Iceberg Alternative Real Estate II Fund - July 2008

The fund invests in a range of financial instruments with exposure to UK and European real estate assets including listed securities, unlisted real estate vehicles and property derivatives.

Since launch Iceberg has delivered + 26.31% (net of fees and expenses for the US dollar share class) while outperforming EPRA UK by 62.5% (EPRA UK: -36.19% at end February 2008).

The investment strategy exploits inefficiencies in pricing between different real estate-related instruments and markets. The joint