AREF/IPD Property Fund Vision Handbook

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AREF/IPD Property Fund Vision Handbook

Q4 2014

AREF / IPD Property Fund Vision — Q4 2014

Contents

AREF / IPD Property Fund Vision: Q4 2014

Quarterly returns to the direct property market decreased by 30bps to 4.1% from last quarter. This marked the twenty second

consecutive quarter of positive returns. Industrial assets out performed Offices returning 5.7%q/q and 5.3%q/q respectively widening

the gap from last period.

The Industrial and Office segments still lead the others and showed the most prominent growth through predominantly inward yield

movement in London and the South East.

The Other Balanced Funds Index returned 4.5% during the quarter and the Managed Funds Index 4.6%. The Specialist Funds

returned 3.4% and the Long Income funds returned 1.5% respectively.

The Balanced fund constituents of Property Fund Vision hold cash equivalent to 6.0% of their aggregate NAV and the Specialist funds

hold cash equivalent of 3.2%

Twenty funds were traded on the secondary market in Q4 2014 generating a turnover of some GBP80.8m.

Direct market returns

Direct market returns decreased from 4.4%q/q in Q3 2014 to 4.1%q/q registered in the current period , indicating a 30bps decline. This

marked the twenty second consecutive quarter of positive returns and the third strongest return within a 3 year period.

The strength of the market up-turn has continued to accelerated over the past year and this quarter the Industrial sector has

outperformed Offices by 40bps, returning 5.7%q/q and 5.3%q/q respectively the last quarter there was a significant outperformance was

Dec 2009. During the current quarter, Industrial returns increased to 5.7%, this return was driven largely by yield compression nationwide

which was led by the East Midlands where yields hardened by 5.4%. Retail sector saw the most dramatic change from the previous

decreasing 100bps from 3.7%q/q Q3 2014 to 2.7%q/q Q4 2014. The Other property outperformed the Retail sector returning 3.5% Q4

2014 increasing 50bps from last quarter caused by hardening of Yields of 1.9%. The UK property market returned 17.9%y/y; this was

the result of both 5.5% income return and 11.9% annual capital return.

Property fund returns

The AREF/IPD UK Quarterly Property Funds Index returned 3.8% in Q4 2014. This is down around 10bps on the previous quarter’s

return of 3.9%q/q achieved by the IPD UK Quarterly Index. The Managed property Funds returned 4.6% and were the best-performing

constituents of the Quarterly Funds Index leaving the Other balanced funds closely second 10bps lower but still at 4.5%q/q. The Long

Income Property Funds continued to be the lowest performing of the constituent Indexes for the forth consecutive quarter, only achieving

a total return of 1.5% in the current quarter. Specialist property fund index returned a strong 3.4% which was down 70bps from last

quarter. The All Balanced funds returned 4.6%q/q increasing from 4.1%q/q recorded in Q3 2014. Broadly speaking the market is still

showing increasingly strong returns across all indices and the last 4 quarters are the strongest returns for 3 years. The AREF/IPD UK

Quarterly Property Funds Index returned 16.4% during the calendar year to December 2014.

Net new investment in property funds

The 58 constituents of Property Fund Vision enjoyed a net inflow of funds in Q4 2014 of around GBP1,564.4m. This compares with a net

inflow averaging around GBP1,645.0m over the four previous quarters and a net inflow in Q3 2014 of around GBP1481.9m. In Q4 2014,

all fund types saw an inflow of cash slightly increasing from 2.88% to 2.89% as a percentage of NAV. The majority of the net inflows

were mainly driven by the investment in APUTs and Long Income Property Funds, to the value of GBP894.6m and GBP316m. Other

Balanced funds saw net inflows to the value of GBP407m.

Property funds’ net new property investment

The 58 constituents of AREF / IPD Property Fund Vision were net buyers of around GBP1,737m of property in Q4 2014 as compared to

Q3 2014 GBP1,501m. This was the tenth consecutive quarter when the funds have been net buyers, having last been net sellers in the first

two quarters of 2012 to the value of around GBP52m and GBP155m, respectively.

The balanced funds continued in the net investing position for the eleventh quarter in succession, making net acquisitions of GBP1,852m

in Q4 2014 and GBP1,484m in the previous quarter. The 18 specialist funds monitored in Property Fund Vision were net sellers of

property in Q4 2014 to the value of GBP176m. Net disposals still average GBP117m over the twelve months and of GBP137m in Q2

2014.

Liquidity/gearing

The APUTs and Managed Funds that we monitor now hold cash equivalent to 11.3% of their NAV compared with 12.3% in the previous

quarter. The Other Balanced Funds as at end-December 2014 held net cash equivalent to 6.6% of their aggregate net asset value. Long

Income Property funds held net cash and deposits equivalent to 3.0% of their NAV.

Most of the specialist property funds that we monitor (99% by NAV) are closed-ended and thus have no ongoing need to maintain

liquidity to meet potential redemptions of units. They are, however, obliged not to breech the loan-to-value ratios specified in their bank

covenants, and are better placed in this respect currently than at almost any other time over the past five years. At 27.9% (0.7%

decrease from last quarter), their weighted average net debt/equity ratio has fallen below the 39.0% at which it stood in June 2007

(ahead of the collapse in property values) and is well below the 79.7% which it reached in June 2009.

Secondary market trading

35 of the non-APUT funds monitored in Property Fund Vision have traded at least once on the secondary market over the past three

years including 17 (29%) that have been traded in at least eight of the past twelve quarters.

There were secondary market trades in 20 funds in Q4 2014. Based on quarter-end NAVs, these trades would have generated a

turnover of around 80.8 m is a decrease on the value generated in Q3 2014 of GBP215.5m.

1


2

Contents

Executive Summary 1

Disclaimer 4

Market Coverage 5

Market Commentary 7

Net New Investment in Constituent Funds 13

Net New Investment by Constituent Funds 16

Secondary Market Trading 19

Fund Profiles

Aberdeen Property Trust 22

Aberdeen Property UK Retail Parks Trust 27

AEGON UK Property Fund 32

AEW UK Core Property Fund 37

Airport Industrial Property Unit Trust 42

Ashtenne Industrial Fund 47

Aviva Investors Pensions Property Fund 52

Aviva Investors Property Trust 57

BlackRock UK Property Fund 62

CBRE UK Property Fund LP 68

The Charities Property Fund 73

COIF Charities Property Fund 78

Cordea Savills UK Income and Growth Fund 83

F&C UK Property Fund 88

Fidelity UK Real Estate Fund 93

FL GM Property 98

Grosvenor Liverpool Fund 103

Grosvenor London Office Fund 107

Henderson UK Property OEIC 111

Henderson Central London Office Fund 116

Henderson UK Property Fund 121

Henderson UK Retail Warehouse Fund 126

Henderson UK Shopping Centre Fund 131

Hercules Unit Trust 135

Hermes Property Unit Trust 141

Ignis UK Property Fund 146

Industrial Property Investment Fund 151

Kames Active Value Property Fund 155

Keills Property Trust 160

Legal & General Managed Property Fund 165

Legal & General UK Property Trust 170

The Leisure Fund LP 175

Lend Lease Retail Partnership 180

The Local Authorities’ Property Fund 184

Lothbury Property Trust 189

LPI (Limited Price Inflation) Income Property Fund 194

M&G Secured Property Income Fund 198

M&G Property Portfolio 203

The M&G UK Property Fund 208

Mayfair Capital Property Income Trust for Charities 213

Mayfair Capital Property Unit Trust 218

Old Mutual Property Fund 223

Pramerica UK Ground Lease Fund 228

The Quercus Healthcare Fund 233

Rockspring Hanover Property Unit Trust 238

Royal London Property Fund 243

Schroder UK Property Fund 248

Standard Life Investments Long Lease Property Fund 254

Standard Life Investments Pooled Pension Property Fund 259

Standard Life Investments UK Retail Parks Trust 264

Standard Life Investments UK Shopping Centre Trust 268

Standard Life Investments UK Property Fund 273

Threadneedle Pensions Property Fund 278

Threadneedle Property Unit Trust 283

UBS Central London Office Value Added 288

UBS Triton Property Fund 294

UBS Triton Property Unit Trust 298

UBS Triton Property Fund (Jersey) 301

UBS Life Triton Property Fund 304

UNITE Student Accommodation Fund 307

West End of London Property Unit Trust 312

2


Contents

Investment rates of return 318

Balanced funds: Ten years 319

Five years 320

Three years 321

Twelve months 322

Three months 323

Long Income funds: 3months to 10years 324

Specialist funds: Ten years 325

Five years 325

Three years 326

Twelve months 327

Three months 328

Risk adjusted performance rankings 329

Distribution yields per unit 332

Portfolio weightings by type of property 334

Retail warehouses 335

Shopping centres 336

Standard Retail 337

All retail 338

City offices 339

West End offices 340

South-east offices 341

Rest of UK offices 342

All offices 343

South-east industrial 344

Rest of UK industrial 345

All industrial 346

Balance sheet ratios 347

Balanced funds 348

Long Income funds 350

Specialist funds 351

Portfolio analysis 353

Portfolio yields 354

Longevity of leases 356

Major tenants' percentage contributions to rental income 363

Major individual tenants' % contribution to rental income 368

Average lot-size of direct investments 375

10 largest direct investments as % of total portfolio 377

Voids as % of estimated rental value 378

Reversionary potential 380

Units in issue in open-ended funds 382

Balanced funds 383

Long Income funds 383

The calculation basis of published NAVs 385

Fund winding-up dates 390

Definition of terms 392

Appendix 399

3


4

Disclaimer Association of Real Estate Funds (AREF)

65 Kingsway,

London, WC2B 6TD, United Kingdom

Telephone: +44 20 7269 4677

Fax: +44 20 7831 9975

Website: www.aref.org.uk

IPD

Ninth Floor, Ten Bishops Square, Spitalfields

London, E1 6EG, United Kingdom

Telephone: +44 20 7336 9200

Fax: +44 20 7336 9399

Website: www.ipd.com

IPD has no liability for any losses, damages, costs or expenses suffered by any person as a result of any use of or reliance on the

information contained herein.

We provide the enclosed information in good faith, but you acknowledge that as it includes data that is provided by third parties or is

otherwise publicly available, IPD is not able to control or verify the accuracy or completeness of such data. Accordingly, whilst IPD agrees to

use reasonable skill and care in the collation of this information, we make no warranty or representations (whether express or implied) as to

the accuracy, completeness or fitness for any particular purpose of the information and we accept no liability for any inaccuracy,

incompleteness or other error in the information.

You acknowledge that the information contained herein cannot be taken as a guarantee of any particular outcome; in the ordinary course of

events and by its very nature, the accuracy and utility of the information will deteriorate rapidly following its delivery to you. The performance

information contained herein refers to the past and is not a guide to any future returns. The value of any investment may go down as well as

up and you may not get back the full amount invested. Accordingly we do not make any warranty or representation that the use by you of

the information will achieve any particular result for you. You agree and acknowledge that you use the information provided herein at

completely your own risk, on an “as is” basis, and that you will not use it as the sole basis for any business decision.

© 2014 Investment Property Databank Ltd. All rights reserved. No part of this publication may be reproduced or transmitted, in any form or

by any means, without the prior written consent of IPD.

Association of Real Estate Funds (AREF)

65 Kingsway

London, WC2B 6TD, United Kingdom

Telephone: +44 20 7269 4677

Contacts

John Cartwright +44 7541 090 0644 e-mail [email protected]

Sarah Bryson

Mark Sherwin

+44 20 7269 4677

+44 20 7269 4677X

e-mail

e-mail

[email protected]

[email protected]

IPD

Ninth Floor, Ten Bishops Square, Spitalfields

London, E1 6EG, United Kingdom

Telephone: +44 20 7336 9200

Contacts

Harshad Hirani +44 20 7336 92943 e-mail [email protected]

Kabir Jolly +44 20 7336 92563 e-mail [email protected]

James Elborn +44 20 7336 96583 e-mail [email protected]

Mark Prickett +44 20 7336 47699 e-mail [email protected]

4

AREF / IPD Property Fund Vision — Q4 2014 Market Coverage

Standard Life UK Retail Parks Trust

5

Market Coverage

This edition of AREF/IPD UK Property Fund Vision has 58 constituents with an aggregate net asset value of over GBP55bn. This aggregate

net asset value is up 9.9% over the past two years, including an increase of 4.9% in Q4 2014 from the previous quarter.

Table 1: Funds monitored by fund type and size

Property Portfolio Value* Gross Asset Value+ Net Asset Value

December 2014 Number of Funds GBPm % GBPm % GBPm %

Balanced property funds 36 36,262.3 64.9% 39,865.5 66.3% 39,437.5 70.7%

Specialist property funds 18 14,678.3 26.3% 15,111.3 25.1% 11,403.7 20.4%

Long Income property funds 4 4,917.5 8.8% 5,183.6 8.6% 4,933.6 8.8%

All Property Funds 58 55,858.1 100.0% 60,160.4 100.0% 55,774.8 100.0%

Notes: Since the objective is to illustrate the breadth of coverage of AREF / IPD Property Fund Vision, cross holdings have not been excluded. Totals may not add due to rounding + Including cash * Including joint, indirect and listed property holdings

Q4 2014 saw Aberdeen UK Balanced Property Fund and Kames Target Healthcare PUT no longer a constituent of the Property Fund

Vision. In addition, Henderson UK Property Unit Trust changed fund name too Henderson UK Property OEIC and SWIP Property Trust is

now referred to as Aberdeen Property Trust.

Table 2: Balanced funds monitored by fund type and size


GBPm %** GBPm %** GBPm %**

Authorised Property Unit Trusts (7) 12,300.2 22.0% 14,428.8 24.0% 14,428.8 25.9%

M&G Property Portfolio 3,166.4 5.7% 3,514.6 5.8% 3,514.6 6.3%

Aberdeen Property Trust 2,798.7 5.0% 3,412.9 5.7% 3,412.9 6.1%

Henderson UK Property OEIC 2,173.2 3.9% 2,582.9 4.3% 2,582.9 4.6%

Aviva Investors Property Trust 1,719.8 3.1% 1,888.1 3.1% 1,888.1 3.4%

Ignis UK Property Trust 1,155.6 2.1% 1,443.1 2.4% 1,443.1 2.6%

Standard Life UK Property Fund 885.0 1.6% 1,141.1 1.9% 1,141.1 2.0%

Old Mutual Property Fund 401.7 0.7% 446.0 0.7% 446.0 0.8%

Common Investment Funds^ (3) 1,639.0 2.9% 1,644.1 2.7% 1,556.1 2.8%

The Charities Property Fund 837.1 1.5% 842.2 1.4% 826.3 1.5%

COIF Charities Property Fund 452.1 0.8% 452.1 0.8% 442.5 0.8%

Mayfair Capital Property Income Trust for Charities 349.9 0.6% 349.9 0.6% 287.2 0.5%

Managed Property Funds (7) 8,604.9 15.4% 9,153.3 15.2% 9,117.8 16.3%

Standard Life Pooled Pension Property Fund 2,786.2 5.0% 2,889.9 4.8% 2,889.9 5.2%

Legal & General Managed Property Fund 2,172.5 3.9% 2,318.7 3.9% 2,290.0 4.1%

Threadneedle Pensions Property Fund 1,371.2 2.5% 1,453.4 2.4% 1,446.6 2.6%

Aviva Investors Pensions Property Fund 1,130.4 2.0% 1,194.4 2.0% 1,194.4 2.1%

AEGON UK Property Fund Ltd 634.0 1.1% 738.6 1.2% 738.6 1.3%

FL GM Property Fund 404.8 0.7% 435.7 0.7% 435.7 0.8%

Kames Active Value Property Fund 105.7 0.2% 122.6 0.2% 122.6 0.2%

Other Balanced Funds (19) 13,718.2 24.6% 14,639.2 24.3% 14,334.8 25.7%

BlackRock UK Property Fund 2,880.8 5.2% 3,064.1 5.1% 3,009.8 5.4%

L & G UK Property Fund 1,570.7 2.8% 1,898.2 3.2% 1,898.2 3.4%

Schroder UK Property Fund 1,744.8 3.1% 1,866.4 3.1% 1,825.5 3.3%

Lothbury Property Trust 1,184.4 2.1% 1,223.2 2.0% 1,223.2 2.2%

Threadneedle Property Unit Trust 1,049.1 1.9% 1,101.3 1.8% 1,098.5 2.0%

Hermes Property Unit Trust 1,022.6 1.8% 1,095.5 1.8% 1,095.5 2.0%

The M&G UK Property Fund 695.9 1.2% 706.1 1.2% 706.1 1.3%

UBS Triton Property Fund 651.8 1.2% 681.2 1.1% 681.2 1.2%

CBRE Lionbrook Property Fund 613.1 1.1% 613.1 1.0% 553.9 1.0%

Rockspring Hanover PUT 570.3 1.0% 574.1 1.0% 485.9 0.9%

Royal London Property Fund 315.4 0.6% 325.7 0.5% 325.7 0.6%

Fidelity UK Real Estate Fund 304.0 0.5% 304.0 0.5% 303.0 0.5%

Local Authorities Property Fund 278.9 0.5% 298.9 0.5% 291.5 0.5%

F&C UK Property Fund 179.1 0.3% 203.4 0.3% 203.4 0.4%

AEW UK Core Property Fund 171.8 0.3% 174.2 0.3% 174.2 0.3%

Henderson UK Property Fund 208.7 0.4% 208.7 0.3% 165.2 0.3%

Mayfair Capital Property Unit Trust 152.2 0.3% 156.6 0.3% 156.6 0.3%

Cordea Savills UK Income and Growth Fund 99.4 0.2% 105.0 0.2% 105.0 0.2%

Keills Property Trust 25.3 0.0% 39.6 0.1% 32.5 0.1%

Balanced Funds (36) 36,262.3 64.9% 39,865.5 66.3% 39,437.5 70.7%

(Table continued overleaf)

5

Market Coverage AREF / IPD Property Fund Vision — Q4 2014


6

Table 3: Long Income funds monitored by fund type and size



M&G Secured Property Income Fund 2,621.3 4.7% 2,748.0 4.6% 2,498.0 4.5%

Standard Life Investments Long Lease Property Fund 1,360.7 2.4% 1,486.2 2.5% 1,486.2 2.7%

LPI (Limited Price Inflation) Income Property Fund 590.3 1.1% 599.1 1.0% 599.1 1.1%

Pramerica UK Ground Lease Fund 345.2 0.6% 350.3 0.6% 350.3 0.6%

Long Income Property Funds (4) 4,917.5 8.8% 5,183.6 8.6% 4,933.6 8.8%

Table 4: Specialist funds monitored by fund type and size



Industrial (3) 2,239.1 4.0% 2,242.8 3.7% 1,638.5 2.9%

Industrial Property Investment Fund 1,301.4 2.3% 1,301.4 2.2% 966.2 1.7%

Airport Industrial Property Unit Trust 512.2 0.9% 512.2 0.9% 391.1 0.7%

Ashtenne Industrial Fund 425.5 0.8% 429.2 0.7% 281.1 0.5%

Offices (4) 2,350.9 4.2% 2,545.5 4.2% 2,029.2 3.6%

West End of London Property Unit Trust 1,041.8 1.9% 1,204.4 2.0% 958.2 1.7%

Henderson Central London Office Fund 550.5 1.0% 573.0 1.0% 491.9 0.9%

Grosvenor London Office Fund 568.5 1.0% 571.3 0.9% 382.3 0.7%

UBS Central London Office Value Added Fund 190.1 0.3% 196.8 0.3% 196.8 0.4%

Retail Warehouses (4) 3,823.1 6.8% 3,902.9 6.5% 2,806.5 5.0%

The Hercules Unit Trust 1,577.3 2.8% 1,590.7 2.6% 980.7 1.8%

Standard Life Investments UK Retail Park Trust 825.0 1.5% 859.5 1.4% 859.5 1.5%

Henderson UK Retail Warehouse Fund 1,062.4 1.9% 1,094.0 1.8% 737.9 1.3%

Aberdeen Property UK Retail Parks Trust 358.5 0.6% 358.6 0.6% 228.4 0.4%

Residential (1) 1,572.8 2.8% 1,582.9 2.6% 912.0 1.6%

UNITE UK Student Accommodation Fund 1,572.8 2.8% 1,582.9 2.6% 912.0 1.6%

Shopping centres (4) 3,817.9 6.8% 3,935.6 6.5% 3,456.6 6.2%

Standard Life Investments UK Shopping Centre Trust 1,478.3 2.6% 1,564.9 2.6% 1,564.9 2.8%

Lend Lease Retail Partnership 806.5 1.4% 811.6 1.3% 811.6 1.5%

Henderson UK Shopping Centre Fund 703.0 1.3% 725.3 1.2% 640.8 1.1%

Grosvenor Liverpool Fund 830.2 1.5% 833.8 1.4% 439.3 0.8%

Leisure (1) 409.2 0.7% 415.0 0.7% 324.5 0.6%

The Leisure Fund LP 409.2 0.7% 415.0 0.7% 324.5 0.6%

Healthcare (1) 465.3 0.8% 486.5 0.8% 236.4 0.4%

The Quercus Healthcare Fund 465.3 0.8% 486.5 0.8% 236.4 0.4%

All Specialist Funds 14,678.3 26.3% 15,111.3 25.1% 11,403.7 20.4%

All Property Funds Monitored (58) 55,858.1 100.0% 60,160.4 100.0% 55,774.8 100.0%

Notes: * Comprising of direct, joint, indirect and listed property investments + Including cash

^ And other funds in which only Charities are allowed to invest ** Percentage of all property funds monitored

6

AREF / IPD Property Fund Vision Q4 2014 Market Commentary

7

Market Commentary

Headline Results The UK commercial property market returns continued to remain strong with a 4.1%q/q total return in the current quarter. This compared

with the 4.4%q/q recorded in Q3 2014 indicating a 30bps decline, considering the slight dip we are have remained consistent with the

level of returns seen in Q4 2013 and we can still see a stark difference in the lull of the 2011 and 2012 returns which averaged 1.3%. This

marked the twenty second consecutive quarter of positive returns and this return lies on the 24th percentile (see Chart 1). The strength of

the market up-turn acceleration observed during the calendar year of 2013 has levelled off in 2014 and shows consistently strong return

which we have not seen since the crash in 2007 through to 2008. The strong evidence of the macro-economic environment remaining

bullish and this continued to feed through in investor sentiment and appetite for the real estate asset class.

The returns continued to be driven by yield compression; property yields hardened by 2.2%q/q compared to the 2.7%q/q recorded in Q3

2014. Noticeably yield compression has eased over the last 3 quarters falling 80 BPS but this has been replaced by the increasing rental

value growth currently standing at 0.9% this quarter, a level we haven’t seen since Q3 2007. Rental value growth has nearly doubled from

December 2013 when it came in at 0.5%q/q and we have seen a steady rise over the course of the year with the 0.9%q/q figure

confirming the overall long term improvement in the occupier market which has recovered from the late 2000’s and early teens where

growth was flat.

The IPD UK Quarterly Property Index returned 17.9%y/y over the past 12 months to December 2014, (see Chart 2) annualised over the

past three and five years 10.2% and 10.7% respectively. The long term returns continued to be driven by a stable income level of at

5.5%y/y, while the annual capital growth has remained constant at 11.9%y/y.

Chart 1: Direct property market 3-monthly total returns (%) Chart 2: Direct property market year-on-year total returns (%)

-15

-10

-5

0

5

10

15

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2010 2011 2012 2013 2014

Q-on-Q %

Income Return Rental Value Growth Yield Impact Total Return

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0D

ec-1

0

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Dec

-14

Source: IPD UK Quarterly Property Index Source: IPD UK Quarterly Property Index

Chart 3 shows the drivers of the UK property market, recording a 2.2%q/q yield impact in the current quarter; 70bps decrease on the

2.9%q/q achieved in Q3 2014 which is showing a noticeable slow down but which still remains the driving factor of returns. What is

apparent is the Rental value growth continuing to gain traction with the 0.9%q/q return.

Chart 3: The main drivers of 3-monthly direct market returns

2011-14 (%)

Chart 4: The main drivers of recent direct market returns (% q/q)

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Rental Value Growth

Yield Impact

Income Return

5.1 5.3

3.72.7

5.4 5.7

3.7 3.5

-1

0

1

2

3

4

5

6

7

8

Q114

Q214

Q314

Q414

Q114

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Q314

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Q114

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Q414

Q114

Q214

Q314

Q414

Office Retail Industrial Other

Income Return Rental Value Growth Yield Impact Total Return

Source: IPD UK Quarterly Index Source: IPD UK Quarterly Index

The Industrial sector continued to be the main beneficiary of yield hardening (Chart 4) during the quarter at 3.8q/q compared to the

3.5%q/q in the previous quarter. The office sector yield compressions had been very comparable to the Industrial sector in the previous

quarters but for December 2014 Yield Impact was 1.2% less in the office sector as seen in the purple bars above.

Despite the sector variations, yields continued to harden across all sectors with Retail contracting the least at 1.5%q/q. For the second

consecutive quarter the market recorded positive rental value growth across all the major sectors, with the Office sector increasing

60bps to 2.1%q/q for Q4 2014. The Industrial Sector was the only other sector which had above average rental growth at 1.0%q/q.

Within the Retail sector we have seen a seesaw effect on the total returns for the last 4 quarters (Chart 4) which has been caused by

yields not hardening in line with the other main sectors, coupled with very weak Market Rental Growth. But we will see that retail is a

very mixed picture and certain segments have outperformed the all property Yield Impact of 2.4%.

7

Market Commentary AREF / Property Fund Vision — Q4 2014

8

All property rental value growth of 0.9%q/q in the current quarter represents an increase of 20bps from last quarter, and has more than

doubled from Q4 2013. The range of rental values has widened between the sectors with Offices returning 2.1%q/q and Retail only just

remaining positive with 0.2%q/q. Within the Industrial and Other sector we have seen the rental values remain relatively consistent

returning 1.0%q/q and 0.5%q/q respectively. For the second consecutive quarter the retail sector has recorded a positive Rental value

growth which now stands at 0.2%q/q. However, this has not been seen across all regions with only 7 of the 14 Regions having positive

growth which is topped by the City / Mid Town segment producing 2.9% rental value growth an increase of 190bps from last quarter,

pulling the sector into positive territory but it still remains the lowest rental growth sector of the four main sectors. Offices in Inner

London continued to have the strongest rental value growth for the quarter returning 5.2%q/q increasing from 3.5%q/q for Q3 2014.

The top 5 regions within the Office segment have all come from within London, with City, Mid-Town and West End leading the way with

3.1%q/q, 3.5%q/q and 2.7% respectively. Notably there has only been one Office region which has experienced a negative return and

this was Yorkshire & Humberside -0.5% Rental Value growth. At sector level, positive yield impact continued to be seen across all the

main sectors with Industrial and Office sectors outperforming at 3.8%q/q and 2.6%q/q respectively.

The Industrial sector outperformed all other sectors last quarter achieving 5.7%q/q total return, an increase of 30bps from Q3 2014 and

is the highest return since December 2009. This is caused by the combination of a high Income Return of 1.4%q/q compared to the

1.3%q/q seen at an all property level and the largest yield Impact of 3.8%q/q compared to the 2.2%q/q seen at an all property level.

The Office sector followed a close second with a total return of 5.3%q/q with the Retail and Other sectors returning 2.7%q/q and 3.5%

respectably. Noticeably, the Retail sector had the largest fall in total return when comparing quarter on quarter dropping 100bps. The

Other property sector was the only other to fall by 20bps to 3.5%q/q return, these two sectors continue to underperform on a quarterly

basis. When we extrapolate this and look at the annual returns to December 2014 at the All Property level we see 17.9%y/y return,

again Retail and Other Property have underperformed returning 14%y/y and 13.8%y/y respectively. The Industrial sector continued to

outstrip Offices returning 23.1%y/y compared to 22/3%y/y. Drilling down into the industrial drivers the yields compressed 14.7%y/y

although income has slipped slightly by 70bps to 6.2%y/y to December 2014. Offices were only 80bps behind and had a slightly

different story still driven by yield compression 11.1%y/y, but there has been strong rental value growth of 7.1%y/y which has been

more than three times any other sector, mainly due to the London effect on the sector.

Chart 5: Total Returns for Q4 2014 by market segment (% q/q)

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0

Standard Retail - Rest of UK

Retail Warehouses

Shopping Centres

Other Property

Standard Retail - South East

Offices - Rest of UK

Offices - Rest of South East

Industrials - South East

Offices - City

Industrials - Rest of UK

Offices - West End

Total Returns by Segmentation

Dec-14

Sep-14

Source: IPD UK Quarterly Index

Chart 5 shows the ranking of total returns for Q4 2014 across the

main market segments.

Last quarter we saw more of a theme whereby all but one sector

had underperformed the previous quarter. This quarter there is a

mixed picture we see the usual suspects out performing not only

their own segmentation last quarter but the overall property

average of 4.1%q/q. Retail Warehouses had the greatest

difference quarter on quarter falling 170bps where as City offices

had the largest increase of 120bps and has just taken the 3rd top

spot on the chart.

Standard Retail Rest of UK not only has been the worse

performing segment consecutively for the last 3 quarters it also fell

60bps to 1.4%q/q.

The sector level returns on average have slightly fallen from 4.4%q/q to 4.1%q/q but still continued to reflect long term market

improvement and investor sentiment which makes commercial real estate an attractive investment to relative to traditional assets in the

current market this can be seen from Chart 6.

The 6 top segments cover all the Offices and Industrial assets,

leaving Retail and Other Property in the bottom 5 segments. The top

3 sectors have really been the power drivers adding on 80-100bps

from last quarter. With the continued trend of London and the South

East outperforming their regional counterparts this is largely true for

the most part only Industrial Rest of UK which was the second best

performing sector returning 5.8%q/q.

Chart 6: Total Returns for multiple asset classes(%q/q for Q4

2014 and %y/y to Dec 2014)

-0.4

8.9

5.1 4.1

-5.0

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15.0

20.0

25.0

30.0

Equities Property Equities JP Morgan Bonds Real Estate

3 month returns 1 year returns


The South East and Rest of UK Industrials have made a stark

turnaround when looking at the last four quarters with 23.6%y/y and

22.5%y/y to December 2014 respectively which compares to

13.6%y/y and 12.2%y/y to December 2013. These two segments

are only second to West end Offices returning 24.0%y/y and Rest of

South East Offices returning 23.9%y/y.

The Standard Retail Rest of UK has remained the worst performing

sector (1.4%q/q and 8.7%y/y), a fall of 60bps from last quarter. This

sector continues to lag core markets as we can see from the capital

growth only just remaining positive returning 0.1%q/q compare this

to SE Retails returning 2.5%q/q.

On the contrary within the Industrial segments, there is only 10bps difference between the geographical divide and both are retaining a

high return over the quarter to December 2014. The overall range of segment returns has increased by 80bps over the past quarter and

now stands at 450bps.The segment level capital growth remained positive across the board, mostly the result of positive yield impact for

the forth consecutive quarter.

Offices in the City and West End experiencing the largest capital growth 4.6%q/q and 5.1%q/q respectively and this has been driven

largely by Rental value growth 3.1% and 2.9% respectively. But when we view the two Industrial segments which returned 4.3%q/q for

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south East and 4.1%q/q for Rest of UK the main driver was the yield compression 3.6%q/q and 3.9%q/q respectively. This shows that

the City and London Offices are starting to show less yield compression which echoes signs of overheating.

Income has remained consistent within Q3, West end Offices had the smallest Income Return of 0.9%q/q and Industrials Rest of UK

having the highest Income Return of 1.6%q/q, over all the segmentations we only have a 70bps spread.

Rest of UK Offices remained the highest yielding segment of the office market at 8.0% (8.3% in Q2 2014) where, we have seen the

average yield fall from 6.4%q/q to 6.2%q/q from last quarter.

Retail During the quarter, the sector returned 2.7%q/q compared to the

3.7%q/q for Q3 2014. As you can see from chart 7 this was the

only main market sector which declined for last quarters return

falling over 90bps, the Office and Industrial sectors are breaking

away from the retail Sector.

The 2.7% growth in the Retail sector is comprised of 1.3% q/q

Income Return and capital value growth of 1.4%q/q (2.4%q/q

capital value growth as at September 2014). Over the last 12

months the Retail sector returned 14.0%y/y, 590bps higher than

the 8.1%y/y total return achieved in the 12 months to September

2014. The sector recorded equivalent yield of 5.8%, 10bps smaller

than previous quarter of 5.9%, which is noticeably smaller than the

office and industrial sector at 6.1% and 6.8% respectively.

Although returning double digits when looking at 1 year returns, the

long term returns for the sector continued to lag behind the other

major sectors. It recorded 7.8% and 9.2% annualised over the past three and five years respectively. This comprised of 1.9% and 3.2%

capital value growth over the past three and five years mainly driven by yield compression of 2.8% and 4.2% annualised over the same

period respectively.

Chart 7: Three-monthly total returns by main market sector (%)

-1.0

0.0

1.0

2.0

3.0

4.0

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Retail

Office

Industry

All Property


Standard Retail South East outperformed the other retail segments returning 3.6%q/q; 80bps lower than in Q3 2014 and was very closely

followed by Shopping Centres which returned 3.3%q/q, the sector has historically been predominantly driven by yields hardening across

all segments this was not apparent this quarter Standard Retail Rest of UK was driven by 1.4%q/q Income Return and the Capital Growth

was 0.1%q/q. All retail segments recorded positive returns for the tenth consecutive quarter, again this is still driven by the yields with the

exception of Standard Retail Rest of UK, with a yield impact of 10.0%y/y for Shopping centres during the twelve months versus the

9.7%y/y for Standard Retail South East and 10.0%y/y Retail Warehouses. Notably the yield compression for Retail Rest of UK 3.7%y/y

which is significantly lagging in the market its Total Return of 8.7%y/y was driven by the Income Return of 5.8%y/y.

Central London Retails continued to outperform regional markets. The City / Mid town returned 6.2%q/q, an improvement of 10bps on

the previous quarter’s 6.1% q/q. The West End returned 5.6%q/q falling by 150bps, this was the first quarter where City has significantly

outperformed West end since September 2012. The West End return has been increasing since Q1 2013, this is the first quarter it has

slipped. Outside London, every region recorded positive capital value growth for the sixth consecutive quarter with the lowest being in Northern Ireland which returned 0.2%. The largest fall from quarter on quarter actually came from The West End returning 6.2%q/q for

September 2014 fell to 4.7%q/q for December 2014.

Offices The Office sector’s current quarter total return of 5.3%q/q (5.1%q/q as at September 2014) was the result of 1.1%q/q income return and

4.2%q/q capital value growth. Offices have remained second to the Industrial sector for a third consecutive quarter the last time this

happened was over 5 years ago, we can now see a clear difference between the two Sectors in chart 7. The Offices outperformed Retail

but not the Industrial sector in terms of capital growth. The capital growth has increased 30bps from last quarter to 4.2%q/q, this has

been driven by rental value growth increasing 60bps to 2.1% and Yield compression of 2.6% which has fallen 40bps from Q3 2014.

Over the last twelve months, the Office sector achieved an impressive 22.3%y/y total return. The UK Office market remained the best

performing sector over both the last three and five years, returning 13.1%y/y and 12.8%y/y annualised respectively. This was mainly the

result of capital appreciation (three and five years at 7.5% and 6.9% annualised respectively) supported by yield compression of 4.8% and

5.1% annualised over the similar period. Annualised rental value growth was positive at 3.9% and 3.3%y/y over the three and five year

period and over the last 4 quarters the returns have been gaining an increasing amount of momentum. The divide between South East

including London and regional Office segments has widened and has become very apparent. The Mid town offices had returned 7.0%q/q,

City and West End which returned 5.7%q/q and 5.6%q/q promoting strong growth. As soon as you move out from the South East, the

regional returns fall, firstly the South West returned 4.2%q/q then the further northern regions shower lower returns, West midland

3.8%q/q and Yorkshire and Humberside 3.7%q/q. The worst returning regions were The North East and Wales each returning 2.9%.

Last quarter is the first quarter we had seen positive Rental value growth across all regions since the financial crash in 2009, this remained

largely true except Yorkshire and Humberside which contracted by 0.5%q/q. For the sector as a whole rental value growth was 2.1%q/q

and increase of 50bps from September 2014 but this is skewed by all the London markets whose returns range from Inner London

returning 5.2%q/q to Outer London 2.1%q/q. The sector recorded a 2.6%q/q yield compression amidst on going improved positive

market sentiment. Yield impact was predominantly greater in the East / Midland and Northern regions topped by East Midland offices

3.4%q/q. When looking at the London markets, Offices in Mid Town had the highest yield compressions of 3.3%q/q with City offices

returning 1.8%q/q and the average for London regions was 2.5%q/q.

Industrial The current quarter total return of 5.7%q/q (5.4%q/q as at September 2014) outperformed the Office Sector by 40bps, this gap now

becoming more apparent, there hasn’t been an outperformance of more than 10bps for 5 years. The return was the result of 1.5%q/q

income return and 3.9%q/q capital value growth. As you can see from Chart 7, the Industrial Sector returns are still climbing, this is

predominantly due to the yield compression which has been seen nationwide of which we will go into more detail shortly. Both the income

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and capital sides still show strong growth which can be seen in the yield impact 3.8%q/q for this quarter up 30bps from December 2014,

this coupled with the highest Income return of any sector of 1.4%q/q. Yield compression has accelerated away from the other sectors,

second to this was the Office sector which was 120bps lower, the positive sentiment also continued to reflect in occupier market activity.

The Industrial sector recorded a positive rental value growth of 1.0%q/q (0.7%q/q as at September 2014) for the sixth consecutive time in

five years it is also duly noted that the Rental value has doubled from December 2013 where it returned 0.5%q/q.

Industrials within the East Midlands outperformed, returning 25.1%y/y (7.0%q/q as at December 2014) relative to the 17.9%y/y for all

property and 4.2%q/q as at September 2014 achieved by lowest segment Scotland. Comparing the standard deviation for the regional

annualised returns across the different sections, the Industrial sector (Standard Deviation 2.42)) is half that of the office and retail. Across

all regions we have observed positive capital growth with East Midlands and London Industrials both leading the way and returning

5.4%q/q and 4.8%q/q respectively. This growth has been driven by yield compression not only in a few regions but across the board with

the East and West Midlands leading the way with 5.4%q/q and 4.6%q/q, only North East and Scotland had a yield impact below 3.0%q/q

and when we annualise the yield compressions all regions returned double digits East Midlands 18.1%y/y and North East 10.0%y/y.

All the Industrial regions achieved positive rental value growth with the smallest rise seen in the East Midlands which returned 0.4%q/q

and the top region was Eastern returning 1.4%q/q. The last time we saw positive rental value growth across all regions was back in

September 2009. The Industrial sector initial yield and equivalent yield came through at 5.6% and 6.8% respectively during the current

period. Over the last twelve months, the Industrial sector returned 23.1%y/y compared to the 13.6%y/y total return achieved by the sector

in the year to December 2013. Longer-term returns for the sector came through at 13.1% and 12.8% annualised over the last three and

five years, which topped all sectors over their respective time period.

Other The Other Sector of the UK property market was the only sector which underperformed the previous quarterly return. Returning 3.5%q/q

for December 2014 which was 20bps lower than the 3.7%q/q achieved to September 2014, The Other sector has now surpassed the

Retail sector by 60bps but this was the seventh consecutive quarter over the preceding four years that the segment has underperformed

the overall market. While the income return at 1.4%q/q (10bps higher than the all property level) just outperforming the Industrial sector

(1bp), the capital growth is the lowest of all sectors returning 2.0%q/q compared to 2.8%q/q from all property. The more moderate

growth in the “Other Sector” continued to be the result of low yield compression, with yield impact coming through at 1.9%q/q and

8.1%y/y for December 2014. This compared to the market as a whole for the current quarter shows yield impact of 2.7%q/q and

10.2%y/y over the same period respectively.

Having registered strong performance during the initial recovery phase of the property market, the sector has gradually lost ground to the

other main sectors except for the retail sector over the past year, retail returning 13.8%y/y versus the 23.1%y/y and 22.3%y/y achieved by

the Industrial and Office sectors respectively. What is interesting is that the Other Sectors annualised results are only 20bps lower than

that of the Retail sector, and over the long term the Other sector returned 9.2%y/y and 10.6%y/y for 3 and 5 years respectively compared

to the 7.8%y/y and 9.2%y/y for the Retail Sector.

Property Fund Returns

The AREF/IPD UK Quarterly Property Fund Index recorded a return of 3.8%q/q in Q4 2014; this represented a decrease of 10bps from

the Q3 2014 return of 3.9%q/q which has been the second strongest quarterly performance since March 2010. The year to December

2014 saw an All Property Fund Index return that was 16.4% which has been marginally lead by the Specialist funds returning 17.6%y/y,

but this has been mainly due to the spike in June 2014 this quarter Specialist funds fell to 3.4%q/q while the Balanced funds have

pushed up through the Market.

The performance for The Property Funds Index was relatively similar when compared to the IPD UK Quarterly Index which returned 4.1%q/q over the period, only 30bps difference. Chart 9 shows the relative performance of the Property Fund Index versus The IPD UK

Quarterly Index. In general except for June 14 the IPD UK Quarterly Index has returned higher than The Property Funds Index

Chart 8: Quarterly property fund returns by type of fund (%)

Chart 9: Quarterly All Property Fund returns less direct market

returns (%)

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Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14

Other balanced property fund index Managed property unit trust index

Specialist property fund index Long income property fund index

All property fund index

-0.3

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-0.8

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Dec

-11

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13

Dec

-13

Mar

-14

Jun-

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-14

Note: + Also see Table 6 Source: AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch))

Sources: AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch) IPD UK Quarterly Index

We would stress that the returns of the Quarterly Index and those of the Property Fund Index are not directly comparable. This is, for

example, because the Quarterly Index measures the performance only of direct property market investments and also because it

excludes returns from developments and transactions. In contrast, returns to the Fund Index include the impact of developments and

transactions as well as returns from other assets (such as cash and indirect property investments) and the impact of leverage, fund-level

management fees and other non-property outgoings.

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11

Table 5: IPD UK Property Fund Index: Q4 2014 Number NAV Adjusted NAV* Index Cash & Total return

Index of funds (GBPm) (GBPm) weighting Deposits^ Q4 2014

Other balanced fund index 18 13,583 13,583 36.5 4.0% 4.5%

All balanced property fund index 25 22,136 21,445 57.7 6.0% 4.6%

Specialist property fund index 18 11,402 10,878 29.3 3.2% 3.4%

Managed property fund index 6 8,379 7,689 20.7 5.9% 4.6%

Long income fund index 4 4,929 4,841 13.0 2.9% 1.5%

All property fund Index 47 38,467 37,164 100.0% 4.0% 3.8%

Note: + Sponsored by PropertyMatch and Linklaters * Adjusted to exclude cross-holdings ** Weighted average ^ % of portfolio including cash and deposits

The Managed Property Funds were the best-performing constituents of the All Property Fund Index in Q4 2014 returning 4.6% in the

quarter closely followed by the Other balanced funds, Specialist Property Funds have slipped significantly from 4.1%q/q September

2014 the 3.4% for the current quarter.

Long Income funds

The Long Income Property Funds Index returned 1.5%q/q in the current quarter, this was 110bps lower than the 2.6%q/q it recorded in

Q3 2014 and is the lowest performing constituent in the All Property Index and was 230bps lower than the All Property Index return. The

only other Index which was below the average was the Specialist Property Fund Index which returned 3.4%q/q. As you can see from

Chart 8 the light blue line has tracked relatively consistent around the 2.0% — 3.0% mark.

The Long Income Funds have began to loose ground over the longer term too, the Index had returned 11.3%y/y to September 2014 this

has fallen to 9.9%y/y December 2014, this is the only Index which is below the all property fund index 16.4%y/y. The Long Income

Property funds were formerly members of the All Balanced Property Fund Index but now form an independent index due to their particular

fund investment strategy this is apparent when we look over the last 3 years within chart 8.

Table 6: Weighted average portfolio distributions as at 31st December 2014 and Q4 2014 direct market returns (%)

----------------------Weighted average portfolio distributions ---------------------

Segment

Other Balanced

Funds Index

Managed

Funds Index

All Balanced

Fund Index

Long Income

Fund Index

Specialist

Property

Fund Index

All Property

Fund Index

IPD UK

Quarterly Index

Total return

(%)

Q4 2014

Offices - West End 10.4 11.3 10.6 - 11.9 9.8 12.2 6.0

Other property 10.5 6.0 8.8 37.6 16.1 14.8 8.1 3.5

Standard retail - RUK 6.5 7.1 6.8 18.1 0.2 5.8 7.3 1.4

Standard Retails — SE 5.9 7.1 6.4 17.7 - 5.5 9.8 2.6

Shopping Centres 2.8 7.4 4.5 1.2 25.0 11.4 9.8 3.3

Industrial — RUK 9.1 6.0 8.0 4.4 4.7 6.4 7.3 5.8

Retail Warehouses 17.7 19.4 18.3 2.2 25.2 18.9 16.9 2.6

Offices — RUK 4.7 7.0 5.6 3.9 - 3.4 4.7 3.6

Offices — SE 11.2 8.4 10.2 5.5 1.3 6.5 9.0 5.2

Industrials — SE 14.1 9.7 12.3 2.2 10.1 10.3 10.6 5.7

Offices - City 3.2 4.6 3.7 4.3 2.3 3.3 4.4 5.7

Sources: The AREF/IPD UK Quarterly Property Fund Index (sponsored by PropertyMatch)and the IPD UK Quarterly Index

Managed Funds

The Managed Property Fund Index returned 4.6%q/q; this was up 80bps compared to Q3 2014. Over the course of the last 12 months,

the index returned 16.9% 50bps above the all property level with only the Long Income Property funds index (9.9%y/y) returning lower

over the period. The Managed Property Funds Index underperformed the All Property Funds over the three and five years, recording

8.4% and 8.6% annualized versus the All Property Funds Index returns of 8.7% and 9.5% annualized over the same three and five year

periods respectively.

Other Balanced Funds

The Other Balanced Property Fund Index have fallen slightly behind the Managed Fund index still returning an attractive 4.5%q/q and

returning 17.3%y/y for December 2014 which is 90bps higher than the annual all property fund index return. The only other index which

has outperformed the Other Balanced Index was the Specialist Fund Index returning 30bps higher, but this index has seen its growth at

the beginning of the year and this started to trail the other indexes

Table 7: AREF/IPD UK Property Fund Index+ (weighted average returns %) Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

Other Balanced Funds Index 0.8 0.3 -0.1 -0.7 0.7 1.5 2.3 4.5 3.4 4.2 4.1 4.5

Managed property fund index 0.4 -0.3 0.0 -0.1 0.8 1.4 2.7 3.9 3.0 4.5 3.8 4.6

All balanced fund index 0.6 0.1 0.3 -0.4 0.8 1.4 2.4 4.3 3.3 4.3 4.0 4.6

Long Income fund index 0.6 0.1 -0.1 -0.4 0.8 1.4 2.4 4.3 3.3 3.2 2.6 1.5

Specialist property fund index 0.4 0.0 0.2 0.4 0.4 1.7 1.8 4.3 2.5 6.5 4.1 3.4

All Property fund Index 0.6 0.2 0.2 0.0 0.7 1.7 2.2 4.1 2.9 4.9 3.9 3.8

Direct property* 0.8 0.4 0.7 0.9 1.2 1.9 2.9 4.5 3.6 4.8 4.4 4.1

Note: + Sponsored by PropertyMatch

* IPD UK Quarterly Index

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Specialist Funds

The Specialist Property Fund Index returned 3.4% in Q3 2014, outperformed by all other indexes except Long Income Funds, for the

last couple of quarters the Specialist Funds had been ranking very well this is reflective of its 17.6%y/y return, this due to the strong

returns seen in the second and third quarter of 2014. Looking at the three and five years the Specialist funds have outperformed all

other indexes returning 8.9%y/y and 10.5%y/y respectively. This index remained the best performer over the one, three and five years

as it has benefitted from leverage impact during this initial market recovery phase. The Index leverage continued to gradually decline

over the past five years (measured as a percentage of GAV) and now stands at 24.4% (27.8% as at December 2013) and peaked at

around 46% as at March 2009.

12

AREF / IPD Property Fund Vision — Q4 2014 Net New Investment in Constituent Funds

APIA Regional

Net New Investment in Constituent Funds

Net New Investment in Funds Monitored in AREF/IPD Property Fund Vision

The 58 funds monitored in Property Fund Vision enjoyed a net inflow of funds in Q4 2014 of around GBP1,564.4m. This compares with a

net inflow of around GBP1,515.0m on average over the four previous quarters, as well as a net inflow in Q3 2014 of around GBP1,418.9m.

Chart 10 : Net new investment in property funds per

quarter (GBPm)

Chart 11: Net new investment in property funds per

quarter as a % of NAV

Source: IPD Source: IPD

Given the number of funds monitored may vary from quarter to quarter (and has increased by nearly 50% since June 2005) net inflows and

outflows are probably better expressed — especially when making medium and long term comparisons - as a percentage of net asset values

(pre any net new investment during the quarter).

The net inflow witnessed in Q4 2014 was equivalent to 2.9% of the aggregate net asset value of the funds monitored and compares to a net

inflow of around 2.9% of aggregate NAV in the previous quarter. By way of comparison, the greatest inflow as a percentage of NAV since

we began to monitor this data in Q2 2005 was 8.9% (in Q4 2009) while the greatest outflow (in Q4 2007) was equivalent to 2.6% of NAV.

Table 9 : Net new investment in property funds by fund type as % of net asset value*

Dec10 Mar11 Jun11 Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14

APUTs 0.5 2.3 4.2 0.3 -0.1 0.4 **0.0 0.7 -0.4 -0.5 2.0 4.6 5.2 4.6 12.0 6.4 6.6

Managed Funds 0.2 -0.9 -0.4 -0.3 -1.3 0.1 -0.5 -0.4 -2.3 0.0 -0.6 1.0 -0.3 1.1 1.0 0.2 0.5

Other Balanced Funds 2.9 2.0 1.4 -0.4 0.7 0.2 0.4 0.1 5.7 0.4 1.1 1.0 2.0 4.6 3.8 3.2 2.6

All Balanced Funds 1.3 1.2 1.8 -0.1 -0.2 0.3 ***0.0 0.1 1.1 ***0.0 0.9 2.2 2.5 3.7 6.0 3.6 3.5

Long Income Funds 2.4 -0.1 2.3 4.0 5.0 **0.0 2.5 8.7 4.8 6.0 6.2 4.4 7.6 4.4 4.4 3.9 6.9

Specialist Funds 0.4 -0.7 0.2 -0.5 -0.2 ***0.0 -0.6 0.4 -1.2 **0.0 0.1 1.0 0.7 1.1 ***0.0 0.2 -0.8

All Funds 1.0 0.6 1.3 -0.1 0.1 0.2 ***0.0 0.8 0.7 0.4 1.1 2.1 2.4 3.1 4.4 2.9 2.9

Note: * Based on quarter-end NAVs pre the net new investment during the quarter ** Positive, but less than 0.1% *** Negative, but greater than -0.1%

The Long Income Funds had 6.9% net inflow (3.9% net inflow in previous quarter) whereas the 6.6% net inflow recorded by APUTs is the

second highest since March 2010 and still remains predominantly the fund type for investment. While pension funds and other institutional

investors are the major investors in Authorised Property Unit Trusts (‘APUT’s) - owning, typically, around 75% of their units - the quarterly

cash flows into and out of these funds derive mainly from private investors, guided, in general, by independent financial advisors. Probably

because of this, the APUTs have shown greater volatility in terms of cash inflows and outflows since we began monitoring this data than the

other types of property funds.

Chart 12: Net new investment in APUTs (as a % of NAV) and

direct property market returns

Chart 13: Net new investment in Long Income property funds

(as a% of NAV) and direct property market returns


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Net New Investment in Constituent Funds AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

The seven APUTs monitored saw an estimated net inflow of funds in Q4 2014 of around GBP894.6m. This is in contrast with an average net

inflow records (dating back to June 2005) for APUT’s is 302m. Over the last four quarters there have been GBP6580.1m Net inflows of

which 23.8% has been in the last quarter.

The APUTs have continued to attract net inflow during the initial recovery phase of the property cycle in fact they have attracted over half

(57%) of the Net inflows. The level of net investment in APUTs is not only more volatile than that in other types of property funds, it also

tends to track more closely the return to the direct property market than does the level of net investment in other types of property funds.

This relationship in respect of the APUTs is illustrated in Chart 12 which shows that these funds suffered sizeable net cash outflows during

the period of strongly negative returns to the IPD UK Monthly Index over the two years to mid-2009, whereas during the period of strongly

positive property market returns of late 2009/early 2010, they attracted record levels of net new investment.

While there is a relatively close historical relationship between direct property market returns and the level overall of net investment in

APUTs, there are often significant differences in the levels of cash flows into or out of the individual funds

Long Income Property Funds are now considered a separate fund type in the Property Fund Vision with data going back to Q4 2008

comprising information for four funds. They are funds with a non-property specific performance objective to outperform long-term bonds or

gilts and as such do not have a direct correlation to the performance of the direct property market.

This quarter has seen a net inflow of investment for Long Income funds totaling GBP317m compared to the GBP172m in the previous

quarter, which is equivalent to 6.9% of the net asset value for this type of fund. Due to the nature of the investment strategy of Long Income

Funds, which is based on stable income over a longer period there is little correlation between the investment in the funds and the overall

return of the quarterly index as depicted in Chart 13.

Managed Property Funds are open to investment only by pension fund investors which usually have longer term investment horizons than

investors in Authorised PUTs. However, growing numbers of pension schemes are of the type allowing investors to determine which

investments are held within their pension plans or, at least to switch within their plans between alternative pre-determined investment funds.

This means that the flows of investment into and out of Managed Property Funds are showing greater volatility as they become, like those of

the APUTs, subject increasingly to swings in the investor sentiment on the part of private investors and their financial advisors.

Previously the net inflows of funds for two of the Long Income Property Funds have been included in that of the Managed Funds. However,

as a result of Long Income Funds now being considered independently of the Managed Funds within the Property Fund Vision, the net

inflows of these two funds have been removed from the historical net inflows of the Managed Funds. The Managed Property Funds

recorded a net inflow of funds equivalent to 0.5% of the net asset value at period end versus the net outflow of 0.2% in previous quarter.

Chart 14: Net new investment in Managed Funds (as a % of

NAV) and direct property market returns

Source: IPD

The APUTs Funds that we monitor have seen net outflows of funds in

three quarters during the preceding three years. In contrast, as a result

of the net inflow in the current quarter, the Managed Funds have now

seen net outflows in 6 of these 12 quarters. We estimate the net

amount redeemed from Managed Funds during this period at around

GBP16m. This is equivalent to 0.2% of the average aggregate net

asset value of the Managed Property Funds. The seven Managed

Funds as at 31th December 2014 saw a net inflow of GBP42m.

The historical relationship between net inflows/outflows of capital to

Managed Funds and the performance of the direct property market is

less robust that the corresponding relationship vis-a-vis Authorised

Property Unit Trusts. This is partly due to the fact that, previously, there

was a suspension of redemptions by some of the Managed Funds

during the downturn in the property market and the restrictions placed

on new issues of units by some of these funds in H2 2009 and H1

2010. This was to avoid diluting their investment performance at a time

when attractive new property investments were in short supply and

when the returns on cash were at historically low levels.

Chart 15: Net new investment in Other Balanced Funds (as a

% of NAV) and direct property market returns

Chart 16: Net new investment in Specialist Funds (as a

% of NAV) and direct property market returns


14

AREF / IPD Property Fund Vision — Q4 2014 Net New Investment in Constituent Funds

APIA Regional

The 19 ‘Other Balanced funds’ that we monitor saw a net inflow of funds in Q4 2014 of around GBP407m (equivalent to 2.6% of their

aggregate net asset value). This was GBP56m Lower than the previous quarter (GBP463m net inflow as at September 2014) and was

slightly lower than the GBP471m average net inflow to these funds over the four previous quarters.

As with the Managed Funds, the historical relationship between the net new investment in the Other Balanced Funds that we monitor and

returns to the IPD UK Quarterly Index broke down following the collapse in property values which began in June 2007. Once again this

reflects the suspension or deferment of redemptions of their units by several of these funds in 2009/2010 with a view to staunching outflows

of capital.

The 18 Specialist fund constituents of the Property Fund Vision are closed-ended. Thus there is no meaningful short-term relationship

between the aggregate net new investment in these funds and the quarterly return to the direct property market.

The open ended fund sees net inflows or outflows of funds on a fairly frequent basis, but flows into/out of the other funds tend to be more

sporadic and usually in respect only of a small number of funds each quarter. Cash outflows from these funds reflect returns of capital to

investors (sometimes during the winding-up of a fund), while inflows reflect issues of new units or draw-downs of capital to finance

acquisitions or to meet the cost of developments/refurbishments.

15

AREF / IPD Property Fund Vision — Q4 2014 Net New Investment by Constituent Funds

APIA Regional

Net New Investment by Constituent Funds

The 58 constituents of AREF / IPD Property Fund Vision were net buyers of around GBP1,737m of property in Q4 2014 as compared to Q3

2014 GBP1,501m. This was the tenth consecutive quarter when the funds have been net buyers, having last been net sellers in the first two

quarters of 2012 to the value of around GBP52m and GBP155m, respectively.

The Balanced Funds were in the market as buyers for the eleventh quarter in succession, making net acquisitions to the value of around

GBP1,852m (GBP1,484m as at September 2014). The Specialist Funds were net sellers of GBP176m compared to last quarter where they

were net acquisitions for the first since March 2009 of GBP5.8m. The Long Income Funds were net buyers of around GBP61m of property

in Q4 2014 as compared to Q3 2014 GBP 11m.

Chart 17: Property funds’ net investment in property

(GBPm)

Chart 18: Net acquisitions by balanced, specialist funds and

long income funds (GBPm)

Source: IPD

Source: IPD

The circa GBP1,737m which the funds that we monitor invested in property in Q4 2014 compares with the GBP1,564m of net new money

which we estimate they raised during the quarter from investors. The difference between the two figures increased the funds’ liquid

resources. Over the past twelve months the funds monitored had GBP7,434m and GBP5,049m of total and net acquisitions respectively,

with total disposals amounting to GBP2,385m for the same period.

Chart 19: Net property acquisitions as % of net asset values

Chart 20: Net new money raised / property acquisitions (GBPm)


Balanced Funds

The Balanced Funds were in aggregate net buyers of property in Q4 2014 to the value of an estimated GBP1,852m having been net buyers

in Q3 to the value of around GBP1,484 and during the past twelve months (GBP5,300m of net purchase). The Balanced Funds have

purchased property of circa GBP6,498m according to our estimate during the calendar year to December 2014. Underlying net figures,

acquisitions increased by GBP517m to around GBP2,191 from GBP1,673m in the previous quarter; with the value of disposals increasing

by GBP149m to around GBP339m. Overall trading activity (purchases plus sales) was thus around GBP2,542m.

The net acquisition of circa GBP1,852m which the Balanced Funds invested in property in Q4 2014 was financed by new money as we

estimate the net inflows to be GBP1,344m (net inflows was GBP1,291m for the quarter to September 2014).

Having been net buyers of property to the value of GBP899m in the previous quarter, the seven Authorised Property Unit Trusts (‘APUTs’)

were net buyers in Q4 2014 to the value of around GBP682m.

The Managed Funds made net acquisitions of GBP291m in Q4 2014.This compares to the amount of money raised (net outflow) by the

funds which was at GBP42m for Q3 2014.

16

Net New Investment by Constituent Funds AREF / IPD Property Fund Vision — Q4 2014

16

Table 10: Net acquisitions of property in Q4 2014 by type of fund

Fund Type Net Acquisitions (GBPm) Net Asset Value (GBPm) Net Acquisitions / NAV

(Number of Funds) Q3 2014 Q4 2014 Q3 2014 Q4 2014 Q3 2014 Q4 2014

Authorised Property Unit Trusts (7) 899 682 13,580 14,429 7.1% 5.0%

Managed Property Funds (7) 173 291 8,688 9,118 2.0% 3.3%

Other balanced property funds (23)* 412 879 14,899 15,891 2.8% 5.9%

All Balanced Funds (38) 1,484 1,852 37,168 39,438 4.2% 4.9%

Long Income Property Funds (4) 11 61 4,578 4,934 0.2% 1.3%

Specialist property funds (19) 6 -176 11,280 11,404 0.1% -1.5%

Total (60) 1,501 1,737 53,026 55,775 2.9% 3.2%

Source: IPD *Including CIFs

Chart 21: Net property acquisitions by Authorised PUTs

Chart 22: Net property acquisitions by Managed Property Funds


Whereas the value of net acquisitions of property by the APUTs and Managed Funds appears to track the level of new investment in these

funds over time, any such correlation is less clear in respect of the 19 Other Balanced Funds that we monitor: Chart 23 points to a lag of

three to six months between inflows or outflows of investment to, or from, these funds and the resulting impact on the level of their net

acquisitions of property.

In comparison to the previous quarter when the Other Balanced Funds had a net acquisition position of around GBP412m, they have been

net purchasers in the current quarter with a net purchase position of GBP879m. This net purchase of property was in conjunction with a net

inflow of money raised which in Q4 2014 was GBP407m and signifies the thirteenth consecutive quarter in which new funds have been

raised by the Other Balanced Funds according to our estimates. Over the past twelve months, the Other Balanced Funds have seen around

GBP1,882m of net new money inflow.

Chart 23: Net property acquisitions by other balanced funds

Chart 24: Net property acquisitions by specialist funds


Balanced funds’ net investment by type of property

The table below shows the pattern by sector of the net investment in Q4 2014 by the 36 balanced funds that we monitor. The historical

reason for publishing this table was that it might provide an indicator as to which sectors of the market the managers of balanced funds

regarded as attractive, or otherwise, for investment. In practice, it has rarely met this objective. This is for two reasons: the first is that many

of the sales agreed during the past five years will have been negotiated against the clock, either to fund imminent redemptions of units or to

avoid the breeching of bank covenants. A significant value of properties will thus have been sold simply because it was possible to sell them

rather than by reason of their investment merits or, rather, their lack thereof. Many of the properties sold during the early part of this period

will have only recently been acquired at that time and in ‘normal market conditions’ many of them would have been retained in preference to

others which were not sold by reason of their being less marketable. The second main reason is the low level of transactions in some

quarters over the past five years. This means that even quite modest transactions can have a highly distortive impact on the data. However,

the market recovery has been taking shape in the latter period of the past five years and market activity along side buy/sell decisions are

likely to be more informed by individual asset and segment investment merit.

17

AREF / IPD Property Fund Vision — Q4 2014 Net New Investment by Constituent Funds

APIA Regional

Table 11: Balanced funds’ acquisitions and disposals of property by sector in Q4 2014

Acquisitions Disposals Net Acquisitions Existing Portfolio Distributions

Sector GBPm GBPm GBPm % ^%

Standard Retail 280 71 209 10.9 13.2

Shopping Centres 76 5 71 3.7 4.5

Retail Warehouses 392 81 311 16.2 18.3

All UK Retail 749 158 591 30.9 36.0

City Offices 328 28 300 15.7 3.7

West End Offices 36 0 36 1.9 10.6

Total Central London Offices 364 28 336 17.6 14.3

Rest of South East Offices 362 6 356 18.6 10.2

Rest of UK Offices 97 52 45 2.4 5.6

All UK Offices 823 86 737 38.6 30.2

South East Industrial 81 48 33 1.7 12.3

Rest of UK Industrial 314 27 287 15.0 8.0

All UK Industrial 395 75 320 16.7 20.3

Other UK Property 307 42 265 13.9 8.8

All Property 2274 361 1913 100.0 100.0

Note: ^ The weighting by sector of the AREF/IPD UK All Balanced Property Fund Index as at the beginning of the quarter Source: IPD

Specialist Funds

The 18 specialist funds monitored in Property Fund Vision were net sellers of property in Q4 2014 to the value of GBP176m. Net disposals

still average GBP117m over the twelve months and of GBP137m in Q2 2014.

Long Income Funds

Chart 25: Net property acquisitions by long income funds

The Long Income Funds are now separated from the balanced

sample; as such, we can track their investment patterns

separately. During the quarter, the funds were net buyers to

the value of around GBP61m (up from the GBP11m in Q3

2014. The investments were financed by the GBP317m of new

money raised this quarter. Over the past twelve months, the

Long Income Funds have raised around GB837m of new

money.

