Fund Returns Update Share Price Total Return to 31 March 2012 Average Annual Fund 29/02/2012 31/03/2012 Last 12 3 Years 5 Years Return Since Months Launch* Student Accommodation Funds Sterling Share Class £2.96 £2.97 +9.59% +32.59% +62.30% +9.69% p.a. Launched 15 June 2000 US Dollar Share Class US$1.17 US$1.17 +7.34% N/A N/A +8.16% p.a. Launched 5 March 2010 Euro Share Class €1.06 €1.07 Share Price at Launch €1.00 Launched 8 June 2011 Singapore Dollar Share Class SGD 1.06 SGD 1.06 Share Price at Launch SGD 1.00 Launched 8 June 2011 Swiss Franc Share Class CHF 1.05 CHF 1.05 Share Price at Launch CHF 1.00 Launched 8 June 2011 Dual Asset Funds - Student Accommodation and Ground Rents Dual Asset Fund (Sterling) £2.00 £2.00 +5.82% +21.21% +42.86% +8.57% p.a. Launched 10 October 2003 Dual Asset Fund (US Dollar) US$1.75 US$1.75 +3.55% +13.64% +27.74% +6.66% p.a. Launched 25 July 2003 Dual Asset Fund (Euro) €1.73 €1.73 +5.49% +17.69% +34.11% +6.52% p.a. Launched 25 July 2003 Ground Rent Funds Ground Rent Income Fund £3.30 £3.30 +1.85% +8.91% +23.60% +7.70% p.a. Launched 29 February 1996 Ground Rent Portfolio £2.49 £2.49 +1.63% +9.21% +23.27% +7.26% p.a. Launched 24 March 1999 Ground Rent Portfolio Plus £1.95 £1.95 +1.56% +8.33% +22.64% +6.50% p.a. Launched 17 August 2001 All returns are net of Brandeaux charges. *Compound average annual return since launch to 31 March 2012. www.brandeaux.com Adrian Perry, Head of Marketing Tel: +353 87 755 88 50 Email: firstname.lastname@example.orgThis Update is for information purposes only and is not intended as an offer or solicitation to anyone in any jurisdiction in which such an offer or solicitation is not authorised,or to any person to whom it would be unlawful to make such an offer or solicitation. Persons who receive this Update are required to inform themselves about and observe anysuch restrictions and should seek professional advice. This Update should be read in conjunction with the Funds’ Articles of Association and Private Placement Memoranda.Information and representations herein are based on information available at the date hereof, and are, therefore, subject to change. In particular, past returns are not a guide tofuture returns and the value of shares may go down as well as up. Moreover, returns in non-sterling denominated shares classes may increase or decrease subject to currencyfluctuations. Brandeaux calculates its returns net of Brandeaux charges. This Update is distributed on behalf of Brandeaux Managers Limited by Brandeaux Administrators Limited, Brandeaux House, 13 Upper Mount Street, Dublin 2, Ireland, which is authorised and regulated by the Central Bank of Ireland under the Investment Intermediaries Act, 1995.