1. Who are The Mansion Group?

The Mansion Group (“TMG”) is a privately owned Limited Company. There are three key companies within the group;• Mansion Capital Partners Ltd (“MCP”) – Responsible for

deal flow, valuations, acquisitions and financing.• Mansion Property Management Ltd (“MPM”) –

Responsible for refurbishment, maintenance, lettings and hospitality.

• Mansion Investment Partners Ltd (“MIPL”) – Responsible for investor liaison, fund sales and fund agent management.

The relationship between TMG and the MSAF is as follows:

MCP – Property Adviser to the Investment Adviser MPM – Property Manager for MSAFMIPL – Introducer Appointed Representative (“IAR”) appointed by the Investment Adviser on behalf of MSAF

2. Who owns The Mansion Group?

The owners are Eugene McTaggart (Chairman), Shankar Ramanathan (CEO), Andrew Freeth (Director)

3. How much money does The Mansion Group have under management?

TMG has been involved in the Student Accommodation Market for a number of years since inception in February 2007, initially in the buy to let area. TMG has specialised in providing suitable Student Accommodation properties to other funds and in October 2009 decided to launch MSAF. TMG has built a strong track record in this field.

TMG has sourced, acquired and refurbished on behalf of MSAF and other property companies and funds, properties in Colchester, Bristol, Liverpool, Leicester, Newcastle, Manchester, Oxford, Nottingham, Birmingham, Edinburgh and London worth in excess of £200 million in acquisition value and now externally valued (see section 12) at over £350 million, with an average of 6.7% net initial rental yield.

MIPL has attracted over £175 million of equity investment for student accommodation since November 2008 through intermediaries, IFAs and third party distributors for MSAF, various institutions and other entities.

4. How do Mansion Capital Partners source and buy the assets?

MCP has one of the most experienced acquisitions teams in the student accommodation field.

Mansion Acquisitions Team

Charlie Taylor – Responsible for the Midlands, previously with Knight Frank LLPSteve Pigott – Responsible for London and the South, previously with a West London agency

MCP is currently one of the most prolific buyers of student halls in prime locations within the UK in need of modernisation. To date MCP has purchased properties from the University of Essex, Unite, Liberty Living (Brandeaux), Valad, IES/Moorfield and private individuals totalling in excess of £200M. MCP has formal and informal relationships with Universities across the UK and currently has a potential pipeline of 5,000 beds as at March 2012, some of which are in the following locations:

London NottinghamNewcastle Leicester Birmingham ManchesterGlasgow Edinburgh Sheffield Bristol Plymouth

Mansion Student Accommodation Fund Your Questions AnsweredIntroduction

The Mansion Student Accommodation Fund (GBP) (“MSAF”) (the “Fund”) is a cell of The International Mutual Fund PCC Limited (“TIMF”) which is an existing open ended Protected Cell Company (“PCC”) approved by the Guernsey Financial Services Commission (“GFSC”) in October 2009 and listed on the Channel Islands Stock Exchange (“CISX”).

The investment strategy of the Fund is to acquire a portfolio of student accommodation properties within the UK’s top 30 (usually measured by student population) towns and cities.

The intention of this document is to answer some of the frequently asked questions received over the last 2 years, including those relating to the associated risks referred to in the Supplementary Scheme Particulars dated 6th May 2011. For all additional information please refer to these Scheme Particulars.

Frequently Asked Questions

The Mansion Group Ltd

1

5. What is the approach to the management of the Fund?

The investment strategy of the Fund is to acquire residential properties occupied by students, whether purpose-built or adapted for that purpose, within the UK’s top 30 (usually measured by student population) towns and cities, aiming to generate capital growth by:

• Focussing on selected sites where a combination of location, demand vs. supply imbalances, and rental potential is greatest, as identified by the Property Adviser (MCP) and subsequently proposed by Dartmoor Capital Management Ltd (“DCML”), the Investment Adviser (Non Discretionary) to the Fund

• Acquiring such sites through individual SPVs using a combination of the Cell’s equity and also debt

• Acquiring such sites where there is a Refurbishment Bond provided by MCP (and underwritten by TMG) for the cost-effective refurbishment of the scheme that will be supervised by the Property Manager (MPM).

