Corporate Debt Facility Investment Opportunity

Forecast 21.7% net IRR

12-month investment term

Alceon UPG Corporate Trust

Information Memorandum – November 2023

Strictly Private and Confidential

CONTENTS
1. Important Notice..................................................................................................................................................................
2. Executive Summary..........................................................................................................................................................
3. Fund Investment Terms..................................................................................................................................................
4. Sponsor....................................................................................................................................................................................
5. Facility Security....................................................................................................................................................................
6. Primary Source of Repayment- 4 Identified UPG Projects...........................................................................
7. Forecast Economics....................................................................................................................................................... 11
7.1. Forecast Fund Returns.................................................................................................................................... 11
7.2. Forecast Fund Cash Flow for every $100,000 invested.................................................................11
8. Investment Structure...................................................................................................................................................... 12
9. Investment Risks.............................................................................................................................................................. 13
10. Key Dates............................................................................................................................................................................. 14
11. Contact Information........................................................................................................................................................ 14

Strictly Private and Confidential

 1. IMPORTANT NOTICE

CONDITIONS OF INFORMATION MEMORANDUM

THIS INFORMATION MEMORANDUM IS AN IMPORTANT DOCUMENT THAT SHOULD BE READ IN ITS
ENTIRETY. INVESTORS SHOULD OBTAIN PROFESSIONAL ADVICE BEFORE MAKING AN INVESTMENT
DECISION IN RELATION TO THE OPPORTUNITY.
 This Information Memorandum is dated November 2023 and is issued by Alceon Finance Pty Limited ACN 159
670 158 (Trustee). The Trustee is a corporate authorised representative of Alceon Group Pty Ltd ACN 122 365
986 (AFSL 345692) (Alceon) but does not have an Australian Financial Services Licence. The issue of this
Information Memorandum is arranged by Alceon pursuant to an intermediary authorisation for the purposes of
section 911A(2)(b) of the Corporations Act 2001 (Cth) (Corporations Act). Pursuant to that section, the Trustee
will issue the loan notes in the Alceon UPG Corporate Trust (Fund) in accordance with the offer made by Alceon
to arrange for the issue of the loan notes pursuant to this Information Memorandum.
 This Information Memorandum is intended solely for the use of the person to whom it has be delivered
(Recipient) for the purpose of evaluating the opportunity described in it (Opportunity) and provided to the
Recipient on a confidential basis. The receipt of this Information Memorandum by the Recipient evidences its
acceptance of the conditions outlined below. If the Recipient does not accept any of the following conditions, it
must stop reading the Information Memorandum and immediately return to the Trustee the Information
Memorandum and any copy of it.
 Without the express written permission of Trustee, this Information Memorandum and the information contained
within may not be reproduced in whole or in part, nor must its existence or any of its contents be disclosed, by the
Recipient or its legal or financial advisors to any entity or regulatory body other than to an employee, director or
officer of the Recipient (or its advisors) who are involved in the process of considering the Opportunity. The
Recipient must not under any circumstances, without the express permission of the Trustee, discuss or disclose
the contents of this Information Memorandum or any other information supplied to the Recipient or any proposal
concerning the Opportunity to any other person.
 The Recipient hereby agrees to return the Information Memorandum to the Trustee upon request.
 This Information Memorandum does not purport to contain all the information that may be required to evaluate
any potential transaction or investment. The Recipient and respective advisors should conduct their own
independent review, investigations and analysis of the Opportunity and of the information contained, or referred
to, in this document including the merits and risks involved.
 This Information Memorandum has been made available to the Recipient for information purposes only. It is not
intended to be and does not constitute a disclosure document or product disclosure statement as defined in the
Corporations Act and will not be lodged with the Australian Securities & Investments Commission (ASIC). It does
not constitute an offer for the issue, sale or purchase of, or the solicitation of an offer to buy or subscribe for, any
securities, and cannot be relied on for any investment contract or decision. No securities will be issued or
granted on the basis of this Information Memorandum.
 The Opportunity will only be available to wholesale clients (as defined under section 761G of the Corporations
Act), or to investors in circumstances where disclosure is not otherwise required under the Corporations Act.
 Neither this Information Memorandum, the information contained in it, nor any other information supplied by the
Trustee, Alceon or any of their related entities, including shareholders, directors, officers, employees or advisors
(Information Providers) to the Recipient forms the basis of any contract or any other legal obligation.
 The Information Providers make no representations or warranties, express or implied, as to the accuracy,
reliability or completeness of the information contained in this Information Memorandum or subsequently
provided to the Recipient by any of the Information Providers. This includes, without limitation, any historical
financial information, assumptions, estimates and projections and any other financial information derived there
from, and nothing contained in this Information Memorandum is, or shall be relied upon, as a promise or
representation, whether as to the past or the future.
 To the fullest extent permitted by law, the Information Providers disclaim and exclude all liabilities for any losses,
expenses or damages suffered or incurred by any person as a result of:
o their reliance on the information contained in this Information Memorandum;
o any errors in or omissions from this Information Memorandum; and/or
o any of the Information Provider’s negligence or lack of care.
 The estimates and projections contained in this Information Memorandum involve significant elements of
subjective judgement and analysis, which may or may not be correct. There are usually differences between
forecast and actual results because events and actual circumstances frequently do not occur as forecast and
also general economic conditions, and these differences may be material. The Recipient and their respective
advisors should make their own independent review of the material assumptions, calculations and accounting
policies upon which the accompanying estimates and projections are based. The Information Providers do not
undertake any obligation to update these estimates and projections for events or circumstances that occur after
the date of this Information Memorandum or to update or keep current any of the information contained in it.