18

AREF / IPD Property Fund Vision — Q4 2014 Secondary Market Trading


Secondary Market Trading The 7 Authorised Property Unit Trusts monitored in Property Fund Vision publish daily bid and offer prices and are traded on a daily basis.

The 51 other constituents are either closed ended (therefore offer no new issue or redemption facilities) or are open-ended but issue/redeem

units on only a monthly or three-monthly basis. However, almost all of these 51 funds permit trading in their units between investors, i.e. on

the secondary market.

20 of these 51 funds were traded on the secondary market in Q4

2014. One more than the previous quarter (19) but the nominal

amount of trades were lower by 62.5%, but continuing this quarter

we still see high cluster of trades, previously this was seen prior to

Q2 2007, which is very promising for the market.

We estimate the value of the units traded during Q4 2014, based on

their quarter-end net asset values, at some GBP80.8m. By contrast,

the average for the previous four quarters was GBP250.5m and at

the beginning of the year in March 2014 we saw total trades

upwards of GBP400m as shown on Chart 26.

We would stress that because they are based on the quarter-end

NAVs, the figures in this series do not provide a precise measure of

the value of turnover on the secondary market. Not all trades will be

priced at NAV and most will be arranged during the quarter rather

than at the quarter-end. They may also be based on NAVs after the

marking of financial liabilities to market whereas the NAVs used in our

calculations here are all ‘as published’, irrespective of whether they

reflect this adjustment. Nonetheless, we believe that our estimates

provide the best indicator currently available of activity on the

secondary market in UK property funds.

The overall value of turnover is, in itself, probably not the best

measure of the underlying health of the secondary market in the units

in property funds. This is because a significant proportion of the

turnover each quarter may be accounted for by large trades in the units of a small number of funds. These trades are usually initiated by the

vendor and are often in respect of a high proportion of the units in the fund. The past two years have not been atypical in this respect in that

more than 10% of the units in a single fund changed hands in half of the eight quarters ranging up to (47%), showing similarities to trades at

the back end of 2005 through to 2006 over 20% (ranging up to 49%). The inclusion of such trades in the turnover data may give an

exaggerated view of the depth of the secondary market in property funds.

Chart 26: Secondary Market Trades Per Quarter*

Note: * The value of trades is based on the quarter-end NAV of the units traded and is therefore not necessarily the actual value of the trades Source: IPD

Chart 27:Secondary market turnover by type of trade (GBPm)

Chart 28: Secondary market trades per quarter

Note: * Trades in which10% or more of a fund changes hands Source: IPD Source: IPD

Chart 27 shows separately the values of ‘special’ and ‘other’ secondary market trades, i.e. those where 10% or more of a fund changes

hands during a quarter and those in respect of less than this figure. It illustrates the increase in the depth of the secondary market over the

past years.

This quarter there have been no special trades, which does not come as any surprise with 62.5% less net inflow and a sporadic history with

the blue spike in Chart 27 generally equates to one trade. The total amount of traded this quarter was (GBP80.8m) which is a fall from last

quarters (GBP215.5m) and is the lowest of the last 4 quarters in close-ended funds, looking more closely at the net inflows for the last 12

months to December 2014 the amount sums to GBP1,002.2m this is 28.4% Lower than the year to December 2013 (GBP1,401.2m),

despite the fall this is still showing a high level of trading is still taking place and the strong bullish sentiment within the market is still present.

The value of the trades in closed-ended funds has averaged at GBP135.0m/quarter over the last 5 years; our estimate of the current quarter

has been the lowest since March 2009 at GBP11.0m.

In contrast, the number of open-ended funds traded has averaged eleven per quarter compared with an average of six closed-ended funds.

The value of the turnover in each of the open-ended funds that traded has thus averaged around GBP8.7m/quarter, while the turnover in

each of the closed-ended funds traded was just over twice this figure at around GBP21.2m. While there are exceptions both ways, those

funds which are open-ended are generally balanced funds, while closed-ended funds are generally specialist.

19

Secondary Market Trading AREF / IPD Property Fund Vision — Q4 2014


There were trades in 11 open-ended funds in Q4 2014 with a total value of GBP69.8m (therefore with an average value of GBP6.4m per

fund) and trades in 9 closed-ended funds with a combined value of around GBP11.0m (equating to an average value of GBP1.2m per fund).

The tables below and on the following page show the number of quarters during the past three years in which each of the funds that we

monitor has been traded on the secondary market; the average percentage of the fund that these trades represent; and the aggregate value

of these trades per fund per quarter based on the quarter-end NAV of the units in the funds which were traded.

Table 12: Secondary Market Trading - Balanced Funds

Number of quarters in which When traded*, the average When traded*, the average

the fund was traded in the % of the fund traded total value of trades per

last three years per quarter** fund per quarter*** (GBPm)

Managed Property Funds

Legal & General Managed Property Fund 11 0.06 1.03

Aviva Investors Pensions Property Fund 2 1.41 15.99

AEGON UK Property Fund Ltd - - -

FL GM Property Fund - - -

Kames Active Value Property Fund (Mar 2010) - - -

Standard Life Pooled Pension Property Fund - - -

Threadneedle Pensions Property Fund - - -

Common Investment Funds ^

The Charities Property Fund 12 1.04 5.63

Mayfair Capital Property Income Trust for Charities 7 1.11 1.29

COIF Charities Property Fund - - -


BlackRock UK Property Fund 12 1.21 30.27

Schroder UK Property Fund 12 1.95 25.64

Hermes Property Unit Trust 12 1.37 11.47

Lothbury Property Trust 11 1.19 10.64

Rockspring Hanover Property Unit Trust 10 3.17 13.56

UBS Triton Property Unit Trust 8 0.37 2.07

Henderson UK Property Fund 7 1.77 2.67

UBS Triton Property Fund (Jersey) 4 0.26 0.23

Royal London Property Fund 3 2.12 4.81

CBRE UK Property Fund LP 2 2.47 13.63

Fidelity UK Real Estate Fund (Sep 2010) 2 4.97 7.62

Mayfair Capital Property Unit Trust 2 1.07 1.33

Aberdeen UK Balanced Property Fund 2 1.80 0.68

UBS Life Triton Property Fund - - -

AEW UK Core Property Fund - - -

Legal & General UK Property Fund - - -

Threadneedle Property Unit Trust - - -

F&C UK Property Fund - - -

Keills Property Trust - - -

CBRE UK Property Income Fund - - -

The Local Authorities' Property Fund - - -

Cordea Savills UK Income & Growth Fund - - -

Notes: * Over the past three years

^ Including other funds in which only charities are allowed to invest ** Based on the number of units in issue at the end of the quarter *** The value of trades per quarter is based on the quarter-end NAV of the units traded and is not necessarily the actual value of the trades

(Date) = Date of fund launch or becoming a constituent of Property Fund Vision if more recent than three years ago

Table 13: Secondary Market Trading — Long Income Property Funds


the fund was traded in % of the fund traded total value of trades per

the last three years per quarter** fund per quarter*** (GBPm)

Standard Life Long Lease Property Fund 8 0.45 5.26

Pramerica UK Ground Lease Fund 2 3.02 9.46

LPI Income Property Fund - - -

M&G Secured Property Income Fund - - -

Notes: * Over the past three years

^ Including other funds in which only charities are allowed to invest ** Based on the number of units in issue at the end of the quarter *** The value of trades per quarter is based on the quarter-end NAV of the units traded and is not necessarily the actual value of the trades (Date) = Date of fund launch or becoming a constituent of Property Fund Vision if more recent than three years ago

20

AREF / IPD Property Fund Vision — Q4 2014 Secondary Market Trading


Table 14: Secondary Market Trading — Specialist Funds


the fund was traded in % of the fund traded total value of trades per

the last three years per quarter** fund per quarter*** (GBPm)

Industrial

Airport Industrial Property Unit Trust 9 1.85 6.05

Ashtenne Industrial Fund 3 10.90 32.19

Industrial Property Investment Fund 1 1.63 10.01

Falcon Property Trust 1 2.51 2.67

Offices

West End of London Property Unit Trust 11 2.58 19.50

Henderson Central London Office Fund 7 0.46 2.30

UBS Central London Office Value Added Fund (Jersey) 2 8.32 3.11

UBS Central London Office Value Added Fund - - -

Grosvenor London Office Fund - - -

Retail Warehouses

Standard Life Investments UK Retail Parks Trust 12 2.18 17.60

Hercules Unit Trust 10 2.69 23.95

Henderson UK Retail Warehouse Fund 10 2.05 13.57

Aberdeen Property UK Retail Parks Unit Trust - - -

Residential

Unite UK Student Accommodation Fund 10 1.47 10.80

Shopping Centres

Standard Life Investments UK Shopping Centre Trust 11 1.07 15.14

Henderson UK Shopping Centre Fund 8 3.38 19.85

The Mall Fund 4 3.44 12.36

Grosvenor Liverpool Fund) - - -

Lend Lease Retail Partnership - - -

Leisure

The Leisure Fund LP - - -

Healthcare

The Quercus Healthcare Fund 1 6.01 27.13

Kames Target Healthcare Fund - - -

Notes: * Over the past three years ** Based on the number of units in issue at the end of the quarter *** The value of trades per quarter is based on the quarter-end NAV of the units traded and is not necessarily the actual value of the trades (Date) = Date of fund launch or becoming a constituent of Property Fund Vision if more recent than three years ago

21

AREF / IPD Property Fund Vision — Q4 2014 Aberdeen Property Trust

APIA Regional Office Fund

Aberdeen Property Trust

Investment policy and objective

The Trust’s policy is to invest primarily in UK commercial property, and its objective is to provide a total return consistent with a balanced

commercial property portfolio. Its portfolio as at 31 December 2014 comprised: 77.2% direct property; cash and cash OEIC 10.6%;

property fixed interest bonds 2.9%; property equities 7.3%; and property derivatives 2.0%.

Investor constituency

The Trust is open to investment by pension funds, charities, insurance companies, other corporate and institutional investors, and private

individuals.

Fund details

Type of fund Authorised property unit trust

Residence United Kingdom

Launch date 15 November 2004

Open/closed-ended Open-ended

Earliest date of winding up Not applicable

Year-end 31 December

Mid NAV (GBPm) 3,412.9

Source: Aberdeen Asset Management

Management/professional advisors

Manager Aberdeen Asset Fund Management Limited

Property investment advisor Aberdeen Asset Investments Limited

Fund manager Gerry Ferguson

Trustee NatWest

Auditors PricewaterhouseCoopers LLP


Investment rates of return %

Period to --------------AREF / IPD UK Quarterly Property Fund Index**------------------ Dec 2014 Aberdeen Property Trust^* Other balanced funds All balanced funds All funds

3 months 3.7 4.5 4.6 3.8

Year-to-date 12.6 17.3 17.2 16.4

12 months 12.6 17.3 17.2 16.4

3 years+ 6.8 8.7 8.6 8.7

5 years+ 6.4 9.0 8.8 9.5

10 years+ - 4.0 4.2 3.4

Note: ^ ‘A’ Accumulation units. Returns calculated on a mid-price to mid-price basis, income taxed at the standard rate. (The AREF/IPD UK Quarterly Property Fund Index is calculated on a NAV to NAV basis, gross of tax)

+ Annualised ** Weighted average returns Sources: * Lipper ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

Property portfolio distribution^ %

--------------- AREF / IPD UK Quarterly Property Fund Index** --------------- Aberdeen Property Trust* Other balanced funds All balanced funds All funds

Standard retail — South East 10.9 5.9 6.4 5.5

Standard retail — rest of UK 5.9 6.5 6.8 5.8

Shopping centres 8.0 2.8 4.5 11.4

Retail warehouses 11.2 17.7 18.3 18.9

All UK retail 35.9 32.9 36.0 41.5

City offices 4.0 3.2 3.7 3.3

West End offices 10.2 10.4 10.6 9.8

Rest of South East offices 7.7 11.2 10.2 6.5

Rest of UK offices 3.1 4.7 5.6 3.4

All UK offices 25.0 29.5 30.2 23.0

South East industrial 7.5 14.1 12.3 10.3

Rest of UK industrial 8.3 9.1 8.0 6.4

All UK industrial 15.8 23.1 20.3 16.7

Other UK properties 8.1 10.5 8.8 14.8

Cash 15.2 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: ^ Including, where held, the fund’s proportionate share of properties held through joint ventures/ indirect investments and cash, but excluding property derivatives/shares Sources: * Aberdeen Asset Management ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

22

Aberdeen Property Trust AREF / IPD Property Fund Vision — Q4 2014

APIA

332

Property investment restrictions

Maximum development exposure 10.0%

Maximum speculative development exposure 5.0%

Maximum lot-size holding as a standing investment 10.0%

Maximum lot-size holding permitted at purchase 10.0%

Maximum exposure to limited partnerships N/A

Maximum exposure to joint ventures N/A

Maximum exposure to closed and open-ended property unit trusts 30.0%


Property ownership structure

Number of assets Valuation (GBPm) % of total portfolio

Direct holdings* 98 2,548.0 91.0

Property derivative funds 1 63.8 2.3

Listed equity investments 35 250.7 6.7

Total 134 2,862.50 100.0

Source: Aberdeen Asset Management *Note:- Direct property holdings account for 74.4% of the NAV.

Largest direct investments by lot size & percentage of total portfolio

Property Location Sector Valuation (GBPm) % of total portfolio*

Sedley Place London Standard retail 114.3 4.1

King Edward Court Windsor Shopping Centres 112.5 4.0

Hammersmith Grove Hammersmith Other offices 95.3 3.4

75 King William Street London Central London offices 87.6 3.1

Hermiston Gait Edinburgh Retail warehouses 85.1 3.0

Broadwalk Shopping Centre London Shopping Centres 69.5 2.5

3-8 Whitehall Place London Central London offices 65.7 2.3

The Asticus Building London Central London offices 59.0 2.1

Beckton Triangle Retail Park Beckton Retail warehouses 57.2 2.0

1 Tudor Street London Central London offices 54.2 1.9

10 largest investments as % of portfolio 28.6

Source: Aberdeen Asset Management *Based on the value of the portfolio including Direct Holdings & Listed Investments. .

Direct portfolio structure by lot-size bands

Value band (GBPm) Number of assets Valuation (GBPm) % of total portfolio

0 -2.5 3 5.0 0.2

2.5 - 5 8 32.6 1.2

5 - 10 16 125.3 4.5

10 - 25 33 529.9 18.9

25 - 50 24 849.0 30.3

50-100 12 779.4 27.9

100-150 2 226.8 8.1

Over 150 - - -

Total 98 2,548.0 91.0

Average lot size 26.0 0.9


Largest listed investments

Holding % held if over 3.0% Valuation (GBPm) % of total portfolio*

Unibail-Rodamco - 19.9 0.7

Land Securities - 15.5 0.6

Great Portland Estate - 13.5 0.5

Derwent London - 13.1 0.5

Hammerson - 12.5 0.4

Klepierre - 9.5 0.3

Shaftesbury Plc - 8.8 0.3

Hansteen - 8.5 0.3

Deutsche Wohen - 8.3 0.3

British Land - 8.3 0.3

10 largest listed investments as % of total portfolio 117.9 4.2

Source: Aberdeen Asset Management *Based on the value of the property portfolio including direct holdings, property derivatives & listed investments

23



Development Exposure*

Capital value of developments Cost to complete

Not yet started In progress+ All developments schemes in progress+

Overall - - - -

% of directly held portfolio - - - - Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Aberdeen Asset Management

Other indirect property investments

Investment Vehicle type % held if above 3.0% Valuation (GBPm) % of portfolio

inProp Property Derivative Fund 100.0 63.8 2.3


Rental income & ERV by type of property

Rental income % Estimated rental value %

Standard retail 20.6 17.6

Retail warehousing 15.7 12.7

Shopping centres 11.3 12.7

Central London offices 12.7 15.1

Other offices 9.0 12.8

Industrial 21.5 20.3

Other 9.2 8.8

Overall 100.0 100.0


Property yields

Voids as % of ERV

Net initial yield 5.08% Investments 4.6%

Nominal equivalent yield - Developments 1.6%

True equivalent yield 6.02% Total 6.2%

Net reversionary yield 5.85%

Source: Aberdeen Asset Management Source: Aberdeen Asset Management

The unexpired term of leases

Years % of rent passing

20 years or greater 11.6

15 years or greater, but less than 20 7.2



Less than 5 years 29.1


Comparison of rents passing and ERV by type of property

Sector Rent passing %

Pre-lets & rent-free

periods %

Development

voids* % Other voids % Over rented %

Reversionary

potential %

Net reversionary

potential % ERV %

Standard retail 100.5 - - 0.1 -4.0 3.4 -0.6 100.0

Retail warehousing 106.3 - - 4.9 -13.4 2.3 -11.1 100.0

Shopping centres 76.4 0.5 - 7.1 -2.8 18.7 16.0 100.0

Central London offices 72.3 8.3 - 9.7 -1.3 11.0 9.7 100.0

Other offices 60.4 26.7 - 3.6 -7.3 16.6 9.3 100.0

Industrial 90.9 2.6 - 5.3 -4.2 5.4 1.2 100.0

Other 89.3 - - 0.3 -8.1 18.5 10.4 100.0

Overall 85.9 5.3 - 4.5 -5.5 9.8 4.3 100.0

Note: * Comprising non-prelet current and contracted developments Source: Aberdeen Asset Management

Valuations/performance monitors

Frequency of valuation Monthly

Valuer CB Richard Ellis Limited

Portfolio performance monitored by IPD Yes

Constituent of AREF/IPD UK Quarterly Property Fund Index No

Member of the Association of Real Estate Funds Full member


24

Aberdeen Property Trust AREF / IPD Property Fund Vision — Q4 2014

APIA

334

Restrictions on holdings of cash/borrowings

Maximum total gearing permitted 10.0%

For investment purposes Nil

For liquidity purposes 10.0%

Cash holdings maximum 20.0%

Cash holdings minimum *

Note: * None specified Source: Aberdeen Asset Management

The contribution of major tenants to rental income

Tenant %

Sainsbury’s Supermarket Ltd 4.9

Boots UK Ltd 3.4

First Secretary of State 2.9

DSG Retail Ltd 2.9

Tesco Stores Limited 2.3

BAE Systems Integrated System Technologies Limited 2.3

B&Q Plc 2.2

British Telecommunications Plc 1.9

McCann Erickson Advertising 1.6

Oxford Brookes University 1.6

Three largest tenants' contribution to rental income 11.2

Five largest tenants' contribution to rental income 16.4

Ten largest tenants' contribution to rental income 25.9


Balance sheet/gearing

Direct holdings Joint holdings Indirect investments+ Listed investments Total

Balance sheet (GBPm)

Properties at valuation 2,548.0 - - - 2,548.0

Listed investments - - - 250.7 250.7

Debt - - - - -

Cash 455.9 - - - 455.9

Other net assets/liabilities+ - - 158.4 - 158.4

Total net assets 3,003.8 - 158.4 250.7 3,412.9

Gearing (%)

Net debt (cash)/properties (17.9) - - - (17.9)

Net debt (cash)/equity (15.2) - - - (13.4)

Note + Comprising fixed-interest bonds Source: Aberdeen Asset Management

Quarterly data per unit

Quarter ending 30 Sep 13 31 Dec 13 31 Mar 14 30 Jun 14 30 Sep 14 31 Dec 14

Single price per unit (GBp)

A Accumulation units 113.000 120.800 123.900 127.900 131.100 135.900

A Income units 86.510 91.120 93.330 95.690 97.190 100.300

B Accumulation units 114.600 122.700 125.900 130.200 133.500 138.600

B Income units 86.700 91.210 93.530 95.890 97.400 100.500

Earned per unit (GBp)


A Income units 0.5440 0.7673 0.6750 0.7878 0.4528 0.5776


B Income units 0.6544 0.8740 0.7851 0.8886 0.7506 0.6932


Unit pricing

The unit price is re-calculated daily at noon.

Distributions

Distributions to holders of income units are made quarterly: on 31st May, 31st August, 30th November and 28th February in respect of the

quarters ending 31st March, 30th June, 30th September and 31st December.

Creation, transfer and realisation of units

Units can be bought or sold by giving notice on any business day between 8.30 am and 5.30 pm. Units are bought or sold at the price

calculated at the next valuation point i.e. noon on the following day. The proceeds of a sale will normally be posted within four workings days

after the receipt of written sale instructions. In the case of telephone instructions, settlement will be made on receipt of a completed form of

renunciation which is issued with the contact note.

25



When units are sold, a cheque for the proceeds will be posted not less than four business days after the receipt of the properly completed

renunciation form.

The manager reserves the right to defer redemptions in the event of exceptional circumstances if it is in the interests of all unit holders. The

suspension must be formally reviewed every 28 days.

Minimum investment/disinvestment

Unit class Minimum investment (GBP) Minimum subsequent investment (GBP) Minimum partial disposal (GBP) Minimum holding (GBP)

‘A’ Accumulation 5,000 1,000 1,000 5,000

‘A’ Income 5,000 1,000 1,000 5,000

‘B’ Accumulation 10,000,000 10,000 1,000 2,000,000

‘B’ Income 10,000,000 10,000 1,000 2,000,000

Taxation

Capital gains tax: the trust is exempt from UK Capital Gains Tax. Unitholders may be liable to CGT on the disposal of their units in the trust.

Corporation tax: the trust is subject to corporation tax at the rate of 20%.

Income tax: Only corporation tax is paid, not income tax.

Stamp Duty Reserve Tax: transfers of units attract SDRT at the standard rate, currently 0.5%.

Charges

Unit class Preliminary charge Annual charge

‘A’ Accumulation 5.00% 1.35%

‘A’ Income 5.00% 1.35%

‘B’ Accumulation 3.75% 0.75%

‘B’ Income 3.75% 0.75%

Unitholder analysis*

Number of unitholders Total % held

Less than 1% of units in issue 5,624 32.7

1% or greater but less than 2% 7 10.5



Greater than 8.0% 2 20.1

Total 5,643 100.0

Major investors

Largest holder 1 11.4

Three largest holders 3 26.4

Five largest holders 5 37.3

Ten largest holders 10 52.1

Internal/external investors

Internal 28 33.0

External 5,615 67.0

Note: * By value since the Fund’s income and accumulation units have different values Source: Aberdeen Asset Management

Liquidity

Year to Year to Year to Year to Year to Year to

Period Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014

Issues and redemptions*

Units in issue as at start of period 983,755,729 2,068,857,817 2,373,034,671 2,471,323,417 2,412,986,170 2,615,087,846

Units issued during period 1,092,858,536 725,715,056 553,619,482 306,784,862 548,248,555 888,249,772.3

Units redeemed during period -7,756,448 -421,538,202 -455,330,736 -365,122,109 -346,146,879 -396,193,443.7

Units in issue at end of period 2,068,857,817 2,373,034,671 2,471,323,417 2,412,986,170 2,615,087,846 3,107,144,175

Unit transfers Matched bargains - - - - - -

Matched bargains %** - - - - - -

Note: * Income units and accumulation units ** as % of units in issue at end of period Source: Aberdeen Asset Management

26

AREF / IPD Property Fund Vision — Q4 2014 Aberdeen Property UK Retail Parks Trust


Aberdeen Property UK Retail Parks Trust


The Fund invests in retail parks throughout the UK, with critical mass in their location, extending to at least 9,290 sq m (100,000 sq ft).

These must have adequate flexibility in planning terms, but not necessarily have Open A1 planning consent.

The objective of the Fund is to deliver to unit holders a geared total return of at least 1% in excess of that shown by the retail warehouse

component of the Investment Property Databank (IPD) UK Annual Universe, including all transactions, developments, and other active

management effects, over three-year rolling periods.


The fund is open to UK and overseas tax-exempt and tax-paying professional investors.

Fund details

Type of fund Property Unit Trust

Residence Jersey

Launch date March 1999

Open/closed-ended Closed-ended

Earliest date of winding up August 2015


NAV (GBPm) 228.4

Source: Aberdeen Property Investors


Manager Aberdeen Property Fund Management (Jersey) Limited

Property advisor Aberdeen Property Investors UK Limited

Fund Manager Simon Moscow

Trustees BNP Paribas Securities Services Trust Company (Jersey) Limited

Auditors PricewaterhouseCoopers



Period to Aberdeen Property UK ---------------AREF/IPD UK Quarterly Property Fund Index*----------------

Dec 2014 Retail Parks Trust Other balanced funds All balanced funds All funds

3 months -4.2 4.5 4.6 3.8

Year-to-date 6.6 17.3 17.2 16.4

12 months 6.6 17.3 17.2 16.4

3 years+ 2.9 8.7 8.6 8.7

5 years+ 7.8 9.0 8.8 9.5

10 years+ 2.60 4.0 4.2 3.4

Note: + Annualised * Weighted average returns Source: AREF/ IPD UK Pooled Property Fund Index (Sponsored by PropertyMatch)

Portfolio distribution %

Retail warehouses Total

South East 44.7 44.7


Eastern 20.8 20.8

South West 19.5 19.5

North East 14.9 14.9

Cash - 0.1

Total 99.9 100.0



Maximum exposure to developments/refurbishments +

Maximum lot-size holding as a standing investment *

Maximum lot-size holding permitted at purchase 40% of GAV

Maximum exposure to limited partnerships and joint ventures *

M

aximum exposure to closed and open-ended property unit trusts *

Note: + No project may be undertaken which would reduce the Trust’s income from its properties by more than 5%, or with a gross cost of more than 25% of GAV * None specified Source: Aberdeen Property Investors

27

Aberdeen Property UK Retail Parks Trust AREF / IPD Property Fund Vision — Q4 2014

APIA Regional



Direct holdings 6 358.5 100.0

Joint and indirect holdings - - -

Listed investments - - -

Total 6 358.5 100.0



Property Location Valuation (GBPm) % of total portfolio (IPD estimate)

Roaring Meg Retail Park Stevenage 50-100 *

Brotherhood Retail Park Peterborough 50-100 *

Tower Retail Park Crayford 50-100 *

Newcastle Shopping Park Newcastle 50-100 *

Brislington Retail Park Bristol 50-100 *

Hathaway Retail Park Chippenham 0-50 *


Source: Aberdeen Property Investors / IPD estimates *Aberdeen Asset Management has declined to provide this data on the grounds of its commercial sensitivity



10 - 25 * * *

25 - 50 * * *

50 - 100 * * *

Over 100 * * *

Total 6 358.5 100.0


Source: Aberdeen Property Investors *Aberdeen Asset Management has declined to provide this data on the grounds of its commercial sensitivity

Development exposure*



GBPm - - - -

% of all directly held properties - - - - Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Aberdeen Property Investors

Property yields Voids as % of ERV


Nominal equivalent yield 5.30% Developments -



Source: Aberdeen Property Investors Source: Aberdeen Property Investors













28




Sector

Rent passing

(%)


periods %

Development

voids %* Other voids % Over rented %

Reversionary

potential %

Net reversionary

potential % ERV %

Retail warehousing 83.5 6.7 0.0 8.7 -2.7 3.9 1.1 100.0

Note: * Comprising developments in progress and contracted that have not been pre-let Source: Aberdeen Property Investors

Valuations/performance monitors/affiliations

Frequency of valuation Monthly (on the last business day of the month)

Property valuer DTZ


Constituent of AREF/IPD UK Quarterly Property Fund Index Yes

Member of Association of Real Estate Funds Full member



Tenant %

DSG Retail Ltd 8.3

Asda Stores Ltd 7.6

Toys 'R' Us Ltd 7.3

Marks and Spencer Plc 5.4

Hobbycraft Group Ltd 5.2

Boots The Chemist Ltd 4.7

Next Group Plc 4.6

TK Maxx 3.8

Carpetright Plc 3.3

Sportsdirect.com Retail Ltd 3.0






Maximum total gearing permitted 40% of Gross asset value +

Cash holdings (maximum) *

Cash holdings (minimum) *

Note: * None specified + A higher temporary limit of 50% is available Source: Aberdeen Property Investors

Net asset value

The Fund’s net asset value is re-calculated monthly, on the last business day of the month. Income is excluded from the calculation,

although distributed quarterly.

The Manager does not calculate the difference between the nominal value and the market value of the Fund’s fixed rate debt, which,

therefore, does not reflect in the monthly re-calculation of its Net Asset Value.

Performance fees (which are based on the Trust’s total return performance relative to its benchmark over three-year rolling periods) are

charged against income in the quarter in which they are calculated and paid.


Direct holdings Joint holdings Indirect investments Listed investments Total


Properties at valuation 358.5 - - - 358.5

Quoted investments - - - - -

Debt -130.2 - - - -130.2

Cash at bank and in hand 0.3 - - - 0.3

Other net assets/liabilities -0.1 - - - -0.1

Total net assets 228.4 - - - 228.4

Gearing (%)

Net debt(cash)/properties 36.2 - - - 36.2

Net debt(cash)/equity 56.9 - - - 56.9


29

Aberdeen Property UK Retail Parks Trust AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

Debt analysis

Fixed rate borrowings Variable rate borrowings

Amount drawn Average rate Average unexpired term Amount drawn Rate above LIBOR (incl expenses) Off balance sheet debt

(GBPm) (%) (years) (GBPm) (%) (GBPm)

30.000 7.21% 0.91 82.325 2.00% -

45.000 5.80% 0.91 47.864 1.75% -

30.000 6.80% 1.00 - - -

15.000 5.69% 1.00 - - -

120.000 6.39% 0.94 130.189 1.91% -



As at 30 Sep 13 31 Dec 13 31 Mar 14 30 Jun 14 30 Sep 14 31 Dec 14

Net asset value (GBP) 168.3334 115.1984 117.9220 121.2213 126.7027 121.2747

Quarterly distribution (GBP) 1.0764 1.2672 0.6826 0.5883 0.0935 0.1546

Yield (at NAV/unit) 2.8% 4.6% 4.0% 3.0% 2.1% 1.3%

Source: Aberdeen Property Investors Note : In Dec 13 there has been a Capital Distribution of £55.13737 per unit

Distributions

The Trust distributes all of its net income. Distributions are made in mid-January, mid-April, mid-July and mid-October.


Since it is closed-ended, there are no redemption rights during the lifetime of the Trust without unit-holder approval by Extraordinary

Resolution.

Units may be transferred on the secondary market.

Taxation

Capital gains tax: since it is registered in Jersey, the Trust is not subject to UK capital gains tax. Those investors who are subject to tax may

be liable to capital gains tax on the redemption or sale of their units in the Trust.

Income tax: distributions of income are made gross of income tax.

Stamp duty reserve tax: the Trust’s registration in Jersey means that the transfer of units does not attract SDRT.

Charges

Annual fees

The Manager is entitled to receive a fee equivalent to 0.45% pa of the gross asset value of the Trust up to GBP500m and of 0.30%

thereafter.

Performance fees

The Manager is also entitled to receive a performance fee equivalent to 20% of the outperformance of the fund’s total return relative to the

retail warehouse component of the IPD UK Annual Index (including all transactions, developments, and other active management effects)

plus 1%. This fee is calculated quarterly, based on the Trust’s returns over rolling three-year periods, and is payable from income.

Unitholder analysis


Less than 1% of units in issue - -


2% or greater but less than 4% - -



Total 5 100.0

Major investors





Internal - -

External 5 100.0


30



Liquidity



Issues and redemptions

Units in issue as at start of period 1,875,012 1,875,012 1,875,012 1,875,012 1,883,663 1,883,663

Units issued during period - - - 8,651 - -

Units redeemed during period - - - - - -

Units in issue at end of period 1,875,012 1,875,012 1,875,012 1,883,663 1,883,663 1,883,663

Unit transfers

Matched bargains - - - - - -

Matched bargains %* - - - - - -

Note: * As % of units in issue at the end of the period Source: Aberdeen Property Investors

31

AEGON UK Property Fund Ltd AREF / IPD Property Fund Vision — Q4 2014

APIA Regional Office

AEGON UK Property Fund Ltd


The objective of the Fund is to outperform competitor funds through superior sector allocations, superior stock selection and active

management of individual properties within the portfolio. The Fund’s benchmarks are the IPD UK Monthly Property Index and Lipper

median.

The Fund is positioned to be relatively low-risk, focusing on delivery of an above-average income return, across a balanced property

portfolio.


Approved defined benefit and defined contribution occupational pension schemes.

Fund details

Type of fund Unit linked life and pension fund


Launch date January 1983




NAV (GBPm) 738.6

Source: Kames Capital


Manager Kames Capital

Investment advisor Kames Capital

Fund manager David Wise/Sarah Cockburn

Trustee Not applicable

Auditors Ernst & Young LLP



Period to AEGON UK Property ----------------AREF/ IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Fund Ltd Managed funds All balanced funds All funds

3 months 1.8 4.6 4.6 3.8

Year-to-date 10.1 16.9 17.2 16.4

12 months 10.1 16.9 17.2 16.4

3 years+ 5.6 7.3 8.6 8.7

5 years+ 7.4 8.6 8.8 9.5

10 years+ 4.1 4.7 4.2 3.4

Note: * Weighted average returns, + Annualised Source: AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


-------------- AREF/IPD UK Quarterly Property Fund Index** -------------

AEGON UK Property

Fund Ltd* Managed funds All balanced funds All funds


Standard retail — Rest of UK 9.7 7.1 6.5 6.8

Shopping centres - 7.4 2.8 4.5


All UK retail 41.0 41.0 32.9 36.0

City offices - 4.6 3.2 3.7




All UK offices 26.5 31.3 29.5 30.2




Other properties 2.6 6.0 10.5 8.8

Cash 14.2 5.9 4.0 4.7

Overall 100.0 100.0 100.0 100.0

Sources: * Kames Capital ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

32

AREF / IPD Property Fund Vision — Q4 2014 AEGON UK Property Fund Ltd


33

Property investment restrictions Maximum development exposure 10%

Maximum speculative development exposure 10%

Maximum lot-size holding as a standing investment 10%

Maximum lot-size holding permitted at purchase 10%

Maximum exposure to limited partnerships 20%*

Maximum exposure to joint ventures **

Maximum exposure to closed and open-ended property unit trusts 20%*

Note: * Maximum of 20% indirect ** None specified Source: Kames Capital






Total 31 634.0 100.0



Property Location Sector Valuation (GBPm) % of total portfolio

Banbury Cross Retail Park, Lockheed Close Banbury Retail warehouses 45-50 7.8

Sauchiehall Street Centre, Sauchiehall Street Glasgow Standard retail 45-50 7.1

The Arches Retail Park, Lower High Street Watford Retail warehouses 45-50 7.1

Camino Park, James Watt Way Crawley Industrial 40-45 7.0

Express Park, Bristol Road Bridgwater Industrial 35-40 6.3

127/133 Charing Cross Road London WC2 London Office 35-40 5.8

Priory Retail Park Christchurch Road London SW18 Retail warehouses 35-40 5.6

Kingston Park Shopping Centre Newcastle Retail warehouses 30-35 5.3

The Point, 27-29 Market Street Maidenhead Other offices 25-30 4.8

201 Deansgate Manchester Other offices 25-30 4.6





0 -2.5 1 2.2 0.3

2.5 - 5 5 19.7 3.1

5 - 10 2 11.1 1.8

10 - 25 13 211.3 33.3

25 - 50 10 389.7 61.5

50 - 100 - - -

100-150 - - -

Over 150 - - -

Total 31 634.0 100.0







Shopping centres - -




Other 3.7 2.3

Overall 100.0 100.0

Average lot size

33



Development exposure* Capital value of developments Cost to complete


Overall - - - -

% of directly held portfolio - - - - Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Kames Capital



Nominal equivalent yield 6.21% Developments 5.8%



Source: Kames Capital Source: Kames Capital




periods %

Development


Reversionary

potential %

Net reversionary potential % ERV %

Standard retail 94.3 5.4 - 9.9 -13.6 4.0 -9.6 100.0

Retail warehousing 93.0 6.5 - 4.7 -8.0 3.8 -4.2 100.0

Shopping centres - - - - - - - -

Central London offices 87.7 - - - - 12.3 12.3 100.0

Other offices 48.8 11.9 23.9 17.9 -7.3 4.9 -2.4 100.0

Industrial 99.6 2.5 - 0.6 -3.7 1.1 -2.6 100.0

Other 134.6 - - - -34.6 - -34.6 100.0

Overall 84.3 6.4 5.8 7.4 -7.9 4.1 -3.8 100.0

Note: * Comprises the ERV of developments in progress or contracted which have not been pre-let Source: Kames Capital


Frequency of valuation Monthly, as at the end of each month

Valuer Jones Lang LaSalle






Tenant %

B&Q Plc 9.8

Royal Mail Property Holdings 5.6

The Scottish Ministers 4.6

Gerber Juice Company Ltd 3.7

Sytner Properties Ltd 3.7

DSG Retail Ltd 3.6

House of Fraser Ltd 3.2

Primark Stores Ltd 2.9

Quintain Services Ltd 2.3

Weston (Business Centres) Ltd 2.2













34

AREF / IPD Property Fund Vision — Q4 2014 AEGON UK Property Fund Ltd


35

Balance sheet/gearing Direct holdings Joint holdings Indirect investments Listed investments Total



Listed investments - - - - -

Debt - - - - -

Cash 104.7 - - - 104.7

Other net assets/liabilities - - - - -


Gearing (%)





Maximum total gearing permitted

for investment purposes Nil

for liquidity purposes 10%

Cash holdings (target) To be determined by the Manager

Cash holdings (minimum) To be determined by the Manager


Quarterly data per unit As at 30 Sep 13 31 Dec 13 31 Mar 14 30 Jun 14 30 Sep 14 31 Dec 14

Bid (GBP) 1.563 1.621 1.652 1.698 1.735 1.762

Offer (GBP) 1.674 1.736 1.770 1.819 1.859 1.887

Mid (GBP) 1.619 1.678 1.711 1.758 1.797 1.824

Bid/offer spread 6.6% 6.6% 6.6% 6.6% 6.6% 6.6%

Net asset value (GBP) n/a n/a n/a n/a n/a n/a

Quarterly distribution (GBP) n/a n/a n/a n/a n/a n/a

Yield n/a n/a n/a n/a n/a n/a


Unit pricing

The unit price is calculated at midnight on a forward-pricing basis for deals to be carried out the next working day. The fund has a bid/offer

spread reflecting the costs of purchasing and selling direct property in which the fund is invested.

Distributions

The fund does not distribute income. Income is reinvested in the fund.


Minimum initial investment: None

Minimum additional investment: None

Minimum redemption: None


Units may be created at any time at the discretion of the manager.

Units may be redeemed at any time on receipt of written notice to the manager.

The manager has the right to delay redemptions for up to a maximum of 12 months in the event of there being insufficient cash in the fund.

The manager will also attempt to match units in the fund with other parties at the prevailing market price.

Taxation

CGT and Income Tax: The fund comprises 6 sub funds with varying tax treatments.

Stamp Duty Reserve Tax: Purchases and transfers of units do not attract SDRT.

Charges: These vary with the underlying product.

Liquidity


Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014



Units issued during period 22,742,827 33,781,829 15,793,903 4,930,763 14,885,546 15,192,614

Units redeemed during period -171,512,512 -103,871,895 -106,782,140 -106,552,951 -85,749,700 -59,342,566


Unit transfers



Note: * As % of units in issue at the end of the period Source: Kames Capital

35



Unit-holder analysis

Number of unit-holders Total % held

Less than 1% of units in issue

1% or greater but less than 2%



Greater than 8.0%

Total

Major investors

The AEGON UK Property Fund is a unit linked fund with over 100,000 investors, none of whom has a significant

percentage holding in the fund

Largest holder

Three largest holders

Five largest holders

Ten largest holders


Internal

External


36

AEW UK Core Property Fund AREF / IPD Property Fund Vision — Q4 2014

AEW UK Core Property Fund Investment policy and objective

The AEW UK Core Property Fund is a new core balanced fund targeting value investment opportunities. It will comprise a property portfolio

diversified geographically in the UK and across all property sectors. Its investment objective is to provide a return from income and capital

appreciation over the long term, and to out-perform its benchmark (the AREF/IPD UK Quarterly Property Fund Index) over three-year rolling

periods.

Investment strategy

The AEW UK Core Property Fund will look for and capitalise on market inefficiencies with reference to the investment risk profile set by its

benchmark. The investment process is very stock focused and draws upon our strong active asset management capabilities.

As a value investor, the AEW UK Core Property Fund will look to buy attractively priced and/or good quality real estate at the margins of

prime locations aiming to provide good risk adjusted returns over the long term.


The Fund is open to investment by pension funds, charities, insurance companies and other approved capital gain tax exempt investors.

Fund details

Type of fund Property Authorised Investment Fund

Residence UK




NAV (GBPm) 174.2

Source: AEW UK


Trust Manager AEW UK

Property investment manager AEW UK

Portfolio manager Richard Tanner

Trustee BNY Mellon Trust & Depositary

Auditors KPMG

Source: AEW UK


Period to AEW UK Core ----------------AREF/IPD UK Quarterly Property Fund Index*------------------- Dec 2014 Property Fund Other balanced funds All balanced funds All funds

3 months 5.3 4.5 4.6 3.8

Year-to-date 22.1 17.3 17.2 16.4

12 months 22.1 17.3 17.2 16.4

Note: * Weighted average returns + Annualised Source: AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


AEW UK Core ------------- AREF/UK Quarterly Property Fund Index** -------------- Property Fund* Other balanced funds All balanced funds All funds





All UK retail 41.2 32.9 36.0 41.5


West End offices - 10.4 10.6 9.8



All UK offices 29.4 29.5 30.2 23.0

South East industrial - 14.1 12.3 10.3




Cash 1.7 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * AEW UK ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

37

AREF / IPD Property Fund Vision — Q4 2014 AEW UK Core Property Fund

Property investment restrictions Maximum development exposure 10.0%



Maximum lot-size holding permitted at purchase *

Maximum exposure to limited partnerships *

Maximum exposure to joint ventures *

Maximum exposure to closed and open-ended property unit trusts *

Note: * None specified Source: AEW UK






Total 50 171.8 100.0

Source: AEW UK

Largest direct investment by lot-size and percentage of portfolio


Belvedere House Basingstoke Office 9.8 5.7

Spectrum Swindon Industrial 8.7 5.0

36-42 Old Christchurch Road Bournemouth Standard Retail 7.8 4.5

Pryzm Kingston Other 7.7 4.5

16 Salter Row & 17-21 Woolmarket Pontefract Standard Retail 7.3 4.2

18/20 St. Mary's Square Swansea Standard Retail 5.4 3.1

Eddie Stobart, Grandstand Road Yorkshire Industrial 5.4 3.1

Rivercourt Uxbridge Uxbridge Office 5.3 3.1

Smyths Toys & DSG Swansea Retail Warehouse 4.9 2.8

Rivergate Shopping Centre Peterborough Shopping Centre 4.7 2.7

Largest direct investments as % of portfolio 66.9 38.9

Source: AEW UK



0 -2.5 18 30.6 17.8

2.5 - 5 24 83.8 48.8

5 - 10 8 57.4 33.4

10 - 25 - - -

Total 50 171.8 100.0


Source: AEW UK






Source: AEW UK Source: AEW UK






Central London offices - -



Other 8.0 5.9

Overall 100.0 100.0

Source: AEW UK

38



Sector

Rent passing

(%)


periods %

Development


Reversionary

potential %


Standard retail 120.4 - - 2.2 -22.6 - -22.6 100.0

Retail warehousing 116.6 - - - -16.6 - -16.6 100.0

Shopping centres 81.2 - - 14.4 - 4.5 4.5 100.0

Central London offices - - - - - - - -

Other offices 66.0 - - 10.6 - 23.4 23.4 100.0

Industrial 103.4 - - - -3.4 - -3.4 100.0

Other 128.6 - - - -28.6 - -28.6 100.0

Overall 94.7 0.0 0.0 5.1 -8.2 8.3 0.2 100.0








Source: AEW UK


Tenant %

J E Beale Plc 4.7

TS Tech UK Ltd 4.0

Luminar Group Ltd 3.5

Northgate Information Solutions UK Ltd 3.2

The Secretary of State for Communities and Local Government 3.0

Eddie Stobart Ltd 2.9

David Lloyd 2.5

Signalling Solutions Ltd 2.5

Secretary of State for the Environment 2.3

George Wilson Industries 2.2




Source: AEW UK



Property valuer Knight Frank


Contributor to AREF/IPD UK Quarterly Property Fund Index Yes, but not yet included in the calculation of the Index or other aggregates


Source: AEW UK



for investment purposes *

for liquidity purposes *

Cash holdings (maximum) 10%


Note: * None specified Source: AEW UK

39

AREF / IPD Property Fund Vision — Q4 2014 AEW UK Core Property Fund






Debt - - - - -

Cash 2.9 - - - 2.9

Other net assets/liabilities (0.5) - - - (0.5)


Gearing (%)



Source: AEW UK



Bid (GBP) 0.943 0.982 0.987 1.030 - -

Offer (GBP) 1.015 1.057 1.062 1.108 1.139 1.172

Mid (GBP) 0.979 1.020 1.025 1.069 - -

Bid/offer spread 7.1% 7.1% 7.1% 7.1% - -



Yield (at NAV/unit) 9.3% 9.5% 9.9% 9.6% 9.2% 8.9%

Note: *The Fund’s distribution yield will be calculated once it has made four quarterly distributions Source AEW UK

Unit pricing

The Fund’s NAV and the single (bid/offer) price of its units are re-calculated as at the date of the quarterly revaluation of the portfolio as at

the last day of each quarter. Income is not included in this re-calculation.

Distributions

Distributions are declared on a quarterly basis and paid within two months of the end of the quarter during which they were earned


A minimum initial investment of £100,000, although the Manager may approve smaller holdings


Units may be issued by the Trustee on the direction of the Manager on giving notice at least 25 business days ahead of the next Dealing

Day for Subscriptions which is the first business day after the valuation date.

Units may be redeemed on written notice to be received by the Manager at least 25 business days prior to the next Dealing Day for

Redemptions which is the 11th business day after the valuation date. At its discretion and in consultation with the Governance Committee,

the Manager may defer redemptions for up to 12 months.

Taxation

Capital gains tax: the Fund is not subject to capital gains tax.

Income tax: while distributions of tax are made net of UK income tax, investors are entitled to reclaim the tax deducted at source

Stamp duty reserve tax: SDRT (currently 0.5%) is payable on the transfer of existing units

Charges

Annual fee: the Fund Manager is entitled to an annual fee (payable quarterly) equivalent to 0.70% pa of the Net Asset Value of the Fund, plus

VAT.

Initial charge: no initial charge is levied by the Trust Manager on investors acquiring units in the Fund

Performance fee: The Property Investment Manager (whose annual fee is met by the Trust Manager) may earn a performance fee of 0.25%

p.a. (plus VAT) of NAV if the Fund is ranked above the weighted average performance the top ten funds within the All Balanced Funds

component of the AREF/IPD UK Quarterly Property Fund Index over three year rolling periods (providing its return over the period is

positive).

Leverage: The Fund may use leverage of up to 30% of NAV for a period of the first three years of the Fund. Leverage may take the form of

temporary cash borrowings, financial derivative instruments and reinvestment of cash allocated in the context of securities lending.

Following the three year period, unless an extension of the borrowing limit is determined in consultation with the Governance Committee, the

Fund may only borrow up to 10% of the NAV and in the form of a revolving credit facility.

40


Unitholder analysis


Less than 1% of units in issue 22 7.3





Total 36 100.0

Major investors






Internal 3 0.5

External 33 99.5

Source: AEW UK

Liquidity Year to Year to Year to

Period Dec 2012 Dec 2013 Dec 2014


Units in issue as at start of period 500,000 38,927,762 78,343,346

Units issued during period 38,427,762 39,415,584 78,861,286

Units redeemed during period - - -

Units in issue at end of period 38,927,762 78,343,346 157,204,632

Unit transfers

Matched bargains - - -

Matched bargains %* - - -

Note: * As % of units in issue at the end of the period Source: AEW UK

41

AREF / IPD Property Fund Vision — Q4 2014 Airport Industrial Property Unit Trust

The X-Leisure Unit Trust

Airport Industrial Property Unit Trust


Airport Industrial Unit Trust is a specialised industrial fund, which invests in, develops and manages airport-related industrial and

distribution properties in the UK.


The Trust is open to investment by pension funds, charities, insurance companies, other corporate & institutional investors and expert

wealthy private investors.

Fund details


Residence Jersey

Launch date 31st March 2005

Open/closed-ended Quasi open-ended

Earliest date of winding up 31 December 2036^


NAV (GBPm) 391.1

Notes: ^ Regular liquidity windows from December 2019 Source: Aberdeen Asset Fund Management Limited


Manager Aberdeen Asset Fund Management Limited

Property Investment advisor Aberdeen Asset Investments Limited

Fund manager Nick Smith

Trustee Pavilion Trustees Limited


Source: Aberdeen Asset Fund Management Limited


Period to Airport Industrial Unit ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Trust Other balanced funds All balanced funds All funds

3 months 4.2 4.5 4.6 3.8

Year-to-date 18.7 17.3 17.2 16.4

12 months 18.7 17.3 17.2 16.4

3 years+ 12.9 8.7 8.6 8.7

5 years+ 12.6 9.0 8.8 9.5

Notes: + Annualised * Weighted average returns Source: ** IPD and AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Industrial Total

Rest of London* 86.6 86.6

South East 9.1 9.1

Eastern 2.5 2.5

Scotland 1.1 1.1

Cash - 0.7

Overall 99.3 100.0

Note: * Excluding the City, the West End and Mid-town Source: Aberdeen Asset Fund Management Limited


Maximum development exposure *







Note: * None specified Source: Aberdeen Asset Fund Management Limited

42

Airport Industrial Property Unit Trust AREF / IPD Property Fund Vision — Q4 2014


38




Joint and indirect holdings 1 8.7 1.7


Total 20 512.2 100.0




Dnata City Stanwell Industrial 63.7 12.4

Shorthaul Catering Base Heathrow Industrial 62.0 12.1

Radius Park Heathrow Industrial 44.7 8.7

Servisair Cargo Centre Heathrow Industrial 42.3 8.2

Girling Way Industrial Estate Feltham Industrial 39.5 7.7

CSC Warehouse Heathrow Industrial 39.2 7.7

Cargo Point, Bedford Road Heathrow Industrial 39.1 7.6

Airport Gate Heathrow Industrial 29.0 5.7

Blackthorn Crescent Poyle Industrial 27.6 5.4

Central Park Estate Hounslow Industrial 26.9 5.2





0-2.5 - - -

2.5-5 2 7.7 1.5

5-10 3 20.1 3.9

10-25 4 61.8 12.1

25-50 8 288.1 56.3

Over 50 2 125.7 24.5

Total 19 503.4 98.3






GBPm - - - -

% of all directly held properties* - - - - Note: Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Aberdeen Asset Fund Management Limited








15 years or greater, but less than 20 -





43




Sector

Rent passing

(%)


periods %

Development


Reversionary

potential %

Net reversionary

potential % ERV %

Industrial 79.1 12.9 0.0 9.2 -3.9 2.7 -1.3 100.0

Note: * Comprising developments in progress and contracted that have not been pre-let Source: Aberdeen Asset Fund Management Limited

Property yields

Voids as % of ERV




Net reversionary yield^ 4.94%

Source: Aberdeen Asset Fund Management Limited ^as at December 2017


Joint and indirect property holdings

Holding Sector Joint / indirect Vehicle type % held Fund share (GBPm) % of total portfolio

Unitair Industrial Joint LP 50.00 8.7 1.7



Frequency of valuation Quarterly

Valuer CBRE Ltd






Maximum total gearing permitted 35% LTV

Cash holdings (target) 20% of GAV


Note: * None specified Source: Aberdeen Asset Fund Management Limited


Tenant %

Gate Gourmet London Limited 17.7

Dnata Ltd 12.5

Cargo Service Centre (UK) Ltd 10.8

Servisair 10.4

Royal Mail Plc 7.8

British Airways Plc 4.2

Alpha Catering Services Ltd 3.7

UPS SCS (UK) Ltd 2.6

Agility Logistics Limited 2.5

Equinix (UK) Ltd 2.5








Properties at valuation 503.4 - 8.7 - 512.2


Debt -116.1 - - - -116.1

Cash 3.4 - - - 3.4


Total net assets 382.4 - 8.7 - 391.1

Gearing (%)

Net debt (cash)/properties 22.4 - - - 22.0

Net debt (cash)/equity 29.5 - - - 28.8


44

Airport Industrial Property Unit Trust AREF / IPD Property Fund Vision — Q4 2014


40

Debt analysis

Interest rate swaps Variable rate borrowings



80.000 0.56% 1.00 36.100 2.06% -






Distribution yield (%)* 4.4% 4.4% 4.5% 4.7% 4.8% 4.5%


Net asset value

Net assets per unit are recalculated as at 31 March, 30 June, 30 September and 31 December each year, following the quarterly revaluation

of the portfolio. The Manager calculates the difference between the book value and the market value of the Trust’s fixed-rate debt and this is

reflected in the quarterly re-calculation of its NAV. Performance fees are estimated and accrued and therefore also reflect in the quarterly

recalculation of the Trust’s NAV.

Distributions

The Trust’s policy is to distribute 100% of its net income 23 business days after the end of each quarter.


Minimum initial investment: £2m

Minimum additional investment: None specified

Minimum redemption: £2m


The fund is closed-ended. However, the manager can raise new investment in the fund and bring in new investors without the approval of,

and without with reference to, existing partners.

Taxation

Capital Gains Tax: on the basis that the trust is managed and controlled outside of the UK, the trust is not subject to capital gains tax,

although unitholders may be liable to capital gains tax on the disposal of their units.

Income Tax: distributions of net income are made by the trust without any deduction of withholding tax on a quarterly basis to all holders

who are UK residents or those who hold non-resident FICO clearance. All investors, regardless of where they reside, are responsible for

submitting tax returns to the UK Inland Revenue.

Stamp Duty Reserve Tax: transfers of units are not subject to SDRT or SDLT.

Charges

Annual fee

► The Manager is entitled to a fee equivalent to 0.35% pa of the gross asset value of the Trust

Performance fee

► The Manager may earn a performance fee if the Trust’s total return at both the portfolio and per unit level exceeds its Benchmark, the

Distribution Warehouse sub-sector of the IPD UK Annual Index, by 5%. The fee equates to 20% of any outperformance up to 2% and 30%

of any outperformance above 2%, subject to a maximum of 8%. 50% of performance fee is paid out annually, if reserve account is in credit.

Under-performance is also debited into the reserve account.

45



Unitholder analysis







Total 44 100.0

Major investors






Internal 2 21.0

External 42 79.1


Liquidity





Units issued during period 1,315,199 531,964 - - - -



Unit transfers

Matched bargains 140,424 152,709 374,198 416,461 166,590 343,761

Matched bargains %* 3.7% 3.6% 8.8% 9.8% 3.9% 8.1%

Note: * As % of units in issue at the end of the period Source: Aberdeen Asset Fund Management Limited

46

AREF / IPD Property Fund Vision — Q4 2014 Ashtenne Industrial Fund


Ashtenne Industrial Fund


The Fund’s strategy is to invest in intensive asset management industrial property throughout the United Kingdom. Its objective is to

outperform its benchmark, the All Industrial sub-sector of the IPD UK Annual Index.


The fund is open to investment by pension funds, charities, insurance & other companies and other intermediate investors from within the

UK or abroad, subject to relevant local regulations. Entry is either directly or via a Jersey Property Unit Trust feeder fund, with the underlying

fund being a UK registered Limited Partnership.

Fund details

Type of fund Limited Partnership*


Launch date July 2001

Open/closed-ended Closed-ended**

Earliest date of winding up 11 July 2016


NAV (GBPm) 281.1

Notes: * With entry also available via a Jersey Property Unit Trust feeder fund ** See ‘Realisation of units: annual redemptions’ Source: Aviva Investors


Fund manager/Operator Aviva Investors Global Services Limited

Property manager Hansteen

Fund manager Asha Winterflood

Trustee BNP Paribas Jersey Trust Corporation

Auditors Ernst & Young

Note: * None specified Source: Aviva Investors


Period to Ashtenne Industrial ------------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Fund~ Other balanced funds All balanced funds All funds

3 months -0.1 4.5 4.6 3.8

Year-to-date 24.5 17.3 17.2 16.4

12 months 24.5 17.3 17.2 16.4

3 years+ -2.8 8.7 8.6 8.7

5 years+ -1.7 9.0 8.8 9.5

10 years+ -4.9 4.0 4.2 3.4

Note: ~ Based on estimated accounts as at working day 5 of the quarter * Weighted average returns + Annualised Source: IPD

Portfolio distribution* %

Industrial Total

Scotland 18.2 18.2

North East 15.4 15.4

Yorkshire & Humberside 14.0 14.0

West Midlands 12.9 12.9

Wales 10.9 10.9

North West 8.7 8.7

South West 5.0 5.0

South East 4.3 4.3

East Midlands 3.5 3.5

Cash - 7.0

Overall 93.0 100.0

Notes: * The above analysis includes the Fund’s 50% share in the Joint Venture with the Homes and Communities Agency Source: Aviva Investors






Total 264 425.5 100.0

Source: Aviva Investors

47

Ashtenne Industrial Fund AREF / IPD Property Fund Vision — Q4 2014

A



Maximum speculative development exposure *



Maximum exposure to limited partnerships and joint ventures *




Property Location Sector Valuation GBPm % of total portfolio (IPD estimate)

Autobase Industrial Park Tipton Industrial £15 - £20 4.5

North Tyne Industrial Estate Newcastle upon Tyne Industrial £10 - £15 2.8

Severnside Trading Estate Avonmouth Industrial £5 - £10 2.4

Eyston Way Industrial Estate Abingdon Industrial £5 - £10 1.9

Radway Green Crewe Industrial £5 - £10 1.8

Engineer Park, Babbage Rd Deeside Industrial £5 - £10 1.7

Tameside Business Park Manchester Industrial £5 - £10 1.6

West Byrehill Kilwinning Land £5 - £10 1.5

The Quadrant Centre Quedgeley Industrial £5 - £10 1.4

Quedgeley Gloucester Land £5 - £10 1.4

10 largest investments as % of portfolio (IPD estimate) 21.0

Source: Aviva Investors/IPD estimates



0 -2.5 217 210.8 49.5

2.5 - 5 34 114.2 26.8

5 - 10 11 71.2 16.7

10 - 25 2 29.2 6.9

25-50 - - -

50-100 - - -

100-150 - - -

Over 150 - - -

Total 264 425.5 100.0




Sector Rent passing (%)


periods %

Development


Reversionary

potential %


Industrial 82.0 0.7 0.0 14.7 -4.1 6.6 2.5 100.0

Note: * Comprising the ERV of current and contracted developments that have not been pre-let Source: Aviva Investors





Property yields

Voids as % of ERV



True equivalent yield - Total 14.7%


Source: Aviva Investors Source: Aviva Investors

48




Tenant %

Promens Packaging Ltd 2.6

Gist Ltd Napier Road 1.3

Culina IPS Contract Packing 1.2

Johnsons Apparelmaster 1.1

Deritend International Ltd 1.1

Rhys Davies Limited 0.9

TBA 0.9

Kautex Textron CVS Ltd 0.9

Torotrak plc 0.8

Pregis Rigid Packaging Limited 0.7







20 years or greater -







Frequency of valuation Quarterly, on the last day of the quarter







Maximum total gearing permitted 65% of Gross Asset Value

Cash holdings (maximum) None

Cash holdings (minimum) None


Balance sheet/gearing~





Debt -148.1 - - - -148.1




Gearing (%)



Notes: ~ Based on estimated accounts as at working day 5 of the quarter Source: Aviva Investors

Debt analysis




37.352 1.23% 2.58 24.305 3.25% -

37.352 1.23% 2.58 - - -

27.747 1.23% 2.58 - - -

21.344 1.23% 2.58 - - -

123.795 1.23% 2.58 24.305 3.25% -

Source: Aviva Investors 49

Ashtenne Industrial Fund AREF / IPD Property Fund Vision — Q4 2014

A

Quarterly data per unit of the Jersey Feeder Fund




Yield (at NAV/unit) 1.4% 2.7% 16.3% 16.2% 18.7% 18.7%

Note: + Based on estimated accounts as at working day 5 of the quarter Source: Aviva Investors

Net asset value

Net assets per unit are re-calculated on 31 March, 30 June, 30 September and 31 December each year, following the quarterly revaluation

of the portfolio. The performance fee is estimated and accrued on a quarterly basis. The Manager calculates the difference between the

nominal value and the market value of the Fund’s debt, but this is not reflected in the quarterly re-calculation of its Net Asset Value.

Distributions

The fund distributes 100% of its net income 35 days after the end of each quarter.


The minimum investment in the fund is a holding of units to the value of GBP250,000.

Realisation of units: annual redemptions

While the fund is closed-ended, the manager can raise new investment in the fund and bring in new partners without the approval of, and

without reference to, existing unitholders. Up to 5% of the NAV of the Fund as at 31 December can be redeemed in the following year.

Redemptions can be suspended at the Manager’s discretion if it is not in the best interest of the Fund to make them. Unpaid redemptions

will roll over to the following year.

Taxation

Capital Gains Tax: on the basis that the trust is managed and controlled outside of the UK, the trust is not subject to capital gains tax,

although unitholders may be liable to capital gains tax on the disposal of their units.





Charges

Fund Manager/Operator

The Fund Manager/Operator is entitled to a fee equivalent to 0.30% p.a. of the Net Asset Value of the partnership.

Property Asset Manager

The Property Asset Manager is entitled to a fee equivalent to 1.25% p.a. of the Net Asset Value of the partnership. This includes letting fees

which are done in house.

Performance related fees

The Property Asset Manager may receive a performance fee which only becomes payable on return of capital to investors:

20% of any outperformance over 10% p.a. geared IRR

30% of any outperformance over 15% p.a. geared IRR

Unitholder analysis (of the Jersey Feeder Fund)







Total 34 100.0

Major investors

Largest 1 36.8

Three largest 3 63.6

Five largest 5 74.5

Ten largest 10 88.2


Internal 2 56.9

External 32 43.1

Source: Aviva Investors 50



Liquidity (of the Jersey Feeder Fund)





Units issued during period - - - 84,832,633 158,402,792 -

Units redeemed during period - - - - - - 1,547,908


Unit transfers

Matched bargains - - - 2,121,117 - 193,567,038

Matched bargains %* - - - 0.5% - 32.2%

Note:* as % of units in issue at end of the period Source: Aviva Investors

51

AREF / IPD Property Fund Vision — Q4 2014 Aviva Investors Pensions Property Fund

52

Aviva Investors Pensions Property Fund


The objective of the Fund is to outperform the weighted average return to All Balanced Fund Index component of the AREF/IPD UK

Quarterly Property Funds Index by 1.0% p.a. over rolling three year periods, gross of the annual management charge. The Fund aims

to achieve this through investing in UK commercial properties across all major sectors (offices, retail and industrial) and undertake

active management opportunities wherever possible to enhance the value of assets. The Fund’s benchmark is the weighted average

return to the All Balanced Fund Index component of the AREF/IPD UK Quarterly Property Fund Index.


portfolio.