• Letting and management services, as provided by the Property Manager (MPM)

• Additionally the Fund will receive a five-year rental guarantee, underwritten by MCP and TMG, in respect of properties purchased by the Fund. This undertaking ensures a rental growth of between 3-4% per annum (depending on location) over the first 5 years, and 100% occupancy.

Further details of the investment strategy are contained within the Scheme Particulars for MSAF (GBP).

6. I don’t understand why somebody would sell the Fund a property at 10% less than its open market value. Please explain?

The purchase price paid by MSAF (which is independently verified by the external Valuer - CB Richard Ellis (“CBRE”)(“the Valuation Agent”)) will be greater than the sum MCP paid for the property as MSAF receives a greater level of income from the asset than MCP and has a commitment from MCP that will see the asset modernised via the refurbishment. However, MCP recognises that an element of the value gain derived on each sale of a property to MSAF should be shared with MSAF to reflect the small risk that the rental undertaking or refurbishment is not honoured. This share is based on a 10% discount of the open market valuation provided to the Fund by the Valuation Agent as set out in the Supplementary Scheme Particulars.

This discount is utilised to meet MSAF’s purchasing costs and the balance is reflected in the Net Asset Value (NAV) post acquisition and may result in an improvement in the share price.

7. What is the Fund Manager’s (Active Fund Services Ltd) approach to managing liquidity in the Fund? The Fund, managed by Active Fund Services Ltd (“AFS”) (the Fund Manager), aims to fund redemptions out of a minimum cash reserve of 10% of NAV.

The Fund can potentially hold significant levels of cash, dependent on where it is in the purchasing cycle, i.e. it may accumulate cash over a period of time to purchase new properties. If there is insufficient cash available to meet redemption demand then property acquisitions can be postponed to add to surplus net rentals. If necessary, redemption payments will be based on a pro-rata basis, (i.e. a proportionate payout) in relation to the size of the investment and the amount of available liquidity. Redemptions will have priority over asset purchases.

The Fund Manager will monitor redemptions and seek to maintain cash balances to meet redemption trends and ensure properly notified redemptions are met, which may include the managed disposal of assets. The 66 days redemption notice period allows the Fund Manager to manage cash flow during the notice period to ensure cash is available to meet scheduled redemptions.

8. What is the approach towards gearing in the Fund, what is the maximum gearing allowed and how much gearing will the Fund have once it has acquired the property?

Barclays Bank Plc (“BB”), Santander Group (“SG”), National Westminster Bank Plc/The Royal Bank of Scotland Group (“RBS”) and Lloyds TSB Bank PLC (“LTB”) have financed MSAF acquisitions and TMG can evidence a very strong relationship with them. The Fund is geared to a maximum of 100% of the NAV (50% of GAV), at a 5 year fixed rate margin above the 5 year fixed hedge rate. As the Fund is only geared up to 100% maximum (50% of GAV), and the current weighted borrowing on that gearing is currently not more than 5.25%, it can anticipate a positive surplus rental return return on a monthly basis, after all interest and ongoing running costs associated with the fund have been covered.

9. Does the Fund amortise the cost of acquiring the property over a period of years - if so, how?

The initial, one-off cost of setting up the Fund is currently being amortised over 5 years from December 2009.

The costs associated with each property purchase (Stamp Duty, Legals, Valuations, Agents etc), will be accounted for as they arise within each specifically established special purchase vehicle created by the fund to hold assets.

This means that new investors are not paying for the costs of previous property purchases, and this will be reflected in the NAV.

The Mansion Student Accommodation Fund

2

10. What are the expected Occupancy Rates?

The occupancy rates for all properties purchased by the fund is effectively 100% as there is an Agreement in place with TMG that each property will be fully occupied for the first 5 years. The current property portfolio is achieving 99.5% occupancy levels for the 2011-2012 academic years, which is well within the Valuation Agent’s working assumption of a 3% void rate.

11. How effectively is the accommodation managed?

The accommodation is managed by MPM. See www.mansionpropertymanagement.co.uk and www.mansionstudent.co.uk .

MPM will manage each property’s ‘hard’ and ‘soft’ functions. ‘Hard’ being the physical fabric of the property – all maintenance and renovation of the property. ‘Soft’ being the functions of on-site staff management, contact points and hospitality for the students, deposit taking, letting and rent management.

