Seven Dials. Seven Dials European Property Fund. Fact Sheet. For professional financial intermediaries and institutional investors

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1 Seven Dials For professional financial intermediaries and institutional investors Fact Sheet Seven Dials Financial 208 International House, 1-6 Yarmouth Place, Mayfair, London W1J 7BU Tel: +44 (0)

2 Key Features Structure Open-ended Guernsey investment company Dealing Quarterly (Redemptions from Mar 2009) Gearing Target of 65% LTV overall Target Total Return* 10%+ pa net of recurring fees Targeted distribution yield 5% pa gross once fully invested Investors UK and European private investors & smaller Institutions Management fees I units: 0.50%pa, P units: 0.75% pa R units: 1.25% annual management charge including trail commission Initial Charge Up to 5% Performance fee 15% of return over 10% pa Minimum Direct Investment I: 2,500,000, P: 10,000, R: 10,000 Commissions Up to 3% initial plus 0.5% pa trail * No assurance or guarantee can be given that targeted returns will be achieved. Investment in direct property funds carries significant risks and loss of capital is possible. Seven Dials Fund Management Seven Dials is a property fund management company with expertise in direct and indirect property investment, with extensive experience in the structuring of value added products combining property assets, finance and active management to generate enhanced returns for investors. The company has previously provided consulting and research services to some of the leading firms in the industry, including Colliers CRE, ING, Schroders and Teesland plc. Seven Dials flagship fund is the designed for professional financial intermediatories and institutions. Fund Benefits Return Targeting underlying property real returns of 3% to 5% in the medium term Risk Immediate risk reduction asset, country, sector and manager diversification Access Institutional-grade investments with skilled managers and lower costs Expertise Long experience in indirect and direct property Investment Process Research-driven investment process backed by unique analytical capabilities Value Added Potential additional gains from added value initiatives at asset level Investment Strategy Selection of under priced markets relative to long term values Performance to date The Fund was launched in March 2007 and has provided investors with positive performance to March 2008, which compares favourably with many property funds that have fallen in value over the same period. Equity raised circa 26m Equity committed 20m Total return on B shares since launch* 0.8% NAV for B shares as at 31 March Dividend distribution on B shares since launch 0.9% The NAV performance has also been good compared with many other property funds and listed property companies, which have experienced falls in value over the last year. Total Returns to 31 March 2008 Seven Dials EPF (since 2 March 2007) + 0.8% AREF Pooled Property Funds (since 31 March 2007) % FTSE/NAREIT Europe Index (since 28 February 2007) % *Bid-to-bid basis. Performance is quoted for B shares only for the sake of clarity. Full performance details for all share classes are available on the Seven Dials website or on request. p2

3 Performance Drivers Introducing Value Investing techniques in Real Estate to the smaller investor market Asset Allocation Seven Dials uses its own proprietary financial models to analyse both prospective returns and the associated risks to those returns. Property markets are inefficient and this gives us scope to exploit market mispricing. By combining our long term view on individual market sectors with our understanding of the relevant macroeconomic forces, we identify and screen for the markets which are more attractively priced. Seven Dials views property in a long term context and believes that different markets and sectors have their own unique valuation metric, which gives us a robust approach to estimating fundamental value. The Fundamental Value Model identifies northern Europe and Scandinavia, and industrial assets in those regions in particular, as attractive areas for investment currently. Fundamental Value Model Q Long-Run Prospective Return Required Return 6% 5% 4% 3% 2% 1% 0% FRA Industrial FRA Office FRA Retail NED Industrial NED Office NED Retail GER Industrial GER Office GER Retail ITA Industrial ITA Office ITA Retail SWE Industrial SWE Office SWE Retail Fund Selection Seven Dials has extensive experience in research and evaluating property funds, and uses its own proprietary financial model to analyse prospective returns and associated risks to those returns. The Fund s investment strategy is aimed at taking full advantage of current market conditions, which provide entrepreneurial and experienced fund managers with scope to secure stock at value for money prices and exploit opportunities to add value and grow income. Diversification of Risk The Fund provides diversification of risk by investing in a substantial portfolio of direct European commercial property assets. The following analysis demonstrates that European commercial property has been less correlated with UK equities than has UK commercial property and therefore a typical UK investor is likely to reduce his overall portfolio risk by investing in European property rather than holding just UK property. Correlations Annual Returns FTSE UK Finland France Netherlands Sweden FTSE 1 UK Finland France Netherlands Sweden Source: Seven Dials, IPD p5