Strictly Private and Confidential

 The Information Providers will not be liable to compensate the Recipient or any intending acquirer for any costs
or expenses incurred in reviewing, investigating or analysing any information in relation to a potential Investment
or otherwise.
 The information in this Information Memorandum is provided to the Recipient as a matter of interest only. It does
not amount to a recommendation either expressly or by implication with respect to any investment, nor is it
intended to form the basis of any investment decision.
 The information in this Information Memorandum may not be appropriate for all persons. The Information
Providers have not had regard to the investment objectives, financial situation and particular needs of the
Recipient. The Recipient should make its own investigation and assessment of the Investment, verify to its own
satisfaction the accuracy, reliability and completeness of the information in this Information Memorandum and
obtain independent and specific advice from appropriate experts. None of the Trustee, Alceon or the Information
Providers guarantee any rate of return of any investment set out in the Fund, the meeting of the investment
objectives of the Funds, the performance of the Fund or the repayment of capital.
 The Recipient should inform themselves as to the legal, regulatory, financial, accounting and tax requirements
applicable to them in respect of the Opportunity.
 The contents of this Information Memorandum are based on information available to Trustee as at the date of this
Information Memorandum. The Trustee is under no obligation to correct, update or revise this Information
Memorandum or to provide the Recipient with access to any additional information.
 Unless otherwise specified all references to dollars ($) in this Information Memorandum are to Australian dollars.

Strictly Private and Confidential

 2. EXECUTIVE SUMMARY

Alceon is pleased to offer eligible investors the opportunity to participate in the Alceon UPG Corporate
Trust (the "Fund"). This Information Memorandum ("IM") provides further detail on the Project, Sponsor,
investment terms, and financial returns.

The Fund will raise $80m of investor commitments in the form of senior loan notes ("Investment
Commitment") which will be fully drawn at inception to advance an $80m corporate facility ("Facility") to
Universal Property Group ("UPG" or "Borrower"). The Facility will be progressively repaid over the 12-
month term from excess proceeds on the settlement of completed houses and townhouses which are
being funded via other existing Alceon senior debt facilities. In this regard there are 4 underlying projects
in the northwest of Sydney that are either fully complete (290 dwellings) or due to complete between
December 2023 and July 2024 (192 dwellings), from which a fixed amount will be swept upon settlement
of each dwelling to fully repay the facility over the 12-month term. The primary loans on these houses and
townhouses sit at an average 56% Loan to Value Ratio (“LVR”), which increases to 76% when including
this Corporate Facility. The Corporate Facility accordingly benefits from the first mortgage security held by
the Alceon lender entities, with repayment pursuant to priority arrangements set out below upon
settlement of each dwelling. The Corporate Facility additionally benefits from a suite of other registered
first mortgage security within the Alceon pool of cross collateralised security, as detailed in Section 5 of
this IM.

