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Mortgage Fund The Meridian Mortgage Fund lends funds to approved parties in the Turks and Caicos Islands and North America. The fund invests in a number of secured mortgages with a mixture of loans between land, single family homes & condominium units. This diversification ensures that any downturns in one sector will not excessively affect the performance of the fund . The loans are secured by real property. Debt to equity ratios do not exceed 50% unless there are other near cash assets which can be secured by the fund manager and used as additional collateral. A loan to value ratio of no more than 75% would then be considered. High Returns Interest rates in the Turks & Caicos Islands have historically been significantly higher than in most onshore locations. The Fund therefore estimates a net return to investors between 8.0% - 8.5%. Since 1996 , the fund averaged a return of just under 11% annually. Periodic Income The income generated by the fund can be either reinvested in the fund or paid out on a quarterly or annual basis. For persons seeking a regular distribution of income to meet living or other financial obligations, the Meridian Mortgage Fund provides an attractive alternative to low yielding bonds and Treasury bills. Security Meridian Trust Company Limited is a licensed and insured purveyor of investment products and maintains USD $2,000,000 liability insurance. An annual audit and review by the Financial Services Commission ensures that accounting standards are maintained. PriceWaterhouseCoopers are the auditors of Meridian Trust Company Limited and the Meridian Mortgage Fund. All mortgages are registered with the Government Land Registry, and once a charge is registered against a title the British crown guarantees this title being legitimate. Investment Advisor Investment advisor services are provided by Meridian Mortgage Corporation Ltd. who ensures the investment decisions are made only after thoughtful consideration of all possible consequences. The current real estate climate in the Turks & Caicos Islands is very buoyant and the fund has not had any losses on foreclosures to date. The 15% increase per annum on land prices has helped increase purchaser confidence and provide extra collateral. The Island of Providenciales in the Turks & Caicos Islands has seen double-digit growth for each of the last 5 years and this period of expansion is expected to continue. Fund Manager Meridian Mortgage Corporation Ltd. is a wholly owned subsidiary of Meridian Trust Company Limited. Meridian Trust Company Limited is a fully licensed and insured trust company operating in the Turks and Caicos Islands. The manager of the fund is responsible for the unitholder subscription and redemption of units. The valuation and tracking of Fund assets are also performed by Meridian Mortgage Corporation Ltd. The prospectus of the fund has been scrutinized and approved for distribution by the Financial Services Commission of the Turks and Caicos Islands. Fees There are no subscription fees to purchase the Meridian Mortgage Fund and a 2% redemption fee will be charged if the subscription is redeemed within 1 year. Management fee is .5% of the average daily net asset value of the fund. The fee is paid quarterly. Investment advisor fee is 0.15% of the average daily net asset value of the fund. This fee is also paid quarterly. Fund Purchases The Meridian Mortgage Fund may be purchased directly or through an authorized Fund dealer. Each prospectus contains a Fund subscription form which should be completed and sent along with payment to Meridian Trust Company Limited at Box 599, Meridian House, Caribbean Place, Providenciales, Turks and Caicos Islands, B.W.I. Mortgages as Investment For any investment portfolio, mortgage investments are a great alternative to traditional fixed income options such as bonds or Treasury Bills. Mortgage investments through the Meridian Mortgage Fund are medium-term and provide superior returns. All investments are secured by real property and pay quarterly income. For those investors looking to diversify from stocks and bonds, investments from the Meridian Mortgage Fund offer above average returns associated with real estate and the knowledge that your money is backed by real property. Benefits of the Meridian Mortgage Fund investment options are: • Returns that average 10.0% and better since inception • Liquidity under certain terms • Real estate security • Quarterly income • Low volatility • Professional management • Diversification • Compounding Available How a mortgage investment works A "private" mortgage is funded by an individual investor or by a group of investors instead of a bank or trust company. Interest paid by the borrower becomes income for the investors. Private mortgage lenders have the same legal security in a mortgage as banks and other institutional lenders do. As with bank mortgages, all documentation, security registration and disbursement of funds are prepared and handled by a professional. Investors have 2 ways to invest with the Meridian Mortgage Fund in mortgages: • Mortgage Pool • Specific Mortgage Syndication Mortgage Pool Investors "pool" their money by putting it into a trust called the Mortgage Investment Fund (MIF). An MIF is a Trust organized for investors to invest in pools of mortgages. Profits generated by an MIT are distributed to its Investors according to their proportional interest. Like an equity mutual fund, a MIF provides a convenient way to diversify a portfolio of investments; in this case mortgages instead of stocks or bonds. UNLIKE most mutual funds, your money is secured by real estate, which is not generally influenced by the volatility of the stock market. The investor in a MIF earns a blended rate of return based on the interest earned from each respective mortgage. The pool is continuously managed with new mortgages replacing mortgages that mature. A MIF is for those investors who want a rewarding yet effortless investment. Your income is deposited directly into your account and a quarterly statement keeps you up to date on your investments. The Meridian Mortgage Fund MIF has many great features: Where the Meridian Mortgage Fund MIF's invests in a portfolio of mortgages, specific mortgage syndication has a group of investors investing in one specific mortgage at a time. Beyond a minimum investment, an investor is free to contribute any amount they like towards the full loan amount. When the mortgage matures and is paid out, usually within 6-18 months, the funds are returned to the investor. A syndicated mortgage is more hands-on than the Meridian Mortgage Fund’s MIF investment as the investor chooses each specific project to invest in. Example: