Fourth Special Opportunities Fund ("Quartet")

The Fourth Special Opportunities Fund ("Quartet") raised £10.5m of equity.  Quartet was formed to acquire a portfolio of thirteen commercial properties in a joint venture with Catalyst Capital LLP and HBOS.  The intention was to increase the capital value of the property portfolio through active management over a period of five years and to dispose of the properties on a piecemeal basis.  All thirteen properties have now been sold.

To date, investors who participated through Quartet Exempt Trust have received £36,750 per £25,000 equity invested and, those investors who participated through Quartet Commercial Properties PLC have received £35,500 per £25,000 equity invested.  A further residual distribution is expected to be made in 2008 once the Fund has been wound up.

Key Facts
Launch Date	Summer 2005
Final Allotment Date	26 August 2003
Activity	Investment / Asset Management
Equity	£10.5m
Original Fund Size	£98.0m