Investors are forecast to earn a 21.7% net IRR and 1.13x cash multiple over the 12-month investment
term, inclusive of a 19.8% p.a. monthly nominal interest payment on capital invested. Investor capital is
expected to be progressively repaid on a monthly basis over the 12-month term (refer Section 7.2).

The key investment highlights are listed below:

 $80m of investment commitments, raised via the issuance of Loan Notes to investors, fully called
at inception;
 UPG will use the Corporate Facility to assist with short-term working capital requirements. The
corporate cashflow forecast over the facility term projects a strengthening net cash position, with
project completions and settlements and englobo site sales sufficient to meet working capital
needs. Alceon is uniquely positioned to provide this facility given our lowly levered cross
collateralised security position;
 Progressive repayment over the 12-month term, with a fixed amount of $250,000 per house and
$150,000 per townhouse to be directed to repayment of the facility from the 104 houses and 378
townhouses that are either complete (290 dwellings complete) or due to complete during the
facility term (192 dwellings);
 The above amounts per house and townhouse are in addition to the pre-agreed payments
required to amortise the senior secured debt under the relevant facility agreements. Total
payments applied to debt service from each settlement represents approximately 90% of each
individual settlement with the balance released to UPG.
 Investors are forecast to earn a 21.7% net IRR and 1.13x cash multiple over the 12-month
investment term, inclusive of a 19.8% p.a. monthly nominal interest payment on capital invested;
 The Corporate Facility benefits from the first registered mortgage security held by other Alceon
lender entities, with progressive repayment from the excess equity proceeds on settlement of
each of the completed properties secured and funded by other Alceon entities. The primary
security LVR on the 4 subject facilities is 56% and the notional LVR on these facilities inclusive of
the Corporate Facility is 76%;
 The Corporate Facility also benefits from the cross collateralisation of all other senior secured
facilities advanced by Alceon to UPG. These facilities sit at a blended 59% LVR, with
approximately $489m of forecast borrower equity value on full realisation. Inclusive of the
Corporate Facility, the blended LVR increases from 59% to 65%;
 In addition to the above security suite, the Corporate Facility benefits from corporate guarantees
from a number of UPG subsidiary entities outside the Alceon cross collateralised security pool.

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3. FUND INVESTMENT TERMS

Fund Alceon Finance Pty Ltd ATF Alceon UPG Corporate Trust

Investment Alceon Investment Management Pty Ltd

Manager
Total $80m commitment, with investors subscribing for Loan Notes in the Fund and expected
Commitment to be fully called at inception

Investment Term 12 months commencing in December 2023

Underlying  15.0% pa interest rate on the daily drawn facility balance, payable monthly in
Facility Key arrears;
Terms  7.5% pa line fee on the Reduced Facility Limit, payable monthly in arrears;
 The Facility is not redrawable and the Borrower may progressively cancel the
Facility Limit in increments of $5.0m on and from the first day of each calendar
month;
 The Facility is subject to a $12.0m minimum earn provision;
 Primary facility repayment shall be via the sweep of $250k per house and $150k per
townhouse (unless increased or decreased at Alceon’s discretion) on 4 specifically
identified projects in the northwest of Sydney that are either complete or expected to
complete during the facility term which sit within Alceon’s existing senior first
mortgage security pool.
 A corporate undertakings side deed will define required liquidity covenants and
reporting obligations to be adhered to during the facility term.
Facility Security  As tabled further on in this IM, the facility benefits from the registered first mortgage
security held by other Alceon lender entities. The primary source of repayment of
the facility will be via the sweep of $250k per house and $150k per townhouse
(unless increased or decreased at Alceon’s discretion) on 4 projects which are
funded by existing Alceon first mortgage facilities;
 The Facility sits within the cross collateralised pool of Alceon registered first
mortgage facilities. As tabled further on in this Information Memorandum, these
facilities have a primary LVR of 59%, an LVR after the corporate facility of 65% and
embedded borrower equity of approximately $489m;
 The Facility also benefits from corporate guarantees from a number of UPG
subsidiary entities outside the Alceon cross collateralised security pool. The number
and value of these guarantees is being firmed up prior to facility execution but
should only be considered as added comfort for investors.

