The document summarizes the performance of Liberty Living's student accommodation portfolio. It states that the London properties are already sold out for the 2012 Summer Olympics and bookings outside London also indicate continued strong revenue growth. Revenue has increased from £2.1 million in 2009 to £3.2 million in 2011 and record revenues are expected in 2012. The portfolio has achieved consistent returns since its 2000 launch, including a 9.73% compound annual return. Occupancy for 2011/12 is fully booked with waiting lists, and rent levels are being negotiated with university partners for 2012/13.

1. STUDENT ACCOMMODATION FUND (STERLING)
Brandeaux’s london portfolio
already sold out for summer 2012
Olympic London will be busy for summer 2012. Liberty Living’s London
student accommodation portfolio is already sold out for Olympic housing. £2.87
Bookings outside London also indicate continuing strong growth in summer Share price 31 October 2011
revenue, which has increased its net contribution from £2.1 million in 2009 Up 3p on previous month
to £3.2 million in 2011. We confidently expect a record summer in 2012 – all
part of building higher value and increased income from the Liberty Living
portfolio.
+10.38%
12 Month total return1
traCK reCord of Consistent returns sinCe launCH in 2000
+32.87%
3 Years total return1
9.73%*
+63.07%
5 Years total return1
+9.73%
Compound annual return
since launch2
1
Total return to 31/10/11
2
From 15/06/00 to 31/10/11
Returns are net of Brandeaux
charges
*Compound average annual return since launch on 15 June 2000 to 31 October 2011, net of
Brandeaux charges.
“We have full
Past returns are not a guide to future returns and the value of shares may go down as well as up. occupancy for
2011/12 with waiting
update from Charles marshall, Chief executive, liberty living lists, and are already
Our students don’t just book in with us. They come to stay with us during their starting to agree
university years. It is with that spirit that we welcome them and provide an rent levels with our
environment that is a memorable part of their time spent at university. This is the university partners
key to our brand recognition and it is vital to sustainable Fund returns. This is the for 2012/13. Early
reputation that Brandeaux’s Liberty Living brand has established over 11 years
with both students and universities. Our reputation is the foundation for our full
indications of rental
occupancy for 2011/12 and why we look forward with confidence to 2012/13. uplifts are positive”
We successfully completed the 2010/11 university year with an increase of 33% in Charles Marshall, October 2011
summer revenues to £3.2 million against £2.4 million in the previous year. Additional
revenue for 2011/12 is being generated from 60 new rooms that have been added to
existing residences in Leicester and London.
brandeaux www.brandeaux.com nOVeMber 2011

2. STUDENT ACCOMMODATION FUND (STERLING)
update from Charles marshall (continued)
Key facts
Creating partnerships and strong relationships with universities is key to Brandeaux’s
Shares are listed on the
successful business model. Partnerships with over 30 mainstream universities provide Irish Stock Exchange
occupancy commitments for over 60% of the portfolio’s income. We are frequently target return
approached by universities as a ‘buyer of choice’ for purchasing their existing 8% to 10% p.a.
accommodation. This presents opportunities to expand Brandeaux’s already well fund size
geographically diversified portfolio and continue to exploit cost economies of scale. GAV £1.02 billion
NAV £818 million
(31 October 2011)
launch date
Brandeaux’s student accommodation 15 June 2000
locations manager
Brandeaux Managers Limited
a london
investment adviser
B Cardiff Brandeaux Advisers (UK)
C liverpool Limited
d manchester administrator
e southampton Brandeaux Administrators
f Birmingham Limited
G Coventry Liberty Park
Banker and safe keeper
University of Bedfordshire
H newcastle of assets
i preston HSBC Bank plc
J Gillingham auditor
K leeds Deloitte & Touche LLP
l leicester property Valuer
m aberdeen Lambert Smith Hampton
n Bedford Group Limited
O Sheffield initial Charge
p Glasgow 1.5%
Q stoke management fee
Liberty Quays 1.5% p.a. of NAV
University of Kent administration fee
0.2% p.a. of NAV
For a student’s view of the Brandeaux portfolio please refer to www.libertyliving.co.uk total expense ratio
1.71% p.a. of NAV
exit Charges
Brandeaux also offers through Brandeaux Student Accommodation Fund (Multi None
Currency) share classes denominated in US Dollar, Euro, Singapore Dollar and Swiss dividend status
None
Franc, which invest directly in Brandeaux Student Accommodation Fund (Sterling)
dealing day
and employ currency hedges to mitigate the effect of exchange rate fluctuations 5th business day each month
against Sterling. A Fact Sheet and Private Placement Memorandum for Brandeaux mexid number
Student Accommodation Fund (Multi Currency) is available from info@brandeaux.com 8QSAA
sedol number
B61PNY0
(Last character is the number “0”)
isin number
A minimum subscription level is applicable ONLY to the institutional platform through which the subscription of the investing client is made.
Brokers, therefore, do not have to regard Brandeaux Student Accommodation Fund (Sterling)’s minimum subscription requirement as a VGG131721125
barrier but should refer to the terms of the institutional platform product. Full details of the terms of subscription and redemption of shares in
Brandeaux Student Accommodation Fund (Sterling) are set out in the Private Placement Memorandum.
This Fact Sheet 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 adrian perry
this Fact Sheet are required to inform themselves about and observe any such restrictions and should seek professional advice. This Fact
Sheet should be read in conjunction with the Memorandum and Articles of Association and Private Placement Memorandum of Brandeaux Head of Marketing
Student Accommodation Fund (Sterling) Limited, which, together with the latest Fund’s Report & Financial Statements, are available upon
request from info@brandeaux.com. Information and representations herein are based on information available at the date hereof, and are,
Telephone: +353 877 55 88 50
therefore, subject to change. In particular, past returns are not a guide to future returns and the value of shares may go down as well as up. a.perry@brandeaux.com
Moreover, returns in non-Sterling denominated shares classes may increase or decrease subject to currency fluctuations. All returns are shown
net of Brandeaux charges.
Brandeaux Student Accommodation Fund (Sterling) Limited is incorporated in the British Virgin Islands (“BVI”) as a BVI Business Company with
sophie Bowden
registration number 384467. It is recognised as a professional fund under the BVI Securities and Investment Business Act, 2010 and is subject Marketing Executive
to the supervision of the BVI Financial Services Commission. Shares are listed on the Irish Stock Exchange.
This Fact Sheet is distributed on behalf of Brandeaux Managers Limited by Brandeaux Administrators Limited, Brandeaux House, 13 Upper
Telephone: +44 20 7398 7410
Mount Street, Dublin 2, Ireland, which is authorised and regulated by the Central Bank of Ireland under the Investment Intermediaries Act, 1995. s.bowden@brandeaux.com
brandeaux www.brandeaux.com nOVeMber 2011