Mansion Student Accommodation Fund “Student Property has outperformed every other commercial property class” Source: Knight Frank

Mansion Model Acquire sites from Universities, Property Funds and private owners Refurbish to Mansion standard Let directly to post 1st year students Provide on site hospitality Maintenance of property Manage rental payments and chase arrears Provide security – 24/7 and CCTV Properties are sold to Institutions/Funds 2

3 The Portfolio

MSAF London Portfolio 4

Progress to date Mansion have redeveloped property in London, Edinburgh, Glasgow, Manchester, Bristol, Oxford, Newcastle, Birmingham, Nottingham, Liverpool, Leicester, Leeds, Sheffield, Aberystwyth, Lincoln, Exeter and Colchester £600M of development value to date Over 8300 beds under management 6.7% average rental initial yield 5,000 bed pipeline 5

Demand for Student Housing UCAS figures show that, as at the 30 th June 2013 deadline, application levels were at the third highest levels since records began UCAS reported a 3.1% increase in applications to circa 637,000 as at 30 th June 2013 for all courses across the UK for the 2013/14 intake* Application rates of 18 year olds across the UK increased by 0.7% compared to 2012/13 according to UCAS* Reports confirm applicants from EU countries have increased by 4.3% and outside the EU of 6.0% for 2013/14 intake* International students tend to choose purpose-built accommodation in the UK due to security, location and facilities India is forecast to overtake China as the world’s fastest growing source of globally mobile students *as of 30 June 2013 Source: UCAS, Savills, CBRE, Knight Frank 6 “The number of students attending university outside their own country is forecast to more than double by 2025”

Growth in Student Numbers; Applicants, Places and Fees 7 Growth in student numbers chart CBRE “According to Savills, indications are that demand for HE, even in the face of increased tuition fees will continue to outstrip the number of places available in 2012” Source: Savills, CBRE

Top non-EU student nationalities at UK universities Source: Knight Frank “Higher education in the UK is exceptionally competitive on an international scale” 8

Insufficient supply More than 155,000 more students nationally renting in private rented sector (PRS) than in 2007 (CBRE) Dramatic 20% increase in student numbers over the last 10 years has left most universities short of accommodation due to lack of new halls Quality of university accommodation is old and un-modernised Savills believe UK universities will increase reliance on the private sector with universities likely to want to retain nomination rights Reported occupancy levels of 99%+ for 2011/2012 intake for most private operators of purpose-built halls, which saw the highest ever intake of students Source: Knight Frank, Savills, CBRE 9

Knight Frank Student Accommodation Index 10

MSAF Fund Objective Objective To provide investors with exposure to the UK private student accommodation market Strategy To concentrate on purpose-built halls of residence in the UK’s top 30 student towns and cities. To achieve capital gains by focusing on sites where a combination of location, supply/demand imbalance and rental potential is greatest Put simply… The fund offers the opportunity for your clients to diversify away from traditional asset classes such as equities, bonds, commercial property or commodities; or for investors with a pessimistic view of these asset classes to achieve a higher return than cash. 11

Why MSAF? Sub cell of protected cell company OEIC Authorised by the Guernsey Financial Services Commission Listed on Channel Islands Stock Exchange Monthly dealing with minimum 66 day notice period for redemptions Priced at NAV in £, $, €, SGD $ and CHF Initial charge and rear end charge available Fund launched in December 2009 Over £350m raised to date Summer lets to provide additional income No negative performance since launch 5 year rental guarantee on each property 12

Performance to date 13

Professional advisors CustodianBNP Paribas (AA Rated) Administrator Active Fund Services Tax AdviserPrice Waterhouse Cooper Auditor Ernst & Young (CII) LLP Valuation agent DTZ / Knight Frank Property adviser Mansion Property Management Investment adviser Dartmoor Capital Management 14

Contacts Website: Telephone:+44 (0) Manchester Office Address 1 Oakwood Square, Cheadle Royal Business Park,Cheadle, Cheshire. SK8 3SB London Office Address 2 nd Floor, Berkeley Sq. House, London W1J 6BD 15