Forecast Investor 21.7% net IRR and 1.13x cash multiple over the 12-month investment term (with the
Return facility not redrawable and to be progressively repaid over the term).
Investors will receive monthly interest at a rate of 19.8% p.a. on drawn capital

Alceon Fee The Forecast Investor Return of a 21.7% net IRR and 1.13x cash multiple is after the
Investment Manager’s entitlement to the following fees and returns:
Structure
 Direct Fees (i.e., Arranger Fees, Extension Fees, Exit Fees, etc) payable by the
Sponsor directly for arranging, underwriting, and managing the underlying facilities,
noting that this does not impact the net investor return on Investor Loan Notes as
described in this IM;
 A Management Fee of 1.0% p.a. (plus GST) on the committed facility outstanding,
payable quarterly in arrears (“Alceon Management Fee”); and
 A Performance Fee (“Alceon Performance Fee”) of 20% over a 10% IRR hurdle rate
(“Hurdle Rate”). Once Fund investors have achieved the Hurdle Rate return, Alceon
will be entitled to 20% of all proceeds above the Hurdle Rate.
In an Event of Default in any underlying facility, a 40% share of any default interest
income received from the underlying Facilities will be retained by the Investment
Manager to cover any enforcement and recovery action taken in the event of default.

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 4. SPONSOR

UPG was founded in 1997 and is an experienced integrated developer / builder based in Western Sydney
with a track record of delivering quality residential projects for over two decades in Sydney’s West. The
Sponsor has delivered over 8,000 dwellings and is a multi-disciplinary property development company
capable of delivering housing solutions consisting of villas, townhouses, apartments and house and land
packages.
UPG was founded by Bhart Bhusan who has over 25 years’ experience in the housing and construction
industry in Australia and overseas and is supported by his two brothers Sanjeev Kumar and Rajinder
Mohan who are co-owners. UPG actively manages the entire development and investment process, from
initial purchase through to sale of completed housing. UPG is currently focused on medium and large-
scale master planned residential communities and the development of medium and high-density
residential apartments as well as mixed use property developments.
The Sponsor is fully integrated and undertakes 100% of their own construction, which includes the
apartment projects that typically span up to five storeys, townhouses and detached housing. Many of the
main construction trades (i.e., electrical, tiling and plumbing) are internalised along with the construction
of kitchens and bathrooms. The Group also has a small internal sales team that coordinate sales with the
combination of offshore and local agents.
UPG currently has over 22,000 apartments and 3,500 houses in its pipeline. The projects are
predominantly located in Western Sydney and centred around transport nodes and infrastructure. The
product is targeted at the affordable end of the market and the buyer profile is majority owner-occupier.
The audited financial statements of UPG report net assets of $289m as at 30 June 2022, with EBITDA of
$275m and NPAT of $63m. On Alceon’s assessment of the unaudited project and financial information
provided, a reasonable assessment of the current net equity value of UPG would be in excess of $1bn,
with estimated look-through gearing in the range of 60%.
All of the facilities advanced by Alceon to UPG hold registered first mortgage security and are cross-
collateralised, enabling the ring-fencing of all secured properties in a default scenario. There is a
proceeds sharing deed in place between all Alceon lender entities, allowing for the pro-rata sharing of
excess proceeds in a default scenario amongst Alceon lender entities following full repayment of any
primary facility.
Further information on the Sponsor’s projects is available at the company’s website: www.bathla.com.au

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 5. FACILITY SECURITY

The Corporate Facility benefits from the registered first mortgage security held by other Alceon lender
entities. As detailed below, 4 specific facilities which are secured by completed or soon to be completed
dwellings, will be the primary source of facility repayment.

