This document analyzes the performance of IP Global's London property portfolio between 2009-2013. Key findings include: - The portfolio achieved a total capital appreciation of GBP114 million and an average annual return of 11.4%, or 29.6% for leveraged investments. - Properties in Zones 1 and 2 significantly outperformed, with average annual growth of 20% and 26% respectively. - Two-bedroom units achieved the highest annual leveraged capital growth of 21.4%. - Rental yields have remained stable at an average of 4.6% despite compression from rising prices.

1. LONDON PORTFOLIO ANALYSIS
2009-2013
UK MARKET UPDATE 2016

2. CONTENTS
Foreword 2
A shifting investment story 3
UK Market Overview 2005-2015 4
A look back 5
The world’s leading asset class 6
Capital outperformance 8
The London premium? 10
IP Global London Portfolio Analysis 2009-2013 12
Top 10 IP Global Projects 14
Leveraged vs unleveraged 17
Property location 18
Property size 18
Rental yield performance 19
Investment hotspot: Islington 20
Where next for IP Global? 22
Ripple effect 23
Outer London: flight to affordability 24
Investment hotspot: Sutton 25
Beyond London? 26
Investment hotspot: Manchester 28
Reflection 29
Methodology and disclaimer 30
Get in touch 31

3. A decade of success
This year marks a decade since IP Global was founded. In this time
we have overcome a number of challenges, weathering a global
recession to build our reputation as a trailblazing international
property investment firm.
From the start, we have strived to change the way the world sees
global property investment, putting it on a level footing with
any other recognised asset class. Today we are proud to have
supported our clients to invest USD2.3 billion across 30 markets.
Ten years since the journey began, we are reflecting on how it all
started. This special report examines our history of investment
activity in a key global investment market: London.
Today, the UK property market is top of many investors’ wish lists,
but it wasn’t always this way. Our founders were bold, believing –
in the dark days of 2008/2009 – that London’s property market
presented a huge opportunity. Reflecting on the combined GBP114
million in capital appreciation that those who invested with us in
London between 2009-2013 have achieved, we were right.
This report is based on an analysis of valuation data from a number
of IP Global London projects launched between 2009-2013. From
this, we have been able to draw conclusions about what has
worked best in the UK capital over the past seven years and why.
We have also examined the attributes that have made UK and
London property so attractive to investors, as well as taking a look
at our present and future investment strategy.
Please feel free to get in touch if you have any comments or
questions,
Elizabeth Chu
Head of Investment, IP Global
A SHIFTING INVESTMENT STORY
London zones 1 and 2
undervalued post-recession
ZONE 2
ZONE 1
Price growth pushes demand outwards
ZONE 2
ZONE 1
ZONE 3 AND
REGIONAL CITIES
Flight to affordability drives investors to
Outer London and regional UK cities
2009
2013
2014
2010
201 1
2012
2015
2016
FOREWORD
2017
2018

4. 4
The UK, and in particular
London, has emerged in
the past ten years as one of
the world’s leading markets
for residential real estate
investment. A strong and
stable economy, an increasing
population and a systemic
housing supply shortfall
have driven up prices,
particularly in the capital.
Whether measured against
the performance of other
world property markets or
the performance of traditional
investment assets, property
in London and the UK has
become the favoured asset
for those seeking steady,
sustainable growth over the
medium-to-long term.
A LOOK BACK
UK MARKET OVERVIEW
2005-2015

