The International Mutual Fund PCC Limited

Background The Clubeasy Fund invests into an underlying company which is called Clubeasy. Clubeasy have been housing students for nearly 20 years, founded in the city of Hull in 1987. The aim is to fill a very large niche in the property investment market, providing an easy and hassle free ‘all in one’ lettings package for students as well as reliable and sustainable growth for investors. The company can be considered as 2 operational entities – Clubeasy Management and Clubeasy Properties. Clubeasy Properties deals with the purchase, sales and refurbishment of properties, whilst Clubeasy Management deals with the lettings and maintenance. Clubeasy aims to provide an ‘all in one’ package for students: From as little as £74 per week all ClubEasy homes have the following: Broadband in every bedroom Digital Flat Screen TV with built in Freeview in every House and Flat Possession Insurance No gas bills No electricity bills No water bills No deposit Clubeasy aims to provide a reliable investment in troubled times: Lettings contracts signed up to one year in advance Stable yields protect property values Demand in student market independent of global financial slump Annually raised increased rents add yet further to return Proven track record

Company History 1987 – The Group was founded in 1987 by Bruce Hayes as a sole trader under the name Acepoint Property Services, whereby undergraduates in Hull were provided with accommodation. 2004/05 – APS Property (UK) Ltd was formed outside the Group to provide ring fenced security to Northern Rock. APS Property (UK) Ltd also acquired ASA (Hull) Ltd from APS SS. 2005 – Hayes Limited was formed in the Isle of Man following Jason Hayes’ relocation. This company was formed outside the current Group and the majority of properties purchased subsequently have been acquired by this company. 1999 – ASA (Hull) Limited was set up as a subsidiary of APS SS as a result of the Group securing a contract to house asylum seekers. 2007 – With effect from 29 October 2007 Lonscale Limited (IOM based company) acquired entire shareholding of Clubeasy Group from Jason Hayes. 1987 1998 1999 2002 2004/5 2006/7 2007 2006/07 – Acepoint Limited was acquired by Clubeasy Group Plc. The Group was initially established as a sole trader and has evolved into six legal entities as a result of expansion and tax planning. 1998 – Acepoint Property Services incorporated under the name APS Student Services Ltd ("APS SS") and Acepoint Limited was formed as a subsidiary. 2002 – Jason Hayes acquired 100% of APS SS through an MBO using APS Property Group Plc as its vehicle.

Principles Peter Jeffs - Director Clubeasy Group Peter Jeffs is the Director of the Clubeasy Group and a Partner in the Corporate Group of ARCH, with responsibility for the day to day management of Group projects. Prior to this he was Head of Capital Markets at Simplex Consulting, one of Europe’s leading financial technology consultancies focused on the banking, fund management and corporate treasury marketplaces. Peter served as Head of STP Partners at Omgeo from 2003-2004 and Business Development Manager for Syntegra 2001-02, part of BT Group. Peter developed Syntegra’s pre-marketing, commercial modeling and business plans for new ethical, weather derivatives and carbon trading exchange ideas. He held various management positions within the Reuters Group from 1984 to 2000, working in the UK, Europe and Middle East. Bryn Mickleburgh - CEO Bryn is a Fellow of the Institute of Chartered Accountants and has worked in the property sector since the 1980’s both on the management and development side. Prior to coming to Clubeasy he was responsible for the development of a managed office operation on behalf of private clients in the Islington and Clerkenwell districts of London. His other property experience ranges from affordable housing feasibility studies on behalf of local authorities, to the financing and management of major commercial property refurbishment schemes, and the development of residential property in London. Gordon Featherstone – CFO Gordon is the Finance Director for Clubeasy Ltd., which he joined following a period of semi-retirement. He had previously been the CFO of the American subsidiary of the Informa Group, the international publisher and conference organizer. Gordon is a Chartered Accountant with nearly 40 years experience in industry. He has worked in a variety of businesses both large and small including property, leisure and publishing, both in the UK and overseas, and filled a variety of financial roles. Julie Cheesborough – Administration & HR Manager Julie joined Clubeasy in 2004 initially as assistant to the Finance Director. Her role expanded to take in company secretarial and HR responsibility and she was appointed a director of Clubeasy Group Ltd in 2007. Julie is responsible for all property compliance issues, insurance and HR throughout the group. Adrian Atkinson – Financial Controller Adrian has been a member of the Chartered Institute of Management Accountants since 2001. Prior to joining Clubeasy, his previous experience was in engineering, primarily within the oil and gas sectors and in online retail.  He has considerable experience in implementing and managing large IT systems. Adrian is responsible for all aspects of the routine accounting along with the production of monthly management information packs. Adrian is also responsible for IT development throughout Clubeasy. Tess Hepplewhite – Group Development Manager Tess came to Clubeasy in 2005 from the Forte and De Vere Hotel Group where she was responsible for the marketing and development of hotels in and around the Lincoln area. She is also a member of the Institution of Occupational Safety and Health. Tess is responsible for coordinating group marketing, website management and brand development. . Paul Ramsey – Property Manager Paul has been with Clubeasy for 12 years and has considerable experience in the management and maintenance of complex portfolios of multi-let properties. He is responsible for the implementation of group strategy and property maintenance standards throughout Clubeasy.

