Information contained in this Draft Confidential Whitepaper is subject to completion or amendment.

The tokens described in this Draft Confidential Whitepaper may not be sold prior to delivery of a final Whitepaper. This
Draft Confidential Whitepaper shall not constitute an offer to sell or the solicitation of any offer to buy the tokens nor shall there be any sale of such tokens in any jurisdiction in which such offer, solicitation or sale would be
unlawful. This Draft Confidential Whitepaper supersedes in its entirety any other prior marketing materials or other communications concerning any tokens heretofore delivered to prospective purchasers.

the blockchain

Whitepaper V1.1
Introducing

professionally managed
Your opportunity to own a
Property Coin

portfolio of real estate assets via

Disclaimer

IMPORTANT NOTICES
YOU MUST READ THE FOLLOWING BEFORE CONTINUING. YOU ARE ADVISED TO READ THIS CAREFULLY
BEFORE READING THIS WHITEPAPER, ACCESSING OR MAKING ANY OTHER USE OF THIS WHITEPAPER.
IN ACCESSING THIS WHITEPAPER, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND
CONDITIONS, INCLUDING ANY MODIFICATIONS TO THEM ANY TIME YOU RECEIVE ANY INFORMATION
FROM US AS A RESULT OF SUCH ACCESS.

This Draft Confidential Whitepaper (this "Whitepaper") has been prepared by PCX Cayman LP, a limited
partnership organized under the laws of the Cayman Islands ("Company"), for use by prospective
purchasers to whom the Company expects to offer the opportunity to purchase Property Coins ( the
"Property Coins", "Coins" or “Tokens”). Unless the context requires otherwise, in this Whitepaper the terms
"Company," "Token Issuer", “Property Coin”, “Aperture”, "we," "us" and "our" refer to PCX, LLC, PCX Cayman
LP, Aperture Real Estate Ventures, LLC each of their subsidiaries and affiliates, as applicable, and all dollar
($) amounts set forth herein refer to United States dollars.

This Whitepaper supersedes in its entirety any and all previous draft whitepapers, marketing memoranda,
term sheets, verbal or written communications or other information regarding the proposed offering
described herein.

PURCHASERS OF THE TOKENS INVOLVES A HIGH DEGREE OF RISK AND IS SUITABLE ONLY FOR PERSONS
OF SUBSTANTIAL MEANS WHO HAVE NO NEED FOR LIQUIDITY IN SUCH PURCHASE AND WHO ARE ABLE
TO BEAR THE ECONOMIC RISKS OF THIS PURCHASE, INCLUDING TOTAL LOSS. PURCHASERS WILL NOT
BE ABLE TO FREELY TRANSFER THE PROPERTY COINS AND WILL BE SUBJECT TO SIGNIFICANT
RESTRICTIONS ON THEIR TRANSFER AND SHALL HAVE NO VOTING RIGHTS. ALL PURCHASERS SHOULD
CAREFULLY REVIEW THIS WHITEPAPER, AS IT MAY BE AMENDED FROM TIME TO TIME, INCLUDING THE
"RISK FACTORS" SET FORTH HEREIN.

ANY OFFER TO PURCHASE THE PROPERTY TOKENS TO BE OFFERED BY THE COMPANY WILL BE MADE
PURSUANT TO A PRIVATE PLACEMENT MEMORANDUM, AND THE SALE THEREOF WILL NOT BE
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES ACT. THE PROPERTY
COINS WILL BE OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACTS. THE PROPERTY COINS WILL BE OFFERED AND SOLD IN THE UNITED
STATES ONLY TO BONA FIDE RESIDENTS OF STATES IN WHICH SUCH EXEMPTION IS AVAILABLE, WHO
CAN MEET CERTAIN REQUIREMENTS, INCLUDING NET WORTH AND INCOME REQUIREMENTS, AND WHO
PURCHASE THE PROPERTY COINS WITHOUT A VIEW TO DISTRIBUTION OR RESALE.

INVESTMENT IN PROPERTY COIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, THE
CAYMAN ISLANDS MONETARY AUTHORITY (“CIMA”) OR ANY OTHER REGULATORY AUTHORITY NOR HAS
ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF ANY PROPOSED OFFERING OR THE
ACCURACY OR ADEQUACY OF THIS WHITEPAPER. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE. THIS WHITEPAPER DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO
ANYONE IN ANY STATE OR IN ANY OTHER JURISDICTION. THE COMPANY RESERVES THE RIGHT TO
WITHDRAW OR AMEND FOR ANY REASON ITS PROPOSED OFFERING AND TO REJECT ANY
SUBSCRIPTION FOR FUTURE PROPERTY TOKENS FOR ANY REASON.

PROPERTY COIN WHITEPAPER V1.0

2
Disclaimer
THE FUTURE OFFERING WILL BE MADE IN THE U.S. IN RELIANCE UPON THE AVAILABILITY OF AN
EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT BY VIRTUE OF THE
INTENDED COMPLIANCE WITH THE PROVISIONS OF RULE 506(C) OF REGULATION D, AND
CONCURRENTLY AND SEPARATELY, WE INTEND TO CONDUCT AN OFFERING OF PROPERTY COINS IN
OFFSHORE TRANSACTIONS WITHOUT DIRECTED SELLING EFFORTS IN THE U.S. TO NON "U.S. PERSONS"
(AS DEFINED IN RULE 902 OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT), UNDER AN
EXEMPTION FROM REGISTRATION PROVIDED BY REGULATION S. THE SALES OF ALL PROPERTY COINS
UNDER REGULATION S IN THAT OFFERING WILL BE MADE PURSUANT TO SEPARATE OFFERING
MATERIALS.

SECURITIES SOLD TO RESIDENTS OUTSIDE OF THE UNITED STATES IN ACCORDANCE WITH REGULATION
S UNDER THE SECURITIES ACT MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO OR
FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT) (i) AS PART OF THEIR DISTRIBUTION AT ANY TIME OR (ii) OTHERWISE UNTIL THE
EXPIRATION OF THE APPLICABLE RESTRICTED PERIOD AS DETERMINED IN ACCORDANCE WITH
REGULATION S, EXCEPT IN EITHER CASE IN ACCORDANCE WITH REGULATIONS UNDER THE SECURITIES
ACT. IN ADDITION, NO HEDGING TRANSACTION MAY BE CONDUCTED WITH RESPECT TO THE PROPERTY
COINS UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT.

