Good Investments : Great Returns

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The Background How It Works Investment Strategy Strong Rental Cashflow Housing Choice Voucher Program Why Invest in Chicago About Us & Our Partners First Returns

Good Investments : Great Returns

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The: Background The Struan Capital, LLC Three & Five Year U.S. Social Housing Notes (SHN) were first issued in February 2015 with the express objective of re-housing 1,000s of families in the Chicago area and to create an exceptional investment vehicle for investors to make their money work harder.

There is no mistaking that the U.S housing market has been on a downward path since it reached an all-time high in late 2006 early 2007. However, after plummeting over 50% in some areas, the consensus is we may have finally found a bottom to the market.

The graph below (Figure 1) shows that the vast majority of the drop in prices occurred between mid-2006 and early 2009. This has provided an ideal opportunity for investors wishing to put their savings to good use in an ethical environment. The Three and Five Year Fixed Social Housing Notes mean that you can now invest in property without the hassle of managing your own portfolio. And, with as little at $10,000 you may receive up to a 12% return on your money.

How: It worksOur experienced team of property negotiators acquire properties, on behalf of Struan Capital, LLC’s Social Housing Notes, direct from U.S. Banks and U.S. Government-sponsored entities (Fannie Mae, Freddie Mac etc.) via Foreclosure sales. These are typically two - four unit multi-dwelling houses in Chicago.

After a complete rehab, we lease these properties to U.S. families under the Housing Choice Voucher (HCV) Program , formerly known as Section 8. This allows Struan Capital, LLC to achieve high rental yields that are paid and underwritten by the U.S Government. The properties are then managed and maintained by a professional property management company. In some cases we may sell a portion of our portfolio to help accelerate growth and use leverage where appropriate.

There is a minimum initial investment of $10,000 and subsequent purchases can be made at $1,000. The returns are as follows:

5 Year SHN – 12% p.a. – 105% end of term redemption3 Year SHN – 9% p.a. – 100% end of term redemption

The first interest payment date is six months after the final date of subscription, with interest calculated on a daily basis from the date of investment. The final redemption payment is paid at the end of term includes a 5% Terminal Bonus for the Five Year SHN.

U.S National Prices Historical

Figure 1

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Relative Index Value

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Tota Delinquent and Foreclosure % By Month

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f Active Loans

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96 97 98 99 01 02 03 04 05 06 07 09 10 11 12 13

West Wacker Drive

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Investment: StrategyWe focus on multi-unit dwellings which consist of between two - four apartments and all properties are purchased direct from U.S. banks or via foreclosure sales and are rehabbed to a high standard, which includes new kitchens, bathrooms, windows and wooden floors.

The yields achieved deliver the dividend returns to the Note investors while allowing Struan Capital, LLC to acquire more properties.

Throughout the fixed Three or Five Year terms, each property is professionally managed to maximize the returns to investors and protect the investment. This includes a mixed strategy of buy & hold, buy & sell at the most appropriate times.

The table below shows the Housing & Urban Development (HUD) Department’s agreed rent payable in Chicago for 2015.

One-Bedroom Two-Bedroom $922 $1,093 Three-Bedroom Four-Bedroom $1,395 $1,624

Our strategy is to undertake more property dealing in the first 18 months of the Note being available while prices are particularly low. This will help to accelerate growth before switching to a longer-term holding strategy as the redemption dates.

Struan Capital, LLC can acquire a two unit property for as little as $30,000 and rehab it for approximately $50,000. A two unit property with two, three bedroom apartments will produce a rental income of $33,480 per annum. If we take an acquisition and refurbishment cost of $80,000 we will achieve an un-leveraged yield of 41.85%.

Another option is to acquire, rehab and sell. The above example could be sold for $186,000 and still produce an un-leveraged yield of 18% per annum for a buy-to-rent investor.

The figures achieved are even better on a three unit dwelling. In this example the property has three, three bedroom apartments. A typical acquisition and rehab cost would be approximately $100,000.

