II

I

II

I

III

1000

1010

1020

1030

1040

1050

1060

1070

1080

1090

1100

II

I

Feb 15Jan 15Dec 14Nov 14Oct 14Sep 14Aug 14Jul 14Jun 14May 14Apr 14Mar 14Feb 14Jan 14

SUMMARY TERMS Target net-return: 6-10% per annum.

Allocation: 100% investment allocation for all share classes.

Income Paid: Quarterly. Accumulation and Distribution share classes available.

Reference currency: GBP

Liquidity: Monthly with 30 days’ notice.

Fees: 1.95% AMC + 25% performance fee (target returns are net of these fees).

MONTELLO REAL ESTATE OPPORTUNITY FUND m www.montello.co.uk

101 NEW CAVENDISH ST, LONDON W1W 6XHTEL: +44 20 7118 1144www.montello.co.uk

REAL ESTATEOPPORTUNITY FUND

LFP I SICAV-SIF S.A. Montello Real Estate Opportunity Fund SICAV-SIF

CBRE Market UpdateThe UK housing market continues to be underpinned by improving economic fundamentals. Unemployment levels continue to decline and average wages have increased again, to 2.1% year-on-year, which is all feeding through into confidence in the market. Against a low inflationary environment, mortgage rates also remain close to all-time low, prompting a small increase in the number of mortgages approved over the last few months. However, while these fundamentals remain strong, both pricing and activity is relatively subdued. According to Nationwide, house prices softened in February, to 5.7% year-on-year, from 6.8% in January.

Presently, the focus of residential investment is still very much the private rented sector (PRS), as a range of institutional investors continue to look for a way into the market, from both the UK and from overseas. In particular we see appetite from North American institutions, that already have a great deal of experience in the US and Canada. However, the lack of stock remains the biggest hurdle. While this is starting to change; there are now over 100 PRS projects in the pipeline in London, much of this reflecting adaptations from former for-trade stock. The fastest pace of change is occurring in the key regional cities. The fundamental investment drivers in these cities are compelling in their own right, with many having strong demographic profiles, but many also benefit from very pro-active local authorities that are helping to drive development. This is particularly the case in Manchester, where Manchester City Council are working closely with both public and private finance to drive forward a number of exciting initiatives.

February UpdateFebruary proved to be a strong month for the fund in terms of matching the pipeline of transactions with an expanding capital base. Continued interest and support from family office investors has led to further inflows of capital, whilst the pipeline of transactions for the fund to utilise these inflows has also remained strong, with a number of opportune transactions. At the start of the year there was some apprehension that the impending UK General Election would lead to a hiatus in market activity; however we have seen no evidence of this.

Our Track Record The Montello group was set up in 2008 and has since built a track record in real estate investments providing returns at or above the Fund’s target range. Montello manages more than £100m and its funds have consistently returned between 6.5% and 10.25%pa on an annualised basis.

MREOF Performance

Class ISIN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB Since Inception Annualised

GBP I LU1004414113 0.7432% 0.7842% 0.7856% 0.6407% 0.6990% 0.6912% 0.6440% 0.7339% 0.6948% 0.6501% 0.6645% 0.6373% 0.6051% 9.3548% 8.6052%

GBP II LU1004414204 0.7432% 0.7842% 0.7856% 0.6408% 0.6970% 0.6912% 0.6323% 0.7369% 0.6948% 0.6498% 0.6640% 0.6373% 0.6051% 9.3422% 8.5936%

Dis.

Cap.

12 MONTH PERFORMANCE 2014 2015

Investment Advisor Montello Capital Advisors Limited (“Montello”) is part of the Montello group, which is one of the leading real estate financiers in the UK.

As well as an extensive deal referral network of professional practices (law firms, accountants, IFAs etc.), Montello has a substantial portfolio of ongoing and repeat business from property developers and entrepreneurs. The average deal-flow that Montello generates is £50-120m each month.