ANY PROSPECTIVE PURCHASER OF PROPERTY COINS IN THE UNITED STATES MUST BE VERIFIED AS AN
"ACCREDITED INVESTOR", AS DEFINED IN RULE 501 OF REGULATION D. GENERALLY, THIS WILL REQUIRE
ALL PROSPECTIVE PURCHASERS TO PROVIDE CERTAIN DOCUMENTATION TO THE COMPANY OR ITS
VERIFICATION AGENT THAT SUCH PURCHASER HAS A NET WORTH OF AT LEAST $1 MILLION (WITH THE
CALCULATION OF NET WORTH EQUALING THE EXCESS OF TOTAL ASSETS OVER TOTAL LIABILITIES,
DISREGARDING FROM THIS CALCULATION THE VALUE OF THE PURCHASER’S PRIMARY RESIDENCE AND
ANY ASSOCIATED DEBT SECURED BY THE PURCHASER’S PRIMARY RESIDENCE; BUT ONLY TO THE
EXTENT ANY SUCH DEBT DOES NOT EXCEED THE FAIR MARKET VALUE OF SUCH RESIDENCE) OR THAT
SUCH PURCHASER’S GROSS INCOME HAS EQUALED OR EXCEEDED $200,000 DURING EACH OF THE LAST
TWO YEARS AND FOR THE CURRENT YEAR. PROSPECTIVE ACCREDITED INVESTORS WILL BE REQUIRED
TO REPRESENT AND/OR DEMONSTRATE TO THE SATISFACTION OF THE COMPANY OR ITS VERIFICATION
AGENT THAT: (i) THEY HAVE SUCH SOPHISTICATION, KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND
BUSINESS MATTERS THAT THEY ARE CAPABLE OF EVALUATING THE MERITS AND RISKS OF THIS
PURCHASE AND (ii) THEY ARE ABLE TO BEAR THE ECONOMIC RISKS OF THIS PURCHASE, INCLUDING A
TOTAL LOSS OF THEIR PURCHASE PRICE.

NO PERSON HAS BEEN AUTHORIZED IN CONNECTION WITH OUR FUTURE OFFERING OF PROPERTY
COINS TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED
IN THE WHITEPAPER OR FINAL PRIVATE PLACEMENT MEMORANDA AND, IF GIVEN OR MADE, SUCH
INFORMATION AND REPRESENTATIONS MUST NOT BE RELIED UPON; PROVIDED, HOWEVER, THAT
NOTHING HEREIN CONTAINED SHALL LIMIT THE OPPORTUNITY OF ANY OFFEREE OR ITS
REPRESENTATIVE, ACCOUNTANT OR ATTORNEY TO ASK QUESTIONS OF AND RECEIVE ANSWERS FROM
THE COMPANY CONCERNING THE TERMS AND CONDITIONS OF THE PROPOSED OFFERING, OR TO
OBTAIN ADDITIONAL INFORMATION NECESSARY TO VERIFY THE ACCURACY OR ADEQUACY OF ANY OF
THE INFORMATION CONTAINED HEREIN OR IN ANY OTHER DOCUMENT REFERRED TO HEREIN. UNDER
NO CIRCUMSTANCES SHALL THE DELIVERY OF THIS WHITEPAPER OR FINAL SALE MADE PURSUANT TO
A PRIVATE PLACEMENT MEMORANDUM CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE
IN THE FACTS OR THE AFFAIRS OF THE COMPANY DESCRIBED HEREIN SINCE THE DATE HEREOF, OR
THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO THE DATE
OF THIS WHITEPAPER. HOWEVER, IF ANY MATERIAL ADVERSE CHANGE OCCURS PRIOR TO THE
TERMINATION OF THE OFFERING OF THE PROPERTY COINS, THE COMPANY'S PRIVATE PLACEMENT
MEMORANDUM WILL BE AMENDED OR SUPPLEMENTED ACCORDINGLY.

PROPERTY COIN WHITEPAPER V1.0

3
Disclaimer
EXCEPT AS OTHERWISE SET FORTH IN THIS WHITEPAPER, THIS WHITEPAPER MAY NOT BE FORWARDED
OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER
WHATSOEVER. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS WHITEPAPER IN WHOLE
OR IN PART IS UNAUTHORIZED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A
VIOLATION OF CERTAIN APPLICABLE LAWS.

YOU ARE REMINDED THAT THIS WHITEPAPER HAS BEEN DELIVERED TO YOU ON THE BASIS THAT YOU
ARE A PERSON INTO WHOSE POSSESSION THIS WHITEPAPER MAY BE LAWFULLY DELIVERED IN
ACCORDANCE WITH THE LAWS OF THE JURISDICTION IN WHICH YOU ARE LOCATED AND YOU MAY NOT,
NOR ARE YOU AUTHORIZED TO, DELIVER THIS WHITEPAPER TO ANY OTHER PERSON.

PROSPECTIVE PURCHASERS ARE NOT TO CONSTRUE THE CONTENTS OF THIS WHITEPAPER OR ANY
PRIOR OR SUBSEQUENT COMMUNICATIONS WITH REGARD TO THIS WHITEPAPER AS INVESTMENT,
LEGAL, ACCOUNTING, REGULATORY OR TAX ADVICE. PRIOR TO ANY PURCHASE, A PROSPECTIVE
PURCHASER SHOULD CONSULT WITH ITS OWN ADVISORS TO DETERMINE THE APPROPRIATENESS AND
CONSEQUENCES OF SUCH A PURCHASE IN RELATION TO THAT PURCHASER’S SPECIFIC
CIRCUMSTANCES.

NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN

ANY JURISDICTION. THE PROPERTY COINS HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER
THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, NO
PROSPECTUS WILL BE ISSUED AND THE PROPERTY COINS MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. THE
ACQUISITION AND TRANSFER OF THE PROPERTY COINS ARE SUBJECT TO ADDITIONAL RESTRICTIONS
THAT WILL BE DESCRIBED IN A FINAL PRIVATE PLACEMENT MEMORANDUM TO BE DISTRIBUTED BY THE
COMPANY, PURSUANT TO WHICH THE PROPERTY COINS WILL BE SOLD.

THE COMPANY HAS USED REASONABLE ENDEAVORS TO APPROACH THE TOKEN GENERATING EVENT IN
A RESPONSIBLE AND SENSIBLE MANNER. GIVEN THE UNCERTAIN LEGAL STATUS OF DISTRIBUTED
LEDGER TECHNOLOGIES, BUSINESSES AND ACTIVITIES AS WELL AS CRYPTOCURRENCIES AND
CRYPTOCURRENCY-RELATED BUSINESSES AND ACTIVITIES IN A NUMBER OF JURISDICTIONS. THE
COMPANY HAS SPENT TIME AND RESOURCES TO CONSIDER ITS BUSINESS APPROACH AND WHERE IT
PROPOSES TO OPERATE NOW AND IN THE FUTURE. IT IS POSSIBLE THAT THE COMPANY’S PROPERTY
COINS DESCRIBED IN THIS WHITEPAPER AND WHICH ARE THE SUBJECT OF THE TOKEN GENERATING
EVENT MAY COMPRISE A SECURITY IN CERTAIN JURISDICTIONS OR THE OFFER FOR SALE BY THE
COMPANY OF THE PROPERTY COINS IN CERTAIN JURISDICTIONS MAY BE A REGULATED OR PROHIBITED
ACTIVITY. IN ADDITION, THE PROPERTY COINS ARE NOT BEING OFFERED OR SOLD AND MAY NOT BE
OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, EXCEPT AS PERMITTED BY THE SECURITIES ACT AND
OTHER APPLICABLE LAWS AND REGULATIONS. THE COMPANY ACCEPTS NO RESPONSIBILITY OR
LIABILITY TO YOU IN THESE OR ANY OTHER CIRCUMSTANCES. YOU ARE STRONGLY ADVISED TO
CONSULT YOUR INDEPENDENT LEGAL AND TAX ADVISORS IN RESPECT OF THE LEGALITY IN YOUR
JURISDICTION OF YOUR PARTICIPATION IN THE TOKEN GENERATING EVENT AND PURCHASE OF
PROPERTY COINS, AND ANY TAX IMPLICATIONS ASSOCIATED THEREWITH.