All properties managed by MPM comply with ANUK (Accreditation Network UK) standards. ANUK is a network of professionals and organisations that promotes accreditation in private rented residential accommodation. Accreditation is the voluntary compliance by private landlords with good standards in the condition and management of their properties and their relationship with their tenants.

12. How does the Fund value the assets and which Valuation Agent does it use?

The valuations are carried out independently on behalf of the Fund by CB Richard Ellis (“CBRE”) (“the Valuation Agent”) who are part of a panel of external Valuers for the Fund. The other Valuers on the panel include DTZ and Colliers International UK plc.

Valuations will be made in accordance with the Articles of the Fund and the RICS (“Royal Institute of Chartered Surveyors”) valuation standards as set out in the RICS Valuation Standards (“the Red Book”). In the case of the Fund, this will be achieved by a reference to an initial full market valuation undertaken upon the acquisition of each property investment, and once a year by the Valuation Agent, supplemented by a monthly desktop valuation by the same surveyor.

Valuation methodology of assets

The basic principle of property valuation is based on the returns which can be expected.

As UK/US Gilts are guaranteed by the government, and you are guaranteed an interest return together with your investment back, this is generally viewed as a safe investment.

If you choose to invest in property, then a certain amount of risk can be expected dependent upon market circumstances and the security of rental income (see Supplemental Scheme Particulars for more details).

There is no guaranteed income; however your return could be more substantial from property investment due to the potential for capital growth, as well as net rental income over a period of time (however, property values can go down as well as up).

To work out the All Risks Yield applied to property, the starting point is 10/20 year Government Backed Gilts (as these are considered as the safest investment available due to the strength of the Government backing)

For example: 3% (Gilts) + 7% (Risk factor) -3% (Growth Prospect) = 7%

So the All Risks Yield required by a Property Investor to offset the additional Risk of Property in this example would be 7% for secondary located commercial real estate in the UK.

The 7% risk factor and the 3% growth are calculated from comparables and analysing other transactions and varies according to whether the property investment is considered prime, secondary or tertiary compared with alternative real estate and other forms of investment.

The growth of the Student Sector is considered after analysing historical evidence provided by the external Valuers and then considering what the potential is for future Rental and Capital Growth.

The Risk factor is, however, much more subjective. As the Student Sector is still maturing, there is not as much comparable evidence available for valuers to base their assessments upon. The Valuer must therefore consider Student stock against other property classes and use their own judgement and skill to assess risk, based on a wide range of factors such as historic rental performance, occupancy levels, security of income, arrears, supply and demand, development pipelines, government policy, etc.

The standard formula used by the Valuer based upon the All Risks Yield is:

Net Receivable Rent x 1/Yield(%) = Gross Value less Purchase Costs = Net Value

(NB: Purchase costs = Stamp Duty Land Tax @ 4% plus other (Agents/legal) costs @ c1.80% = c5.80%)

13. How does the valuation of Student Accommodation compare with other asset classes?

Almost all commercial property valuations are a reflection of a yield-linked multiple to rental streams. The investment yield itself reflects the market’s expectations for both rental security and future growth. This is the same for valuing a

Lettings and Marketing Strategy

Valuation Method

3

retail shop, office block or student accommodation. Student accommodation values for prime and good secondary locations also proved resilient during the last property recession of 2008 to 2010 and are likely to remain so, as the same fundamentals still apply to the sector. (2)

The outlook for student property is still viewed by TMG and the main operators in the market as robust in terms of student demand and occupancy rates, especially for prime assets in strong locations. (1) The average capital value per bed room for the MSAF portfolio is c£85,000 with c40% of total property value located in Central London where rentals are expected by Knight Frank to increase by 5% during 2012. (4)

Knight Frank, in a recent report, quoted: “The UK’s student accommodation market has emerged as a key asset class in the past decade, attracting growing interest from investors, developers and private operators alike, with the latter now providing nearly 150,000 student bed spaces in the UK. At the heart of the student market’s appeal is the current imbalance between the supply of accommodation and the demand for bed spaces.” (1)

Knight Frank’s report stated that UK university education continues to be held in high esteem around the world and this demand is set to expand in line with global wealth generation. The number of UK universities, by comparison, is a finite resource and looks set to remain so as government budgets are constrained. (1) As a result of the introduction of increased tuition fees, it is reasonable to expect that there will be a flight to quality and the top universities around the UK are most likely to continue to grow and demand more high quality, well managed student accommodation.