5. Property is one of the most
secure and reliably-performing
asset classes. Within this sector,
residential real estate is often
an under-exploited investment
segment among traditional
high-net-worth investors.
House prices around the world
are currently growing at their
fastest rate since before the
global financial crisis, with
average price growth hitting
3.7% in 2015, up from a low of
-4.6% in 2009.
House prices in the UK moved
back into positive growth
territory in 2013, growing
by 14.9% over the course of
2014/2015. This represents an
acceleration that has firmly
justified the confidence of
investors who continued to pour
capital into the UK property
market in the wake of the
recession.
The UK is part of a small
selection of global property
markets that have earned the
status of “safe haven” among
international property investors.
The national economy has
proven itself to be resilient and
investors are rightly confident
in the UK property market’s
capacity to deliver steady
rewards with a comparatively
low level of risk.
THE WORLD’S LEADING
ASSET CLASS
Global House Price Growth
Global House Price Growth Long-Term Average (1992-2015)
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 1414 15
0
2
-2
-4
-6
4
6
8
Source: Federal Reserve Bank of Dallas, CBRE Research, 2016.
Growthrate(%)
year
STEADY
REWARD
The steady upward
performance of the
London property
market over the past
decade illustrates the
stability of property
over more traditional,
and often more
volatile assets such
as stocks, bonds or
commodities.
In the wake of the
financial crisis,
London property
dipped less and
rebounded more
quickly than other
asset classes. The
COMPARING ASSET CLASSES
market subsequently
recorded steady
growth to surpass
it's previous high-
point as early as
2012.
Meanwhile,
commodity prices
sank to their lowest
levels in over a
decade in 2015,
while the FTSE 100
has only recently
returned to its pre-
financial crisis levels
and is currently
declining.
Asset Class
Historical Comparison
220
200
180
160
140
120
100
80
60
Apr|09
Jan|09
Jul|09
Oct|09
Apr|10
Jan|10
Jul|10
Oct|10
Apr|07
Jan|07
Jul|07
Oct|07
Apr|11
Jan|11
Jul|11
Oct|11
Apr|08
Jan|08
Jul|08
Oct|08
Apr|12
Jan|12
Jul|12
Oct|12
Apr|13
Jan|13
Jul|13
Oct|13
Apr|14
Jan|14
Jul|14
Apr|15
Jan|15
Jul|15
Oct|14
Source: Land Registry, UK Debt Management Office. Yahoo Finance, RICI
FTSE 100
Greater London All Home
Rogers Int’l Commodity Index
UK government bond

6. 8
While UK residential property
has performed well in recent
years, London’s performance
has been even more impressive,
with average property prices
rising at twice the national rate.
CAPITAL
OUTPERFORMANCE
UK vs. London - Property Growth
CapitalGrowth[%]
200%
150%
100%
50%
Jan | 09 Jan | 10 Jan | 11 Jan | 12 Jan | 13 Jan | 14 Jan | 15 Jan | 16
England & Wales
London
2006
63.6%
LONDON PROPERTY
2016
Steady capital growth, with London leading the charge
19.3%
UK PROPERTY
LONDON
7-year CAGR
7.3% per annum
Total return 2009-2015
63.6%
England & Wales
7-year CAGR
2.6%per annum
Total return 2009-2015
19.3%
Source: Land Registry UK
CAGR: Compound Annual Growth Rate
Source: Land Registry UK

7. This strong historic performance
has turned London into the
world’s second-most expensive
housing market, behind
only Hong Kong and now
significantly ahead of third-
placed New York. While the
natural ebb and flow of market
trends will no doubt influence
this ranking in the years ahead,
it remains highly unlikely that
London will lose its position
near the top of the table.
Yields on the rise?
This price escalation has been
so extreme that the government
has enacted several measures
over recent years in an attempt
to curb it and encourage
first-time buyers, such as a
Capital Gains Tax for foreign
investors and the more recent
implementation of a 3% Stamp
Duty Land Tax surcharge for
buy-to-let properties and
second homes.
THE LONDON
PREMIUM?
While at first glance these
may appear to be contrary to
investor interests, we believe
these measures to be good for
the long-term sustainability
of the market. Furthermore,
they may also drive yields up
as landlords offset their higher
taxes by raising rents.
Ripple effect
London housing remains one
of the world’s most attractive
10 Most Expensive Residential Markets (Average Property Price in USD per square foot)
HONG KONG
$1,411
LONDON
$1,025
NEW YORK
$842
PARIS
$827
EDINBURGH
$512
ROME
$528
MILAN
$549
LOS ANGELES
$671
TOKYO
$771
SINGAPORE
$817
Prices converted from GBP to USD. Exchange rates as of Q2 2015. Source: CBRE Living: A City-by-City Guide, 2015.
asset classes, continuing
to record steady capital
growth in spite of record-high
prices. However, the search
for value and affordability
beyond prime central London
is becoming increasingly
important for investors.
In searching for affordability
and future growth
potential, investors have
more recently focused
For the average Londoner:
26
yearsto save a 10% deposit
of monthly salary is
spent on rent
61.5%
on specific locations that
present ‘pockets of value’.
Created by strong micro-
economies, regeneration and
infrastructure investment and
localised population growth,
these narrowly defined parts
of the city, typically found
in Zones 3 and beyond, will
continue to redefine property
investment in London in the
next few years.