PROPERTY COIN WHITEPAPER V1.0

4
Disclaimer
EXCEPT AS SET FORTH IN THE FINAL WHITEPAPER AND PRIVATE PLACEMENT MEMORANDUM, YOUR
PURCHASE OF PROPERTY COINS WILL NOT ENTITLE YOU TO ANY EQUITY, GOVERNANCE, VOTING, OR
CONTROL OVER THE MANAGEMENT OF THE COMPANY WHATSOEVER, OR CREATE IN YOU ANY SIMILAR
RIGHT OR ENTITLEMENT IN THE COMPANY OR IN ANY OF ITS AFFILIATED COMPANIES AND WILL NOT
EVIDENCE INTERESTS IN OR REPRESENT AN ARRANGEMENT WITH RESPECT TO POOLED PROPERTY OR
THE RIGHT TO PARTICIPATE IN OR RECEIVE PROFITS OR INCOME ARISING FROM THE ACQUISITION,
MANAGEMENT OR DISPOSAL OF POOLED PROPERTY OR SUMS PAID OUT OF SUCH PROFITS OR INCOME.
THE COMPANY RECOMMENDS THAT ANY PROSPECTIVE PURCHASER OF PROPERTY COINS HAS PRIOR
EXPERIENCE WITH CRYPTOGRAPHIC COINS, BLOCKCHAIN-BASED SOFTWARE AND DISTRIBUTED LEDGER
TECHNOLOGY AND HAS TAKEN INDEPENDENT PROFESSIONAL ADVICE.

NOTICE

ANY NON ENGLISH LANGUAGE VERSION OF THIS WHITEPAPER IS A TRANSLATION OF AN ENGLISH

LANGUAGE DOCUMENT. IT IS PROVIDED FOR INFORMATION ONLY, DOES NOT CONSTITUTE AN OFFER
TO BUY OR SELL OR A SOLICITATION OF AN OFFER TO BUY OR SELL PROPERTY COINS AND HAS NO
LEGAL EFFECT AND SHOULD NOT BE RELIED UPON.

PROSPECTIVE PURCHASERS OF PROPERTY COINS SHOULD RELY ON THE ORIGINAL ENGLISH LANGUAGE
OFFERING MEMORANDUM IN RELATION TO ANY DECISION RELATING TO THE SUBJECT MATTER OF THIS
WHITEPAPER. IN THE EVENT OF A DISCREPANCY, CONFLICT, OR OTHER AMBIGUITY WITH RESPECT TO
THIS WHITEPAPER AND ANY TRANSLATION THEREOF, THE ENGLISH LANGUAGE VERSION OF THE
WHITEPAPER SHALL GOVERN.

PROPERTY COIN WHITEPAPER V1.0

5
Disclaimer
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Whitepaper contains forward-looking statements. Such forward-looking statements include statements regarding,
among others, (i) the Token Issuer’s investment objectives, goals and criteria, (ii) acquisition policies, (iii) property
characteristics, (iv) capital needs and financing plans and (v) the policies and procedures in place at the Token Issuer.
Forward-looking statements, which involve assumptions and describe future plans, strategies, and expectations, are
generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "approximate," "estimate,"
"believe," "intend," "plan," or "project," or the negative of these words or other variations on these words or comparable
terminology. This information may involve known and unknown risks, uncertainties, and other factors that may cause
actual results, performance, or achievements to be materially different from the future results, performance, or
achievements expressed or implied by any forward-looking statements. These statements may be found in this
Whitepaper. Actual events or results may differ materially from those discussed in forward-looking statements as a
result of various factors, including, without limitation, the risks outlined under "Risk Factors" and matters described in
this Whitepaper generally. In light of these risks and uncertainties, the events anticipated in the forward-looking
statements may or may not occur.
Forward-looking statements are based on current expectations and assumptions regarding the Token Issuer’s business,
the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they
are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Token
Issuer’s actual results may differ materially from those contemplated by the forward-looking statements. Prospective
investors are cautioned that they should not rely on any of these forward-looking statements as statements of historical
fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include regional, national or global political, economic,
business, competitive, market and regulatory conditions such as the following (which list is not exhaustive):

- Our ability to grow Property Coin (PCX) into a $1 billion property and loan portfolio that revitalizes
neighborhoods, promotes affordable housing and delivers profits and value appreciation to our investors.
- our sourcing, identification and selection of prospective real estate investments;
- our ability to consummate attractive property acquisitions due to our limited resources and the significant
competition for investment opportunities;
- our ability to appropriately forecast and model returns on real estate investments and loans;
- changes in real estate prices and property valuations;
- the effect of economic conditions on the real estate markets;
- competition for properties;
- ability to manage development, construction and operational risks;
- environmental risks;
- ability to identify liabilities associated with acquired properties prior to their acquisition;
- ability to acquire or renew permits and approvals;
- our dependence on, and conflicts of interest with, Aperture and their respective affiliates; our issuance of
Property Coins or incurrence of debt to complete property acquisitions;
- potential future affiliations of the affiliates of Aperture with other ventures or competing businesses;
- our ability to obtain additional financing to acquire attractive properties;
- the lack of a market for Property Coins;
- our being deemed an investment fund under the laws and regulations of our jurisdiction of formation.

Any forward-looking statement made in this Whitepaper speaks only as of the date on which it was make it, and is
expressly qualified in its entirety by the foregoing cautionary statements. Factors or events that could cause actual
results to differ may emerge from time to time, and it is not possible to predict all of them. The Token Issuer does not
undertake and has no obligation to update any forward-looking statement, whether as a result of new information,
future developments or otherwise.

PROPERTY COIN WHITEPAPER V1.0

6
 Contents

Disclaimer 2

Our Vision 8

Introducing Property Coin 9

Property Coin in Action 10

Natural Price Appreciation 11

Major Benefits of Property Coin 12

A Game Changing Proposition 13

The Property Coin Pledge 14

Property Coin ICO vs. Typical ICO 15

Introducing Aperture 16

A Breakthrough in Real Estate Tech 17

How We Work: The Flips Business 18

The Property Acquisition Market 19

How We Work: The Loans Business 20

The Investor Loan Market 21

Property Coin Mechanics 22

Token Sale Structure 25

Property Coin Rewards 26

The Road Ahead 27

Driving Property Coin: The Aperture Team 28

Partners 34

Stay up to date 35

PROPERTY COIN WHITEPAPER V1.0

7
Our Vision

From small acorns grow mighty oaks...

Our vision is to grow Property Coin (PCX) into a $1 billion property and
loan portfolio that revitalizes neighborhoods, promotes affordable
housing and delivers profits and value appreciation to our investors.