Fund details

Type of fund Exempt approved managed fund


Launch date August 1972

Open/closed-ended Open-ended*



NAV (GBPm) 1,194.4

Note: But see “Creation, realisation & transfer of units” Source: Aviva Investors


Manager Aviva Investors Pensions Limited

Investment advisor Aviva Investors Global Services Limited

Fund manager Richard Peacock





Period to Aviva Investors ----------------AREF/IPD UK Quarterly Property Fund Index*-----------------

Dec 2014 Pensions Managed funds All balanced funds All funds

3 months 4.0 4.6 4.6 3.8

Year-to-date 16.0 16.9 17.2 16.4

12 months 16.0 16.9 17.2 16.4

3 years+ 7.1 7.3 8.6 8.7

5 years+ 7.7 8.6 8.8 9.5

10 years+ 4.4 4.7 4.2 3.4

Note: * Weighted average returns + Annualised Source: AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Aviva Investors ----------- AREF/IPD UK Quarterly Property Fund Index**-------------

Pensions* Managed funds All balanced funds All funds





All UK retail 38.7 41.0 36.0 41.5





All UK offices 34.3 31.3 30.2 23.0





Cash 5.7 5.9 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * Aviva Investors ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

52



Maximum development exposure 10%




Maximum exposure to limited partnerships Nil


Maximum exposure to closed and open-ended property unit trusts Nil




Direct holdings 66 1,130.4 100.0



Total 66 1,130.4 100.0



Property Location Sector Valuation (GBPm) % of total portfolio (IPD estimates)

Eversholt Street London Other offices 60-70 6.2

25 Soho Square London Central London offices 60-70 6.0

Central 12 Shopping Park Southport Standard retail 55-65 5.3

Exeter Retail Park Exeter Retail warehouses 40-50 4.0

Regal House Option 1 Twickenham Other offices 40-50 3.8

Gemini Business Park Beckton Industrial 35-45 3.7

Front Street Consett Retail warehouses 35-45 3.5

Sainsburys Bishop Auckland Standard retail 35-45 3.3

Welling High Street Bexley Standard retail 30-40 3.2

Cantium Retail Park London Retail warehouses 25-35 3.0





0 -2.5 4 7.5 0.7

2.5 - 5 5 17.9 1.6

5 - 10 16 126.8 11.2

10 - 25 26 373.5 33.0

25 - 50 12 415.4 36.8

50 - 100 3 189.3 16.7

100-150 - - -

Over 150 - - -

Total 66 1,130.4 100.0






GBPm - - - -

% of all directly held properties* - - - -

Note: - This information has not been provided * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Aviva Investors







53


54









Other 6.9 6.6

Overall 100.0 100.0





periods %

Development


Reversionary

potential %


Standard retail 99.2 0.8 - 4.6 -9.2 4.6 -4.6 100.0




Other offices 84.8 0.9 2.8 3.6 -3.9 11.8 7.9 100.0

Industrial 77.2 10.9 1.6 3.8 -1.8 8.2 6.4 100.0

Other 94.5 - - 7.0 -1.7 - -1.7 100.0

Overall 90.2 3.3 1.2 3.5 -5.1 6.9 1.8 100.0




Valuer CBRE Limited






Tenant %

Travelodge Hotels Ltd 3.7

B&Q Plc 3.6

Sainsbury Supermarkets Ltd 3.3

Squire Patton Boggs (UK) LLP 2.8

Oxfam 2.6

Tesco Stores Ltd 2.4

Asda Stores Ltd 2.3

Palantir Technologies UK Ltd 2.2

CDS (Superstores International) Ltd 2.1

Apple (UK) Ltd 2.0













54







Debt - - - - -

Cash 67.9 - - - 67.9


Total net assets 1,194.4 - - - 1,194.4

Gearing (%)







for liquidity purposes Nil

Cash holdings (target) Circa 10%

Cash holdings (minimum) Circa 5%




Bid (GBP) 11.390 11.807 12.228 12.717 13.233 13.778

Offer (GBP) 12.182 12.629 13.079 13.602 14.154 14.737

Mid (GBP) 11.786 12.218 12.653 13.159 13.693 14.258

Bid/offer spread 6.5% 6.5% 6.5% 6.5% 6.5% 6.5%



Yield (%) n/a n/a n/a n/a n/a n/a

Source: Aviva Investors. Please note that the prices refer to share class 0.

Unit pricing

The unit price is calculated at midnight on a forward-pricing basis for deals to be carried out the next working day. The fund has a bid/offer

spread, reflecting the costs of purchasing and selling direct property in which the fund is invested.

Distributions



Minimum initial investment: GBP1m


Minimum redemption: None, subject to maintaining a holding in the fund of not less than GBP1m




The manager will attempt to match units in the fund with other parties at the prevailing market price.

Taxation

CG and Income Tax: the fund is exempt from UK Capital Gains Tax and UK Income Tax.

Stamp Duty Reserve Tax: purchases and transfers of units do not attract SDRT.

Charges

Fund manager/operator

Holdings valued at under GBP1m 1.00% pa of the NAV of the Fund

Holdings valued at GBP1-10m 0.70% pa of the NAV of the Fund

Holdings valued at GBP10-25m 0.65% pa of the NAV of the Fund

Holdings valued at over GBP25m 0.50% pa of the NAV of the Fund

55


56

Unitholder analysis






Greater than 8.0% - -

Total 236 100.0

Major investors






Internal 2 0.3

External 234 99.7


Liquidity





Units issued during period (net) 13,624,038 22,733,485 -1,276,363 -8,798,153 -14,161,100 -1,854,834


Unit transfers

Matched bargains 869,758 4,701,844 1,838,634 - 3,277,172 2,599,429

Matched bargains %* 0.9% 4.0% 1.6% - 3.5% 2.8%


56

AREF / IPD Property Fund Vision — Q4 2014 Aviva Investors Property Trust


57

Aviva Investors Property Trust


The Trust’s investment objective is to obtain optimum returns compatible with security through income and capital appreciation from

investment in real property assets, property-related assets, government/public securities and property collective investment schemes.

The performance benchmark of the Trust’s direct property portfolio is the Balanced Funds component of the IPD UK Monthly Index

(adjusted to reflect management costs equivalent to those payable within the Trust).


The Trust is open to investment by insurance companies, other corporate and institutional investors, and private individuals.

Fund details



Launch date September 1991



Year-end 31 May

NAV (GBPm) 1,888.1



Manager Aviva Investors UK Fund Services Limited

Investment advisor Aviva Investors Global Services Limited

Fund manager — property Philip Nell

Fund manager — REITs/property shares Paul van de Vaart

Trustee Citibank International




Period to Aviva Investors ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Property Trust^** Other balanced funds All balanced funds All funds

3 months 3.1 4.5 4.6 3.8

Year-to-date 11.3 17.3 17.2 16.4

12 months 11.3 17.3 17.2 16.4

3 years+ 7.5 8.7 8.6 8.7

5 years+ 5.9 9.0 8.8 9.5

10 years+ 1.3 4.0 4.2 3.4

Note: ^ Calculated on a bid price to bid price basis, income taxed at the standard rate (The AREF/IPD UK Quarterly Property Fund Index is calculated on a NAV to NAV basis, gross of tax) + Annualised The fund is currently on an “offer” price basis. Sources: * AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch) ** Aviva Investors


Aviva Investors ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Property Trust* Other balanced funds All balanced funds All funds





All UK retail 41.4 32.9 36.0 41.5

City offices 4.5 3.2 3.7 3.3




All UK offices 25.4 29.5 30.2 23.0





Cash 9.7 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * Aviva Investors ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

57

Aviva Investors Property Trust AREF / IPD Property Fund Vision — Q4 2014





Joint and indirect holdings - 22.5 1.3

Listed investments 11 93.6 5.4

Total 77 1,719.8 100.0





GBPm - - - -


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Aviva Investors


Property Location Sector Valuation (GBPm) % of total portfolio (IPD estimate)

Omni Greenside Place Edinburgh Other Property 85-90 5.0

The St George's Shopping Centre Preston Shopping Centres 80-90 4.9

20 Soho Square London W1 Central London Offices 65-75 4.2

Lombardy Shopping Park Hayes Retail Warehouses 65-75 4.2

Ealing Cross, 85 Uxbridge Road Ealing Other Offices 65-75 4.1

Tesco Superstore Kettering Standard Retail 55-65 3.7

Colmore Gate Birmingham Other Offices 55-65 3.5

Academy House London Standard Retail 50-60 3.3

The Guildhall Shopping Centre Exeter Shopping Centres 45-55 3.1

Abacus House, 33 Gutter Lane London Central London offices 40-50 2.9

10 largest investments as % of portfolio* (IPD estimate) 38.8

Note: * Including property-related assets but excluding cash Source: Aviva Investors



0-2.5 6 7.0 0.4

2.5-5 3 10.7 0.6

5-10 9 73.5 4.3

10-25 26 451.7 26.3

25-50 13 443.5 25.8

50-100 9 617.5 35.9

100-150 - - -

Over 150 - - -

Total 66 1,603.8 93.3



Joint property holdings

Holding Sector Ownership (%) Valuation (GBPm) % of total portfolio

Birstall Shopping Park Retail Warehouse 17.5 20-25 1.3


Largest listed investments

Holding % held if over 3.0% Valuation (GBPm) % of total portfolio



Hammerson - 9.3 0.5

Segro - 7.1 0.4

Great Portland Estates - 5.6 0.3


Urban and Civic - 4.3 0.3

St. Modwen Properties 4.1 0.2

Hansteen - 3.2 0.2

Safestore Holdings - 3.2 0.2

10 largest listed investments as % of total portfolio 90.7 5.3


58



59








Maximum exposure to closed and open-ended property unit trusts 20%


Property yields

Voids as % of ERV














Other 17.5 13.9

Overall 100.0 100.0













periods %

Development


Reversionary

potential %


Standard retail 83.2 0.7 11.2 2.7 -9.8 12.0 2.2 100.0


Shopping centres 69.1 0.8 20.0 4.5 -6.8 12.4 5.6 100.0

Central London offices 48.1 - 34.8 4.2 -0.1 12.9 12.9 100.0

Other offices 89.9 0.1 - 14.7 -10.0 5.2 -4.7 100.0

Industrial 93.9 2.5 - 6.1 -5.7 3.2 -2.5 100.0

Other 105.8 - - 4.7 -14.6 4.0 -10.5 100.0

Overall 84.4 0.7 8.4 7.5 -8.4 7.3 -1.1 100.0

Note: * Comprising the ERV of developments in progress or contracted which have not been pre-let Source: Aviva Investors


Frequency of valuation *Monthly, as at the last day of the month

Valuer Knight Frank




Note: * Currently valued fortnightly, Fund valued daily Source: Aviva Investors

59

Aviva Investors Property Trust AREF / IPD Property Fund Vision — Q4 2014



Tenant %

Schroder Investment Management Ltd 3.7


B & Q Plc 2.8

Scarlet P Ltd 2.4

Odeon Cinemas Ltd 2.1

Cable & Wireless UK 2.1

Hutchison 3G UK Ltd 1.9

First Data Resources, Ltd 1.9

Debenhams Retail Plc 1.9

DSG Retail Ltd 1.9









Cash holdings (maximum or minimum) *





Properties at valuation 1,603.8 22.5 - - 1,626.3


Debt - - - - -

Cash 173.9 - - - 173.9


Total net assets 1,772.1 22.5 - 93.6 1,888.1

Gearing (%)






Bid (GBp) 103.190 110.580 112.650 114.350 117.590 120.080

Offer (GBp) 108.910 116.710 118.900 120.690 124.110 126.730

Mid (GBp) 106.050 113.645 115.775 117.520 120.850 123.405

Bid/offer spread 5.3% 5.3% 5.3% 5.3% 5.3% 5.2%

Net asset value (GBp) * * * * * *

Yield (net of tax) 2.7% 2.7% 2.7% 2.7% 2.7% 2.7%

Note: * Not available Source: Aviva Investors — data refers to unit 1

Unit pricing

The property shares and other listed securities held by the fund are re-valued daily at noon and the revised price of the units becomes

available each day at around 2pm.

Distributions

Distributions are paid twice yearly, on 31 July (in respect of the half-year to 31 May) and on 31 January (in respect of the half-year to 30

November).


Orders to the manager to buy or sell units are carried out at the next valuation following receipt of instructions.


renunciation form.

The manager reserves the right to defer redemptions for up to 28 days.

60



61

Taxation

Capital Gains Tax: the trust is exempt from UK Capital Gains Tax. Unitholders may be liable to CGT on the disposal of their units in the trust.

Corporation Tax: the trust is subject to corporation tax.

Income Tax: distributions are made net of a 10 per cent tax credit which is non reclaimable. Unitholders may be subject to additional tax

depending on their individual circumstances.


Charges

The offer price of the units includes an initial charge of 5.00%, in addition to which there is an annual management charge equivalent to

1.25% (unit 1) of the net asset value of the fund.

Liquidity




Units in issue as at start of period 1,466,948,353 1,462,946,282 1,623,628,879 1,528,345,435 1,338,423,766 1,264,412,974

Units issued during period (net) -4,002,071 160,682,598 -95,283,444 -189,921,669 -74,010,793 263,900,446


Unit transfers




Unitholder analysis







Total 6,823 100.0

Major investors






Internal 9 2.9

External 6,814 97.2


Notes

1. The property shares and other listed securities held by the fund are re-valued daily at noon and the revised price of the units becomes

available each day at around 2pm.

61

AREF / IPD Property Fund Vision — Q4 2014 BlackRock UK Property Fund


BlackRock UK Property Fund


The aim of the fund is to enable eligible investors to allocate a suitable proportion of their assets to investment in property without acquiring

a directly held portfolio

The long-term objective of the fund is to outperform the average of similar institutional pooled vehicles through a diversified range of property

throughout the UK. Its benchmark is the all balanced fund component of the AREF/IPD UK Quarterly Property Fund Index.


The Fund is open to Professional Investors as defined by the FSA, as well as overseas investors dependant on Private Placement

restrictions in each jurisdiction.

Fund details

Type of fund Property unit trust

Residence Jersey





NAV (GBPm) 3,009.8

Source: BlackRock Investment Managers (Channel Islands) Limited


Manager BlackRock Investment Managers (Channel Islands) Limited

Investment advisor BlackRock Investment Management (UK) Limited

Portfolio manager Justin Brown


Auditors PwC



Period to BlackRock UK ----------------AREF/IPD UK Quarterly Property Fund Index*------------------- Dec 2014 Property Fund Other balanced funds All balanced funds All funds

3 months 3.7 4.5 4.6 3.8

Year-to-date 15.3 17.3 17.2 16.4

12 months 15.3 17.3 17.2 16.4

3 years+ 8.5 8.7 8.6 8.7

5 years+ 8.6 9.0 8.8 9.5

10 years+ 5.0 4.0 4.2 3.4



BlackRock UK ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Property Fund+* Other balanced funds All balanced funds All funds





All UK retail 29.5 32.9 36.0 41.5

City offices 2.3 3.2 3.7 3.3




All UK offices 24.3 29.5 30.2 23.0





Cash 6.2 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Includes the Fund’s share of any properties held jointly or indirectly Sources: * BlackRock Investment Managers (Channel Islands) Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

62







Maximum exposure to limited partnerships 50%

Maximum exposure to joint ventures 50%


Note: * None specified Source: BlackRock Investment Managers (Channel Islands) Limited






Total 279 2,880.8 100.0


Largest direct investments as % total portfolio


Exchange Shopping Centre, Putney High Street London Shopping Centre £100-150M *

10-12 Great Marlborough Street London Office £50-100M *

25,Bedford Street London Office £50-100M *

5,Strand London Office £50-100M *

Springvale Retail Park,Sevenoaks Way,Orpington London Retail Warehouse £50-100M *

Riverside Retail Park, Queens Drive Nottingham Retail Warehouse £50-100M *

Colosseum Retail Park, Great Cambridge Road Enfield Retail Warehouse £50-100M *

Portwall Place, Portwall Lane Bristol Office £50-100M *

Oldbury Green Retail Park Oldbury Retail Warehouse £50-100M *

Talbot Green Shopping Park Llantrisant Retail Warehouse £25-50M *

10 largest investments as % of portfolio* *

Note: * BlackRock has requested IPD not to make this estimate. Source: BlackRock Investment Managers (Channel Islands) Limited


Holding Sector Fund type Ownership (%) Valuation (GBPm)* % of total portfolio

Ashtenne Industrial Fund Unit Trust Industrial PUT 6.960 24.0 0.8

Hercules Property Unit Trust Retail Warehouse PUT 2.820 26.4 0.9

Aberdeen Retail Property Unit Trust Retail Warehouse PUT 7.500 27.2 0.9

Total 77.6 2.7

Note: * BlackRock’s attributable share of the underlying value of properties held Source: BlackRock Investment Managers (Channel Islands) Limited

Direct property portfolio structure by lot-size bands


0-2.5 110 * *

2.5-5 52 * *

5-10 34 * *

10-25 47 * *

25-50 24 * *

50-100 8 * *

100-150 1 * *

Over 150 - * *

Total 276 2,803.2 97.3


Note: * BlackRock has requested IPD not to show this information Source: BlackRock Investment Managers (Channel Islands) Limited

63





Not yet started In progress All developments schemes in progress

GBPm - 40.0 40.0 13.1

% of all directly held properties* - 1.4% 1.4% 0.5%

Note: * Includes joint ventures in which the Fund has an interest of 50% or more Source: BlackRock Investment Managers (Channel Islands) Limited

Property yields*

Voids as % of ERV





Note: * This analysis excludes Premier Marinas Ltd and external indirect assets for all measures.



Rental income & ERV by type of property*








Other 14.9 12.9

Overall 100.0 100.0

Note: * This data excludes Premier Marinas Ltd and the external indirects Source: BlackRock Investment Managers (Channel Islands) Limited

The unexpired term of leases*







Note * This data excludes Premier Marinas Ltd and the external indirects Source: BlackRock Investment Managers (Channel Islands) Limited

The contribution of major tenants to rental income*

Tenant %

B&Q Plc 3.6

Sony Computer Entertainment Limited 2.4

DSG Retail Ltd 2.3

Honda Motor Europe Ltd 2.0

Land Securities Plc 1.9

LF Logistics UK Limited 1.8

Unipart Group Limited 1.3

DAC Beachcroft LLP 1.3

Ineos/Wood Group Kenny 1.2

Whitnash Plc 1.2




Note * The fund has approximately 13% of its underlying income exposed to tenants considered as Public Sector. Source: BlackRock Investment Managers (Channel Islands) Limited

64



Frequency of valuation Monthly, on the last business day of each month

Valuers Colliers International

CBRE

Knight Frank


Constituent of the AREF/IPD UK Quarterly Property Fund Index Yes



Comparison of rents passing and ERV by type of property*



periods %

Development

voids % Other voids % Over rented %

Reversionary

potential %

Net reversionary

potential % ERV %

Standard retail 103.2 3.4 - 0.4 -8.5 1.5 -7.0 100.0

Retail warehousing 102.3 4.9 - - -9.9 2.7 -7.2 100.0



Other offices 79.2 - 15.2 4.2 -3.0 4.5 1.5 100.0

Industrial 84.0 4.4 7.8 3.5 -4.1 4.4 0.2 100.0

Other 98.4 1.6 - - -0.7 0.7 - 100.0

Overall 84.8 6.3 2.8 5.6 -4.3 4.8 0.5 100.0

Note * This data excludes Premier Marinas Ltd and the external indirects Source: BlackRock Investment Managers (Channel Islands) Limited


Maximum total gearing permitted 50%

for investment purposes 50%


Cash holdings (maximum) +10%


Note: * None specified Source: BlackRock Investment Managers (Channel Islands) Limited + Uncommitted cash as % of net asset value. (This is an internal fund manager guideline.)




Properties at valuation 2,803.2 - 77.6 - 2,880.8


Debt -25.0 - -29.3 - -54.3

Cash 189.9 - - - 189.9


Total net assets 2,961.4 - 48.4 - 3,009.8

Gearing (%)

Net debt (cash)/properties (5.9) - 37.7 - (4.7)

Net debt (cash)/equity (5.6) - 60.5 - (4.5)





Premium for new subscriptions 3.89% 3.94% 3.92% 4.04% 3.96% 4.23%

Dealing charge for redemptions 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%


Yield (at NAV/unit) 4.4% 4.3% 4.3% 4.1% 3.4% 3.3%


65



Debt analysis



(GBPm) (%) (years) (GBPm) (%) (GBPm)+

- - - 25.000 100-200 29.277

Note: * Off balance sheet debt may be at fixed or variable rates Source: BlackRock Investment Managers (Channel Islands) Limited

Unit pricing

The unit price is calculated on the last business day of each month. Income is not included in the unit price. Some of the vehicles through

which the Fund holds directly-held investments have fixed-rate debt. The market value of this debt is not published and it does not reflect in

the monthly recalculation of the Fund’s net asset value.

Distributions

Distributions are made monthly, normally on the 20th of each month or the following working day. Ex-distribution dates are the penultimate

working day of each month, i.e. the day before pricing. Distributions are paid to the unitholders shown on the register on the

ex-distribution dates.


The minimum initial investment is GBP250,000, although the manager, at their discretion, can allow investors to invest as little as

GBP25,000 where it is satisfied that the investor has received financial advice or the investment is made on the investor’s behalf by a

discretionary investment manager. Existing unitholders may increase or decrease their holdings by minimum amounts of GBP10,000

(rounded to the nearest number of whole units). No redemption notice will be accepted that would result in a holding falling to below the

minimum holding value determined by the manager (currently GBP10,000).


The fund is open to subscriptions on a monthly basis, with applications to be received at least three business days before subscription day,

which is the last working day of the month.

As from March 2009, the Manager has the discretion to defer redemptions if it deems it in the interest of continuing unitholders to do so.

Redeeming unitholders may not withdraw their realisation notice in respect of units which the Manager has notified the unitholder that it has

determined can be redeemed or any units which are within the last 3 months of the 24-month redemption window.

The manager will attempt, where possible, the matching of buying and selling orders. Such transfers are effective from the last business day

of the month during which they take place.

Taxation

The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax

advice.

Capital Gains Tax: since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may

be liable to capital gains tax on the redemption or sale of their units in the trust.

Income Tax: while distributions of income are made net of UK Income Tax, non-taxpayers are entitled to reclaim any tax deducted at

source.

Stamp duty reserve tax: no stamp duty is payable on the transfer of existing units.

Charges

The trust instrument empowers the manager and investment advisor to make an annual charge totalling not more than 2% of the net asset

value of the fund (including accrued income). However, the total charge is currently 1% pa and the manager has undertaken to give at least

three months’ notice of any increase in this figure.

The manager and investment advisor currently bear the cost of fees of service providers in relation to day-to-day management and rent

collection of directly held properties, valuations, the trustees’ and auditors’ fees, custodian fees and the costs of preparing reports and

accounts for unitholders, and market research and performance measurement. These costs may, alternatively, be charged to unitholders.

The manager has undertaken to give at least three months’ notice before so doing.

Redemption notices outstanding

Unit type Number of units NAV per unit (£) Value at NAV (£m) % of total NAV of Fund

Income Nil - - -


66


Liquidity





Units issued during period+ 7,075,962 7,308,599 3,615,487 10,409,438 606,767 5,236,012

Units redeemed during period -1,318,439 - - - - -


Unit transfers

Matched bargains 3,705,752 2,481,135 1,411,541 2,715,370 4,594,919 3,077,873


Note: * as % of units in issue at the end of the period Source: BlackRock Investment Managers (Channel Islands) Limited + Includes units issued following the pricing of the units as at the end of the quarter

Unitholder analysis







Total 349 100.0

Major investors






Internal 143 46.5

External 206 53.5


67

AREF / IPD Property Fund Vision — Q4 2014 CBRE UK Property Fund LP


CBRE UK Property Fund LP

Investment policy and objectives

The objective of the Fund is to invest in institutional-grade properties in the United Kingdom, with a view to securing above-average,

long-term performance through a research-led approach to portfolio balance and careful stock selection.

The CBRE UK Property ‘A’, ‘B’ and ‘C’ Property Funds and CBRE UK Property (Guernsey) Fund are invested in the Partnership as

limited partners.


The Partnership and the Guernsey unit trust are open to authorised persons, market counter-parties and intermediate customers. The

A, B, and C unit trusts are open only to exempt investors (i.e. UK pension funds and charities).

Fund details

Type of fund Limited Partnership


Launch date December 1997

Open/Closed-ended (Effectively) open-ended

Earliest date of winding up 30 June 2025


NAV (GBPm) 553.9

Source: CBRE Global Investors (UK Funds) Ltd


Investment Manager (AIFM) CBRE Global Investors (UK Funds) Ltd

Property Manager CBRE Global Investors (UK) Ltd

Portfolio Manager Hannah Marshall

Trustee (of the funds) CBRE Global Investors Trustee Limited & Northern Trust (Guernsey) Ltd




Period to CBRE UK ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Property Fund LP Other balanced funds All balanced funds All funds

3 months 4.9 4.5 4.6 3.8

Year to date 18.3 17.3 17.2 16.4

12 months 18.3 17.3 17.2 16.4

3 years+ 9.8 8.7 8.6 8.7

5 years+ 10.6 9.0 8.8 9.5

10 years+ 3.5 4.0 4.2 3.4



CBRE UK ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Property Fund LP * Other balanced funds All balanced funds All funds





All UK retail 37.3 32.9 36.0 41.5

City offices 7.0 3.2 3.7 3.3




All UK offices 21.1 29.5 30.2 23.0





Cash - 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * Source: CBRE Global Investors (UK Funds) Ltd ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

68

CBRE UK Property Fund LP AREF / IPD Property Fund Vision — Q4 2014


182









Note: * None specified Source: CBRE Global Investors (UK Funds) Ltd






Total 45 613.1 100.0




Eagle House,108-110,Jermyn Street London Offices 54.4 8.9

Bow Lane Estate,Bow Lane London Standard retail 51.9 8.5

Blackfriars,230,Blackfriars Road London Offices 36.2 5.9

Golden Square,37/38,Golden Square London Offices 34.4 5.6

Reading Retail Park,Oxford Road, Reading Retail warehouses 34.3 5.6

Hedge End Retail Park,Tollbar Way,South Southampton Retail warehouses 30.7 5.0

Clock Towers Shopping Rugby Shopping centres 28.0 4.6

Shannon Corner Retail,Burlington Road New Malden Retail warehouses 23.3 3.8

Euroway - Car Dealership,Mills Road Aylesford Industrial 20.1 3.3

St Swithin's Lane,19, 20, 21-23, London Other 20.0 3.3

10 largest investments as % of portfolio 328.8 54.3




0 -2.5 2 3.3 0.5

2.5 — 5 12 45.8 7.5

5 — 10 9 66.8 10.9

10 — 25 15 227.6 37.1

25 — 50 5 163.5 26.7

50-100 2 106.3 17.3

100-150 - - -

Over 150 - - -

Total 45 613.1 100.0

Average lot size - 13.6 2.2


Property yields

Voids as % of ERV

Net initial yield 5.54% Investment 7.6%

Nominal equivalent yield 6.04% Development -



Source: CBRE Global Investors (UK Funds) Ltd Source: CBRE Global Investors (UK Funds) Ltd

69











Other 6.8 6.5

Overall 100.0 100.0

Note: * Excluding residential properties Source: CBRE Global Investors (UK Funds) Ltd


Tenant %

DSG Retail Ltd 3.8

Unilever UK Limited 3.7

IBM United Kingdom Leasing Limited (01197708) 3.6

Secretary of State for the Environment 2.8

Wickes Building Supplies Limited 2.8

Homebase Group Ltd (01460756) 2.6

The Medical Defence Union Ltd 2.4

Homebase Ltd 2.1

Ryland Properties Limited 1.8

Cantillon Capital 1.8





Comparison of rents passing and ERV by type of property**

Sector

Rent passing

(%)


periods %

Development

voids %* Fund voids % Over rented %

Reversionary

potential %


Standard retail 99.4 - - 1.1 -9.0 8.5 -0.5 100.0


Shopping centres 92.6 2.4 - 14.3 -16.9 7.6 -9.2 100.0


Other offices 93.2 - - 18.3 -14.5 3.0 -11.6 100.0

Industrial 96.6 - - 5.0 -10.9 9.3 -1.6 100.0

Other 95.6 - - - -8.7 13.1 4.4 100.0

Overall 92.2 0.3 - 7.6 -10.7 10.7 0.0 100.0

Note: * Comprising the ERV of developments in progress or contractually committed which have not been pre-let ** Excluding residential properties Source: CBRE Global Investors (UK Funds) Ltd











Property valuer Knight Frank (direct properties) & Allsop (Alternative Investments)


Constituent AREF/IPD UK Quarterly Property Fund Index Yes



70

CBRE UK Property Fund LP AREF / IPD Property Fund Vision — Q4 2014


184





Note: * None specified Source: CBRE Global Investors (UK Funds) Ltd






Debt -58.5 - - - -58.5

Cash - - - - -



Gearing (%)




Debt analysis




58.500 Libor + 1.45 - 58.500 Libor + 0.8 -

Note: + Off balance sheet debt may be at fixed or variable rates Source: CBRE Global Investors (UK Funds) Ltd

Quarterly data per unit (Partnership)


Bid (GBP) 1,113.0 1,159.0 1,188.0 1,227.0 1,264.0 1,310.0

Offer (GBP) 1,192.0 1,242.0 1,262.0 1,304.0 1,342.0 1,392.0

Mid (GBP) 1,152.5 1,200.5 1,225.0 1,265.5 1,303.0 1,351.0

Bid/offer spread 6.6% 6.7% 5.9% 5.9% 5.8% 5.9%

Net asset value (GBP) 1,136.0 1,184.0 1,210.0 1,249.0 1,286.0 1,333.0


Yield (at NAV/unit) 5.2% 5.0% 4.7% 4.4% 4.4% 4.2%


Unit pricing

The offer price of the participations and the bid and offer prices of the units are calculated every month. The Fund has no fixed rate debt and

is not subject to performance-related fees.

Distributions

Distributions are made quarterly within 40 business days after each quarter end - 31 December, 31 March, 30 June and 30 September,

respectively.


The minimum investment for a limited partner in the partnership is GBP5m. The minimum investment in the unit trusts is 165 units or

£250,000, whichever is the greater.


Participations in the Partnership and units in the Unit Trusts may be created on 31 December, 31 March, 30 June or 30 September.

Participations in the Partnership and Units in the Funds may be redeemed on giving one quarter and one day’s notice, on 31 December, 31

March, 30 June or 30 September. The unit price is the bid price of the units on the date on which the units are redeemed.

The Manager has the right to defer Redemption Notices for up to 12 months from the relevant date. (The "relevant date" is defined as the

next quarter end date following receipt of a redemption notice). (See “Redemption notices outstanding” overleaf.)

The Manager will assist, wherever possible, in matching buyers and sellers on the secondary market.

Taxation

Capital gains tax: the partnership is tax transparent. The funds are exempt from capital gains tax.

Income tax: the Partnership and the Guernsey unit trust are able to pay their distributions gross of income tax.

71



Stamp duty reserve tax: the transfer of participations in the Partnership is subject to SDLT, currently 4%. Transfers of units in the UK unit

trusts are subject to SDRT, currently 0.5%. Currently, no SDRT is payable on transfers of units in the Guernsey unit trust.

Charges1

The Investment Manager (AIFM)

The AIFM receives a fee from the Fund of 0.1% p.a. of net asset value of the partnership, payable quarterly.

The property manager

The Property Investment Manager’s fee is 0.7% pa on the first GBP60m of the aggregate value of properties held by the partnership,

0.65% pa on the next GBP340m, and 0.60% on the value of gross assets above GBP400m. (Further charges are made for purchases,

fundings, direct development, sales, lettings, lease purchases, the arrangement of borrowing facilities and other permitted services.)

Note: The same levels of fees are incurred by investors whether they invest in the Partnership directly or do so through the UK unit

trusts. While investors in the Guernsey unit trust also bear the costs of that fund, these are regarded by the Manager as de minimus.

Liquidity — Lionbrook Property Partnership




Units in issue as at start of period 415,256 364,984 369,973 380,806 359,422 359,786

Units issued during period - 39,970 11,951 - 364 55,712

Units redeemed during period -50,272 -34,981 -1,118 -21,384 - -

Units in issue at end of period 364,984 369,973 380,806 359,422 359,786 415,498

Unit transfers

Matched bargains - 55,082 - - - 20,145

Matched bargains %* - 14.89% - - - 4.85%

Note: * As % of units in issue at the end of the period Source: CBRE Global Investors (UK Funds) Ltd



Income None - - -


Unitholder analysis — Lionbrook Property Partnership







Total 40 100.0

Major investors




10 largest holders 10 70.9


Internal - -

External 40 100.0


72

The Charities Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

The Charities Property Fund


To invest in a diversified portfolio of commercial property assets in the United Kingdom

To provide a high and secure level of income (currently 5.3% pa) with the prospect of income and capital growth in real terms


Registered charities in England and Wales

Fund details

Type of fund Common Investment Fund (registered charity)





Year-end 24 June

NAV (GBPm) 826.3

Source: Cordea Savills


Manager Cordea Savills Investment Management Ltd

Property Manager Cordea Savills LLP

Property Fund Manager Harry de Ferry Foster

Corporate trustee Citibank International Plc

Auditors KPMG LLP



Period to The Charities ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Property Fund Other balanced funds All balanced funds All funds

3 months 5.1 4.5 4.6 3.8

Year-to-date 17.3 17.3 17.2 16.4

12 months 17.3 17.3 17.2 16.4

3 years+ 10.4 8.7 8.6 8.7

5 years+ 10.0 9.0 8.8 9.5

10 years+ 5.6 4.0 4.2 3.4


Portfolio distribution^ %

The Charities ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Property Fund* Other balanced funds All balanced funds All funds





All UK retail 33.9 32.9 36.0 41.5





All UK offices 21.4 29.5 30.2 23.0





Cash 0.6 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: ^ Including, where held, the fund’s proportionate share of properties held through joint ventures/ indirect investments and cash, but excluding property derivatives/shares Sources: * Cordea Savills ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

73

AREF / IPD Property Fund Vision — Q4 2014 The Charities Property Fund


79


Maximum development exposure No maximum for forward commitments

Maximum speculative development exposure Zero

Maximum lot-size holding as a standing investment No maximum

Maximum lot-size holding permitted at purchase No maximum

Maximum exposure to limited partnerships and joint ventures No maximum

Maximum exposure to closed and open-ended property unit trusts No maximum







Total 107 837.1 100.0




Tesco Store, Chesterfield Rd South Mansfield Standard Retail 50.5 6.0

Sainsbury's, 66 East Barnet Road London N11 Standard Retail 39.0 4.7

Crystal Court, Briset Street & St John's Square London EC1 Office 37.5 4.5

90 Chancery Lane London WC2 Office 29.4 3.5

10 Dean Farrar Street London SW1 Office 26.1 3.1

Tesco Superstore, Stock Way North Bristol Standard Retail 25.0 3.0

Travelodge, Newmarket Road Cambridge Other 21.9 2.6

Redd 42, Ravensbank Business Park Redditch Industrial 20.1 2.4

Trafford Retail Park, Ipsley Street Redditch Retail Warehouse 17.3 2.1

Apex Retail Park, Hampton Road West Twickenham Retail Warehouse 16.7 2.0





0-2.5 18 30.0 3.6

2.5-5 31 116.8 14.0

5-10 37 269.5 32.2

10-25 16 238.3 28.5

25-50 4 132.0 15.8

50-100 1 50.5 6.0

100-150 - - -

Over 150 - - -

Total 107 837.1 100.0











Other 14.4 14.3

Overall 100.0 100.0


74


APIA Regional






Source: Cordea Savills Source: Cordea Savills Note:*1% of the void rate is due to tenant that has paid a surrender premium of 18 months rent from July 2013 and the tenant is now void.




periods %

Development


Reversionary

potential %

Net reversionary

potential % ERV %

Standard Retail 103.4 - - - -3.7 0.3 -3.4 100.0

Retail Warehousing 98.0 - - 1.5 -3.8 4.3 0.4 100.0

Shopping Centres - - - - - - - -

Central London Offices 84.4 - - - - 15.6 15.6 100.0

Other Offices 97.8 - - 1.7 -3.7 4.2 0.5 100.0

Industrial 100.4 - - - -3.7 3.3 -0.4 100.0

Other 99.0 - - - -0.2 1.1 1.0 100.0

Overall 98.7 - - 0.5 -2.9 3.8 0.9 100.0

Note: * Comprises the ERV of developments in progress or contracted which have not been pre-let Source: Cordea Savills











Valuer Cushman & Wakefield






Tenant %

Tesco Stores Limited (surety: Tesco Plc) 6.9

Sytner Properties Limited (surety: Sytner Group Limited) 3.5

Sainsbury's Supermarkets Limited (Sainsbury's Plc) 3.4

EHS Brann Limited (surety: Havas SA) 3.3

John Lewis Plc 2.9

The Secretary of State for Communities and Local Government 2.8

Wickes Building Supplies Limited (surety: Wickes Holdings Limited) 2.6

Rybrook Limited (surety: Rybrook Holdings Limited) 2.5

Travelodge Hotels Limited 2.2

VW Group UK Limited 2.0





75

AREF / IPD Property Fund Vision — Q4 2014 The Charities Property Fund


81



Bid (GBP) 0.9556 0.9824 0.9963 1.0401 1.0539 1.0928

Offer (GBP) 0.9811 1.0112 1.0239 1.0681 1.0828 1.1236

Mid (GBP) 0.9684 0.9968 1.0101 1.0541 1.0684 1.1082

Bid/offer spread 2.6% 2.8% 2.7% 2.6% 2.7% 2.7%



Yield (at NAV/unit) 5.6% 5.5% 5.4% 5.2% 6.6% 6.5%

Ten largest tenants' contribution to rental income



Cash holdings (maximum) No maximum

Cash holdings (minimum) Zero







Debt -15.8 - - - -15.8

Cash 5.1 - - - 5.1



Gearing (%)




Unit pricing

The unit price is calculated as at the date of the quarterly revaluation of the portfolio. Income is not included in the calculation.

Distributions

Distributions of income are made quarterly, approximately six weeks after each valuation date on 15 February, 15 May, 15 August and 15

November each year.


Minimum initial investment: GBP25,000

Minimum additional investment: No minimum

Minimum redemption: GBP10,000 (subject to the discretion of the Manager)


Completed application forms and redemption forms need to be received by the Manager at least 14 days prior to the Dealing date, which is

the last business day of each quarter. Application Payments and Redemption proceeds are to be received/ paid on the settlement date,

which is 4 business days post the Dealing date. (See note 4 and “Redemption notices outstanding”, overleaf.) The Manager will endeavour

to match buyers with sellers.

Taxation

As a charity itself, under current UK tax legislation, the fund is not subject to Stamp Duty Land Tax (currently 4% on all property transactions

over GBP0.5m), capital gains tax or income tax. Unit transfers are exempt from Stamp Duty Reserve Tax.

Charges

The Manager’s, property Manager’s and corporate trustees’ fees are calculated on the following basis:

The Manager & Property Manager

First GBP100m: 0.70% pa

GBP 100 — GBP500m: 0.525%

Above GBP500m:0.45%

The Manager also renders a preliminary charge of 0.25% added to the unit price

(and may impose a redemption charge)

The corporate trustee

GBP10m — GBP200m — 0.05%

Above GBP200m — 0.0375%

76


APIA Regional

Liquidity






Units redeemed during period -1,756,121 -4,495,992 - -22,888,288 -29,487,551 -16,617,357


Participations/Unit transfers



Note: * as % of units in issue at the end of the period Source: Cordea Savills


Unit type Year to Year to Year to Year to

- Nil - - -


Unitholder analysis







Total 1,700 100.0

Major investors






Internal - -

External 1,700 100.0


Notes

1. Mayflower Management Company Limited is a wholly-owned subsidiary of Cordea Savills Investment Management Ltd

2. The fund is valued quarterly on the penultimate business day of March, June, September and December

3. Except in respect of an entire holding of units

4. At the discretion of the Manager, redemption rights may be subject to the following restrictions:

- A general right to delay redemptions for three to six months

- A delay of up to 12 months where redemption sought represents 10% or more of units in issue

- The Manager may propose a resolution to wind up the fund where redemptions sought represent 30% or more of units in issue

- The Manager has the ability to impose a redemption charge where it considers that the redemption is likely to have a detrimental

impact on the remaining unitholders

77

AREF / IPD Property Fund Vision — Q4 2014 COIF Charities Property Fund


83

COIF Charities Property Fund


The Fund aims to achieve a high and sustainable level of income and some capital appreciation. It mainly invests in a diversified portfolio of

direct property assets, but may also invest in specialist property unit trusts and property shares

The Fund’s performance benchmarks are the IPD UK Quarterly indices, adjusted to exclude the top and bottom 5% of funds by size and

single asset companies


Registered charities in England and Wales

Fund details

Type of fund Common Investment Fund (Charity)


Launch date 29 August 2002




NAV (GBPm) 442.5

Source: CCLA Investment Management Limited


Manager CCLA Investment Management Limited

Fund manager Roy Halliday

Trustee HSBC Bank plc

Auditors PWC



Period to COIF Charities ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------


3 months 4.7 4.5 4.6 3.8

Year-to-date 20.0 17.3 17.2 16.4

12 months 20.0 17.3 17.2 16.4

3 years+ 9.3 8.7 8.6 8.7

5 years+ 9.6 9.0 8.8 9.5

10 years+ 5.5 4.0 4.2 3.4



COIF Charities ------------- AREF/IPD UK Quarterly Property Fund Index** --------------






All UK retail 28.8 32.9 36.0 41.5

City offices 14.2 3.2 3.7 3.3




All UK offices 42.6 29.5 30.2 23.0





Cash - 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * CCLA Investment Management Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

78

COIF Charities Property Fund AREF / IPD Property Fund Vision — Q4 2014


84



Maximum speculative development exposure Zero

Maximum lot-size holding as a standing investment No maximum











Total 77 452.1 100.0




80 Cannon Street London EC4 Offices 40-45 9.8

Fetter Lane London EC4 Offices 20-25 5.1

Mendlesham Industrial Estate Mendlesham Industrial 20-25 5.1

Syward Place Chertsey Offices 15-20 3.5

Eastcheap London EC3 Offices 15-20 3.4

32 Westhill Aberdeen Offices 10-15 3.3

1-3 College Hill London EC4 Offices 10-15 2.9

Wallace Facility Aberdeen Industrial 10-15 2.3

Bartley Wood Hook Offices 10-15 2.3

Jolly Sailor Retail Park Tamworth Retail Warehouses 10-15 2.2


Source: CCLA Investment Management Limited / IPD estimates



0-2.5 14 21.2 4.7

2.5-5 32 115.0 25.4

5-10 21 134.8 29.8

10-25 9 136.6 30.2

25-50 1 44.5 9.8

50-100 - - -

Over 100 - - -

Total 77 452.1 100.0











Other 0.8 0.7

Overall 100.0 100.0







Source: CCLA Investment Management Limited Source: CCLA Investment Management Limited

79



85




periods %

Development


Reversionary

potential %


Standard retail 107.0 - - 1.7 -8.7 - -8.7 100.0

Retail warehousing 97.8 - - 1.0 - 1.2 1.2 100.0


Central London offices 69.7 - - 12.7 - 17.5 17.5 100.0

Other offices 92.3 - - 7.5 - 0.2 0.2 100.0

Industrial 98.1 - - - - 1.9 1.9 100.0

Other 100.0 - - - - - - 100.0

Overall 92.8 - - 4.4 -0.7 3.5 2.8 100.0

Note: * Comprises the ERV of developments in progress or contracted which have not been pre-let Source: CCLA Investment Management Limited


Tenant %

CEVA Logistics Limited 6.2


Technip UK Limited 3.2

Spandex Limited 3.2

HP Enterprise Defence & Security UK Limited 3.1

Edwards Wildman Palmer UK LLP 3.0

Automatic Data Processing Limited 3.0

Boots UK Limited 2.9

B & M Retail Limited 2.7

Smith International (North Sea) Limited 2.3














Frequency of valuation Monthly on the last day of the month

Valuer BNP Paribas Real Estate










Debt -9.6 - - - -9.6

Cash - - - - -



Gearing (%)




80

COIF Charities Property Fund AREF / IPD Property Fund Vision — Q4 2014


86




Cash holdings (minimum) Zero


Quarterly data per unit (Income units)


Bid (GBp) 94.160 95.720 97.330 99.220 104.020 105.540

Offer (GBp) 97.310 98.930 100.590 102.520 107.510 109.070

Mid (GBp) 95.735 97.325 98.960 100.870 105.765 107.305

Bid/offer spread 3.2% 3.2% 3.2% 3.2% 3.2% 3.2%

Net asset value (GBp) 93.840 95.370 97.160 100.780 104.030 107.200

Income distribution (GBp) 1.800 1.860 1.700 1.750 1.630 1.680

Yield (at NAV/unit) 7.9% 7.5% 7.3% 7.1% 6.7% 6.3%


Unit pricing

The unit price for dealing in either income or accumulation units is calculated as at close of business on the day preceding each dealing day.

The dealing day is normally the last Thursday of each calendar month. Net income is included in the calculation. For calculation of the

income unit price at each quarter end, income is not included in the calculation.

Distributions

For income unitholders, distributions of income are calculated quarterly and distributed at the end of February, May, August and November.

Accumulation unitholders do not receive distributions of income. The income is reinvested in the fund and is reflected in the accumulation

unit price.



Minimum additional investment: GBP1,000

Minimum redemption: GBP1,000


Completed application forms together with payment must be received by 5pm on the business day prior to the dealing date. Completed

redemption forms must be received by the manager by 5pm on the day prior to the dealing day. Settlement cheques are sent out within four

business days of the dealing date.

The Manager reserves the right to defer redemptions for up to six months if it considers it necessary for the protection of the continuing

unitholders to do so. (See “Redemption notices outstanding”.)

Taxation

As a registered charity, the fund is currently exempt from income and capital gains tax and is not subject to stamp duty.

Charges

The manager’s fee is 0.65% pa of the value of the fund.

The corporate trustee’s fee is 0.045% on the first GBP50m; 0.030% on next GBP50m and 0.020% on next GBP100m of the value of the

fund.

Unitholder analysis







Total 743 100.0

Major investors






Internal 2 19.8

External 741 80.2


81



87

Liquidity








Participations/Unit transfers



Note: * as % of units in issue at the end of the period Source: CCLA Investment Management Limited



Income Nil - - -

Accumulation Nil - - -


82

AREF / IPD Property Fund Vision — Q4 2014 Cordea Savills UK Income and Growth Fund


93

Cordea Savills UK Income and Growth Fund


The objective of the Fund is to acquire and manage a diversified portfolio of UK investment properties, characterised by the quality of

their income, in order to generate regular and stable income distributions and capital growth over the longer term.


The Fund is open to expert investors as defined by the Jersey Financial Services Commission.

Fund details


Residence Jersey

Launch date 25 January 2010



Year-end 31 March

NAV (GBPm) 105.0

Source: Cordea Savills Investment Management Limited


Manager Cordea Savills Fund Managers (Jersey) Limited

Property advisor Cordea Savills LLP

Investment Advisor Cordea Savills Investment Management Limited

Fund Manager George Tindley

Corporate trustee SG Hambros Trust Company (Channel Islands) Limited

Auditors PricewaterhouseCoopers CI LLP



Period to Cordea Savills UK ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Income and Growth Fund** Other balanced funds All balanced funds All funds

3 months 2.6 4.5 4.6 3.8

Year to date 12.4 17.3 17.2 16.4

12 months 12.4 17.3 17.2 16.4

3 years+ 8.8 8.7 8.6 8.7

5 years+ - 9.0 8.8 9.5

10 years+ - 4.0 4.2 3.4

Note: * Weighted average returns + Annualised Sources: * AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch) ** Cordea Savills Investment Management Limited

Portfolio distribution ^ %

Cordea Savills UK ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Income and Growth Fund* Other balanced funds All balanced funds All funds





All UK retail 70.9 32.9 36.0 41.5




Rest of UK offices - 4.7 5.6 3.4

All UK offices 3.9 29.5 30.2 23.0





Cash 7.9 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * Cordea Savills Investment Management Limited Note: ^ Including, where held, the fund’s proportionate share of properties held through joint ventures/indirect investments and cash ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

83

Cordea Savills UK Income and Growth Fund AREF / IPD Property Fund Vision — Q4 2014




Maximum speculative development exposure Nil








Frequency of valuation Monthly, on the last Business Day











Total 14 99.4 100.0




Gallagher Retail Park Bristol Retail Warehouses 30.7 30.9

Albion Place Leeds Standard Retail 9.5 9.5

Virgin Active Health Club Sheffield Leisure 8.3 8.4

Apollo Park Warrington Standard Retail 7.8 7.9

Sandvik Unit Sheffield Industrial 7.7 7.8

Manor Road Brackley Standard Retail 6.3 6.4

95 Jermyn Street London Standard Retail 5.1 5.2

The Counting House Glasgow Standard Retail 5.1 5.1

Lampton House London Office 4.3 4.3

Rose & Crown London Standard Retail 3.6 3.6

10 Largest investments as % of portfolio 88.4 89.0


Portfolio structure by lot-size bands


0 -2.5 1 1.7 1.7

2.5 - 5 5 17.1 17.2

5 - 10 - - -

10 - 25 7 49.8 50.2

25 - 50 - - -

50 - 100 1 30.8 30.9

100 - 150 - - -

Over 150 - - -

Total 14 99.4 100.0






GBPm - - - -


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Cordea Savills Investment Management Limited

84



95


Net initial yield 5.71% Investments -


True equivalent yield 6.40% Total -












Other 9.5 9.4

Overall 100.0 100.0





periods %

Development


Reversionary

potential %


Standard retail 89.1 7.8 - - - 3.1 3.1 100.0




Other offices 100.3 - - - -0.3 - -0.3 -

Industrial 97.7 - - - - 2.3 2.3 100.0

Other 99.8 - - - - 0.2 0.2 100.0

Overall 98.2 3.3 - - -3.2 1.6 -1.5 100.0

*Comprising the ERV of developments in progress or contracted which have not been pre-let Source: Cordea Savills Investment Management Limited










Tenant %

B&Q Plc 28.9

Sandvik Holdings 9.6

Virgin Active Group Investments Ltd 9.6

Mid Counties Co-Op 5.3

Orange Business Holdings UK Limited 5.0

JD Wetherspoon Plc 4.9

DSG Retail Ltd 4.9

Waitrose 4.7


Bracken Ltd 3.5





85

Cordea Savills UK Income and Growth Fund AREF / IPD Property Fund Vision — Q4 2014




Bid (GBp) 992.574 1,018.372 1,033.574 1,049.954 1,073.921 1,087.817

Offer (GBp) 1,060.587 1,088.021 1,103.437 1,115.103 1,140.871 1,150.874

Mid (GBp) 1,026.581 1,053.197 1,068.506 1,082.529 1,107.396 1,119.346

Bid/offer spread 6.4% 6.4% 6.3% 5.8% 5.9% 5.5%

Net asset value (GBp) 1,000.842 1,026.838 1,042.066 1,057.874 1,082.112 1,095.595

Quarterly distribution (GBp) 14.540 14.900 14.300 13.590 12.775 14.139

Y ield 5.6% 5.4% 5.5% 5.4% 5.1% 5.0%


Debt analysis

Interest rate swaps/Fixed rate borrowings Variable rate borrowings



- - - - - -

Source: Cordea Savills Investment Management Limited Balance sheet/gearing





Debt - - - - -

Cash 8.5 - - - 8.5



Gearing (%)





Maximum total gearing permitted 42% of Net Asset Value

Cash holdings (maximum) ~

Cash holdings (minimum) ~

Note: ~ Not applicable Source: Cordea Savills Investment Management Limited

NAV per unit

The NAV of the Fund is re-calculated following the independent valuation of the portfolio on the last business day of each month (or, if this is

not a Business Day, on the preceding business day). Income is the property of unit holders (and not of the Fund) and is, therefore, not taken

into account in the recalculation.

When applicable, performance fees are accrued and are reflected in the monthly statements to investors. However, they are not included in

the unit price as performance fees are specific to each investor.

Distributions

The Fund distributes 100% of its income (net of expenses, including performance-related fee, if any) on a quarterly basis which will be paid

within 30 business days of the quarter.

Distributions of income are made gross of income tax to UK residents and to overseas residents qualifying under the Non-Resident

Landlord’s Scheme.


Minimum initial investment: GBP1,000,000 (subject to the discretion of the manager)


Minimum holding: GBP1,000,000 (subject to the discretion of the manager)


Units may be transferred between investors by the execution of an appropriate form of transfer, subject to certain conditions — principally

that the transferee is also an Expert Investor and that the transfer would not result in a holding by the transferor or transferee of less than the

minimum amount.

The Investment Advisor will endeavour to provide a “matched bargain” service to facilitate secondary market trades, reserving the right to

charge both the buyer and the seller up to 0.25% of the consideration of any matched bargain trade that it facilitates.

Taxation

Capital gains tax: since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may

be liable to capital gains tax on the redemption or sale of their units in the fund.

86



97

Income tax: distributions of income are made gross of income tax to UK residents and to overseas residents qualifying under the Non-

Resident Landlord’s Scheme.

Stamp duty reserve tax: the fund’s registration in Jersey means that the issue and transfer of units does not attract SDRT.

Charges

Initial Charge A fee of up to 5.0% may be charged at the discretion of the Manager.

Base Management Fee The Manager is entitled to a base management fee of 0.75% pa of the Fund’s Net Asset Value, payable quarterly in arrears.

Liquidity




Units in issue as at start of period - 33,745 59,881 76,691 76,700 81,987

Units issued during period - 26,136 16,810 9 5,287 13,817


Units in issue at end of period - 59,881 76,691 76,700 81,987 95,804

Unit transfers



Note: * As % of units in issue at the end of the period


Unitholder analysis







Total 19 100.0

Major investors






Internal 2 0.3

External 17 99.7


87

AREF / IPD Property Fund Vision — Q4 2014 F&C UK Property Fund

Royal London Exempt Property Unit Trust

F&C UK Property Fund Investment policy and objective

The Fund aims to maximise total return through investment mainly in a diversified portfolio of UK commercial property, seeking to add value

through strategic asset allocation, stock selection and asset management. The fund is a new fund with no legacy assets buying properties

which are suitable for today’s economic environment.


The Fund is open to investment by institutional investors (including pension funds, SIPPs, charities, etc) wealth managers, retail and

individual investors.

Fund details

Type of fund Open Ended Investment Company(OEIC)


Launch date June 2010*



Year-end 28 February

NAV (GBPm) 203.4

Note: * The F&C UK Property Fund was launched on 28 June 2010 Source: F&C Asset Management


Manager F&C REIT Property Asset Management plc

Investment advisor F&C REIT Property Asset Management plc

Property fund manager Guy Glover & Julian Smith

Depository State Street Trustees Ltd


Source: F&C Asset Management


Period to F&C UK ---------------- AREF/IPD UK Quarterly Property Fund Index*-------------------


3 months 6.0 4.5 4.6 3.8

Year-to-date 8.4 17.3 17.2 16.4

12 months 8.4 17.3 17.2 16.4

3 years+ 6.9 8.7 8.6 8.7

5 years+ - 9.0 8.8 9.5

10 years+ - 4.0 4.2 3.4

Note: * Weighted average returns + Annualised Source: The AREF/PD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

Portfolio distribution %+

F&C UK ------------- AREF/IPD UK Quarterly Property Fund Index** --------------






All UK retail 36.0 32.9 36.0 41.5





All UK offices 30.4 29.5 30.2 23.0





Cash 11.9 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the Fund’s share of any properties held jointly or through indirect holdings Sources: * F&C UK Asset Management ** The AREF/IPD UK Quarterly Property Fund Index (Sponsored PropertyMatch)

88

F&C UK Property Fund AREF / IPD Property Fund Vision — Q4 2014


274


Maximum development exposure* n/a

Maximum speculative development exposure n/a

Maximum lot-size holding as a standing investment n/a

Maximum lot-size holding permitted at purchase* 15%

Maximum exposure to limited partnerships* n/a

Maximum exposure to joint ventures* n/a

Maximum exposure to closed and open-ended property unit trusts* n/a

Note: * None specified Source: F&C UK Asset Management






Total 33 179.1 100.0

Source: F&C UK Asset Management



158-170 (even) Edmund Street Birmingham Offices 11.7 6.5

Audi, Northfield Drive Milton Keynes Retail Warehouse 11.3 6.3

Matalan Unit, North Street Romford Retail Warehouse 9.3 5.2

Chalfont Road, Seer Green Beaconsfield Offices 9.0 5.0

410 & 420, Bristol Business Park Bristol Offices 8.2 4.6

219-223 London Road East Grinstead Retail Warehouse 8.1 4.5

Adelphi House, Friar Street Reading Offices 7.8 4.3

TUI Travel House, Fleming Way Crawley Offices 7.6 4.2

62-66 George Street Edinburgh Leisure 7.1 4.0

32-33 Clipper Boulevard East Dartford Industrial 6.4 3.6





0 -2.5 2 3.9 2.2

2.5 - 5 15 55.3 30.9

5 - 10 14 96.9 54.1

10 - 25 2 22.9 12.8

25 - 50 - - -

50 - 100 - - -

100-150 - - -

Over 150 - - -

Total 33 179.1 100.0











Other 3.9 4.0

Overall 100.0 100.0


89



Restrictions on borrowings






GBPm - - - -

-% of all directly held properties* - - - -

Note: * Includes joint ventures in which the Fund has an interest of 50% or more +Including schemes to which the fund is contractually committed Source: F&C UK Asset Management




periods %

Development


Reversionary

potential %

Net reversionary Potential ERV %

Standard retail 101.9 - - - -2.5 0.5 -1.9 100.0




Other offices 101.5 - - - -2.1 0.6 -1.5 100.0

Industrial 96.0 - - - -0.6 4.6 4.0 100.0

Other 96.7 - - - - 3.3 3.3 100.0

Overall 100.6 - - - -2.1 1.6 -0.6 100.0

Note: * Comprising the ERV of developments in progress or contracted that have not been pre-let Source: F&C UK Asset Management

Property yields Voids as % of ERV:

Net initial yield 5.96% Investment -

Nominal equivalent yield 5.97% Development -



Source: F&C UK Asset Management Source: F&C UK Asset Management










Tenant %

Public Sector 7.8

Lancaster plc 7.0

PerkinElmer Limited 5.6

Matalan Retail Limited 5.6

Homebase Limited 4.7

Motability Operations Limited 4.6

First Choice Holidays Limited 4.5

Macarthys Laboratories Limited 3.8

Anixter Limited 3.6

Howard Hunt (City) Limited 3.4





90

F&C UK Property Fund AREF / IPD Property Fund Vision — Q4 2014


276


Frequency of valuation Monthly, on the last working day of the month

Valuer Knight Frank


Constituent of Pooled Property Fund Index Yes








Debt 24.3 - - - 24.3

Cash - - - - -

Other net assets/liabilities 203.4 - - - 203.4

Total net assets

Gearing (%) (13.6) - - - (13.6)


Net debt (cash)/equity - - - - -

)Source: F&C UK Asset Management

Unit pricing

The share price is calculated monthly on valuation day, the last working day of each month.

Quarterly data per share

As at 31 Dec 13 31 Mar 14 30 Jun 14 30 Sep 14 30 Dec 14

Offer (GBP) 102.3 102.7 106.2 105.2 170.1

Net Asset Value (GBP) - 2.07 - 1.88 -


Distributions

Distributions of income are made bi-annually, on 30th Apr & 31 Oct.


Minimum initial investment: GBP 1,000

Minimum additional investment: GBP 1,000

Minimum redemption: GBP100

Minimum holding: GBP100


Investment into the Fund is normally possible on any working day in the UK. All purchase or repurchase instructions received before 12

noon on a working day will be transacted at the price determined at the 12 noon Valuation Point. Settlement of purchases is four days after

the instructions are received, the settlement of repurchases will normally be four days after receipt of the relevant documentation by the fund

administrator.

Purchase or repurchase instructions received after 12 Noon will be carried forward to the next working day.

Liquidity**

Period Year to Year to

Dec 2013 Dec 2014


Units in issue as at start of period 96,455,070 115,486,039

Units issued during period 24,488,967 171,039,178

Units redeemed during period -5,457,998 -44,895,832

Units in issue at end of period 115,486,039 241,629,386

Unit transfers

Matched bargains - -

Matched bargains %* - -

Note: * As % of shares in issue at the end of the period Source: F&C UK Asset Management

91



Unitholder analysis

Number of shareholders Total % held

Less than 1% of shares in issue 1,550 16.3





Total 1,577 100.0

Major investors

Largest 1 11.5


Five largest 5 40.5

Ten largest 10 57.5


Internal * *

External * *

Source: F&C UK Asset Management Note: * None specified

92

AREF / IPD Property Fund Vision — Q4 2014 Fidelity UK Real Estate Fund


103

Fidelity UK Real Estate Fund


The objective of the Fund is to provide capital appreciation along with an attractive and stable income return.


The Fund is available to institutional investors only. (The minimum subscription required to participate is £3 million.)

Fund details

Type of fund SCA (Société en commandite par actions)

Residence Luxembourg

Launch date May 2008



Year-end 30 June

NAV (GBPm) 303.0

Source: FIL Limited


Manager FIL Fund Management Limited

Portfolio manager Alison Puhar

Custodian Brown Brothers Harriman (Luxembourg) S.C.A.


Source: FIL Limited


Period to Fidelity UK ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Real Estate Fund ^ Other balanced funds All balanced funds All funds

3 months 7.4 4.5 4.6 3.8

Year-to-date 24.2 17.3 17.2 16.4

12 months 24.2 17.3 17.2 16.4

3 years+ 8.6 8.7 8.6 8.7

5 years+ 8.6 9.0 8.8 9.5

10 years+ - 4.0 4.2 3.4

Note: * Weighted average returns + Annualised ^ Accumulation shares Source: AREF/UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Fidelity UK ----------- AREF/IPD UK Quarterly Property Fund Index** ------------

Real Estate Fund * Other balanced funds All balanced funds All funds

Standard retail — South East - 5.9 6.4 5.5




All UK retail 11.1 32.9 36.0 41.5





All UK offices 41.3 29.5 30.2 23.0




Other properties - 10.5 8.8 14.8

Cash 1.9 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * FIL Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

93

Fidelity UK Real Estate Fund AREF / IPD Property Fund Vision — Q4 2014


104


Maximum development exposure (1) 15.0% of GAV

Maximum speculative development exposure (1) 15.0% of GAV

Maximum lot-size holding as a standing investment 20.0% of GAV

Maximum lot-size holding permitted at purchase 20.0% of GAV

Maximum exposure to limited partnerships (2) 20.0% of GAV

Maximum exposure to joint ventures (2) 20.0% of GAV

Maximum exposure to closed and open-ended property unit trusts (3) 10.0% of NAV

Maximum exposure to listed companies and trusts (3) 10.0% of NAV

Note: (1, 2, 3 — investment restrictions applied together as singular measure) Source: FIL Limited






Total 32 304.0 100.0

Source: FIL Limited



Martland Park Wigan Industrial 10-25m 7.5

200 Berkshire Place Reading Office 10-25m 7.1

Victoria Way London Industrial 10-25m 6.6

3, City Place Crawley Office 10-25m 6.4

Palace Towers Hamilton Retail Warehouse 10-25m 6.3

Pall-Ex Distribution Centre Coalville Industrial 10-25m 5.5

Harbourgate Portsmouth Industrial 10-25m 4.8

280, Bartley Wood Hook Office 10-25m 4.6

Fusion Point 2 Cardiff Office 10-25m 4.0

23, Brunswick Gate Southampton Office 10-25m 3.8


Source: FIL Limited / IPD estimates



0-2.5 2 2.6 0.9

2.5-5 6 22.2 7.3

5-10 12 85.5 28.1

10-25 12 193.7 63.7

25-50 - - -

Over 50 - - -

Total 32 304.0 100.0


Source: FIL Limited









Other - -

Overall 100.0 100.0

Source: FIL Limited

94



105

Property yields*

Voids as % of ERV


Nominal equivalent yield - Developments -



Source: FIL Limited




GBPm - - - -


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: FIL Limited




periods %

Development


Reversionary

potential %


Standard retail 111.2 - - - -11.2 - -11.2 100.0

Retail warehousing 97.0 - - - - 3.0 3.0 100.0



Other offices 88.3 - - 11.6 - 0.1 0.1 100.0

Industrial 93.2 - - 1.4 - 5.4 5.4 100.0

Other - - - - - - - -

Overall 91.6 - - 5.9 -0.2 2.7 2.4 100.0

Note: * Comprising the ERV of developments in progress or contracted that have not been pre-let Source: FIL Limited


Frequency of valuation Monthly on the last day of the month





Source: FIL Limited


Tenant %

The Sage Group Plc 9.5

Cintas Document Management UK Ltd 8.5

SportsDirect.com Retail Limited 7.7

Virgin Media Ltd 6.2

Pall-Ex Holdings Ltd 5.4

The First Secretary Of State 4.5

National Westminster Bank Plc 4.5

Novo Nordisk Ltd 4.2

Freeth's LLP 4.0

Great Bear Distribution Ltd 2.7




Source: FIL Limited

The average unexpired term of leases







Source: FIL Limited

95

Fidelity UK Real Estate Fund AREF / IPD Property Fund Vision — Q4 2014


106

Restrictions on holdings of cash/borrowings (% of NAV)


for investment purposes 100.0%


Cash holdings (maximum) 10.0%


Note: * None specified Source: FIL Limited






Debt - - - - -

Cash 5.9 - - - 5.9



Gearing (%)



Source: FIL Limited

Quarterly data per share — accumulation shares


Bid (GBP) 3,097.15 3,234.38 3,368.35 3,564.22 3,742.27 4,017.63

Offer (GBP) 3,301.01 3,447.27 3,590.06 3,798.83 3,988.60 4,282.08

Mid (GBP) 3,199.08 3,340.82 3,479.20 3,681.53 3,865.43 4,149.86

Bid/offer spread 6.2% 6.2% 6.2% 6.2% 6.2% 6.2%


Source: FIL Limited

Unit pricing

The unit price is calculated as at the last day of each month. Income is included in the unit price. Any performance fees which become

payable are accrued on a monthly basis. The Fund currently has no fixed rate borrowings or interest rate swaps but, if it had, these would

be marked to market as at the end of each month.

