ACIF PRIORITY FUND

IMPORTANT INFORMATION

The following information is provided as a summary only of the terms and conditions of the ACIF Priority Fund (Fund).

The ACIF Priority Fund offers investors the opportunity to invest via 5 different unit classes:

Property and Loan Unit Class
Infrastructure Performance Unit Class
Strategic Unit Class
Lucky Bay Infrastructure Unit Class
Wallaroo Infrastructure Unit Class

The different unit classes may have different rights to income, capital and distributions and may carry different fees. These are available via the Trustee's website at: www.vascofm.com

INVESTMENT OBJECTIVE

Property and Loan Unit Class

The Property and Loan Unit Class aims to provide investors with the opportunity to achieve attractive returns through either the provision of a mezzanine finance loan or other real estate related investment with a developer.

Infrastructure Performance Unit Class

The Infrastructure Performance Unit Class has been established to allow investors the opportunity to participate in an established investment vehicle that will invest in mezzanine finance loans and other real estate related investments as well as infrastructure investment.

Strategic Unit Class

The Income Unit Class aims to provide investors with the opportunity to achieve attractive returns through investing in a range of secured and unsecured real estate related investments including real estate and infrastructure funds, loans to developers, and equity in development projects.

Lucky Bay Infrastructure Unit Class

The Lucky Bay Infrastructure Unit Class will invest exclusively in the ICAM Duxton Port Infrastructure Trust. The investment strategy of the Lucky Bay Infrastructure Unit Class aims to generate attractive income and capital growth returns.

Wallaroo Infrastructure Unit Class

The Wallaroo Infrastructure Unit Class will invest exclusively in the ICAM ACIF Lucky Bay 2 Trust. The investment strategy of the Wallaroo Infrastructure Unit Class aims to generate attractive income and capital growth returns.

TARGET RETURNS

Property and Loan Unit Class

The Property and Loan Unit Class will lend with the objective of providing investors with a target return of 9.0% per annum (calculated on a simple interest basis) after Fund fees and expenses.

Infrastructure Performance Unit Class

The Infrastructure Performance Unit Class is aiming to provide investors with a return of income and capital growth that will target an IRR of over 15.0% per annum over the term of the investment.

Startegic Unit Class

The Income Unit Class will lend with the objective of providing investors with a target return of 6% per annum (calculated on a simple interest basis) after Fund fees and expenses.

Lucky Bay Infrastructure Unit Class

The Lucky Bay Infrastructure Unit Class is aiming to provide investors with a return of income and capital growth that will target an IRR of over 15.0% per annum over the period of the investment.

Wallaroo Infrastructure Unit Class

The Wallaroo Infrastructure Unit Class is aiming to provide investors with a return of income and capital growth that will target an IRR of over 15.0% per annum over the period of the investment.

The different unit classes may have different rights to income, capital and distributions, and may carry different fees.

You should refer to the relevant Information Memorandum specific to the unit class for further information.

LIQUIDITY

An investment in any Unit Class of the Fund should be viewed as illiquid. Investors should only consider an investment if they are not likely to require access to their investment for the Investment Term (noting that the Investment Term could be extended by the Trustee).

RISK FACTORS

All investments involve varying degrees of risk. While there are many factors that may impact on the performance of any Investment, certain risk factors should be considered. For more detailed information as to risk factors please refer to the relevant IM.

FEES

There are a range of fees associated with an investment in a Unit Class of the Fund including management fees and trustee fees. For more details information on fees please refer to the for relevant Unit Class.

"Investing puts money to work. The only reason to save money is to invest it."

-GRANT CARDONE

DISCLAIMER

The Australia China Investment Fund, ACIF Priority Fund, ACIF Prosperity Fund, ACIF Balancing Fund, ACIF Emerging Companies Fund and ACIF Prime Value SIV Emerging Companies Fund (collectively, ACIF Funds) are unregistered managed investment schemes in the form of Australian unit trusts. Australia China Investment Fund Pty Ltd (Investment Manager) is the Investment Manager of the ACIF Funds. The Investment Manager is a Corporate Authorised Representative (No. 001234748) of D H Flinders Pty Ltd (AFSL 353001). The Investment Manager's authority under its Corporate Authorised Representative Agreement with D H Flinders Pty Ltd is limited to general advice regarding the ACIF Funds only. Any other advice provided is not provided pursuant to this agreement. Vasco Custodians Pty Ltd (Vasco) is the trustee of the Australia China Investment Fund, ACIF Priority Fund and ACIF Prosperity Fund and the issuer of those Information Memorandums. DHF Investment Managers Pty Ltd (DHFIM) is the trustee of the ACIF Balancing Fund, ACIF Emerging Companies Fund and ACIF Prime Value SIV Emerging Companies Fund.

This website contains information about the potential issue of interests in the ACIF Funds, but it is not intended to be used by any other persons in any other jurisdiction if and to the extent that to do so would be in breach of Australian laws, or the laws of any foreign jurisdiction. This website contains general information only and is not intended to provide any person with personal financial product advice. It does not take into account any person's (or class of persons) investment objectives, financial situation or particular needs, and should not be used as the basis for making an investment in the ACIF Funds. This website may contain forward looking statements regarding our intent, belief or current expectations with respect to market conditions. Due to various risks and uncertainties, actual events or result or the actual performance of the ACIF Funds may differ materially from those reflected or contemplated in such forward looking statements. Readers are cautioned not to place undue reliance on these forward looking statements. Neither the Investment Manager, D H Flinders Pty Ltd, DHFIM nor Vasco guarantee the repayment of capital, the performance of any investment or the rate of return for the ACIF Funds. Past performance is not necessarily indicative of future performance.

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