Property Coin is designed to enable the growth of our existing real

estate business (Aperture) that uses a combination of proprietary
technologies, market analysis, and human expertise to capitalize on
investment opportunities in the $162 trillion global residential real estate
market.

The capital provided by Property Coin investors will be used to grow our
property investment and loan origination businesses to scale in a
market that has traditionally lacked institutional discipline and creativity.

Our management team has extensive experience in operating, managing

and growing these businesses at scale and we are extremely excited to
be innovating the technology, processes and funding sources of a
proven operating platform at the heart of the largest asset class in the
world.

We are “revolutionizing the way real estate is transacted”.

Come join the revolution!

THE APERTURE TEAM

PROPERTY COIN WHITEPAPER V1.0

8
Introducing Property Coin
What is Property Coin?
Property Coin is your exclusive key to participate in
a token backed by a diversified and professionally
managed portfolio of real estate and loans
uncovered using Aperture’s proprietary technology
platform.
Created and managed by Aperture
Property Coin is managed by Aperture, a
California-based real estate technology and
investment company that seeks to innovate the way
technology is used in the acquisition, rehabilitation
and disposition of residential real estate. We have
systematized the process of acquiring, repairing
and re-selling properties with over 50% unlevered
IRRs produced to date.
Aperture operates in two primary business areas:
→ the trading of residential properties (“flips”)
→ providing loans to other property investors
(“investor loans”)
Our business revitalizes neighborhoods, creates
jobs and improves communities, all while making
money.
Our team estimates that during their careers they
have been involved in the closing of over $150B of
real estate financing transactions, the flipping of
over 3,000 properties, the origination of over $10B
of mortgage loans and they have created
proprietary technology systems for some of the
largest investment banks in the world.
We have invested our own money and spent more
than a year designing, developing and implementing
a sophisticated, data driven and proprietary
technology platform that identifies potential assets
for acquisition.
PROPERTY COIN WHITEPAPER V1.0
How does Property Coin work?
Aperture will invest 100% of the net proceeds
from the Property Coin ICO in real estate and
loans owned through the Property Coin
purchasing entity (PCX, LLC and affiliates).
Each coin holder will own a fractional
percentage of all assets owned by Property
Coin. Coin holders will also be entitled to 50% of
the net profits from these property and loan
investments. Aperture will re-invest those
profits in new real estate related investments,
with the intent of creating a natural price
appreciation effect for coin holders.
Uncovering investment
opportunities
Our system identifies, analyzes and scores an
estimated 1,000 properties per day (on average),
looking for attractive investment properties. At
this volume, we see far more opportunities than
we currently have capital to invest.
While we could put $100 million of capital to
work very quickly, we seek to raise $50+ million
via our ICO, with plans to raise more as we grow
our platform.
The proceeds from the sale of Property Coin will
enable us to expand our existing business and in
return, we will reinvest retained profits, as well
as provide transparency and a high quality coin
project to our investors.
“The real estate investment industry
has long lagged behind the
innovations of the technology
industry. Aperture is changing that.”
Andrew Jewett
Co-CEO, Aperture
9
Property Coin in Action

Revitalizing Communities
The examples below are actual properties that our team has revitalized. We have spent our careers in the
residential real estate sector where we have managed the acquisition, rehabilitation and disposition of
thousands of properties across the U.S.

BEFORE AFTER

BEFORE AFTER

BEFORE AFTER

PROPERTY COIN WHITEPAPER V1.0

10
Natural Price Appreciation

A growing asset base Impressive investment potential

Because Property Coin will reinvest all retained The table and graph below depict the natural
profits into additional real estate assets, the value appreciation of a $100 net investment in real
of Property Coin may appreciate independently estate assets made by Property Coin at various
from any market value driven increase. assumed rates of return(*).

Potential value of real estate assets owned by PCX holders

(based on initial $100 net investment)

Potential value of real estate assets owned by PCX holders

(based on initial $100 net investment)

Net annual return to Property Coin holders

PROPERTY COIN WHITEPAPER V1.0
(*) The table and graph assume that $100 is initially invested by Property Coin into a
portfolio of real estate related assets. Further, these assets produce profits and the
reinvestment of the retained profit share into new assets (after the payment of all
operating expenses and profit share) is assumed to produce the constant rates of return
illustrated, compounded annually. For example if $100 is initially invested at a net 11
annual return to Property Coin holders of 10%, at the end of year 1, $110 will be invested
in assets and at the end of year 2, $121 will be invested in assets.
Major Benefits of Property Coin
100% asset backed
Property Coin is fully asset backed. 100% of the
net proceeds of the ICO will be invested in real
estate and loans. Property Coin holders own the
underlying assets, and benefit from natural price
appreciation.
Growing asset base
Aperture expects the value of the underlying
assets owned to increase over time as retained
profits are reinvested.
Old world meets new world
Property Coin merges traditional securitization
technology into a coin format. Property Coin is
being structured in consultation with Dentons US
LLP, one of the most respected structured
finance law firms in the world.
PROPERTY COIN WHITEPAPER V1.0
Experienced operators
Our team estimates that during their careers they
have been involved in the closing of over $150B
of real estate financing transactions, flipping of
over 3,000 properties, origination of over $10B of
mortgage loans and they have created multiple
Wall St. loan technology platforms.
To date, we have produced greater than 50%
unlevered IRRs.
Proven technology
Property Coin is being issued by an innovative
company with proprietary technology and an
experienced management team. Tech
development and infrastructure build is complete,
beta tested, and operational with a profitable,
real-money track record.
Committed to transparency
Aperture supports Property Coin with a
commitment to monthly reporting of the value of
assets owned via www.propertycoin.re and
external accounting reviews.
12
A Game Changing Proposition

The largest asset class in the
world
Residential real estate is the single biggest asset
class in the world and, until now, there hasn’t
been a way for the crypto community to gain
diversified, professionally managed and high
quality exposure to this market.
It’s time for us to change that!
Opening up the fix and flip market
Property Coin represents the only opportunity that
we are aware of anywhere to directly invest in
diversified exposure to the residential fix and flip
asset class.
Property Coin represents an opportunity to own a
fractionalized piece of an institutionalized and
diversified fix and flip and loan portfolio.

We would like to raise $50+ million (initially) to

invest in property and loan opportunities selected
using our proprietary toolset in conjunction with
our highly experienced team.

Money Invested in Global Asset Classes ($ Trillions)

Source: Bloomberg Nov 27, 2017. Cryptocurrency market cap was updated as of January 17, 2018 with data from www.coinmarketcap.com.

PROPERTY COIN WHITEPAPER V1.0

13
The Property Coin Pledge

The team at Aperture is committed to acting with honor and integrity,

and so we make this pledge to the Property Coin community:

● To be honest, lawful and transparent and

always act with integrity.

● To be thoughtful and favor actions which

create long term benefits for the Property Coin
community.

● To maintain adequate records and to provide

clear, understandable reporting on the assets
owned by Property Coin, verified annually by an
independent third party.

● To openly communicate any material project

developments.

● To act in good faith and to exercise our best

judgement as businesspeople, investors and
project leaders. We will always do our best to
run a project that we are proud of.

