Brandeaux manages specialist collective investment funds for institutional and professional investors.

The Brandeaux Funds are invested in student accommodation, residential ground rents and reversionary properties throughout the United Kingdom.

The funds' target is to deliver consistent positive returns of 8% to 10% per annum on GBP denominated funds (6% to 8% per annum on non GBP denominated funds to allow for FX costs and currency hedging), whilst maintaining a profile of low volatility.

Brandeaux’s Ground Rent Income Fund invests in a prime portfolio of ground rent and reversionary residential properties throughout the United Kingdom with a concentration of value in the affluent areas of Central London. The Fund has produced consistent positive returns since launch on 29th February 1996. Brandeaux’s two other ground rent funds, Ground Rent Portfolio and Ground Rent Portfolio Plus, have also produced consistent positive returns since launch.

Brandeaux Student Accommodation Fund (Sterling) was launched on 15 June 2000 investing in university student accommodation throughout the United Kingdom. The Fund has consistently produced positive returns since launch.

In March 2010, Brandeaux Student Accommodation Fund (US Dollar) was launched, investing exclusively in Brandeaux Student Accommodation Fund (Sterling). Further share classes denominated in Euro, Singapore Dollar and Swiss Franc were launched in June 2011 and the fund renamed Brandeaux Student Accommodation Fund (Multi Currency). The fund employs currency hedges to mitigate the effect of exchange rate fluctuations between the currency share classes and Sterling.

Brandeaux, through its three dual asset funds, offers investors the opportunity to access within a single fund both student accommodation and ground rents. The Brandeaux Dual Asset Funds are denominated in Sterling, US Dollar and Euro. The US Dollar and Euro dual asset funds employ a currency hedge to mitigate the effect of exchange rate fluctuations between each fund's denominated currency and sterling.

Brandeaux employs over 400 people within its organisation including experienced investment managers, specialised property asset managers and fund administrators.

The Brandeaux Funds:	Launch Date:

Student Accommodation Funds Sterling Share Class 15 June 2000 US Dollar Share Class 05 March 2010 Euro Share Class 08 June 2011 Singapore Dollar Share Class 08 June 2011 Swiss Franc Share Class 08 June 2011

Ground Rent Funds (all Sterling Denominated) Ground Rent Income Fund 29 February 1996 Ground Rent Portfolio 24 March 1999 Ground Rent Portfolio Plus 17 August 2001

Dual Asset Funds Brandeaux Dual Asset Fund (Sterling) 10 October 2003 Brandeaux Dual Asset Fund (US Dollar) 25 July 2003 Brandeaux Dual Asset Fund (Euro) 25 July 2003