The rental income generated by this property would be $50,220. This would provide an un-leveraged yield of 50.2% or an un-leveraged profit of $100,880 if we sold at a cap rate of 25%. The sale of just one of these three bedroomed apartment properties generates enough cash to cover all the Bond interest payments and the final redemption payment (based on an investment of $100,000, see below.)

Three, three bedroom apartments

Rental Income as per FMR $50,220 Redemption Payment @ 100% $105,000 Sale Proceeds $200,880 Total Repaid to Noteholder $165,000 Note Investment $100,000 Note Interest @ 12% per annum $12,000 Property Type: 3 Apts - 9 Beds Total Note Interest Payable $60,000 Cap Rate 25%

All of the returns shown above are un-leveraged.The Fair Market Rent (FMR) is set by the Housing & Urban Development department and is paid direct to either the investor or the investor’s agent, thus guaranteeing a certain level of rental income.All funds invested are secured against the property portfolio of Struan Capital, LLC* The HUD is a U.S Governmental Department

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Strong Rental: CashflowAs more people are forced to rent their home, the demand for rental property increases and this creates upward pressure on rental prices.

1 People who have suffered from a foreclosure still need somewhere to live and therefore their only option is to rent.

2 Many first time buyers cannot get a mortgage to buy a property so they are forced to rent instead.

3 Voluntary Default, whereby a regular borrower hands back their keys because they are in a negative equity position and they decide they would be better off renting.

There has been a steady and unavoidable rise in the price of rental income across the U.S. since 1983.

Inflation-Adjusted House Prices

Nominal House Prices

Inflation-Adjusted Pre-Bubble Trend

Nominal Pre-Bubble Trend

Home Ownership Rates: United States

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House Prices: United States

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Michigan Avenue

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The: Housing Choice Voucher ProgramThe Housing Choice Voucher program is the U.S. Federal Government’s major program for assisting very low and low-income families, the elderly and the disabled to afford decent, safe and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or individual, participants are able to find their own housing, including single-family homes, townhouses and apartments.

The participant is free to choose any housing that meets the requirements of the program and is not limited to units located in subsidized housing projects.

Housing Choice Vouchers are administered locally by public housing agencies (PHAs). The PHAs receive Federal funds from the U.S. Department of Housing and Urban Development (HUD) to administer the voucher program.

A family that is issued a housing voucher is responsible for finding a suitable housing unit of the family’s choice where the owner agrees to rent under the program. Rental units must meet minimum standards of health and safety, as determined by the PHA.

A housing subsidy is paid to the landlord directly by the PHA on behalf of the participating family. The family then pays the difference between the actual rent charged by the landlord and the amount subsidized by the program. Under certain circumstances if authorized by the PHA, a family may use its voucher to purchase a modest home.

The Rent SubsidyThe PHA calculates the maximum amount of housing assistance allowable. The maximum housing assistance is generally the lesser of the payment standard minus 30% of the family’s monthly adjusted income or the gross rent for the unit minus 30% of monthly adjusted income.

All rental payments are paid direct from the U.S. Government department HUD into our managing agent’s bank account before being passed directly to Struan Capital, LLC.

‘Home ownership level has fallen by approximately six million since 2007’

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Navy Pier

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Why: Invest in Chicago?Diverse EconomyChicago is home to more than 400 major corporate headquarters, includ-ing 27 Fortune 500 Headquarters. Rated #1 Large U.S. Metro for Economic Diversity by Moody’s Investor Services. Chicago is a key player in every economic sector from risk management innovation to manufac-turing to information technology to health services.

Trading PostThe most distinctive aspect of Chicago’s financial services community is also among its oldest. The city’s derivatives exchange community, which started with commodity futures trading at the Chicago Board of Trade in 1848, established the city as a global financial center. To this day, even though the trading of derivatives is conducted on an ever-expanding international scale, Chicago arguably remains the geographic center of global derivatives trading – in terms of markets, scale and talent.