By contractual agreement, the borrower will direct proceeds from individual settlements at 4 specifically
identified projects which are fully funded on a cost to complete basis by other Alceon facilities to
repayment of the Corporate Facility. These projects are all located in the northwest of Sydney and are
either complete or are due to complete construction between December 2023 and July 2024, as profiled
in the following table and as further detailed in Section 6 overleaf (unless the sweep amount is increased
or decreased at Alceon’s discretion):

In the unlikely event that any of the primary facilities above are placed into default, the primary facility may
elect to sweep 100% of settlement proceeds until the primary facility is repaid. In this case, the Corporate
Facility repayment would be delayed and repayable only after repayment of the primary facility.

The Corporate Facility additionally benefits from the cross collateralisation of all other Alceon funded first
mortgage facilities. In the event that the Alceon UPG facilities are all placed into default, the excess
security proceeds after repayment of each primary facility, are shared amongst remaining Alceon facilities
on a pro-rata basis until all facilities are repaid. A summary of the Alceon cross collateralised security pool
is summarised in the following table:

In addition to the above recourse security, the Corporate Facility benefits from corporate guarantees from
a number of UPG subsidiary entities outside the cross collateralised security pool. The exact number and
value of these guarantees is still being formalised ahead of facility execution but investors should only
regard these guarantees as added comfort in an event of default.

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 6. PRIMARY SOURCE OF REPAYMENT- 4 IDENTIFIED UPG PROJECTS

1.
Properties

1140-  The Marsden Park site is located on the southwestern side of Richmond
1160,1132,1086 Road, approximately 500 metres northwest of the intersection of Garfield
Richmond Road, Road West.
Marsden Park,  The project originally comprised the development of 1,116 dwellings, with
NSW 425 houses and townhouses completed and settled to date, 20 houses and
270 townhouses completed and yet to settle and a further 401 apartments in
early-stage construction.
 The primary Alceon Marsden Park facility is currently sweeping 70% of the
net proceeds on each settlement, with the Corporate Facility to sweep $250k
per house (from the forecast excess of $301k per house) and $150k per
townhouse (from the forecast excess of $214k per townhouse) unless
increased or decreased at Alceon’s discretion.
 Settlements are currently averaging around 25 dwellings per month.

39-43 Hynds Road,  The subject site is located on the eastern side of Terry Road and northern
Box Hill NSW side of Hynds Road in Box Hill, which is 42km by road northwest of the
Sydney CBD. The proposed Box Hill town centre is to be located
approximately 150m to the north of the site.
 The project comprises the construction of 233 townhouses over 3 stages.
Stage 1 (41 townhouses) and Stage 3 (67 townhouses) are on track to
achieve practical completion in December 2023 and July 2024 respectively,
with construction of Stage 2 (125 townhouses) yet to commence.
 Stage 1 cost to complete is $1.6m and Stage 3 cost to complete is circa
$11.4m, both fully funded via an Alceon senior secured facility.
 Upon completion, the primary Alceon senior facility is expected to sweep
75% of the net settlement proceeds, with the Corporate Facility to sweep
$150k per townhouse (from the forecast excess of $176k per townhouse)
unless increased or decreased at Alceon’s discretion.

