IP Global Performance Vs Benchmark

IP Global London Market Performance vs London Benchmark Unleveraged Returns (on developments incl in valuation) 20 15- 10% 8.1%pa 10 3.5% 2.8%pa 5 ABSOLUTE RETURN ANNUALISED RETURN 1.25 (yrs) average project maturity on developments valued Leveraged Returns (on developments incl in valuation) assumes 70% mortgage & 5% acq costs 20 14.4% 15 11.9%pa 10 ABSOLUTE RETURN ANNUALISED RETURN 1.25 (yrs) average project maturity on developments valued IP Global London Median based on valued developments London All Boroughs Benchmark (UK Land Registry Data) IP Global Projects vs London Borough Benchmark 15- 11.5%pa 10 - 8.0%pa 3.5%pa 2.3%pa 4.5%pa 0.2%pa ANNUALISED RETURN ANNUALISED RETURN ANNUALISED RETURN Islington (Barnsbury, Pegaso) Southwark Tower Hamlets (Grange Gardens) (Cobb St, Myrdle St, Mulberry) 1.75 (yrs) 1.08 (yrs) average project maturity on developments valued average project maturity on developments valued 1.41 (yrs) average project maturity on developments valued IP Global Project Median London Boroughs Benchmark (UK Land Registry Data) Date of valuation: July 2011