Clubeasy Properties Has a stock of approximately 2,500 beds Mostly HMO alongside 3 blocks (225 beds, 50 beds and 45 beds respectively) Properties have maintained their values in the downturn due to strong yields Majority of properties are owned onshore in a tax efficient structure Portfolio currently held in Durham, Exeter, Hull, Lincoln and Loughborough Hull Lincoln Loughborough Durham Exeter Total HMO 953 480 352 198 147 2,130 Blocks 44 318 53 - 48 463

Clubeasy Management Has strong relationships with the Universities targeted, both with the University directly and Student Unions / Landlord Schemes Has strong relationships with local councils, which have been cultivated over time as a result of being one of the largest local providers of HMO’s Has local offices which provide brand awareness as well as easy access for market (a record 550 students signed up on one day alone earlier this year) Only look to target 10% of available market in any one location to avoid saturation Has its own maintenance team – no subcontracting, pro active maintenance with regular inspections Has for the 2009/2010 academic year already pre-let 50% of available accommodation (accurate end Jan 09) Has achieved its targeted rent rise of 12% for 2009/2010 Enjoys very high occupancy rates, typically less than 2% voids Is a scalable operation that would allow its current central office to administer 5 more cities (100% growth) without having to expand the centralised operations team Using ‘joint and several’ tenancy contracts provides Clubeasy with a greater level of security over rental income

Variable Markets - Positive Returns The fund is structured so that the performance emphasis can quickly be altered from properties to management, or any mix in between, allowing for constant positive returns in any market condition. In a weak market the Clubeasy Management protects the property values and provides reliable positive fund return with the high lettings yields. In a strong market properties can be traded on the open market to further increase the fund’s performance and help diversify the portfolio. High Market Low Market Return Return Time Time - Performance from Properties - Performance from Management

Summary Target return of 9-11% Contracts secured well in advance providing predictable and stable yield Contracts also protect property values Minimum subscription £10k Easily scalable model, infrastructure set up so that efficiencies increase even further with growth Proven track record Student accommodation not correlated to economic cycles Demand greatly exceeds supply On target for double digit rent rise for 2009/2010 year High occupancy – less than 2% voids year on year Guernsey registered Fund Majority of portfolio comprises of HMO’s (House in Multiple Occupation) and can be readily traded on the open market to enhance performance or diversify portfolio. It is important to note that, in these financially troubled times, Universities such as Durham are expanding their student intake year on year. They are achieving this by offering cash incentives to students for staying on and undertaking postgraduate courses, thus increasing the demand for accommodation and benefiting the fund. Clubeasy seeks to provide long term positive returns through a combination of secure income and capital appreciation arising from increasing rental values.

The International Mutual Fund PCC Limited This document is for information purposes only and is not an invitation to purchase shares in the Fund, which may only be acquired on the basis of the Scheme Particulars which must be read in full. The Guernsey Financial Services Commission has authorised The International Mutual Fund PCC Limited (of which The Clubeasy Fund is a protected cell) as a Class B Collective Investment Scheme under the Protection of Investors (Bailiwick of Guernsey) law, 1987 (as amended). It must be understood that in giving this authorisation the Commission does not vouch for the financial soundness or the correctness of any of the statements made or opinions expressed with regard to the Fund. The value of investments can fall as well as rise and investors may not receive back the original amount of their investment.