EXECUTION STRATEGY

Execution Strategy:

Combination of fundamentals- and market-based approach:

* Fundamentals-Based: Rigorous due diligence relative to specific properties executed in collaboration with marquis valuation, assessment and financial partners.
* Market-Based: In-depth knowledge and institutionalized expertise relative to supply and demand dynamics, historical valuations and likely projected trends of specific, strategically targeted markets.

360 degree approach to property assessment, including:

* Working with established network of local partners to secure off-market transactions.
* Liaising with local agents to procure advance knowledge of supply and demand dynamics, likely projected trends, market-specific issues and historical valuations.
* Application of national and local planning/zoning laws to enshrine projected planning gains.
* Advance development of comprehensive sales and marketing plans customized to particular properties and/or markets.

Development of site predicated on planning permissions that optimize site/building and in collaboration with marquis design, architectural and marketing partners.

Key strategic relationships with leading financial institutions including Bank of Ireland, Credit Suisse and Mazars.

General Partner will co-invest on same terms as Waterford II with additional co-investment rights available when necessary or advantageous.