Investment Objective:

Millennium Spire (MSL) aims to produce a superior, total return by investing in Indian real estate. It looks to capture a broad return spectrum through ground level investing, branding and intelligent design to create exit value, tight project management and appreciation in land value. The Fund has a target internal rate of return in excess of 25% over its 5 year lifespan.

Investment Philosophy:

Millennium Spire aims to exploit an early mover advantage by focusing primarily on residential and mixed use projects in high growth cities, with a secondary focus on opportunistic commercial and retail development. The Fund will take advantage of a market characterised by a significant shortage of quality real estate across the board, fragmented regional players, and investor concerns about quality, transparency and control.

Investment Approach:

Millennium Spire's investment approach will focus on three key tenets:

• Concentration on core fundamentals by targeting growth cities with low entry costs and developing infrastructure;

• Leveraging geographic strengths by focusing on locations where significant local level relationships and government contacts exist;

• Diversification of projects by location, sector and size, with a focus on end users and demand trends.