8. 12
The following pages reveal
the performance of IP Global’s
London Portfolio of projects
launched between 2009 to
2013. The analysis is based
on current indicative value
data provided by Savills in
April 2016, who undertook
an independent study on our
behalf using market evidence
on comparable properties.
For the purposes of this
report we have focused on
those projects that IP Global
ABOUT
THIS ANALYSIS
IP GLOBAL
LONDON PORTFOLIO
ANALYSIS
2009-2013
launched between 2009 and
2013 so that our analysis is
based on a minimum three-
year hold period and there is
sufficient data to analyse the
performance.
The results are based on
an assessment of indicative
values for average unit types
within a project, rather than on
valuations of specific units.

9. TOP 10
IP GLOBAL
PROJECTS
SPA ROAD
BERMONDSEY / SE16
2013
THIS SPACE
LAMBETH / SW8
2010
GARDEN COURT
WEST DRAYTON / UB7
2013
THE FILAMENTS
WANDSWORTH / SW18
2012
PEGASO
ISLINGTON / EC1
2009ELMORE STREET
ISLINGTON / N1
2012
LEXICON
ISLINGTON / EC1V
2013
GRANGE GARDEN
SOUTHWARK / SE1
2010
LOXFORD HOUSE
ISLINGTON / N5
2012
CAMBERWELL ROW
SOUTHWARK / SE5
2011
26%
25%
71%
69%
37%
16%
16%
16%
16%
45%
18%
19%
17%
34%
36%
40%
39%
42%
49%
21%
Annual unleveraged total return*
Annual leveraged total return**
Launch date
* Annual total return: capital appreciation + gross rental yield (at launch)
**Based on a 70% LTV and 3.6% interest rate
ANNUAL
TOTAL RETURN

10. 1716
ANNUAL RETURN
ANALYSIS
The benefits of leveraging
Those who used leverage – i.e.
borrowed money – to finance
their IP Global investment
during the analysis period,
were not only able to purchase
more property than they could
otherwise afford. They also
benefited from the leverage
effect, which saw their returns
magnified on average by up
to 2.7 times. Leveraging works
best for long-term investments
with stable annual income.
4.8%
30.3% 30.9%
22%
27.2%
32.8%
4.3%
4.4% 4.7%
4.9%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
3 Year Hold 4 Year Hold 5 Year Hold 6 Year Hold 7 Year Hold
AnnualTotalReturn
Leveraged Capital Appreciation [p.a.] Leveraged Rental Yield [p.a.]
Unleveraged Capital Appreciation [p.a.] Unleveraged Rental Yield [p.a.]
11.8%
9.1%
12.3%
10.6%11.6%
22.8%
14.1%
24.7%
7.5%
6.8%
6.2%
7.9%
21.1%
6.1%
25.4%
7.4%
6.3%
7.4% 7.6%
4.2%
Average annual total returns by 3 and 7-year holds:
1. LEVERAGED VS UNLEVERAGEDWe identified London as a
market that was undervalued
in the wake of the global
financial crisis, and launched
our first investment in the
city in 2009.
AT A
GLANCE
* Annual total return: capital appreciation + gross rental yield (at launch)
**Based on a 70% LTV and 3.6% interest rate, capital appreciation only
IP Global's 2009-2013 London portfolio performance:
44developments
790apartments
GBP378 milliontotal investment
11.4%
Average annual total return* across all projects:
29.6%leveraged**
4.6%average rental yields
at launch
GBP492 millioncurrent indicative value
unleveraged
2.7x the leverage effect
(on average)
11.6%for 3-year hold
12.3%for 7-year hold
30.3%for 3-year hold
32.8%for 7-year hold
UNLEVERAGED
LEVERAGED
GBP114 milliontotal capital appreciation
21.4%**
2-bedroom units grew the most
IP Global London Portfolio Analysis 2009-2013 IP Global London Portfolio Analysis 2009-2013