Distributions

Distributions of income are made quarterly, on 22 April, 22 July, 22 October and 22 January.


Minimum initial investment: GBP 3,000,000


Minimum redemption: None specified

Creations of shares

Applications to subscribe for shares in the Fund must be received in the month prior to the next dealing date. Dealing dates are set on the

22nd of each calendar month or the business day prior if this date falls on a weekend or a bank holiday.

Redemptions of shares

Applications to redeem shares in the Fund must be must be received in the month prior to the next dealing date. Dealing dates are set on

the 22nd of each calendar month or the business day prior if this date falls on a weekend or a bank holiday. In the normal course of

business the Manager will seek to meet redemptions within 3 months of receiving an application however may in exceptional circumstances

have to postpone a redemption request for a further 12 months should liquidity not be available.

Taxation

The fund vehicle is a SICAV and is regarded as a separate taxable entity under the laws of Luxembourg, its country of establishment. It is

not subject to tax in Luxembourg on its income or capital gains.

Performance fee

The manager will earn a performance fee in the event that the Fund outperforms the IPD UK Quarterly Property Funds Index — All Balanced

Fund Index by an amount of 0.5% per annum measured on a rolling 3 year basis (The Performance Hurdle).

96



107

If at a Quarter Date the three year annualised total return of the Fund is positive and equal to or exceeds the Performance Hurdle the Fund

will pay a Performance Fee on a quarterly basis in an amount equal to 0.35% per annum of the average NAV of the Fund for the first quarter

in that three year period.

If at that same Quarter Date the three year annualised total return of the Fund is positive and exceeds the Performance Hurdle by a

minimum of 1.0% a further Performance Fee will be paid by the Fund to Fidelity in an amount equal to 0.15% per annum of the average NAV

of the Fund for the first quarter in that three year period.

The maximum Performance Fee will be 0.50% per annum of the average NAV of the Fund for the first 12 months of the relevant three year

period.

For the avoidance of doubt, the total return of the Fund for the purposes of calculating if a Performance Fee is payable is calculated net of all

fees and costs including Fund Fee and any Performance Fee.

Liquidity*





Units issued during period - 25,507 4,578 461 7,614 27,268

Units redeemed during period - - -210 -505 - -


Unit transfers

Matched bargains - - 435 - 5,320 46

Matched bargains %* - - 0.9% - 10.0% 0.1%

Source: FIL Limited

Unitholder analysis







Total 21 100.0

Major investors




Eight largest holders 10 87.0


Internal 1 2.6

External 20 97.4

Source: FIL Limited



Income/accumulation Nil - - -

Source: FIL Limited

97

FL GM Property AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

FL GM Property


The Fund’s policy is to invest in a diversified portfolio of commercial property throughout the UK. Its objective is to show an above-

median performance in any 12-month period, and to perform above median in any three-year period, when compared to similar funds

in the property sector of the CAPS Pooled Pension Fund Survey.


The Fund is open for investment only to UK registered pension schemes.

Fund details

Type of fund Managed fund


Launch date October 1979




NAV (GBPm) 435.7

Source: AXA Real Estate


Fund manager AXA Real Estate

Property fund manager Rob Awford

Trustee n/a




Period to FL GM ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Property Managed funds All balanced funds All funds

3 months 2.9 4.6 4.6 3.8

Year-to-date 15.7 16.9 17.2 16.4

12 months 15.7 16.9 17.2 16.4

3 years+ 6.7 7.3 8.6 8.7

5 years+ 7.4 8.6 8.8 9.5

10 years+ 3.9 4.7 4.2 3.4



FL GM ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Property+* Managed funds All balanced funds All funds





All UK retail 43.8 32.9 36.0 41.5





All UK offices 11.8 29.5 30.2 23.0





Cash 7.2 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the fund’s share of any properties held jointly or through indirect holdings Sources: * AXA Real Estate **AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

98

AREF / IPD Property Fund Vision — Q4 2014 FL GM Property







Maximum exposure to limited partnerships Nil^



Note: * None specified ^ But no restriction on partnerships internal to AXA Source: AXA Real Estate






Total 99 404.8 100.0




Bentley Bridge Shopping Park Wolverhampton Retail Warehouse 34.5 8.5

Nursling Industrial Estate Southampton Industrial 19.2 4.8

Bushey Road Raynes Park Retail Warehouse 17.4 4.3

David Lloyd Health Club Hampton Twickenham Other 16.9 4.2

The Plaza Wokingham Retail 12.2 3.0

Meridian Leicester Industrial 11.5 2.8

Amida Health Centre Beckenham Other 11.3 2.8

St. Martins House Watford Other 10.4 2.6

23-28 High Street Bath Retail 9.8 2.4

Auldhouse Retail Park Glasgow Retail Warehouse 9.0 2.2



Joint holdings

Holding Sector Joint/indirect Ownership (%) Valuation (GBPm) % of total portfolio

76-82 High Road, Ilford Retail Joint 25.0 0.7 0.2

196/198 High Street, Bromley Retail Joint 25.0 0.2 0.1

Total 1.0 0.2




0 -2.5 42 51.4 12.7

2.5 - 5 33 122.1 30.2

5 - 10 13 91.5 22.6

10 - 25 7 98.9 24.4

25 - 50 1 34.5 8.5

50 - 100 - - -

100-150 - - -

Over 150 - - -

Total 96 398.4 98.4



Listed investments

Holding Ownership (%) Value (GBPm) % of total portfolio

AXA Property Trust 14.20 5.4 1.3


99


APIA Regional






Source: AXA Real Estate Note: ~ While the fund has no current developments, it owns a number of vacant sites that have no ERV Source: AXA Real Estate









Other 11.1 10.8

Overall 100.0 100.0



Tenant %

Next Generation Amida Services 5.6

Booker Ltd 5.4

Public Sector 3.4

B&Q Plc 3.4

Jurys Hotel Management (UK) Ltd 2.9

Pets at Home 2.7

Virgin Active Ltd 2.2

Marks and Spencers Ltd 2.1

Emerson Process Management 2.0

Moeller Holdings Ltd 1.9








periods %

Development


Reversionary

potential %


Standard retail 95.7 - - 10.3 -14.7 8.6 -6.1 100.0


Shopping centres 54.4 - - 43.9 -13.7 15.4 1.6 100.0


Other offices 63.1 - - 15.2 -3.7 25.4 21.7 100.0

Industrial 90.5 - - 5.4 -3.8 7.9 4.1 100.0

Other 90.3 - - - -0.4 10.0 9.7 100.0

Overall 88.5 - - 8.1 -7.0 10.4 3.4 100.0

Notes: * Comprises the ERV of developments in progress or contracted which have not been pre-let Source: AXA Real Estate









100

AREF / IPD Property Fund Vision — Q4 2014 FL GM Property



Frequency of valuation Monthly, on the last day of the month

Valuer CB Richard Ellis







for investment purposes None

for liquidity purposes None







Properties at valuation 398.4 1.0 - - 399.4

Quoted investments - - - 5.4 5.4

Debt - - - - -



Total net assets 429.3 1.0 - 5.4 435.7

Gearing (%)

Net debt(cash)/properties (7.8) - - - (7.7)

Net debt(cash)/equity (7.2) - - - (7.1)




Bid (GBp) 1678.612 1718.100 1782.523 1867.700 1939.833 1999.944

Offer (GBp) 1807.460 1850.000 1919.347 2011.000 2088.732 2153.457

Mid (GBp) 1743.036 1784.050 1850.935 1939.350 2014.282 2076.700

Bid/offer spread 7.1% 7.1% 7.1% 7.1% 7.1% 7.1%



Unit pricing

The unit price is recalculated on a daily basis, net of management costs and having regard to the most recent valuation made by the

independent valuer. All purchases and sales of units (including switches between funds) are based on net asset value, adjusted upwards for

the expenses of purchase (NAV plus 5.8%) or downwards for selling expenses (NAV less 1.8%).

Distributions

The fund does not distribute income. Its gross income is reinvested in the fund.


The minimum investment in the fund is GBP100,000.

Transfer and redemption of units

To fully disinvest from the funds, a disinvestment instruction should be signed by all trustees of the scheme. This instruction should be

received seven working days prior to the disinvestment date.

As a general rule, any uncommitted cash is available for redemption on a first-come basis. Where there are a number of withdrawals, the

fund manager can, at his discretion, institute a repayment plan that may include monthly repayments and, if necessary, these may be

effected after a deferment period of up to six months to ensure sales on a normal basis. Generally, the aim is to ensure that all requests are

met within a maximum of 12 months. The intention is to undertake repayments in a fair and equitable manner, without being biased towards

any one client and so as not to prejudice the interests of the remaining clients.

The manager wishes to be as flexible and co-operative as possible in respect of large disinvestments. However, in order to protect existing

policy holders, it reserves the right to either defer encashment of units or to spread encashments of units over more than one dealing day.

Currently it intends to apply this right where units are sold other than to provide immediate benefits for individual members and, except as

101


APIA Regional

otherwise provided by Friends Life, where the sale from any one fund exceeds GBP250,000. There were no deferred encashments as at 30

December 2012.

Taxation

CGT and income tax: the fund is exempt from UK capital gains tax and UK income tax.

Stamp duty reserve tax: transfers of units do not attract SDRT.

Charges

The inclusive management fee is 0.60% pa of the net asset value of the fund.

Liquidity





Units issued during period 84,921 170,616 17,550 18,557 51,923 21,653

Units redeemed during period - 6,514,008 -3,538,856 -5,740,921 -4,678,767 -4,222,289 -2,432,946


Unit transfers



Note: * as % of units in issue at end of period Source: AXA Real Estate

Unitholder analysis






Greater than 8.0%* 1 96.1

Total 13 100.0

Major investors

Largest holder* 1 96.1





Internal 1 96.1

External 12 4.0

Note: * One of the largest internal investors is SLPMX, whose investors are a mixture of private investors and managed funds holding units on a discretionary basis for private investors Source: AXA Real Estate

102

Grosvenor Liverpool Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

112

Grosvenor Liverpool Fund


The Fund was established in 2004 to re-develop the 42-acre Paradise Street area in Liverpool. Now branded Liverpool One, the

scheme was completed in 2008. The Fund’s investment objective is to outperform its Benchmark, a bespoke IPD Benchmark of

shopping centres greater than 700,000 sq ft.


The Fund is a UK registered Limited Partnership with a diverse investor base consisting of pension funds, insurance companies, other

companies and other investors from the UK and abroad.

Fund details

Type of fund UK Limited Partnership


Launch date 2004


Earliest date of winding up 2017*


NAV (GBPm) 439.3

Note: * With provision for a 5-year extension Source: Grosvenor Investment Management Limited


Manager Grosvenor Investment Management Limited

Property advisor Grosvenor Investment Management Limited

Fund manager Miles Dunnett

Jersey PUT Trustees None

Auditors Deloitte and Touche LLP

Source: Grosvenor Investment Management Limited


Period to Grosvenor ----------------AREF/IPD UK Quarterly Property Fund Index**-------------------

Dec 2014 Liverpool Fund Other balanced funds All balanced funds All funds

3 months 3.7 4.5 4.6 3.8

Year-to-date 28.3 17.3 17.2 16.4

12 months 28.3 17.3 17.2 16.4

3 years+ 16.1 8.7 8.6 8.7

5 years+ 25.8 9.0 8.8 9.5

Note: + Annualised ** Weighted average returns Source: AREF/UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Shopping Centres 96.9

Standard retail 3.1

Cash -

Overall 100.0



Maximum exposure to developments No limit

Maximum lot-size holding as a standing investment No limit

Maximum lot-size holding permitted at purchase No limit

Maximum exposure to limited partnerships No limit

Maximum exposure to joint-ventures No limit

Maximum exposure to closed and open-ended property unit trusts No limit

Note: * None specified Source: Grosvenor Investment Management Limited






Total 3 830.2 100.0


103

AREF / IPD Property Fund Vision — Q4 2014 Grosvenor Liverpool Fund


Largest direct investments by lot-size

Property Location Sector Valuation (GBPm) % of total portfolio*

Liverpool One Liverpool Shopping Centres 150+ 97.0

Lord Street Liverpool Standard retail 10 - 25 2.5

One Park West Liverpool Standard retail 2.5 - 5.0 0.5

Note: * IPD estimate Source: Grosvenor Investment Management Limited






Source: Grosvenor Investment Management Limited Source: Grosvenor Investment Management Limited



Shopping centres* 100.0 100.0

Note: * Includes a small contribution from standard retail — see table above “Largest direct investment by lot size” Source: Grosvenor Investment Management Limited












periods %

Development


Reversionary

potential %



Note: * Includes a small contribution from standard retail — see table above “Largest direct investment by lot size” Source: Grosvenor Investment Management Limited


Tenant %

Q Car Parks 12.9

Debenhams 3.7

Topshop 3.3

Odeon 3.1

New Look 2.9

Superdrug 1.5

HMV 1.4

Hollister 1.4

Disney 1.3

JD 1.2






Frequency of valuation Quarterly (on the last day of the quarter)

Valuer DTZ





104

Grosvenor Liverpool Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

114


Maximum total gearing permitted 75%*

Cash holdings (maximum/minimum) None specified

Note: * Of Gross Asset Value Source: Grosvenor Investment Management Limited





Yield (at NAV/unit) 3.7% 3.4% 3.4% 2.8% 3.0% 2.8%







Debt -394.5 - - - -394.5

Cash - - - - -



Gearing (%)



Note: * IPD estimate Source: Grosvenor Investment Management Limited

Debt analysis




355.050 2.47% 1.04 - - -

- - - 39.410 1.75% -


Net asset value

The Fund’s net asset value is re-calculated quarterly, on the last day of the quarter. Income is excluded from the calculation.

Performance fees are estimated and accrued quarterly, based on the performance of the Fund’s bespoke IPD shopping centre benchmark.

Distributions

Distributions are declared and paid 25 business days after the last day of each quarter.

Charges

Annual fees

Property advisory fees are 0.05625% of the quarterly average value of the Fund’s portfolio.

Performance fees

A performance fee is payable if total returns (gross of fund management fees) over a three year period are more than those to the Fund's

bespoke IPD shopping centre benchmark over the same period

105

AREF / IPD Property Fund Vision — Q4 2014 Grosvenor Liverpool Fund


Liquidity





Units issued during period - - - - - -



Unit transfers



Note: * As % of units in issue at the end of the period Source: Grosvenor Investment Management Limited

Unitholder analysis







Total 8 100.0

Major investors

Largest 1 34.1


Five largest 5 92.2

Eight largest 8 100.0


Internal 1 19.6

External 7 80.4


106

Grosvenor London Office Fund AREF / PD Property Fund Vision — Q4 2014

APIA Regional

Grosvenor London Office Fund


The Fund invests in high quality office buildings in London’s West End and Mid-Town (valued at GBP20m and above) and in the City

(valued at GBP30m and above) to provide a secure income with rental and capital growth potential. It is pursuing an active asset

acquisition strategy to diversify and complement its existing portfolio. The Fund’s investment objective is to outperform a bespoke IPD

benchmark comprising central London offices.


The Fund is open to investment by institutional and other intermediate investors from within the UK or abroad, subject to relevant local

regulations. Entry is either directly, or via, a Jersey Property Unit Trust feeder-fund, with the underlying fund being a UK registered

Limited Partnership.

Fund details

Type of fund UK Limited Partnership*




Earliest date of winding up 31 December 2017**


NAV (GBPm) 382.3

Note: * With access also available via a Jersey Property Unit Trust feeder fund ** With provision for a 5-year extension Source: Grosvenor Investment Management Limited


Manager Grosvenor Investment Management Limited

Property advisor Grosvenor Investment Management Limited

Fund manager Scott Rowland

Jersey PUT Trustees BNP Paribas Jersey Trust Corporation Ltd

Auditors Deloitte and Touche LLP



Period to Grosvenor London ----------------AREF/IPD UK Quarterly Property Fund Index**-------------------

Dec 2014 Office Fund* Other balanced funds All balanced funds All funds

3 months 3.8 4.5 4.6 3.8

Year-to-date 27.6 17.3 17.2 16.4

12 months 27.6 17.3 17.2 16.4

3 years+ 18.8 8.7 8.6 8.7

5 years+ 18.6 9.0 8.8 9.5

10 years+ 10.9 4.0 4.2 3.4

Note: + Annualised ** Weighted average returns Sources: * Grosvenor Investment Management Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


West End of London offices 85.4

City offices 14.6

Cash -

Overall 100.0



Maximum exposure to developments 20% of GAV

Maximum speculative development exposure 20% of GAV

Maximum lot-size holding as a standing investment None specified

Maximum lot-size holding permitted at purchase 40% of GAV

Maximum exposure to limited partnerships No limit

Maximum exposure to joint-ventures No limit

Maximum exposure to closed and open-ended property unit trusts No limit


107

AREF / IPD Property Fund Vision — Q4 2014 Grosvenor London Office Fund







Total 4 568.5 100.0




Almack House London SW1 Offices 150+ 35.2

Belgrave House London SW1 Offices 150+ 28.7

10 Grosvenor Street London W1 Offices 100+ 21.5

2 Fleet Place London EC4M Offices 80+ 14.6

Total 568.5 100.0

Source: Grosvenor Investment Management Limited(IPD estimate)



25 - 50 - * *

50 - 100 1 * *

100-150 1 * *

Over 150 2 * *

Total 4 568.5 100.0


Note: * Not disclosed on grounds of commercial sensitivity Source: Grosvenor Investment Management Limited


Net initial yield 3.77% Investments Nil

Nominal equivalent yield 4.13% Developments Nil

True equivalent yield 4.24% Total Nil


Source: Grosvenor Investment Management Limited Source: Grosvenor Investment Management Limited
















periods %

Development


Reversionary

potential %


Offices 88.4 - - - - 11.6 11.6 100.0



Frequency of valuation Quarterly (on the last day of the quarter)






108

Grosvenor London Office Fund AREF / PD Property Fund Vision — Q4 2014

APIA Regional


Maximum total gearing permitted 60% of GAV

Cash holdings (maximum/minimum) None specified



Tenant %

Warburg Pincus 19.9

Google UK Ltd 13.7

American Express Services Europe Ltd 12.9

Russell Reynolds 8.2

Associated British Foods Plc 5.6

Hammerson Group Management Ltd 4.9

BT Plc 4.4

Xstrata Services (UK) Limited 4.3

Samsung Electronics (UK) Ltd 4.2

Bevan Brittan 4.1









Capital distribution (GBP) - - - - - -

Yield (at NAV/unit) 4.2% 4.7% 4.6% 4.1% 3.5% 4.3%







Debt -189.0 - - - -189.0

Cash - - - - -



Gearing (%)




Debt analysis

Amount drawn (GBPm) Total debt average rate (%) Average unexpired term (years)

189.000 1.00% -

Note: The Fund has fixed and variable rate debt. The rate shown is that payable on its debt overall. The average term is in respect of its fixed rate debt Source: Grosvenor Investment Management Limited

Net asset value

The Fund’s net asset value is re-calculated quarterly, on the last day of the month. Income is excluded from the calculation.

Performance fees are estimated and accrued quarterly, based on the performance of the Fund’s bespoke IPD central London office

benchmark.

Distributions

Distributions are declared and paid 25 business days after the last day of each quarter

Charges

Annual fees

Property advisory fees are 0.075% of the quarterly average value of the Fund’s investment properties.

109

AREF / IPD Property Fund Vision — Q4 2014 Grosvenor London Office Fund


Performance fees

A performance fee is payable if total returns (net of fund management fees) over a five year period are more than the Fund's bespoke IPD

central London office benchmark over the same period.

Liquidity








Unit transfers



Note: * As % of units in issue at the end of the period Source: Grosvenor Investment Management Limited

Unitholder analysis







Total 7 100.0

Major investors





Internal 3 12.9

External 4 87.1


110

AREF / IPD Property Fund Vision — Q4 2014 Henderson UK Property OEIC


Henderson UK Property OEIC Investment policy and objective

The investment strategy of the Trust is to achieve a high income together with some growth of both income and capital through investment

in commercial property, property-related assets, government and other public securities.


Pension funds, charities, insurance companies, other corporate and institutional investors and private individuals.

Fund details



Launch date June 1999


Year-end 31 May

NAV (GBPm) 2,582.9

Source: TH Real Estate


Vehicle manager Henderson Global Investors

Investment advisor Henderson Global Investors

Fund manager Ainslie McLennan

Fund manager Marcus Langlands Pearse

Trustee The Royal Bank of Scotland


Source: Henderson Global Investors


Period to Henderson UK Property ----------------AREF/IPD UK Quarterly Property Fund Index**-------------------

Dec 2014 OEIC ^* Other balanced funds All balanced funds All funds

3 months 3.5 4.5 4.6 3.8

Year-to-date 11.6 17.3 17.2 16.4

12 months 11.6 17.3 17.2 16.4

3 years+ 7.9 8.7 8.6 8.7

5 years+ 6.4 9.0 8.8 9.5

10 years+ - 4.0 4.2 3.4

Note: ^ Returns calculated on a bid price to bid price basis (net income reinvested). On 8th January 2011 the pricing basis was switched to Bid due to a period of net outflows. This had a negative short-term effect on the performance of the fund.

+ Annualised ** Weighted average returns, NAV to NAV, gross income reinvested Sources: * TH Real Estate ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Henderson UK Property ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

OEIC * Other balanced funds All balanced funds All funds





All UK retail 26.4 32.9 36.0 41.5

City offices 0.3 3.2 3.7 3.3




All UK offices 29.2 29.5 30.2 23.0





Cash 16.5 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * TH Real Estate ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

111

Henderson UK Property OEIC AREF / IPD Property Fund Vision — Q4 2014
















Total 101 2,173.2 100.0


Listed investments

% of issue held Valuation (GBPm) Est.% of total portfolio


Great Portland Estates - 13.0 0.6

Hammerson - 20.7 1.0


Segro - 7.1 0.3

Total 96.5 4.4


Largest direct investments by lot size & as % total portfolio


440 Strand, West End London Central London offices 182.5 8.4

RD Park, Hoddesdon Hoddesdon Industrial 101.8 4.7

Ryder Court, Central London Office London Central London offices 90.1 4.1

Robin Shopping Park, Wigan Wigan Retail Warehouses 71.5 3.3

Windsor Office Park, Windsor Windsor Other offices 61.7 2.8

Capital Park, Cambridge Cambridge Other offices 61.2 2.8

K & N, Derby Commercial Park, Derby Derby Industrial 59.8 2.8

Travelodge (hotel), Kings Cross, London London Other 59.4 2.7

Hardcase (Distribution) Unit, Thurrock West Thurrock Industrial 54.9 2.5

Sainsburys, Trinity Walk, Wakefield Wakefield Standard retail 45.2 2.1






GBPm - - - -


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: TH Real Estate






Source: TH Real Estate Source: TH Real Estate

112





0-2.5 1 1.8 0.1

2.5-5 11 46.0 2.1

5-10 27 194.7 9.0

10-25 29 451.6 20.8

25-50 19 639.7 29.4

50-100 7 458.5 21.1

100-150 1 101.8 4.7

Over 150 1 182.6 8.4

Total 96 2,076.7 95.6











Other 14.3 13.0

Overall 100.0 100.0





periods %

Development


Reversionary

potential %


Standard retail 95.7 9.2 0.9 0.3 -7.2 1.0 -6.2 100.0


Shopping centres - - - - - - - 100.0


Other offices 97.5 1.1 7.9 3.9 -13.3 2.9 -10.4 100.0

Industrial 84.9 0.3 - 0.5 -5.3 19.6 14.3 100.0

Other 101.2 2.0 - 0.6 -6.7 2.9 -3.8 100.0

Overall 94.4 2.3 1.9 1.3 -7.4 7.5 0.1 100.0

Note: * Comprising the ERV of developments in progress or contracted which have not been pre-let Source: TH Real Estate


Tenant %

RBS Ltd 6.6

Sainsbury's Supermarkets Ltd 3.6

B & Q Plc 3.5


Gb Gas Holdings Ltd 3.0

Worleyparsons Europe Ltd 2.9

Co-Operative Group Limited 2.8

Gilead Sciences 2.5

Nissan Motor (Gb) Limited 2.1

Homebase Ltd 1.8













113

Henderson UK Property OEIC AREF / IPD Property Fund Vision — Q4 2014



Frequency of valuation Monthly, on the 28th day of the month or on the last working day previous to this


Portfolio performance monitored by IPD No





Maximum total gearing permitted Nil

Cash holdings (maximum) ^


Note: ^ None specified * The Fund is required to maintain a maximum of 20% of its portfolio in liquid investments (including cash and listed investments) Source: TH Real Estate






Debt - - - - -

Cash & short term deposits 409.7 - - - 409.7


Total net assets 2,486.4 - - 96.5 2,582.9

Gearing (%)



Note: * Including short term deposits Source: TH Real Estate

Quarterly data per (income) unit


Bid (GBp) 92.8 93.26 95.49 95.86 97.77 100.40

Offer (GBp) 97.67 98.16 100.5 100.9 102.90 105.70

Mid (GBp) 95.235 95.71 97.995 98.38 100.34 103.05

Bid/offer spread 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%


Half yearly distribution (GBp) - 1.74 - 1.87 0.75 0.84

Yield (net of tax) 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%


Unit pricing

The unit price is re-calculated daily at noon, and dealing is on a forward basis.

The fund has both income and accumulation units.

Distributions

Twice yearly, on 31 July (in respect of the half year to 31 May) and on 31 January (in respect of the half year to 30 November).


The minimum investment is GBP1,000, unless it represents an addition to an existing holding, in which event the minimum amount is

cGBP100. In the case of regular investors, the minimum amount is GBP100 per month. The minimum disinvestment must be GBP100,

ensuring that at least GBP1,000 remains invested.


Orders to the manager to buy or sell units are carried out at the next valuation following receipt of instructions. When units are sold, a

cheque for the proceeds will be posted not less than four business days after receipt of the properly completed renunciation form.

Taxation

Capital Gains Tax: the trust is exempt from UK capital gains tax. Unitholders may be liable to CGT on the disposal of their units in the trust.

Corporation tax: the trust is subject to corporation tax.

Income Tax: distributions of income are made net of income tax at the lower rate. Higher rate taxpayers may incur a further liability.

Stamp duty reserve tax: transfers of units attract SDRT at the standard rate, currently 0.5%.

114



Charges

The offer price of the units includes an initial charge of 5%, in addition to which there is an annual management charge equivalent to 1.5% of

the net asset value of the fund. Commission is paid to approved intermediaries.

Liquidity




Units in issue as at start of period 665,190,269 598,093,748 633,182,341 615,279,732 645,845,164 1,176,522,269

Units issued during period (net) 49,671,064 47,641,739 25,359,647 77,639,531 530,677,105 1,186,787,007

Units in issue at end of period - 116,767,585 - 12,553,146 - 43,262,256 - 47,074,099 - -

Unit transfers 598,093,748 633,182,341 615,279,732 645,845,164 1,176,522,269 2,363,309,276



Note: * as % of units in issue at the end of the period Source: TH Real Estate

Unitholder analysis







Total 4,198 100.0

Major investors






Internal - -

External 4,198 100.0


Notes

1. The Trust changed its name from Edinburgh Property Portfolio to New Star Property Unit Trust following the acquisition of Portfolio

Fund Management Limited by New Star Asset Management from Edinburgh Fund Managers in November 2003, and to New Star UK

Property Unit Trust as from 1 November 2007. On 6 April 2010, the Trust changed its name to Henderson UK Property Unit Trust

following the acquisition of New Star Asset Management by Henderson Global Investors

115

AREF / IPD Property Fund Vision — Q4 2014 Henderson Central London Office Fund


Henderson Central London Office Fund


The Fund has been established to provide unit holders with the opportunity to access the Central London office market

The objective of the Fund is to deliver to unit holders a Fund total return in excess of the Central London office component of the

Investment Property Databank (IPD) UK Annual Universe, comprising standing investments, transactions and developments, but

excluding any impact of the performance of the Fund


The Fund is open to UK and overseas tax-exempt and tax-paying non-private investors.

Fund details


Residence Jersey



Earliest date of winding up December 2023


NAV (GBPm) 491.9



Manager Henderson Property Management (Jersey) Ltd

Property advisor Henderson Real Estate Asset Management Limited

Portfolio manager (at TIAA Henderson Real Estate) Clive Castle

Trustees BNP Paribas Jersey Trust Corporation Ltd and Anley Trustees Ltd

Auditors KPMG



Period to Henderson Central ----------------AREF/ IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 London Office Fund Other balanced funds All balanced funds All funds

3 months 9.3 4.5 4.6 3.8

Year-to-date 23.4 17.3 17.2 16.4

12 months 23.4 17.3 17.2 16.4

3 years+ 13.6 8.7 8.6 8.7

5 years+ 15.2 9.0 8.8 9.5

10 years+ 10.2 4.0 4.2 3.4

Note: + Annualised * Weighted average returns Source: AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Henderson Central ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

London Office Fund+* Other balanced funds All balanced funds All funds


Standard retail — rest of UK - 6.5 6.8 5.8


Retail warehouses - 17.7 18.3 18.9

All UK retail - 32.9 36.0 41.5

City offices 45.8 3.2 3.7 3.3




All UK offices 97.5 29.5 30.2 23.0


Rest of UK industrial - 9.1 8.0 6.4

All UK industrial - 23.1 20.3 16.7

Other UK properties - 10.5 8.8 14.8

Cash 2.5 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the fund’s share of any properties held jointly or through indirect holdings Sources:* Henderson Global Investors ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

116

Henderson Central London Office Fund AREF / IPD Property Fund Vision — Q4 2014



Maximum exposure to developments 15%




Maximum exposure to joint-ventures *


Note: * None specified Source: Henderson Global Investors






Total 17 550.5 100.0




Regent Quarter London Central London offices 70-80 13.7

Barnards Inn, 86 Fetter Lane London Other offices 60-70 12.4

133 Houndsditch London Central London offices 60-70 11.7

The Steward Building, Steward Street London Central London offices 60-70 11.3

Commonwealth House, 1/19 New Oxford Street London Central London offices 40-50 8.7

St Giles House, 50 Poland Street London Central London offices 25-30 5.4

Fenton House, 55/57 Great Marlborough Street London Central London offices 25-30 5.2

Cutler's Exchange, 123 Houndsditch London Central London offices 15-20 3.3

Corinthian House, 279 Tottenham Court Road London Central London offices 15-20 2.9

54 Great Marlborough Street London Central London offices 10-15 2.5


Source: TH Real Estate / IPD estimates


Holding Sector Joint/indirect Vehicle type % held Fund share (GBPm) % of total portfolio

Vanquish Properties UK LP Offices Indirect LP 33.33 88.8 16.1

Source: Hermes Real Estate Investment Management Ltd



0 -2.5 1 0.3 0.1

2.5 - 5 2 9.4 1.7

5 - 10 1 7.6 1.4

10 - 25 5 68.7 12.5

25 - 50 3 106.0 19.3

50 - 100 4 269.7 49.0

100-150 - - -

Over 150 - - -

Total 16 461.6 83.9









117






Other Offices 2.2 17.7





GBPm 46.3 41.9 88.2 0.3

% of all directly held properties* 10.0% 9.1% 19.1% 0.1%





periods %

Development


Reversionary

potential %


Central London offices 53.4 5.0 27.2 5.3 -1.7 10.8 9.1 100.0

Other Offices 5.5 94.5 - - - - - 100.0

Overall 44.9 20.9 22.4 4.4 -1.4 8.9 7.5 100.0

Note: * Comprises the ERV of developments in progress or contracted that have not been pre-let Source: TH Real Estate


Tenant %

Marriott Hotels International Ltd 10.9

CMC Markets UK plc 10.4

IHS (Global) Ltd 9.0

Heath Lambert Limited 6.8

MWB Business Exchange (Houndsditch) Ltd 6.4

Capita Symonds Ltd 4.3

Encore Tickets Group Ltd 3.6

Collinson (Central Services) Limited 3.4

Veale Wasborough Limited 3.2

Giant Consultancy Ltd 2.6






Maximum total gearing permitted^ 50%

Cash holdings (maximum/minimum) *

Note: ^ Based on aggregate fund value * Non-specified Source: TH Real Estate










Frequency of valuation Monthly (on the last day of the month)

Property valuer CB Richard Ellis


Constituent of AREF/ IPD UK Quarterly Property Fund Index Yes



118

Henderson Central London Office Fund AREF / IPD Property Fund Vision — Q4 2014






Yield (at NAV/unit) 1.1% 1.1% 1.9% 1.7% 2.0% 1.3%


Debt analysis




60.000 1.40% 4.91 60.000 1.55% 21.172







Debt -60.0 - -21.17 - -81.2

Cash 9.6 - 4.66 - 14.2

Other net assets/liabilities 9.4 - -1.12 - 8.3

Total net assets 420.7 - 71.2 - 491.9

Gearing (%)

Net debt (cash)/properties 10.9 - 18.6 - 12.2

Net debt (cash)/equity 12.0 - 23.2 - 13.6


Distributions

Distributions are declared monthly and paid on a quarterly basis. The record dates for distributions are the quarterly revaluation dates.

Distributions are made within 20 business days of the record date, except for the final distribution in respect of each year, which is paid

within four months of the end of the relevant period.


The minimum holding is GBP250,000.


Trades can take place via matched bargains, provided they meet investor criteria and minimum holding tests. The manager will attempt,

where possible, the matching of buying and selling orders.

Taxation



Income tax: while distributions of income are made net of income tax, non-taxpayers are entitled to reclaim any tax deducted at source and

receive tax vouchers for this purpose.

Stamp duty reserve tax: the fund’s registration in Jersey means that the surrender and issue of units does not attract SDRT.

Charges

The trustees receive an annual fee, which is payable in arrears, of 0.05% on the first GBP100m of net asset value, 0.04% on the next

GBP100m and 0.03% thereafter.

The manager is (in addition to reasonable out-of-pocket expenses) entitled to receive a fee of 0.5% pa of the aggregate fund value, and is

responsible for the fees of the property advisor.

The manager is entitled to receive a performance fee based on 20% of the outperformance of the fund’s total return relative to the central

London office component of the IPD UK Annual Index, plus 1%. (This fee is calculated on a three-year rolling basis.) The performance fee is

accrued and is therefore taken into account in the monthly re-calculation of the Trust’s Net Asset Value.

119



Liquidity






Units redeemed during period -101 -511 3,668 -7,131 -4,111 -5,173


Unit transfers

Matched bargains - 1,056 227 40 403 591

Matched bargains %* - 2.4% 0.6% 0.1% 1.4% 2.4%

Note: * As % of units in sue at the end of the period isSource: TH Real Estate

Unitholder analysis







Total 76 100.0

Major investors






Internal 4 9.7

External 72 90.3


120

Henderson UK Property Fund AREF / IPD Property Fund Vision — Q4 2014


Henderson UK Property Fund


The Fund has been established to provide unit holders with the opportunity to access a diversified portfolio of UK commercial properties

The objective of the Fund is to outperform the median fund in the All Balanced Fund Index component of The AREF/IPD UK Quarterly

Property Fund Index



Fund details


Residence Jersey



Year-end 24 March

NAV (GBPm) 165.2



Manager Henderson Property Management (Jersey) Limited


Portfolio manager Cameron Fraser

Trustee BNP Paribas Jersey Trust Corporation Limited

Auditors KPMG



Period to Henderson UK ----------------AREF/IPD UK Quarterly Property Fund Index*------------------- Dec 2014 Property Fund Other balanced funds All balanced funds All funds

3 months 4.1 4.5 4.6 3.8

Year-to-date 11.4 17.3 17.2 16.4

12 months 11.4 17.3 17.2 16.4

3 years+ 9.4 8.7 8.6 8.7

5 years+ 9.1 9.0 8.8 9.5

10 years+ 4.9 4.0 4.2 3.4



Henderson UK ------------- AREF/IPD UK Quarterly Property Fund Index** -------------- Property Fund* Other balanced funds All balanced funds All funds





All UK retail 24.5 32.9 36.0 41.5

City offices 3.2 3.2 3.7 3.3




All UK offices 25.0 29.5 30.2 23.0





Cash 0.7 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * TH Real Estate ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

121

AREF / IPD Property Fund Vision — Q4 2014 Henderson UK Property Fund








Maximum exposure to joint ventures n/a


Maximum trade in property derivatives: single trade 15%

Maximum trade in property derivatives: aggregate trades 20%

Note: * None specified Source: TH Real Estate






Total 27 208.8 100.0




Bretby Business Park Bretby Industrial 25-30 12.9

Bradwell Abbey 1 & 2 Milton Keynes Industrial 20-25 10.1

65 - 79 King Street/Angel Walk Hammersmith Standard retail 10-15 6.3

Charringtons House Bishop's Stortford Other offices 7.5-10 4.3

One The Causeway Bishop's Stortford Other offices 7.5-10 4.1

Futura House Milton Keynes Other offices 7.5-10 3.9

552-576 Purley Way Croydon Retail warehouse 7.5-10 3.7

Berkeley Centre Sheffield Standard retail 5.0-7.5 3.5

115 Southwark Bridge Street London Other offices 5.0-7.5 3.2

Units 1-5 Pier Road Feltham Industrial 5.0-7.5 3.0



Indirect investment

Holding Sector Joint/indirect Vehicle type Ownership (%) Valuation (GBPm) % of total portfolio

Henderson Central London Office Fund Office Indirect ceput 1.934 31.6 15.1

UNITE Office Indirect oeput 2.022 12.1 5.8

Total 43.7 20.9




0-2.5 7 13.4 6.4

2.5-5 6 24.8 11.9

5-10 9 65.4 31.3

10-25 2 34.4 16.5

25-50 1 27.0 12.9

50-100 - - -

100-150 - - -

Over 150 - - -

Total 25 165.1 79.1






GBPm 8.0 - 8.0 -

% of all directly held properties* 4.9% - 4.9% -

Note: * Includes joint ventures in which the Fund has an interest of 50% or more +Including schemes to which the fund is contractually committed Source: TH Real Estate

122


















Other 2.3 1.9

Overall 100.0 100.0





periods %

Development


Reversionary

potential %


Standard retail 87.7 - - 14.5 -3.0 0.8 -2.2 100.0

Retail warehousing 92.0 - - 4.9 - 3.1 3.1 100.0



Other offices 76.1 6.9 5.1 14.4 -6.9 4.4 -2.5 100.0

Industrial 77.8 1.1 - 22.1 -8.0 7.0 -1.0 100.0

Other 100.0 - - - - - - 100.0

Overall 81.1 2.1 1.2 16.6 -5.8 4.8 -1.0 100.0

Note: * Comprising the ERV of developments in progress or contracted that have not been pre-let Source: TH Real Estate










Tenant %

Environmental Scientifics Group 7.6

Government 6.8

T-Systems Limited 6.8

Hi Tech Fabrication Limited 5.9

Argos Ltd 5.4

Halfords Plc 4.9

Barclays Bank Plc 3.3

Surepharm Services Limited 3.2

Dunelm (Soft Furnishings) Ltd 3.0

Natuzzi 3.0






Frequency of valuation Monthly, on 23rd of each month

Property valuer BNP Paribas Real Estate





123

AREF / IPD Property Fund Vision — Q4 2014 Henderson UK Property Fund







Cash holdings (minimum) 0%







Debt -18.7 - -15.1 - -33.8

Cash 0.0 - 1.5 - 1.5

Other net assets/liabilities -8.8 - -2.5 - -11.3

Total net assets 137.6 - 27.6 - 165.2

Gearing (%)

Net debt (cash)/properties 11.3 - 31.2 - 15.5

Net debt (cash)/equity 13.6 - 49.3 - 19.6


Debt analysis




- - - 18.7 1.75 15.135




Bid (GBP) 1,460.492 1,526.500 1,544.195 1,559.797 1,574.303 1,622.180

Offer (GBP) 1,551.135 1,621.634 1,641.747 1,664.235 1,691.717 1,741.490

Mid (GBP) 1,505.813 1,574.067 1,592.971 1,612.016 1,633.010 1,681.835

Bid/offer spread 5.8% 5.9% 5.9% 6.3% 6.9% 6.9%



Yield (at NAV/unit) 4.6% 4.4% 4.2% 4.2% 4.2% 4.2%


Unit pricing

The Fund’s unit price is calculated on the 23rd of each month. Income is not included in the price.

Distributions

Distributions are declared monthly and paid on a quarterly basis. The record dates for distributions are 23 March, June, September and

December each year. Distributions are made within 20 business days of the record date, except for the final distribution in respect of each

year, which is paid within four months of the end of the relevant period.


The minimum investment is GBP100,000. There is no minimum additional investment above this figure, but the manager may not accept an

application for units that would result in an investment totalling more than 20% of the total number of units in issue. No redemption will be

allowed that would take a holding to below the value of the minimum initial investment.


Dealing days are the 10 business days after the valuation on the 23rd of each month. Applications for units must be given five business days

before the relevant valuation day. Notice requesting redemption of units must be given to the manager not less than three months before the

dealing date on which the redemption is to take place. The manager will attempt, where possible, the matching of buying and selling orders.

Where redemption is affected by the cancellation of units, the redemption proceeds will not become payable until the trustees have received

the proceeds of asset sales or otherwise raised the cash required. In addition, the manager may suspend the redemption of units for up to

12 months if redemption notices have been received in respect of 10% or more of the units in issue and in its opinion the redemption

monies cannot be raised by the due date. (By agreement with the retiring unitholder, such redemptions may be settled by transfers of

assets, as well as in cash.) The manager (with the prior agreement of the trustee) or the trustee may also suspend the redemption of units

for up to 12 months for other reasons if this is regarded as being in the best interests of unitholders.

124



Taxation


be liable to capital gains tax on the redemption or sale of their units in the fund. (The fund is expected to continue to have distributor status.)

Income tax: while distributions of income are made net of income tax, non-taxpayers are entitled to reclaim any tax deducted at source.


Charges

Base fees payable to the Fund Manager/Property Advisor reduced from Q4 2006 from 1% to 0.6% pa, based on the NAV of the Fund. Top-

up fees are payable where the Fund exceeds its benchmark, the All Balanced Fund component of the IPD UK Quarterly Property Fund

Index. These fees consist of an additional 0.2% of NAV for performance in the second quartile and a further 0.3% for performance in the top

quartile. The fees are based on three-year rolling look-back against the benchmark Index.

The Manager has the right to an initial charge not exceeding 5% of the offer price of the units. It may rebate or discount this charge and will

confirm the position to each applicant.

Unitholder analysis







Total 40 100.0

Major investors

Largest 1 8.7


Five largest 5 33.3

Ten largest 10 54.6


Internal - -

External 40 100.0


Liquidity





Units issued during period - 17,215 - - 945 309

Units redeemed during period - 16,980 -654 -1,634 -7,978 - 6,177 -


Unit transfers



Note: * As % of units in issue at the end of the period Source: TH Real Estate


Number of units NAV per unit (£) Value at NAV (£m) % of total NAV of Fund

Nil - - -


125

Henderson UK Retail Warehouse Fund AREF / IPD Property Fund Vision — Q4 2014


Henderson UK Retail Warehouse Fund Investment policy and objective

The Fund has been established to provide unit holders with the opportunity to access dominant retail parks located in large urban areas

throughout the UK

The objective of the Fund is to deliver to unit holders a Fund total return in excess of the retail warehouse component of the Investment

Property Databank (IPD) UK Quarterly, comprising standing investments, transactions and developments, but excluding any impact of the

performance of the Fund


The fund is open to UK and overseas tax-exempt and tax-paying non-private investors

Fund details


Residence Jersey



Earliest date of winding up 31 December 2021


NAV (GBPm) 737.9





Fund manager (at TIAA Henderson Real Estate) Michael Neal


Auditors KPMG



Period to Henderson UK Retail ----------------AREF/IPD UK Quarterly Property Fund Index------------------- Dec 2014 Warehouse Fund Other balanced funds* All balanced funds* All funds*

3 months 3.1 4.5 4.6 3.8

Year-to-date 17.8 17.3 17.2 16.4

12 months 17.8 17.3 17.2 16.4

3 years+ 8.7 8.7 8.6 8.7

5 years+ 11.7 9.0 8.8 9.5

10 years+ 2.8 4.0 4.2 3.4

Note: + Annualised * Weighted average returns Source: AREF / IPD UK Quarterly Property Fund Index (Sponsored by Property Match)




North West 16.5 16.5



Scotland 12.5 12.5

Wales 9.1 9.1


Eastern 7.7 7.7

Cash - 3.2

Overall 96.8 100.0

Note: * Excluding the City, the West End and Mid-town Source: TH Real Estate


Maximum exposure to developments and other non-rent producing assets 25%







126

AREF / IPD Property Fund Vision — Q4 2014 Henderson UK Retail Warehouse Fund







Total 18 1062.4 100.0





GBPm Nil Nil Nil Nil





The Fort Manchester 135-145 14.1

The Fort Birmingham 115-125 11.3

The Brewery Romford 100-110 9.9

Craigleith Retail Park Edinburgh 95-105 9.5

Weavers Wharf Kidderminster 85-95 9.4

Gallagher Retail Park Waterloooville 80-90 8.6

Riverside Retail Park Norwich 80-90 7.8

Kingsway Retail Park Derby 55-65 7.1

Fforestfach Swansea 55-65 6.3

Chilwell Nottingham 40-50 4.7





0 -2.5 1 0.6 0.1

2.5 - 5 1 3.3 0.3

5 - 10 1 5.3 0.5

10 - 25 2 36.2 3.4

25 - 50 4 157.1 14.8

50 - 100 5 383.8 36.1

100-150 4 476.2 44.8

Over 150 - - -

Total 18 1062.4 100.0

Average lot size 59 5.6















periods %

Development


Reversionary

potential %



Note: * Comprising the ERV of developments in progress and contracted that have not been pre-let Source: TH Real Estate

127















Member of The Association of Real Estate Funds Full member




Tenant %

TK Maxx 7.0

M&S 6.0

Boots 4.9

Next 4.8

DSG 4.5

Argos 4.1

Matalan 3.8

Arcadia 3.6

Sainsbury 3.2

B&Q 2.7






Maximum total gearing permitted^ 50%



Cash holdings** (maximum) *


Notes: ^ Based on aggregate fund value * non-specified ** cash and other non-rent producing assets Source: TH Real Estate





Yield (at NAV/unit) 4.0% 4.1% 4.2% 4.1% 4.0% 3.9%





Properties at valuation 1062.4 - - - 1,062.4


Debt -356.2 - - - -356..2

Cash 34.8 - - - 34.8



Gearing (%)




128

AREF / IPD Property Fund Vision — Q4 2014 Henderson UK Retail Warehouse Fund


Debt analysis




- - - 43.288 0.85% -

27.288 4.913 1.25 - - -

167.000 4.950 1.25 - - -

61.876 3.010 1.25 - - -

25.000 0.00 1.25 - - -

75.000 2.920 1.25 - - -

-43.288 4.910 1.25 - - -

312.876 3.18% 1.25 43.288 0.85% -Note: Allowing for margin over LIBOR, the weighted average cost of the Fund’s borrowings as at 31 December was 4.2% * Capped at 5% Source: TH Real Estate

Net asset value The Fund’s net asset value is re-calculated monthly, on the last day of the month. Income (which is distributed quarterly) is excluded from

the calculation. The manager calculates the difference between the nominal value and the market value of the Trust’s debt, but this is not

reflected in the monthly re-calculation of its Net Asset Value. The overall value of its Swap arrangements as 31 December 2014 was thus

minus GBP 9.67m, equivalent to a decrease in net asset value of 1.310%. Performance fees are accrued and are therefore reflected in the

quarterly re-calculation of the Fund’s net asset value.

Distributions

Distributions are declared on a quarterly basis. The record dates for distributions are the quarterly revaluation dates. Distributions are made

within 20 business days of the record date, except for the final distribution in respect of each year, which is paid within four months of the

end of the relevant period.




As from 31 December 2015 the Trustees at the direction of the Manager will have the ability to issue new units in the Fund subject to a

maximum of 10% per annum of the number of Units in issue at the start of each accounting period, to purchase qualifying property and for

capital expenditure on assets.

Trades can take place via matched bargains, provided they meet investor criteria and minimum holding tests.

Taxation

Capital gains tax: since it is registered in Jersey, the Fund is not subject to UK capital gains tax. Those investors who are subject to tax may

be liable to capital gains tax on the redemption or sale of their units in the Fund.




Charges

Annual fees

The trustees receive an annual fee, which is payable in arrears, of 0.05% on the first GBP100m of net asset value, 0.04% on the next

GBP100m and 0.03% thereafter.

The Manager’s fees will be calculated based upon the Net Asset Value of the Fund at a rate of 0.70% per annum.

Performance fees

The Manager is entitled to 20% of the out-performance above the benchmark plus 1% calculated on a rolling 3 year period save for in the

final accounting period when the calculation is over a 2 year period.

Performance fees are accrued and are therefore reflected in the quarterly recalculation of the Fund’s net asset value.

129



Liquidity





Units issued during period 6,173 - 343 - 340 -

Units redeemed during period -420 - - - - -


Unit transfers




Unit holder analysis







Total 69 100.0

Major investors

Largest 1 18.3


Five largest 5 51.8

Ten largest 10 62.3


Internal 3 3.0

External 66 97.0


130

AREF / IPD Property Fund Vision — Q4 2014 Henderson UK Shopping Centre Fund


Henderson UK Shopping Centre Fund


The Fund provides unit holders with the opportunity to access large UK shopping centre assets (with a minimum size of 0.5m sq ft)

The objective of the Fund is to deliver to unit holders a Fund total return in excess of the shopping centre component of the Investment

Property Databank (IPD) UK Annual Universe, comprising standing investments, transactions and developments, but excluding any impact

of the performance of the Fund



Fund details

Type of fund Unauthorised Property Unit Trust

Residence Jersey



Earliest date of winding up December 2021


NAV (GBPm) 640.8





Portfolio manager (at TIAA Henderson Real Estate) Myles White


Auditors KPMG



Period to Henderson UK ----------------AREF/IPD UK Quarterly Property Fund Index------------------- Dec 2014 Shopping Centre Fund Other balanced funds* All balanced funds* All funds*

3 months 3.8 4.5 4.6 3.8

Year-to-date 12.6 17.3 17.2 16.4

12 months 12.6 17.3 17.2 16.4

3 years+ 8.0 8.7 8.6 8.7

5 years+ 10.5 9.0 8.8 9.5

10 years+ 3.3 4.0 4.2 3.4

Note: + Annualised * Weighted average returns Source: AREF/IPD UK Quarterly Property Fund Index (Sponsored by Property Match)


Shopping centres Total

Scotland * *

West Midlands * *

South East * *

Cash - 1.1

Overall 98.9 100.0

Note: The fund has interests in only four properties: the geographic distribution of its portfolio has not been provided in order to avoid disclosing the values of these properties individually.Source: TH Real Estate


Maximum exposure to developments and other non-rent producing assets 20%







131

Henderson UK Shopping Centre Fund AREF / IPD Property Fund Vision — Q4 2014







Total 4 703.0 100.0




Princesshay Exeter * 19.8

St James Edinburgh * 17.2

Whitefriars Canterbury * 12.0

Direct investments as % of portfolio (IPD estimate) 344.5 49.0



Centre Location Fund’s interest Valuation (GBPm) % of total portfolio (IPD estimate)

Bullring Birmingham 33.33% 358.5 51.0


Property yields* Voids as % of ERV*





Note: * Includes joint ventures Source: TH Real Estate

















periods %

Development

voids %** Other voids % Over rented %

Reversionary

potential %



Notes: * Includes joint ventures ** Comprising the ERV of developments in progress and contracted that have not been pre-let Source: TH Real Estate



Valuer CBRE





132

AREF / IPD Property Fund Vision — Q4 2014 Henderson UK Shopping Centre Fund



Maximum total gearing permitted Nil

Cash holdings (maximum/minimum) None



Tenant %

Debenhams 3.5

Arcadia 3.4

Next 3.1

Zara 2.6

River Island 2.5

Boots 1.9

H&M 1.8

New Look 1.7

Monsoon 1.6

Selfrdiges 1.3









Yield (at NAV/unit) 5.2% 4.9% 4.8% 4.4% 4.3% 4.2%





Properties at valuation 344.5 358.5 - - 703.0


Debt -84.5 - - - -84.5

Cash 8.0 - - - 8.0


Total net assets 282.3 358.5 - - 640.8

Gearing (%)




Debt analysis

Interest rate swaps Fixed rate borrowings



50.000 4.06% 3.87 - - -

30.000 2.81% 0.04 - - -

4.5000 2.81% 0.23 - - -

84.500 3.55% 2.32 - - -


Net asset value

The Fund’s net asset value is re-calculated monthly, on the last day of the month. Income is excluded from the calculation, although

distributed quarterly.

Distributions

Distributions are declared on a quarterly basis. The record dates for distributions are the quarterly revaluation dates. Distributions are made

within 20 business days of the record date.




Trades can take place via matched bargains, provided they meet investor criteria and minimum holding tests. The Manager will attempt,

where possible, the matching of buying and selling orders.

133

Henderson UK Shopping Centre Fund AREF / IPD Property Fund Vision — Q4 2014


Taxation

Capital gains tax: since it is registered in Jersey, the Fund is not subject to UK capital gains tax. Those investors who are subject to tax may

be liable to capital gains tax on the redemption or sale of their units in the Fund.




Charges

Annual fees The trustees receive an annual fee, which is payable in arrears, of 0.05% on the first GBP100m of net asset value, 0.04% on the next

GBP100m and 0.03% thereafter. The manager is (in addition to reasonable out-of-pocket expenses) entitled to receive a fee of 0.55% pa of

the aggregate fund value, and is responsible for the fees of the property advisor.

Performance fees The Manager is entitled to receive a performance fee based on 20% of the outperformance of the fund’s total return relative to the shopping

centre component of the IPD UK Annual Index, plus 1%. (This fee is calculated on a three-year rolling basis.) Performance fees are accrued

and are therefore reflected in the quarterly recalculation of the Fund’s net asset value.

Liquidity





Units issued during period 3,035 1,363 - - - 814

Units redeemed during period - - - - - -572


Unit transfers

Matched bargains - 6,938 1,473 9,947 5,219 3,381

Matched bargains %* - 10.2% 2.2% 14.6% 7.7% 5.0%









Total 54 100.0

Major investors






Internal 1 2.2

External 53 97.8


134

AREF / IPD Property Fund Vision — Q4 2014 Hercules Unit Trust


Hercules Unit Trust


Hercules Unit Trust is a Jersey property unit trust investing in retail warehouse parks throughout the UK. As at 31 December 2014 the

Trust had a property portfolio value of some GBP980.7m. It focuses on retail parks in excess of 9,500 sq m (100,000 sq ft) with

predominantly open A1 planning consents.

Hercules’ objective is to provide an annual total return on its property portfolio in excess of one percentage point above the IPD

Quarterly UK Retail Warehouse Index. The Trust aims to invest in retail warehouse parks that have a diversified occupier base and

strong asset management opportunities. Each park will ideally have Open A1 planning consent, be the dominant park in its region

and/or have strategic asset management opportunities. The main driver to performance will be through rental growth. This is achieved

through close relationships with the retailers and creating units/parks that meet the changing needs of tenants.


Pension funds, charities, insurance companies, other corporate and institutional investors, and wealthy private individuals

Fund details

Type of fund Unauthorised property unit trust

Residence Jersey



Earliest date of winding up September 2020


NAV (GBPm) 980.7

Note: * Subject to extensions thereafter Source: Schroders


Manager Schroder Real Estate Managers (Jersey) Ltd (SREMJ)

Property advisor British Land Company PLC

Portfolio manager Lucy Lilley


BNP Paribas Securities Services Trust Company Limited


Source: Schroders


Period to Hercules ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Unit Trust Other balanced funds All balanced funds All funds

3 months 2.0 4.5 4.6 3.8

Year-to-date 19.4 17.3 17.2 16.4

12 months 19.4 17.3 17.2 16.4

3 years+ 4.8 8.7 8.6 8.7

5 years+ 6.8 9.0 8.8 9.5

10 years+ -0.4 4.0 4.2 3.4




Scotland 38.5 38.5




South East 7.0 7.0

South West 2.2 2.2

Wales 2.7 2.7

North East 1.5 1.5


Cash - 0.5

Overall 99.5 100.0

Source: Schroders

135

Hercules Unit Trust AREF / IPD Property Fund Vision — Q4 2014

APIA Regional


Maximum development exposure See note 2

Maximum speculative development exposure See note 2

Maximum lot-size holding as a standing investment See note 3

Maximum lot-size holding permitted at purchase See note 3

Maximum exposure to limited partnerships No restriction

Maximum exposure to joint ventures No restriction

Maximum exposure to closed and open-ended property unit trusts No restriction

Source: Schroders


Property Location Sector Valuation (GBPm) % of total portfolio (IPD estimates)

Glasgow Fort Shopping Park Glasgow Retail Warehouse 350-400m 22.5

Parkgate Shopping Park Rotherham Retail Warehouse 150-200m 11.6

Broughton Shopping Park Chester Retail Warehouse 150-200m 11.2

Inverness Retail Park Inverness Retail Warehouse 75-100m 8.5

Prospect Place Retail Park Dartford Retail Warehouse 75-100m 5.9

Crown Wharf Retail Park Walsall Retail Warehouse 50-75m 4.6

Queens Retail Park Stafford Retail Warehouse 50-75m 4.0

Mostyn Champneys Llandudno Retail Warehouse 25-50m 2.7

Hylton Retail Park Sunderland Retail Warehouse 10-25m 1.6

Hatters Way Retail Park Luton Retail Warehouse 10-25m 1.3


Source: Schroders / IPD estimates Note:*Share holdings of 50%






Total 16 1,577.3 100.0

Source: Schroders


Holding Sector Vehicle type % held Fund share (GBPm) % of total portfolio (IPD estimate)

Fort Kinnaird, Edinburgh (Gibraltar) Retail warehouse LP 50.00 150-200m -

New Mersey Shopping Park, Speke Retail warehouse Jersey PUT 50.0 100-150m -

Deepdale Co-ownership Trust, Preston Retail warehouse Jersey PUT 50.0 75-100m -

Birstall Co-ownership Trust, Leeds Retail warehouse Trust for Land 41.3 25-50m -

Gallagher Retail Park, Cheltenham (Gibraltar) Retail Warehouse LP 50.0 25-50m -

Valentine Retail Park, Lincoln Retail warehouse Trust for Land 50.0 10-25m -

Total 463.8 29.4

Note: The Trust’s holdings in the Gallagher Retail Park, Cheltenham, The Shires Retail Park, Leamington Spa and Fort Kinnaird, Edinburgh are held through the Gibralter LP4 Source: Schroders



0-2.5 - - -

2.5-5 - - -

5-10 - - -

10-25 2 46.2 2.9

25-50 1 43.1 2.7

50-100 4 320.3 20.3

100-150 - - -

Over 150 3 704.0 44.6

Total 10 1,113.5 70.6


Source: Schroders




Source: Schroders

136



Property yields Voids as % of ERV+





Note: The yield rates provided are for the whole property portfolio Source: Schroders

Note: + The void rates provided are for the whole property portfolio.


Sector *Rent passing (%)


periods %

Development

voids %** Other void %^ Over rented %

Reversionary

potential %


Retail warehouses 94.0 6.6 - 3.0 -10.2 6.7 -3.6 100.0

Note: * The rent passing assumes rent reviews are settled at the ERV at the time ** Comprising the ERV of developments in progress or contracted that have not been pre-let ^void rate includes units with tenants in administration’ Source: Schroders








Note: Average lease lengths have been calculated for the whole portfolio. Schroders have provided the above Information based on contracted rent as they feel this gives an accurate reflection of the exposure to tenants and tenancies relative to the size of the portfolio. Furthermore, the parks are multi-let and the definitions provided by IPD do not give any guidance as to the allocation of head rent deductions across tenancies. Source: Schroders


Frequency of valuation Monthly, on the second last business day of each month

Valuer CB Richard Ellis Limited




Source: Schroders


Tenant %

Arcadia Group Plc 6.4

Next Group Plc 5.5

The Boots Company Plc 5.0

Marks & Spencer Plc 4.8

Home Retail Group Plc (Argos & Homebase) 4.2

Wallmart Inc (Asda Living) 3.9

The John David Group Plc 3.2

New Look Retailers Ltd 3.2

TK Maxx 2.8

Kingfisher Group Plc (B&Q) 2.8




Note: The list of the top ten tenants is based on the whole portfolio. The above Information based on contracted rent as Schroders feel that this gives an accurate reflection of the exposure to tenants and tenancies relative to the size of the portfolio. Furthermore ,the parks are multi-let and the definitions provided by IPD do not give any guidance as to the allocation of head rent deductions across tenancies. Source: Schroders


Maximum total gearing permitted 60% of Aggregate Trust Value (5)



Note: * None specified Source: Schroders

137


APIA Regional

Net asset value

Net assets per unit are re-calculated monthly, on the second last business day of the month. The Manager calculates the difference

between the nominal value and the market value of the Trust’s debt, but the amount of this difference is not reflected in the monthly re-

calculation of its Net Asset Value and is not disclosed in the Fund’s Pooled Property Questionnaire.

Performance fees are accrued and are therefore reflected in the monthly re-calculation of the Trust’s NAV.





Yield (at NAV/unit) 6.0% 6.0% 5.8% 5.4% 5.1% 5.1%

Note: As income is distributed quarterly, figures have been provided in this regard. Income is distributed quarterly in advance. Source: Schroders






Debt -610.0 - - - -610.0



Total net assets 516.9 463.8 - - 980.7

Gearing (%)



Note: ~ The debt information provided relates to external borrowings held directly by the Trust. * Equals total debt less total cash as a percentage of total properties at valuation ** Equals total debt less total cash as a percentage of total net assets Source: Schroders

Debt analysis*




296.000 3.78% 1.72 46.000 2.76% -

64.000 Confidential 2.24 - -

250.000 4.72% 2.38 - -

610.000 - 2.05 46.000 2.76% -

Note: * Including the Trust’s share of the borrowings of the Gibraltar Limited Partnership in which it has a 50% interest Source: Schroders

Distributions

Distributions of income are made quarterly, 20 working days after the end of each quarter.


Minimum initial investment: Units with an aggregate value of GBP100,000


Minimum holding: Units with an aggregate value of GBP100,000


The next opportunity for investors to redeem their holding will be as 'dissenting unit holders' after an EGM has been passed to extend the

life of the Trust past its termination date 22 September 2020. The first EGM is to be held between 1 July 2017 and 22 September 2017. If

an extension to the life of the Trust is not passed during on this occasion, further opportunities will be provided to vote to extend the life of

the Trust at each subsequent AGM's prior to the termination date.

Taxation

Capital gains tax: the trust is not subject to capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the

redemption or disposal of their units in the trust. (Hercules Unit Trust is expected to maintain Distributor status.)

Income tax: distributions of income are made gross on a quarterly basis to all holders who are UK residents or those who hold non-resident

Landlord clearance. 20% Jersey tax is withheld from distributions payable to Jersey residents. Income (less expenses properly incurred)

arising directly from the properties whether it is distributed or not, will be liable under Schedule A to UK income or corporation tax in the

hands of unitholders , regardless of where they are resident.

Stamp Duty Reserve Tax: transfers of units are not subject to SDRT.

