The document provides an update on the fund returns for various real estate funds as of 31 March 2012. It shows the share price and total returns over the last 12 months, 3 years, 5 years, and average annual return since launch for each fund. The funds invest in student accommodation, ground rents, or a dual strategy of student accommodation and ground rents. Over the periods reported, most funds saw share price increases and positive total returns, ranging from 1.56% to 9.59% over the last 12 months and 6.5% to 9.69% average annual returns since launch.

1. 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: a.perry@brandeaux.com
This 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 any
such 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 to
future 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 currency
fluctuations. 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.