PROPERTY COIN WHITEPAPER V1.0

14
Property Coin ICO vs. Typical ICO

Property Coin is no ordinary ICO, here’s how it compares to the norm:

Property Coin ICO Typical ICO

Type of token Security token Typically utility tokens

Primary purpose Investment vehicle Utility application

<7% used by issuer for general Typically 100% retained by issuer

Net proceeds kept by issuer corporate purposes; >93% with no restriction on how it will
invested in real estate assets be used

Varies, but typically all of the

Profits from invested proceeds
50% of all profits benefit from invested proceeds is
shared with coin holders
kept by the issuer

Deep expertise; issued by existing Mix of expertise in field; mix of

Issuer of project company in support of its core newer, existing and to be created
business businesses

Systems/ methods/ tech/ use

Product/ use case Usually in development stage
case already proven

Real estate assets purchased on

behalf of coin holders using net
proceeds raised
Coin value drivers Potential future utility use

Expectation of profits from

underlying assets

This is an investment where Lower price feels appropriate until

proceeds buy assets, so coin use case is proven
Initial price of coin price should be less impactful
Lower price may cause higher
Higher price may reduce volatility volatility

PROPERTY COIN WHITEPAPER V1.0

15
Introducing Aperture

A business with vision Scaling to meet a $1B+ opportunity

At present, our acquisition business is focused on
several metropolitan markets across the U.S.,
which represent approximately 8% of the total
population. Our lending operation will initially
focus on 30 states, representing approximately
90% of the U.S. population.
Initially our expansion markets will focus on the
United States. Over time, we will evaluate
expansion into other countries as well, when we
believe that a reasonable opportunity exists for
attractive long term risk adjusted returns when
compared with the U.S.
Significant opportunity exists to create a large
company in our business segments and Aperture
has developed operational innovations in an
industry that has traditionally lacked institutional
discipline and creativity.
This model can work at scale and we know how to
run it. Our founders previously held senior
positions at one of the largest fix and flip
operators in the U.S.
The proceeds from the sale of Property Coin will
enable the expansion of our existing businesses.

Initially, we would like raise $50 million or more of

A new dawn for real estate tech
We are focused on innovating real estate
finance, technology, analytics and property
renovations. In short, our goal is to invent “Real
Estate Tech”.
net ICO proceeds to deploy toward achieving the
following goals:
→ Purchasing 500+ properties per year, and
→ Originating $500MM+ of investor loans per
year (approximately $40MM+ per month).

For a more detailed overview of the use of

By properly using data and technology to drive
proceeds, please see the Preliminary Offering
analysis, workflows, decision making and
Memorandum.
property acquisition, we have built an operating
and technology platform that minimizes both
the operating costs and holding times of a
residential real estate asset.

Further, our system sources thousands of

properties per day which are then turned over to
our team of highly experienced professionals for
further analysis. “Our business is ready for significant
growth. We see far more attractive
We have been beta testing our systems and investment opportunities than we
methods since 2016 by making real world
currently have capital to invest.”
property investments with our own capital. This
testing has resulted in the rejection of
approximately 99.8% of available investment Matt Miles
opportunities, allowing us to select Co-CEO, Aperture
approximately 0.2% of the opportunities
identified by our system.

PROPERTY COIN WHITEPAPER V1.0

16
A Breakthrough in Real Estate Tech
A truly scalable technology stack
The Aperture team has invested its own money
and spent more than a year designing, developing
and implementing a sophisticated, data driven and
proprietary technology platform that identifies
potential assets for acquisition and origination.
The result is a platform with full front-end and
back-end integration that sources assets,
performs risk management, manages work flows,
captures live data and closes transactions.
We selected technologies according to their ability
to increase efficiency, security and scalability.
The result represents a strong combination of:
→ cutting edge front-end technologies
(React and Redux),
→ stable middleware (GraphQL),
→ reliable back-end (Symphony); and
→ Amazon Web Services for data hosting.
PROPERTY COIN WHITEPAPER V1.0
A strong foundation
These technologies provide the foundation that
supports our proprietary tools:
Sherlock
Sherlock is our proprietary system that identifies
and analyzes property investment opportunities.
It consumes and analyzes huge quantities of
detailed, real-time data from multiple sources
resulting in the exclusion of over 99.8% of
assessed properties. We attempt to invest only in
attractive opportunities.
LENS
LENS monitors the operational status of our
portfolio of properties and loans. It also provides
the environment within which all material
workflows occur and are recorded. LENS is fully
integrated with our front-end client portal for
seamless data capture and back-end analysis.
“Our platform is highly scalable and
capable of handling billions of dollars
of transactions in a secure and
efficient manner.”
Pat Fogarty
CTO, Aperture
17
How We Work: The Flips Business

Acquiring distressed real estate Property flip - an example

We attempt to acquire properties for less than
their current market value at the time of
acquisition. Upon acquisition, we engage
independent contractors, overseen by our in-house
property management team, to repair and
renovate the properties to our specifications.
A typical project will see 10-20% of the purchase
value invested in repairs that increase the value of
the home upon resale.
Below is an actual flip trade that was completed.
Note that this example illustrates only the profit
from investing in this specific house, and does
not outline costs associated with any financing,
expense reimbursement or profit sharing as
explained in more detail elsewhere in this
whitepaper and in the Preliminary Offering
Memorandum.
Est. market value at purchase $280,000

With strategic acquisition channels, value added Purchase price $240,000

repairs and vertical integration, we aim to optimize
profits, minimize holding times and enhance the Repair cost $39,373
value of each property acquired.
Other expenses $22,085

Sale price $346,850

Short hold times
Trading profit(*) $45,392
Our target holding time, including renovation and
resale is typically 180 days, on average. To date,
Unlevered IRR 52.44%
our purchases have averaged unlevered IRRs in
excess of 50%.

BEFORE
Liquidity is key
We target properties in liquid price points within
the markets in which we operate and prefer to
acquire assets that are affordable and attractive
to a large audience of potential buyers in our
target markets.

“Our ideal targets are affordable

distressed properties that have an
opportunity for value-added repairs.”

Rudy Cortes
Head of Flips Operations, Aperture

AFTER

PROPERTY COIN WHITEPAPER V1.0
(*) Other expenses primarily include sales commissions, taxes, insurance, etc. If this
property were owned by Property Coin, after direct expenses associated with producing
and overseeing this trade are reimbursed to Aperture, the profit in this example is 18
estimated to have been $39,892, of which 50% or $19,946 would be retained and
reinvested by Property Coin.
The Property Acquisition Market

Strong demand for housing Growing population of

Demand for homes in the U.S. remains strong.
At the same time, there has been a material
shortage in the number of existing homes for
sale, which has hit an all-time low.
“U.S. existing home sales climbed
to the highest level in a decade,
beating expectations. At the same
time, the inventory of homes for
sale hit an all-time low. This trend
will lift housing prices further”
homebuyers
Aperture is a seller of properties in liquid
(affordable) price points in our markets.
Purchasers of affordable homes tend to be
first-time home buyers or “move-up” home
buyers looking for more space. These buyers
represent the fastest growing segment of the
U.S. population(2).
Age of U.S. Working Population by Cohort and Year

Wall St. Journal, The Daily Shot

December 21, 2017

A market with growth potential

Freddie Mac estimates that approximately 6.3
million houses will be sold in the U.S. in 2018
alone(1).