Transaction AdvisorAdditionally, Montello will be advised by CBRE Indirect Investment Services Limited (CBRE), which is Authorised and Regulated by the Financial Conduct Authority and is a wholly owned subsidiary of CBRE Limited whose ultimate parent company is CBRE Group Inc., as Transaction Advisor. CBRE is a global leader in Real Estate services, and has a team of professionals based in their London office that is currently mandated to advise on assets totalling over £5billion. In addition to advising on transactions that the Montello Real Estate Opportunity Fund will be involved with, CBRE will assist in an ongoing role of portfolio management and, where appropriate, with originating transactions in the Fund.

Investment Asset ClassThe Fund invests in real estate opportunities, with a focus on the UK, and particularly on London and the South East of England.

Opportunities include financing, joint ventures, direct and co-investment in real estate and associated securities and investments.

The investment objective is to ensure that the Montello Real Estate Opportunity Fund provides stable, consistent, high level returns for Investors, with limited volatility.

The fund generates strong and stable cash flows while taking steps to preserve initial capital, with a target to achieve an average total return to investors between 6% and 10% per annum.

Asset Risk Mitigation

Investment risk will be spread over a range of properties and projects, with consideration also given to geographical spread. Diversification occurs at different levels including real estate type, location, operational status and delivery time.

The Fund takes a range of securities as additional cover for its assets, including personal guarantees, fixed and floating charges against assets etc.

Montello does extensive due diligence on each project and partner it works with, including obtaining full credit reports, company history and other industry searches, and uses the same underwriting procedures as, and has access to the same fraud detection systems used by, the mainstream banking industry.

Structure of the Fund The Fund is a Luxembourg SICAV-SIF, open to well informed, sophisticated and other qualifying investors, corporate entities, trustees and other investment vehicles such as off-shore bonds and platforms.

Who we are Montello’s directors come from top-tier backgrounds in law and property:

CHRISTIAN FAES LLB (Hons) ex-Clifford Chance, Deutsche Bank

IAN THOMAS BSc (Hons) MRICS ex-SEGRO, Ballymore Property

Advisors to the FundInvestment Advisor: Montello Capital Advisors Limited

Transaction Advisor: CBRE Indirect Investment Services Limited

Fund Management – Board of Directors: Luxembourg Fund Partners Directors

Fund Administrator: APEX

Fund Auditor: PwC

Custodian Bank & Paying Agent: ABN AMRO

Legal Advisor: PwC Legal LLP

[THE MONTELLO REAL ESTATE OPPORTUNITY FUND] CONSOLIDATES MONTELLO’S POSITION IN THE MARKET AS A ‘ONE STOP SHOP’ FOR REAL ESTATE ENTREPRENEURS... ABLE TO FUND DEVELOPERS FOR THE AQUISITION OF A PROPERTY THROUGH BRIDGING FINANCE THROUGH TO THE DEVELOPMENT AND COMPLETION OF A PROJECT’ Montello launches new fund (8 January 2014)

‘

Important Notice : this document has been issued on behalf on the LFP I Sicav SIF S.A. – Montello Real Estate Opportunity Fund (The Fund), which is authorised by the Commission de Surveillance du Secteur Financier. This document is intended for discussion purposes only and does not create any legally binding obligations on the part of the Fund. Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When making an investment decision, you should rely solely on the final documentation relating to the transaction and not the summary contained herein. The transactions and product mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. We recommend that you seek advice from your own tax and legal advisors in making this assessment. The information contained in this document is based on material we believe to be reliable. However, we do not represent that it is accurate, current, complete or error free. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. The underlying investments in the Fund consist wholly or substantially of real property; the value of the real property is highly volatile and under certain market conditions investors seeking to redeem their holdings may experience significant restrictions or delays. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. The distribution of this document and availability of this product in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission.m

www.montello.co.uk

101 NEW CAVENDISH ST, LONDON W1W 6XHTEL: +44 20 7118 1144www.montello.co.uk

REAL ESTATEOPPORTUNITY FUND