ALMOND LAKE PTY LTD ANNOUNCES OFFERING OF AUD 44,262,397 SENIOR SECURED LOAN NOTE OFFER

– AUD 44,262,397 Progressively Drawn Loan Note Construction Facility

(Facility)

This document is issued by Banner Capital Management Limited ACN 600 738 181 AFSL 465404 (Banner) under an arrangement made between Almond Lake Pty Ltd ACN 655 803 222 (Issuer) and Banner.

The Issuer announced today that it intends to offer debentures (in the form of loan notes) issued under the Facility for the purposes set out in the terms below.

It is intended that the offer satisfy the terms of section 128F(3)(d) of the Income Tax Assessment Act 1936, so that the issue of the loan notes should satisfy the “public offer” test in section 128F for exemption from Australian interest withholding tax.

Financiers and those in the business of includes the buying and selling of Loan Notes or other debt interests and who are interested in subscribing for Loan Notes will be required to give customary representations, warranties and information about their status to assist the Borrower to demonstrate compliance with section 128F.

KEY FEATURES OF THE OFFER

Issuer/Borrower Almond Lake Pty Ltd ACN 655 803 222

Financier/Underwriter and Arranger Banner Capital Management Limited ACN 600 738 181

The Offer An offer to subscribe for Loan Notes on the terms described in the
transaction documents. The general terms of the transaction
documents are set out in this Term Sheet.

Security and Ranking First Mortgage over a 136 hectare property at located at Yalyalup,
near Busselton, Western Australia (the Security Property)
General Security Agreements over the Issuer

Purpose The proceeds from the issue of the Loan Notes will be used by the
Borrower to acquire the Security Property and for subdivision and
civil works for residential lots on the Security Property.

Settlement Date On or about 6 March 2022

Term 36 month term, with a review after 24 months involving a
commitment to fund in accordance with a detailed drawdown
schedule, subject to satisfaction of certain conditions precedent and
other conditions.

Type of Instrument Senior Loan Notes

Issue amount AUD 44,262,397 exclusive of interest and fees. It is anticipated that
the peak debt during the Term will be $27,600,000.

Interest Rate 8% coupon per annum on T1, 6.75% coupon per annum on T2, 2.75%
Facility Fee on T2 plus Exit Fees equating to circa 12% IRR.

Transferability The Notes are freely transferable without the consent of the Issuer

Governing Law Victoria, Australia

The Issuer reserves the right in its absolute discretion to vary the terms set out above and accept or reject any offer. This offer will expire at 5pm Melbourne time on 21 March 2022.

Restrictions in certain jurisdictions, including Australia

The distribution of this message and the offering and sale of the Loan Notes in certain jurisdictions may be restricted by law. This message does not constitute an offer, invitation or solicitation to participate in the Facility and be issued Notes in any jurisdiction where, or to any person or entity to whom, it would be unlawful to make such an offer, invitation or solicitation.

This message is not a prospectus or disclosure document and it has not been lodged with the Australian Securities & Investments Commission under Chapter 6D of the Corporations Act 2001 (Cth) (Corporations Act). The offer of Loan Notes is only available to domestic and foreign investors that are qualified as “professional investors” or “sophisticated investors” as defined under the Corporations Act (Wholesale Investors). By accepting the offer, an offeree represents that the offeree is a Wholesale Investor. No Notes will be issued or sold in circumstances that would require the giving of a disclosure document under Chapter 6D of the Corporations Act.

The Notes referred to in this message have not been nor will they be registered under the U.S. Securities Act of 1933, as amended (the Securities Act), or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered 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) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. There will be no public offering of the Notes referred to in this message in the United States.

About Banner

Banner Capital Management Limited is an Australian based alternate asset manager specialising in actively managed property debt and has provided attractive risk-adjusted returns to its investors since 2012.

SOURCE Banner Capital Management Limited