Our current acquisition geographies represent

approximately 8% of the total population of the
United States(2), which means that the total
universe of potentially acquirable properties per
year is approximately 500,000 homes.

(1) Source: Freddie Mac, Looking Ahead to 2018, September 2017.

(2) U.S. Census Bureau.

PROPERTY COIN WHITEPAPER V1.0

19
How We Work: The Loan Business

Creating new borrowing options Investor loans - an example

U.S. banks do not typically offer financing to
small property investors. Often, the only
borrowing option for them is to use private
lenders at a high cost. We estimate that this gap
in the market has an impact on at least 4% of
transactions in the housing market each year
(over 250,000 properties).
Below is a hypothetical loan trade. Note that
this example illustrates the profit from
writing this hypothetical loan only, and does
not outline costs related to expense
reimbursements and profit sharing as
explained in more detail elsewhere in this
whitepaper and the Preliminary Offering
Memorandum.

Key business considerations Est market value $266,666

We think of lending as a lower risk, lower return Loan amount $200,000

business compared to investing in flips. This is
primarily because our loan amount is less than Borrower interest rate 9.50%
the market value of the house (expected to
average 75% of the home value), and we expect Borrowing cost 6.00%
the vast majority of borrowers to pay us as
agreed. Trading profit(*) $7,000

Our target borrowers include local real estate

investors, real estate agents and contractors BEFORE
who typically acquire between 2 and 20
properties per year.

An attractive spread
We expect to lend to these customers at a
higher loan rate than where we are able to
borrow ourselves. Based on the current interest
rate environment, we expect to lend to these
customers at an average rate of approximately
9.5% while paying approximately 6.0%
ourselves, keeping the 3.5% difference as profit.

“We focus on short duration loans to

help our loan customers acquire,
renovate and dispose of their projects AFTER
quickly and efficiently.”

Dan Goldman
Head of Loan Operations, Aperture

PROPERTY COIN WHITEPAPER V1.0
(*) Assumes that a $200,000 loan is outstanding for 12 months, collecting 3.50% as
profit from the trade. 3.50% is the difference in rates between 9.50% paid by the loan
borrower and an assumed 6.0% borrowing cost paid by Property Coin. If this loan were
owned by Property Coin, after direct expenses associated with producing and overseeing 20
this trade are reimbursed to Aperture, the profit in this example is estimated to be
$6,000, of which 50% or $3,000 would be retained and reinvested by Property Coin.
The Investor Loan Market
Segmented marketplace
Property investors acquiring investment
properties by using investment loans often find
that the loans are provided by a third party,
non-bank lender. This marketplace is fairly
fragmented and categorized by two groups of
lenders:
● A few larger institutions with no
dominant player or market saturation,
each originating $50-100MM per month;
● Smaller, regional players who are
operationally constrained and restricted
by a high cost of capital.
BEFORE
AFTER
(1) ATTOM Data Solutions, US Home Flipping Report, December 7, 2017.
PROPERTY COIN WHITEPAPER V1.0
Strong and growing market
We estimate that the total addressable market
for fix and flip investors is $50-100 billion.
The limited supply of new housing inventory and
continued home price appreciation has created a
substantial market for older properties to be
renovated and sold to end users for a profit.
The share of homes flipped in Q3 2017 that were
purchased by the flipper with financing
represented 34.6% of all homes flipped in the
quarter (1). This represents an opportunity to gain
market share by tapping into the population of
purchasers who can’t/ don’t currently use
financing.
Short duration loans
Property holding times (and thus the time a loan is
outstanding) typically range from 6-15 months for
borrowers with a “fix and flip” strategy or plans to
quickly stabilize and refinance a property, to several
years for borrowers with a rental strategy.
An experienced lending team
The Aperture team is estimated to have originated
more than $10B of mortgage loans in their careers
and, before founding Aperture, helped to establish,
capitalize and grow a large investor loan origination
business.
21
Property Coin Mechanics
Legal structuring
Property Coin is being offered in the U.S.
pursuant to Regulation D in accordance with
the laws and regulations of the U.S. Securities
and Exchange Commission (“SEC”) and outside
the U.S. pursuant to Regulation S.
Aperture is being advised by Dentons US LLP, a
respected international law firm with an
significant structured finance and ICO practice.
Compliance with securities laws
The rules and regulations surrounding
cryptocurrency offerings are unsettled, and are
expected to continue to evolve. Although we
took great care to structure this offering of
Property Coin in accordance with current U.S.
and Cayman securities laws and regulatory
guidance (our primary place of business and
the country where our coin issuer PCX Cayman
LP is located, respectively), we cannot
guarantee that we have successfully done so,
or even if we have, that such offering will
continue to be compliant with all such rules
and regulations through its final closing.
Neither the SEC nor any state securities
commission has approved or disapproved of
these securities or determined if this
whitepaper or the accompanying Preliminary
Offering Memorandum is truthful or complete.
Any representation to the contrary is a criminal
offense. For a more detailed overview of
securities regulatory matters, please see the
Preliminary Offering Memorandum.
Jurisdictional limitations
Property Coin is being offered to investors in all
countries and jurisdictions where it is
permitted. U.S. based investors must be
“Accredited Investors” as defined by the SEC in
Section 501 of Regulation D.
PROPERTY COIN WHITEPAPER V1.0
Transparency is key
Aperture places the utmost importance on
compliance, good governance and
transparency in all aspects of the Property Coin
offering.
As such, prior to making any investment in
Property Coin, potential purchasers are
required to read the accompanying terms and
conditions, Preliminary Offering Memorandum
and any additional documents posted at
www.propertycoin.re for additional information
and risk factors relating to this investment.
Best practices
Aperture’s founders have extensive capital
markets experience, having been involved in the
closing of an estimated $150B of structured
finance transactions backed by real estate
assets.
By merging the established governance
procedures of structured finance with smart
contracts and coin mechanics, we intend to
create best practices for financing assets using
cryptocurrencies and blockchain technology,
namely:
→ All funds raised will be legally isolated in
one or more special purpose entities
whose sole purpose is to invest in, and
safeguard, the assets of Property Coin
holders;
→ Payment rules for these entities will
strictly limit the permitted use of funds to
real estate related investments and the
payments of expenses directly related
with this activity and the maintenance of
Property Coin;
→ Each month, Aperture will publish
investor reporting to the Property Coin
website (www.propertycoin.re), including
accounting for the material assets (real
estate, loans, repairs in progress, cash,
coins, etc.) owned by Property Coin
holders.
22
Property Coin Mechanics
A diversified portfolio
Diversification is a fundamental pillar of
investment theory and we intend to offer a
diversified pool of properties and loans to
Property Coin holders. Diversification of the
underlying portfolio is further enhanced with a
larger capital base. As such, the greater the net
proceeds raised from the Property Coin ICO, the
greater the potential diversification of the
property and loans portfolio.
100% ownership
Each Property Coin sold represents fractional
ownership of 100% of the assets owned by
Property Coin asset holding company, PCX, LLC
(the legal entity that owns all Property Coin
assets) and its subsidiaries including PCX
Cayman LP, as well as rights to retained profits
from these assets, (primarily real estate, loans,
repairs in progress, cash, coins, etc.).
Tokens issued
In total, only 21 million Property Coins will be
authorized. It is expected that not all Property
Coins will be sold in the initial sale.
Any unsold coins will be held by PCX, LLC or its
subsidiaries for future sales.
Management retains no free coins
All purchased Property Coins will be allocated to
the purchasers and Aperture will not retain any
free Property Coins.
Because we retain no free coins, we believe our
incentives are aligned with PCX holders. In order
for Aperture to have ongoing earnings, we must
identify and execute upon profitable trades.
PROPERTY COIN WHITEPAPER V1.0
Future coin sales
From time to time, Aperture plans to sell
additional authorized Property Coins based on
its view of:
→ interest from prospective coin buyers,
and
→ opportunity to invest the proceeds from
sales
The net proceeds from all future Property Coin
sales will be the owned by PCX, LLC or its
subsidiaries and invested in additional real
estate assets.
Unsold coins are not expected to
materially dilute Property Coin
value
Property Coins which are owned by PCX, LLC or
its subsidiary, PCX Cayman LP will have
ABSOLUTELY NO RIGHTS OR VALUE of any
kind until such time that they are sold and the
proceeds from the sale of those coins are
invested alongside the proceeds from previous
sales.
Future sales of Property Coins by PCX, LLC or
its subsidiary PCX Cayman LP are not expected
to have a material dilutive effect on existing
Property Coin holders because Property Coin is
backed by real world assets and all net
proceeds from any additional sales of Property
Coin will be used to acquire new assets and
grow the underlying asset base benefiting all
holders of purchased Property Coins.
23
Property Coin Mechanics
Open market purchases
Aperture may, from time to time, act as an active
buyer/ seller of Property Coin in open markets
subject to certain manner, time, volume and price
restrictions, as more fully set forth in our Preliminary
Offering Memorandum. Aperture may additionally
attempt to create and support the use of Property
Coin in the real estate sector.
Trading Property Coin
Property Coin’s ticker is PCX.
While it is our expectation that as awareness of
Property Coin increases, one or more cryptocurrency
exchanges may elect to list PCX for secondary
trading, we cannot provide any assurance that this
will occur or that a secondary trading market for
PCX will develop.
Exchanging ICO proceeds
Unfortunately, mass adoption of cryptocurrencies in
the real estate market has not yet occured. As such,
ETH/BTC received during the coin sale will need to
be converted into U.S. dollars so it can be used for
property related investments in the United States.
Dependant on the total sums received and the
liquidity of the cryptocurrency markets, the process
of conversion from ETH/BTC into fiat currency may
take some time. During this period, the funds will be
exposed to fluctuations in the USD exchange price.
The sale and conversion of coins will incur exchange
fees.
All USD received net of issuance, currency exchange
and transaction expenses will be available to
purchase real estate assets.
PROPERTY COIN WHITEPAPER V1.0
Transaction expenses
It is expected that the cost of creating and
issuing the Property Coin ICO, including the
fixed and variable costs of advisors and other
direct transaction costs will equal the greater
part of $1MM or 10% of the initial sale
proceeds. These issuance costs will be paid
using proceeds from the Property Coin ICO.
Transaction cancellation
Aperture retains the right to cancel the sale of
Property Coin for any or no reason. If such
cancellation occurs, all funds conveyed as part
of the sale will be returned to the purchaser,
less issuance costs.
Fixed management fees
In order to pay the direct expenses incurred in the
sourcing, oversight and management of assets
owned by Property Coin holders and the
operation of Property Coin generally, Aperture, as
manager of PCX, LLC and its subsidiaries, will be
reimbursed $1,000 per loan and $5,500 per
property acquired by Property Coin. These
amounts will be used to pay the operational staff
and internal expenses. This is estimated to be “at
cost” and less than a 3rd party manager would
charge for providing similar services.
Risk factors
Because of a number of different risk factors,
your investment in Property Coin may lose
value. Prior to making any investment in
Property Coin, potential purchasers are
required to read the accompanying terms and
conditions, Preliminary Offering Memorandum
and any additional documents posted at
www.propertycoin.re for additional
information and risk factors relating to this
investment.
24
Token Sale Structure

