Class A Unit Prices

Major price movements are explained as follows:

December 2006 - The NAV fell because the Fund completed on three new properties and all acquisition costs were written off. At this time the portfolio was smaller, therefore new acquisitions had a greater material impact on the NAV.

June 2007 - The NAV increased in mainly because the Funds properties experienced an increase in valuation, and also due to the sale of some land adjacent to the Swedish property that sold for a profit.

Q4 2007 - Performance slowed due to the Fund's write-off of €9.2m acquisition costs. In addition, acquisitions over the quarter incurred purchase costs well above the previous average of 3.8%, pushing the overall average acquisition costs to 4.7%. Furthermore, the forward-funding payments of the Vailog portfolio and the extension of the Venlo industrial estate were not yet income producing and Q4 purchases were for the most part paid with equity.

Q2 2008 - The unit price dropped for a number of reasons, including an overall drop in property values of 2.36% on a like-for-like basis, i.e. not including the latest property acquisitions. Most assets have dropped in value with the Fund’s Spanish asset experiencing the largest decrease. In addition, there were further write-offs of acquisition costs for the Metzanine Retail Park and Tour Franklin 2, with combined costs of €4.6m. The Fund also made some €14.5m worth of forward funding payments for the Agnani, Rovigo and Venlo properties, with no income return.

Q3 2008 - The performance slowed for a number of reasons, including an overall drop in property values of 5.64% on a like-for-like basis, i.e. not including the latest acquisitions. All assets dropped in value during this quarter. Notably, the Fund’s Swedish, Spanish and Paris CBD office assets experienced the largest decreases. Additionally there was a further write-off of acquisition costs for the first part of the Concerto warehouse acquisition, totalling approximately €500,000. The overall average acquisition costs stood at 4.51% as at end Q3 2008. The Fund also made circa €11m worth of forward funding payments for the Rovigo (as part of the Vailog portfolio) and Venlo (i.e. extension) properties, with no income return for the quarter. Furthermore, there was a decrease in the value of the interest rate swaps of some €6.8m.

October 2008 - Compared to the previous month, the unit price decreased by 5.5%. This change was mainly driven by a fall in property values (on a like-for-like basis) of around 2.5% and by a decrease in the value of the interest rate swaps of over €5.3m..

November 2008 - The unit price decreased by approximately 4% compared to October. This change was mainly driven by a fall in property values (on a like-for-like basis) of around 2.5% and by a decrease in the value of the interest rate swaps of €6.6m.

December 2008 - The unit price decreased by approximately 4%. This change was mainly driven by a fall in property values (on a like-for-like basis) of around 2% and by a decrease in the value of the interest rate swaps of €2.7m.

January 2009 - The unit price decreased by approximately 3%. This change was mainly driven by a fall in property values (on a like-for-like basis) of just under 2% and by a decrease in the value of the interest rate swaps of €1.8m.

February 2009 - The unit price decreased by approximately 3%. This change was mainly driven by a fall in property values (on a like-for-like basis) of 2.4% and by a decrease in the value of the interest rate swaps of approximately €2.2m.

March 2009 - Compared to February 2009, the price has decreased by approximately 5%. This change in NAV is mainly driven by a fall in property values (on a like-for-like basis) of approximately 2% and by a decrease in the value of the interest rate swaps of approximately €1.6m.
April 2009 - Compared to March 2009, the price has decreased by approximately 2.5%. This change in NAV is mainly driven by a fall in the valuation of the Fund's property portfolio (on a like-for-like basis) of approximately 1.5%.

May 2009 - Compared to April 2009, the price has decreased by 3.6%. This change in NAV is mainly driven by a fall in the valuation of the Fund's property portfolio (on a like-for-like basis) of approximately 2.2%.

June 2009 - Compared to May 2009, the price has decreased by 3.6%. This change in NAV is driven mainly by a fall in the valuation of the Fund's property portfolio (on a like-for-like basis) of approximately 2.7%, marginally offset by an increase in the interest rate swaps of €0.3m. The Fund also realised a loss on the currency swap of €2m, which was settled from cash reserves from the gain realised on the previous swap in March 2009.

July 2009 - The NAV per unit as at 30 June 2009 is €0.701437. Compared to June 2009, the price has decreased by 1.2%. The change in NAV is driven mainly by a fall in the valuation of the Fund's property portfolio (on a like-for-like basis) of 0.3% and a decrease of the value of the interest rate swaps of approximately €0.96m..

August 2009 - The NAV attributable to A class unit holders per unit as at 31 August 2009 is €0.699668. Compared to July 2009, the price has slightly decreased by 0.25%.The change in NAV is driven mainly by a fall in the valuation of the Fund's property portfolio (on a like-for-like basis) of 0.38%

September 2009 - The NAV per unit of A class units as at 30 September 2009 is €0.700060. Compared to August 2009, the price has increased slightly by 0.05%. The change is driven mainly by a fall in the valuation of the Fund's property portfolio (on a like-for-like basis) of 0.5%, a decrease of swap values by approximately €0.7m, netted against a net gain on the disposal of the Anagni warehouse and income accrual of €1.6m.

October 2009 - The NAV per A Class unit as at 31 October 2009 is €0.698117. Compared to September 2009, the total NAV has decreased by 0.5%. The change in NAV is driven mainly by a fall in the valuation of the Fund's property portfolio (on a like-for-like basis) of 0.7%, netted against an increase in swap values of €1.1m.

November 2009 - The NAV per A Class unit as at 30 November 2009 is €0.697567.Compared to October 2009, the total NAV has decreased by 6.7%. It should be noted that the fall in the total NAV is mainly driven by the redemption settlement of €20.7m. In fact, the unit price for (A and G class) unit holders has decreased by approximately 0.09%. This is mainly due to a minor fall in the valuation of the Fund's property portfolio (on a like-for-like basis) of 0.5%, netted against the income accrual for November of approximately €1.3m.

December 2009 - The NAV per A Class unit as at 31 December 2009 is €0.696637. Compared to November 2009, the total NAV has decreased by 0.13%. It should be noted that the minor decrease is driven mainly by a small fall in the valuation of the Fund's property portfolio (on a like-for-like basis) of 0.4%, netted against the income accrual for December of approximately €1.6m and an increase of the Fund's swap values by €0.8m.

Past performance is not a guide to the future