Chicago continues to growChicago has over $3 billion in global derivatives trading volume, nearly two times the trading volume of New York. Chicago futures and options exchanges collectively dominate exchange-based derivatives trading, with over four billion contracts traded in 2013.

Chicago futures and options exchanges collectively dominate exchange-based derivatives trading, with 51% of exchange based deriva-tives trading in the U.S.

Since 2000, the volume of global derivatives trading has increased from a little over two billion contracts traded to more than four billion per year in 2013.

Growing EconomyChicago continues to grow: total trade surpassed $160 billion in 2010 (up from $95 billion in 2004). Chicago is top-ranked for economic potential among major cities across the world and in 2010, World Business Chica-go identified more than 230 medium-sized new & expanding facilities announced, under development or completed in the metro area, representing a total of more than 14 million square feet and nearly $2 billion in economic development activity. In August 2010, Inc. Magazine included 202 companies from the Chicago region in its annual list of the 5,000 fastest-growing companies in the U.S., placing Chicago 4th among metro regions for number of ‘Inc. 5000’ companies; the city itself ranked second with 101 companies .

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Bridge overNorth La Salle

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About us: Our PartnersStruan Capital, LLC has offices in Chicago and across the Atlantic in the City of London, England. Its sales and administration HQ is in the City of Chelmsford, UK. We were established to take advantage of the dislocation in the U.S housing market and to provide both private and institutional investors from across the globe with above average asset backed returns.

Struan Capital, LLC’s management team has more than 40 Years combined property experience in the Chicagoland area.

Why: Invest Now?• To take advantage of the exceptional returns without the hassle of direct ownership.

• No worries about maintenance or rehabbing issues compared to direct ownership.

• No rental vacancy periods compared to direct ownership.

• Fixed contractual interest either paid or compounded every six months dependent on your choice of bond.

• Short to medium term. Returns and Redemption payments are concluded after Five Years or Three Years

• Asset backed investment.

• All noteholders have a floating 1st Lien Charge against the Property Portfolio of Struan Capital, LLC.

• 85% rule. The amount of Notes in circulation cannot exceed 85% of the value of the property portfolio.

• Fixed return of 12% per annum for the Five Year SNH term and 9% per annum for the Three Year SNH term.

• 401K and IRA Compliant.

• This is asset backed and secured upon the shares of Struan Capital, LLC and involves one of the largest title insurance companies in the U.S.

• Property management, trading and development team in place with combined experience of over 40 Years.

• Low entry levels of $10,000.

• Extra 5% interest paid on redemption of the 5 Year SHN.

USAChicago Housing AuthorityChicago, USA

LawyersMcCarthy Duffy LLPand Squire Patton Boggs (U.S) LLP

AccountantsMcGladery, Chicago, USA

BankBMO Harris Bank, Signature Bank

UKAccountantBaker Tilly,City of Chelmsford, Essex

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Soldier Field

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First Returns: After Six MonthsBuying Process - You will find everything you need to apply in this pack.

• Just complete and sign the Note Application form

• Enclose the relevant Anti-Money Laundering documents, copies must be certified (two forms of ID, one showing your current address which must also be dated within the past three months and one which must be a picture ID such as a current Passport or Driving License)

• Funds request will be sent with the payment details once anti-money laundering checks are complete

• Note Certificate issued

• First returns received six months from the end of the subscription date, unless the compound bond is selected, in which case the annual interest payment is compounded each year and paid in full upon redemption

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STRAUN/mb/032015- v.01

An offering for interests in Struan Capital, LLC is made only pursuant to a Confidential Private Placement Offering Statement.

Good Investments : Great Returns

Struan Capital, LLC55 E. Monroe StreetSuite 3460Chicago, Illinois 60603

T: (312) 962-6091 officeF: (312) 940-5901 faxwww.struancapital.com