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Duet Private Equity Ltd September 2010 Rob Clayton, Director

Duet Private Equity Ltd September 2010 Rob Clayton, Director. APB Annual Seminar: The Need for Non-Bank Sources of Capital for Real Estate Debt. Our Sponsors. Sponsors. Duet Group DUET is an alternative asset and wealth management firm established in 2002. Total AUM is in excess of $2bn.

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Duet Private Equity Ltd September 2010 Rob Clayton, Director

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  1. Duet Private Equity Ltd September 2010 Rob Clayton, Director APB Annual Seminar: The Need for Non-Bank Sources of Capital for Real Estate Debt

  2. Our Sponsors Sponsors • Duet Group • DUET is an alternative asset and wealth management firm established in 2002. • Total AUM is in excess of $2bn. • Duet has sponsored 17 funds including private equity, real estate, hedge funds and structured investments • Forum Partners • Forum Partners is a global real estate investment management firm established in 2002. • Total AUM over $2bn on behalf of institutional and individual investors worldwide • Forum Partners specializes in investing in leading and emerging listed and private real estate companies, and has invested in over 70 companies in 21 countries in Asia, Europe and North America. 2

  3. The Fund The Fund European Real Estate Debt Fund Source: Real Estate Capital 3

  4. Topics Topics • Commercial Real Estate • How much is it? • What is it? • Who did it? • Where is it? • What is it secured by? • Bank lending today • The ‘importance’ of CRE lending • CRE lending growth 2000 – 2009 • Banks’ need to de-gear • Regulation 4

  5. Around €1trn of European CRE debt Around 15% in CMBS and 85% in banks Slightly more than 50% situated in UK and Germany Around 50% due to be refinanced by end 2013 European CRE Debt Commercial Real Estate Debt in Europe • Loans Outstanding: Who Did it? Where is it? Source: Standard & Poor's Source: CBRE 5

  6. European CRE Debt Commercial Real Estate Debt in Europe What Is It? • ‘High’ LTV debt: 40% • ‘Perfect Storm’ debt: 20% Source: CBRE 6

  7. Asset Market Background: UK Real Estate Asset & Debt Market Conditions CBRE Monthly Index, Capital Growth CBRE Monthly Index Prime and Secondary – Capital Growth to June 2010 Source: CBRE Source: CBRE 7

  8. Asset Market Background: Europe Real Estate Asset & Debt Market Conditions CBRE Eurozone Capital Value Index Source: CBRE 8

  9. Bank Lending to UK Commercial Real Estate Lenders Split of UK CRE loans outstanding at the end of 2008 split by lending institution Current Lenders include: Source: Duet, September 2010 Source: Goldman Sachs Research estimates 9

  10. CRE Lending Growth Debt Market Growth Bank Lending to UK Commercial Real Estate • December 2000 – CRE lending accounted for 20% of lending to UK non-financials • March 2009 CRE lending accounted for 40% Source: Goldman Sachs, Bank of England, Jones Lang LaSalle 10

  11. The Need to De-Leverage Degearing Funding Gap Total Senior Debt Maturing, 2010-12 (€m) Source: Dealogic, DataStream, Barclays Capital * Not covered, estimates are Datastream consensus Source: ECB, Morgan Stanley Research 11

  12. Regulation Regulation Source: FT Research / BIS 12

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