The Dolphin Property Fund 1 invests in German real estate such as residential, retail, and commercial properties, with a focus on listed buildings eligible for tax breaks from the German government. The fund aims to achieve a minimum 8% annual return over 5 years by opportunistically partnering with developers on tax and demographic-driven deals. It takes a bottom-up approach to identify undervalued assets and maintains a diversified portfolio with no more than 33% in a single asset.

1. Summary of Terms
About the Asset Class
The Dolphin Property Fund 1 is a global real estate
investment fund, investing directly or indirectly in a
portfolio of real estate assets belonging to several key
sectors such as residential, retail, commercial, logistics,
industrial or leisure. Dolphin Property Fund’s portfolio
currently allocates to the fast-developing German real-
estate sector. One of the real estate investments focused
on by investment managers is Listed Buildings which are
carefully sourced to take advantage of the German
Government’s unique scheme of tax breaks aimed at
encouraging citizens to purchase renovated German
Listed Buildings. Dolphin Property Fund opportunistically
collaborates with leading developers to identify tax and
demographically driven investment opportunities. The
fund seeks partners that have accumulated a wealth of
experience and knowledge, ensuring surety of execution
and profitability.
Expected return on investment
8%
JUNE 2015
Investor return The Fund aims to achieve, net of all management and transaction expenses, a minimum
internal rate of return in excess of 8% p.a. over rolling five year periods.
Returns paid to investors Bi-annually in arrears or accumulated depending on share class
Investor Liquidity 3 year lock in, 6 months notice for redemption
Minimum Investment GBP 10’000 (Class A, D), EUR 10’000 (Class B, E) or USD10’000 (class C, F)
Performance Fee 20% (over 10% hurdle) of
increase on NAV
Exit Fee Nil, please refer to Supplemental Particulars
AMC 1.25%* per annum of NAV
subject to £15,000 minimum
ISIN Code See Supplemental Scheme Particulars
Assets of the Fund German Real Estate Fund Inception February 2015
* Other standard fees related to the ongoing operation of the Dolphin Property Fund 1 will be charged. Full details available in the Supplemental Scheme Particulars and Supplemental Particulars.
Investment in Dolphin Property Fund 1 can only be made on the terms of the current cell particulars and the scheme particulars for GFG Fund PCC Limited.

2. Investment Philosophy
The fund management team is dominated by a ‘bottom
up’ style and philosophy to recognise and exploit value
situations in the real estate markets. This approach applies
to both Direct Investments and Indirect Investments. When
making investments in real property, property equity, debt
securities and other property related assets, the
investment approach of the Fund seeks to breakdown the
underlying real property or portfolio at the individual
company level in order to view the gross asset spread,
identify the specific and evaluate the current and
forecast earnings and future asset values. Regional and
sector diversification will not be a core focus. The Fund
aims to maintain a diversified and fully invested portfolio,
with a target of no more than 10% allocated to cash or
cash equivalent securities. In order to fulfil the aim of
maintaining a diversified portfolio of assets and achieve a
sufficient spread of risk, the Directors of the Fund do not
intend to invest more than 33% of the assets of the Fund in
one particular asset. The Investment Managers, as the
Directors of the Fund, will monitor the diversification of
assets closely and aim to achieve a sufficient spread of risk
into varied asset classes over time.
The information provided in this confidential document may include estimates, opinions, forward-looking statements, and unverified statements from third-party sources. It is intended primarily for internal
staff, but may be distributed upon request to qualified investors for authorised purposes only. This information is being furnished to you solely for your information and personal use and does not constitute an
offer or a recommendation to purchase or sell any security. Past performance is not a guide to future performance. Investment in Dolphin Property Fund 1 can only be made on the terms of the current cell
particulars and the scheme particulars for GFG Fund PCC Limited.
How we achieve performance for
investors
Returns from investments into German Listed Buildings: The
apartments within the German Listed Buildings scheme
are sold off-plan (prior to commencement of renovation
works) through a well-established network of German
sales agents. This enables the agreed interest repayments
to be made to Dolphin Property Fund, who provided the
initial loan funds at the outset. This principle is applied in
one form or another to all our investments.
General Enquiries
Louvre Fund Services Limited
St Peters House
Le Bordage, St Peter Port, Guernsey, GY1 1BR
Channel Islands
T: +44 (0)1481 727249 | info@louvregroup.com
Custodian Deutsche Bank International Limited
(Guernsey Branch)
Auditors BDO Limited (Guernsey)
Legal Advisors Collas Crill
Dolphin Property Fund and the German
property market
Germany is growing. A European market without borders
creates a strong, powerful, innovative economy that
attracts people from all over the world. More people are
moving, year after year, to the large metropolitan centers of
Germany. More new homes than ever before are needed in
the cities and surrounding rural areas. Apartments are
therefore in high demand, particularly Listed Apartments as
they are an expression of a particular lifestyle. Historic,
picturesque buildings enrich the cities’ otherwise modern
architecture, and they are striking accents in scenic areas
outside the city. Germany promotes the acquisition of Listed
properties with tax incentives that make Listed homes even
more attractive and ensure a constant high demand.
How we manage risk
By entering into partnership agreements with the
developer, we ensure a high quality collateral throughout
the transaction cycle while benefiting from the high
returns enjoyed by the bridge financing sector. We
allocate funds to opportunities identified from within our
experienced network of real estate professionals with
proven track records in their areas of property expertise.
Our allocation process embeds risk management by
submitting all investment decisions to our own advisory
team who possess expertise in many types of property
transactions and varying geographical locations, as well
as their deep understanding of the financial sector.
Fund Structure
The Fund is a cell of GFG Fund PCC Limited, a protected
cell company registered with limited liability in Guernsey
on 14 March 2014 having registration number 58160.
Independent valuation and insurance
Real estate and immovable property or rights over such
property shall be valued by a certified appraiser appointed
by the Company in respect of each Sub-Fund and
accordingly identified in the relevant Supplement. Such
certified appraiser shall be required to satisfy the criteria for
valuation experts.
There are risks associated with an investment in the Fund
and as such, it is intended for sophisticated investors only.
The investment objective and policy of the Fund
anticipates that investment may be made in real
property, property equity and debt securities, property
related assets, derivatives and other securities, and as the
Fund’s investment programme or market conditions
develop over time, it may be subject to risk factors not
currently contemplated. Each prospective investor should
carefully review the Scheme Particulars and consider
related risk factors.