4 The is a fund of funds structured as an open ended collective investment scheme, investing in institutional grade property on a pan European basis. Forecast real returns for European property of between 3 to 5% in the medium term Target Fund level returns of 10% nominal geared, with income distribution of 5% pa Designed as a long term core holding within a client s real estate allocation Provides diversification from other asset classes Asset allocation based on mis-pricing compared with long term value Stable long term returns with low volatility Short term performance potential Opportunity to invest following a short term market correction Privileged Access to Institutional grade funds Wealth of unrealised Asset Management opportunities in European markets Suitable for SIPPS and offshore bonds p3 Investment Properties 1 Holzhauser Straße, Berlin 2 Theodorstraße, Düsseldorf 3 Essener Straße, Hamburg 4 Centrum 13, Stockholm

5 Sweden Finland Norway Denmark United Kingdom Netherlands Germany Current Locations Pipeline (UK, France, Netherlands, Switzerland) France Switzerland Investments to date The fund has invested in Norway, Sweden, Denmark, Finland and Germany. These locations offered strong performance prospects because of the stage of the local economic cycles and relatively high income returns. A summary of the major investment is as follows Locations Germany, Denmark, Sweden, Norway, Finland Total value assets 1.5bn Sector Mixed industrial and office Gearing Circa 65% LTV Number of assets 206 investments Target total returns 10-12% geared Future Prospects Over the long term, investment in property is expected to generate real returns of 2% plus in excess of the risk free rate. However, in some parts of Europe the relative immaturity of the property investment markets give rise to opportunities to generate excess returns. Furthermore, the Central and Eastern European economies are expected to continue to grow at exceptional rates in the medium term. In the short term the credit crunch and associated problems in the financial markets have changed property market conditions, and there are opportunities for fund managers to acquire assets at more attractive prices and to secure investments with potential to add value, creating above market returns. Overall, a diversified investment in European property is anticipated to provide stable long term returns with less volatility than equity investments. p4

6 EuroFund_6pp_0508 Professional advisers Seven Dials Team Guernsey lawyers Ozannes Fund Manager Seven Dials Guernsey Investment Adviser Seven Dials Financial Administrator Legis Fund Services Custodian Kleinwort Benson (Guernsey) Auditor Ernst & Young LLP Guernsey Brett Robinson Chief Investment Officer Mickola Wilson Investment Director Simon Critchlow Marketing Director Paul Mitchell Paul Mitchell Real Estate Consultancy How to Invest The Fund deals quarterly and the application deadlines are 28th of March, June, September and December. R and P shares have a minimum investment of 10,000 and I shares 2,500,000. The Application form and full anti-money laundering documentation must be submitted and received by 5pm at the Fund s administrators, Legis, details on the application form. All funds must be sent electronically. Either sterling or euros may be sent to the Fund s custodian Kleinwort Benson who will convert to euros (where applicable). Applications A full Scheme Particulars including application form and requirements is available on request from info@7dials.com or. Please note that this investment is only available via professional financial advisers. Quarterly dealing Cut-off 27 Mar, 27 June, 27 Sept, 27 Dec Contact Seven Dials Financial Ltd, 208 International House, 1-6 Yarmouth Place, Mayfair, London, W1J 7BU Tel: +44 (0) Fax: +44 (0) Brett Robinson direct: +44 (0) Simon Critchlow: +44 (0) Important Information This document is being issued by Seven Dials Financial Limited ( SDF ) which is authorised and regulated by the Financial Services Authority ( FSA ). The Limited (the Fund ) is categorised under the Financial Services and Markets Act 2000 (the FSMA ) as an Unregulated Collective Investment Scheme ( UCIS ) and the promotion of a UCIS either within the UK or from the UK is severely restricted by the FSMA. Consequently, this document is only made available to authorised persons under the FSMA and certain other investment professionals falling within article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2005 and article 19 of the Financial Services and Markets 2000 (Financial Promotion) Order This document should not be distributed to, or relied upon by, any person falling outside the above categories. No representation or warranty, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document and no liability is accepted by SDF or Seven Dials Fund Management Limited, or any of their directors, members, officers, employers, agents or advisors, for any such information or opinions. The information and opinions contained in this document are being supplied to you for information purposes only and not for any other purpose. This document does not constitute or form part of any offer of, or invitation or inducement to apply for, units. No reliance may be placed for any purpose whatsoever on the information and opinions contained in this document or on its completeness or accuracy. No part of this document may be reproduced by any means, whether graphically, electronically, mechanically or otherwise, without the prior written permission of SDF. Contact Seven Dials Financial 208 International House, 1-6 Yarmouth Place, Mayfair, London W1J 7BU Tel: +44 (0) Fax: +44 (0) info@7dials.com 5 6 p6 Investment Properties 5 Theodorstraße, Düsseldorf 6 Ekplanten 2, Stockholm

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