Page 1

IPD Pan European Pooled Property Fund Indices

On the pulse of the property world

Results to 31st December 2008

Historical performance - 6 month total returns % (in euros)

All European Pooled Property Funds Index In euros Fund Total return 08 NAV end 08 (b€) Nb of funds 08 Average gearing

10

5

0

-14.8% 121 203 13.3%

-5

All funds measured at direct property level

All balanced funds index Low geared balanced funds index

-10

In euros Fund Total return 08 NAV end 08 (b€) Nb of funds 08 Average gearing Direct Property return 08

All specialist funds index Low geared specialist funds index

-15

All pooled funds index -20 Dec - 2001

Dec - 2002

Dec - 2003

Dec - 2004

Dec - 2005

Dec - 2006

Dec - 2007

Dec - 2008

-24.6% 59 103 17.5% -19.9%

All European Pooled Property Funds Index & country fund indices - total returns % (in local currencies) NAV total return All European Pooled Property Funds index All UK Pooled Property Funds index All Italian Pooled Property Funds index German Pooled Property Funds index (OFIX-10)

Index Dec 2000 = 100 149.9 148.6 179.2 136.0

6 months -6.1 -24.2 -1.8 2.2

12 months

3 years*

5 years*

8 years*

-7.4 -32.0 0.6 4.4

-3.0 -8.5 6.4 4.7

4.8 -2.2 7.8 3.7

5.2 5.1 7.6 3.9

-14.8 -13.6 -14.8 -4.2 -14.8

-1.4 -1.8 -0.7 2.6 -1.1

2.1 1.7 3.1 4.2 2.7

3.0 2.8 4.1 4.6 3.6

3 years*

5 years*

8 years*

All European Pooled Property Fund Indices - total returns % (in euros) All balanced funds index Low geared balanced funds index All specialist funds index Low geared specialist funds index All European Pooled Property Funds index

126.9 124.4 137.9 143.1 132.6

-10.7 -9.8 -11.2 -3.7 -11.0

Disclaimer IPD has no liability for any losses, damages, costs or expenses suffered by any person as a result of any reliance on the IPD Pan European Pooled Property Fund Indices or any of the data reported herein.

© IPD (Investment Property Databank) 2009 All rights conferred by law of copyright or by virtue of international copyright conventions are reserved by IPD. No part of the IPD Pan European Pooled Property Fund Indices may be reproduced or transmitted, in any form or by any means, without the prior written consent of IPD.

Other assets indices - total returns % (in euros) Total return for Equities (MSCI Europe **) Property equities (FTSE EPRA/NAREIT ***) Bonds (J.P. Morgan, GBI Global, Europe ****)

Index Dec 2000 = 100 79.3 115.0 152.8

6 months -26.3 -37.3 9.5

12 months -38.5 -48.6 7.7

-7.8 -19.4 3.0

2.1 -1.3 4.8

-2.9 1.8 5.4

Notes: * Annualised ** Source Morgan Stanley Capital International, Inc. *** Source FTSE EPRA/NAREIT **** Source J.P. Morgan & Co.Incorporated


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Contributing funds with independently measured property portfolio performance Aberdeen Property Fund Sweden AB Aberdeen Property Funds SICAV-FIS Pan-Nordic Aberdeen Property UK Retail Parks Trust Airport Industrial Property Unit Trust Altera Vastgoed Industrial Altera Vastgoed Offices Altera Vastgoed Residential Altera Vastgoed Retail Apia Regional Office Fund Armilla Ashtenne Industrial Fund Atlantic 1 Atlantic 2 - Berenice Aviva Investors Pensions Property Fund AXA Institutional Property Fund BlackRock UK Property Fund BNL Portfolio Immobiliare CAAM RE ITALIA Caravaggio di Sorgente SGR CB Richard Ellis Property Trust COIF Charities Property Fund Cordea Savills Student Hall Fund CS UK Real Estate Fund Delta Lloyd Dutch Property Fund Edissimmo Estense Grande Distribuzione FIPRS - Fondo Immobiliare Pubblico Regione Siciliana Falcon Property Trust Fondis

