Bensons Property Group Pty Ltd ACN 063 470 833 is seeking to raise a total of 
AUD3,750,000 in funds by the issue of loan notes, according to an announcement 
today by the underwriter Banner Capital Management Limited (the 
Arranger/Underwriter).  The issue comprises progressively drawn notes as 
detailed below.

The following is a text of the announcement:

Banner Capital Management Limited as Arranger and Underwriter has announced 
today that the Issuer is seeking to raise AUD3,750,000 through an offer of a 
series of debentures (in the form of loan notes) for the purposes set out 
below.  

The loan notes (the Notes) to the issued represent a loan commitment of up to 
AUD3,750,000. 

The offer is made to investors who are qualified as 'wholesale investors' as 
defined in the Corporations Act 2001 (Cth).  The Underwriter has agreed to 
initially subscribe for the issued Notes on 20 May 2022 and will underwrite the 
issue for progressive draws.     

This open letter constitutes an offer of the Notes for the purposes of the 
'public offer test' in section 128F(3)(d) of the Income Tax Assessment Act 1936 
(Cth), for exemption from Australian interest withholding tax.

Financiers and those in the business of dealing in debentures, or the buying 
and selling of loan notes or other debt interests and who are interested in 
subscribing for the Notes will be required to give customary representations, 
warranties and information about their status, to assist the Issuer to 
demonstrate compliance with section 128F of the Income Tax Assessment Act 
(Cth). 

KEY FEATURES OF THE OFFER

Issuer/Borrower                    Bensons Property Group Pty Ltd ACN 063 470 
833
Financier/Underwriter and Arranger Banner Capital Management Limited ACN 600 
738 181 as trustee of
the Banner Ebisu Income Fund
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                - Second registered mortgage over the 
properties in Aqueduct
Rd, Langwarrin VIC and Cecil Place, Prahran VIC.
                                    - Corporate and personal guarantees
                                    - General security deed over the corporate 
guarantors
                                   Mortgage securities may be released and 
substituted during the
term of the facility in accordance with acceptable investment
criteria set out in the loan documents.
Purpose                            The proceeds of the issue of the Loan Notes 
will be used by the Issuer
to refinance existing secured debt, settle property acquisitions, loan
establishment fees and other fees.
Settlement Date                    27 May 2022
Term                               24 months from the settlement date (which 
may be extended on the
agreement of the Financier)
Type of Instrument                 Senior Loan Notes
Issue amount                       Loan notes of AUD3,750,000 drawn day one (up 
to a maximum of
AUD3,750,000 and on a revolving basis)
Interest Rate and 
Payment          BBSW rate plus 8.25% coupon per annum, paid by the Issuer 
monthly
in arrears
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 on 10 July 
2022.

Restrictions in certain jurisdictions, including Australia

The distribution of this announcement and the offering and sale of the Notes in 
certain jurisdictions may be restricted by law. This message does not 
constitute an offer, invitation or solicitation to participate in the offer 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 Notes is 
only available to domestic and foreign investors who 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 US Securities Act of 1933, as amended (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