Fund Investment Objective:

The Fund will invest primarily but not exclusively in investment entities managed by Investment Managers selected by the Fund for their superior investment skills in their particular field of operation. The Fund will initially select a range of property related investment opportunities offering the potential for investment returns derived from the European property markets.

The Fund will seek initially to exploit recovery themes. This enables the investment managers the ability to select discounted property investment opportunities that will provide capital growth opportunities and attractive levels of income. As property markets stabilise the Investment Managers will seek to provide consistent long term returns and will adjust the portfolio accordingly.

The Fund will invest in open ended property funds, listed closed end property companies, global quoted property stocks, Real Estate Investment Trusts (REITS), and any other suitable European property related investments, including ETF's (Exchange Traded Funds). The actual allocations across these securities types will be actively managed to exploit the opportunities available and may vary over time to seek higher returns.

Investments will be rigorously analysed to review the characteristics of the property holdings, any debt or other liabilities, the investment managers' skill at property selection and asset management