A physical direct property product that meets the requirements placement on FSR Licensee recommended list. DIAGRAM 1 I FSR LICENCE SHAREHOLDERS 1 [ $20, 000 I INVESTMENT GRADE I 1 RATED PHYSICAL DIRECT PROPERTY PRODUCTS , 1 MASTER LICENCEE FULL ADVICE GENERAL ADVICE COMPANY COMPANY 4 3 Pay product fee to FSR License and research fee to PIR REAL ESTATE - AR [ AGENTS 6 I Sub Er E i[ Licencee [ Pay $200 per month per oN I adviser to FSR Licence iEI; E 14o?t. MORTGAGE N_ AR BROKERS 7 I Sub Licencee i i = : : : t Pay product fee to FSR ] GAR License and research fee to PIR Io R 40% b, ACCOUNTANT5 I Io7 -Sub 1 Licencee GAR CLIENT ADVICE ONLY] FULLY PS 146 COMPLIANT t PRODUCT ADVICE ONLY TRAINED BY 1 AUSTRALIAN COLLEGE OF FINANCIAL SERVICES