138



Charges

Annual fees The manager is entitled to a base fee on a sliding scale in relation to the Aggregate Trust Value, equating to 0.15% pa up to GBP500m

plus 0.125% pa between GBP500m and GBP1bn and 0.1% pa in excess of GBP1bn

The property advisor is entitled to a base fee equivalent to 0.38% pa of the Aggregate Trust Value7 (payable quarterly in arrears), plus a

performance fee. See prospectus for full details.

50% of base management fees are charged to capital

Investment management fees relate solely to property adviser’s and manager’s fee. Costs and expenses are charged to the trust fund,

including: the cost of borrowings, convening meetings of the holders, stamp duty and any other taxes or duty payable out of the trust fund

or by the trustees in respect of any assets of the trust; the fees and expenses of the trustees, the manager, the property adviser and the

valuers; incidental costs of any sub-division, consolidation, issue or listing of units; all costs of termination of the trust; and certain statutory,

legal and professional fees and out of pocket expenses and other miscellaneous expenses as set out in the trust instrument.

Performance fees The Property Adviser is also entitled to a Performance Fee. The Manager calculates the Performance Fee payable or the Performance Fee

shortfall for each relevant calculation period in accordance with clause 24 of the Trust Instrument as follows:

The fee is calculated in relation to the level of outperformance of the Target Return at both property and Trust level.

If the property return is equal to or greater than the UK Retail Warehouse Segment of the Investment Property Databank Annual All

Fund Universe (“the IPD benchmark”) plus 1% the Performance Fee is calculated at 20% of the Trust outperformance above the IPD

Benchmark plus 1%.

If the property return is between the IPD Benchmark and the IPD Benchmark plus 1%, the Performance Fee is to be 10% plus the

percentage of the property return over the IPD Benchmark, multiplied by the Trust Return outperformance above the IPD Benchmark

plus 1%

In the event that the property return is less than the IPD Benchmark and the Trust Return is greater than or equal to the IPD

Benchmark plus 25% and a minimum return of 12%, the Performance Fee is calculated at 5% of the Trust outperformance above the

IPD Benchmark plus 1%.

The Performance Fee is capped at 2.5% of Net Asset Value at the end of the Calculation Period. See prospectus for full details.

The performance fee is accrued and is therefore taken into account in the monthly re-calculation of the Trust’s Net Asset Value.

Unitholder analysis







Total 71 100.0

Major investors






Internal 16 8.7

External 55 91.3

Source: Schroders

Liquidity





Units issued during period - 9,640 59,883 - - -



Unit transfers



Note: * as % of units in issue at end of period Source: Schroders

139


APIA Regional

Notes

1. A wholly owned subsidiary of British Land Plc

2. Projected development costs must not exceed 20% of NAV and each development must be more than 50% pre-let, otherwise

unitholder approval is required for the purchase

3. Unitholder approval is not required for investment transactions, except where there is a conflict of interest in relation to a Trustee, the

Manager, the Property Adviser or a unitholder.

5. Defined as the market value of the properties, plus capital cash

6. Aggregate Property Value is the market value of properties, excluding capital cash

140

Hermes Property Unit Trust AREF / IPD Property Fund Vision — Q4 2014


158

Hermes Property Unit Trust


To invest in a diversified portfolio of UK commercial properties, including, where appropriate, investments in indirect vehicles and joint

ownership structures that offer access to attractive asset portfolios and specialist management teams.

The Trust’s objective is to outperform Other Balanced Property Funds component of The AREF/IPD UK Quarterly Property Fund Index

in the medium to long term through a combination of income and capital appreciation.


The Trust is open to investment by exempt funds (UK pension funds, charities and investment trusts).

Fund details

Type of fund Unauthorised exempt unit trust


Launch date 1967



Year-end 25 March

NAV (GBPm) 1,095.5



Trust manager Hermes Alternative Investment Management Limited

Property investment manager Hermes Real Estate Investment Management Limited

Portfolio manager Chris Mathew

Trustee HSBC Bank plc




Period to Hermes Property ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------


3 months 5.6 4.5 4.6 3.8

Year-to-date 19.7 17.3 17.2 16.4

12 months 19.7 17.3 17.2 16.4

3 years+ 11.3 8.7 8.6 8.7

5 years+ 11.3 9.0 8.8 9.5

10 years+ 6.5 4.0 4.2 3.4

Note: * Weighted average returns + annualised Source: AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Hermes Property ----------- AREF/IPD UK Quarterly Property Fund Index** ------------

Unit Trust+* Other balanced funds All balanced funds All funds





All UK retail 27.4 32.9 36.0 41.5

City offices 6.9 3.2 3.7 3.3




All UK offices 39.8 29.5 30.2 23.0





Cash 5.6 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the Trust’s share of any properties held jointly or through indirect holdings Sources: * Hermes Real Estate Investment Management Ltd **AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

141

IPD Property Fund Vision Handbook — Q4 2014 Hermes Property Unit Trust


159


Maximum development exposure 10% of gross asset value

Maximum lot-size holding as a standing investment 10% of gross asset value

Maximum lot-size holding permitted at purchase 10% of gross asset value

Maximum exposure to LPs, joint ventures and other co-investments 30% of gross asset value




Directly owned 88 1,022.6 100.0

Joint & indirect investments - - -


Total 88 1,022.6 100.0




0-2.5 31 47.9 4.7

2-5-5 8 28.4 2.8

5-10 13 111.3 10.9

10-25 25 390.4 38.2

25-50* 9 293.1 28.7

50-100 1 50.5 4.9

100-150 1 101.0 9.9

Over 150 - - -

Total 88 1,022.6 100.0


Source: Hermes Real Estate Investment Management Ltd *Note: For reasons of commercial sensitivity, includes two properties with a value in the range GBP50-150m



Maybird Shopping Park, London Stratford-upon-Avon Retail Warehouses 100+ 9.9

8/10 Great George Street, SW1P 3AE London Central London Offices 50-55 4.9

Sainsbury's, Maxwell Road Beaconsfield Unit Shops 40-45 4.0

2 Cavendish Square, W1 London Central London Offices 35-40 3.8

27 Soho Square, W1D 3QR London Central London Offices 35-40 3.6

Plantation Wharf, Battersea London Rest of UK Offices 30-35 3.4

Christopher Place St Albans Shopping Centres 30-35 3.2

Broken Wharf House, High Timber Street, London Central London Offices 30-35 3.0

Hythe House, Hammersmith Rest of UK Offices 25-30 2.8

Rotunda Complex, Oval Road, London Rest of UK Offices 25-30 2.6






GBPm - - - -


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Hermes Real Estate Investment Management Ltd






Source: Hermes Real Estate Investment Management Ltd Source: Hermes Real Estate Investment Management Ltd

142



160

















Other 10.8 8.9

Overall 100.0 100.0

Note: Developments have not been rentalised and are not recognised in this table Source: Hermes Real Estate Investment Management Ltd




periods %

Development


Reversionary

potential %


Standard retail 91.3 4.3 - 1.0 -2.7 6.1 3.4 100.0


Shopping centres 90.9 1.8 - 8.5 -3.3 2.1 -1.2 100.0


Other offices 72.0 22.7 - 10.9 -9.8 4.2 -5.6 100.0

Industrial 89.7 1.8 - 9.8 -5.8 4.5 -1.3 100.0

Other 100.9 - - 0.9 -2.5 0.7 -1.8 100.0

Overall 83.0 8.7 - 6.2 -4.6 6.8 2.2 100.0

Note: * Developments have not been rentalised and are not recognised in this table Source: Hermes Real Estate Investment Management Ltd


Tenant %


Enterprise Inns Plc 6.1

B & Q PLC 3.2

Skandia Life Business Services Ltd 2.5

Barclays Bank plc 2.4

LGC Ltd 2.4

Allport Cargo Services Ltd 2.2

Net A Porter Group Ltd 2.1

PriceWaterhouseCoopers Services Ltd 1.9

Premier Inn Hotels Limited 1.9






Frequency of valuation Monthly, on 25th of each month except for 24th June and 29th September






143

IPD Property Fund Vision Handbook — Q4 2014 Hermes Property Unit Trust


161






Debt - - - - -

Cash 61.1 - - - 61.1


Total net assets 1,095.5 - - - 1,095.5

Gearing (%)





Maximum total gearing permitted 30% of GAV

Cash holdings (maximum) 10% of GAV*

Cash holdings (minimum) No restriction

Note: * New investment into the Trust is subject to a waiting list where cash exceeds GBP50m. Source: Hermes Real Estate Investment Management Ltd

Debt analysis




- - - - - -




Bid (GBP) 4.4450 4.6310 4.7390 4.8680 5.0730 5.3070

Offer (GBP) 4.7320 4.9200 5.0340 5.1830 5.4000 5.6370

Mid (GBP) 4.5885 4.7755 4.8865 5.0255 5.2365 5.4720

Bid/offer spread 6.1% 5.9% 5.9% 6.1% 6.1% 5.9%


Quarterly distribution (GBp) 0.0590 0.0618 0.0580 0.0546 0.0522 0.0538

Yield (at NAV/unit) 5.4% 5.3% 5.1% 4.7% 4.4% 4.1%


Unit pricing

The bid and offer price of the units are calculated on the date of the monthly valuation (i.e. on 25th of each month, except for 24th June and

29th September). The Trust has no direct fixed-rate borrowings. Performance fees, which are paid annually from income, are estimated and

accrued on a quarterly basis. `

Distributions

Distributions are made quarterly on 15 February, 15 May, 15 August and 15 November for the periods to 25 March, 24 June, 29 September

and 25 December, respectively. Income accrues monthly to each registration day (the 26th of each month, except 25 June and 30

September).


The minimum investment is 10,000 units and applications must be in multiples of 1,000 units.


Units may be purchased on 12 subscription days annually. These are on the 26th of each month (apart from 25th June and 30 September)

or the following business day. Redemptions must be notified in writing to take effect on the next following notice day. These are 26 March,

25 June, 30 September and 26 December. Under normal circumstances, the proceeds will be paid three months later, i.e. on the next

following notice day. In exceptional circumstances, the Trust Manager may defer the redemption of some or all of the units for up to nine

months. In extreme circumstances, as a last resort, which would arise only if a major proportion of unitholders wished to withdraw, the trust

would be terminated and the net proceeds distributed to unitholders. The manager will attempt, where possible, the matching of buying and

selling orders, with any resulting transfer being effective on the next registration day.

Taxation

Capital gains tax: the trust is exempt from capital gains tax.

Income tax: while distributions of income are made net of income tax, unitholders are able to reclaim the tax deducted and vouchers for this

purpose are sent to unitholders with each distribution.

144



162

Stamp duty reserve tax: transfers of units are subject to SDRT, currently 0.5%.

Charges

Annual fees

The Trust Manager is entitled to receive a fee of 0.40% per annum of the net asset value of the Trust, subject to a minimum fee of

£1,300,000 per annum.

Performance fees

In addition, the Trust Manager may receive performance related fees if the performance of the Trust exceeds the average weighted total

return on the agreed benchmark, being the average return on the IPD UK Other Balanced Funds Index Weighted Average Returns, on a

three year annualised rolling average basis. The amount of the fee is calculated as 17.5% of the outperformance amount generated.

The total fees payable to the Trust Manager are capped at 0.8% of the net asset value of the Trust.

Unitholder analysis







Total 121 100.0

Major investors






Internal 2 1.3

External 119 98.7


Liquidity






Units redeemed during period - 52,000 - -402,045 - - -36,663


Unit transfers



Notes: * as % of units in issue at end of period Source: Hermes Real Estate Investment Management Ltd

145

AREF / IPD Property Fund Vision — Q4 2014 Ignis UK Property Fund


Ignis UK Property Fund


The Fund’s investment objective is to achieve income and capital growth through investment predominantly in UK real commercial

property (mainly the retail, office and industrial sectors, but possibly including smaller sectors such as leisure property). The Fund will

seek geographic diversification across the UK amongst properties held. Its benchmark is the IPD UK All Property Monthly Index.


The Fund is open to investment by pension funds, charities, insurance companies, other corporate and institutional investors, and

private individuals.

Fund details







NAV (GBPm) 1,443.1

Source: Ignis Asset Management


Manager Ignis Fund Managers Ltd

Property investment advisor Ignis Investment Services Ltd

Fund manager George Shaw

Trustee Citibank International plc




Period to Ignis UK Property ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Fund^** Other balanced funds All balanced funds All funds

3 months 4.0 4.5 4.6 3.8

Year-to-date 16.6 17.3 17.2 16.4

12 months 16.6 17.3 17.2 16.4

3 years+ 10.2 8.7 8.6 8.7

5 years+ 10.5 9.0 8.8 9.5

10 years+ 6.2 4.0 4.2 3.4

Note: ^ Calculated on a bid price to bid price basis, income taxed at the standard rate * Weighted average returns + Annualised Sources: * AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch) ** Performance numbers provided by IPD

Property portfolio distribution %

Ignis UK Property ----------- AREF/IPD UK Quarterly Property Fund Index** ------------

Fund* Other balanced funds All balanced funds All funds





All UK retail 34.2 32.9 36.0 41.5

City offices 5.1 3.2 3.7 3.3




All UK offices 23.8 29.5 30.2 23.0





Cash 19.9 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * Ignis Asset Management ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

146

Ignis UK Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional




Maximum lot-size holding as a standing investment 10% (ex retail parks/shopping centres - max 15%)

Maximum lot-size holding permitted at purchase 10% (ex retail parks/shopping centres - max 15%)



Maximum exposure to closed and open-ended property unit funds 10%

Note: * None specified Source: Ignis Asset Management






Total 71 1,155.6 100.0




Leamington Shopping Park Warwickshire Retail Warehouse 76.5 6.6

77-80 Gracechurch Street London Office 46.5 4.0

Royal Avenue House London Retail Warehouse 43.1 3.7

Sainsbury's Superstore Sudbury Industrial 35.7 3.1

West end retail park Glasgow Retail 34.2 3.0

13/14 Curzon Street London Office 33.7 2.9

1 American Street & 29 Guildford Street London Office 29.9 2.6

Blighs Meadow Shopping centre Sevenoaks Retail 29.3 2.5

Solar Park Birmingham Office 29.1 2.5

De Mandeville Retail Park Enfield Retail Warehouse 27.5 2.4





0-2.5 2 2.4 0.2

2.5-5 8 31.1 2.7

5-10 16 123.9 10.7

10-25 31 505.7 43.8

25-50 13 415.9 36.0

50-100 1 76.6 6.6

Over 100 - - -

Total 71 1,155.6 100.0











Other 5.7 4.9

Overall 100.0 100.0







Source: Ignis Asset Management Source: Ignis Asset Management

147














GBPm - 3.3 3.3 2.5


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Ignis Asset Management




periods %

Development


Reversionary

potential %


Standard retail 95.3 3.9 - 2.6 -3.4 1.5 -1.9 100.0

Retail warehousing 96.5 1.2 - 0.5 -1.9 3.8 1.9 100.0


Central London offices 64.8 10.9 5.2 9.1 -1.5 11.5 10.0 100.0

Other offices 76.3 17.5 - 11.8 -8.5 3.0 -5.5 100.0

Industrial 86.1 6.7 - 4.2 -1.6 4.5 2.9 100.0

Other 98.8 12.8 - - -12.8 1.2 -11.6 100.0

Overall 84.7 7.5 1.0 4.9 -3.1 5.0 1.9 100.0

* Comprising the ERV of developments in progress or contracted which have not been pre-let Source: Ignis Asset Management



Valuer CBRE Limited






Tenant %

Government / Public Setor 4.3

Sainsbury's Supermarkets Limited 4.1

Weatherford U.K. Limited 2.7

Waitrose Limited 2.2

Avanta Managed Offices Lmited 1.8

Technip UK Limited 1.8

Argos Limited 1.8

Kenwood Limited 1.7

DSG Retail Limited 1.6

Matthew Clark Wholesale Limited 1.6





148

Ignis UK Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional



Balance sheet (GBPm) Properties at valuation 1,155.6 - - - 1,155.6


Debt - - - - -

Cash 286.4 - - - 286.4


Total net assets 1,443.1 - - - 1,443.1

Gearing (%)






for investment purposes -

for liquidity purposes -

Cash holdings maximum/minimum Target range 0 — 20%

Note: The fund has the power to borrow up to 10% of the value of the property of the fund. There is no intention to gear the portfolio under normal circumstances but the fund may borrow from time to time to meet short term liquidity requirements if required. Source: Ignis Asset Management


Quarter ending 30 Sep 13 31 Dec 13 31 Mar 14 30 Jun 14 30 Sep 14 31 Dec 14

Single price per unit (GBp)


A Income units 0.91600 0.93800 0.94840 1.02000 1.0414 1.06160


B Income units 1.04300 1.06970 1.08300 1.02120 1.0446 1.06700

Earned per unit (GBp)


A Income units 0.86790 0.88880 0.89860 0.96640 0.9867 1.00590


B Income units 0.98830 1.01360 1.02620 0.96750 0.9898 1.01100

Unit pricing

The unit price is re-calculated daily at 2 pm.

Distributions

The units are priced on an XD basis on the first day of every month. Payment is on the last day of every month (with the exception of the

year end, when the Fund goes XD on 1 January and the Payment date is 15 February).


The minimum investment is GBP500 unless it represents a regular monthly contribution, when the minimum amount is GBP50 (with a

monthly maximum per investor of GBP50,000). The minimum disinvestment is not less than GBP100, ensuring that at least GBP250

remains invested. There is a limit a maximum value of units (currently GBP5m) on the value of units that may be sold by the manager to a

single investor in any calendar month. (All of these amounts are subject to the discretion of the Fund Manager.)


Units can be bought or sold by giving notice on any business day between 9.00 am and 5.00 pm. Units are bought or sold at the price

calculated at the next valuation point ie 2 pm on the following day. The proceeds of a sale will normally be posted within four workings days

after the receipt of written sale instructions. In the case of telephone instructions, settlement will be made on receipt of a completed form of

renunciation which is issued with the contact note.

The manager reserves the right to suspend the issue and redemption of units for up to 28 days where this is in the interests of unit holders,

and to defer redemptions for up to six months if there is insufficient liquidity in the fund to facilitate daily redemptions.

Taxation

Capital gains tax: the Fund is exempt from UK Capital Gains Tax. Unitholders may be liable to CGT on the disposal of their units in the Fund.

Corporation tax: the Fund is subject to corporation tax at the rate of 20%.

Income tax: distributions are classed as dividends which carry a tax credit at the rate of 10% of the gross income. Individual unitholders

whose income is within the lower or base rate bands will have no further tax to pay. Higher rate taxpayers can set the tax credit against their

tax liability, which will be charged at a rate of 32.5% on dividend income.


149



Charges

The offer price of the units includes an initial charge of 5.25%, in addition to which there is an annual management charge equivalent to

1.50% of the net asset value of the fund. (These charges may vary, depending on the size of the amount invested.)

Liquidity

Year to Year to Year to **Year to Year to 3 mths to

Period Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2014

Issues and redemptions* Units in issue as at start of period 511,735,753 556,875,429 754,633,131 892,272,937 937,202,711 1,078,675,272


Units redeemed during period -22,801,320 -12,782,036 -10,426,372 -42,369,563 -25,559,005 -

Transfers and Conversions - - - -965,637 428,405 3,516,516

Units in issue at end of period 556,875,429 754,633,131 892,272,937 937,202,711 1,078,675,272 1,149,519,788

Unit transfers

Matched Bargains - - - - - -

Matched Bargains %*** - - - - - -

Note: * Income units and accumulation units ** As of Q4 2012 transfers and conversions have been taken into account, thus explaining difference between units issued and redeemed during the period against units in issue at

end of period. *** As % of units in issue at the end of the period Source: Ignis Asset Management

Liquidity — Conversion to PAIF

Period 31/12/2014 31/12/2014 31/12/2014 31/12/2014

Units** A Accumulation A Income I Accumulation I Income

Issues and redemptions* Units in issue as at start of period 198,880,188.36 11,445,361.93 103,951,774.31 123,022,119.30

Units issued during period 1,112,000.00 200,000.00 3,489,355.72 4,882,748.87

Units redeemed during period -2,745,000.00 -1,765,824.41 - -35,976,850.68

Units in issue at end of period 185,034,125.53 8,787,265.94 117,234,971.96 95,733,952.41

Unit transfers

Matched Bargains - - - -

Matched Bargains %*** - - - -

Note: * Income units and accumulation units ** As of Q2 2014 the fund changed to a PAIF and Feeder fund in which the structure of units changed

Unitholder analysis







Total 1,350 100.0

Major investors






Internal 20 23.2

External 1,330 76.9


150

Industrial Property Investment Fund AREF / IPD Property Fund Vision — Q4 2014


168

Industrial Property Investment Fund


The Fund’s strategy is investment in good quality, higher yielding, and predominantly multi-let industrial estates. The Fund also maintains a

rolling refurbishment program. Its objective is to outperform its benchmark, the All Industrial sub-sector of the IPD UK Annual Index, by 1%

pa over three-year rolling periods.


The Fund is open to investment by pension funds, charities, insurance & other companies and other intermediate investors from within the

UK or abroad, subject to relevant local regulations. Entry is via the Jersey registered IPIF Feeder Unit Trust.

Fund details

Type of fund Limited Partnership: entry via Jersey Feeder Unit Trust




Earliest date of winding up June 2020

Year-end 31st December

NAV (GBPm) 966.2

Source: Legal & General Investment Management Limited


Vehicle manager/Operator Legal & General Investment Management Limited

Property asset manager Legal & General Property Ltd

Property fund manager Jonathan Holland

Trustee n/a




Period to Industrial Property ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Investment Fund Other balanced funds All balanced funds All funds

3 months 7.9 4.5 4.6 3.8

Year-to-date 30.0 17.3 17.2 16.4

12 months 30.0 17.3 17.2 16.4

3 years+ 15.0 8.7 8.6 8.7

5 years+ 13.2 9.0 8.8 9.5

10 years+ 7.2 4.0 4.2 3.4



Industrial Total



Eastern 12.9 12.9



South West 5.3 5.3


Scotland 3.8 3.8

North West 2.5 2.5

Wales 1.5 1.5

Cash - 2.3

Overall 97.7 100.0

Note: * Excluding the City, the West End and Holborn Source: Legal & General Investment Management Limited

Property investment restrictions Maximum development exposure *







Note: * None specified Source: Legal & General Investment Management Limited

151

AREF / IPD Property Fund Vision — Q4 2014 Industrial Property Investment Fund


169


Property Location Sector Valuation % of total portfolio (IPD estimates)

Clifton Moor Industrial Estate York Industrial 40 - 45 3.2

Barton Park and Deacon Industrial Estate Eastleigh Industrial 35 - 40 2.8

Clock Tower Industrial Estate Isleworth Industrial 35 — 40 2.5

West Wilts Trading Estate Westbury Industrial 30 - 35 2.9

Bermondsey Trading Estate Bermondsey Industrial 25 - 30 2.1

Easter Park, Axial Way Colchester Industrial 25 - 30 2.1

High Street and Oakfield Road Penge Industrial 25 - 30 2.0

The Sterling Centre Bracknell Industrial 20 - 25 1.7

The Fort Industrial Park Birmingham Industrial 20 - 25 1.7

Centrapark Welwyn Garden City Industrial 20 - 25 1.8

10 largest investments as % of portfolio (IPD estimates) 22.7

Source: Industrial Property Investment Fund






Total 163 1,301.4 100.0




0-2.5 24 38.0 2.9

2.5-5 50 184.8 14.2

5-10 45 320.6 24.6

10-25 39 582.6 44.8

25-50 5 175.5 13.5

50-100 - - -

100-150 - - -

Over 150 - - -

Total 163 1,301.4 100.0



Property yields

Voids as % of ERV

Net Initial yield 5.47% Investments 9.5%




Source: Legal & General Investment Management Limited Source: Legal & General Investment Management Limited






Sector

Rent passing

(%)


periods %

Development


Reversionary

potential %


Industrial 82.7 1.6 - 10.7 -2.8 7.9 5.1 100.0

Note:* Comprising the ERV of developments in progress or contracted that have not been pre-let Source: Legal & General Investment Management Limited

152

Industrial Property Investment Fund AREF / IPD Property Fund Vision — Q4 2014


170


Frequency of valuation Quarterly, on the last day of the quarter

Valuer DTZ Debenham Tie Leung



Member of The Association of Real Estate Funds Full member



Tenant %

Grace Foods UK Limited 1.3

Flakt Woods Limited 1.3

Scottish and Newcastle Limited 1.0

Jaguar Cars Limited 1.0

Travis Perkins (Properties) Limited 0.9

Bakkavor Foods Limited 0.9

Norbert Dentressangle Logistics Limitd 0.9

Howden Joinery Properties Limited 0.9

Aldi Stores Limited 0.9

Screwfix Direct Limited 0.8














Maximum gearing permitted 50% of gross asset value









Debt -330.0 - - - -330.0

Cash 30.5 - - - 30.5



Gearing (%)




Debt analysis




80.000 2.60% 0.71 330.00 1.50% -

35.000 0.86% 0.71 - - -

- - - - - -

- - - - - -


153

AREF / IPD Property Fund Vision — Q4 2014 Industrial Property Investment Fund


171

Quarterly data per IPIF Feeder Fund Unit Trust unit




Yield (at NAV/unit) 5.0% 4.7% 4.4% 4.0% 4.0% 3.4%


Net asset value Net assets per unit are recalculated as at 31 March, 30 June, 30 September and 31 December each year, following the quarterly revaluation

of the portfolio. As at 31 December 2014, the Fund had debt of GBP330m hedged by a GBP115m interest rate Swap. This Swap and the

Fund’s GBP80m and GBP35m swaps which became effective from 16 March 2013 had a market value on 30 December 2014 of

GBP1.259m less than book value, equivalent to a decrease in NAV of 0.130%. The Fund’s accounts are complied on a UK GAAP basis and

therefore do not reflect this adjustment.

Distributions

The fund distributes 100% of its income 10 days after the end of each quarter.


N/A

Transfer and realisation of units

The fund is closed-ended. However, the manager can raise new investment in the fund and bring in new partners without the approval, and

without with reference to, existing partners.

Taxation

Capital gains tax: the partnership is tax transparent. The admission of a new partner would not give rise to a capital gains tax liability, but the

disposal of a partnership interest may give rise to a capital gains tax liability. Those investors in the IPIF Feeder Unit Trust who are subject to

tax may be liable to capital gains tax on the sale of their units in the Trust.

Income tax: while distributions are made net of tax, non-taxpayers are entitled to reclaim the tax that has been deducted.

Stamp duty reserve tax: transfers of partnership interests are subject to SDRT at the prevailing rate, currently 4.0%. Since the IPIF Feeder

Unit Trust is registered in Jersey, transfers of units in the Trust are not subject to SDRT.

Charges

Vehicle manager/operator and Property asset manager The vehicle manager/operator and property asset manager are entitled to fees equivalent to 0.7% pa of the average value of the property

held by the Fund and to 0.25% pa of any cash balances.

Liquidity — IPIF Feeder Unit Trust



Issues and redemptions*


Units issued during period - 152,035 - - 187,240 -



Note: * As % of units in issue at the end of the period Source: Legal & General Investment Management Limited

Investor profile — IPIF Feeder Unit Trust: Unitholder analysis







Total 102 100.0

Major investors






Internal 1 8.9

External 101 91.1


154

AREF / IPD Property Fund Vision — Q4 2014 Kames Active Value Property Fund


Kames Active Value Property Fund Investment policy and objective

The objective of the Fund is to outperform competitor funds through superior sector allocations, superior stock selection and active

management of individual properties within the portfolio. The Fund’s benchmark is the All Balanced Funds Index component of the

AREF/IPD UK Pooled Quarterly Fund Index.


portfolio.



Fund details

Type of fund Managed fund






NAV (GBPm) 122.6



Manager Kames Capital

Investment advisor Kames Capital

Fund manager David Wise/Helen Batten





Period to Kames Active Value ---------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Property Fund Managed funds All balanced funds All funds

3 months 4.1 4.6 4.6 3.8

Year to date 13.8 16.9 17.2 16.4

12 months 13.8 16.9 17.2 16.4

3 years+ 9.0 7.3 8.6 8.7

5 years+ 9.7 8.6 8.8 9.5

10 years+ - 4.7 4.2 3.4



-------------- AREF/IPD UK Quarterly Property Fund Index** -------------

Kames Active Value

Property Fund* Managed funds All balanced funds All funds





All UK retail 28.7 41.0 36.0 41.5





All UK offices 44.9 31.3 30.2 23.0





Cash 13.7 5.9 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * Kames Capital ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

155

Kames Active Value Property Fund AREF / IPD Property Fund Vision — Q4 2014


28









Note: * None specified Source: Kames Capital






Total 24 105.7 100.0




P&H House, Davigdor Road,Brighton Brighton Offices 5-10 8.7

Smithfield Building Oldham Road Manchester Standard retail 5-10 7.8

33 Welbeck Street London Offices 5-10 7.7

Wickes London Road Thetford Retail warehouses 5-10 5.3

The Eagle Building 19 Rose Street Edinburgh Standard retail 5-10 5.2

Carcraft Durham Road Birtley Gateshead Industrial 5-10 5.2

Rockingham House Street Sheffield Offices 5-10 5.1

Nicholsons House Nicholsons Walk Maidenhead Offices 5-10 5.0

Osprey House/Vigilant House Paisley Offices 5-10 5.0

NHS Lanarkshire Laundry Canyon Road Wishaw Industrial 2.5-5 4.8





0 -2.5 4 8.6 8.1

2.5 - 5 10 33.8 32.0

5 - 10 10 63.3 59.9

10 - 25 - - -

25 - 50 - - -

50 - 100 - - -

100-150 - - -

Over 150 - - -

Total 24 105.7 100.0








Central London offices -0.6 5.4


Industrial 10.1 6.7

Other 6.2 5.6

Overall 100.0 100.0


156






GBPm 8.2 - 8.2 -

% of all directly held properties 7.7% - 7.7% - Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Kames Capital






Source: Kames Capital Source: Kames Capital




periods %

Development

voids % Other voids %

Over rented

%

Reversionary

potential %


Standard retail 87.8 - - 10.4 -2.7 4.6 1.8 100.0



Central London offices -11.0 - 100.0 - - 11.0 11.0 100.0

Other offices 101.3 0.8 - 12.3 -14.9 0.5 -14.4 100.0

Industrial 148.4 - - - -48.4 - -48.4 100.0

Other 107.7 - - - -7.7 - -7.7 100.0

Overall 97.8 0.4 5.4 9.5 -15.8 2.7 -13.1 100.0










Tenant %

Secretary of State for the Environment/Secretary of State for Scottish Ministers 18.7

Palmer & Harvey McLane Limited 7.3

Mecca Bingo Ltd 6.2

Trillium (Prime) Property GP Ltd 5.3

CC Automotive Group Ltd 5.1

Wickes Building Supplies Ltd 4.6

Nokia (UK) Ltd 4.6

CDS (Superstores International) Ltd 4.2

Derbyshire County Council 2.6

Poundland Ltd 2.4













157

Kames Active Value Property Fund AREF / IPD Property Fund Vision — Q4 2014


30






Debt - - - - -

Cash 16.8 - - - 16.8



Gearing (%)









Cash holdings (minimum) Nil




Bid (GBP) 1.366 1.429 1.457 1.540 1.563 1.622

Offer (GBP) 1.450 1.516 1.546 1.635 1.659 1.743

Mid (GBP) 1.408 1.473 1.502 1.588 1.611 1.682

Bid/offer spread 5.8% 5.8% 5.8% 5.8% 5.8% 6.9%





Unit pricing

The unit price is calculated at midday on a forward-pricing basis for deals to be carried out the next working day. The fund has a bid/offer

spread, reflecting the costs of purchasing and selling direct property in which the fund is invested.

Distributions



Minimum initial investment: £100,000


Minimum redemption: None


The fund is daily dealt and monthly valued.



Taxation

CGT and Income Tax: The fund is for tax exempt pension funds.

Stamp Duty Reserve Tax: Purchases and transfers of units do not attract SDRT.

Charges

Annual charges:

The annual management charge is equivalent to 0.5% of the value of the fund.

158



Unit-holder analysis







Total 5 100.0

Major investors

Largest 1 64.4


Five largest 5 100.0

Ten largest 10 -


Internal 2 94.5

External 3 5.5


Liquidity

- Year to Year to Year to Year to Year to

Period - Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014


Units in issue as at start of period - 50,000,000 50,032,194 50,029,239 50,061,595 72,775,492

Units issued during period - 32,194 - 375,097 26,089,629 2,160,635

Units redeemed during period - - -2,955 -342,741 -3,375,733 -532,689

Units in issue at end of period - 50,032,194 50,029,239 50,061,595 72,775,492 74,403,438

Unit transfers



Note: * As % of units in issue at the end of the period Source: Kames Capital

159

Keills Property Trust AREF / IPD Property Fund Vision — Q4 2014


Keills Property Trust


To invest in RPI Property. Keills define this as UK real estate let to high quality tenants where the rent is contracted to increase in line

with RPI, CPI or is subject to fixed increases. Our stock selection process tries to ensure that the selected property is the natural home

of the tenant and so we seek sustainable locations.

There is no specific sector allocation requirement and the fund is benchmarked to the IPD Quarterly Universe. Keills believes that

market rental growth will be minimal over the next 10 years.


The Trust is open to investment by UK pension funds including SIPP’s.

Fund details

Type of fund Exempt Property unit trust


Launch date April 2010



NAV (GBPm) 32.5

Source: Keills Property Trust


Investment manager Keills Limited

Trust manger Magarch Limited

Trustee Royal Bank of Canada Trust Corporation Limited

Auditors Johnston Carmichael



Period to Keills Property ------------- AREF/IPD UK Quarterly Property Fund Index* --------------


3 months 3.5 4.5 4.6 3.8

Year-to-date 8.8 17.3 17.2 16.4

12 months 8.8 17.3 17.2 16.4

3 years+ 8.0 8.7 8.6 8.7

Note: * Weighted average returns + Annualised Source: AREF IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Keills Property ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Trust Other balanced funds All balanced funds All funds





All UK retail 14.7 32.9 36.0 41.5





All UK offices 20.2 29.5 30.2 23.0





Cash 36.2 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * Keills Property Trust ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

160

AREF / IPD Property Fund Vision —Q4 2014 Keills Property Trust


223






Total 5 25.3 100.0










Note: * None specified Source: Keills Property Trust



Thorpe Park Peterborough Other offices 8.0 31.6

West Stand London Other property 7.1 27.9

Harbourside Drive South Wales Other property 4.4 17.4

143 Sauchiehall Street Glasgow Standard retail 3.9 15.4

93-99 Albert Street Dundee Standard retail 1.9 7.6

6 largest investments as % of portfolio (IPD estimate) 25.3 100.0

Source: Keills Property Trust / IPD estimate



0-2.5 1 1.9 7.6

2.5-5 2 8.3 32.8

5-10 2 15.1 59.6

10-25 - - -

25-50 - - -

50-100 - - -

100-150 - - -

Over 150 - - -

Total 5 25.3 100.0


Source: Keills Property Trust Ltd




GBPm - - - -


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Keills Property Trust








161




Holding Sector Joint/indirect Vehicle type Ownership % Valuation (GBPm) % of total portfolio

- - - - - - -





Retail warehousing - -




Industrial - -

Other 45.4 43.0

Overall 100.0 100.0

Note: * Including indirect investments Source: Keills Property Trust


Sector

Rent passing (%)


periods %

Development


Reversionary

potential %


Standard retail 89.7 - - 8.6 -2.4 4.2 1.7 100.0

Retail warehousing - - - - - - - -



Other offices 100.0 - - - - - - 100.0

Industrial - - - - - - - -

Other 105.4 - - - -5.4 - -5.4 100.0

Overall 100.0 - - 2.0 -2.9 1.0 -1.9 100.0

Notes: * Including direct investments only Source: Keills Property Trust


Tenant %

NorthgateArinso UK 33.8

Waltham Forest Primary Care Trust 26.8

Sec of State for Communities 16.0

Cooperative Food 20.8

Strandhaven Ltd 2.5










Less than 5 years -




Valuer DTZ





162

AREF / IPD Property Fund Vision —Q4 2014 Keills Property Trust


225


Maximum total gearing permitted *











Debt -7.1 - - - -7.1

Cash 14.4 - - - 14.4



Gearing (%)




Debt analysis

Interest rate swaps/Fixed Rate Borrowings Variable rate borrowings



0.777 4.67% 0.71 - - -

1.600 3.78% 1.62 - - -

2.200 3.78% 1.62 - - -

2.550 3.89% 1.67 - - -

Source: Keills Property Trust Note :- There are quarterly repayments of 7,500(GBP) of the Dundee debt which total 800,000(GBP)

Quarterly data


Bid (GBP) 0.35 0.36 0.36 0.37 0.37 0.38

Offer (GBP) 0.38 0.39 0.40 0.41 0.41 0.40

Mid (GBP) 0.36 0.37 0.38 0.39 0.39 0.39

Bid/offer spread 8.9% 8.7% 8.9% 8.8% 8.6% 5.7%


Quarterly distribution (GBP) 0.02 0.01 - - - 0.01

Yield (at NAV/unit) 4.2% 6.3% 6.3% 7.4% 3.4% 3.6%


Unit pricing

The price of the units is calculated quarterly. New investment may be made by suitable investors at any time. Investment is made at the offer

price which is available for the calendar quarter and requires confirmation that the investor is exempt from capital gains tax by HMRC.

Redemptions require written notice of a full quarter and are transacted at the bid price calculated at the end of that quarter. The manager

reserves the right to delay redemptions due to liquidity reasons or adverse market conditions.

Distributions

Currently distributions are made every six months. The Fund expects to move to quarterly distributions.


The minimum initial investment is £1 million.

Creation, transfer and realisation of units.

The trust is open to subscriptions on a quarterly basis, with applications to be received by the last business day of the month.

The manager will attempt, where possible, the matching of buying and selling orders.

Taxation

Capital gains tax: The trust is not subject to UK capital gains tax

Income tax: distributions of income are currently made net of UK income tax and a tax certificate is provided enabling investors to reclaim

tax. We expect this to change so that we can distribute gross income to investors. The programme set by HMRC anticipates gross

distributions from 2015.

163



Stamp Duty Reserve Tax: no stamp duty is payable on the transfer of existing units.

Charges

The annual management fee is equivalent to 0.25% of the gross asset value of the portfolio. This includes the fee payable to the investment

manager and the property advisor, but excludes fees payable to the Auditors, Trustee and Valuers, estimated to total £53,000 pa.

Liquidity




Units in issue as at start of period - 76,917,187 76,917,187 76,911,578 76,544,099 79,084,007

Units issued during period - - - - 2,636,085 4,259,602

Units redeemed during period - - -373,088 -367,479 -96,177 -76,824

Units in issue at end of period - 76,917,187 76,544,099 76,544,099 79,084,007 83,266,785

Unit transfers



Note: * as % of units in issue at end of period


Unitholder analysis







Total 45 100.0

Major investors






Internal - -

External 45 100.0


164

AREF / IPD Property Fund Vision — Q4 2014 Legal & General Managed Property Fund


195

Legal & General Managed Property Fund


The objective of the Fund is to deliver good long-term relative performance by being fully invested in a diversified portfolio of UK

commercial property. Its objective is to exceed the median return for similar funds in the CAPS Survey of pooled property funds.



Fund details

Type of fund Exempt approved






NAV (GBPm) 2,290.0



Manager Legal & General Investment Management Limited

Investment advisor Legal & General Investment Management Limited

Fund manager Mark Russell

Corporate trustee Not applicable

Auditors PwC



Period to Legal & General Managed ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------


3 months 4.7 4.6 4.6 3.8

Year-to-date 16.6 16.9 17.2 16.4

12 months 16.6 16.9 17.2 16.4

3 years+ 9.1 7.3 8.6 8.7

5 years+ 9.1 8.6 8.8 9.5

10 years+ 5.3 4.7 4.2 3.4



Legal & General Managed -------------AREF/IPD UK Quarterly Property Fund Index** --------------

Property Fund+* Managed funds All balanced funds All funds





All UK retail 31.8 41.0 36.0 41.5

City offices 4.3 4.6 3.7 3.3




All UK offices 33.9 31.3 30.2 23.0





Cash 7.6 5.9 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the fund’s share of any properties held jointly or through indirect holdings Sources: * Legal & General Investment Management Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored PropertyMatch)

165

Legal & General Managed Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

196


Maximum development exposure 10.0%




Maximum exposure to limited partnerships 15.0%

Maximum exposure to joint ventures 15.0%








Total 81 2,172.5 100.0




Strand Island Site London WC2 Central London Office 130-150 6.3

Grenfell Island Maidenhead Offices 80-90 4.1

West Cross Industrial Park Brentford Industrial 80-90 4.0

One Piccadilly Gardens Manchester Offices 80-90 3.9

76-78 Wardour St London W1 Central London Office 70-80 3.6

Procession House London EC4 Central London Office 70-80 3.5

Rackhams Birmingham Retail 70-80 3.4

Sainsbury's,Tewkesbury Road Cheltenham Retail Warehouse 60-70 3.2

Dolphin Centre Poole Shopping Centre 60-70 3.0

Jackson Square Bishops Stortford Shopping Centre 60-70 2.9


Source: Legal & General Investment Management Limited / IPD estimate




Overall 4.9 11.8 16.7 13.4

% of directly held portfolio 0.2% 0.6% 0.8% 0.7%

Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Legal & General Investment Management Limited



0 -2.5 7 13.1 0.6

2.5 - 5 8 32.5 1.5

5 - 10 15 116.0 5.3

10 - 25 17 267.9 12.3

25 - 50 14 554.4 25.5

50 - 100 13 904.8 41.6

100-150 1 137.0 6.3

Over 150 - - -

Total 75 2,025.7 93.2









166



197









Other 11.8 11.2

Overall 100.0 100.0





periods %

Development


Reversionary

potential %


Standard retail 118.6 0.7 - 0.2 -19.6 0.1 -19.5 100.0


Shopping centres 71.2 1.4 - 8.9 - 18.5 18.5 100.0

Central London offices 54.3 20.7 - 11.1 - 13.8 13.8 100.0

Other offices 76.9 0.9 14.1 7.0 -2.1 3.3 1.1 100.0

Industrial 88.5 5.4 - 2.2 -0.7 4.6 3.9 100.0

Other 89.0 0.4 11.7 0.6 -2.4 0.7 -1.7 100.0

Overall 84.3 4.5 4.9 4.7 -3.6 5.2 1.6 100.0

Note: * Comprising the ERV of developments in progress or contracted which have not been pre-let Source: Legal & General Investment Management Limited










Tenant %

Sainsbury’s Supermarkets Limited 6.9

House of Fraser (Stores) Limited 6.4


Hutchison 3g UK Limited 3.9

Goldman Sachs International 3.8

Xerox Limited 3.1

TJX UK 2.5

Into Newcastle University LLP 2.4

Napp Pharmaceutical Holdings Limited 1.9

The Bank of New York 1.9







Industrial Property Investment Fund (q.v.) Industrial Indirect PUT 5.9 73.5 3.4

Leisure Fund Limited Partnership (q.v.) Other property Indirect LP 9.3 34.8 1.6

Arlington Business Parks Partnership Other offices Indirect LP 1.3 7.0 0.3

Standard Life UK Retail Park Trust (q.v.) Retail warehouses Indirect PUT 2.2 17.9 0.8

Henderson UK Shopping Centre Fund (q.v.) Shopping Centres Indirect PUT 0.5 3.5 0.2

Derivative TR 2014 Future All Property Indirect Derivative 100.0 10.2 0.5

Total 146.9 6.8


167

Legal & General Managed Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

198










for investment purposes Nil*




Note: *Gearing is permitted for participation in collective investment schemes. Source: Legal & General Investment Management Limited






Debt - - -28.7 - -28.7

Cash 179.3 - - - 179.3

Other net assets/liabilities -38.6 - 5.5 - -33.1

Total net assets 2,166.4 - 123.6 - 2,290.0

Gearing (%)



)Source: Legal & General Investment Management Limited



Bid (GBP) 32.7782 32.7782 35.1326 36.6515 38.1289 39.7861

Offer (GBP) 34.6337 34.6337 37.0318 38.5651 40.1426 42.2519

Bid/offer spread 5.4% 5.4% 5.1% 5.0% 5.0% 5.8%



Unit pricing

The unit price is calculated daily by 11.00am on a ‘bid, middle and offer’ basis. The ‘middle’ price is net asset value. Offer price is based on

NAV plus 5.3% acquisition costs of the property market values, and bid price is based on NAV less 1.5% selling costs of the property

market values.

Distributions

The fund is an accumulation fund and its gross income is reinvested. Investors who require income may encash units monthly - at the mid

price (so not incurring the dealing costs). Units are encashed to a value equal to the annualised yield divided by 12.


There is no minimum investment in the fund.



Units may be redeemed at any time upon receipt of written notice to the manager.

The manager has the right to delay redemptions for up to a maximum of six months in the event of there being insufficient cash in the fund.

The manager will also attempt to match units in the fund with other parties at middle price.

Taxation



168



199

Charges

The management fee for Defined Benefit schemes is on a tiered scale from 0.60% pa to 0.70% pa, while for Defined Contribution schemes

it is a flat rate fee of 0.70% pa, based, in both cases, on the net asset value of the fund. (The management fee includes property

management costs, excluding those payable to third parties.)

Unitholder analysis







Total 415 100.0

Major investors






Internal 2 2.7

External 413 97.3


Liquidity






Units redeemed during period -388,992 -981,564 -1,940,567 -3,341,626 -4,992,703 -994,785


Unit transfers



Notes: * as % of units in issue at the end of the period Source: Legal & General Investment Management Limited

169

Legal & General UK Property Fund AREF / IPD Property Fund Vision — Q4 2014

Legal & General UK Property Trust

Legal & General UK Property Fund


The Trust’s investment objective is to achieve income and capital growth through investment predominantly in commercial property

throughout the UK (mainly in the retail, office and industrial sectors, but possibly including smaller sectors such as leisure property). It

may also invest in other property-related assets (including property shares and property-related collective investment schemes) and in

cash and other short-term investments, but commercial property will comprise not less than 70%, and generally over 80%, of its

portfolio.



private individuals.

Fund details



Launch date 12 January 2006



Year-end 28 November

NAV (GBPm) 1,898.2



Manager Legal & General (Unit Trust Managers) Limited


Fund manager Michael Barrie

Trustee Royal Bank of Scotland Group plc




Period to Legal & General UK -------------AREF/IPD UK Quarterly Property Fund Index**--------------

Dec 2014 Property Fund* Other balanced Funds All balanced funds All funds

3 months 3.9 4.5 4.6 3.8

Year-to-date 12.8 17.3 17.2 16.4

12 months 12.8 17.3 17.2 16.4

3 years+ 7.1 8.7 8.6 8.7

5 years+ 6.7 9.0 8.8 9.5

10 years+ - 4.0 4.2 3.4

Note: + Annualised Sources: * Legal & General Investment Management Limited, in respect of the Fund’s retail investor Income units and calculated on a bid to bid basis, net income reinvested. In Q2 2010, the Trust changed from a single swinging to dual price basis. ** AREF/IPD UK Quarterly Property Fund Index, calculated on an NAV to NAV basis, gross income reinvested (Sponsored by PropertyMatch)


Legal & General UK ------------- AREF/IPD UK Quarterly Property Fund Index** --------------






All UK retail 19.3 32.9 36.0 41.5

City offices 7.3 3.2 3.7 3.3




All UK offices 25.4 29.5 30.2 23.0





Cash 18.8 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the Trust’s share of any properties held jointly or through indirect holdings Sources: * Legal & General Investment Management Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

170

AREF / IPD Property Fund Vision — Q4 2014 Legal & General UK Property Fund


201


Maximum development exposure 10% (includes speculative)




Maximum exposure to limited partnerships and joint ventures 0%








Total 102 1,570.7 100.0


Largest direct investments by lot size & as percentage of total portfolio


Fradley Park Lichfield Industrial 111.7 7.1

15 Bonhill Street London Central London offices 66.2 4.2

Follingsby Park Gateshead Industrial 57.4 3.7

St James' Retail Park Dumbarton Retail warehouses 47.0 3.0

Units 214, 216 & 240 Cambridge Other offices 43.5 2.8

55 Strand London Central London offices 37.4 2.4

Argos Distribution Centre Stafford Industrial 37.3 2.4

Garden House London Central London offices 31.0 2.0

120 Aldersgate Street London Central London offices 29.9 1.9

Bulls Bridge Industrial Estate Hayes Industrial 28.8 1.8





0 -2.5 12 15.9 1.0

2.5 - 5 17 58.6 3.7

5 - 10 25 189.1 12.0

10 - 25 31 529.7 33.7

25 - 50 12 386.0 24.6

50 - 100 2 123.5 7.9

100-150 1 111.7 7.1

Over 150 - - -

Total 100 1,414.4 90.1

















171











Other 11.7 10.7

Overall 100.0 100.0





periods %

Development


Reversionary

potential %


Standard retail 104.3 0.7 - 2.0 -7.5 0.4 -7.1 100.0

Retail warehousing 101.9 1.2 - - -4.2 1.1 -3.1 100.0

Shopping centres 97.4 - - 6.0 -6.0 2.5 -3.5 100.0


Other offices 80.7 1.0 1.6 5.4 -6.0 17.3 11.3 100.0

Industrial 91.3 0.5 - 4.8 -5.1 8.5 3.4 100.0

Other 96.8 - 2.1 1.0 -2.7 2.8 0.1 100.0

Overall 88.2 0.7 0.5 4.6 -4.7 10.6 6.0 100.0

Note: * Comprising the ERV of any developments in progress or contracted which have not been pre-let Source: Legal & General Investment Management Limited


Tenant %

Pendragon PLC 3.4


Argos Limited 2.9

Newell Rubbermaid UK Services Ltd 2.4

DB UK Bank Limited 2.2

Tradeteam Limited 2.1

John Lewis Plc 2.0

Ramco Tubular Services 2.0

SAP (UK) Ltd 1.9

Palletways (UK) Limited 1.9






Frequency of valuation The 28th day of each month

Property valuer Knight Frank LLP





Listed investments


Investments in REITs (9) - 114.9 7.3


Joint Holdings


Derivative II - 41.3 2.6


172

AREF / IPD Property Fund Vision — Q4 2014 Legal & General UK Property Fund


203





Cash holdings (maximum) Maximum non-direct property holding (including cash) 30%

Cash holdings (minimum) Nil







Debt - - - - -

Cash 327.5 - - - 327.5


Total net assets 1,742.0 - - 156.2 1,898.2

Gearing (%)





As at 30 Sep 13 31 Dec 13 31 Mar 14 *30 Jun 14 30 Sep 14 31 Dec 14

Bid (GBP) 0.4131 0.4238 0.4515 0.4385 0.4500 0.4646

Offer (GBP) 0.4536 0.4667 0.4723 0.4809 0.4936 0.5103

Bid/offer spread 8.9% 9.2% 4.4% 8.8% 8.8% 9.0%

Note: * as of June 2014 L&G UK Property Fund has now changed to a PAIF and as such has restructured its unit price. Source: Legal & General Investment Management Limited

Unit pricing

The Trust has in issue I-class and R-class units, the former being held mainly by institutional investors and the later (available as either

income or accumulation units) mainly by retail investors.

The price of the units is re-calculated daily at 12 noon. Units in the fund are dual priced on a Bid and an Offer basis. The adopted pricing

basis will be dependant on the volume of new investment and the volume of redemptions. A switch in pricing to the Bid basis is to protect

existing investors.

Distributions

Distributions are made quarterly on 28th April, 28th July, 28th October and 28th January for the three months to 28th February, 28th May,

28th August and 28th November, respectively.


The minimum investment is GBP500 lump sum or £50 per month. Minimum additional amount is GBP100 lump sum or £10 per month. The

minimum disinvestment must be at least GBP500, ensuring that at least GBP500 remains invested.


Orders to the manager to buy or sell units are carried out at the next valuation following receipt of instructions.


renunciation form.

The I-Class units can be made subject to a maximum 6 month redemption period. The R-Class units can not be subject to deferred

redemption.

Taxation

Capital gains tax: the trust is exempt from UK Capital Gains Tax. Unitholders may be liable to CGT on the disposal of their units in the trust.

Corporation tax: the trust is subject to corporation tax.

Income tax: distributions are made net of income tax at the lower rate. Higher rate taxpayers may incur a further liability.


Charges

R-Class units: the annual management charge equivalent to 1.25% of the net asset value of the fund. When acquired through authorised

intermediaries, the units will be subject to an initial charge of 5.00%. Commission is payable to approved intermediaries.

I-Class units: the annual management charge is lower at 0.6% and there is no initial charge.

173



Unitholder analysis







Total 4,882 100.0

Major investors






Internal 4,879 96.3

External 3 3.7


Liquidity

Year to Year to Year to Year to Year to ^Year to



Units in issue as at start of period 448,276,857 679,035,660 970,208,178 1,243,552,364 1,500,162,412 2,777,073,008

Units issued during period 270,641,585 497,069,056 355,540,300 329,647,418 801,251,093 265553461

Units redeemed during period -39,882,784 -205,896,538 - 82,196,114 -73,037,367 -216,792,289 -84435972

Units in issue at end of period 679,035,658 970,208,178 1,243,552,364 1,500,162,415 2,084,621,216 2,958,190,497

Unit transfers



Note: * as % of units in issue at the end of the period ^ as of June 2014 L&G UK Property Fund changed to a PAIF and as such has restructured the number of units issued. Source: Legal & General Investment Management Limited

174

AREF / IPD Property Fund Vision — Q4 2014 The Leisure Fund LP


205

The Leisure Fund LP


The Fund’s strategy is to invest in a portfolio of UK leisure property investments. Its objective is to outperform the Leisure Property sub-

sector of the IPD UK Quarterly Benchmark.



UK or abroad, subject to relevant local regulations. Entry is via The Leisure Feeder Unit Trust (registered in Jersey).

Fund details

Type of fund Limited Partnership with Jersey Feeder Unit Trust





Year-end 31st December

NAV (GBPm) 324.5

Source: Legal & General Property


Vehicle manager/Operator Legal & General Property Partners (Operator) Ltd

Property asset manager Legal & General Property Ltd

Property fund manager Andrew Ferguson

Trustee State Street

Auditors Price Waterhouse Coopers



Period to The Leisure ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Fund LP Other balanced funds All balanced funds All funds

3 months 5.2 4.5 4.6 3.8

Year-to-date 19.7 17.3 17.2 16.4

12 months 19.7 17.3 17.2 16.4

3 years+ 12.8 8.7 8.6 8.7

5 years+ 15.8 9.0 8.8 9.5

10 years+ 9.3 4.0 4.2 3.4



Leisure Total




Rest of London * 9.4 9.4


South East 6.2 6.2

North East 5.7 5.7

Cash - 4.3

Overall 95.7 100.0

Note: * Excluding the City, the West End and Mid-town Source: Legal & General Property






Total 12 409.2 100.0


175

The Leisure Fund LP AREF / IPD Property Fund Vision — Q4 2014

APIA Regional






Source: Legal & General Property Source: Legal & General Property









Note: * Currently under revision. All transactions currently require investor approval Source: Legal & General Property

Largest direct investments as % total portfolio IPD estimate


Valley Centertainment Sheffield Leisure 50-60 13.7

Coliseum Leisure Park Ellesmere Port Leisure 40-50 12.8

Barbican Leisure Park Plymouth Leisure 40-50 12.3

The Light Leeds Leisure 40-50 11.0

The Leisure Exchange Bradford Leisure 30-40 9.8

Millennium Cinema London Leisure 30-40 9.0

Meridian Leisure Park Leicester Leisure 30-40 7.9

Aspects Leisure park Bristol Leisure 20-30 6.3

Middlesbrough Leisure Park Middlesbrough Leisure 20-30 6.0

Westgate Aldershot Leisure 10-20 5.0

Largest investments as % of portfolio (IPD estimates) 93.9




0 - 2.5 - - -

2.5 - 5 - - -

5 - 10 1 6.0 1.5

10 - 25 - - -

25 - 50 3 64.1 15.7

50-100 5 180.5 44.1

100-150 - - -

Over 150 - - -

Total 12 409.2 100.0






GBPm - - - -

% of directly held portfolio - - - - Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Legal & General Property


Sector Rental income % Estimated rental value %

Leisure 100.0 100.0


176



207




periods %

Development


Reversionary

potential %


Leisure property 102.7 - - 2.3 -6.4 1.4 -5.0 100.0



Tenant %

Vue 20.5

Cine UK 15.1

Odeon 7.0

The Restaurant Group 6.1

The Original Bowling Company 3.5

Mittchells & Butler Retail (No. 2) Limited 2.9

Q Parks 2.8

Tenpin Limited 2.8

Nandos Chickenland Limited 2.8















Frequency of valuation Quarterly, on the last day of the month

Valuer Knight Frank






Maximum gearing permitted 55% of gross asset value









Debt -90.5 - - - -90.5

Cash 18.4 - - - 18.4



Gearing (%)




177

The Leisure Fund LP AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

Debt analysis




40.000 1.69% 1.82 71.000 1.75% -

20.000 0.95% 1.82 19.500 1.90% -

60.000 1.44% 1.82 90.500 1.78% -


Quarterly data Per Unit (The Leisure Feeder Unit Trust)




Yield (at NAV) 5.6% 5.1% 4.7% 5.0% 5.0% 4.9%


Net asset value

Net assets per unit are recalculated as at the end of each quarter following the quarterly revaluation of the portfolio. The Vehicle

Manager/Operator calculates the difference between the book value and the market value of the Swaps used to fix the rates of interest on

part of the Fund’s debt, but in accordance with UK GAAP this difference is not reflected in its published net asset value. This difference

amounted on 31 December 2014 to GBP0.933m, equivalent to a decrease of 0.2% in the Fund’s published NAV. Performance fees are

estimated and accrued and therefore reflect in the re-calculation.

Distributions

The fund distributes 100% of its income 20 calendar days after the end of each quarter.


N/A


The fund is closed-ended. However, the manager can raise new investment in the fund and bring in new partners.

Taxation

Capital gains tax: the partnership is tax transparent. The admission of a new partner would not give rise to a capital gains tax liability, but the

disposal of a partnership interest may give rise to a capital gains tax liability. Those investors in The Leisure Feeder Unit Trust who are

subject to tax may be liable to capital gains tax on the sale of their units in the Trust.

Income tax: the unit trust is a Baker Trust and has distributor fund status — distributions are therefore taxable in the hands of the investors at

their relevant marginal rate of tax.

Stamp duty: transfers of partnership interests are subject to SDLT at the prevailing rate, currently 4.0%. Since The Leisure Feeder Unit Trust

is registered in Jersey, transfers of units in the Trust are not subject to SDRT.

Charges

Annual charge: The Vehicle Asset Manager/Operator is entitled to fees equivalent to 60bps pa of the net asset value of the Partnership.

Performance fee: 20% over the benchmark return plus 1% on a three year rolling basis.

Investor analysis (The Leisure Feeder Unit Trust)







Total 31 100.0

Major investors






Internal 1 27.6

External 30 72.4


178



209

Liquidity — (The Leisure Fund Partnership)

Year to Year to Year to



Units in issue as at start of period 306,684.52 325,040.83 413,363.00

Units issued during period * * *

Units redeemed during period * * *

Units in issue at end of period 325,040.83 413,363.00 413,363.00

Unit transfers

Matched bargains * * *

Matched bargains %** * * *

Source: Legal & General Investment Management Limited *Data not provided

179

AREF / IPD Property Fund Vision — Q4 2014 Lend Lease Retail Partnership


213

Lend Lease Retail Partnership Investment policy and objectives

To invest in prime shopping centre assets in the United Kingdom, including Bluewater (Kent) and Touchwood (Solihull).

To outperform the IPD Shopping Centre benchmark by 10% on a rolling three-year basis


The partnership is open to investment by pension funds, charities, insurance & other companies and other intermediate investors from

within the UK or abroad, subject to relevant local regulations.

Fund details

Type of fund Limited Partnership


Launch date 31 March 1999


Earliest date of winding up 12 November 2017

Investor committee Yes

Year-end December

Net asset value (GBPm) 811.6

Source: Lend Lease Real Estate Investments Limited


Partnership manager and operator Lend Lease Real Estate Investments Ltd

Property manager Lend Lease Real Estate Investment Services Ltd

Property fund manager Ali Abbas

Corporate trustee Capita Trustees Ltd

Auditors BDO



Period to Lend Lease Retail ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Partnership Other balanced funds All balanced funds All funds

3 months 1.2 4.5 4.6 3.8

Year-to-date 14.7 17.3 17.2 16.4

12 months 14.7 17.3 17.2 16.4

3 years+ 9.3 8.7 8.6 8.7

5 years+ 11.0 9.0 8.8 9.5

10 years+ 5.7 4.0 4.2 3.4

Note: * Weighted average returns + Annualised Source: AREF/IPD UK Quarterly Property Fund (Sponsored by PropertyMatch)


Lend Lease Retail ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Partnership+* Other balanced funds All balanced funds All funds





All UK retail 98.4 32.9 36.0 41.5



Rest of South East offices - 11.2 10.2 6.5


All UK offices - 29.5 30.2 23.0





Cash 1.6 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the Partnership’s share of any properties held jointly or through indirect holdings Sources: * Lend Lease Real Estate Investments Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

180

Lend Lease Retail Partnership AREF / IPD Property Fund Vision — Q4 2014


214


Maximum development exposure n/a

Maximum speculative development exposure n/a



Maximum exposure to limited partnerships n/a

Maximum exposure to joint ventures n/a

Maximum exposure to closed and open-ended property unit trusts n/a

Notes: n/a not applicable * None specified Source: Lend Lease Real Estate Investments Limited






Total 2 806.5 100.0


Direct investments


Touchwood Shopping Centre Solihull Shopping Centre 278.0 34.5


Joint holdings


Bluewater Shopping Centre Joint Holding PIC 25.00 528.5 65.5







Source: Lend Lease Real Estate Investments Limited Source: Lend Lease Real Estate Investments Limited




periods %

Development


Reversionary

potential %


Shopping centres * * * * * * * *

Note: * Lend Lease Real Estate Investments Limited is not willing to disclose this information


Tenant %*

H&M 4.5

Cinema 3.8

Commercialisation 3.5

Inditex 3.4

Next 3.0

Sports Direct 3.0

Gap 3.0

Hollister 2.7

Arcadia 2.7

Superdrug 2.5




Note: * Direct portfolio only Source: Lend Lease Real Estate Investments Limited

181

AREF / IPD Property Fund Vision — Q4 2014 Lend Lease Retail Partnership


215








Note: * Direct portfolio only Source: Lend Lease Real Estate Investments Limited


Frequency of valuation Monthly, on the last day of each calendar month










Note: * None specified Source: Lend Lease Real Estate Investments Limited



Net asset value (GBP) 143,409 143,410 143,337 158,794 158,811 159,831

Quarterly distribution (GBP) 1,244 994 1,050 1,353 1,691 1,691

Yield (at NAV/unit) 3.7% 3.6% 3.2% 3.1% 3.2% 3.6%







Debt - - - - -



Total net assets 283.2 - 528.5 - 811.6

Gearing (%)




Net asset value

Net assets per unit are recalculated each month following the revaluation of the portfolio. Any performance fees payable are deducted from

income. The Partnership has no fixed rate debt.

Distributions

The partnership distributes 100% of its income, the payment dates being the last working day of the first month of each quarter.


A minimum of £100,000.

Creation, transfer and realisation of partnership interests

The partnership is a closed fund, whose equity base cannot be enlarged or decreased except by special resolution. The transfer of a

partnership interest requires the permission of the general partner.

Taxation

The partnership is tax transparent, and its income is distributed gross of tax. The admission of a new partner would not give rise to a capital

gains tax liability, but the disposal of a partnership interest may give rise to a capital gains tax liability.

182

Lend Lease Retail Partnership AREF / IPD Property Fund Vision — Q4 2014


216

Charges

General partner The general partner is entitled to a fee of 0.3% of the average funds under management. The fees paid to the general partner include

the total fees payable to the Operator and the Asset manager

Partnership manager and property investment manager The Operator (Partnership Manager) and the Asset manager are together entitled to a fee from that payable to the General Partner.

