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-- The Australia China Investment Fund
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-- The ACIF Priority Fund

The ACIF Priority Fund

The following is only intended as a summary of the terms of the ACIF Priority Fund (Fund) and its unit classes. The information memorandum (IM) for the Fund details all the terms associated with an investment in the Fund, which is available from the website of the Fund's trustee. The Fund has a number of unit classes including the Income Unit Class, the Property Unit Classes and the Infrastructure Performance Unit Class (Infrastructure Class).

INVESTMENT OBJECTIVE
The objective of the Income and Property Unit Classes of the Fund is to generate an attractive deferred income return by providing loans to residential and commercial property developers and through direct property project interests. The objective of the Infrastructure Class is to generate attractive income and capital growth returns through investments in selected infrastructure projects.

INVESTOR SUITABILITY
This Fund may be suitable for investors who are:
seeking a high deferred income
wholesale investors
seeking the ability to direct their returns to the acquisition of a specific property.

INVESTMENT GUIDLINES
Investments made by the fund may include any of:
direct real estate investments
direct property project interests
loans secured by real property assets or suitable borrower guarantees
fixed income investments and cash deposits
direct infrastructure project investments

INVESTMENT PROCESS
As investment manager of the Fund, ACIF will adhere to a stringent, systematic and documented process for all investments to ensure that:
thorough due diligence is undertaken prior to any investment being made
there is ongoing monitoring of all investments once made
an exit strategy exists for each investment.

TARGETED RETURNS
Property Unit Class
This unit class will lend or invest with the objective of providing investors with a pre-tax return of 9% pa (after fees and costs), with distributions deferred to the maturity of any investment.
Income Unit Class
This unit class will lend or invest with the objective of providing investors with a pre-tax return of 9.5% pa (after fees and costs), with distributions expected to be paid quarterly.
Infrastructure Class
This unit class will invest with the objective of providing investors with above average capital growth over the life of the investment plus a regular income distribution paid quarterly.

LIQUIDITY
An investment in this Fund is not liquid, and cannot be redeemed until after the Fund realises an investment. Investors can sell or transfer their investment to a third party, subject to the discretion of the Fund's trustee.

RISK
The Income and Property Unit Classes of the Fund will be exposed to property development, lending and other risks. The Infrastructure Class of the fund will be exposed to the risks associated with large infrastructure
development and other risks. Please read the "Risk Factors" section of the IM of the respective unit class for more details about the risks associated with investing in that unit class.

APPLICATION FEE
There is no application fee for the Income and Property Unit Classes.
There is a 2% application fee for investments into the Infrastructure Class.

MANAGEMENT FEES
There are a range of fees associated with investment an investment in the Fund including management feesand trustee fees. Please read the IM for the Fund for more detail.

MINIMUM INVESTMENT
AUD $500,000.

Level 13,Freshwater Place,2 Southbank Boulevard,Southbank,Melboume,Victoria 3006, AustraliaTel+61 1300 008 882Fax+61 03 8640 0483Emailinfo@acifund.com.au

DISCLAIMER

The Australia China Investment Fund, ACIF Prosperity Fund, and ACIF Priority Fund (Funds) are unregistered managed investment schemes in the form of Australian unit trusts. The Funds are only available to investors that are wholesale clients as defined in s761G of the Corporations Act 2001 (Cth) (Act) or sophisticated investors as defined in s761G of the Act.
Australia China Investment Fund Pty Ltd is the Investment Manager of the Funds. Australia China Investment Fund Pty Ltd is a Corporate Authorised Representative (No. 1234748) of DH Flinders Pty Ltd (AFSL 353001). Australia China Investment Fund Pty Ltd's authority under its Corporate Authorised Representative Agreement with DH Flinders Pty Ltd is limited to general advice regarding the Fund only. Any other advice provided is not provided pursuant to this agreement. Vasco Investment Managers Limited is the Trustee of the Fund and the issuer of its Information Memorandum.
This website contains information about the potential issue of interests in the Fund, 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 DH Flinders Pty Ltd nor Vasco Investment Managers Limited make any representation as to the accuracy, completeness, relevance or suitability of the information, conclusions, recommendations or opinions contained on this website (including, but not limited to any forecasts made). No liability is accepted by any of these entities or their respective directors, officers, employees, agents or advisors for any such information, conclusions, recommendations or opinions to the fullest extent possible under applicable laws. This website may contain forward looking statements regarding our intent, belief or current expectations with respect to market conditions. Readers are cautioned not to place undue reliance on these forward-looking statements. Australia China Investment Fund Pty Ltd does not undertake any obligation to revise any forward-looking statements to reflect events and circumstances after the date of this publication.
Neither Australia China Investment Fund Pty Ltd, DH Flinders Pty Ltd nor Vasco Investment Managers Limited guarantee the repayment of capital, the performance of any investment or the rate of return for the Fund. Past performance is not necessarily indicative of future performance.