Page 7 of 8

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Fondo Alpha (pubblico ad apporto) Fondo Beta Fondo Clarice Fondo Cloe Fondo Polis Fondo Raissa Grosvenor Festival Place Fund Grosvenor London Office Fund Grosvenor Shopping Centre Fund Henderson Central London Office Fund Henderson UK Property Fund Henderson UK Retail Warehouse Fund Henderson UK Shop Fund Henderson UK Shopping Centre Fund Hercules Unit Trust Hermes Property Unit Trust Immobilium 2001 Industrial Property Investment Fund ING Central London Unit Trust ING Lionbrook Property Fund ING Retail Property Fund Britannica ING UK Property Income LP Invest Real Security Investietico Legal & General Assurance (Pensions Management) Ltd Lend Lease Overgate Partnership Lend Lease Retail Partnership Lime Property Fund Unit Trust Logistics and Distribution Logistis LOGISTIS II Lothbury Property Trust Michelangelo Olinda Fondo Shops

Opportunite Placement CILOGER 1 Pensions Management (SWF) Ltd Piramide Globale Portfolio Immobiliare Crescita Pradera European Retail Fund PREF Retail Plus Property Trust Rivoli Avenir Patrimoine Rockspring Hanover Property Unit Trust Rockspring PanEuropean Property Limited Partnership Rockspring TransEuropean Property Limited Partnership II Rockspring TransEuropean Property Limited Partnership III Rockspring TransEuropean Property Limited Partnership IV Royal London Exempt Property Unit Trust RREEF UK Core Property Fund RREEF UK Industrial Property Fund RREEF UK Office Property Fund RREEF UK Retail Property Fund Scarlatti Schroder Emerging Retail Property Unit Trust Schroder Exempt Property Unit Trust Securfondo SGAM AI France Property Fund Spazio Industriale Standard Life UK Retail Park Trust Standard Life UK Shopping Centre Trust Standard Life Pooled Pension Property Fund Tecla Office Fund The Charities Property Fund

The Industrial Trust The Junction LP The Leisure Fund LP The Local Authorities' Property Fund The M&G Pooled Pensions Property Fund The Mall Fund The Osprey Unit Trust The Property Income Trust for Charities The Quercus Healthcare Property Partnership The Residential Property Unit Trust The UK Logistics Fund The X-Leisure Unit Trust Threadneedle Pensions Limited Threadneedle Property Unit Trust Tikal UBS South East Recovery Fund UBS Triton Property Fund UBS Secure Income Fund Unicredito Immobiliare Uno UNITE UK Student Accommodation Fund Valore immobiliare Globale Vesteda Groep Vision Offices Fund West End of London Property Unit Trust

Other contributing funds Aberdeen European Balanced Property Fund Aberdeen European Shopping Fund Aberdeen Property Fund Finland I KY Arlington Business Parks Partnership Beach Student Accommodation Fund BIP C1 CAAM RE Europa DAF, Dutch Active Fund Encore+ Europa Immobiliare N°1 European Property Fund Exilion Real Estate 1 Ky Focus Nordic Cities French Office SCA (FOSCA) G:Res1 Fund Goodman UK Active Property Fund plc GRP, German Retail Partnership HAHN FCP-FIS-German Retail Fund HERALD (The Henderson European Retail Fund) Hexagone French Regional Property Fund Iberia IMOCAR Fund Kauppakeskuskiinteistöt FEA Ky Kristensen Partners I Kristensen Partners III A/S Niam Nordic Fund IV Niam Nordic Investment Fund III Nordisk Areal I AS Obelisco Office Park Expo Fund

Palmer Active Value Fund Palmer Active Value Fund 2 Palmer Capital Development Fund I Palmer Capital Development Fund II Pradera European Retail Fund 2 Real Estate Fund Finland I Ky REIM EuroCore1 S.C.A Schroder European Property Fund No. 1 Schroder German Residential Fund Schroder Italian Property Fund No. 1 Schroder Nordic Property Fund No. 1 SWIP European Balanced Fund The Archstone German Fund TMW Immobilien Weltfonds The IPD European PPFI also includes data on 56 funds not wishing to disclose their identities

© IPD April 09


Index construction

Other IPD indices

Comparator total return indices

With respect to a single month, composite total return is defined as:

IPD UK Pooled Property Fund Indices provides an independent view of current market performance and the performance of the funds active within it. Sponsored by HSBC Global Asset Management and The Association of Real Estate Funds this unique publication has made the UK Pooled Property Funds market the most transparent in the world. The index consists of collective investment schemes offering indirect exposure to the UK property market. The performance of their directly held portfolios is independently measured by IPD.