Designed for growth Sale timing

Aperture believes that an opportunity exists for
significant growth in our investments in the flips
and investor loan markets.
Aperture’s systems and operational infrastructure
have been specifically designed with the potential
for material scale. Ultimately, it is envisioned that, if
successful, we may manage billions of dollars
worth of property investments and loan
originations.
As a result of the potential scale of our operation,
and the market opportunity, no limit has been
placed on the total funds raised from the ICO.
Instead, a limit has been placed on the length of the
time in which Property Coin will initially be available
for sale.
The Property Coin ICO will go live in May, 2018 and
is expected to run through the end of May.

ICO discounts
Currencies accepted Purchases of Property Coin may be made at the
U.S. Dollars, Ether and Bitcoin will be accepted following discounts, at the following times set
during the Property Coin ICO. forth below:

Feb 26 - March 31, 2018 20% discount

Price of PCX
The initial price per Property Coin will be set to $50. April 1- May 12, 2018 10% discount
As such, the number of PCX tokens initially
purchased by PCX investors will be determined On or after May 13, 2018 Full price
based on the USD to BTC/ETH exchange at the time
of sale.

PROPERTY COIN WHITEPAPER V1.0

25
Property Coin Rewards

Community rewards system

In the spirit of creating a strong and connected community, as well as the development of utility
applications for PCX, we intend to offer the following rewards to investors as we reach certain funding
milestones.

Net coin sale

Reward
proceeds

→ Transparent monthly reporting of all real estate assets owned and profits
earned by coin holders at www.propertycoin.re
$0 - $10MM
→ Reinvestment of retained profits in order to grow the value of real estate
assets owned by Property Coin holders

→ We will endeavor to support the use of Property Coin to buy houses from
>= $25MM Aperture

→ $1,000 discount on loan and property closing costs with Aperture for select
holders of Property Coins

→ 100 investors who contribute over $10,000 receive Property Coin swag
>= $50MM
→ Enhanced transparency achieved through the blockchain based record of all
purchases and sales

→ Aperture to create separate pools of properties for longer-term investment

(rental/ vacation/ etc) that coin holders can use PCX to co-invest in
>= $100MM
→ Aperture to host small group Q+A sessions about real estate investing for
select holders of Property Coins

PROPERTY COIN WHITEPAPER V1.0

26
The Road Ahead

Designed for growth Growth Plan

Aperture has already created material operational
assets and infrastructure that can accommodate
significant property investment and loan
origination volume.
The intent of the initial Property Coin issuance
is to fuel the growth and expansion of the flip
and loan origination businesses, while creating
a long-term and stable asset base for Property
Coin holders.

Proposed Timeline

JAN 2018 - PRE-SALE

Property Coin pre-sale begins.