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Boundary Road,  The Boundary Road site comprises of 5 lots, DA-approved for 105 houses
Schofields NSW across two stages.
o Stage 1: 57 x houses and 5 x temporary OSD basin lots (62 in total).
UPG have sold and settled 3 of the 57 as land only. The Alceon
primary senior facility is funding construction of the balance 54
houses.
o Stage 2: 39 x houses and 4x temporary OSD basin lots (43 lots in
total). Stage 2 is not yet under construction.
o Lots 3, 5 and 8 - Zoned RE1 and SP2, will be acquired by local
council during the facility term.
 Construction of Stage 1 is progressing well, with construction completion
expected in July 2024 and fully funded on a cost to complete basis by the
primary Alceon senior secured facility.
 Upon completion, the primary Alceon senior facility is expected to sweep
70% of the net settlement proceeds, with the Corporate Facility to sweep
$250k per house (from the forecast excess of $376k per house) unless
increased or decreased at Alceon’s discretion.

16-18 Clarke  The project comprises 30 subdivided residential land lots and 2 balance lots
Street, Riverstone, with DA consent to build 30 houses.
NSW  Construction is 56% complete and forecast to fully complete by 31 July
2024, with the cost to complete fully funded by the Alceon primary senior
secured facility.
 Upon completion, the primary Alceon senior facility is expected to sweep
75% of the net settlement proceeds, with the Corporate Facility to sweep
$250k per house (from the forecast excess of $291k per house) unless
increased or decreased at Alceon’s discretion.

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 7. FORECAST ECONOMICS

1.1. Forecast Fund Returns

The Senior Notes are forecast to deliver a forecast running cash yield of 19.8% per annum on net capital
outstanding paid monthly in arrears. The Fund is forecast to deliver investors a 1.13x cash-on-cash return
(relative to total investment commitment) over the expected investment term of 12-months. Investors’
commitment will be fully drawn down at the outset.

Total Forecast Investor Return Metrics per $100,000 invested Total

Total Investment Commitment 100,000

1.2.
Initial Capital Call 100,000
F
Investment Term (months) 12
Forecast Pre-Tax Net Profit 12,784
Forecast Pre-Tax Net IRR (%) 21.7%
Forecast Pre-Tax Cash Multiple 1.13x
orecast Fund Cash Flow for every $100,000 invested

Alceon UPG Corporate Trust - Forecast Senior Note Investor Cashflows per $100,000 invested

Month Date Drawdowns Underlying Principal Fund Net Principal % Commitment MOIC
Income Repaid Fees Cash Flow Net Drawn Drawn

- 01-Dec-23 (100,000) - - - (100,000) 100,000 100% 0.00x

1 31-Dec-23 - 1,849 6,250 (82) 8,017 100,000 100% 0.08x
2 31-Jan-24 - 1,831 6,250 - 8,081 93,750 94% 0.16x
3 29-Feb-24 - 1,601 6,250 - 7,851 87,500 88% 0.24x
4 31-Mar-24 - 1,592 6,250 (218) 7,624 81,250 81% 0.32x
5 30-Apr-24 - 1,426 6,250 - 7,676 75,000 75% 0.39x
6 31-May-24 - 1,354 6,250 - 7,604 68,750 69% 0.47x
7 30-Jun-24 - 1,194 6,250 (171) 7,273 62,500 63% 0.54x
8 31-Jul-24 - 1,115 6,250 - 7,365 56,250 56% 0.61x
9 31-Aug-24 - 995 6,250 - 7,245 50,000 50% 0.69x
10 30-Sep-24 - 848 6,250 (126) 6,971 43,750 44% 0.76x
11 31-Oct-24 - 756 6,250 - 7,006 37,500 38% 0.83x
12 30-Nov-24 - 616 31,250 (1,796) 30,070 31,250 31% 1.13x

(100,000) 15,179 100,000 (2,394) 12,784 1.13x

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 8. INVESTMENT STRUCTURE

The Fund is sized to $80m and will be capitalised with $80m of Loan Notes issued to investors. An
indicative transaction structure is presented below for illustration purposes only. The Manager reserves
the right to amend the transaction structure to minimise any adverse tax or other relevant legal and
security issues.

