This document summarizes a fund presentation for a £100 million student accommodation fund. The fund will invest in developing modern student housing in partnership with universities across the UK. It aims to leverage senior debt of up to 80% of costs to target an 16% internal rate of return. The fund will be managed by Infrastructure Financial Management, who have over 20 years of experience in the student housing sector developing over £140 million of projects to date.

1. И INFRASTRUCTURE FINANCIAL MANAGEMENTPRIVATE AND CONFIDENTIAL IFM FUND PRESENTATION JUNE 2010

2. ИINFRASTRUCTURE FINANCIAL MANAGEMENT Fund summary Investment: in developing modern high spec student accommodation in “partnership” with Universities Fund raising target: £100 million with a first close of £50 million Senior debt leverage: 80% of LTC (on GDV), maximum of 75% of LTV on completion Targeted return: 16% IRR (after fees and tax at the UKLP level) Fund life; 6 years with two optional one year extensions Fund structure: A Limited English Partnership registered with Jersey SPC’s holding assets Fund manager: Infrastructure Management Limited (“IFM”) Fees: Development Fee: 4%-to-6% of GDV (compared to 15%-to-20% charged by our competitors); Fund & Asset Management Fee: 1% of GDV followed by 1% per annum of GAV; Performance Fee: 20% on returns over a leveraged preferred IRR of 14% after fees and taxes at the fund level, rising to 35% after a 20% IRR. This is only paid upon liquidation of the Fund. 2

3. ИINFRASTRUCTURE FINANCIAL MANAGEMENT Why invest with “IFM” in student accommodation? Sector returns: Student Accommodation (“the Sector”) has provided robust investment returns and continues to perform well despite the current poor economic climate and is expected to continue to do so Demand: The demand for student accommodation outstrips supply and will remain so for the foreseeable future Universities responsibility: To provide a minimum amount of student accommodation whilst being under ever increasing budgetary constraints University’s requirement: Typically want bespoke solutions and to work with trusted and proven “partners”, such as IFM. Universities’ are reluctant based on experience to work with “private landlords” Bespoke solutions: IFM has a strong record in delivering bespoke solutions based on sourcing and developing student accommodation in “partnership” with UK universities Investor returns: IFM’s business model provides attractive solutions for universities whilst driving down development risk and delivering attractive returns Reputation: IFM has an excellent Sector reputation and as a consequence has demonstrable access to an extensive pipeline of student accommodation projects upon which the Fund will be able to leverage. 3

4. ИINFRASTRUCTURE FINANCIAL MANAGEMENT Who is “IFM”? IFM: Since 2003, IFM has completed a range of student accommodation developments and re-financings in excess of £140m Management experience: 20+ years sector experience and 50+ years general real estate Sector relationships: Strong and established including universities, banks, housing associations an professional practices “IFM bring considerable market exposure through their strong track record and market relationships built up over the past 10-years operating in the SA sector”. 4

5. ИINFRASTRUCTURE FINANCIAL MANAGEMENT Sourcing investments Direct access to academic institutions. IFM maintains a regular accommodation requirement dialogue with many of the 140 academic institutions IFM’s reputation, record of working with universities and performance delivery makes it a primary choice It is IFM’s ability to source transactions in “partnership” with the Universities that forms the basis of IFM’s unique selling point Direct access to site owners and developers As a result of IFM’s growing reputation there are increasing requests from developers to assist with solutions/exits from their overly geared student accommodation sites Direct contact with banks As a result of IFM’s growing reputation and dealings with banks (including financing ILL’s own projects) there are increasing requests from banks to assist with student accommodation/ student accommodation appropriate sites that require “work out” solutions. 5

6. ИINFRASTRUCTURE FINANCIAL MANAGEMENT Performance drivers Enhanced development: Project design while minimising construction cost Maximising rental returns: Commercial accommodation Core student accommodation Non Term-Time opportunities - Summer schools, Postgraduate programmes etc... Enhanced debt terms: Construction and post completion phases including refinancing to release trapped equity Portfolio Strategy: Minimisation of holding costs Flexible exit strategy 6