14. How is growth within the Fund achieved?

The growth within the Fund may be achieved through a combination of various factors. These include but are not limited to:

(a) the initial 10% discounts to open Market values assessed by the Valuation Agent

(b) anticipated increased rentals following initial refurbishment works with an expected average of 6.7% net initial rental yield. across the existing portfolio

(c) anticipated significant net rental surpluses achieved after all operational costs and 5 year fixed interest rates on all bank loans

(d) ongoing anticipated rental increases driven by the well documented low supply of quality student accommodation in the prime university towns

(e) anticipated continuing excess demand over available student places from UK and overseas students which is expected to ensure higher occupancy rates

(f) active and professional lettings and property management to reduce operational costs and expected to secure higher re-bookings

(g) positive branding of the Mansion student model to UK and overseas students confirming consistent and high accommodation standards

(h) direct promotion of the brand into India, China and Middle East to establish local agency agreements for overseas students

(I) active asset management and obtaining planning consents for extra rooms and studios to deliver immediate value enhancements

NB - The surplus rental income is rolled over and is re-invested which results in a further value increase in the Fund as this additional investment is not diluted by new shares being issued.

15. Who is the Fund’s auditor?

Ernst & Young (CI)

16. Why is the Fund a Guernsey based OEIC rather than an alternative vehicle?

Flexibility – A Guernsey OEIC is strictly regulated by the Guernsey Financial Service Commission (“GFSC”) and Guernsey Company Law and can be listed on the Channel Islands Stock Exchange (“CISX”) which offers a great deal of flexibility in approach and with competitive costs when compared to the London Stock Exchange (LSE) listing.

Acceptability – CISX is a GFSC regulated exchange (and a designated investment exchange as defined in the Glossary to the Financial Services Authority’s (“the FSA”) Handbook) and, being outside the EU, the EU Prospectus Directive (2005) does not apply , which allows the Marketing Authority to offer a flexible, swift and pragmatic approach to the listing of alternative investment products.

17. Which platforms is the Fund available on?

7IM, Ascentric, Novia, Nucleus, Transact and Raymond James

18. Which Offshore Bonds is the Fund available on?

AEGON Scottish Equitable InternationalAviva Life InternationalAXA InternationalCanada Life InternationalClerical Medical International Friends Provident InternationalGenerali InternationalHansard International LimitedIrish Life InternationalLa MondialeLegal & General InternationalLombard InternationalPrudential InternationalRoyal London 360Royal SkandiaStandard Life InternationalZurich International Life

Fund Structure and Accessibility

4

20. What is the minimum subscription?

£10,000 with £3,000 minimum additional subscription$10,000 with $3,000 minimum additional subscription€10,000 with €3,000 minimum additional subscriptionS$20,000 with S$5,000 minimum additional subscription

21. Are there any encashment charges or penalties?

There are no exit penalties on the Master Fund which is based on an Initial Charge structure.

The Feeder Cells shall, however, be subject to a Deferred Marketing Charge which may be payable to introducers or distributors in respect of promotional activities of the Cell. Because the Deferred Marketing Charge is taken over an even period during the 60 months following subscription the penalties shown below assume redemptions are made up to the stated anniversary of subscription although in practice this is not the likely timing, therefore the below is an indication only:

Within the first 12 months since subscription up to 5%Within the second 12 months since subscription up to 4%Within the third 12 months since subscription up to 3%Within the fourth 12 months since subscription up to 2%Within the fifth 12 months since subscription up to 1%Thereafter 0%

These penalties are not applied to a single, annual, penalty free withdrawal of a maximum of 7.5% of Shares invested (at the time of investment) if specifically requested by the

investor.

For further details, please see the Scheme Particulars and Supplementary Scheme Particulars 22. What is the frequency of valuations and dealing?

Monthly. The Valuation Point is the close of business on the last Business Day of each calendar month. The dealing date is the next Business Day following the Valuation Point.

