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Stenham Sells Prominent Prominent Prominent London Property

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                   Stenham Sells Prominent London Property

9 February 2010: Stenham Property today announced that it has completed the sale of
52 Grosvenor Gardens which it acquired nine months ago from Grosvenor Estates.

In May 2009 it purchased the 93,000 sq.ft. leasehold mixed-use property in Victoria,
London for £25 million. In December 2009, the property was placed under offer for just
over £40 million, resulting in an uplift in value of over 60% during the period.

Stenham purchased the property with approximately 40,000 sq.ft. of office space vacant
and a further 10,000 sq.ft. where leases were due to expire in 2009. The investment
rationale was to refurbish and let the vacant space, renew the expiring leases and
implement a cost reduction programme to reduce occupational costs to tenants.

Within nine months the entire asset management strategy had been implemented
successfully. All leases had been renewed, the property fully refurbished and let to five
new occupiers including MWB and Capital & Regional. Service charges were reduced by
over 35%.

Paul Arenson, Managing Director of Stenham Property, commented: ‘We are
extremely proud of what we have achieved over these past 9 months with 52 Grosvenor
Gardens. Our achievements with this particular property demonstrate our prowess for
investing in properties where real value can be added through an active asset
management strategy. Indeed, this is our current strategy for commercial property
acquisition at this time.’

Andy Taylor, Head of UK Property, added: ‘I am delighted that we have been able to
demonstrate the core investment and asset management strengths of our business to our
investors in a timescale which was well ahead of expectations. Our strategy to grow
income and enhance value through active asset management was achieved by
refurbishing vacant space, letting-up vacant floors, renewing leases and reducing running
costs. The result has been that the refurbishment was delivered on time and under
budget, the property is fully let with secure income until 2013 at which time a
comprehensive refurbishment of the property could be undertaken in a rising market.’
In Autumn 2009, Stenham launched its UK4 Commercial Property Fund. The fund’s remit
is to take advantage of the value in the UK property market by acquiring properties with
underlying sustainable rents and which offer the ability to grow income through active
management utilising Stenham’s core in-house asset and project management skills.

Stenham Property currently has approximately £2 billion of assets under management of
which approximately one third is located in the UK. Over the past three years, the
company has focused more heavily on opportunities in Germany, Switzerland and Japan,
and since 2009, has been turning its attention back to the UK.


For further information, please contact:
Sudha Bharadia, Head of Marketing and Communications
Tel: +44 (0) 20 7079 6711

[Photos of property available on request]


Stenham Property is a focused Property Fund Manager and is currently invested in over £2 billion of property
assets spread across the UK, Germany, Switzerland and Japan. It has a successful track record of
performance in acquiring and selling property investments.

Stenham Property is part of the Stenham Group, which provides investment management services, and
financial solutions and products to high net worth private clients and institutions. Stenham Group currently
has approximately US$ 6 billion under management, split between its property and asset management
businesses. The Stenham Group operates from a network of global offices including the Channel Islands and
the UK with offices in five other countries around the world.

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