SENIOR HOMES FUND Presentation to Gen Group 6 th October 2009

1. SENIOR HOMES FUND Presentation to Gen Group 6th October 2009

2. EUROPEAN COVERAGE 2

3. Why Invest In This Property Sector? 3

4. Europe – growth in dependents over the age of 65 The Chart indicates the projected number of ‘dependent persons’ aged 65 and over expressed as a percentage of the number of persons aged between 15 and 64. 4

5. UK –Demographic table – typical across Europe UK’s Ageing population Projected population by age (millions) Source: Government Actuary Department In the UK alone by 2025: • More than a third of the population will be over 55 • More over 60’s than under 25’s • A staggering projected 34% increase in people over 85 by 2016 • People requiring care will increase 26.4% over the next ten years (Source Legacy Care) The Chart indicates the projected number of ‘dependent persons’ aged 65 and over expressed as a percentage of the number of persons aged between 15 and 64. The dotted line is an indicative projection of the growth in elderly population as predicted for the next 40 years 5

6. The Belgium Market Demographic Table • We are assessing The Belgium Care market and expect to diversify the fund into this market at some point next year. • The ‘demographic curve’ in Belgium is not the most concerning in Europe, however there is a shortage of good care home accommodation in Belgium • The public sector currently provides over 70% of the care facilities, however we expect the private sector to grow in the short to medium term given the projected growth in demand for care home places Belgium – Care Operators Senior Living Group Medibelge Armonea Senior Assist Calidus 6

7. Growth Sector – Care Homes • The 80+ age demographic is also growing rapidly and the demand for care homes offering 24 hour care is increasing • In Scotland alone (population of 5.5m), experts predict a requirement for 40,000 more care beds (or over 500 new care homes) in the next 10 years • The underlying demand for Care homes will drive further expansion in this sector and offer investors a secure investment model • The security of income from the operators offers investors a low risk investment strategy European Operators 7

8. Growth Sector – Assisted living • Average life spans are increasing across Europe • There is growth in spending power of this demographic • Governments are now starting to address the growing issue of how they are to fund the growth in care requirement • Growing demand for independence but with the security of assisted living • Assisted living is a more cost effective solution than home care for the elderly, governments and care operators • We are seeing the emergence of ‘Retirement Villages in Europe – based on a model that has been very successful in the US and Australia. ‘a socially responsible investment sector with sustainable growth’ 8

9. Property Investment AnalysisCare Homes & Assisted/Senior Living (rental model)The typical investment model across Europe is to lease the properties to Care Home OperatorsOperator demand/supply imbalanceGrowthThe lease fundamentals differ for each of the European markets, however they are typically incorporate ► long leases – 15 to 30 years in Europe► fixed rental growth (UK minimum increases of 2.5% to 3% per annum, mainland Europe is typically in line with CPI)► tenant’s responsibility for maintaining the building (Triple Net leases / 3*Net leases)In the current recessionary environment in Europe, this sector is one of very few that is seeing continued expansion and that will experience rental growth. Rising Rental Growth Rising Capital Values 9

10. Acquisition 1 – Acquired August 09 10

11. Fund Investment PipelineOpportunity 2 11

12. Opportunity 3 - UK, Kent * Excellent location in an affluent part of Kent * New purpose built home with 90 beds (all en-suite) * 30 year lease to Southern Cross, with fixed rental uplifts per annum of 3.0% * Passing Rent £530,000pax * Purchase price £6.91million - 7.25% yield * Equity required £4.1million Opportunity 4 – UK, South West * Located in on of the main cities in the South West of the UK * New purpose built home with 95 beds (all en-suite) * 30 year lease to Southern Cross, with fixed rental uplifts per annum of 3.0% * Passing Rent £521,000pax * Purchase price £6.91million - 7.25% yield * Equity required £4 million 12

13. Fund Structure • Luxembourg domiciled • SICAV structure under the SIF regime • Open ended, monthly dealing property fund however with closed end Institutional share classes • Euro, GB Pound and US$ share classes • Income Distribution and Accumulation share classes • Euro denominated • NAV dealing • Independently valued – CBRE and Knight Frank • Independently administered by CITCO REIF, Luxembourg • Custodian – CITCO, EUR 238 Billion under custody 13

14. Fund Liquidity • The Fund is Monthly dealing, however should be considered a 5yr + investment play • To maintain liquidity for investors that have unexpected capital requirements, there is the ability to redeem, subject to certain notice periods and potential penalties. These penalties are for the benefit of the fund, to protect the investors remaining in the Fund, however should there be no detriment to the Fund, or the NAV, the Manager has the discretion to waive the early redemption penalties. • To aid liquidity, the Fund holds 5% in cash • The notice periods allow the manager to plan for redemptions effectively 14

15. Fund Terms • Independently Valued by CBRE, Knight Frank and other international property consultants • Monthly priced, monthly reporting • Quarterly market reviews (minimum) 15

16. Important Notice Important Notice This document is being delivered for information purposes only to a limited number of parties. The information has been based upon information relating to proposed Funds to be provided by BlueSky Global Investors and their joint venture partners, and has not been independently verified. Neither BlueSky Global Investors Limited (BSGI), nor any person or their associates accept any liability or responsibility for the accuracy or completeness of, nor make any representation or warranty, express or implied, with respect to the information contained in this document or otherwise made available (whether orally, in machine readable form or in writing) (“the information”), or as to the reasonableness of any projection contained in such Information. Nothing in this document is, or should be relied on, as a promise or representation as to the future. In supplying this document, neither BSGI, nor any of its representative affiliates undertakes to provide the recipient with access to any additional information or to update this document or to correct any inaccuracies therein which may become apparent. In particular, any projections, forecasts, statements of opinion or assumptions are illustrative only and should not be taken as necessarily being correct or exhaustive. Each person to whom this document is made available must make his own independent assessment, after making such investigation as he deems necessary, as to the potential suitability of this investment and must rely upon his own representatives and advisers including his own legal Counsel and accountants as to legal, tax and related matters. In particular any projections, estimates, forecasts and opinions necessarily involve significant elements of subjective judgment and analysis, which may not be correct and each recipient should satisfy himself as to such matters. Any prospective party interested in this investment is recommended to seek their own financial advice. Neither BSGI nor any of its representative affiliates accept any responsibility for any financing decisions taken on the basis of this information. Past performance is not necessarily a guide to future performance. The value of investments may go down as well as up and you may not get back your original investment. All opinions expressed in the document may be affected by subsequent changes in market conditions. The value of properties and the income derived from them may fluctuate and cannot be guaranteed. Adverse movement in interest rates may also affect the value of properties. 16