Performance fee The Operator is also entitled to a performance-related fee in the event that the performance of the fund exceeds the benchmark return

by greater than 10% over a three-year rolling period. This fee is equivalent to 0.15% of the amount by which the performance of the

fund exceeds that of the benchmark and is payable from income. (The benchmark is the shopping centre sub-index of the IPD Annual

Index.)

Unitholder analysis







Total 11 100.0

Major investors






Internal 2 4.3

External 11 95.7

Note: The number of unitholders shown includes the General Partner which holds 1 unit. This unit ranks for income but not capital growth Source: Lend Lease Real Estate Investments Limited

Liquidity





Units issued during period - 9 - - - -



Unit transfers



Note: The number of units shown excludes I unit held by the General Partner: this unit ranks for income but not for capital growth * as % of units in issue at end of period Source: Lend Lease Real Estate Investments Limited

183

AREF / IPD Property Fund Vision — Q4 2014 The Local Authorities’ Property Fund

Standard Life UK Retail

The Local Authorities’ Property Fund


The Fund provides facilities exclusively for local authorities to invest in commercial and industrial property on a collective basis, to

obtain a spread of investment risk with constant expert property management. Its objective is to provide a satisfactory total capital and

income return over the long term. The Fund’s benchmark is the Other Balanced Fund component of the AREF/IPD UK Quarterly

Property Fund Index.


The Fund is open to investment only by the pension funds of UK local authorities

Fund details






Year-end 31 March

NAV (GBPm) 291.5



Operator Local Authorities Mutual Investment Trust (LAMIT)

Manager & administrator CCLA Investment Management Limited

Fund manager Paul Hannam

Trustee Local Authorities Mutual Investment Trust (LAMIT)




Period to The Local Authorities’ ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------


3 months 4.3 4.5 4.6 3.8

Year-to-date 19.5 17.3 17.2 16.4

12 months 19.5 17.3 17.2 16.4

3 years+ 10.7 8.7 8.6 8.7

5 years+ 11.0 9.0 8.8 9.5

10 years+ 4.9 4.0 4.2 3.4



The Local Authorities ------------- AREF/IPD UK Quarterly Property Fund Index** --------------






All UK retail 32.4 32.9 36.0 41.5

City offices 4.4 3.2 3.7 3.3




All UK offices 33.0 29.5 30.2 23.0





Cash 6.7 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: +Including the fund’s share of any properties held jointly or through indirect holdings Sources: * CCLA Investment Management Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)









Note: *None specified Source: CCLA Investment Management Limited

184

The Local Authorities’ Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA






Total 31 278.9 100.0




Beckton Retail Park London E6 Retail Warehouse 32.5 11.7

Torrington Avenue Coventry Industrial 21.0 7.5

Cambridge Science Park 310 Cambridge Offices 20.4 7.3

Stockley Park London Offices 16.8 6.0

Fenchurch Street London EC3 Office/Retail 15.6 5.6

The Arena Bracknell Offices 15.4 5.5

Magna Park Lutterworth Industrial 14.7 5.3

Albion Mills Wakefield Retail Warehouse 12.3 4.4

New Castle House Nottingham Offices 8.7 3.1

84-85 & 86 East Street Chichester Retail 8.7 3.1


Source: CCLA Investment Management Limited / IPD estimates


Holding Sector Joint/indirect Vehicle type % held Valuation* (GBPm) % of total portfolio

Henderson UK Retail Warehouse Fund Retail warehouse Indirect CEPUT 100.0 7.057 2.5

Note: * The share of the fund’s underlying portfolio (based on a valuation as at 31 November 2012) attributable to Local Authorities’ Property Fund Source: CCLA Investment Management Limited



0 -2.5 2 3.0 1.1

2.5 - 5 7 26.4 9.4

5 - 10 13 94.0 33.7

10 - 25 7 116.1 41.6

25 - 50 1 32.5 11.7

50 - 100 - - -

100-150 - - -

Over 150 - - -

Total 30 271.9 97.5











Other - -

Overall 100.0 100.0







Source: CCLA Investment Management Limited Source: CCLA Investment Management Limited

185






periods %

Development


Reversionary

potential %


Standard retail 95.8 - - - - 4.2 4.2 100.0

Retail warehousing 98.5 - - 9.9 -8.4 - -8.4 100.0



Other offices 99.4 - - 3.4 -6.2 3.4 -2.8 100.0

Industrial 82.1 - - 6.5 - 11.4 11.4 100.0

Other - - - - - - - -

Overall 92.8 - - 5.3 -3.8 5.8 2.0 100.0

Note: * Comprising the ERV of developments in progress or contracted which have not been pre-let Source: CCLA Investment Management Limited










Frequency valuations — external Quarterly on 30 June, 30 September, 31 December & 31 March

Frequency valuations — internal See note below

External valuer BNP Paribas Real Estate




Note: The manager reviews the external valuations in the intervening months in consultation, when deemed necessary, with the external valuers. (Additions to the portfolio are valued externally after acquisition.) Source: CCLA Investment Management Limited


Tenant %

Peugeot Motor Company Plc 7.9

AstraZeneca UK Limited 7.3

Fiserve (Europe) Limited 6.9

IGE Energy Services (UK) Limited 6.1


DHL Supply Chain Limited 4.9

Secretary of State for Communities 4.4

Royal Mail Group Limited 3.4

Aker Business Services Limited 3.0

BSS Group Limited 2.9











Note: * None specified Source: CCLA Investment Management Limited

Debt analysis




- - - 5.000 1.50% 2.37095


186

The Local Authorities’ Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA






Debt -5.0 - 2.4 - -7.4

Cash 19.8 - 0.2 - 20.0


Total net assets 286.7 - 4.9 - 291.5

Gearing (%)




Quarterly data


Bid (GBP) 2.254 2.339 2.431 2.503 2.582 2.658

Offer (GBP) 2.421 2.512 2.611 2.689 2.774 2.856

Mid (GBP) 2.337 2.426 2.521 2.596 2.678 2.757

Bid/offer spread 6.9% 6.9% 6.9% 6.9% 6.9% 6.9%


Income distributions (GBP) 0.0311 0.0234 0.0247 0.0300 0.0340 0.0343

Yield (at NAV/unit) 5.2% 4.5% 4.5% 4.3% 4.3% 4.6%


Unit pricing The unit price is calculated at the end of each month (following either the quarterly external revaluation of the portfolio, or the intervening

monthly review) by the manager. Accrued income is accounted for separately from capital and is not reflected in the fund’s unit price.

Distributions

Distributions of income are now made quarterly (one month after each quarter-end) having been made half-yearly prior to 30 June 2004.




Minimum redemption: Not applicable


Local authorities may invest in the fund on any month-end valuation date.

Withdrawals from the fund may also be requested on any month-end valuation date. The fund may, however, at its discretion, defer the

processing of any withdrawal for such a period from the relevant valuation date as it may think fit, to allow time for the sale of properties, if

required. (See “Redemption notices outstanding”.)

Taxation

Capital gains tax: the fund is exempt from capital gains tax.

Income tax: distributions of income are made net of income tax. Unitholders are able to reclaim the tax deducted, and vouchers for this

purpose are sent to unitholders with each distribution.

Stamp Duty Reserve Tax: transfers of units are subject to SDRT, currently 0.5%.

Charges

The property manager and administrator are entitled to a fee equivalent to 0.45% pa of the value of the fund.

Liquidity





Units issued during period - - 1,665,683 - 38,142,254 67,487,301

Units redeemed during period -3,031,063 - - - -23,630,431 -7,811,156


Unit transfers

Matched bargains 828,729 - - - - -

Matched bargains %* 2.6% - - - - -

Note: * as % of units in issue at end of period Source: CCLA Investment Management Limited

187



Redemption notices outstanding Unit type Number of units NAV per unit (£) Value at NAV (£m) % of total NAV of Fund

- Nil - - - Source: CCLA Investment Management Limited

Unitholder analysis







Total 86 100.0

Major investors






Internal - -

External 86 100.0


188

Lothbury Property Trust AREF / IPD Property Fund Vision — Q4 2014


Lothbury Property Trust*


To provide an investment opportunity to investors preferring indirect property exposure and to achieve competitive performance

through good stock selection and active management

To manage portfolio risk by being advantageously positioned across the principal property sectors and regions and by maintaining a

proportion of property investments that are readily saleable in the open market


The Trust is open to investment by pension funds, charities, insurance and other companies. It is also open to private individuals from

within the UK or abroad certified as ‘High Net Worth’ individuals or ‘Sophisticated Investors’

Fund details


Residence Eire

Launch date February 2000



NAV (GBPm) 1,223.2

Source: Lothbury Investment Management Ltd


Investment manager Lothbury Investment Management Limited

Property sub-advisor Lothbury Investment Management Limited

Investor relations Thomas Jansen

Trustee Northern Trust Fiduciary Services (Ireland) Ltd

Auditors KPMG



Period to Lothbury Property ------------- AREF/IPD UK Quarterly Property Fund Index* --------------


3 months 6.1 4.5 4.6 3.8

Year-to-date 17.5 17.3 17.2 16.4

12 months 17.5 17.3 17.2 16.4

3 years+ 10.1 8.7 8.6 8.7

5 years+ 10.3 9.0 8.8 9.5

10 years+ 6.2 4.0 4.2 3.4

Note: * Weighted average returns + Annualised Source: AREF IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Lothbury Property ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Trust+* Other balanced funds All balanced funds All funds





All UK retail 48.0 32.9 36.0 41.5





All UK offices 29.2 29.5 30.2 23.0





Cash 3.5 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the trust’s share of any properties held jointly or through indirect holdings Sources: * Lothbury Investment Management Ltd ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

*Please refer to page 422 for Lothbury Property Trust’s Disclaimer

189

AREF / IPD Property Fund Vision —Q4 2014 Lothbury Property Trust


223




Joint and indirect holdings 1 83 7.0


Total 55 1,184.4 100.0










Note: * None specified Source: Lothbury Investment Management Ltd



Covent Garden Unit Trust London Standard Retail 95-100 8.4

Farnborough Gate Retail Farnborough Retail Warehouse 75-80 6.6

1 & 2 Stanhope Gate, Mayfair London Office 65-70 5.5

London SW1A - 55 St. James London Office 50-55 4.5

Rathbone Place London Office 50-55 4.5

Broadland Business Park Norwich Office 40-45 3.7

Greenford - 1-2 Auriol Drive & Carr Road Greenford, London Industrial 40-45 3.5

Tesco Cambridge Road Milton Cambridge Retail Warehouse 40-45 3.4

Sainsbury's, 347 Wilmslow Road, Fallowfield Manchester Standard Retail 35-40 3.3

The Paragon Bristol Office 30-35 3.0


Source: Lothbury Investment Management Ltd / IPD estimate



0 -2.5 1 0.0 0.0

2.5 - 5 7 26.4 2.2

5 - 10 10 70.0 5.9

10 - 25 23 379.0 32.0

25 - 50 8 276.2 23.3

50 - 100 5 349.7 29.5

100-150 - - -

Over 150 - - -

Total 54 1,101.4 93.0






GBPm 63.245 69.130 87.6 8.391

% of all directly held properties* 4.9% 3.5% 8.4% 0.8%

Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Lothbury Investment Management Ltd






Source: Lothbury Investment Management Ltd Source: Lothbury Investment Management Ltd

190





Clarendon Unit Trust Shopping centres Joint PUT 66.66 83.0 7.0










Other 1.1 1.0

Overall 100.0 100.0

Note: * Including indirect investments Source: Lothbury Investment Management Ltd


Sector

Rent passing (%)


periods %

Development


Reversionary

potential %


Standard retail 87.9 - - 2.6 -4.3 13.8 9.5 100.0

Retail warehousing 101.2 - - - -3.8 2.6 -1.2 100.0


Central London offices 69.3 - 23.1 0.3 - 7.3 7.3 100.0

Other offices 94.9 - - 0.6 -5.1 9.5 4.4 100.0

Industrial 92.4 - 6.2 0.8 -2.7 3.2 0.5 100.0

Other 100.0 - - - - - - 100.0

Overall 89.2 - 5.6 1.7 -2.9 6.4 3.5 100.0

Notes: * Including direct investments only Source: Lothbury Investment Management Ltd


Tenant %


Sainsbury's Supermarkets 4.5

Marks & Spencer 4.0


Aviva Central Services 2.9

Barclays Bank Plc 2.5

SAB Miller Plc 2.4

Wedlake Bell 2.3

International Greetings plc 2.2





Note:* Includes indirect holdings Source: Lothbury Investment Management Ltd









191

AREF / IPD Property Fund Vision —Q4 2014 Lothbury Property Trust


225



Valuer Knight Frank











Note: * None specified Source: Lothbury Investment Management Ltd






Debt - - - - -

Cash 42.4 - - - 42.4


Total net assets 1,140.2 83.0 - - 1,223.2

Gearing (%)




Debt analysis




- - - - - -


Quarterly data


Bid (GBP) 1,409.72 1,451.50 1,492.80 1,523.30 1,564.41 1,644.58

Offer (GBP) 1,510.79 1,555.49 1,598.54 1,632.00 1,678.22 1,765.10

Mid (GBP) 1,460.25 1,503.49 1,545.67 1,577.65 1,621.31 1,704.84

Bid/offer spread 6.7% 6.7% 6.6% 6.7% 6.8% 6.8%



Yield (at NAV/unit) 3.7% 3.8% 3.5% 3.4% 3.4% 3.3%


Unit pricing The price of the units is calculated on the 2nd Irish business day of each month, with reference to the Valuation Point which is at 11.59 pm

on the last Irish Business Day of the preceding month.

Distributions

Distributions are made quarterly on 30 April, 31 July, 31 October and 31 January for the periods to 31 March, 30 June, 30 September and

31 December, respectively.


The minimum initial investment is EUR100,000. There is no minimum additional investment or any minimum holding following a sale.


The trust is open to subscriptions on a monthly basis, with applications to be received by the last Irish business day of the month.

Redemptions must be notified in writing 10 business days before the last Irish business day of the quarter. Unitholders will be advised of the

redemption price on the 2nd business day of the following quarter, and, in normal circumstances, the proceeds will be paid on the last Irish

business day of the quarter following notification. In exceptional circumstances, redemption of some or all of the units may be suspended for

up to twelve months. In extreme circumstances, as a last resort, which would arise only if a major proportion of unitholders wished to

withdraw, the trust would be terminated and the net proceeds distributed to unitholders.

192



Investors can trade their units on the secondary market, which allows for monthly transactions and improved liquidity. Secondary market

transactions are arranged directly between the seller and the buyer, or via a third party broker. LIM is able to assist with the notification of

availability of units on the secondary market to interested parties, as well as providing assistance with any documentation submitted for the

trade.

Taxation

Capital gains tax: since it is registered in Dublin, the trust is not subject to UK capital gains tax. Those investors subject to tax may be liable

to capital gains tax on the redemption or sale of their units in the trust. (Lothbury is expected to continue to have distributor status.)

Income tax: distributions of income are made gross of UK income tax unless restrictions apply to a particular unitholder under the Inland

Revenue’s Non-resident Landlords Scheme.

Stamp Duty Reserve Tax: no stamp duty is payable on the transfer of existing units.

Charges

The annual management fee is equivalent to 0.70% of the gross asset value of the portfolio. This includes the fee payable to the investment

manager and the property advisor, but excludes fees payable to the Advisory Committee, Auditors and Valuers, estimated to total 0.1% pa.

Liquidity





Units issued during period 37,030 104,104 63,283 7,002 101,310 101,739

Units redeemed during period -2,191 - -3 -205 -456 -227


Unit transfers

Matched bargains 782 25,450 9,321 26,179 24,565 73,973


Note: * as % of units in issue at end of period Source: Lothbury Investment Management Ltd

Unitholder analysis







Total 93 100.0

Major investors






Internal 1 0.1

External 92 100.0


193

AREF / IPD Property Fund Vision — Q4 2014 LPI (Limited Price Inflation) Income Property Fund


195

LPI (Limited Price Inflation) Income Property Fund


The policy of the Fund is to provide pension investors with a secure inflation-hedged return using property as an alternative to

traditional index-linked gilts and bonds. Its benchmark is the UK Retail Price Index (‘RPI’).


Approved UK defined benefit pension schemes.

Fund details

Type of fund Pooled Direct Real Estate Fund



Open/closed-ended Open-ended**



NAV (GBPm) 599.1



Manager Legal & General Investment Management Limited


Fund manager Derek Gilby


Auditors PwC



Period to LPI (Limited Price Inflation) Income ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Property Fund Long Income funds All balanced funds All funds

3 months 2.4 1.5 4.6 3.8

Year-to-date 8.7 9.9 17.2 16.4

12 months 8.7 9.9 17.2 16.4

3 years+ 9.0 9.0 8.6 8.7

5 years+ - 10.0 8.8 9.5

10 years+ - - 4.2 3.4



LPI (Limited Price Inflation) Income -------------AREF/IPD UK Quarterly Property Fund Index** --------------

Property Fund+* Long Income funds All balanced funds All funds





All UK retail 22.8 39.2 36.0 41.5


West End offices - - 10.6 9.8

Rest of South East offices - 5.5 10.2 6.5


All UK offices 18.9 13.7 30.2 23.0





Cash 1.5 2.9 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the fund’s share of any properties held jointly or through indirect holdings Sources: * Legal & General Investment Management Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored PropertyMatch)










194

LPI (Limited Price Inflation) Income Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

196






Total 25 590.3 100.0




Next Doncaster Other 65-70 11.9

Marstons Portfolio Various Other 50-55 8.9

INTO Newcastle Other 50-55 8.7

Sainsbury's Glasgow Standard Retail 50-55 8.6

Tesco Littlehampton Standard Retail 45-50 7.4

Aberwystwyth Aberwystwyth Other 40-45 6.9

Quadrant Newcastle Offices 30-35 5.7

Ventura House Rotherham Offices 25-30 5.0

Manna Ash House London Other 20-25 3.7

Tesco Bourne Standard Retail 20-25 3.5

Ten largest investments as % of portfolio 70.4

Source: Legal & General Investment Management Limited / IPD estimates

Development exposure


Not yet started In progress All developments schemes in progress

Overall - - - -

% of directly held portfolio - - - -




0 -2.5 - - -

2.5 - 5 1 3.7 0.6

5 - 10 5 32.4 5.5

10 - 25 11 181.9 30.8

25 - 50 4 147.3 25.0

50 - 100 4 225.0 38.1

100-150 - - -

Over 150 - - -

Total 25 590.3 100.0







Net reversionary yield -









Industrial - -

Other 55.7 54.2

Overall 100.0 100.0


195

AREF / IPD Property Fund Vision — Q4 2014 LPI (Limited Price Inflation) Income Property Fund


197




periods %

Development


Reversionary

potential %


Standard retail 105.9 - - - -5.9 - -5.9 100.0




Other offices 93.0 - - - -15.4 22.4 7.0 100.0

Industrial - - - - - - - -

Other 105.2 - - - -17.4 12.2 -5.2 100.0

Overall 102.5 - - - -14.4 11.9 -2.5 100.0

Note: * Comprising the ERV of developments in progress or contracted which have not been pre-let Source: Legal & General Investment Management Limited







Less than 5 years -



Tenant %

Tesco 14.3

Next 11.5

Sainsbury's 8.7

Marston's 8.5

Newcastle INTO 8.5

North Tyneside Council 7.8

Capita 7.1

The Welsh Ministers 5.5

Clydesdale Bank 5.4

Aberystwyth University 4.0
























Debt - - - - -

Cash 8.8 - - - 8.8



Gearing (%)




196

LPI (Limited Price Inflation) Income Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

198



Bid (GBP) 1.33027 1.37252 1.39767 1.43003 1.46123 149.65400

Offer (GBP) 1.41754 1.46291 1.48838 1.52229 1.55563 159.51500

Mid (GBP) 1.37391 1.41772 1.44303 1.47616 1.50843 154.58450

Bid/offer spread 6.2% 6.2% 6.1% 6.1% 6.1% 6.2%

Net asset value (GBP) 1.33329 1.37450 1.41570 1.44764 1.47924 1.51536*Note: not available for this Quarter Source: Legal & General Investment Management Limited

Unit pricing

The unit price is calculated monthly following the revaluation of the Fund’s portfolio.

Distributions

The Fund is an accumulation fund and its gross income is reinvested.


The minimum investment in the fund is GBP1.00m



Trustees wishing to redeem units may give notice on Redemption Notice Day which is the last day of each month. To avoid penalizing other

investors in the Fund and ensure stability, Trustees should expect to wait nine months between any redemption request and the receipt of

the proceeds.

The manager will attempt to match buyers and sellers of units in the Fund on a monthly basis.

Taxation



Charges

The Fund Manager is entitled to a Management Charge (payable quarterly) equivalent to 0.35% per annum of the net asset value of the

Fund.

Liquidity

Year to Year to Year to



Units in issue as at start of period 142,959,434 171,361,569 237,399,704

Units issued during period 28,431,799 66,144,159 155,256,847

Units redeemed during period -29,663 -106,024 -526,219

Units in issue at end of period 171,361,569 237,399,704 392,130,331

Unit transfers

Matched bargains - - -

Matched bargains %* - - -

Notes: * as % of units in issue at the end of the period Source: Legal & General Investment Management Limited








Total - -

Major investors

Largest holder 1 -

Three largest holders 3 -

Five largest holders 5 -

10 largest holders 10 -


Internal - -

External - -


197

M&G Secured Property Income Fund IPD Property Fund Vision — Q4 2014


M&G Secured Property Income Fund


The Fund’s objective is to deliver secure medium to long term returns with a rising income stream from a diversified portfolio of

properties let to high quality tenants in strong locations across the UK. It typically maintains weighted average unexpired lease term of

approximately 25 years and a weighted average investment grade credit rating. With the majority of leases providing regular contracted

increases in rental income linked to the Retail Price Index (usually with a cap and floor) and the remainder having regular fixed uplifts.

The Fund’s tenants are responsible for all outgoings, maintenance and capital expenditure for the entire term of the lease. The Fund

utilises the extensive resources of M&G’s fixed income division to undertake credit analysis and of M&G Real Estate, its property

division, to source and manage its assets.


The Fund is open to investment by UK and overseas institutional investors.

Fund details


Residence Guernsey

Launch date August 2007



Year-end 30 June

NAV (GBPm) 2,498.0

Source: M&G Investment Management Limited


Manager M&G (Guernsey) Limited*

Investment manager M&G Investment Management Limited*

Fund manager Ben Jones

Trustee Kleinwort Benson (Guernsey) Trustees Limited


* A wholly-owned subsidiary of Prudential plc Source: M&G Investment Management Limited


Period to M&G Secured Property ----------------AREF/IPD UK Quarterly Property Fund Index**-------------------

Dec 2014 Income Fund Long Income funds All balanced funds All funds

3 months 1.3 1.5 4.6 3.8

Year-to-date 10.0 9.9 17.2 16.4

12 months 10.0 9.9 17.2 16.4

3 years+ 9.4 9.0 8.6 8.7

5 years+ 10.8 10.0 8.8 9.5

10 years+ - - 4.2 3.4

Note: + Annualised Source: ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


------------- AREF/IPD UK Quarterly Property Fund Index** --------------

M&G Secured Property

Income Fund* Long Income funds All balanced funds All funds





All UK retail 43.4 39.2 36.0 41.5

City offices 3.4 4.3 3.7 3.3




All UK offices 9.4 13.7 30.2 23.0





Cash 0.3 2.9 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Source: * M&G Investment Management Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

198

AREF / IPD Property Fund Vision — Q4 2014 M&G Secured Property Income Fund


Property investment restrictions Maximum development exposure (pre-let) 20%






Note: * None specified Source: M&G Investment Management Limited






Total 158 2,621.3 100.0




M&G Secured Property Income Fund has declined to provide this data on the grounds of its commercial sensitivity

10 largest investments as % of portfolio





GBPm - 106.75 106.75 184.25


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: M&G Investment Management Limited



0 -2.5 45 69.3 2.6

2.5 - 5 37 138.5 5.3

5 - 10 25 168.3 6.4

10 - 25 17 266.2 10.2

25 - 50 15 512.6 19.6

50 - 100 16 1,147.8 43.8

100-150 1 126.7 4.8

Over 150 - - -

Total 156 2,429.4 92.7



Joint and indirect investments


^ Standard Retail/ City Offices Joint ^ 191.8 7.3

Source: M&G Investment Management Limited ^M&G Secured Property Income Fund has declined to provide this data on the grounds of commercial sensitivity






Source: M&G Investment Management Limited Source: M&G Investment Management Limited

199








Central London offices* - -


Industrial 8.9 8.5

Other 45.9 52.4

Overall 100.0 100.0

Note: *The rent in the table above is excluding joint interests of less than 50% Source: M&G Investment Management Limited




periods %

Development


Reversionary

potential %


Standard retail 105.7 - - - -7.1 1.3 -5.7 100.0




Other offices 125.9 - - - -35.1 9.2 -25.9 100.0

Industrial 97.1 - - - - 2.9 2.9 -

Other 81.8 - - - -2.5 20.7 18.2 100.0

Overall 93.5 - - - -5.5 12.1 6.5 100.0

Note: * Comprises the ERV of developments in progress or contracted which have not been pre-let Source: M&G Investment Management Limited







Less than 5 years -



Tenant %

M&G Secured Property Income Fund has declined to provide this data on the grounds of its commercial sensitivity

Three largest tenants' contribution to rental income

Five largest tenants' contribution to rental income

Ten largest tenants' contribution to rental income



Frequency of property valuation Monthly, on the last day of the month*

Valuer CBRE




Note: * The Fund itself is priced and is available for dealing on a daily basis Source: M&G Investment Management Limited

200

AREF / IPD Property Fund Vision — Q4 2014 M&G Secured Property Income Fund







Debt -250.0 - - - -250.0

Cash 7.5 - - - 7.5


Total net assets 2,306.1 191.8 - - 2,498.0

Gearing (%)




Debt analysis




- - - 250.000 2.00% -

Note: * Off balance sheet debt may be at fixed or variable rates Source: M&G Investment Management Limited



Bid (GBP) n/a n/a n/a n/a n/a n/a

Offer (GBP) 100.222 101.495 102.888 105.398 106.921 107.281

Bid/offer spread (%) n/a n/a n/a n/a n/a n/a

Net asset value (GBP)) 96.330 97.469 98.684 101.091 102.513 102.789


Yield (%) 3.9% 4.0% 4.1% 4.1% 4.1% 4.1%


Unit pricing The Fund’s net asset value is re-calculated as at the end of each month, following the revaluation of its portfolio.

Distributions

The Fund distributes 100% of its net income which is distributed within 30 days in respect of the quarters ending 31 March, 30 June, 30

September and 31 December.


The minimum initial investment in the fund is GBP10,000,000 (at the Manager’s discretion).


Please see the Information Memorandum, available from M&G Investment Management Limited.

Taxation

CGT and Income Tax: the Fund is not subject to UK Capital Gains Tax, but unit holders may be subject to CGT on the disposal of their

units.

The Fund is treated as tax transparent for UK Income Tax purposes. Distributions to unit holders resident in the UK (or non-resident but in

relation to whom the Manager has received the appropriate clearances from HM Revenue and Customs that such unit holders may be paid

gross) are made without the deduction of UK tax. Distributions to other unit holders are made net of UK income tax at the standard rate.

Stamp Duty Reserve Tax: transfers of units do not attract SDRT.

Charges

Annual charges

The Manager is entitled to an Annual Management fee (payable out of income).

Performance fees

There are no performance fees.

Initial charge

There is no initial charge.

201



Liquidity





New issues - - - 2,118,924 5,539,907 5,359,608

Redemptions - - - - - -


Unit transfers



Note : * As % of units in issue at the end of the period n/a = not available Source: M&G Investment Management Limited



Not disclosed









Total 108 100.0

Major investors






Internal - -

External 108 100.0


202

AREF / IPD Property Fund Vision — Q4 2014 M&G Property Portfolio


M&G Property Portfolio


The Fund aims to maximise long term performance mainly through investing in a diversified portfolio of UK commercial property,

seeking to add value through strategic asset allocation, stock selection and asset management. It may also invest in other collective

investment schemes that invest primarily in commercial property and in securities and debt instruments issued by property companies.


The Fund is open to investment by UK and overseas private and institutional investors.

Fund details

Type of fund Property authorised investment fund


Launch date November 2005



Year-end 30 September

NAV (GBPm) 3,838.9

Source: M&G Investment Management Limited *The fund converted from being an APUT to being a Property Authorised Investment Fund (PAIF) in January 2013


Manager M&G Securities Limited*

Investment manager M&G Investment Management Limited*

Property Manager Prudential Property Investment Managers Ltd*

Fund manager Fiona Rowley

Trustee Royal Bank of Scotland plc


* A wholly-owned subsidiary of Prudential plc Source: M&G Investment Management Limited


Period to M&G Property ----------------AREF/IPD UK Quarterly Property Fund Index**-------------------

Dec 2014 Portfolio#* Other balanced funds All balanced funds All funds

3 months 3.5 4.5 4.6 3.8

Year-to-date 13.5 17.3 17.2 16.4

12 months 13.5 17.3 17.2 16.4

3 years+ 6.4 8.7 8.6 8.7

5 years+ 5.8 9.0 8.8 9.5

10 years+ n/a 4.0 4.2 3.4

Notes: + Annualised # Sterling class A units (Bid-to-bid basis, net income reinvested) ** Weighted average returns calculated on a NAV to NAV basis, gross income reinvested Sources: * MICROPAL / M&G Investment Management Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


------------- AREF/IPD UK Quarterly Property Fund Index** --------------

M&G Property Portfolio+* Other balanced funds All balanced funds All funds





All UK retail 38.4 32.9 36.0 41.5

City offices 3.7 3.2 3.7 3.3




All UK offices 29.9 29.5 30.2 23.0





Cash 11.1 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the fund’s share of any properties held jointly or through indirect holdings Sources: * M&G Investment Management Ltd ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

203

M&G Property Portfolio AREF / IPD Property Fund Vision — Q4 2014


238


Maximum development exposure (speculative or pre-let) 10%












Total 193 3,400.3 100.0




Parc Trostre Retail Park Llanelli Retail Warehouse 150.0 + 5.1

Riverside House London Office 125.0 - 150.0 3.9

The Gracechurch Centre Sutton Coldfield Shopping Centre 100.0 - 125.0 3.5

Riverside Retail Park Northampton Retail Warehouse 75.0 - 100.0 2.9

Castle Vale Retail Park Birmingham Retail Warehouse 70.0 - 75.0 2.5

Alder Castle 10 Noble Street London Office 65.0 - 70.0 2.3

Ravenside Retail Park London Retail Warehouse 60.0 - 65.0 2.1

Chiswick Green London Office 55.0 - 60.0 2.0

Wycombe Retail Park High Wycombe Retail Warehouse 55.0 - 60.0 1.8

Iron Mountain Dist. Warehouse London Industrial 55.0 - 60.0 1.6


Source: M&G Investment Management Limited / IPD estimate




GBPm - 87.1 87.1 64.2


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: M&G Investment Management Limited



0-2.5 35 53.6 1.6

2.5-5 32 120.3 3.5

5-10 38 276.1 8.1

10-25 39 638.0 18.8

25-50 31 1,104.2 32.5

50-100 9 588.0 17.3

100-150 3 356.0 10.5

Over 150 1 160.0 4.7

Total 188 3,296.2 96.9








Source: M&G Investment Management Limited Source: M&G Investment Management Limited

204






periods %

Development


Reversionary

potential %


Standard retail 118.6 0.2 - 0.6 -19.8 0.4 -19.4 100.0



Central London offices 72.3 - 23.6 - -1.0 5.2 4.2 100.0

Other offices 82.0 5.3 8.0 1.4 -3.7 7.0 3.3 100.0

Industrial 100.4 - - 1.8 -8.0 5.9 -2.2 100.0

Other 93.2 3.8 - 0.1 -6.8 9.7 2.9 100.0

Overall 94.8 2.5 3.6 1.3 -7.6 5.5 -2.2 100.0

Note: * Comprising the ERV of developments in progress or contracted which have not been pre-let Source: M&G Investment Management Limited










Frequency of property valuation Monthly, on the last day of the month*

Valuer Allsop & Co


Constituent of the AREF/IPD UK Quarterly Property Fund Index No


Note: * The Fund itself is priced and is available for dealing on a daily basis Source: M&G Investment Management Limited


Tenant %


The Office of Communications 3.5



B & Q Plc 2.1


Next Group Plc 2.0


TJX UK 2.0

House of Fraser Limited 1.9





Indirect property investments

Holding Sector Joint/indirect Vehicle type Ownership Valuation* % of total

% GBPm portfolio

The Brewery, Romford Retail Warehouse Joint JV 25.0 50.7 1.5

The Fort, Birmingham Retail Warehouse Joint JV 12.5 27.0 0.8

MedicX Healthfund Limited Partnership Various Indirect LP 9.9 11.2 0.3

InProp UK Commercial Property Fund Various Indirect Irish QIF 7.5 10.5 0.3

Kames Target Healthcare Ltd. Partnership Medical Indirect LP - 4.8 0.1

Total 104.1 3.1

Note: * The value of underlying properties attributable to M&G Property Portfolio Source: M&G Investment Management Limited

205

M&G Property Portfolio AREF / IPD Property Fund Vision — Q4 2014


240










Bid (GBP) 1.056 1.078 1.100 1.124 1.154 1.185

Offer (GBP) 1.112 1.135 1.157 1.183 1.215 1.215

Mid (GBP) 1.084 1.107 1.129 1.153 1.185 1.216

Bid/offer spread (%) 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%

Net Asset Value (GBP) 1.010 1.029 1.049 1.074 1.103 1.132





Properties at valuation 3,296.2 77.7 26.5 - 3,400.3


Debt - - - - -

Cash 496.2 - - - 496.2


Total net assets 3,734.7 77.7 26.5 - 3,838.9

Gearing (%)




Share pricing

The Fund has five classes of retail units (“A”, “D”, “R”, “X” and “I”). Income and accumulation units are available for retail classes, with the

exception of the “X” class which offers income only. There are differences in minimum holdings and initial, annual and redemption charges

between the various classes of units. The Fund’s net asset value is re-calculated daily at noon, and dealing is on a forward basis. Income is

not included in the unit price of any class of units.

The Fund’s net asset value is re-calculated daily at noon, and dealing is on a forward basis. Income is not included in the unit price of any

class of units.

Distributions

The Fund distributes its net income quarterly, on or before 28 February, 31 May.31 August and 30 November.


The minimum initial investment and additional investment in each Unit class is as follows:

Class Initial Subscription Top Up Subscriptions Minimum holding

Sterling A £500 £100 £500

Sterling D n/a n/a n/a

Sterling I £500,000 £10,000 £500,000

Sterling R £500 £100 £500

Sterling X £500 £100 £500

The Manager may, at its discretion, reduce any of the above amounts


Orders to the manager to buy or sell units are carried out at the next valuation following receipt of instructions. When units are sold, a

cheque for the proceeds will be posted not less than four business days after receipt of the properly completed renunciation form.

The Manager reserves the right to impose a maximum transaction size of £10m or 10% of the value of the company (whichever is the lower)

in respect of Class A, R, I and D units. A maximum transaction size of £30,000 will apply to Class X units, but may be waived at the

discretion of the Manager. In order to protect the liquidity of the Trust, the Manager may defer redemptions of Class R and S units to a point

within 90 days where the net redemptions exceed 1% of the Trust’s value. (See “Redemption notices outstanding” overleaf).

206



Taxation

Capital gains tax: the Trust is exempt from UK capital gains tax. Unitholders may be liable to CGT on the disposal of their units in the Trust.

Corporation tax: the Trust is subject to corporation tax.

Income tax: distributions of income are made net of income tax at the lower rate. Higher rate taxpayers may incur a further liability.

Stamp duty reserve tax: transfers of units attract SDRT at the standard rate, currently 0.5%.

Charges

The initial, annual and redemption charges (if any) applicable to the various classes of units are as follows:

Class Initial charge Annual charge Redemption charge

Sterling A 5.00% 1.50% nil

Sterling D 2.00% 0.60% nil

Sterling I 2.00% 0.75% nil

Sterling R 2.00% 1.00% nil

Sterling X nil 1.50%l 5years*

Note: * The deduction from redemption value would be made on the following basis: within the 1st year 4.5%, within the 2nd year 4.0%,

within the 3rd year 3.0%, within the 4th year 2.0%, within the 5th year 1.0% and nil thereafter.



Institutional+ This information has not been provided

Note:+ Applies to Institutional units only: there is no ability to defer the redemption of retail units Source: M&G Investment Management Limited

Liquidity




Shares in issue as at start of period 1,042,628,657 1,405,582,877 2,341,051,797 2,652,240,274 2,927,443,615 3,475,062,429

Shares issued during period 902,674,312 2,011,842,167 1,066,463,562 1,060,593,824 7,284,373,830 1,573,525,518

Shares redeemed during period -539,720,092 -1,076,373,247 -755,275,085 -785,390,483 -6,736,755,016 -733,923,791

Shares in issue at end of period 1,405,582,877 2,341,051,797 2,652,240,274 2,927,443,615 3,475,062,429 4,314,664,155

Share transfers



Note: * as % of shares in issue at end of period Source: M&G Investment Management Limited

Shareholder analysis







Total 6,999 100.0

Major investors






Internal 40 53.0

External 6,959 47.0


207

AREF / IPD Property Fund Vision — Q4 2014 The M&G UK Property Fund


The M&G UK Property Fund


The objective is to provide well-informed investors with exposure to the UK commercial property market through a diversified portfolio

of assets. The performance target is to outperform the All Balanced Fund component of the AREF/IPD UK Quarterly Property Fund

Index series by 50 bps per annum, net of fees, on a rolling 3 year basis.


Well-Informed Investors as defined in SIF Law (the law of 13 February 2007 concerning specialised investment funds)

Fund details

Type of fund Luxembourg FCP

Residence Luxembourg

Launch date 31 May 2013 (seed portfolio March 1971)



Year-end 31 March

NAV (GBPm) 706.1

Source: M&G Real Estate


Manager M&G Real Estate Funds Management S.àr.l

Investment advisor M&G Investment Management Ltd

Fund manager Dermot Kiernan





Period to M&G UK ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------


3 months 4.5 4.6 4.6 3.8

Year-to-date 16.1 16.9 17.2 16.4

12 months 16.1 16.9 17.2 16.4

3 years+ 8.1 7.3 8.6 8.7

5 years+ 8.1 8.6 8.8 9.5

10 years+ 4.4 4.7 4.2 3.4



M&G UK -------------AREF/IPD UK Quarterly Property Fund Index** --------------






All UK retail 41.4 41.0 36.0 41.5

City offices 1.8 4.6 3.7 3.3




All UK offices 26.8 31.3 30.2 23.0





Cash 3.4 5.9 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the fund’s share of any properties held jointly or through indirect holdings Sources: * M&G Real Estate ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

208

The M&G UK Property Fund AREF / IPD Property Fund Vision — Q3 2014


228


Maximum development exposure (speculative or pre-let) 10%



Maximum exposure to indirect vehicles 10%







Total 61 695.9 100.0


Largest direct investments by lot size & percentage of total portfolio*


Renaissance Croydon Office 40.0 - 45.0 6.1

92 Europa Boulevard 3 Gemini Retail Park Warrington Retail Warehouse 35.0 - 40.0 5.4

Emersons Green Retail Park Bristol Retail Warehouse 30.0 - 35.0 4.6

South Rings Business Park Preston Retail Warehouse 20.0 - 25.0 3.4

Debenhams 6,10,10a High Street Canterbury Shop 20.0 - 25.0 3.2

Meridien House Watford Office 20.0 - 25.0 3.0

Waitrose St Andrews Gardens Colchester Shop 15.0 - 20.0 2.4

St Margaret Retail Park Swindon Retail Warehouse 15.0 - 20.0 2.5

Orchards Business Centre Redhill Industrial 15.0 - 20.0 2.6

170 Priestly Road Guildford Office 15.0 - 20.0 2.7


Note: * This excludes Joint and indirect assets that have a holding of less than 50% Source: M&G Real Estate / IPD estimate




GBPm - - - -


Note: * Includes any joint ventures in which the Fund has an interest of 50% or more +Including schemes to which the fund is contractually committed Source: M&G Real Estate

Direct portfolio structure by lot-size bands*


0 -2.5 5 6.9 1.0

2.5 - 5 8 28.2 4.1

5 - 10 16 110.4 15.9

10 - 25 24 348.7 50.1

25 - 50 3 113.1 16.3

50 - 100 - - -

100-150 - - -

Over 150 - - -

Total 56 607.4 87.3


Note: * This excludes Joint and indirect assets that have a holding of less than 50% Source: M&G Real Estate






M&G Real Estate M&G Real Estate

209











Other 3.2 2.4

Overall 100.0 100.0



Sector

Rent passing (%)


periods %

Development


Reversionary

potential %


Standard retail 112.3 2.3 - 2.8 -18.3 0.8 -17.5 100.0

Retail warehousing 98.9 - - 0.2 -5.0 5.8 0.8 100.0



Other offices 79.1 11.2 - 11.3 -4.8 3.2 -1.6 100.0

Industrial 80.0 4.4 - 6.4 -1.5 10.7 9.2 100.0

Other 120.2 - - 4.9 -25.1 - -25.1 100.0

Overall 89.6 5.2 - 5.9 -6.2 5.5 -0.7 100.0

Notes: *Iincluding Joint Owned Assets Source: M&G Real Estate

The average unexpired term of leases









Tenant %

Boots UK Limited 4.4


B&Q Plc 3.6

Bae Systems Applied Intelligence Limited 3.6

Smith and Nephew UK Limited 2.7


The Board of the Pension Protection Fund 2.5

Sainsbury’s Supermarkets Ltd 2.5

Charles Tyrwhitt LLP 2.2

Parabis Law LPP 2.2





Joint and Indirect property investments

Holding Sector Joint/indirect Vehicle type Ownership Valuation % of total

% GBPm portfolio

The Brewery, Romford Retail Warehouse Joint holding JV 25.0 50.7 7.3

UKPF Holding in M&G UK Residential Fund Residential Indirect LP 9.3 13.6 2.0

Standard Life Inv't UK Shop'G Cent. U/T Shopping Centre Indirect PUT 0.8 11.8 1.7

Lend Lease Ret (Jersey) Unit Trust Shopping Centre Indirect PUT 1.2 6.7 1.0

MedicX Healthfund Limited Partnership Other Indirect LP 5.1 5.8 0.8

Total 88.5 12.7


210

The M&G UK Property Fund AREF / IPD Property Fund Vision — Q3 2014


230







Note: * None specified Source: ` M&G Real Estate


Frequency of valuation *Monthly

Valuer *CB Richard Ellis


Constituent of AREF/IPD UK Pooled Property Fund Index Yes


Note: * There are four strategic land assets which are valued quarterly by Knight Frank. Source: M&G Real Estate

Quarterly data per unit As at 30 Sep 13 31 Dec 13 31 Mar 14 30 Jun 14 30 Sep 14 31 Dec 14

Bid (GBP) 100.085 103.140 105.440 107.510 111.170 114.880

Offer (GBP) 106.661 109.760 111.940 114.360 118.400 122.330

Mid (GBP) 103.373 106.450 108.690 110.935 114.785 118.605

Bid/offer spread 6.2% 6.0% 5.8% 6.0% 6.1% 6.1%



Yield % based on NAV 0.014 0.023 0.033 0.039 0.037 0.040

Note: * as of June 2013 M&G Pooled Pensions Property Fund has now changed to a FCP (Fonds Commun de Placement) and such has restructured its unit price. Source: M&G Real Estate




Properties at valuation 607.4 50.7 37.9 - 695.9


Debt - - - - -

Cash 24.5 - - - 24.5


Total net assets 617.6 50.7 37.9 - 706.1

Gearing (%)




Unit pricing The unit price is recalculated and published on a monthly basis.

Distributions

The fund makes quarterly income distributions.


The minimum initial investment is £2m. There is no minimum disinvestment amount, but the remaining holding must be greater than the

minimum holding of £2m.


The fund’s Prospectus provides for the creation or redemption of units on a monthly basis. The manager offers a secondary market service

to unitholders wishing to dispose of their units to incoming unitholders.

The manager has the right to delay redemptions for up to a maximum of six months, and to repay the proceeds in 10 monthly installments.

This right of deferment may be invoked only if there was insufficient liquidity in the fund and may last only until the liquidity of the fund is

restored.

Taxation

CGT and Income Tax: the fund is exempt from UK Capital Gains Tax and UK Income Tax.

Stamp Duty Reserve Tax: transfers of units do not attract SDRT.

211



Charges

There are annual management charges of 70 & 80 bps p.a. of the value of the fund (chargeable by class of units held). All fees and charges

are reflected in the unit price and the quoted performance is after deduction of all fees, costs and charges.








Total 2 100.0

Major investors


Two largest holders 2 100.0


Internal 2 100

External - -


Liquidity





Units issued during period 75,852 60,279 - 4,193 821,754 225,412

Units redeemed during period -12,375 -78,784 -67,933 -10,858 -76,439 -


Unit transfers



Note: * as % of units in issue at the end of the period ^ as of June 2013 M&G Pooled Pensions Property Fund changed to a FCP (Fonds Commun de Placement) and as such has restructured the number of units issued. Source: M&G Real Estate

212

Mayfair Capital Property Income Trust for Charities AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

254

Mayfair Capital Property Income Trust for Charities


The Trust’s investment objective is to deliver an income yield of around 6% p.a. whilst at least growing the capital value in real terms, by

acquiring income producing properties with growth prospects, together with properties where there is ‘embedded’ value which can be

extracted through active asset management.


Any exempt charity in the UK or a unit trust whose members are all exempt charities may invest in the Trust. It is also possible for charities

from the EU to apply for exemption from HMRC.

Fund details

Type of fund Exempt, unauthorised PUT



Open/Closed-ended Open-ended



NAV (GBPm) 287.2

Source: Mayfair Capital Investment Management Limited


Trust manager Mayfair Capital Investment Management Ltd

Trust Administrator Saltgate (UK) Limited

Property investment manager Mayfair Capital Investment Management Limited

Property advisor Jones Lang LaSalle

Fund manager James Thornton

Trustees Royal Bank of Canada Trust Corporation Limited

Auditors Crowe Clark and Whitehill



Period to Mayfair Capital Property ----------------AREF/IPD UK Quarterly Property Fund Index**-------------------

Dec 2014 Income Trust for Charities Other balanced funds All balanced funds All funds

3 months 4.8 4.5 4.6 3.8

Year-to-date 16.7 17.3 17.2 16.4

12 months 16.7 17.3 17.2 16.4

3 years+ 9.4 8.7 8.6 8.7

5 years+ 9.8 9.0 8.8 9.5

Note: ** Weighted average returns + Annualised Source: AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Mayfair Capital Property ------------- The IPD UK Quarterly Property Fund Index** --------------

Income Trust for Charities* Other balanced funds All balanced funds All funds





All UK retail 22.3 32.9 36.0 41.5

City offices 1.7 3.2 3.7 3.3




All UK offices 38.2 29.5 30.2 23.0





Cash 2.5 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * Mayfair Capital Investment Management Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

213

AREF / IPD Property Fund Vision — Q4 2014 Mayfair Capital Property Income Trust for Charities


255


Maximum development exposure Nil


Maximum lot-size holding as a standing investment Nil

Maximum lot-size holding permitted at purchase 10% of the value of the Fund*

Maximum exposure to limited partnerships N/A*

Maximum exposure to joint ventures N/A*

Maximum exposure to closed and open-ended property unit trusts N/A

Note: * None specified Source: Mayfair Capital Investment Management Limited






Total 50 349.9 100.0




Phases I&II, Trax Park, Doncaster Doncaster Industrial 20.1 5.7

Premier Inn, Croydon Croydon Other 18.5 5.3

86 Deansgate, Manchester Manchester Offices 17.1 4.9

65 Woodbridge Road, Guildford Guildford Offices 13.8 3.9

Widnes Trade Park, Widnes Widnes Retail Warehouse 13.7 3.9

Forest House, Crawley Crawley Offices 13.2 3.8

Decimal Place, Amersham Amersham Offices 11.8 3.4

Travelodge, Teddington Teddington Other 10.5 3.0

Plot 3000, Cambridge Research Park Cambridge Offices 10.4 3.0

Debenhams, Southport Southport Retail 10.1 2.9





0 -2.5 4 7.7 2.2

2.5 - 5 15 48.8 13.9

5 - 10 19 128.4 36.7

10 - 25 10 139.2 39.8

25 - 50 - - -

50 - 100 - - -

100-150 - - -

Over 150 - - -

Total 48 324.0 92.6








Source: Mayfair Capital Investment Management Limited Source: Mayfair Capital Investment Management Limited









Other property 7.7 7.2

Overall 100.0 100.0


214


APIA Regional

256


Tenant %

Wincanton Holdings Ltd 6.1

Bard Ltd 4.2

Premier Inn Hotels Ltd 4.2

Barnett Waddingham LLP 3.2

B&Q 3.1

Northern Foods Ltd 2.8



Cunningham Lindsay UK Ltd 2.7

VW 2.5








periods %

Development


Reversionary

potential %


Standard retail 87.7 11.7 - - -12.3 12.9 0.6 100.0



Central London offices 73.1 - - - -26.9 53.7 26.9 -

Other offices 87.9 8.4 - 3.5 -12.1 12.4 0.3 100.0

Industrial 90.6 6.8 - 5.7 -9.4 6.2 -3.1 100.0

Other 95.9 4.7 - - -4.1 3.6 -0.6 100.0

Overall 89.7 6.7 - 3.2 -10.3 10.8 0.4 100.0

Note: * Comprising the ERV of developments in progress or contracted that have not been pre-let Source: Mayfair Capital Investment Management Limited










Frequency of valuation Monthly, on the last working day of each month

Property valuer DTZ Debenham Tie Leung Limited






Maximum total gearing permitted 50% (loan to value at purchase)




Debt analysis




26.000 3.61% 3.79 - - -

9.000 4.62% 1.25

24.700 4.09% 6.56 - - -

59.700 3.96% 4.55 - - -


215

AREF / IPD Property Fund Vision — Q4 2014 Mayfair Capital Property Income Trust for Charities


257






Debt -59.7 - - - -59.7

Cash 8.9 - - - 8.9


Total net assets 261.4 - 25.8 - 287.2

Gearing (%)

Net debt (cash)/properties 15.7 - - 14.5

Net debt (cash)/equity 19.4 - - 17.7




Bid (GBP) 0.6830 0.6990 0.7090 0.7206 0.7371 0.7602

Offer (GBP) 0.7040 0.7190 0.7280 0.7488 0.7614 0.7855

Mid (GBP) 0.6935 0.7090 0.7185 0.7347 0.7493 0.7729

Bid/offer spread 3.0% 2.8% 2.6% 3.8% 3.2% 3.2%



Yield (at NAV/unit) 7.7% 7.1% 6.8% 6.8% 6.9% 6.8%


Unit pricing

The Trust’s NAV and the bid and offer price of its units are re-calculated as at the date of the monthly revaluation of the portfolio. Income is

not included in this re-calculation. The Trust’s fixed rate debt is not marked to market: any difference between the market value and the

nominal value of its debt is thus not reflected in the monthly re-calculation of its net asset value and the pricing of the units.

Distributions

Distributions of income are made monthly, within one month of the month end in which the income is earned.




Minimum redemption: No minimum


Subscriptions may be made on a monthly basis, on the last business day of the month. Application forms must be sent to the Trust

Administrator together with the application monies (to be cleared by that date).

Redemptions may be made on a quarterly basis on 31 December, 31 March, 30 June and 30 September. Notice of redemption must be

given in writing at least 2 months prior to a redemption day. Redemption proceeds will normally be distributed within 15 days of the

Redemption Date. The Manager reserves the right to defer or reduce pro rata redemptions if the number of units to be redeemed exceeds

10% of the total issue or it considers it necessary for the protection of the continuing unitholders to do so. (See “Redemption notices outstanding”, overleaf.)

Taxation

Income tax and capital gains tax: the Trust is not subject to capital gains tax. The Trust is an approved exempt unauthorised unit trust and

as such pays distributions gross.

Stamp duty land tax: all property purchases by the Trust are exempt from SDLT (currently 4.0% on transactions over GBP0.5m)

Stamp duty reserve tax: transfers of units in the Trust are exempt from SDRT.

Charges

Annual charge The Manager is entitled to a fee of 0.65% pa of the first GBP40m of the Gross Asset Value of the Trust and of 0.50% pa of the Gross Asset

Value of the Trust above that amount

Initial charges / Performance fees None

216


APIA Regional

258



Income 69,817 1 0.053 0.0


Liquidity






Units redeemed during period -559,283 -437,681 -131,927 -57,736 -589,141 -348,256


Unit transfers

Matched bargains - 4,745,669 991,411 9,116,749 3,841,009 -

Matched bargains %* - 5.2% 0.7% 5.7% 1.3% -

Note: * As % of units in issue at end of period Source: Mayfair Capital Investment Management Limited

Unitholder analysis







Total 672 100.0

Major investors






Internal - -

External 672 100.0


217

Mayfair Capital Property Unit Trust AREF / IPD Property Fund Vision — Q4 2014


Mayfair Capital Property Unit Trust


The Trust’s investment objective is to provide total returns from investment in a diversified portfolio of UK commercial property and a net

distribution yield on original equity in the region of 5% per annum. Once fully invested, the Trust will target out performance of its

Benchmark, the All Balanced Property Fund component of the AREF/IPD UK Quarterly Property Fund Index.


The Trust is open for investment by eligible investors as defined in the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008.

Fund details

Type of fund Unauthorised Property unit trust

Residence Jersey




NAV (GBPm) 156.6

Source: Schroders


Manager Schroder Property Managers (Jersey) Limited

Investment advisor Mayfair Capital Investment Management Limited

Portfolio manager Lucy Lilley

Trustee BNP Paribas Securities Services Trust Company (Jersey) and BNP Paribas Securities Services

Trust Company Limited




Period to Mayfair Capital ----------------AREF/IPD UK Quarterly Property Fund Index*------------------- Dec 2014 Property Unit Trust Other balanced funds All balanced funds All funds

3 months 3.7 4.5 4.6 3.8

Year-to-date 16.6 17.3 17.2 16.4

12 months 16.6 17.3 17.2 16.4

3 years+ 10.0 8.7 8.6 8.7



Mayfair Capital ------------- AREF/UK Quarterly Property Fund Index** -------------- Property Unit Trust* Other balanced funds All balanced funds All funds





All UK retail 30.9 32.9 36.0 41.5

City offices 8.5 3.2 3.7 3.3




All UK offices 31.7 29.5 30.2 23.0





Cash 2.3 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * Mayfair Capital Investment Management Limited ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

218



Property investment restrictions Maximum development exposure 15.0%




Maximum exposure to limited partnerships 25.0%

Maximum exposure to joint ventures 25.0%








Total 29 152.2 100.0




Millbank House Surbiton Offices 13.5 8.9

2-4 Eastcheap City of London Offices 13.5 8.9

Riverside Retail Park Canterbury Retail Warehouse 10.5 6.9

Travelodge Stratford Upon Avon Other 8.3 5.4

One Portbury Bristol Industrial 8.0 5.3

Edmonton Trade Park Edmonton Industrial 8.0 5.3

Endeavour House Basildon Industrial 7.3 4.8

440 Bristol Business Park Bristol Offices 6.5 4.3

Harlow Mill Business Centre Harlow Industrial 6.5 4.3

Unit 2, Centurion Park, Clifton Moorgate York Retail Warehouse 6.0 3.9

Ten largest investments as % of portfolio 58.0




0 -2.5 5 9.8 6.4

2.5 - 5 10 34.1 22.4

5 - 10 11 71.3 46.9

10 - 25 3 37.0 24.3

25 - 50 - - -

50 - 100 - - -

100-150 - - -

Over 150 - - -

Total 29 152.2 100.0








Source: Mayfair Capital Investment Management Limited Source: Mayfair Capital Investment Management Limited









Other 5.7 5.0

Overall 100.0 100.0


219






periods %

Development


Reversionary

potential %


Standard retail 103.2 - - - -4.5 1.2 -3.2 100.0

Retail warehousing 88.6 - - - -4.2 15.7 11.4 100.0



Other offices 67.2 - - 31.3 -0.7 2.2 1.5 100.0

Industrial 97.9 1.2 - - -0.3 1.2 0.9 100.0

Other 101.7 - - - -1.7 - -1.7 100.0

Overall 88.8 0.4 - 8.7 -1.7 3.8 2.1 100.0

Note: * Comprising the ERV of developments in progress or contracted that have not been pre-let Source: Mayfair Capital Investment Management Limited










Tenant %

Samworth Brothers Limited 5.2

Air Charter Service Group Limited 5.2

Rowan International Limited 5.2


Motability Operations Limited 4.5

Rybrook Vehicles Limited 4.2

The Co-operative Group Limited 4.1

BCD Meetings & Events Limited 3.8

Pentalver Cannock Limited 3.3

B&M Retail Limited 3.2






Frequency of valuation Quarterly on the last day of the quarter



Contributor to AREF/IPD UK Quarterly Property Fund Index Yes









Note: * None specified Source: Schroders

220








Debt - - - - -

Cash 3.6 - - - 3.6



Gearing (%)



Source: Schroders



Bid (GBP) 0.8590 0.9920 1.0090 1.0430 1.0750 1.0940

Offer (GBP) 1.0260 1.0620 1.0800 1.1170 1.1510 1.1710

Mid (GBP) 0.9425 1.0270 1.0445 1.0800 1.1130 1.1325

Bid/offer spread 6.5% 6.6% 6.6% 6.6% 6.6% 6.6%



Yield (at NAV/unit) 5.5% 5.4% 5.4% 5.1% 4.9% 5.5%

Source: Schroders

Unit pricing

The Trust’s NAV and the bid and offer price of its units are re-calculated as at the date of the quarterly revaluation of the portfolio. Income is

not included in this re-calculation.

Distributions

Distributions of income are made quarterly and paid at the end of the month following the end of each calendar quarter.


A minimum initial investment of £100,000, although the Manager may approve smaller holdings


Units may be issued on the direction of the Manager usually at the end of each quarter but no more frequently than monthly. Income

accrues to units from the date of issue. Units may be redeemed on written notice to be received by the Manager at least one month before

the last day of a calendar quarter. Proceeds are then paid on the subsequent quarter end day at the then prevailing bid price and income

accrues to the date of payment. In certain circumstances, the Manger may postpone redemptions.

Once a redemption notice is served it may not be withdrawn without the Managers approval. The Manager may also require redeeming

unitholders to transfer their units at the then prevailing bid price. Units can be transferred at any time to an eligible investor

Taxation

Capital gains tax: since it is registered in Jersey, the trust is not subject to UK capital gains tax. Those investors who are subject to tax may


Income tax: distributions of income are made gross on a quarterly basis to all holders who are UK residents or those who hold non —resident

Landlord clearance. 20% Jersey tax is withheld from distributions payable to Jersey residents. Income (less expenses property incurred)


hands of unit holders, regardless of where they are resident.

Stamp duty reserve tax: the trust’s registration in Jersey means that the redemption and issue of units does not attract SDRT.

Charges

Annual fee: the Investment Advisor is entitled to an annual fee (payable quarterly) equivalent to 0.75% pa of the Net Asset Value of the Trust.

Initial charge: no initial charge is levied by the Manager on investors acquiring units in the Trust.

Performance fee: The Investment Advisor may earn a performance fee if the Trust’s annualised three year total return, as published in the

AREF/IPD UK Quarterly Property Fund Index, exceeds the weighted average of the Balanced Property Funds. Performance is measured

each quarter and the fee equates to one quarter of the annual rate for each qualifying quarter. If the Trust is ranked above the weighted

average, the rate of performance fee is 0.0375% (0.15% per annum) of the NAV. Alternatively, if the performance is equal or above the

upper quartile of the Balanced Property Funds, the performance fee is 0.0625% (0.25% per annum) of the NAV. The performance fee is

payable in addition to the standard management fee.

Transaction Fee: The Investment Advisor may also earn transaction fees.

221



Unitholder analysis







Total 23 100.0

Major investors






Internal 20 99.9

External 3 0.1

Source: Schroders

Liquidity Year to Year to Year to Year to Year to Year to



Units in issue as at start of period - 16,094.12 83,024.25 103,128 115,846

Units issued during period 16,094.12 66,930.13 20,103.75 12,718 25,550

Units redeemed during period - - - - -

Units in issue at end of period 16,094.12 83,024.25 103,128 115,846 141,396

Unit transfers

Matched bargains - - - 1,851.27 741

Matched bargains %* - - - 1.6% 0.5%

Note: * As % of units in issue at the end of the period Source: Schroders

222

Old Mutual Property Fund AREF / IPD Property Fund Vision — Q4 2014


Old Mutual Property Fund


The Fund’s investment policy is to provide a portfolio of mainly commercial property which is well diversified, both geographically within

the UK and by type of property, but which may also include investments in listed property companies, collective investment schemes,

property derivatives and Government/other public body securities. The Fund’s investment objective is to provide capital growth and

income, using a research-led strategy to optimise returns at a prudent level of risk.



private individuals (including via ISAs & PEPs).

Fund details

Type of fund Authorised Property Unit Trust


Launch date 2 December 2005



Year-end 31 March

NAV (GBPm) 446.0

Source: CBRE Global Investors (UK Funds) Limited


Promoter Old Mutual Investment Management Limited

Manager Old Mutual Investment Management Limited

Investment advisor CBRE Global Investors (UK Funds) Limited

Fund manager Nigel Pickup

Corporate trustee National Westminster Bank plc

Auditors KPMG Audit Plc



Period to Old Mutual ----------------AREF/IPD UK Quarterly Property Fund Index**-------------------

Dec 2014 Property Fund* Other balanced funds All balanced funds All funds

3 months 2.5 4.5 4.6 3.8

Year-to-date 11.1 17.3 17.2 16.4

12 months 11.1 17.3 17.2 16.4

3 years+ 6.4 8.7 8.6 8.7

5 years+ 5.2 9.0 8.8 9.5

Note: + Annualised ** Weighted average returns Sources: * DataStream (Bid price to bid price basis with income reinvested). Returns over 3 and 5 year periods reflect pricing switch from offer to bid. ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Old Mutual ------------- AREF/IPD UK Quarterly Property Fund Index** --------------






All UK retail 35.2 32.9 36.0 41.5

City offices 13.8 3.2 3.7 3.3




All UK offices 23.4 29.5 30.2 23.0





Cash 10.4 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the Fund’s share of any properties held jointly or through indirect holdings Sources: * CBRE Global Investors (UK Funds) Limited ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

223

AREF / IPD Property Fund Vision — Q4 2014 Old Mutual Property Fund


309







Maximum exposure to joint ventures Nil








Total 44 401.7 100.0




Princess Parkway Manchester Supermarket 35-40 10.0

Maidenhead Retail Park Maidenhead Retail Warehouse 25-30 7.5

62-64 Cornhill London EC3 City Office 25-30 6.7

Centennial Park Elstree Industrial 20-25 6.0

The Interchange Swanely Industrial 20-25 5.8

Currys Croydon Retail Warehouse 20-25 5.5

B&Q, Mucklow Hill Birmingham Retail Warehouse 20-25 5.3

Carey Lane London City Office 15-20 4.4

Units A and B Doncaster Industrial 15-20 4.2

Kenavon Way Reading Retail Warehouse 15-20 4.0


Source: CBRE Global Investors (UK Funds) Limited/IPD estimate



0-2.5 - - -

2.5-5 - - -

5-10 6 42.3 10.5

10-25 15 240.5 59.9

25-50 3 97.4 24.2

50-100 - - -

100-150 - - -

Over 150 - - -

Total 24 380.2 94.7








Source: CBRE Global Investors (UK Funds) Limited Source: CBRE Global Investors (UK Funds) Limited









Other 2.6 5.4

Overall 100.0 100.0


224






periods %

Development


Reversionary

potential % Net reversionary

potential % ERV %

Standard retail 100.7 - - 3.4 -11.9 7.8 -4.0 100.0




Other offices 93.7 - - 8.5 -4.7 2.5 -2.2 100.0

Industrial 73.5 1.6 - 16.5 -5.1 13.5 8.4 100.0

Other 39.1 - - - -1.6 62.5 60.9 100.0

Overall 81.9 1.0 - 7.4 -4.5 14.1 9.6 100.0

Note: * Comprising the ERV of developments in progress and contracted that have not been pre-let




GBPm - - - -


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: CBRE Global Investors (UK Funds) Limited


Tenant %

Asda Stores Ltd 8.8

Homebase Limited 7.6

B & Q PLC 7.4


Ardagh Glass Limited 5.5

Premier Foods Group Limited 5.1

Laura Ashley Ltd 4.3

Balfour Beatty Group Limited 3.7

Toys R Us Limited 3.2

Standard Life Assurance Co 2.6













Principal listed investments

Company % held (if over 3.0%) Value Percentage of portfolio

% GBPm %

InProp Institution - 10.3 2.6



Hammerson - 1.1 0.3


Great Portland - 0.9 0.2

Cap & Count - 0.6 0.2

Intu Properties - 0.6 0.1

Shaftesbury - 0.4 0.1

Unite Group - 0.4 0.1

Ten largest quoted investments as % of portfolio (IPD estimate) 19.4 4.8


225

AREF / IPD Property Fund Vision — Q4 2014 Old Mutual Property Fund


311









Frequency of valuation Monthly, as at 25th day of each month











Debt - - - - -

Cash 44.3 - - - 44.3


Total net assets 424.5 - - 21.5 446.0

Gearing (%)






Bid (GBP) 0.4818 0.5005 0.5111 0.5241 0.5427 0.5561

Offer (GBP) 0.5098 0.5296 0.5409 0.5546 0.5743 0.5885

Bid/offer spread 5.5% 5.5% 5.5% 5.5% 5.5% 5.5%

Source: CBRE Global Investors (UK Funds) Limited Unit pricing

The unit price is calculated daily at noon.

