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Fund II

Credo European Properties Limited ("Fund II") was established to provide investors with an opportunity to invest in a diverse portfolio of commercial properties in the United Kingdom and Europe. Fund ll has targeted an IRR of 12% p. a. Fund ll closed on
31 March 2006, with equity of £34 million.

As at 31 October 2008 the fund is 97% invested and the remaining equity is committed.

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Important Notice

The investment is suitable for those investors who understand the risks involved and who are able and willing to withstand loss of investment. Investors are referred to the summary of risks listed in the Private Placement Memorandum before making an investment.

Investors should be aware that the shares are not listed and are regarded as non-readily realisable investments. Any investment should be intended to be long term. It may be difficult to sell the shares at a reasonable price and, in some circumstances, it may be difficult to sell the shares at any price. Although the Company has the power to purchase or redeem its shares in certain circumstances it is not obliged to do so and investors should not expect that it will do so.

Market movements may cause the value of the investment and the income thereon to go up or down and you may not get back the amount invested. Past performance is not a guide to future performance.

Investors should not invest in the shares unless they have carefully considered whether or not such investment is suitable depending upon their circumstances and they should take advice before investing.