23. When do you require cleared funds and applications by (subscription notice period)?

Initial charge structure - GBP MSAF – 28th of the monthDeferred Marketing Charge structure - Sterling, US Dollar, Singapore Dollar and Euro feeder cells - 27th of the month

(Please note that December dealing dates vary due to national holidays)

24. What is the redemption dealing day and notice period for the Fund?

The redemption dealing date is the next Business Day following the Valuation Point. The notice period is 66 days prior to each redemption dealing day for GBP MSAF Fund and 67 days prior to each redemption dealing day for the Sterling, US Dollar, Euro and Singapore Dollar feeder cells.

25. Have Student Tuition Fees impacted on the number of student university applications yet?

Whilst there has been much media focus on the revised funding system, the key objective of the Browne Review commissioned (November 2009) by the UK Government was to identify a way of funding a 10% increase in university places over three years. This will in turn mean greater numbers of students requiring accommodation. (2)

Following much speculation in the media, January 2012 saw a modest 7.4% reduction in applications following an extraordinary previous two years. UCAS Chief Executive Mary Curnock Cook said: “The more detailed analysis of application rates for young people takes account of population changes. This shows a fall of just 1% in the application rate in England, with little change across the rest of the UK. The indications are that demand for Higher Education will continue to outstrip the number of places available in 2012 academic year. Applications are already 50,000 ahead of the number of acceptances in 2011 and last year UCAS received over 100,000 further applications between January and the close of the cycle.” (3)

Equally, it should be noted that there are only 490,000 places in total (undergraduates and post graduates) and there were over 700,000 applicants last year. . Applications rose by 34% from 2005 to 2012 but the number of places only increased by 20%. (3) TMG would expect the number of applications will actually grow again over the next 3-5 year period following a dip in applications this year but, overall, a fall or increase in student applications is unlikely to have a significant effect on the purpose built student accommodation sector as it only provides a total of around 275,000 bed spaces to a current student population of over 2,500,000.

Finally, it should be noted that although the tuition fees may be increased to £9k per annum, the student pays nothing until they are earning more than £21k and then only pays 9% of their earnings in excess of the £21k to the government to repay the loan, which attracts only a nominal interest rate (currently 1.5% per annum).

19. Is the Fund available via SIPP and SSAS vehicles?

Yes, it is freely available via SIPPs and SSAS, as well as trusts and corporate investors

Subscriptions and Redemptions

Market Context

5

Sources:

1. Knight Frank – Student Property 2011 - http://www.themansiongroup.co.uk/mansion-student-accommodation-fund/downloads/investments_downloads/about_student_property_pdfs/2011%20Student%20Property%20Report.pdf

2. Savills – Spotlight on Student Housing – http://www.themansiongroup.co.uk/mansion-student-accommodation-fund/downloads/investments_downloads/about_student_property_pdfs/spotlight-on-student-housing-final%202011.pdf

3. UCAS - http://www.ucas.com/about_us/media_enquiries/media_releases/2012/20120130a

4. Knight Frank – Student Property 2012 - http://www.themansiongroup.co.uk/mansion-student-accommodation-f u n d / d o w n l o a d s / i n v e s t m e n t s _ d o w n l o a d s / a b o u t _ s t u d e n t _ p r o p e r t y _ p d f s / K n i g h t - F r a n k - Q 1 - 2 0 1 2 . p d f

Investments in property carry specific risks and may not guarantee a return, and the value and the income from them may go up or down, so that you may not realise the amount originally invested. Changes in exchange rates betweencurrencies may cause the value of investments to go up or down. Past performance should not be seen as an indication of future results.

This document is issued by Dartmoor Capital Management Limited. It is for information purposes only and directed at persons in the United Kingdom where access to such information and its use thereof is not contrary to statute and regulations. Nothing herein constitutes an offer, solicitation, or advice to purchase shares in the Fund; or advice in respect of the tax consequences of any action, and professional advice should be taken before any course of action is pursued. This document relates to the Mansion Student Accommodation Fund (GBP), Euro, US Dollar, Sterling and Singapore Dollar feeder Fund Cells. Please refer to the Fund and the feeder Fund Cells Scheme Particulars for more information.

6