11. 18
With significant capital
appreciation comes yield
compression in the UK,
particularly in London.
This has meant that rental
income has taken on more
of a supporting role to
capital appreciation in terms
4. RENTAL YIELD PERFORMANCE
of overall returns. During
the period of analysis, we
saw stable rental income
backed by low vacancy
rates across our portfolio,
consistently providing on
average 4.6% rental yields.
Our investments in London Zones
1 and 2 between 2009 and 2013
performed particularly well. Average
annual growth of Zone 1 properties
was 20% across a sample size of
355 units, while average annual
growth of Zone 2 properties was an
even more impressive 26% across a
sample size of 299 units.
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Zone 1 Zone 2
Average Annual Capital Appreciation by London Zone
Annual Unleveraged Capital Appreciation
Annual Leveraged Capital Appreciation
6%
20%
7.9%
26%
2. PROPERTY LOCATION
3. PROPERTY SIZE
Over the course of the period analysed,
average annual leveraged capital
growth was greatest for two-bedroom
properties, with growth recorded at
21.4%. One-bed properties performed
similarly well over this period, with
growth recorded at 20.7%.
Although the lower capital growth
recorded for three-bed properties
reinforces our strategy of focusing our
investments on one-bed and two-bed
apartments, the average 19.8% recorded
returns for three-bed properties shows
that these assets also deliver a high
capacity for investment returns.
INVESTMENT RETURN
ANALYSIS
IP Global London Portfolio Analysis 2009-2013
A number of cooling measures,
including stamp duty hikes, have
impacted UK buy-to-let investors
in recent months. These levers
are intended to support first-time
buyers onto the property ladder
but may have the effect of driving
up rental yields as landlords pass
on these costs to renters.
YIELDS ON THE RISE?

12. 20 21
INVESTMENT HOTSPOT:
ISLINGTON
The borough of Islington was
one of the first areas of London
we identified for investment. This
previously undervalued area has
been transformed into one of
the capital’s most fashionable
suburbs over the last decade,
and IP Global investors were
among the first to benefit from
the high levels of property price
growth recorded in the area over
this time.
Islington Price Growth
House prices in Islington dipped
slightly after the pre-recession
peak of 2008, regaining their
former value within only two
years. The Islington Borough
Price Index has been rising
steadily since mid-2009,
gaining 62% by early 2016.
This compares to prime central
London average growth over the
same period quoted at 28%.
[source: Land Registry]
The current annual price growth
rate for Islington is 3.6%, and
further growth of 10% is forecast
through 2020. [source: Savills]
ELMORE STREET
• Launched November 2012
• 12 units
• Affordable at GBP640 per square foot
•
18%
•
42%
• Success factors:
10 minutes’ walk to bustling Upper Street
5 minutes from Essex Road station
Unique, quirky glass factory conversion
– well suited to local renters and purchasers
• Total investment
GBP4.2 MILLION
• Current indicative value
GBP6.4MILLION
2009-2013 Islington portfolio performance at a glance:
10developments
13.6%
average annual
leveraged total return
37.1%
average annual
unleveraged total return
Success factors:
Investment Hotspot: Islington Investment Hotspot: Islington
PEGASO
• Launched August 2009
• 45 units
• Affordable at GBP447 per square foot
•
19%
•
45%
• Success factors:
5 minutes’ walk from the Northern Line at
Old Street Station
10 minutes from trendy Hoxton Square
Cass Business School easily accessible
• Total investment
GBP15.6 MILLION
• Current indicative value
GBP30.3 MILLION
annual unleveraged total return
Pegaso, one of our first UK investments
Elmore Street, glass factory conversion
Excellent
TRANSPORTlinks
Fantastic
QUALITYof life
POPULARwith
PROFESSIONALS
Previously
UNDERVALUED
CLOSE
to the
CITY
£
annual leveraged total return
annual unleveraged total return
annual leveraged total return

13. 23
PART3
The past seven years have
seen our UK investment
strategy focus on
opportunities in prime Central
London and city fringe areas
such as Mayfair, Fitzrovia
and Islington. In recent years
we have begun to shift this
strategy in response to
market pressures that have
overheated the central London
market and reduced potential
for investment return in parts
of the city that had previously
offered good value.
This refocusing of our UK
strategy began as early as
2012/2013, and since then we
have continued to identify
and secure investment
opportunities for our clients
in Outer London hotspots
such as Deptford, Sutton and
Croydon, and more recently
in regional cities such as
Manchester and Birmingham.
Image Place holder
WHERE NEXT
FOR IP GLOBAL?
RIPPLE EFFECT
Where Next for IP Global?

