100000

101000

102000

103000

104000

105000

106000

107000

108000

109000

110000

FEDCBA (GBP)

Jul-14Jun-14May-14Apr-14Mar-14Feb-14Jan-14Dec-13

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 (EUR & USD shareclasses also available)

Liquidity: Monthly with 30 days’ notice.

Min. investment: GBP 10,000 with reference to the normal SICAV-SIF rules for appropriate investor status.

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

MONTELLO REAL ESTATE OPPORTUNITY FUND

m

101 NEW CAVENDISH ST, LONDON W1W 6XHTEL: +44 800 130 3388www.montello.co.uk

www.montello.co.uk

REAL ESTATEOPPORTUNITY FUND

July updateThe fund continues to allocate capital to high yielding, risk adjusted, short term real estate opportunities, predominately located in the South East of England.

One such transaction in July was short term financing to a property investor, provided at a conservative 58% of purchase price to allow timely completion on a block of 12 residential apartments located in a key London commuter town. The investor will sell the units to individual purchasers over the next 3-12 months and exit the financing arrangement over this timescale. This sort of transaction is typical of the opportunities being targeted, where the speed of the funding was critical.

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

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

2014 Class ISIN JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD Annualised

GBP A LU1004413578 0.6494% 0.6624% 0.7031% 0.7037% 0.5707% 0.6104% 0.6294% 4.5291% 7.7994%

EUR B LU1004413651 1.1932% 1.6019% 0.6536% 1.6021% 5.0508% 13.9440%

USD C LU1004413735 0.6472% 2.3096% 0.4221% 1.8626% -0.0491% 0.9475% -0.4421% 5.6978% 12.2798%

GBP D LU1004413818 0.6992% 0.7030% 0.5697% 0.6266% 0.6302% 3.2710% 7.8504%

EUR E LU1004413909 1.1932% 1.6019% 0.6546% 1.6041% 5.1470% 15.4410%

USD F LU1004414030 1.8618% -0.0481% 0.9438% -0.4421% 2.3190% 6.9570%Dist

ribut

ion

Capi

talis

ation

CBRE market updateThe UK economy is growing at its fastest rate since the financial crisis, and indeed has now surpassed its pre-crisis peak, according to the latest data. Strong economic fundamentals have given domestic purchasers a boost, while the overseas appetite for London real estate endures, meaning that demand continues to outstrip supply by a considerable margin. Mortgage lending and transaction activity is up, and average house prices have increased in all regions.

We anticipate average growth of 20% across Greater London for the whole of 2014. We anticipate some cooling in the prime market, as growth settles into a more sustainable rate. Interest rate increases are likely to be small and steady, and as such, will have a minimal impact over the next year or so.

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

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.

Investor reportingThe Fund has a monthly factsheet detailing the fund’s performance. Investors also receive a quarterly update and a full report on the Fund annually.

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 SUTHERLAND LLB (Hons), LLM (Hons) ex-Clifford Chance, WilmerHale

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

[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: +44 800 130 3388www.montello.co.uk

REAL ESTATEOPPORTUNITY FUND