Distributions

Distributions are made twice yearly, on 31 May (in respect of the half-year to 31 March) and on 30 November (in respect of the half-year to

30 September).


The minimum investment is GBP1,000, unless it represents an addition to an existing holding, when the minimum amount is GBP500. For

regular savers, the minimum amount is GBP50 per month. The minimum disinvestment must be at least GBP500, ensuring that at least

GBP1,000 remains invested.


Orders to the Manager to buy or sell units are carried out at the next valuation following receipt of instructions. When units are sold, a

cheque for the proceeds will be posted not less than four business days after the receipt of the properly completed renunciation form.

The manager reserves the right to defer redemptions for up to 28 days.

Taxation

Capital gains tax: the Fund is exempt from UK Capital Gains Tax. Unitholders may be liable to CGT on the disposal of their units in the

Fund.

Corporation tax: the Fund is subject to corporation tax.

Income tax: distributions are made net of income tax at the lower rate. Higher rate taxpayers may incur a further liability.


226



Charges

For class ‘A’ units the offer price of the units includes an initial charge of 5.00%, in addition to which there is an annual management charge

equivalent to 1.35% of the net asset value of the fund; charges may differ for other unit classes.

Unitholder analysis







Total 113 100.0

Major investors






Internal 15 39.0

External 98 61.0


Liquidity




Units in issue as at start of period 722,899,804 837,055,902 1,005,386,860 1,001,935,037 901,961,028 878,133,897



Units in issue at end of period 837,055,902 1,005,386,860 1,001,935,037 901,961,028 878,133,897 838,048,234

Unit transfers

Matched bargains - - 6,952,443 11,735,150 - -

Matched bargains %* - - 0.7% 1.3% - -

Note: As % of units in issue at the end of the period Source: CBRE Global Investors (UK Funds) Limited

227

Pramerica UK Ground Lease Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

Pramerica UK Ground Lease Fund


To provide (post Fund running cost) a yield 200bps above the real flat yield for a benchmark of long dated index linked gilts (before inflation)

on a rolling 10 year basis.


Pramerica UK Ground Lease Fund is available for investment to UK taxable and UK tax exempt investors including pension schemes,

corporates, charities and certified sophisticated investors, and, subject to local regulations and requirements, overseas taxable and

overseas tax exempt investors.

Fund details

Type of fund Open ended PUT

Residence Jersey

Launch date February 2007



NAV (GBPm) 350.3

Note: * Subject to a maximum of 100 years


Manager Pramerica Real Estate Investors

Fund administration UBS AG Jersey Branch

Property fund manager Paul Dennis-Jones

Trustee UBS Trustees (Jersey) limited



Period to Pramerica UK ----------------AREF/IPD UK Quarterly Property Fund Index*------------------- Dec 2014 Ground Lease Fund Long Income funds All balanced funds All funds

3 months 1.0 1.5 4.6 3.8

Year to date 13.3 9.9 17.2 16.4

12 months 13.3 9.9 17.2 16.4

3 years+ 8.3 9.0 8.6 8.7

5 years+ 7.7 10.0 8.8 9.5

10 years+ - - 4.2 3.4



Pramerica UK ------------- AREF/IPD UK Quarterly Property Fund Index** -------------- Ground Lease Fund* Long Income funds All balanced funds All funds





All UK retail 18.9 39.2 36.0 41.5

City offices 7.1 4.3 3.7 3.3




All UK offices 10.4 13.7 30.2 23.0





Cash 1.7 2.9 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * Pramerica Real Estate Investors ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

228

AREF / IPD Property Fund Vision — Q4 2014 Pramerica UK Ground Lease Fund


347









Note: *None specified Source: Pramerica Real Estate Investors






Total 52 345.2 100.0

Source: Pramerica Real Estate Investors



The Hotel Russell London Hotel (Hospitality) 54.4 15.7

Park Plaza Riverbank Hotel London Hotel (Hospitality) 30.5 8.8

Thistles Shopping Centre Stirling Shopping Centres 22.0 6.4

157-183 Waterloo Road London Hotel (Hospitality) 19.9 5.8

Radisson Edwardian Guildford Hotel (Hospitality) 17.8 5.1

Great Northern Hotel London Hotel (Hospitality) 16.2 4.7

Quedam Shopping Centre Yeovil Shopping Centres 12.8 3.7

Vintners Place (2) London Office 12.5 3.6

Vintners Place London Office 12.5 3.6

Marriott Courtyard Inn Gatwick Hotel (Hospitality) 11.3 3.3



Property yields

Voids as % of ERV



True equivalent yield - Total Nil


Source: Pramerica Real Estate Investors Source: Pramerica Real Estate Investors



0 -2.5 24 20.3 5.9

2.5 - 5 6 21.9 6.3

5 - 10 10 71.8 20.8

10 - 25 10 146.3 42.4

25 - 50 1 30.5 8.8

50-100 1 54.4 15.7

100-150 - - -

Over 150 - - -

Total 52 345.2 100.0










Industrial 5.3 6.4

Other 62.1 62.3

Overall 100.0 100.0

Note:* Reflects ground lease data Source: Pramerica Real Estate Investors

229


APIA Regional


Sector

Rent passing

%


periods %

Development


Reversionary

potential %

Net reversionary

potential % ERV %

Standard retail 99.4 - - - - 0.6 0.6 100.0


Shopping centres 98.1 - - - - 1.9 1.9 100.0

Central London offices 100.0 - - - - - - 100.0

Other offices 98.5 - - - - 1.5 1.5 100.0

Industrial 77.7 - - - - 22.3 22.3 100.0

Other 94.5 - - - - 5.5 5.5 100.0

Overall 94.7 - - - - 5.3 5.3 100.0

Note: * Reflects ground lease data, therefore pre-let/rent free periods, investment and development voids are not applicable Source: Pramerica Real Estate Investors







Less than 5 years -

Note: * Reflects ground lease data Source: Pramerica Real Estate Investors


Tenant* %

Principal Hayley 19.2

The Master Wardens of Vintners 8.5

Standard Life Investments 8.4

UBS Global Asset Management (UK) Ltd 7.5

Riverbank Hotel Holding 7.4

Hampton by Hilton 5.8

RMH Guildford LLP 5.3

European Development Company (Hotels) Ltd 4.8

KCCLP 4.6

Be Yeovil BV 3.5




Note:* Reflects head leaseholders Source: Pramerica Real Estate Investors


Frequency of valuation Monthly, on the last calendar day of the month

Valuers Knight Frank LLP







Balance sheet (GBPm) Properties at valuation 345.2 - - - 345.2


Debt - - - - -

Cash 5.8 - - - 5.8



Gearing (%)




230

AREF / IPD Property Fund Vision — Q4 2014 Pramerica UK Ground Lease Fund


349


Maximum total gearing permitted Nil *

Cash holdings (maximum) N/A**

Cash holdings (minimum) N/A**

Note: *The Fund is ungeared, but may borrow on a short-term basis to finance acquisitions and to meet working capital requirements. However, any such borrowing will be limited to the value of client commitments in the subscription queue at the time of borrowing ** None specified Source: Pramerica Real Estate Investors

Unit pricing

The Asset Value (AV) of the units is recalculated monthly following the revaluation of the portfolio on the last calendar day of the month. For

the purposes of this calculation, the costs that a purchaser would incur in acquiring the properties in the Fund’s portfolio are not deducted

from the value of the portfolio, but treated as an asset of the Fund. The Issue Price of units in the Fund is the same figure as the Asset Value

(although there may be an initial charge of up to 1% payable to the Manager.)

The Redemption Price of the units is the Asset Value less any Redemption Fee. The Redemption Fee is an amount pro-rata to the potential

costs of disposing of the properties in the Fund’s portfolio. The Redemption Fee may be waived at the discretion of the Manager.

The Fund currently has no fixed rate debt.

Any performance fee payable is estimated and accrued on a quarterly basis.

Distributions

Distributions of income are made quarterly on 31 May, 31 August, 30 November and 28 February in respect of the quarters ending 31

March, 30 June, 30 September and 31 December, respectively.



Minimum additional investment: GBP 50,000*

Minimum redemption: None**

Note: * The Manager may, at its discretion, accept a lower amount

** A unit-holder may not redeem units if this would reduce the value of its holding to less than GBP 100,000. The minimum

holding rule would not be breached simply because of a fall in the value of the units.

Quarterly data per unit (income units)


Offer (GBP) 1.17740 1.18000 1.18510 1.25000 1.30000 1.30260

Asset value (GBP)* 1.17738 1.18365 1.18510 1.24791 1.29738 1.30260


Yield (at NAV/unit) 3.3% 3.3% 3.3% 3.1% 3.0% 2.8%



Applications to subscribe for units must be received by the Manager no later than seven days before the relevant Dealing Day. Dealing days

are the first business day after the monthly revaluation of the Fund’s portfolio (ie, the last calendar day of each month.)

Unit-holders may redeem their units on the 1st business day of each month (or on such other day and at such other frequency as the

manager deems appropriate). The Manager may exercise its right to require at least one month notice of redemption in the interests of

continuing unitholders.

The Manager has the power to defer redemptions for up to 12 months from the Valuation Date to which the request relates where it

considers this to be in the best interests of continuing investors in the trust. If a redemption is deferred, the redemption price will be the price

of the units on the last valuation date prior to the units being redeemed. If redemptions are deferred, they will be dealt with in the order in

which they are received.

Taxation

Capital gains tax: the trust is not subject to UK Capital Gains Tax on the realisation of assets.

Income tax: while distributions of income are made net of UK income tax, unit-holders are able to reclaim the tax deducted where

appropriate and vouchers for this purpose are sent to unit-holders with each distribution.

Stamp duty reserve tax/stamp duty land tax: transfers of units are not subject to SDRT or SDLT

Charges

Annual charges

The Manager is entitled to an Annual Management fee (payable out of income) equal to 0.4% pa of the net asset value of the Fund

calculated as at the end of each month and payable quarterly.

Performance fees

There are no performance fees.

Initial charge

Unit holders may be charged an Initial Charge of up to 1% on their subscription, payable to the Manager. This charge may be waived at the

discretion of the Manager.

231


APIA Regional

Unitholder analysis







Total 9 100.0

Major investors




Nine largest holders 10 100.0


Internal - -

External 9 100.0


Liquidity








Unit transfers

Matched bargains - - - - - 18,011,798

Matched bargains %** - - - - - 6.7%

Note: * As % of units in issue at end of period Source: Pramerica Real Estate Investors



- Nil - - -


232

AREF / IPD Property Fund Vision — Q4 2014 The Quercus Healthcare Fund


259

The Quercus Healthcare Fund


The Fund’s strategy is to invest in healthcare premises let on long leases (>= 15 years) with rental uplifts linked to RPI. These include elderly

residential/nursing homes, learning disability and specialist care homes and private hospitals. The Fund’s objective is to outperform the IPD

UK Annual All-Property Index by at least 1% on a 3 year rolling basis.



UK or abroad, subject to relevant local regulations. Entry is via Quercus Unit Trust, a closed-ended Jersey Property Unit Trust.

Fund details

Type of fund Limited Partnership*

Residence United Kingdom, with entry via a Jersey Unit Trust





NAV (GBPm) 236.4

* With entry via Quercus Unit Trust, a Jersey Property Unit Trust Source: Aviva Investors


Fund Manager/Operator Aviva Investors Fund Management Limited (‘Aviva Investors’)

Property and Asset Manager for the Partnership Quintain Estates and Development Plc

Fund Manager Vicky Amlot

Unit Trust Manager Aviva Investors (Jersey Unit Trusts) Management Ltd

Unit Trust Administrator State Street

Unit Trust Trustee BNP Paribas Jersey Trust Corp Ltd

Auditors KPMG



Period to The Quercus ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Healthcare Fund Other balanced funds All balanced funds All pooled funds

3 months -3.0 4.5 4.6 3.8

Year-to-date -13.4 17.3 17.2 16.4

12 months -13.4 17.3 17.2 16.4

3 years+ -15.8 8.7 8.6 8.7

5 years+ -7.2 9.0 8.8 9.5

10 years+ 2.20 4.0 4.2 3.4

Note: * Weighted average returns + Annualised Source: AREFF/IPD UK Quarterly Property Fund Index (sponsored by PropertyMatch)

Portfolio distribution (%)*

Nursing/care homes 79.0

Specialist healthcare facilities 20.0

Learning disabilities 1.0

Cash -

Overall 100.0

Source: Aviva Investors Note: Figures as off Q2 2014




Maximum lot-size holding as a standing investment £20m or 10% of GAV if higher

Maximum lot-size holding permitted at purchase £20m or 10% of GAV if higher

Maximum exposure to limited partnerships and joint ventures n/a

Maximum exposure to closed and open-ended property unit trusts n/a


233

The Quercus Healthcare Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

260






Total 173 465.3 100.0




Scotia Heights, Scotia Road, Burslem Stoke on Trent Other 13.5 2.9

Willowbeck (was Holywell Court), Hollywell Road Sheffield Other 12.8 2.8

Dearnevale, Elizabeth Street Barnsley Other 11.3 2.4

Heath Farm, Heath Road Scopwick Other 10.4 2.2

Belvoir Vale Care Home, Old Melton Road, Nottinghaml Other 10.7 2.3

Greenside Court, Greasbrough Rotherham Other 7.2 1.6

Sharmers Fields House, Fosse Way Leamington Spa Other 6.8 1.5

Beechcare Nursing Home Dartford Other 6.6 1.4

Rosedale Manor Nursing Home Crewe Other 6.4 1.4

Green Park Care Centre Warrington Other 5.9 1.3





Below 2.5 96 120.1 25.8

2.5-5 59 209.7 45.1

5-10 13 76.7 16.5

10-25 5 58.8 12.6

25-50 - - -

50-100 - - -

Over 100 - - -

Total 173 465.3 100.0






True equivalent yield - Total Nil





Healthcare 100.0 100.0



Tenant %

Four Seasons 17.7

Exemplar 17.0

Leyton Healthcare 13.4

Ideal Care Homes 6.7

Select Healthcare 6.5

Maria Mallaband 6.3

Burlington 5.5

Tri-Care Ltd 4.2

Renaissance 3.1

Caring Homes 3.0





234



261




periods %

Development


Reversionary

potential %


Healthcare 99.8 - - - - 0.2 0.2 100.0








Less than 5 years -




Valuer Savills






Maximum gearing permitted 60% of property value

Cash holdings (maximum) n/a

Cash holdings (minimum) n/a







Debt -250.1 - - - -250.1

Cash 27.8 - - - 27.8



Gearing (%)




Debt analysis




150.000 1.08% 3.00 46.630 4.25% -

37.450 0.97% 0.19 16.050 1.80% -

- - - - - -

187.450 1.06% 2.44 62.680 3.62% -






Yield (at NAV/unit) 6.4% 3.8% 4.1% 4.3% 5.7% 5.9%


235

The Quercus Healthcare Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

262

Net asset value

Estimated net assets per unit are re-calculated on a monthly basis with full management accounts produced as at 31 March, 30 June, 30

September and 31 December each year, following the quarterly revaluation of the portfolio.

The manager calculates the difference between the nominal value and the market value of the Fund’s debt, but this is not reflected in the

quarterly re-calculation of the Fund’s Net Asset Value. This difference amounted on 31March 2014 to GBP1.056m equivalent to a 0.4%

decrease in the Fund’s published net asset value.

Performance fees are estimated and accrued quarterly based on the performance of the IPD UK Quarterly All Property Index. An adjustment

is made following the year-end, if required, when the performance of the Fund’s benchmark, the IPD Annual All Property Index, has been

published.

Distributions

The Fund can distribute 100% of its net income 45 days after the end of each quarter.


The minimum investment in the Fund is a holding of units to the value of GBP1.0m.

Taxation

Capital Gains Tax: since the Quercus Unit Trust is managed and controlled outside of the UK, it is not subject to capital gains tax, although

unitholders may be liable to capital gains tax on the disposal of their units.





Charges

Annual management fee The Property & Asset Manager and the Fund Manager are together entitled to an annual management fee equivalent to 0.55% pa of the

value of the gross assets of the partnership.

Performance related fee The Property & Asset Manager and the Fund Manager may also receive an annual performance fee provided the ungeared real return from

the Fund’s portfolio is 7% or greater over a rolling 3 year period. The performance fee from January 2007 is calculated on the following

basis:

10% of the amount by which the total return of the Quercus Unit Trust exceeds the performance of the IPD UK All Property Annual

Index plus 1%


Index plus 3%


Index plus 5% on a rolling 3 year basis.

Unitholder analysis (for the Quercus Unit Trust)







Total 50 100.0

Major investors






Internal 4 40.5

External 46 59.5


236



263

Quercus Unit Trust Liquidity

Year to Year to Year to Year to Year to

Period Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014


Units in issue as at start of period 277,215,987 333,672,584 333,672,584 333,672,584 333,672,584

Units issued during period 56,456,597 - - - -

Units redeemed during period - - - - -

Units in issue at end of period 333,672,584 333,672,584 333,672,584 333,672,584 333,672,584

Unit transfers

Matched bargains 2,000,810 20,060,663 - - -

Matched bargains %* 0.6% 6.1% - - -


237

Rockspring Hanover Property Unit Trust AREF / IPD Property Fund Vision — Q4 2014


Rockspring Hanover Property Unit Trust


The Trust’s objective is to provide long term above average performance by creating a diversified, balanced fund which aims to

optimise exposure to income and capital growth throughout the property cycle. The portfolio is actively managed and largely

comprises core and core plus assets, which are liquid and offer stable or above average income returns that can be enhanced through

active management or have above average growth potential. These are supplemented by more management intensive projects which

have a higher risk profile but are intended to provide enhanced returns. Strong emphasis is placed on stock selection and energetic

management of assets to maximise performance and to deliver a high portfolio income return. The Trust’s performance benchmark is

the three-year median return to the Other Balanced Property Fund component of the AREF/IPD UK Quarterly Property Fund Index.


The Trust is open to investment by pension funds, investment trusts, charities, and other UK and overseas corporate and institutional

investors. Units may also be issued to individuals whom the Manager is satisfied are investing on the advice of an appropriately

qualified financial advisor.

Fund details


Residence Jersey





NAV (GBPm) 485.9

Source: Rockspring Property Investment Managers LLP


Fund manager Rockspring Hanover Real Estate Investment Management Ltd

Property investment advisor Rockspring Property Investment Managers LLP

Property fund manager Mischa Davis

Trustee BNP Paribas Securities Services

Auditors Deloitte


Period to Rockspring Hanover ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Property Unit Trust Other balanced funds All balanced funds All funds

3 months 4.2 4.5 4.6 3.8

Year-to-date 16.2 17.3 17.2 16.4

12 months 16.2 17.3 17.2 16.4

3 years+ 7.9 8.7 8.6 8.7

5 years+ 7.9 9.0 8.8 9.5

10 years+ 3.1 4.0 4.2 3.4



Rockspring Hanover ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Property Unit Trust+* Other balanced funds All balanced funds All funds





All UK retail 32.5 32.9 36.0 41.5





All UK offices 25.6 29.5 30.2 23.0





Cash 0.4 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the trust’s share of properties held jointly or through indirect holdings Sources: * Rockspring Property Investment Managers LLP ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

238

AREF / IPD Property Fund Vision — Q4 2014 Rockspring Hanover Property Unit TrustS

Retail Parks Trust









Note: * None specified Source: Rockspring Property Investment Managers LLP






Total 41 570.3 100.0




Fox Court London Office 50m + *

Thorp Arch Trading Estate Wetherby Industrial 40-50 *

Westcott Venture Park Aylesbury Industrial 30-40 *

Green Lanes Barnstaple Shopping Centres 30-40 *

St Nicholas Arcades Lancaster Shopping Centres 30-40 *

Mole Business Park Leatherhead Office 20-30 *

Mole Business Park Leatherhead Industrial 20-30 *

Morrisons Bargoed St Retail 20-30 *

St Tydfil Square Merthyr Tydfil Shopping Centres 10-20 *

Verulum Point St Albans Office 10-20 *

10 largest investments as % of portfolio (IPD estimate) *

Source: Rockspring Property Investment Managers LLP *Rockspring have requested IPD not to make these estimates



0-2.5 2 2.3 0.4

2.5-5 4 15.7 2.8

5-10 15 112.5 19.7

10-25 11 177.0 31.0

25-50* 6 243.5 42.7

Total 38 551.0 96.6


Note: * Includes one property with a value of over GBP50m and another with a value of less than £2.5m which is not shown separately for reasons of commercial sensitivity Source: Rockspring Property Investment Managers LLP

Joint and indirect holdings


Retail Plus (q.v.) Retail Indirect CEPUT 29.10 16.4 2.9

North Dales LLP Other Joint LP 99.99 2.8 0.5

The Industrial Trust (q.v.) Industrial Indirect CEPUT 8.00 0.1 -

Total and as a % of total portfolio 19.3 3.4



Book value of developments Cost to complete


GBPm 11.4 - 11.4 0.8

% of all directly held properties* 2.1% - 2.1% 0.1%

Note: * Includes direct property only +Including schemes to which the fund is contractually committed Source: Rockspring Property Investment Managers LLP

239








Note: * Includes joint and indirect holdings Source: Rockspring Property Investment Managers LLP










Other 0.8 0.6

Overall 100.0 100.0









Note:* Includes direct holdings only Source: Rockspring Property Investment Managers LLP


Tenant %

WM Morrisons Supermarkets PLC 5.0

Moores Furniture Group 3.7

Ensign Pensions Administration Ltd 2.1

Wickes Building Supplies 1.8

Solar Park Income 1.8

BHS Limited 1.7

Agility Logistics 1.6

Britannia 1.5

AON Benfield Limited 1.4

Boots the Chemist Ltd 1.4




Note: * Includes direct holdings only Source: Rockspring Property Investment Managers LLP


Frequency of valuation Quarterly, as at 15 March, 15 June, 15 September & 15 December

Valuer Knight Frank






Maximum total gearing permitted *33.0%

Cash holdings (maximum) circa 7.5%

Cash holdings (minimum) **

Note: * 33% of GAV ** None specified Source: Rockspring Property Investment Managers LLP

240

AREF / IPD Property Fund Vision — Q4 2014 Rockspring Hanover Property Unit TrustS

Retail Parks Trust




periods %

Development

voids %+ Other voids % Over rented %

Reversionary

potential %


Standard retail 90.8 - - 2.6 -5.1 11.7 6.6 100.0

Retail warehousing 77.0 - - 12.1 -0.1 11.0 10.9 100.0


Central London offices 8.5 - 71.5 - - 19.9 19.9 -

Other offices 73.2 - 9.8 3.4 -5.3 18.9 13.7 100.0

Industrial 82.2 - 3.1 8.7 -2.7 8.6 6.0 100.0

Other 100.0 - - - - - - -

Overall 76.4 - 9.8 5.6 -4.5 12.7 8.2 100.0

Note: * Includes joint and indirect holdings + Comprising the ERV of developments in progress or contracted that have not been pre-let Source: Rockspring Property Investment Managers LLP

Balance sheet/gearing+





Debt -88.2 - - - -88.2

Cash 0.4 - 1.7 - 2.2

Other net assets/liabilities 2.0 - -0.3 - 1.6

Total net assets 465.2 - 20.7 - 485.9

Gearing (%)

Net debt (cash)/properties 15.9 - (8.9) - 15.1

Net debt (cash)/equity 18.9 - (8.3) - 17.7


Debt analysis

Interest Rate Swaps Variable rate borrowings

Amount drawn Average rate Average unexpired term Amount drawn Rate above LIBOR (incl. expenses) Off balance sheet debt


20.000 1.30% 0.55 - - -

- - - 88.200 2.60% -

Note: + Off balance sheet debt may be at fixed or variable rates Source: Rockspring Property Investment Managers LLP



Bid (GBP) 10,780.0 11,285.0 11,505.0 11,670.0 12,140.0 12,485.0

Offer (GBP) 11,505.0 11,950.0 12,215.0 12,515.0 13,005.0 13,435.0

Mid (GBP) 11,142.5 11,617.5 11,860.0 12,092.5 12,572.5 12,960.0

Bid/offer spread 6.3% 5.6% 5.8% 6.8% 6.7% 7.1%


Quarterly distribution (GBP)* 120.88 134.79 138.27 132.97 148.24 160.36

Yield (at NAV/unit)** 5.4% 4.8% 4.6% 4.4% 4.5% 4.6%

Note: * Quarterly distribution stated for the most recent quarter is estimated. ** Distribution yields calculated using actual distribution earned in previous three quarters plus estimate for current quarter — this may result in a slight variation with yields stated in the AREF/IPD UK Quarterly Property Fund Index. Source: Rockspring Property Investment Managers LLP / IPD

Unit pricing

The unit price is recalculated as at the end of each quarter. For the interim and annual accounts, the valuers indicate whether there has

been any material change in the value of the portfolio since their last valuation (approximately ten days previously) and the end of the

quarter. Income is not included in the calculation.

Any performance fees payable are charged quarterly to capital and are not estimated and accrued on a quarterly basis.

Distributions

Distributions of income are made quarterly, on the last working day of May, August, November and February, i.e. two months after the end

of the quarter to which they relate.


Minimum initial investment: 10 units

Minimum additional investment: 1 unit

Minimum redemption: 1 unit

241




Notice to redeem units must be given in writing at least two months before the end of each quarter month — that is on 31 January, 30 April,

31 July, 31 October. Redemption proceeds are paid at the end of the subsequent quarter month and income accrues to the date of the

payment. The Trust has the right to delay redemptions for as long as necessary to protect the interest of the remaining unit holders. If asked,

the Manager will try to match buyers and sellers. New units will be available on the last day of each quarter month or more frequently at the

Manager's discretion.

Taxation

Capital gains tax: since it is registered in Jersey, the Trust is not subject to UK capital gains tax. Those investors who are subject to tax may

be liable to capital gains tax on the redemption or sale of their units in the Trust. (Rockspring Hanover Property Unit Trust is expected to

maintain Distributor status.)

Income tax: distributions are paid gross of income tax where the appropriate Inland Revenue approvals have been received.

Stamp duty reserve tax: transfers of units are not subject to stamp duty.

Charges

Annual charge

The Trust’s Property Investment Advisor receives 0.55% pa of the net asset value of the Trust, which is accounted for on a quarterly

basis. As from 1 October 2007, 50% of this fee has been capitalised.

Performance fee

RPIML may earn a performance fee of 0.125% pa if the Trust’s annualised three-year total return places it above the median three-year

performance of the Other Balanced Fund sub-index of the IPD UK Quarterly Property Funds Index. This figure increases to 0.15% pa if

the Trust is rated in the top quartile. As from 1 October 2007, any performance fees payable have been charged quarterly to capital.

Acquisition fee

Rockspring Hanover Property Unit Trust charges an acquisition fee of 0.25%

Liquidity





Units issued during period 299 8,222 3,147 - - 293

Units redeemed during period - - - -452 -416 -67


Unit transfers

Matched bargains 718 1,084 3,594 1,240 9,320 1,577


Note: * As % of units in issue at the end of the period Source: Rockspring Property Investment Managers LLP


Number of unit holders Total % held






Total 64 100.0

Major investors






Internal 2 0.3

External 62 99.7


Notes

1. Borrowings (including the Trust’s share of property partnerships) are not permitted to exceed 50% of the total number of units in issue

multiplied by the latest bid price. Where gearing is used by property ventures, this must be on a non-recourse basis to Rockspring

Hanover: it is not included in the calculation by the Trust of the level of its gearing

2. All assets are valued quarterly on 15th of March, June, September and December, respectively. For the interim and annual accounts

(as at 31 March and 30 September, respectively), the valuers indicate whether there has been any material change in the value of the

portfolio since their last valuation (approximately ten days previously) and the end of the quarter.

242

AREF / IPD Property Fund Vision — Q4 2014 Royal London Property Fund


Royal London Property Fund


The objective of the Fund is to provide the investor with an income return from a diversified portfolio of UK properties, while making

acquisitions and disposals at the right time in the market cycle to extract maximum capital growth. The Fund’s benchmark is the Other

Balanced Fund component of the AREF/IPD UK Quarterly Property Fund Index.


The Fund is open to investment by institutional investors including pension funds, SIPPs, investment trusts and charities, wealth managers

and individual investors.

Fund details



Launch date May 1991*




NAV (GBPm) 325.7

Note: * The Royal London Property Fund was launched on 28 May 2010 following the conversion of The Royal London Exempt Property Unit Trust into a PAIF Source: Royal London Asset Management


Manager Royal London Asset Management Ltd

Investment advisor Royal London Asset Management Ltd

Property fund manager Stephen Elliott

Depository National Westminster Bank Plc


Source: Royal London Asset Management


Period to Royal London ---------------- AREF/IPD UK Quarterly Property Fund Index*-------------------


3 months 3.9 4.5 4.6 3.8

Year-to-date 14.5 17.3 17.2 16.4

12 months 14.5 17.3 17.2 16.4

3 years+ 8.5 8.7 8.6 8.7

5 years+ 9.0 9.0 8.8 9.5

10 years+ 6.1 4.0 4.2 3.4

Note: * Weighted average returns + Annualised Source: The AREF/PD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Royal London ------------- AREF/IPD UK Quarterly Property Fund Index** --------------






All UK retail 39.4 32.9 36.0 41.5





All UK offices 22.8 29.5 30.2 23.0





Cash 3.2 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the Fund’s share of any properties held jointly or through indirect holdings Sources: * Royal London Asset Management ** The AREF/IPD UK Quarterly Property Fund Index (Sponsored PropertyMatch)

243

Royal London Property Fund AREF / IPD Property Fund Vision — Q4 2014


274









Note: * None specified Source: Royal London Asset Management






Total 43 315.4 100.0




Luminaire, Concord Road Maidenhead Other Offices 22.5-26.0 7.9

Cairngorm Retail Park Milton Keynes Retail Warehouses 20.5-24.0 7.0

28/32 Lexington St London, W1 Central London Offices 17.5-20.5 5.8

Waitrose, Raynes Park London Standard Retail 13.5-15.5 4.6

Spring Ram Retail Park, Birstall Leeds Retail Warehouses 12.0-14.5 4.1

Waterloo Square South Shields Retail Warehouses 12.0-14.0 4.3

15-18 Rathbone Place London W1 Central London Offices 10.0-12.0 3.5

Kings Ride Park Ascot Industrial 9.0-10.5 3.1

67 George St Edinburgh Standard Retail 9.0-10.5 3.0

Ibis Hotel, Great Ancoats St Manchester Other 9.0-10.5 2.9





0 -2.5 8 12.7 4.0

2.5 - 5 8 35.8 11.4

5 - 10 20 149.4 47.4

10 - 25 7 117.5 37.3

25 - 50 - - -

50 - 100 - - -

100-150 - - -

Over 150 - - -

Total 43 315.4 100.0











Other 12.9 12.3

Overall 100.0 100.0


244



Restrictions on borrowings






GBPm - - - -

-% of all directly held properties* - - - -

Note: * Includes joint ventures in which the Fund has an interest of 50% or more +Including schemes to which the fund is contractually committed Source: Royal London Asset Management




periods %

Development


Reversionary

potential %

Net reversionary Potential ERV %

Standard retail 76.0 - - 17.8 -2.5 8.7 6.2 100.0

Retail warehousing 84.7 11.9 - 3.4 -3.5 3.5 - 100.0



Other offices 91.7 3.2 - 19.1 -14.2 0.2 -14.0 100.0

Industrial 65.4 10.2 - 20.4 -1.0 5.1 4.1 100.0

Other 81.5 - 20.3 - -1.9 - -1.9 100.0

Overall 77.7 5.6 2.5 13.7 -3.7 4.2 0.5 100.0

Note: * Comprising the ERV of developments in progress or contracted that have not been pre-let Source: Royal London Asset Management

Property yields Voids as % of ERV:

Net initial yield 4.26% Investment 13.7%

Nominal equivalent yield 5.52% Development 2.5%



Source: Royal London Asset Management Source: Royal London Asset Management










Tenant %

GlaxoSmithKline Services 11.9

Technicolor Creative Services 5.3

Waitrose 3.8

DFS Furniture Ltd 3.4

Smith International (North Sea) Ltd 3.4

Premier Inn Hotels Ltd 3.2

Brocade Communications Ltd 3.1

Stapleton Tyres 3.1

Accor 3.1

TJX UK 2.6





245

Royal London Property Fund AREF / IPD Property Fund Vision — Q4 2014


276


Frequency of valuation Monthly, on the last working day of the month

Valuer Cushman and Wakefield


Constituent of Pooled Property Fund Index Yes








Debt - - - - -

Cash 10.3 - - - 10.3



Gearing (%)


)Net debt (cash)/equity (3.2) - - - (3.2)


Unit pricing

The share price is calculated monthly on valuation day, the last working day of each month.



Bid (GBP) 2.360 2.477 2.519 2.584 2.655 2.742

Offer (GBP) 2.516 2.638 2.674 2.753 2.835 2.930

Mid (GBP) 2.438 2.557 2.597 2.668 2.745 2.836

Bid/offer spread 6.2% 6.1% 5.8% 6.1% 6.4% 6.4%



Yield (at NAV/share) 3.2% 2.8% 3.0% 3.0% 3.1% 3.1%


Distributions

Distributions of income are made monthly, on the 14th of each month.




Minimum redemption: GBP100,000

Minimum holding: GBP100,000


Investment into the Fund is on the monthly Dealing Day. This is the seventh business day of each month. All deals will be transacted at the

price which is determined at the Valuation Point for that month (the last business day of the prior month as described following).

Applications to purchase shares on a particular Dealing Day must be received by RLAM in writing before close of business on the 15th of

each month. (e.g. applications received on or before 15 June will be invested at the price determined on the last day of June, with the

investment made on the 7th business day of July.)

Investments can be made at any time during the month. Any cash received prior to the Dealing Day will be held in a Designated Client

Money Account until the next Dealing Day when shares will be purchased with this cash holding. Interest will not be paid on cash while

awaiting investment.

Late applications will be carried forward to the next Dealing Day.

Shares can be sold/redeemed at any time. Applications to redeem shares must be received by RLAM, in writing, at least three months in

advance of the relevant Valuation Point. (e.g. applications received on or before 1 June will be redeemed at the price determined on the last

business day of August, with the redemption made on the 7th business day of September.)

If the ACD is instructed to send the money to the investor’s bank or building society account this will be accepted as a request to send

money by telegraphic transfer (the ACD reserves the right to pass on the cost for this service). If the investor sells enough Shares that the

value of their holding falls below the minimum holding amount required, then the ACD has the right to sell all of the investor’s remaining

shares.

A contract note will be sent confirming the transaction.

246



If a redemption request exceeds 5% of the value of the Fund, then the ACD, following consultation with the Depositary that it is in the best

interest of the holders and the Fund, may defer a request to redeem shares and carry forward any redemption applications to the next

Dealing Day, subject to a maximum delay of one Dealing Day.

Taxation

Capital gains tax: the Fund is exempt from capital gains tax.

Income tax: while distributions of income are made net of income tax, shareholders are able to reclaim the tax deducted, and vouchers for

this purpose are sent to shareholders with each distribution.

Stamp Duty Reserve Tax: transfers of shares are subject to SDRT, currently 0.5%.

Charges

Preliminary charge:

The Fund no longer has a preliminary charge.

Annual charge

The manager is entitled to a minimum fee equivalent to 0.75% pa of the net asset value of the Fund (which is deducted on a monthly

basis).

Performance fee

The Fund’s quartile ranking against the Other Balanced Fund Index component of the AREF/IPD UK Quarterly Fund Index for the most

recently available Year will be taken and applied to the following table:

If performance as compared to the Other Balanced Funds Index component of the AREF/IPD UK Quarterly Fund Index falls into the

fourth (bottom) quartile of the index, then the performance fee will be negative at -0.10%. (Any negative performance fee will be

deducted from the AMC and will not result in a rebate to the unitholder.)

If performance falls into the third quartile of the index, then no performance fee will be payable.

If performance falls into the second quartile of the index, then a performance fee of 0.10% will be payable.

If performance falls into the first (top) quartile of the index, then a performance fee of 0.30% will be payable.

The performance fee will be calculated, and paid out of Scheme Property on a monthly basis, at each monthly valuation point and will paid

to the Investment Adviser at the same time as the periodic management charge is also paid to the ACD.

Liquidity**

Period Year to Year to Year to Year to Year to

Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014


Units in issue as at start of period 51,907,960 52,191,828 53,569,564 54,300,333 55,529,574

Units issued during period 301,860 2,131,334 1,344,375 1,229,241 11,753,460

Units redeemed during period -17,992 -753,598 -613,606 - -1,447,388

Units in issue at end of period 52,191,828 53,569,564 54,300,333 55,529,574 65,835,647

Unit transfers

Matched bargains 629,398 2,389,858 223,497 3,287,031 -

Matched bargains %* 1.2% 4.5% 0.4% 5.9% 0.0%

Note: * As % of shares in issue at the end of the period Note: ** Historical Data adjusted for stock split in Q4 2010 Source: Royal London Asset Management

Unitholder analysis


Less than 1% of shares in issue 22 4.9





Total 32 100.0

Major investors

Largest 1 47.0


Five largest 5 82.7

Ten largest 10 94.0


Internal 2 72.5

External 30 27.5


247

Schroder UK Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

302

Schroder UK Property Fund


The investment objective of the Fund is to achieve a blend of income and capital growth for investors through investment in UK

property. Risk is diversified by the Fund holding a mixed portfolio of retail, office, industrial and other property (including residential and

leisure) throughout the UK. The Fund seeks to provide a return of 0.5% per annum (net of fees) above its benchmark (AREF/IPD UK

Quarterly Property Fund Index — All Balanced Fund Weighted Average) over rolling three year periods.


The Fund, previously named Schroder Exempt Property Unit Trust, converted on 31 July 2012 into a Property Authorised Investment

Fund (‘PAIF’). As a result it is now available for investment not only to exempt funds, but to a wider range of UK and foreign

professional investors including insurance companies, diversified multi-asset funds, financial institutions, discretionary asset managers.

It is not suitable for retail investors. For full details see the Prospectus on the Fund’s web-site www.schroders.com/spf

Fund details

Type of fund Property authorised investment fund


Launch date June 1971 (See ‘Investor constituency’ above)



Year-end 31 March

NAV (GBPm) 1,825.5

Source: Schroders


Authorised Corporate Director (‘ACD’) Schroder Unit Trusts Limited

Investment manager Schroder Real Estate Investment Management Limited

Fund Manager James Lass

Depositary National Westminster Bank plc


Source: Schroders


Period to Schroder UK ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------


3 months 4.3 4.5 4.6 3.8

Year-to-date 18.7 17.3 17.2 16.4

12 months 18.7 17.3 17.2 16.4

3 years+ 9.9 8.7 8.6 8.7

5 years+ 10.0 9.0 8.8 9.5

10 years+ 4.1 4.0 4.2 3.4

Note: * Weighted average returns + Annualised Source: AREF/IPD UK Quarterly Property Fund Index (Sponsored PropertyMatch)


Schroder UK ------------- AREF/IPD UK Pooled Property Fund Index** --------------






All UK retail 24.2 32.9 36.0 41.5

City offices 5.8 3.2 3.7 3.3




All UK offices 38.6 29.5 30.2 23.0





Cash 5.6 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the Fund’s share of any properties held jointly or through indirect holdings: The figures quoted are rounded to 1dp. Sources: * Schroders ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

248

AREF / IPD Property Fund Vision — Q4 2014 Schroder UK Property Fund



Maximum development exposure 20% of NAV

Maximum speculative development exposure 15% of NAV

Maximum lot-size holding as a standing investment 15% of NAV

Maximum lot-size holding permitted at purchase 15% of NAV

Maximum exposure to limited partnerships/joint ventures 35% of NAV

Maximum exposure to closed and open-ended property unit trusts None specified

Source: Schroders


Number of assets Valuation (GBPm) % of total portfolio**


Joint and indirect holdings* 12 409.9 23.5


Total 77 1,744.8 100.0

Note: * The valuations shown are the Fund’s share of the value of the properties held through joint and indirect holdings. The joint and indirect holdings exclude vehicles which currently hold no properties.

** Based on gross asset value GAV Source: Schroders


Property Location Sector Valuation (GBPm) % of total portfolio (IPD estimates)**

Trading Estate Hartlebury Industrial 50-100m 4.1

Crayford, Acorn Industrial Estate Dartford Industrial 50-100m 3.8

Kensington Village London W14 Offices 50-100m 3.4

Davidson House Reading Offices 50-100m 3.1

Matrix London Industrial 50-100m 2.8

Mermaid Quay Cardiff Other: Leisure 50-100m 2.4

Battersea London Offices 25-50m 2.6

Electra, Canning Town London E16 Industrial 25-50m 1.8

Lemon Quay Truro Standard Retail 25-50m 1.5

Felnex Trading Estate London Industrial 25-50m 1.2

10 largest direct investments as % of portfolio (IPD estimate) 26.7

** Based on gross asset value GAV Source: Schroders / IPD estimates


Holding Sector Vehicle type % held Valuation* (GBPm) % of total portfolio**

City Tower Unit Trust Retail UCEPUT 50.0 73.4 4.3

Gilbran Property Unit Trust Other Retail LP 50.0 21.2 1.2

Motor Retail LP Other Retail LP 50.0 28.1 1.6

Bracknell Shopping Centres UCEPUT 49.7 58.2 3.3

York - Monks Cross Retail Warehouse Trust for Land 25.0 45.0 2.6

West India Quay Other Retail UCEPUT 50.0 30.5 1.7

Store Unit Trust Central London Offices APUT 50.0 34.0 1.9

Total 290.4 16.6

Note: * The value of underlying properties, including developments, attributable to SPF Table excludes vehicles which currently hold no properties ** Based on gross asset value GAV Source: Schroders


Holding Sector Vehicle type % held Valuation* (GBPm) % of total portfolio**

City of London Office Unit Trust (CLOUT) Central London Offices UCEPUT 26.460 0.2 0.0

UNITE UK Student Accommodation Fund Other UCEPUT 2.187 34.1 2.0

West End of London Property Unit Trust (WELPUT) Central London Offices UCEPUT 6.0 62.2 3.6

Croydon Retail Warehouse UCEPUT 0.0 0.0 0.0

Henderson UK Retail Warehouse Fund (HRWF) Retail Warehouse UCEPUT 2.2 23.1 1.3

Total 119.6 6.9

Notes: * The value of underlying properties attributable to the Fund. Table excludes vehicles which currently hold no properties ** Based on gross asset value GAV Source: Schroders

Listed investments

Holding Ownership % Net asset value (GBPm) % of total portfolio

None - - -

Source: Schroders

249


APIA Regional

304




GBPm - 9.6 9.6 -

% of all directly held properties* - 0.7 0.7 -

Note: * Developments are defined by Schroders as speculative developments under construction + Including schemes to which the fund is contractually committed Source: Schroders



0-2.5 3 3.2 0.2

2.5-5 8 29.5 1.7

5-10 11 83.4 4.8

10-25 22 341.7 19.6

25-50 15 534.8 30.6

50-100 6 342.4 19.6

100-150 - - -

Over 150 - - -

Total 65 1,334.9 76.5


Note: Where a scheme has several different valuations or phases, these have been amalgamated to represent one property Source: Schroders

Property yields+ Voids as % of ERV+


Nominal equivalent yield 6.01% Developments* -



Note: + The yields shown are for the direct portfolio and joint holdings Source: Schroders

Note: + The voids shown are for the total portfolio * Not separately disclosed Source: Schroders

Direct portfolio rental income & ERV by type of property

Current Rent Passing %* Estimated rental value %*







Other 11.8 8.8

Overall* 100.0 100.0

Note: * Rental information is based on the total portfolio. Land holdings have been excluded. Source: Schroders




periods %

Development


Reversionary


potential % ERV %

Standard retail 96.5 4.0 - 3.2 -12.9 9.2 -3.7 100.0




Other offices 67.6 6.7 - 8.0 -2.9 20.6 17.8 100.0

Industrial 77.9 14.9 - 4.1 -18.0 21.1 3.1 100.0

Other 110.7 3.2 - 0.9 -24.2 9.4 -14.9 100.0

Overall 82.0 6.2 - 4.1 -9.3 17.1 7.8 100.0

Note: Rental information is based on the total portfolio. Land holdings have been excluded. + Comprising the ERV of developments in progress or contracted that have not been pre-let and included in “Other voids” Source: Schroders

250




Years % of rent passing^






Note: ^ Based on the total portfolio. Source: Schroders


Tenant %

Tata Steel UK Ltd 3.4

Lloyds TSB Bank plc 2.6

Secretary of State 2.4

Universal Music Operations Ltd 2.2

Regus Ltd 2.1

Pendragon Property Holdings Ltd 1.9

B&Q Plc 1.8

University of Law 1.6

Care UK Community Partnership Ltd 1.6

Sungard Availability Services (UK) Ltd 1.3




Note: * Based on the total portfolio. Source: Schroders



Bid (GBP) 32.27 33.15 34.19 35.56 36.58 37.77

Offer (GBP) 34.18 35.14 36.06 37.56 38.69 40.08

Bid/offer spread 5.6% 5.7% 5.2% 5.3% 5.5% 5.8%


Quarterly distribution (GBP)+ 0.36810 0.35531 0.36733 0.39701 0.37501 0.36353

Yield (at NAV/share) 4.0% 4.1% 4.1% 4.1% 4.0% 3.9%

Note: + The gross quarterly distributions are paid monthly in arrears. Source: Schroders/The AREF/IPD UK Pooled Property Fund Index


Maximum total gearing permitted 25% of NAV



Cash holdings (maximum) 10.0%


Note: The Fund can invest in collective investment schemes that have their own borrowings and liabilities. Provided these liabilities are non recourse to the Fund, they are not accounted for as liabilities to the Fund. However, it is the policy of the Fund to disclose the details of borrowing liabilities of these schemes and a full breakdown is included in its

financial statements. * None specified Source: Schroders

Debt analysis




- - - - - 40.836

Notes: + Off balance sheet debt may be at fixed or variable rates Source: Schroders


Valuation point Monthly at 8am on the first business day of each calendar month



Constituent of the AREF/IPD UK Quarterly Property Fund Index Yes


Source: Schroders

251


APIA Regional

306



Balance sheet (GBPm)~



Debt - - -40.8 - -40.8

Cash 78.3 25.7 - - 103.9

Other net assets/liabilities 22.2 -18.6 14.0 - 17.7

Total net assets 1,435.4 297.3 92.8 - 1,825.5

Gearing (%)+

Net debt (cash)/properties* (5.9) (8.8) 34.1 - (3.6)

Net debt (cash)/equity** (5.5) (8.6) 44.0 - (3.5)

Note: * Equals total debt less total cash as a percentage of total properties at valuation ** Equals total debt less total cash as a percentage of total net assets Properties at valuation for indirect investments are based on Gross Asset Value. Sources: ~Schroders; +IPD

Share pricing

The price at which shares in the Fund may be issued or redeemed is calculated as at 8am on the first business day of each calendar month.

The share price is based on property and other asset valuations as at the last business day of the immediately preceding month. Income is

not included in the share price.


The minimum initial investment in the Fund is GBP100,000 and the minimum holding following a redemption of shares is also GBP100,000.

The minimum subsequent investment in the Fund is GBP20,000.

Subscriptions for shares

The Fund is open to subscriptions on a monthly basis. Subscription day is the first working day of the month but Application Forms and

cleared funds must be received by the ACD by midday on the preceding working day.

Redemptions of shares

The Dealing Day for redemptions is the first business day of each quarter, but requests to redeem shares must be received by the Registrar

by midday on the last business day three months before the relevant Dealing Day.

The ACD may, in exceptional circumstances, suspend the issue or redemption of shares if, in its judgement and that of the Depositary, it is

the interests shareholders to do so. Redemptions may be deferred for up to two years.

Transfers of shares

The Fund’s Secondary Market Facilitator operates a Share matching service between sellers and buyers of shares. A waiting list is

maintained and matching is operated on the following basis:-

a) First price: shares available from sellers seeking the lowest price per share will be offered to buyers by order of date of receipt of

the relevant form

b) Secondly, notification date: where multiple sellers are looking to sell at a given price, preference will be given to sellers by order of

date of receipt of the relevant form. Where multiple buyers are looking to buy shares for which the relevant forms were received

on the same day, matching will be allocated pro-rata to the number of shares applied for (subject to any minimum trade

requirements specified by a party).

The buyer and seller of secondary market shares will be subject to a commission at the rate of 0.2% (subject to a minimum of GBP50).

Shares may also be exchanged between buyers and sellers without the involvement of the Secondary Market Facilitator. The re-registration

of such shares will take place on the first business day of each month following the receipt of a completed stock transfer form.

Tax and Distributions

Distributions are paid monthly in arrears on the last business day of each calendar month.

Tax exempt investors are eligible to invest in the PAIF and will receive income gross. They may elect to automatically reinvest income.

Corporate investors who invest through the Feeder Fund will receive income net of corporation tax (currently at the rate of 20%).

Management fees

The Annual Management Charge comprises 0.30% per annum of the net asset value of the Fund plus of 0.40% per annum of the gross

asset value of directly held property and capital cash only. 50% of the Annual Management Charge is allocated to capital and 50% to

income.

252



Liquidity




Shares in issue as at start of period 34,728,720 37,120,783 38,631,312 38,106,692 38,235,409 41,332,819

Shares issued during period 2,642,710 1,510,595 17,494 128,717 3,097,410 6,279,034

Shares redeemed during period -250,647 -66 -542,114 - - -

Shares in issue at end of period 37,120,783 38,631,312 38,106,692 38,235,409 41,332,819 47,611,853

Share transfers

Matched bargains 942,563 3,858,458 1,708,174 2,238,862 6,045,418 1,760,075


Note: * As % of shares in issue at the end of the period Source: Schroders

Shareholder analysis


Less than 1% of shares in issue 212 47.0





Total 240 100.0

Major investors





Internal/external investors*

Internal 34 27.0

External 206 73.0

Source: Schroders Note: * Schroders were unable to provide this information for Q4 2012


Share type Number of shares NAV per share (£) Value at NAV (£m) % of total NAV of Fund

Income * * * * Note: * This information has not been made available as it is considered commercially sensitive. Source: Schroders

253

AREF / IPD Property Fund Vision — Q4 2014 Standard Life Investments Long Lease Property Fund


Standard Life Investments Long Lease Property Fund


The Fund is a High Lease to Value Property Fund investing in a diversified portfolio of assets let to strong financial covenants, and

maintaining a minimum average unexpired property lease length of 15 years.

The Fund aims to outperform the FT All Gilt Index by 2% per annum over rolling 5 year periods.


The Fund is open to investment to institutional UK tax exempt investors.

Fund details

Type of fund Managed Property Fund






NAV (GBPm) 1,486.2

Source: Standard Life Investments Limited


Manager Standard Life Investments Limited

Investment advisor Standard Life Investments Limited

Fund manager Richard Marshall

Trustee n/a




Period to Standard Life Long ---------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Lease Property Fund Long Income funds All balanced funds All funds

3 months 1.8 1.5 4.6 3.8

Year-to-date 9.7 9.9 17.2 16.4

12 months 9.7 9.9 17.2 16.4

3 years+ 9.1 9.0 8.6 8.7

5 years+ 9.5 10.0 8.8 9.5

10 years+ 6.5 - 4.2 3.4

Note: * Weighted average returns + Annualised Source AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Standard Life Long ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Lease Property Fund+* Long Income funds All balanced funds All funds





All UK retail 38.6 39.2 36.0 41.5

City offices 5.0 4.3 3.7 3.3

West End offices 2.2 - 10.6 9.8



All UK offices 20.1 13.7 30.2 23.0





Cash 8.6 2.9 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the fund’s share of any properties held jointly or through indirect holdings Sources: * Standard Life Investments Limited ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

254

Standard Life Investments Long Lease Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

314






Maximum exposure to limited partnerships and joint ventures ^5%

Maximum exposure to closed and open-ended property unit trusts ^5%

Notes: ^ No more than 5% of the Fund can be invested in indirect assets Source: Standard Life Investments Limited






Total 75 1,360.7 100.0




1 St John's Lane London Office 73.8 5.4

QVC, Building 8 Chiswick Park London Office 72.6 5.3

Tesco Extra Sutton Coldfield Retail 60.5 4.4

Travis Perkins Warrington Industrial 54.4 4.0

Tesco Bracknell Retail 53.3 3.9

Tesco Colchester Retail 53.2 3.9

Napier University Edinburgh Other Commercial 53.1 3.9

Clearwater Court Reading Office 46.7 3.4

Cavendish Retail Park Liverpool Retail 43.7 3.2

Salford Village Living Salford Other Commercial 41.5 3.0




Holding Sector Joint/indirect Vehicle type % held Fund share (GBPm) % of total portfolio

Standard Life Commercial Ground Rent Fund Other Indirect MPF 15.9 18.1 1.3





GBPm - 62.2 62.2 68.9


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Standard Life Investments Limited






Source: Standard Life Investments Limited Source: Standard Life Investments Limited



0 -2.5 8 16.3 1.2

2.5 - 5 20 58.4 4.3

5 - 10 9 66.1 4.9

10 - 25 14 212.2 15.6

25 - 50 16 568.9 41.8

50-100 7 420.7 30.9

Total 74 1,342.6 98.7



255











Other 21.9 28.3

Overall 100.0 100.0





periods %

Development


Reversionary


potential % ERV %

Standard retail 63.7 12.0 - 2.2 -2.3 24.3 22.1 100.0




Other offices 108.6 - - - -11.1 2.5 -8.6 100.0

Industrial 104.0 - - - -4.5 0.6 -4.0 100.0

Other 63.1 32.3 - 0.3 -1.2 5.5 4.3 100.0

Overall 81.3 10.6 - 0.4 -2.6 10.4 7.7 100.0

Note: + Comprising the ERV of developments in progress and contracted that have not been pre-let Source: Standard Life Investments Limited


Tenant %


Sainsburys Supermarkets Ltd 7.3

Asda Stores Ltd 6.9

Save the Children Fund 5.4

VM Morrisons Supermarkets Ltd 5.4

Glasgow City Council 4.8

Travis Perkins Ltd 4.6

The Court of Napier University 4.3

Premier Inn Ltd 4.3

QVC 3.8











Less than 5 years -



Frequency of valuation Valuations are undertaken on a rolling basis, so that each property is revalued at least once every quarter












256

Standard Life Investments Long Lease Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

316



Bid (GBP) 2.0245 2.1052 2.1624 2.2156 2.2755 2.3201

Offer (GBP) 2.1706 2.2501 2.3122 2.3718 2.4351 2.4842

Mid (GBP) 2.0976 2.1777 2.2373 2.2373 2.3553 2.4022

Bid/offer spread (%) 6.7% 6.4% 6.5% 6.6% 6.6% 6.6%

Net asst value (GBP) 2.0591 2.1395 2.1979 2.2526 2.3133 2.3590


Notes: n/a = Not applicable Source: Standard Life Investments Limited






Debt - - - - -

Cash 127.9 - - - 127.9


Total net assets 1,468.0 - 18.1 - 1,486.2

Gearing (%)




Unit pricing

The Fund is valued each working day and a unit price is set, which will apply to all units that are bought or sold on the following working day.

The method of calculating the unit price (i.e. the pricing basis) depends mainly on the overall cash flow of the fund and, more specifically,

whether these cash flows result in Standard Life Investments having to purchase, sell or simply transfer stock. This gives rise to three pricing

bases; the offer basis, the bid basis and the mid basis. In general, there is a positive cash flow into the fund, which means that an offer basis

will be used. This basis takes account of the cost of buying investments. However, if there is an overall cash flow out of the fund, the pricing

basis may be switched to a bid basis. This means that a lower unit price will apply, reflecting the cost of selling the underlying investments.

We believe that by pricing the fund in this way we are being fair and equitable to both new and existing clients. As far as possible, we try to

match buyers and sellers of our units. The Fund will try to minimise the cost of any transactions for its clients by only making adjustments to

the pricing basis when absolutely necessary.

Distributions



Minimum initial investment: GBP3,000,000


Units in the Fund may be created at any time at the discretion of the Manager. Units may be redeemed at any time on receipt of written

notice to the Manager. The Manager reserves the right to defer redemptions for up to 12 months pending consideration of specific

fund/market conditions. The Manager will also try to match buyers and sellers of units in the Fund at mid price.

Taxation



Charges

The annual management charge is equivalent to 0.50% of the net asset value of the fund.

Liquidity





Units issued during period 668,963 122,577,605 24,143,198 67,940,809 54,285,862 19,211,998



Unit transfers

Matched bargains 999,656 512,111 5,806,006 9,647,940 794,437 10,074,373


Note: * As % of units in issue at the end of the period Source: Standard Life Investments Limited

257



Unitholder analysis







Total 59 100.0

Major investors






Internal - -

External 59 100.0


258

Standard Life Investments Pooled Pension Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

Standard Life Investments Pooled Pension Property Fund


The objective of the Fund is to deliver good long-term relative performance by investing in a diversified portfolio of UK commercial

property. Its objective is to outperform its benchmark, the median return to the All Balanced Fund component of the AREF/IPD UK

Quarterly Property Fund Index on a rolling three-year basis


The Fund is open to investment by all UK corporate pension funds and retail pension investors

Fund details

Type of fund Managed Fund






NAV (GBPm) 2,888.9





Fund manager David Stewart

Trustee Standard Life Trust Management Limited




Period to Standard Life Investments ---------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Pooled Pension Property Fund Managed funds All balanced funds All funds

3 months 5.2 4.6 4.6 3.8

Year-to-date 17.3 16.9 17.2 16.4

12 months 17.3 16.9 17.2 16.4

3 years+ 8.5 7.3 8.6 8.7

5 years+ 8.8 8.6 8.8 9.5

10 years+ 4.5 4.7 4.2 3.4

Note: * Weighted average returns + Annualised Source AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Standard Life Investments ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Pooled Pension Property Fund+* Managed funds All balanced funds All funds





All UK retail 41.5 41.0 36.0 41.5

City offices 9.0 4.6 3.7 3.3




All UK offices 36.2 31.3 30.2 23.0





Cash 4.1 5.9 4.7 4.0

Overall 100.0 100.0 100.0 100.0


259

AREF / IPD Property Fund Vision — Q4 2014 Standard Life Investments Pooled Pension Property Fund


319


Maximum speculative development exposure ^10%



Maximum exposure to limited partnerships *Nil


Maximum exposure to closed and open-ended property unit trusts **Nil

Note: ^ Combined * But no restrictions on partnerships internal to Standard Life Group ** But not including PUTs managed by Standard Life Group Source: Standard Life Investments Limited






Total 70 2,786.2 100.0




200 Piccadilly/34 Jermyn St London Office 133.0 4.8

23 King Street London Office 116.8 4.2

Cambridge Retail Park Cambridge Retail 111.2 4.0

105 Wigmore Street London Office 107.0 3.8

The Water Gardens Harlow Retail 104.9 3.8

100 Cheapside London Office 101.4 3.6

Newbury Parkway Newbury Retail 94.7 3.4

Solihull Retail Warehouse Park Solihull Retail 92.8 3.3

St Marks Shopping Centre Lincoln Retail 84.3 3.0

6-12 Fenchurch Street and London Office 71.8 2.6




Holding Sector Joint/indirect Vehicle type Ownership (%) Valuation (GBPm) % of total portfolio

Gross Fund Holding in JPUT SC Retail Indirect PUT 4.5 69.9 2.5

County Mall Shopping Centre Retail Joint PUT 100.0 164.7 5.9

Gross Fund Holding in JPUT RP Retail Indirect PUT 3.9 32.8 1.2

SLVG Investment in Development Fund Miscellaneous Joint LP 24.6 8.2 0.3

Investment in GRUT Retail Indirect PUT 25.0 48.8 1.8

Total: 324.4 11.6





GBPm - 27.3 27.3 38.7


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: Standard Life Investments Limited







260


APIA Regional

Listed investments

Holding Ownership % (if above 3.0%) Valuation (GBPm) % of total portfolio

- - - -




0 -2.5 - - -

2.5 - 5 4 14.1 0.5

5 - 10 11 78.3 2.8

10 - 25 19 366.5 13.2

25 - 50 10 345.3 12.4

50 - 100 15 983.5 35.3

100-150 6 674.1 24.2

Over 150 - - -

Total 65 2,461.8 88.4











Other 2.0 1.3

Overall 100.0 100.0





periods %

Development


Reversionary


potential % ERV %

Standard retail 97.1 1.5 - 2.8 -1.4 - -1.4 100.0

Retail warehousing 99.0 1.8 - 1.9 -2.8 - -2.8 100.0

Shopping centres 82.3 0.6 - 8.5 - 8.6 8.6 100.0


Other offices 42.6 3.0 4.6 20.4 - 29.3 29.3 100.0

Industrial 91.1 5.1 5.9 4.2 -6.4 - -6.4 100.0

Other 117.9 - - - -17.9 - -17.9 100.0

Overall 78.9 4.5 1.5 8.9 -2.0 8.3 6.2 100.0



Tenant %



Apax Partners LLP 4.4

Carpetright Plc 4.1


ASDA Stores Ltd 3.0

John Lewis plc 2.1

Brake Bros Limited 2.0

Price Waterhouse Coopers 1.8

BDL (Heathrow) Limited 1.7





261

AREF / IPD Property Fund Vision — Q4 2014 Standard Life Investments Pooled Pension Property Fund


321










Frequency of valuation Valuations are undertaken on a rolling basis, so that each property is revalued at least once every month











Note: * None specified Source: Standard Life Investments Limited


As at 30 Sep 13 31 Dec 13 31 Mar 14 30 Jun 14 30 Sep14 31 Dec 14

Bid (GBp) 1.7333 1.8101 1.8643 1.9577 2.0263 2.1328

Offer (GBp) 1.8635 1.9413 2.0023 2.0965 2.1726 2.2905

Mid (GBP) 1.7984 1.8757 1.9333 2.0271 2.0995 2.2116

Bid/offer spread (%) 7.0% 6.8% 6.9% 6.6% 6.7% 6.9%









Debt - - - - -

Cash 120.6 - - - 120.6


Total net assets 2,565.4 - 324.4 - 2,889.9

Gearing (%)



Source: Standard Life Investments Limited Note: ** Standard Life Investments are unable to provide the data

Unit pricing

The fund is valued at the close of business each working day and a unit price is set that will apply to all units bought and sold the following

day. The method of calculating the unit price (ie the pricing basis) depends mainly on the overall cash flow of the fund and, more specifically,

whether these cash flows result in Standard Life Investments having to purchase, sell or simply transfer stock. This gives rise to four pricing

bases, offer, bid, mid and middle price. Middle price is simply the average of the bid and office price. Mid price is 1.64% above bid price,

and is the price basis on which the fund transfers units between buyers and sellers on the same day.