14. 2524
OUTER LONDON:
FLIGHT TO AFFORDABILITY?
INVESTMENT HOTSPOT:
OLD GAS WORKS, BLOCK B,
SUTTON
High demand in these Outer
London districts is driving
significant price growth across
the city’s commuter belt.
Many Outer London boroughs,
particularly those to the
East and Southeast, are now
expected to outperform prime
Central London price growth.
This uplift is further enhanced
in locations that will benefit
from regeneration investment.
As an example, areas such
as Ilford and Woolwich, both
on the eastern end of the
forthcoming Crossrail line, have
seen significant regeneration
spending in recent years that
is playing a key role in driving
local property market growth.
Across London, continued
population growth is placing
extreme pressure on the city’s
housing supply, with rising
numbers looking to London’s
outer commuter suburbs for
better value. Due to this, the
outer London population
continues to grow at a faster
rate than that of inner London.
• Launched January 2015
• 93 units
• Affordable at GBP414 per square foot
• Forecast population growth of
25% by 2030
• Established commuter hub, just 30
minutes by frequent train to
London Victoria
• Economic hotspot: 85% of working-age
population economically active, home
to 6,600 businesses
• Regeneration zone: town centre
renewal, transport upgrades underway
• Undersupply: 1,161 new units
expected by 2017, representing a
2,289 unit shortfall
0
2
4
6
8
10
12
Historic and projected London population
Population[millioms]
1801
1821
1841
1861
1881
1901
1921
1941
1961
1981
2001
2021
1939
8.62m
2015
8.66m
London total
Inner LondonLondon total Outer London
Sources and notes:
Compiled by GLA from:
- 1801-1961: Persons present on Census day (ONS)
- 1961-2014: Estimated mid-year resident population (ONS)
- 2015-2035: GLA 2014 round population projections - scenario incorporating data from the 2013 SHLAA,
short term migration trends and using the Capped Household Size projection model
Flight to affordability in Sutton
Investment Hotspot: Old Gas Works, Block B, SuttonWhere Next for IP Global?

15. 2726
BEYOND
LONDON?
The London property market continues
to be buoyant and Central London
house prices are estimated to grow by
17.5% from 2016 to 2020. Even more
impressive is the growth estimate for
Outer London where property prices
are expected to grow by 27% for the
same time period. We remain focused
on seeking out pockets of value in
locations across the capital.
Undervalued regional cities such
as Manchester, Birmingham and
Liverpool are also on the agenda
for our investment team, with the
government-led Northern Powerhouse
scheme and infrastructure investment
such as High Speed 2 and TransNorth
driving growth and opportunity across
the North and Midlands.
As ever, we will be targeting pockets
of value – locations that exhibit the
following attributes:
• Population growth and rising
housing demand
• Regeneration investment and
infrastructure upgrades
• Strengthening economic and
commercial activity
Here is where we see
the most potential in
the next 5-10 years:
26.4%price growth forecast
between 2016-2020 [JLL]
GBP172,666
Average unit price:
[Mar 2016, Land Registry]
GBP7bn investment
NORTHERN
POWERHOUSE
Phase 1 full completion: 2019
Over GBP14bn
investment
10%boost to
London’s rail capacity
30-40%capital growth in 2015-2020 for property
close to Outer London stations[JLL]
CROSSRAIL 1
HIGH SPEED 3 &
TRANSNORTH
Enhancing road and rail connectivity
across the North of England
GBP135,834
Average unit price:
[Mar 2016, Land Registry]
GBP123,165
Average unit price:
[Mar 2016, Land Registry]
HIGH SPEED 2(Stage 1)
Full completion: 2026
GBP14.8bninvestment
Connecting London via Birmingham to
Sheffield/Leeds and Manchester
2
3
Population
of North London
only
2 hrs
High
Speed 2
if approved,
full completion:
CROSSRAIL 2
2030
Improving connectivity with North
and South London
Over GBP19.7bn
investment
Where Next for IP Global Where Next for IP Global
17.5%price growth forecast
between 2016-2020
27%price growth forecast
between 2016-2020
Average unit price:
GBP479,918[Mar 2016, Land Registry]
GBP1,364,805
Average unit price:
[City of London & Westminster, Cushman & Wakefield]
[Cushman & Wakefield]
[Cushman & Wakefield]

16. 2928
INVESTMENT HOTSPOT
THE ASSEMBLY,
CENTRAL MANCHESTER
• Launched June 2015
• 157 units
• Estimated completion Q3 2016
• Affordable at GBP335 per
square foot
• Regeneration: close to GBP500
million First Street scheme
• Population growth: 128,000 more
residents due by 2025
• Economic growth: 3.5% per
annum to 2020 – 25% higher
than rest of UK
• Housing supply deficit: shortfall
of 11,000 apartments per year up
to 2033
REFLECTION
The past seven years have been an exciting time for investing in UK
property, particularly on a rising London market that has delivered
strong, low-risk capital return to investors.
The years ahead promise to be just as favourable for investors in
the UK. Our shift in focus to Outer London pockets of value and
regional city opportunities presents investors with strong yield and
capital growth opportunities, and with projects such as the Old Gas
Works in Sutton and The Assembly in Manchester, we are already
seeing just that.
We will be launching many more such projects in the years ahead,
and are confident we will continue to justify our investors’ trust
when investing in UK property.
Prime central value in Manchester
Investment Hotspot The Assembly, Central Manchester Reflection

17. METHODOLOGY
AND DISCLAIMER
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2010 of Singapore.
The IP Global Kuala Lumpur office is in conjunction with Complete Real Estate & Management Sdn Bhd (935131 P / VE (1) 0246).
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consents are required or if any formalities should be observed for the purposes of making such investments as are mentioned in the Content. If you
are unsure about the meaning of any of the information contained in the Content, please consult your financial or other professional advisor.
THIRD PARTY REFERENCES
References to third party publications are provided for your information only. The content of these publications are issued by third parties. As such,
we are not responsible for the accuracy of information contained in those publications, nor shall we be held liable for any loss or damage arising from
or related to their use.
The Sponsor makes no representations or warranties with respect to the Units, except as may be set forth in the Offering Plan. This is not an offer to
sell condominium units in any jurisdiction which requires prior registration and in which the Condominium is not registered. The statements made in
this material are summary in nature and should not be relied upon by a prospective purchaser. A prospective purchaser should refer to the complete
set of documents provided by Sponsor and should seek legal advice in connection with their purchase. The artist’s representations and interior
decorations, finishes, appliances and furnishings are provided for illustrative purposes only. All the representations contained in this material and any
supplementary collateral materials provided by Sponsor are subject to change. Equal housing opportunity. The complete offering terms are in an
offering plan available from sponsor. File No. CD-08-0486
DISCLAIMER
IP Global’s London Portfolio Analysis (2009-2013) was conducted by Savills in April 2016.
All Information contained in this Report is given purely as guidance unless otherwise explicitly stated. Savills’ views on price are not intended as
formal valuation and the information in the Report should not be relied upon as the basis for any binding decision. They are given in the course of
Savills’ estate agency role and the figures suggested are not provided as a formal ("Red Book") valuation, and neither IP Global nor Savills can accept
any responsibility to any Interested Party who may seek to rely upon them. The Interested Party should seek their own independent advice in relation
to the information contained in the Report.
While all effort has been taken to ensure the accuracy of the information in the Report, Savills owes no duty of care, nor accepts any responsibility, to
the Interested Party and Savills shall not be liable for any loss, damage, cost or expense of whatsoever nature and howsoever arising which is caused
by the Interested Party’s use of, or reliance on the Report or the output data from the Report.
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METHODOLOGY
· IP Global Portfolio comprises projects launched between 2009 to 2013
· Current Indicative Value of each project within the IP Global Portfolio is based on Savills’ valuation report dated 22 April 2016. The methodology is
based on comparables and market evidence. The analysis was done on a project average basis rather than individual apartments
· Total Investment is the purchase price at which the project has been acquired collectively by IP Global clients and excludes transaction costs
· Capital Appreciation is Current Indicative Value less Total Investment
· Average calculations are weighted by the Total Investment of projects
· Leveraging is based on a loan-to-value of 70% and interest rate of 3.6%
· Gross Rental Yield is based on estimates at time of project launch
· Annual Total Return comprises both Capital Appreciation and Gross Rental Yield at project launch

18. www.ipglobal-ltd.com