7. И INFRASTRUCTURE FINANCIAL MANAGEMENT Key management Mark Cutting– Fund Management Director Chartered surveyor, has worked almost entirely in investment, fund and asset management including running an AM European property portfolio valued in excess of EUR 1.6 billion. James Boyle – Development Director MSc (City), has worked in public sector and education institutions project finance since the mid-90’s including large PFI projects and educational facilities with a strong bias towards student accommodation specialising in Development management and financial structuring . Steven Gardner – Construction Management Director BSc CIOB, has extensive construction experience including documentation, design over-sight, construction finance and building projects on-time and on-cost. A larger part of Steven’s 20-year career has been in developing student accommodation. Austin Gilman– Asset Management Director BSc (Estate Management) MBA CIM, Austin has 15-years of real estate experience including acquisitions, and asset management across all property sectors . 7

8. И INFRASTRUCTURE FINANCIAL MANAGEMENT 8 Fund Structure

9. И INFRASTRUCTURE FINANCIAL MANAGEMENT Driving fund returns Development Returns: The average net “Yield on Cost” of IFM pipeline projectsis c. 6.0% to 7.5% compared to exit yields at today’s level of 5.25% to 6.25%. Effectively, it is cheaper to build than buy, this arbitrage drives development return. Income Returns: Interest coverage ratios to meet lender requirements on completion means income returns are low, however, these grow over time as RPI increases rent (source: IFM business model). Reversionary Returns: Low exit yields compared to the Yield on Cost, combined with rental growth through RPI and market rental growth, drive values up over the medium term (five-to-six years) resulting in high equity returns – multiples of 1.6x to 2.0x . Return enhancement: largely driven by reversionary value , however, as the increasing impact of RPI on the base rent occurs, distributable income grows. The Fund Cash Flow Model makes based on conservative assumptions no allowance for yield compression, were this to occur then returns would be much stronger. 9

10. ИINFRASTRUCTURE FINANCIAL MANAGEMENT Pipeline example and case studies 10

11. И INFRASTRUCTURE FINANCIAL MANAGEMENT 11 Example: pipeline project Belgrade Plaza, Coventry – July 2010

12. ИINFRASTRUCTURE FINANCIAL MANAGEMENT Transaction economics: Belgrade Plaza, Coventry 12

13. И INFRASTRUCTURE FINANCIAL MANAGEMENT Case study - 1 Goswell Road, London EC1 IFM was one of the first property companies to provide bespoke post-graduate accommodation in central London, with its Willen House, Bath Street project. The scheme provides 157 rooms and various other ancillary areas for students of the nearby Cass Business school, City University. 13

14. ИINFRASTRUCTURE FINANCIAL MANAGEMENT Case study- 2 Willen House, Bath Street The completed scheme is to be let directly to students (i.e. without University under-writing). The senior loan was provided by Barclays, assuming a 70% LTV and projected amortisation over 22 years. The equity / subordinate debt has been provided jointly by IFM and Derwent, a large housing association with over 4000 student beds under management. 14

15. И INFRASTRUCTURE FINANCIAL MANAGEMENT Conclusion Opportunity: to enter a strong performing segment of the real estate sector, where nomination agreements or leases help provide reduced risk are combined with strong returns. Portfolio: will contain high spec student accommodation developed in partnership with the Universities at competitive rents in strong locations. Returns: Strong rental growth and increasing Investor interest will drive values beyond the planned performance levels of the base case cash flow. Pipeline and established relationships: can be demonstrate with Universities, construction companies, banks and third party advisers – these often lead to new opportunities IFM: is well placed to deliver investors a portfolio of newly developed student accommodation facilities across the UK over the next 24-months and then manage them through the life of the Fund with capital growth of between 1.6x and 2.0x. 15