- R Ackerman -