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 9. INVESTMENT RISKS
All investments are subject to risks, including those that apply generally to any investment as well as
investments of this nature. Some of these risks can be mitigated by appropriate action, safeguards and
procedures. This section describes the key risks considered to be applicable to this opportunity but
should not be considered an exhaustive list of all possible risks associated with investments of this nature
and transaction structure.
Risk Description of Risk
Counterparty Risk Alceon typically relies on a number of
counterparties during its investment
process. Non-performance of any of
the counterparties can impact the
performance of an underlying loan.
Default Default or non-performance of parties
in the development process including
construction contractors, consultants
and tenants or guarantees.
Economic General economic activity such as
contraction in the Australian or global
economy may reduce the demand
Environment Changes in environmental laws which
may obligate the current landowners
to remediate land regardless of being
unaware of the contamination
Financing Potential default on interest payments
and inability to fully repay debt from
sale proceeds
Force Majeure Force majeure events such as fire,
earthquakes, storms, etc.
Interest Rate Risk A change in interest rates relative to
the underlying facility interest rates
Liquidity Risk Investors do not have redemption
rights or early exit entitlements. There
is no active secondary market for the
type of loans Alceon sources.
Strictly Private and Confidential
Mitigation / Comment
Alceon’s credit assessment process
involves rigorous channel/industry checks
and references on both our borrowers and
their contractors. UPG has longstanding
relationships with Alceon with well-
established track records.
UPG has a proven track record in
residential development.
Contractual arrangements provide capacity
to enforce under any security and
guarantees.
A general slowdown in economic activity
impacting the project delivery or sales is
mitigated by:
 Relatively short development horizons
 Fixed price construction contracts (with
Alceon possessing deep industry
contacts to be able to replace builders if
ultimately necessary)
Alceon closely monitor the borrower’s
cashflow position and have undertakings in
place to track the Group’s ongoing delivery
and sales performance.
Any in-ground and environmental risks are
adequately covered by contingency and at
the senior financier’s discretion to allow
usage of or require further equity funding
from the sponsor
Each sponsor must satisfy the cost to
complete test demonstrating that at all times
there are sufficient undrawn funds to
complete the project (including adequate
equity funds to be invested in each project)
Where possible, practicable and feasible,
insurance will be obtained by each sponsor
in order to mitigate these risks.
Investors earn a high-yield return on this
opportunity.
The investment term is predicated on the
tenor of 4 specifically identified UPG
projects. The investment is relatively short-
dated and is expected to mature within a
12-month period.
13
 Market Changing market conditions with
respect to new supply of stock
affecting prices and sales progress
Planning Planning approvals, appeal processes,
and general changes to planning
regulations may delay projects or
render them economically unfeasible
Sales Lower sales values and slower sales
rates than assumed
Purchasers default once settlements
are called
Taxation Like any other asset, real estate
development and ownership is
affected by changes in taxation laws
which may or may not have an
adverse impact on after tax returns to
Investors.
One primary facility (Marsden Park house
and townhouse construction) is largely
complete. The other three projects have
relatively short development horizon which
provides reasonable market visibility.
All primary projects are either complete or
are due to complete construction between
December 2023 and July 2024 with no
planning risk. With respect to other Alceon
funded UPG facilities, the values of
underlying properties have been assessed
on an “As-Is” and “As-If Complete” basis
(where appropriate and do not attribute any
value to town planning / permits that have
not already been obtained.)
Pricing is market-based and takes in
consideration timely market data.
All forecast returns in this IM are indicative
pre-tax forecast returns.

10. KEY DATES

Key Dates Date

Investment commitments received 24 November 2023
Investor allocations confirmed 28 November 2023
Initial Capital Call Due 4 December 2023
Facility Maturity Date December 2024

11. CONTACT INFORMATION

For further information, please contact:

Contact Name Telephone Mobile Phone Email

Damien Cronin +61 2 8023 4006 +61 414 202 497 damien.cronin@alceon.com.au
Morris Symonds +61 2 8023 4023 +61 418 262 399 morris.symonds@alceon.com.au
Phil Green +61 2 8023 4030 +61 411 130 381 phil.green@alceon.com.au
Gerald Full +61 2 8023 4007 +61 413 187 396 gerald.full@alceon.com.au

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