FEB 2018 - ICO

Continue ICO marketing. Aperture
team to host regular Q&A and
marketing outreach.
MAR 2018 - 1st PURCHASES
Begin purchase of properties
and the underwriting of loans
using net proceeds from
pre-sale.
MAY 2018 - ICO CLOSURE
Conclusion of the ICO.
Hire additional staff. Growth
acceleration with net proceeds
Q2/ Q3 2018 - 1st from ICO.
LIQUIDATIONS
Begin liquidations of first
properties acquired with
pre-sale and ICO proceeds.
Reinvestment of retained profits
into new properties and loans.

Q3 2018 - 2nd SALE DECISION

Assess market demand for
second coin offering to continue
growth.
Q4 2018 - CONTINUED
PROFIT REINVESTMENT
Continue growth and the
reinvestment of proceeds from
property and loan liquidations.

PROPERTY COIN WHITEPAPER V1.0

27
Driving Property Coin:
The Aperture Leadership Team

Over the course of their careers, our team
estimates that they have been involved in the
following:
→ The closing of over $150B of real estate
financing transactions,
→ The creation one of the largest private
money originators in the country,
We have been beta testing our systems and
methods since 2016, making real world property
investments with our own money, earning over
50% unlevered IRRs.
We analyze an estimated 1,000 properties per day
and see far more investment opportunities than
we have capital to invest.

→ The flipping of more than 3,000 properties, We are innovators in real estate finance,
technology and investment, and are well
→ The origination of over $10B of mortgage positioned to make a major impact in this space.
loans, and

→ The creation of proprietary technology

systems for some of the largest
investment banks in the U.S.

PROPERTY COIN WHITEPAPER V1.0

28
The Aperture Team

Andrew Jewett
Co-CEO

Andrew oversees all day-to-day activities

at Aperture.

Prior to co-founding Aperture in 2016, Andrew was the co-head of capital markets at one of the largest fix
and flip operators in the U.S., based in Redondo Beach, CA from 2015 to 2016. While there, Andrew was
responsible for the oversight and management of institutional fundraising efforts, including equity raises,
corporate debt and structured investment vehicles. Andrew was also involved in strategy, underwriting
guidelines, credit decisions, loan sales and capital markets activities at that company’s investor loan
origination subsidiary, one of the largest private money lenders in the industry.

Additionally, Andrew oversaw the development of the asset backed securitization platforms for that
company. In addition to his capital markets functions, Andrew spent significant time focused on business
development and corporate strategy and was responsible for numerous strategic initiatives.

Prior to that, Andrew was a Director at RBS Securities, Inc. where he acquired, managed and securitized
multi-billion dollar portfolios of non-performing and re-performing mortgage loans as well as managed
structured lending facilities and securitizations for a wide variety of clients from 2009-2015 and from 2005
to 2007. Andrew graduated from Babson College with a major in Finance.

PROPERTY COIN WHITEPAPER V1.0

29
The Aperture Team

Matt Miles
Co-CEO

Matt is in charge of all investment and

capital funding activities at Aperture.

Prior to co-founding Aperture in 2016, Matt was the co-head of capital markets at one of the largest fix
and flip operators in the U.S., based in Redondo Beach, CA from 2013 to 2016. During his time there, Matt
focused on the design and management of bank, equity, mezzanine, and joint venture financings as well
as securitization and capital markets activities. Matt also developed new business initiatives as well as
corporate strategy and business analytics tools. Matt was involved in the creation of that company’s
investor loan origination subsidiary and managed all operations as a startup.

Prior to this, Matt spent 12 years as a senior investment banker at RBS Securities, Inc. and its predecessor,
Greenwich Capital Markets, Inc. where he focused on the U.S. residential mortgage market from 2001 to
2013.

Matt was a top graduate of GE Capital’s financial management (FMP) program and was a finance
instructor at Michigan State University. Matt graduated from Michigan State with a major in Finance.

PROPERTY COIN WHITEPAPER V1.0

30
The Aperture Team

Rudy Cortes
Head of Flip operations

Rudy oversees all property acquisition,

rehabilitation and disposal activities at
Aperture.

Prior to co-founding Aperture as a partner and head of flips operations, Rudy was a Director of
Acquisitions and Regional Investments at one of the largest fix and flip operators in the U.S., based in
Redondo Beach, CA from 2009 to 2016.

During his seven years there, Rudy’s roles included senior property trader, portfolio manager, and property
rehab supervisor. Rudy was directly in charge of the acquisition, rehabilitation and disposal of residential
properties across the U.S.

Prior to that, Rudy was involved in the commercial real estate business with Marcus & Millichap Real
Estate Investment Services, Inc. from 2007 to 2009, the nation’s leading commercial real estate company
at the time. Rudy is a licensed Real Estate Broker.

Rudy also has extensive experience with the acquisition and successful management of rental properties,
having assembled and managed a multimillion-dollar portfolio of rental properties.

PROPERTY COIN WHITEPAPER V1.0

31
The Aperture Team

Dan Goldman
Head of Loan Operations

Dan is in charge of the loan originations

business at Aperture including all sales
and operations functions.

Before joining Aperture, Dan was the Head of Sales at Promontory MortgagePath, LLC, a market-leading
mortgage technology provider that combines an extensive network of banks and lenders with modern
technology solutions to enhance existing origination, sales and fulfilment processes from 2016 to 2017.

Prior to that, Dan was the National Sales Leader/ Interim CEO of Lenders One Mortgage Cooperative
where he oversaw the operations of a nationally focused organization providing resources to independent
mortgage bankers from 2012 to 2016.

Before joining Lenders One, Dan spent more than 25 years in the mortgage industry in roles ranging from
operations to head of sales at major mortgage origination firms, including Lehman Brothers, Pacific Union
Financial, Metlife Home Loans and IndyMac, among others.

PROPERTY COIN WHITEPAPER V1.0

32
The Aperture Team

Pat Fogarty
Chief Technology Officer

Pat oversees the development,

implementation and maintenance of our
proprietary technology platform.

Before joining the Aperture team, Pat was a Senior Vice President at FirstKey Holdings, LLC where he was
responsible for the buildout and implementation of the firm’s residential mortgage loan conduit and
management systems from 2014 to 2016.

Pat moved to FirstKey from RBS Securities, Inc. where he was a Managing Director with oversight of the
buildout of the company’s correspondent lending platform and the mortgage trading desk’s inventory and
asset management systems from 2007 to 2014.

Pat has more than 25 years of technology experience building enterprise systems for major investment
banks such as Royal Bank of Scotland, Credit Suisse and DLJ. He is an expert in the Financial Services
Industry and has extensive knowledge and experience in the design and implementation of complex global
systems at large financial institutions.

Pat received his Masters degree in Computer Science from the New York Institute of Technology.

PROPERTY COIN WHITEPAPER V1.0

33
Partners

Oak’s Lab Dentons What.digital

Chamber of Digital Crypto Valley Coinfirm

Commerce Association

PROPERTY COIN WHITEPAPER V1.0

34
Stay Up To Date

Property Coin @Property_Coin @Property_Coin

Property_Coin @Property_Coin @Property_Coin

PROPERTY COIN WHITEPAPER V1.0

35