J.P. Morgan, GBI Global, Europe is a sub-index of a GBI family of government debt indices. The GBI Global index is J.P. Morgan's flagship index for fixed rate government debt. The GBI indices are market capitalisation weighted and bonds enter and leave the indices at the monthly rebalance. There are no size criteria for inclusion, but bonds must have a minimum remaining maturity of one year. Index returns are available hedged or

Where: NAVt is the Net Asset Value at the end of month t; NCIt is the Net Capital invested in month t; Dt is the distribution (gross of tax and net of expenses) in month t. Bi-annual and Annual measures are calculated by compounding six and twelve months returns respectively.

Indices composition The IPD Pan-European pooled property fund indices measure NAV composite returns compiled from NAVs and distribution records supplied to IPD by individual fund managers. All performance and allocation data included in the Indices are subject to stringent auditing processes, both within IPD and through a verification process with the Indices participants. However, IPD is dependent on information provided by Indices constituents.

IPD Italian Pooled Property Funds Indices measure NAV unit returns compiled from NAVs and distribution records, supplied to IPD by individual fund managers. Sponsored by Assogestioni and Deloitte, the IPD Italian Pooled Property Fund Indices measure the performance of 16 blind pool funds and 15 seeded funds, with a combined net asset value of The index is value-weighted based on the most recent six-monthly Net Asset Value (‘NAV’) of their constituent pooled property vehicles. 

× 100



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Comparator total return indices

Low geared funds Only funds with a Net Debt gearing level below 25% are reported on within the balanced and specialist low geared fund indices.

Notes Net Asset Value (NAV) is the market value of all assets, including cash and indirect property interests, net of all liabilities. The NAV used for each fund is required to be calculated on a consistent basis, to the standard stated in the fund’s own constitutional documentation.

Gearing (% ND/NAV) defined as the level of each fund’s Net Debt as a percentage of its Net Asset Value (% ND/NAV) where Net Debt equals borrowings less any cash IPD German Pooled Property Funds Index OFIX (open-ended funds index) balances held. measures quarterly the performance of German open-ended funds. There are three indices produced. The OFIX-10 includes funds existing for at least 10 years Gross Yield (%) is the Historic Distribution Yield, and is normally calculated as the (currently 14 funds with a net asset value of 50 bn). The OFIX-5 contains open- gross distribution per month earned for the past 12 months as a percentage of the latest ended funds with at least 5 years existence (22 funds with 71 bn) whereas the NAV. Where a fund has indicated a likely change to its distribution levels during the next OFIX-All is the summary of all funds with a duration of more than one year (35 12 months, and where this differs markedly from those paid previously, the forecast funds, 80 bn). All OFIX indices are value-weighted based on net asset values. level of distributions may be taken into account when calculating its Distribution Yield. The fund return data is based on information supplied by the Bundesverband Investment and Asset Management (BVI). The index is sponsored by those Converting the local currency indices into common currencies investment companies which also support IPD Germany’s annual study on the The start- and end-month net asset values and capital flow figures used in these time weighted calculations are all converted into common currencies at the month end. performance of all German open-ended funds.

Balanced and Specialist funds Funds with more than 70% allocated to a specific sector are catogorised as sector specialist: where this criterion is not met funds will be classified as balanced.

unhedged in a variety of currencies.

Currency conversion has an impact on local market returns as changes in values from one month to the next are partly the result of fluctuations in cross-currency exchange rates in addition to local property market factors.

Morgan Stanley Capital International Europe Index, is a free float-adjusted market capitalisation index that is designed to measure developed market equity The composite European Pooled Property Fund Index return, when computed and performance in Europe. The MSCI Europe Index consists of the following 16 reported in local currencies, is calculated by converting all markets to the same currency developed market country indices: Austria, Belgium, Denmark, Finland, France, but at a fixed rate over time to remove the impact of exchange rate movement. Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. FTSE EPRA/NAREIT Europe Index is an index on real estate created by the European Public Real Estate (EPRA). The index contains public quoted companies in countries throughout Europe and is a sub-set of the FTSE/NAREIT Global Real Estate Index Series. To qualify for inclusion, companies must derive a specified percentage of their earnings before interest, tax, depreciation and amortisation from relevant real estate activities. Relevant real estate activities are defined as the ownership, trading and development of income - producing real estate. The index is weighted by the market capitalisation of a companies' ordinary shares.

Page 8 of 8

© IPD April 09


On the pulse of the property world

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IPD Pan European Index 2009_v1:Landscape v1 without APUT.qxd.qxd  

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