Distributions




262


APIA Regional


Units in the fund may be created at any time at the discretion of the manager. Units may be redeemed at any time on receipt of written

notice to the manager. The manager has the right to delay redemptions for up to 12 months pending consideration of specific fund/market

conditions. The manager will also attempt to match units in the fund with other parties at mid price.

Taxation



Charges

The annual management charge is equivalent to 0.5% of the net asset value of the fund.

Liquidity




Units in issue as at start of period 1,238,720,019 1,154,891,937 1,270,238,324 1,237,613,645 1,239,454,110 1,270,663,099

Units issued during period (net) -82,810,907 115,346,387 -32,624,679 1,840,466 31,208,989 60,910,312


Unit transfers




Unitholder analysis+







Total 441 100.0

Major investors






Internal 11 20.0

External 430 80.0

Note: + The figures given are for Standard Life’s Corporate Property Fund only. This currently represents 40% of the Pooled Fund total, and is made up of large corporate clients. The remaining 60% of the Pooled Fund is owned by a large number of small retail clients


263

AREF / IPD Property Fund Vision — Q4 2014 Standard Life Investments UK Retail Park Trust

Standard Life Investments Retail Parks Trust

323

Standard Life Investments UK Retail Park Trust


The investment policy of the Trust is to invest predominantly in a diverse portfolio of UK retail warehouses. Its investment objective is to

outperform the Retail Warehouse Sub-sector of the IPD Universe over a rolling three-year period.


The fund is open to investment by expert investors only.

Fund details


Residence Jersey




Year-end 31 March

NAV (GBPm) 859.5



Manager Standard Life Investments (Jersey) Limited


Fund manager Lorcan Mooney

Trustee Kleinwort Benson (Channel Islands) Corporate Services Limited




Period to Standard Life Investments ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 UK Retail Parks Trust Other balanced funds All balanced funds All funds

3 months 2.4 4.5 4.6 3.8

Year-to-date 11.4 17.3 17.2 16.4

12 months 11.4 17.3 17.2 16.4

3 years+ 5.8 8.7 8.6 8.7

5 years+ 8.8 9.0 8.8 9.5

10 years+ - 4.0 4.2 3.4

Note: * Weighted average returns +Annualised Source: AREF/ IPD UK Quarterly Property Fund Index (Sponsored by Property Match)

Property Portfolio distribution%






North West 5.3 5.3


Cash - 6.5

Overall 93.5 100.0

Note: ^ Including, where held, the fund’s proportionate share of properties held through joint ventures/ indirect investments and cash

* Excluding the City, the West End and Mid-town Source: Standard Life Investments Limited



Under 10 - - -

10 — 25 - - -

25 - 50 3 138.6 16.8

50 - 100 3 215.1 26.1

100-150 3 355.5 43.1

Over 150 - - -

Total 9 709.2 86.0



264

Standard Life Investments UK Retail Park Trust AREF / IPD Property Fund Vision — Q4 2014


324



Interchange Retail Park Bedford Retail 125-145 17.0

Ladymead Retail Park Guildford Retail 110-125 14.5

Brookfield Retail Park Cheshunt Retail 95-110 12.0

County Oak Retail Park Crawley Retail 80-95 9.8

Central Six Retail Park Coventry Retail 70-80 9.6

Luton Retail Park Luton Retail 50-55 6.5

Gallions Reach Retail Park (50%) Beckton Retail 45-50 5.6

Greyhound Retail Park Chester Retail 45-50 5.6

Meadowhall Retail Park Sheffield Retail 40-45 5.3

Nine largest investments as % of portfolio (IPD estimate) 86.0Source: Standard Life Investments Limited / IPD estimates


Maximum development exposure 15% of aggregate ERV

Maximum speculative development exposure 15% of aggregate ERV

Maximum lot-size holding as a standing investment 50% of the Gross Asset Value of the Trust

Maximum lot-size holding permitted at purchase 50% of the Gross Asset Value of the Trust




Note: * none specified Source: Standard Life Investments Limited






Total 10 825.0 100.0


Indirect investments

Holding Sector Joint/indirect Fund type Ownership (%) Valuation (GBPm) % of total portfolio

Castlepoint, Bournemouth Retail warehouse Indirect LP 35.00 115.8 14.0











Note: * In respect of the portfolio overall, including indirect investments Source: Standard Life Investments Limited

Note: * In respect of the portfolio overall, including indirect investments Source: Standard Life Investments Limited










Sector

Rent passing

%


periods %

Development


Reversionary


potential % ERV %

Retail warehousing 94.6 - - 6.2 -0.8 - -0.8 100.0

Note: The data shown is in respect of the portfolio overall, including indirect investments Source: Standard Life Investments Limited

265

AREF / IPD Property Fund Vision — Q4 2014 Standard Life Investments UK Retail Park Trust


325



Valuer DTZ Debenham Tie Leung Limited






Maximum total gearing permitted 20% of the Gross Asset Value of the Trust






NAV (GBP) 906.640 923.440 923.260 946.730 973.690 986.870


Yield 4.1% 4.1% 4.0% 4.0% 4.1% 4.1%



Tenant %

Next 10.2

Argos 7.3

Boots 6.9

DSG Retail 5.6

Arcadia 5.5

Toys 'R' Us 4.0

Homebase 3.9

Halfords 3.7

Sportsdirect 3.7

Carpetright 3.4




Note: The data shown is in respect of the portfolio overall, including indirect investments Source: Standard Life Investments Limited






Debt - - - - -

Cash 49.7 - - - 49.7


Total net assets 743.7 - 115.8 - 859.5

Gearing (%)




Net asset value

The net asset value of the Trust is re-calculated on the last working day of each month, following the monthly revaluation of the portfolio.

The Trust currently has no fixed rate debt. Performance fees are estimated and accrued on a quarterly basis and thus reflect in the monthly

re-calculation of the Fund’s net asset value.

Distributions

The Fund makes distributions by the end of the month following each quarter end.



Minimum additional investment: n/a

Minimum holding GBP250,000

266

Standard Life Investments UK Retail Park Trust AREF / IPD Property Fund Vision — Q4 2014


326


Units in the fund may be created at any time at the discretion of the manager. Units cannot be redeemed since the Fund is closed-ended,

but the manager will help to match buyers and sellers on the secondary market.

Taxation

Capital gains tax: the Trust is not subject to capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the

redemption or sale of their units in the Trust.

Income tax: distributions of income are made gross of tax on a quarterly basis to all unit holders who are UK residents or those who hold

non-resident FICO clearance. 20% Jersey tax is withheld from distributions payable to Jersey residents. All investors, regardless of where

they reside, are responsible for submitting tax returns to the UK Inland Revenue.

Stamp duty reserve tax: since the Trust is registered in Jersey, transfers of units are not subject to SDRT.

Charges

Annual charges

The annual management charge is equivalent to 0.5% of the net asset value of the Trust.

Performance-related fees

In addition, the Manager is entitled to a performance fee equal to 15% of the out-performance by the Trust of the self excluding Retail

warehouse Sub-sector of the IPD UK Universe over rolling three year periods assuming the Trust three year return is positive. Performance

fees are estimated and accrued on a quarterly basis and thus reflect in the monthly re-calculation of the Fund’s net asset value.

Unitholder analysis







Total 62 100.0

Major investors






Internal 4 47.6

External 58 52.5

Source Standard Life Investments Limited:

Liquidity





Units issued during period - 34,436 - - - -



Unit transfers




267

AREF / IPD Property Fund Vision — Q4 2014 Standard Life Investments UK Shopping Centre Trust

Standard Life UK Shopping Centre Trust

Standard Life Investments UK Shopping Centre Trust


The investment policy of the Trust is to invest predominantly in a diverse portfolio of UK shopping centres. Its investment objective is to

outperform the Shopping Centre Sub-sector of the IPD Universe over a rolling three-year period.


The fund is open to investment by expert investors only.

Fund Details

Type of Fund Property Unit trust

Residence Jersey

Launch Date April 2005

Open/Closed-Ended Closed-ended


Year-end 31 March

NAV (GBPm) 1,564.9

Source: Standard Life Investments Limited50

Management/Professional Advisors

Manager Standard Life Investments (Jersey) Limited

Investment Advisor Standard Life Investments Limited

Fund Manager Ed Jenkins

Trustee Kleinwort Benson (Channel Islands) Corporate Services Limited



Investment Rates of Return %

Period to Standard Life Investments ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 UK Shopping Centre Trust Other Balanced Funds All Balanced Funds All Funds

3 months 2.6 4.5 4.6 3.8

Year-to-date 16.5 17.3 17.2 16.4

12 months 16.5 17.3 17.2 16.4

3 years+ 9.2 8.7 8.6 8.7

5 years+ 10.6 9.0 8.8 9.5

10 years+ - 4.0 4.2 3.4

Note: * Weighted average returns + Annualised Source: AREF/IPD UK Quarterly Property Fund Index (Sponsored by Property Match)

Portfolio Distribution %

Retail Warehouses Shopping Centres Total

Rest of London* 3.3 47.2 50.4

South East - 29.1 29.1

Scotland - 7.9 7.9

West Midlands - 5.6 5.6

Cash - - 7.0

Overall 3.3 89.7 100.0

Note: Including the fund’s share of any properties held jointly or through indirect holdings * Excluding the City, the West End and Mid-town Source: Standard Life Investments Limited

Property Ownership Structure

Number of Assets Valuation (GBPm) % of Total Portfolio

Direct Holdings 8 1,478.3 100.0

Joint and Indirect Holdings - - -

Listed Investments - - -

Total 8 1,478.3 100.0


268

Standard Life Investments UK Shopping Centre Trust AREF / IPD Property Fund Vision — Q4 2014


328

Property Yields Voids as % of ERV

Net Initial Yield 4.83% Investments 0.8%

Nominal Equivalent Yield 5.19% Developments -

True Equivalent Yield - Total 0.8%

Net Reversionary Yield 5.02%


Property Investment Restrictions Maximum Development Exposure 15%

Maximum Speculative Development Exposure 15%

Maximum Lot-Size Holding as a Standing Investment 50%

Maximum Lot-Size Holding Permitted at Purchase 50%

Maximum Exposure to Limited Partnerships *

Maximum Exposure to Joint Ventures *

Maximum Exposure to Closed and Open-Ended Property Unit Trusts *

Note: * none specified Source: Standard Life Investments Limited


Property Location Sector Valuation (GBPm) *% of total portfolio

Brent Cross Shopping Centre Rest of London Shopping Centre 490-590 36.2

Churchill Square South East Shopping Centre 420-505 32.2

Centre Court Rest of London Shopping Centre 140-170 9.9

One Stop Shopping Centre West Midlands Shopping Centre 80-95 6.1

Thistle Shopping Centre Scotland Shopping Centre 65-75 4.8

Thistle Marches Shopping Centre Scotland Shopping Centre 55-60 3.8

Palace Gardens Shopping Centre Rest of London Shopping Centre 50-60 3.6

Brent Cross Shopping Park Rest of London Retail Warehouse 50-55 3.4


Source: Standard Life Investments Limited / * IPD estimates



Under 50 - - -

50 - 100 5 321.0 21.7

100 - 150 - - -

Over 150 3 1,157.3 78.3

Total 8 1,478.3 100.0




Tenant %

H&M 4.0

Debenhams 3.7

Boots 3.2

M&S 2.5

WH Smith 2.2

Top Shop 2.2

Zara 2.2

Apple 2.0

River Island 1.7

BHS 1.7







Retail warehouses 3.0 2.9


Overall 100.0 100.0


269






periods %

Development


Reversionary


potential % ERV %

Retail warehousing 96.1 - - - - 3.9 3.9 100.0


Overall 93.8 - - 0.8 - 5.3 5.3 100.0

Note: * Comprises the ERV of developments in progress or contracted which have not been pre-let Source: Standard Life Investments Limited




GBPm Nil Nil Nil Nil

% of all directly held properties* - - - -Note: * units with the shopping centre are under development and a nominal value is unattainable. Source: Standard Life Investments Limited











Valuer DTZ Debenham Tie Leung Limited







NAV (GBP) 924.120 938.270 938.810 1006.030 1030.810 1047.300


Yield* 4.8% 4.6% 4.6% 4.3% 4.1% 4.1%

Source: Standard Life Investments Limited Note: * Yield stated is the annual distribution yield


Maximum total gearing permitted 25% of the Gross Asset Value of the Trust









Debt - - - - -

Cash 111.5 - - - 111.5


Total net assets 1,564.9 - - - 1,564.9

Gearing (%)




270

Standard Life Investments UK Shopping Centre Trust AREF / IPD Property Fund Vision — Q4 2014


330

Net asset value

The net asset value of the Trust is re-calculated on the last working day of each month, following the monthly revaluation of the portfolio.

The Trust currently has no fixed rate debt. Performance fees are estimated and accrued on a quarterly basis and thus reflect in the monthly

re-calculation of the Fund’s net asset value.

Distributions

The Fund makes distributions by the end of the month following each quarter end.



Minimum additional investment: n/a

Minimum holding GBP250,000


Units in the fund may be created at any time at the discretion of the manager.

There will be 2 opportunities for unit holders to notify the Manager that they wish to redeem units (1. Immediately after the unit holder vote

on 12/09/2014 and 2. during the month of June 2020). Voting rights - Introduction of minority protection concept whereby matters require

75% of Unit holders vote and 50% of Unit holders vote other than the Standard Life Group

Taxation

Capital gains tax: the Trust is not subject to capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the

redemption or sale of their units in the Trust.

Income tax: distributions of income are made gross of tax on a quarterly basis to all unit holders who are UK residents or those who hold

non-resident FICO clearance. 20% Jersey tax is withheld from distributions payable to Jersey residents. All investors, regardless of where

they reside, are responsible for submitting tax returns to the UK Inland Revenue.

Stamp duty reserve tax: since the Trust is registered in Jersey, transfers of units are not subject to SDRT.

Charges

Annual charges

Annual Management Charge is 0.50% per annum of the Net Asset Value of the Trust.

The Annual Management Charge applicable to cash holdings will be scaled as follows:

Up to 5% of GAV - 0.50% p.a

5% to 10% of GAV - 0.25% p.a

In excess of 10% of GAV - 0.00% p.a

Performance-related fees

In addition, the Manager is entitled to a performance fee equal to 15% of the out-performance by the Trust of the self-excluding Shopping

Centre Sub-sector of the IPD UK Universe over rolling three year periods. Performance fees are estimated and accrued on a quarterly basis

and thus reflect in the monthly re-calculation of the Fund’s net asset value. No performance fee will be payable in the event that the return of

the Trust is negative in any three year period, regardless of benchmark outperformance on a three-year rolling basis

Restrictions

The Manager may borrow up to 10% of GAV for the purposes of paying redeeming Unit holders and/or Dissenting Unit holders. Facility

term not to exceed 18 months.

The Manager may borrow up to a maximum of 25% of GAV for the purposes of acquiring an asset for the Trust. Facility term not to exceed

18 months

Maximum total permitted borrowing will not exceed 25% of GAV

The Trust may invest in any joint venture structure where the Trust has a controlling interest over strategic decisions

Development Fees

The development fees charged will be up to 2% of the total construction costs

271










Total 68 100.0

Major investors

Largest 1 48.0


Five largest 5 68.7

Ten largest 10 77.0


Internal 4 55.5

External 64 44.5

Source Standard Life Investments Limited:

Liquidity








Unit transfers




272

AREF / IPD Property Fund Vision — Q4 2014 Standard Life Investments UK Property Fund


Standard Life Investments UK Property Fund


The fund aims to provide long term growth from a combination of income and capital growth by investing primarily in a

diversified portfolio of UK commercial property, selected from across the retail, office, industrial and other sectors. The fund

is actively managed and will typically invest in a mix of freehold and leasehold properties. The fund may also invest in

European properties and in property development opportunities. As well as direct investments, the fund may also invest

indirectly in property through investment vehicles such as quoted and unquoted property companies or collective investment

schemes.

Fund details

Type of fund Managed Property Fund


Launch date October 2005



Year-end 31 January

NAV (GBPm) 1,141.1





Fund manager Nigel Chapman

Trustee n/a




Period to *Standard Life UK ---------------AREF/IPD UK Quarterly Property Fund Index-------------------


3 months 2.7 4.5 4.6 3.8

Year-to-date 12.7 17.3 17.2 16.4

12 months 12.7 17.3 17.2 16.4

3 years+ 8.9 8.7 8.6 8.7

5 years+ 6.5 9.0 8.8 9.5

10 years+ - 4.0 4.2 3.4

Note: * Morningstar Direct, Retail Accumulation, annualised returns in GBP to end of December 2014. + Annualised Source AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)


Standard Life UK ------------- AREF/IPD UK Quarterly Property Fund Index** --------------






All UK retail 30.6 32.9 36.0 41.5

City offices 3.5 3.2 3.7 3.3




All UK offices 33.2 29.5 30.2 23.0





Cash 23.0 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0


273

Standard Life Investments UK Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

314


Maximum development exposure Max 20% exposure to developments & max 50% in non-income

producing directly held assets

Maximum speculative development exposure As per above

Maximum lot-size holding as a standing investment 15% in an individual property at purchase and 25% by appreciation


Maximum exposure to limited partnerships and joint ventures n/a


Notes: ^ No more than 5% of the Fund can be invested in indirect assets Source: Standard Life Investments Limited






Total 65 885.0 100.0




Palace Exchange Enfield Shopping Centre 75.5 8.5

Bath Road Slough Retail 62.5 7.1

45 Church Street Birmingham Office 49.3 5.6

One Eton Street &,1-5 Lower George St Greater London Office 34.8 3.9

St Paul's House, 10 Warwick Lane London Office 34.0 3.8

33 Charlotte Street London Office 34.0 3.8

85/89 Southwark Street London Office 30.3 3.4

16/46 Calverley Road Kent Retail 25.1 2.8

Direct Line House, 7 Quay Street Manchester Office 24.8 2.8

Auckland Shopping Park Bishop Shopping Centre 23.5 2.7











0 -2.5 8 10.6 1.2

2.5 - 5 14 51.2 5.8

5 - 10 14 105.9 12.0

10 - 25 21 371.7 42.0

25 - 50 6 207.5 23.5

50-100 2 138.0 15.6

Total 65 885.0 100.0











Other 6.1 4.7

Overall 100.0 100.0


274






periods %

Development


Reversionary


potential % ERV %

Standard retail 101.8 - - - -1.8 - -1.8 100.0

Retail warehousing 97.0 10.1 - 2.0 -9.1 - -9.1 100.0

Shopping centres 100.4 - - - -0.4 - -0.4 100.0

Central London offices 42.0 56.1 - 3.9 -2.1 - -2.1 100.0

Other offices 77.0 13.3 - 8.9 - 0.9 0.9 100.0

Industrial 73.3 1.7 - 21.7 - 3.3 3.3 100.0

Other 107.5 - - 2.9 -10.4 - -10.4 100.0

Overall 82.8 11.7 - 7.2 -2.5 0.8 -1.7 100.0



Tenant %

Tesco 4.7

ER Allies, G Morrison, DG Amar Total 3.8

UK Insurance Limited 3.6

Homebase 3.5

DSG Retail 3.5

Eversheds Properties 3.2

Covance Clinical & Periapproval Total 3.0

Lucozade Ribena Suntory Ltd Total 2.8

Bibby Offshore Ltd Total 2.7

Q-Park Limited Total 2.4














Frequency of valuation Valuations are undertaken on a rolling basis, so that each property is revalued at least once every quarter










Cash holdings (maximum) n/a




Bid (GBP) n/a 1.2100 1.2020 1.1870 1.1790 1.0690

Offer (GBP) n/a 1.2830 1.2690 1.2560 1.2490 1.1380

Mid (GBP) n/a 1.2465 1.2355 1.2215 1.2140 1.1035

Bid/offer spread (%) n/a 0.0569 0.0528 0.0549 0.0560 0.0606

Net asst value (GBP) n/a 1.2273 1.2177 1.2035 1.1955 1.0852

Yield (%) n/a 0.4% 0.2% 0.3% 0.3% 0.3%


275

Standard Life Investments UK Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

316






Debt - - - - -

Cash 264.9 - - - 264.9


Total net assets 1,141.1 - - - 1,141.1

Gearing (%)




Unit pricing

The Fund is valued each working day and a unit price is set, which will apply to all units that are bought or sold on the following working day.

The method of calculating the unit price (i.e. the pricing basis) depends mainly on the overall cash flow of the fund and, more specifically,

whether these cash flows result in Standard Life Investments having to purchase, sell or simply transfer stock. This gives rise to three pricing

bases; the offer basis, the bid basis and the mid basis. In general, there is a positive cash flow into the fund, which means that an offer basis

will be used. This basis takes account of the cost of buying investments. However, if there is an overall cash flow out of the fund, the pricing

basis may be switched to a bid basis. This means that a lower unit price will apply, reflecting the cost of selling the underlying investments.

We believe that by pricing the fund in this way we are being fair and equitable to both new and existing clients. As far as possible, we try to

match buyers and sellers of our units. The Fund will try to minimise the cost of any transactions for its clients by only making adjustments to

the pricing basis when absolutely necessary.

Distributions

For the accumulation share class, the fund does not distribute income. Its gross income is reinvested in the fund.


Minimum initial investment: Retail £50,000 Institutional £5,000,000 Platform £2,000,000.


Units in the Fund may be created at any time at the discretion of the Manager. Units may be redeemed at any time on receipt of written notice to the Manager. The Manager reserves the right to defer redemptions for up to 12 months pending consideration of specific

fund/market conditions. The Manager will also try to match buyers and sellers of units in the Fund at mid price.

Taxation

CGT and income tax: the fund is exempt from UK capital gains tax and UK income tax for eligible investors in the PAIF.

Charges

The annual management charge is share class dependent and can be found on our factsheet:

http://uk.standardlifeinvestments.com/ifa/O_M_UK_Property/getLatest.pdf

Liquidity

Year to

Period Dec 2014


Units in issue as at start of period 1,621,399,455

Units issued during period 139,267,683

Units redeemed during period -19,310,362

Units in issue at end of period 1,741,356,776

Unit transfers

Matched bargains -

Matched bargains %* -

Note: * As % of units in issue at the end of the period Notes: n/a = Not applicable Source: Standard Life Investments Limited

276



Unitholder analysis







Total 763 100.0

Major investors






Internal 13 88.6

External 750 11.4


277

Threadneedle Pensions Property Fund AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

Threadneedle Pensions Property Fund


The objective of the Fund is to deliver good long-term relative performance by being fully invested in a diversified portfolio of UK

commercial property. Its objective is to outperform its benchmark, the CAPS Median, by 1.0% pa or better (net of fees), on a rolling

three-year basis


Approved defined benefit and defined contribution occupational pension schemes

Fund details

Type of fund Exempt approved managed fund






NAV (GBPm) 1,446.6

Source: Threadneedle Pensions Limited


Manager Threadneedle Pensions Limited

Investment advisor Threadneedle Asset Management Limited

Fund manager Nathan Hargreaves





Period to Threadneedle Pensions ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------


3 months 4.6 4.6 4.6 3.8

Year-to-date 18.4 16.9 17.2 16.4

12 months 18.4 16.9 17.2 16.4

3 years+ 9.2 7.3 8.6 8.7

5 years+ 8.6 8.6 8.8 9.5

10 years+ 5.1 4.7 4.2 3.4



Threadneedle Pensions ------------- AREF/IPD UK Quarterly Property Fund Index** --------------






All UK retail 38.3 41.0 32.9 36.0

City offices 4.7 4.6 3.2 3.7




All UK offices 34.2 31.3 29.5 30.2





Cash 7.9 5.9 4.0 4.7

Overall 100.0 100.0 100.0 100.0

Note: + Including the fund’s exposure to the market through joint or indirect holdings and via derivatives Sources: * Threadneedle Pensions Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

278

AREF / IPD Property Fund Vision — Q4 2014 Threadneedle Pensions Property Fund


337









Note: * None specified Source: Threadneedle Pensions Limited






Total 255 1,371.2 100.0




The Heals Building London W1 Unit shop 80-85 5.9

Boreham Airfield Chelmsford Miscellaneous 38-40 2.8

South Molton Street London W1 Unit shop 36-38 2.8

147-155 Wardour Street Soho, London W1 Offices 28-30 2.2

DEVA Retail Park Chester Retail warehouse 26-28 1.9

29-35 Farringdon Road London EC1 Offices 19-22 1.6

Banner Street London EC1 Town Centre Offices 19-22 1.6

Dukes Walk Waterlooville Shopping centre 19-22 1.5

Scunthorpe Retail Park Scunthorpe Retail Warehouse 19-22 1.5

Vicarage Road Egham Town Centre Offices 19-22 1.4


Source: Threadneedle Pensions Limited / IPD estimates


Holding Joint/indirect Ownership (%) Valuation (GBPm) % of total portfolio

Threadneedle Low Carbon Workplace Trust Indirect 19.9 37.4 2.7

Threadneedle Opportunities Property Unit Trust Indirect 28.8 9.0 0.7

Threadneedle Strategic Property Fund IV Indirect 3.3 7.1 0.5

Slough, Thames Valley Court (Offices) Joint 50.0 6.7 0.5

Aldershot, Springlakes Estate (Industrial) Joint 50.0 3.8 0.3

Joint holdings and indirect investments as % of total portfolio 63.9 4.7




0 -2.5 120 150.5 11.0

2.5 - 5 53 194.5 14.2

5 - 10 46 328.0 23.9

10 - 25 26 419.4 30.6

25 - 50 4 133.6 9.7

50-100 1 81.5 5.9

100-150 - - -

Over 150 - - -

Total 250 1,307.3 95.3








Source: Threadneedle Pensions Limited Source: Threadneedle Pensions Limited

279


APIA Regional









Other 3.0 2.6

Overall 100.0 100.0





periods %

Development


Reversionary


potential % ERV %

Standard retail 85.6 - - 15.3 -8.3 7.4 -0.9 100.0



Central London offices 78.0 - - 2.4 -4.0 23.6 19.6 100.0

Other offices 74.0 - - 11.8 -7.7 21.9 14.2 100.0

Industrial 97.5 - - 3.7 -8.3 7.0 -1.2 100.0

Other 96.7 - - - -3.3 6.6 3.3 100.0

Overall 86.4 - - 8.1 -7.5 13.0 5.5 100.0

Note: * Comprising developments in progress or contracted which have not been pre-let Source: Threadneedle Pensions Limited


Tenant %

Virgin Media 3.4

Garfield Weston Foundation 2.7

DSG Retail Plc 2.6

Magnet Limited 2.4

Nike 2.4

Hanson Quarry Products Europe 2.1


Sun Life Assurance 1.8

Department of Finance 1.8

Macandrews & Forbes Holdings Inc 1.4














Frequency of valuation Monthly, generally around the last working day of each month

Valuer C B Richard Ellis






Maximum total gearing permitted *



Note: * None specified Source: Threadneedle Pensions Limited

280

AREF / IPD Property Fund Vision — Q4 2014 Threadneedle Pensions Property Fund


339






Debt - - -6.9 - -6.9

Cash 108.7 - 9.6 - 118.4


Total net assets 1,387.9 10.5 48.2 - 1,446.6

Gearing (%)

Net debt (cash)/properties (8.3) - (5.2) - (8.1)

Net debt (cash)/equity (7.8) - (5.8) - (7.7)

)Source: Threadneedle Pensions Limited



Bid (GBP) * * * * * *

Offer (GBP) * * * * * *




Note *Not available n/a not applicable Source: Threadneedle Pensions Limited

Unit pricing

The unit price is calculated daily at midday as a semi-swinging single price. The single price is net asset value unless the net cash

inflow/outflows at the fund level exceed GBP10,000, in which case a dilution levy is applied. The dilution levy is 5.5% for inflows and 1.3%

for outflows.

Distributions



There is no minimum level of initial investment in, or of divestment from the fund.


Units may be created at any time at the discretion of the manager, subject to written notification no later than 11am on the day of the

transaction.

Units may be redeemed at any time on receipt of written notification by the manager no later than 11am on the day of the transaction.


The manager will also attempt to match units in the fund with other parties at middle market price.

Taxation



Charges

Management charges vary in the range 0.45% pa to 0.95% pa, depending on the type of pension fund (defined benefit or defined

contribution) and according to the size of the funds invested. Typically, the fee for a defined benefit client is 0.75% pa.

Unitholder analysis







Total 90 100.0

Major investors






Internal - -

External 90 100.0


281


APIA Regional

Liquidity






Units redeemed during period -12,398,073 -14,716,663 - 38,503,869 -28,603,546 -25,780,841 -28,827,541


Unit transfers



Note: * As % of units in issue at the end of the period Source: Threadneedle Pensions Limited

282

AREF / IPD Property Fund Vision — Q4 2014 Threadneedle Property Unit Trust


Threadneedle Property Unit Trust

Investment policy and objective To invest in a diversified portfolio of property assets in the United Kingdom

To outperform the CAPS Pooled Property Fund median

Investor constituency Pension funds, charities, insurance companies and other corporate and institutional investors. Units may also be issued to wealthy

individuals whom the manager considers have the appropriate experience to invest.

Fund details(1)


Residence Jersey




Year-end 31 March

NAV (GBPm) 1,098.5

Source: Threadneedle Investments (Channel Islands) Limited


Manager Threadneedle Investments (Channel Islands) Limited

Investment advisor Threadneedle Asset Management Limited

Property advisor Threadneedle Property Investments Limited

Property fund manager Christopher Morrogh MA ARICS






Period to Threadneedle Property ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------


3 months 3.6 4.5 4.6 3.8

Year-to-date 17.7 17.3 17.2 16.4

12 months 17.7 17.3 17.2 16.4

3 years+ 9.3 8.7 8.6 8.7

5 years+ 8.3 9.0 8.8 9.5

10 years+ 5.4 4.0 4.2 3.4

Note: * Weighted average returns + Annualised Source: AREF/ IPD UK Quarterly Property Fund Indiex (Sponsored by PropertyMatch)


Threadneedle Property ------------- AREF/IPD UK Quarterly Property Fund Index** --------------

Unit Trust+* Other balanced funds All balanced funds All funds





All UK retail 39.2 32.9 36.0 41.5

City offices 2.5 3.2 3.7 3.3




All UK offices 31.0 29.5 30.2 23.0





Cash 5.8 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: + Including the trust’s share of any properties held jointly or through indirect holdings and cash Sources: * Threadneedle Investments (Channel Islands) Limited ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch) Please refer to page 422 for Threadneedle Property Unit Trust’s disclaimer

283

Threadneedle Property Unit Trust AREF / IPD Property Fund Vision — Q4 2014










Note: * None specified Source: Threadneedle Investments (Channel Islands) Limited






Total 214 1,049.1 100.0




46 Foley Street W1 London Offices 25 - 50 2.4

Foss Islands Retail Park York Retail Warehouse 10 - 25 2.0

Abbey View St Albans Offices 10 - 25 2.0

Three Lakes Retail Park Selby Retail Warehouse 10 - 25 1.9

Red Central Redhill Offices 10 - 25 1.8

19 Commerce Way Croydon Industrial / Warehouse 10 - 25 1.8

Avon House W14 London Offices 10 - 25 1.7

Warwick House SW1 London Offices 10 - 25 1.6

Eastern Avenue Gloucester Retail Warehouse 10 - 25 1.6

Newport Road Cardiff Retail Warehouse 10 - 25 1.5





Threadneedle UK Opportunities Property II LP Balanced Indirect - 6.6 0.6

Low Carbon Workplace Trust Balanced Indirect 6.357 9.9 0.9




0 -2.5 73 87.8 8.4

2.5 - 5 62 223.8 21.3

5 - 10 59 430.1 41.0

10 - 25 17 265.7 25.3

25 - 50 1 25.3 2.4

50 - 100 - - -

100-150 - - -

Over 150 - - -

Total 212 1,032.6 98.4








Source: Threadneedle Investments (Channel Islands) Limited Source: Threadneedle Investments (Channel Islands) Limited

284











Other 2.9 2.5

Overall 100.0 100.0





periods %

Development


Reversionary


potential % ERV %

Standard retail 109.2 - - 5.1 -20.7 6.4 -14.2 100.0


Shopping centres 106.7 - - - -7.3 0.5 -6.7 100.0

Central London offices 73.1 - - - -1.3 28.2 26.9 100.0

Other offices 85.1 - - 7.2 -6.8 14.6 7.7 100.0

Industrial 88.8 - - 3.9 -4.7 12.0 7.3 100.0

Other 104.9 - - 3.0 -10.9 3.0 -7.9 100.0

Overall 93.5 - - 4.6 -8.9 10.7 1.8 100.0

Note: * Comprising the ERV of developments in progress or contracted that have not been pre-let Source: Threadneedle Investments (Channel Islands) Limited


Tenant %

Dixons Retail plc 3.3

Home Retail Group plc 2.9

B & Q plc 1.7

WH Smith plc 1.4

Travis Perkins plc 1.4

Booker Group plc 1.3

FCE Bank plc 1.3

Deutsche Post ag 1.3

Carillion plc 1.1

Dunelm group plc 1.0


















Debt - - -2.8 - -2.8

Cash 58.6 - 6.2 - 64.8


Total net assets 1,083.4 - 15.2 - 1,098.5

Gearing (%)

Net debt (cash)/properties (5.7) - (20.8) - (5.9)

Net debt (cash)/equity (5.4) - (22.7) - (5.6)


285

Threadneedle Property Unit Trust AREF / IPD Property Fund Vision — Q4 2014



Frequency of valuation Monthly, as at the last business day in the month

Valuers CB Richard Ellis







for investment purposed *




Note: * None specified Source: Threadneedle Investments (Channel Islands) Limited

Quarterly data per unit (income units)


Bid (GBP) 228.270 233.620 238.730 245.000 254.120 259.780

Offer (GBP) 243.990 249.710 255.170 261.880 271.630 277.680

Mid (GBP) 236.130 241.665 246.950 253.440 262.875 268.730

Bid/offer spread 6.4% 6.4% 6.4% 6.4% 6.4% 6.4%



Yield (at NAV/unit) 6.1% 5.9% 6.0% 5.9% 5.6% 5.5%

Source: Threadneedle Investments (Channel Islands) Limited / IPD

Unit pricing The unit price is calculated on pricing day, following the monthly valuation of the portfolio. Net income is not included in the calculation.

Redemptions are priced on a ‘scaled exit cost basis’. The pricing mechanism allows unitholders to achieve between 1.3% below and

5.5% above net asset value on redemption, dependent on investor inflows and outflows within the month of redemption. The bid price

quoted is based on the static bid/offer spread.

Distributions Distributions of income are made quarterly as soon as is practical following the last days of March, June, September and December.

Minimum investment/disinvestment The minimum initial subscription for units is GBP250,000. However, the manager may accept lesser amounts (with a minimum of

GBP25,000) where the manager is satisfied that the investor has received financial advice, or the investment is made on the investor’s

behalf by a discretionary investment manager. The minimum amounts required for any subsequent investment is determined by the

manager and is currently GBP10,000. Subscriptions may be accepted or rejected by the manager in its discretion.

Creation, transfer and realisation of units The Realisation Price is determined (under normal circumstances) on the fifth Pricing Day following receipt of notice, with settlement as soon

as practicable following the realisation price being fixed. The Manager has the power to defer settlement of redemptions to protect

continuing Unitholders, in which circumstances the Realisation Price will be determined on the first Pricing Day at which the Manager deems

it appropriate to settle such redemption. (See “Redemption notices outstanding”, overleaf.)

Taxation Capital gains tax: since it is registered in Jersey, the trust is not subject to UK capital gains tax. Those investors who are subject to tax may


Income tax: distributions to UK resident unitholders are paid gross of tax. Distributions to non-UK resident unitholders are paid net of tax.

Stamp duty reserve tax: the trust’s registration in Jersey means that the surrender and issue of units does not attract SDRT.

Charges

Management fees

For unitholders categorised as charities, UK pension funds or other tax exempt holders, the fee is 0.68% pa of gross assets up to

GBP200m. For gross assets above GBP200m, the charge (in respect of the increment) reduces to 0.60% pa. For unitholders in all

other categories of investor, the charge is 0.75% pa of gross assets.

286



Liquidity





Units issued during period 578,820 1,185,390 566,909 109,743 201,093 613,639



Unit transfers



Note: * As % of units in issue at the end of the period Source: Threadneedle Investments (Channel Islands) Limited

Unitholder analysis







Total 231 100.0

Major investors

Largest 1 5.3


Five largest 5 20.9

Ten largest 10 33.9


Internal 2 7.1

External 229 92.9


287

AREF / IPD Property Fund Vision — Q4 2014 UBS Central London Office Value Added Fund


351

UBS Central London Office Value Added Fund


The UBS Central London Office Added Value Fund comprises the UBS Central London Office Added Value Partnership (“UBS-

CLOVA”) and the UBS Central London Office Added Value Unit Trust (Jersey) (“UBS-CLOVA Jersey”). It was formerly named UBS

South East Recovery Fund and changed from an open to a closed-end structure on 16 June 2011. (See note 1.)

The Fund’s investment policy is to invest primarily in office property in central London but may invest (at the time of the investment) up

to 15% of its gross asset value in office property elsewhere in the South East of England.


The Fund is structured as an English Limited Partnership (UBS-CLOVA) with a Jersey based, unauthorised unit trust feeder fund ((UBS-

CLOVA (Jersey)). This structure is designed to be effective for both tax-exempt and tax-paying investors.

Fund details

Type of fund Limited partnership (with a Jersey-based unauthorised PUT feeder fund)


Launch date Re-launch: 16 June 2011**

Open/closed-ended Closed ended

Earliest date of winding up 31 December 2015*


NAV (GBPm) 196.8

Note: * With two extensions to 31 December 2017 subject to investor approval. ** Original launch July 2004 — see note 1 Source: UBS Global Asset Management (UK) Ltd


Partnership manager and operator UBS Global Asset Management (UK) Ltd

Jersey PUT manager UBS Trustees (Jersey) Ltd

Investment advisor UBS Global Asset Management (UK) Ltd

Property fund manager Sam Sananes

Trustee BNP Paribas Securities Services Trust


Source: UBS Global Asset Management (UK) Ltd


Period to UBS Central London Office ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Added Value Fund Other balanced funds All balanced funds All funds

3 months 9.7 4.5 4.6 3.8

Year-to-date 43.9 17.3 17.2 16.4

12 months 43.9 17.3 17.2 16.4

3 years+ 26.9 8.7 8.6 8.7

5 years+ 21.2 9.0 8.8 9.5

Note: * Weighted average returns +Annualised Source: IPD/AREF UK Quarterly Property Fund Index (Sponsored by Property Match)


Location Offices Total

Midtown 41.2 41.2


West End 19.5 19.5

Cash** - 4.5

Overall 95.5 100.0

Note: * Excluding the City, the West End and Mid-town Source: UBS Global Asset Management (UK) Ltd ** Reflects capital cash only


Maximum development exposure See note *

Maximum speculative development exposure See note *

Maximum lot-size holding as a standing investment No formal limit

Maximum lot-size holding permitted at purchase No formal limit

Maximum exposure to limited partnerships/joint ventures No formal limit

Maximum exposure to closed and open-ended property unit trusts No formal limit

Note: * The amount of the Fund’s interest in un-let buildings will not exceed 35% of its gross value at the time of the investment Source: UBS Global Asset Management (UK) Ltd

288

UBS Central London Office Value Added Fund AREF / IPD Property Fund Vision — Q4 2014


352

Property ownership structure**





Total 4 190.1 100.0





GBPm - - - -


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: UBS Global Asset Management (UK) Ltd


Net Initial yield 1.00% Investments 41.7%




Source: UBS Global Asset Management (UK) Ltd Source: UBS Global Asset Management (UK) Ltd



110 High Holborn London, WC1 Office 80-90 43.1

160 Blackfriars Road London, SE1 Office 50-60 30.9

12 Golden Square London, W1 Office 30-40 20.5

4 Cam Road London, E15 Office 10-20 5.5

Four largest investments as % of portfolio 100.0Source: UBS Global Asset Management (UK) Ltd / IPD estimates



0 -2.5 - - -

2.5 - 5 - - -

5 - 10 - - -

10 - 25 1 10.5 5.5

25 - 50 1 38.9 20.5

50-100 2 140.7 74.0

Total 4 190.1 100.0






periods %

Development


Reversionary

potential %

Net reversionary

potential % ERV %


Other offices 20.3 0.9 - 15.4 -5.3 68.7 63.4 100.0

Overall 19.0 4.3 - 41.7 -2.6 37.6 35.0 100.0






Overall 100.0 100.0


289



353


Tenant %

Bank of Tokyo-Mitsubishi Ltd 20.4

Outdoor Plus Ltd 17.1

Reed Business Information Ltd 14.4

Fitness First / Sparring Partners 13.8

NHS Shared Business Services Ltd 8.8

Cycle Surgery 4.9

Nero Holdings Limited 4.6

Pret a Manger (Europe) Ltd 3.7

O2 (UK) Ltd 3.6

Sainsbury's 3.3















Valuers CBRE






Maximum total gearing permitted 50% of Gross Asset Value



Note: *None specified Source: UBS Global Asset Management (UK) Ltd






Debt - - - - -

Cash* 10.5 - - - 10.5



Gearing (%)

Net debt (cash)/properties -5.5 - - - -5.5

Net debt (cash)/equity -5.4 - - - -5.4

Note: *Reflects capital cash + income awaiting distribution post quarter end Source: UBS Global Asset Management (UK) Ltd

Debt analysis




- - - - - -

Note: + Off balance sheet debt may be at fixed or variable rates * Plus MLA Source: UBS Global Asset Management (UK) Ltd

290



354

Quarterly data per unit — UBS Central London Office Value Added Partnership As at 30 Sep 13 31 Dec 13 31 Mar 14 30 Jun 14 30 Sep 14 31 Dec 14

Bid (GBP) 1.48290 1.66107 1.74930 2.02118 2.16435 2.37620

Offer (GBP) 1.62046 1.81265 1.90741 2.18140 2.31250 2.52190

Mid (GBP) 1.55168 1.73686 1.74930 2.02118 2.16435 2.44905

Bid/offer spread (%) 8.5% 8.4% 8.3% 7.3% 6.4% 5.8%

NAV (GBP) 1.50368 1.68397 1.77318 2.04538 2.18673 2.39821

Distribution (GBP) 0.01551 0.01342 0.01284 0.00701 0.00000 0.00000

Distribution yield (%) 2.9% 2.6% 2.8% 2.4% 1.5% 0.8%


Quarterly data per unit — UBS Central London Office Value Added Unit Trust (Jersey)


Bid (GBP) 1.39980 1.56790 1.65120 1.90770 2.03880 2.23250

Offer (GBP) 1.52960 1.71090 1.80040 2.05890 2.17860 2.36990

Mid (GBP) 1.46470 1.63940 1.72580 1.98330 2.10870 2.30120

Bid/offer spread (%) 8.5 8.4 8.3 7.3 6.4 5.8

NAV (GBP) 1.41940 1.58950 1.67370 1.93060 2.05990 2.25320

Distribution (GBP) 0.01110 0.00890 0.00660 0.00210 0.00000 0.00000

Distribution yield (%) 2.0% 1.7% 1.8% 1.5% 0.9% 0.4%

Source: UBS Global Asset Management (UK) Ltd n/a: Not available

Unit pricing

The net asset values (‘NAVs’) of Participations in the partnership and of units in the Jersey PUT are re-calculated monthly as at the last

business day of the month.

The Manager marks the Fund’s interest rate swaps to market as at the end of each financial year and the result is disclosed in the Fund's

annual financial statements but not in its Pooled Property Questionnaire. It is not reflected in the NAV calculations. Performance fees are accrued and thus reflected in the quarterly NAV calculations.

Distributions

Distributions of income are made quarterly in April, July, October and January in respect of the quarters ending 31 March, 30 June, 30

September and 31 December, respectively.


The Fund is closed-ended


The Fund is closed-ended. Investors may sell their Participations or Units to a third party other than a Non-Qualifying Holder subject to the

General Partner's or Manager's (as the case may be) approval as to the eligibility of the new investor and to the provision of appropriate

information and documentation.

The secondary market process will be facilitated by the General Partner, in the case of Participations, or the Manager in the case of Units.

The General Partner and Manager will endeavour to match trades between interested parties. Purchasers and sellers of Participations or

Units may be charged a 0.2% administration fee on any such secondary market dealings at the discretion of the General Partner or the

Manager (as appropriate).

Taxation — UBS Central London Office Value Added Partnership

Capital gains tax: the partnership is tax transparent. The admission of a new partner would not give rise to a capital gains tax liability, but

the disposal of a partnership interest may give rise to a capital gains tax liability, which would be determined in the hands of the individual

partner.

Income tax: distributions from UBS-CLOVA to partners, including UBS-CLOVA Jersey, are made gross of tax.

Stamp duty: No stamp duty or stamp duty land tax will be payable on the issue of participations in UBS-CLOVA. A transfer of participation

will give rise to a charge to stamp duty land tax on the value of the percentage interest in the underlying land being transferred. Any such

charge will be payable by the transferee.

Taxation - UBS Central London Office Value Added Unit Trust (Jersey)

Capital gains tax: UBS-CLOVA Jersey will not be subject to UK tax on capital gains realised or treated as realised on disposals and

distributions made by UBS-CLOVA on any disposal or part disposal of any property held as an investment. In the case of individuals

resident or ordinarily resident in the UK, any gain will be subject to UK tax only to the extent that it is, or is deemed to be, remitted to the UK,

whether or not UBS-CLOVA Jersey is certified.

Income tax: Net rental income from properties received from UBS-CLOVA will be paid to unit holders net of UK income tax at the prevailing

basic rate (currently 22%). UK interest will be paid to unit-holders net of prevailing lower rate income tax (currently 20%). Unit-holders will,

however, remain liable to UK tax on their share of income from UBS-CLOVA Jersey and will be required to file UK tax returns. Whilst

distributions are made net of tax, certain investors may be entitled to reclaim the tax that has been deducted.

Stamp duty: No stamp duty or stamp duty land tax will arise on the issue or transfer of units outside the UK.

291



355

Charges

Annual charges

The General Partner is entitled to an Annual Advisory fee (payable quarterly out of income) equal to 1.00% p.a. of the net assets of the

Fund. There is also a management fee at UBS-CLOVA Jersey level of 1.00% p.a. of NAV.

Performance fee

The Manager is entitled to a performance fee equivalent to 20% of any outperformance exceeding an annualised IRR of 10% to

investors from 16 June 2011 to the final distribution of capital from the Fund. A cap applies to this fee.

Liquidity — UBS Central London Office Value Added Partnership





Units issued during period - - 310,000 9,860,000 - -

Units redeemed during period -54,630,000 -330,000 -67,010,000 -7,790,000 - -


Unit transfers

Matched bargains - - - -

Matched bargains %** - - - -

Note: * As % of units in issue at end of period Source: UBS Global Asset Management (UK) Ltd

Liquidity — UBS Central London Office Value Added Value Added Unit Trust (Jersey)





Units issued during period - - - 10,439,288 - -

Units redeemed during period -57,994,770 -159,507 -18,090,415 - - -


Unit transfers

Matched bargains - 4,515,729 2,327,226 6,768,399 - -

Matched bargains %** - 9.2% 7.5% 16.3% - -

Note: * As % of units in issue at end of period Source: UBS Global Asset Management (UK) Ltd

Unit-holder analysis — UBS Central London Office Value Added Partnership







Total 3 100.0

Major investors

Largest 1 47.76



Internal 2 77.7

External 1 22.3


292



356

Unit-holder analysis — UBS Central London Office Value Added Unit Trust (Jersey)







Total 20 100.0

Major investors






Internal - -

External 20 100.0


Note 1

The name of the Fund changed on 16 June 2011 from the UBS South East Recovery Fund when it converted from an open-ended to a

closed-ended structure. While closed-ended, the Fund remained open to new investment until 30 June 2012.

293

UBS Triton Property Fund AREF / IPD Property Fund Vision — Q4 2014

356

UBS Triton Property Fund

Investment policy and objective UBS Triton Property Fund is balanced fund investing in UK commercial property assets across a broad range of property types, geographic

holdings, lease lengths and tenant profiles. The Fund focuses on the key property sectors of retail, offices and industrial/warehouses. The

Fund aims to consistently deliver above its benchmark — the All Balanced Property Fund component of the AREF/IPD UK Quarterly Property

Fund Index weighted average return — via an emphasis on active asset management.

Investor constituency UBS Triton Property Fund ('UBS Triton', 'the Fund') is an umbrella fund. Investors can enter the Fund through three feeder funds — UBS

Triton Property Unit Trust (q.v.), UBS Triton Property Fund (Jersey) (q.v.) and UBS Life Triton Property Fund (q.v.) (now closed to new

subscriptions).

Fund details

Type of fund Limited partnership




Earliest date of winding up 2070


NAV (GBPm) 681.2*

Source: UBS Global Asset Management Note: * includes capital cash and income cash.


Partnership manager and operator UBS Global Asset Management Funds Ltd

Investment advisor UBS Global Asset Management Funds Ltd

Property fund manager Howard Meaney



Source: UBS Global Asset Management

Investment rates of return** %

Period to UBS Triton ----------------AREF/IPD UK Quarterly Property Fund Index*------------------- Dec 2014 Property Fund Other balanced funds All balanced funds All funds

3 months 4.3 4.5 4.6 3.8

Year-to-date 19.0 17.3 17.2 16.4

12 months 19.0 17.3 17.2 16.4

3 years+ 4.7 8.7 8.6 8.7

5 years+ 6.8 9.0 8.8 9.5

10 years+ 1.7 4.0 4.2 3.4

Note: * Weighted average returns + Annualised Source: AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch) **UBS Triton's performance includes the effect of a management fee rebate being paid to continuing investors from 1 July 2013 (to 31 December 2014).


UBS Triton ------------- AREF/IPD UK Quarterly Property Fund Index** --------------






All UK retail 42.2 32.9 36.0 41.5





All UK offices 22.9 29.5 30.2 23.0





Cash*** 2.7 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Sources: * UBS Global Asset Management ** AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

Note: + Including the Fund’s share of properties held jointly or through indirect holdings and cash *** Reflects capital cash only

294

AREF / IPD Property Fund Vision — Q4 2014 UBS Triton Property Fund


357



Maximum speculative development exposure 20% unlet



Maximum exposure to limited partnerships n/a



Note: *None specified Source: UBS Global Asset Management






Total 29 651.8 100.0




Grand Junction Retail Park Crewe Retail warehouse * 13.0

Worton Grange Industrial Estate Reading Industrial * 9.8

1 New Fetter Lane London, EC4 Office * 9.5

Hatfield Aerodrome Business Park Hatfield Industrial * 6.9

Hardwick Retail Park King's Lynn Retail warehouse * 5.3

Meols Cop Retail Park Southport Retail warehouse * 5.0

Springfields Outlet Spalding Shopping centre * 4.7

St Helens Retail Park St Helens Retail warehouse * 4.1

Ashton Commerce Park Ashton-under-Lyne Industrial * 3.9

Leisure World Southampton Other * 3.8


Note: * Fund cannot disclose this information due to commercial sensitivity Source: UBS Global Asset Management / IPD estimates



UBS Central London Office Value Added Fund Office Indirect LP 29.98 57.0 8.7





GBPm Nil - - -


Notes: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed Source: UBS Global Asset Management



0 -2.5 4 4.2 0.6

2.5 - 5 1 4.2 0.6

5 - 10 6 44.0 6.8

10 - 25 8 138.1 21.2

25 - 50 6 194.0 29.8

50 - 100 3 210.4 32.3

100-150 - - -

Over 150 - - -

Total 28 594.8 91.3








Source: UBS Global Asset Management Note: Yields reflect Direct Portfolio only

Source: UBS Global Asset Management Note: Yields reflect Direct Portfolio only

295

UBS Triton Property Fund AREF / IPD Property Fund Vision — Q4 2014

358









Other 4.9 3.8

Overall 100.0 100.0

Note:* Includes the Fund’s proportionate interest in UBS Central London Office Value Added Fund Source: UBS Global Asset Management




periods %

Development


Reversionary

potential %

Net reversionary

potential % ERV %

Standard retail 99.7 4.4 - 3.7 -15.1 7.2 -7.8 100.0




Other offices 53.7 9.4 - 17.8 -8.8 27.9 19.2 100.0

Industrial 81.5 1.3 - 0.9 -2.9 19.3 16.4 100.0

Other 100.2 - - - -0.2 - -0.2 100.0

Overall 77.4 2.4 - 7.2 -4.4 17.5 13.1 100.0

Note: * Includes the Fund’s proportionate interest in UBS Central London Office Value Added Fund Source: UBS Global Asset Management











Valuers CBRE Ltd






Maximum total gearing permitted 50%*





Note: * Notwithstanding the Fund's documentation allowing for gearing up to 50% of net asset value, the Manager will in normal circumstances not borrow above 10% of gross asset value.



Tenant %

Sullivan & Cromwell LLP 8.7

Arla Foods Ltd 6.2

Rank Group Gaming Division Ltd 5.0

Office Depot International (UK) Ltd 4.5

TK Maxx 2.8

DSG Retail Ltd 2.0

Dunelm 1.9

H&B Foods Ltd 1.6

Static Control Components (EU) Ltd 1.5

Marks & Spencer 1.4





296

AREF / IPD Property Fund Vision — Q4 2014 UBS Triton Property Fund


359



Balance sheet (GBPm) Properties at valuation 594.8 - 57.0 - 651.8


Debt - - - - -

Cash* 34.3 - 3.2 - 37.4


Total net assets 622.1 - 59.0 - 681.2

Gearing (%)



Note: *Reflects capital cash and income awaiting distribution post quarter end Source: UBS Global Asset Management

Debt analysis




- - - - - -

- - - - - -

Total - - - - -Note: + Off balance sheet debt may be at fixed or variable rates Source: UBS Global Asset Management

Charges

Annual charge

The Manager of UBS Triton is entitled to a fund management fee (plus VAT) and property management fee (plus VAT) on a tiered basis as a

percentage of the Net Asset Value of UBS Triton together with undistributed income less expenses, as at the end of each month. 0.75%

p.a. is charged on the period-end UBS Triton-level NAV of up to GBP 1 billion, decreasing to 0.65% p.a. for any tranche of NAV between

GBP 1-1.25 billion, and 0.55% p.a. for any part of NAV above GBP 1.25 billion. The fee is split to reflect the fund management and property

management services provided by the Fund’s Manager.

Performance fees

The Manager is entitled to a performance fee of 0.0625% per quarter of the net asset value of UBS Triton (including net undistributed

income) if, for the previous three years, it has outperformed its benchmark, the All Balanced Property Funds Index Weighted Average of the

AREF/IPD UK Quarterly Property Fund Index. A minimum of 0.5% p.a. outperformance is required before the performance fee is triggered.

The Fund is entitled to a proportion of any performance fee that becomes available within UBS Central London Office Value Added Fund.

This is currently accrued in the Fund.


Investment in UBS Triton is by way of subscription into one of the feeder funds, UBS Triton Trust, UBS Triton Jersey (or UBS Life Triton,

now closed to new subscriptions). Subscriptions of Participations by the feeder funds take place on Buying Days. Please refer to the

relevant pages for UBS Triton Trust and UBS Triton Jersey for more information.

Redemptions of Participations in the English Limited Partnership (by the feeder funds, UBS Triton Trust, UBS Triton Jersey and UBS Life

Triton) take place on a quarterly basis on a Selling Day (subject to sufficient cash being available). Where sufficient cash is not available to

pay a quarter’s redemption in full, the Manager will meet redemption requests within that quarter on a pro-rata basis.

Redemption notices served during a quarter are treated as having been served on the final business day of the quarter. The first possible

date on which a Participation subject to a redemption notice may be redeemed is the first Selling Day that occurs at least one whole quarter

after the quarter in which the relevant redemption notice was served. Once a redemption notice has been served, it may only be withdrawn

with the consent of the Supervisory Board.

In the usual course of business, the Manager expects to meet redemption requests within six months of them being deemed received. If the

Manager does not expect to be able to meet redemption requests within six months of them being deemed received, it may declare that all

redemption notices for that quarter and future quarters are dealt with on a pro-rata basis across the entire queue. The Manager may defer

redemptions for up to 24 months from the date of them being deemed received.

297

UBS Triton Property Unit Trust AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

360

UBS Triton Property Unit Trust

Investment policy and objective The UBS Triton Property Unit Trust ('UBS Triton Trust', 'the Trust') is invested in the UBS Triton Property Fund ('UBS Triton', 'the

Fund') (q.v.) as a limited partner. The Fund’s performance benchmark is the weighted average return to the All Balanced Property Fund

component of the AREF/IPD UK Quarterly Fund Index.

Investor constituency The unit trust is open to investment by approved UK pension funds, and UK charities wholly exempt from capital gains tax or

corporation tax (other than by reason of residence).

Fund details







NAV (GBPm) — UBS Triton Property Unit Trust 547.3

NAV (GBPm) — UBS Triton Property Fund 681.2**

NB:* See note to Section headed “Creation, transfer and realisation of units Note: ** includes capital cash and income cash.

e Source:: UBS Global Asset Management


Period to UBS Triton Property ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------


3 months 4.3 4.5 4.6 3.8

Year-to-date 19.0 17.3 17.2 16.4

12 months 19.0 17.3 17.2 16.4

3 years+ 4.7 8.7 8.6 8.7

5 years+ 6.8 9.0 8.8 9.5

10 years+ 1.7 4.0 4.2 3.4

Note: * Weighted average returns + Annualised Source: * AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

Unit pricing The unit price is calculated twice-monthly, on the 1st and 11th business days of the month. As from 30 June 2005, it has been calculated

on an XD basis on the last working day of the quarter (previously the first working day of the new quarter).

Distributions

Net income of the Trust is distributed to its unitholders. Distributions are calculated on the last day of March, June, September and

December. Payment is made to unitholders on the last working day of the second month following the calculations dates, i.e. 31 May, 31

August, 30 November and 28 February.



Bid (GBP) 1182.676 1222.468 1,248.113 1308.836 1347.977 1390.302

Offer (GBP) 1254.813 1294.915 1,323.477 1385.910 1432.633 1475.018

Mid (GBP) 1218.744 1258.692 1,285.285 1347.373 1390.305 1432.660

Bid/offer spread 5.7% 5.6% 5.6% 5.6% 5.9% 5.7%

Net asset value (GBP) 1194.259 1234.097 1,260.032 1321.180 1361.466 1403.8007


Yield (at NAV/unit) 4.8% 4.5% 4.3% 4.2% 4.1% 3.9%


Minimum investment/disinvestment Minimum initial investment: GBP 50,000



Creation, transfer and realisation of units Subscriptions for units may be made on the 11th business day of each month (or on such other day as the Manager deems appropriate).

Applications must be received not later than 14 days prior to a subscription day.

Redemptions of units in UBS Triton Trust normally take place on a quarterly basis on a Selling Day (subject to sufficient cash being

available). Where sufficient cash is not available to pay a quarter’s redemption in full, the Manager will meet redemption requests within that

quarter on a pro-rata basis.

The redemption provisions set out in "Creation, transfer and realisation" section of the UBS Triton Property Fund pages (within this

document) apply to the redemption of UBS Triton Trust units.

298

AREF / IPD Property Fund Vision — Q4 2014 UBS Triton Property Unit Trust



date on which units subject to a redemption notice may be redeemed is the first Selling Day that occurs at least one whole quarter after the

quarter in which the relevant redemption notice was served. Once a redemption notice has been served, it may only be withdrawn with the

consent of the Supervisory Board.





Taxation Capital gains tax: Provided that in any accounting period UBS Triton Trust only comprises Exempt Investors/Eligible Funds (and, in

accordance with the applicable terms of the 2013 Regulations; UBS Triton Trust is approved by HMRC as an exempt unauthorised unit trust

and satisfies the continuing requirements for such approval), any chargeable gain accruing to UBS Triton Trust should not be chargeable to

capital gains tax. The Trust Manager intends to manage the investors in UBS Triton Trust so that no taxable capital gain will arise..

Income tax: The Trustee of UBS Triton Trust will (in principle) be liable to income tax on the taxable income of UBS Triton Trust at the basic

rate of tax in the UK (currently 20%). UBS Triton Trust will be treated as distributing all income available for distribution to Unitholders,

whether or not it is actually distributed, and will be entitled to a tax deduction for such (deemed) distribution, such that there should be nil

taxable income in UBS Triton Trust itself. UBS Triton Trust will be subject to transitional provisions in the 2013/14 tax year. Stamp duty reserve tax: The issue of Units in UBS Triton Trust in return for cash subscriptions will not attract stamp duty or SDRT. No

stamp duty or SDRT is payable on the redemption of Units or, in line with published HMRC guidance, on a transfer of Units between

Participants where the Trust Manager is required or authorised to update the register of Unitholders. Transfers of Units between Participants

where the Trust Manager is not required or authorised to update the register of Unitholders will be subject to SDRT at 0.5% of the value of

the consideration given in money or money’s worth.

Charges

Annual charge





management services provided by the Manager.

Performance fee


income) if, for the previous three years, it has outperformed its benchmark, the All Balanced Property Fund Index Weighted Average of the


The annual charge and performance fee are the same as those in respect of the UBS Triton Property Fund, and no additional charges are

incurred by investors investing in the Fund via the UBS Triton Property Unit Trust.

Investor profile: Unitholder analysis







Total 56 100.0

Major investors






Internal 13 54.0

External 43 46.0


Liquidity





Units issued during period - - - - 126,194 -



Unit transfers



Note: * As % of units in issue at end of period Source: UBS Global Asset Management

299

UBS Triton Property Unit Trust AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

362



This information has not been made available on the grounds that it is commercially sensitive


300

UBS Triton Property Fund (Jersey) AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

UBS Triton Property Fund (Jersey)


The UBS Triton Property Fund (Jersey) ('UBS Triton Jersey', ‘the Jersey trust’) is invested in the UBS Triton Property Fund ('UBS

Triton', ‘the Fund’) (q.v.) as a limited partner. The Fund’s benchmark is the weighted average return to the All Balanced Property Fund

component of the AREF/IPD UK Quarterly Property Fund Index.


UBS Triton Jersey is open to investment professionals, high net worth individuals, sophisticated investors, companies, pension

schemes and other investors in the UK and elsewhere.

Fund details


Residence Jersey





NAV (GBPm) — UBS Triton Property Fund (Jersey) 71.2


NB:* See note to Section headed “Creation, transfer and realisation of units Note: ** includes capital cash and income cash. Source: UBS Global Asset Management


Manager (for UBS Triton Jersey) UBS Management Company Services (Jersey) Limited

Investment advisor (for UBS Triton) UBS Global Asset Management Funds Ltd



Auditors (for UBS Triton) Ernst & Young LLP



Period to UBS Triton Property ----------------AREF/ IPD UK Quarterly Property Fund Index**-------------------

Dec 2014 Fund (Jersey) ‘A’ units* (Jersey) ‘B’ units* All balanced funds All funds

3 months 3.9 4.2 4.6 3.8

Year-to-date 17.5 18.5 17.2 16.4

12 months 17.5 18.5 17.2 16.4

3 years+ 3.4 n/a 8.6 8.7

5 years+ 5.7 n/a 8.8 9.5

10 years+ 0.7 n/a 4.2 3.4

Note: ** Weighted average returns + Annualised Sources: * UBS Global Asset Management ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)



Bid (GBP) 0.7001 0.7237 0.7389 0.7748 0.7980 0.8230

Offer (GBP) 0.7428 0.7665 0.7828 0.8204 0.8481 0.8732

Mid (GBP) 0.7215 0.7451 0.7609 0.7976 0.8231 0.8481

Bid/offer spread 5.7% 5.6% 5.6% 5.6% 5.9% 5.7%


Quarterly distribution 'A' units 0.0059 0.0071 0.0061 0.0064 0.0057 0.0067

Quarterly distribution 'B' units 0.0077 0.0087 0.0078 0.0082 0.0075 0.0085

Yield (at NAV/unit) 4.0% 3.7% 3.6% 3.3% 3.1% 3.0%

Note: * Reflects distribution yield for UBS Triton Property Fund Jersey (‘A’ units); the distribution yield for the new ‘B’ units issued from July 2013 onwards is available upon request. As of 1 July 2013, only 'B' units are being issued. Source: UBS Global Asset Management

Unit pricing

The unit price is calculated twice monthly, on the 1st and 11th business day of each month. As from 30 June 2005, it has been calculated

on an XD basis on the last working day of the month (previously the first working day of the new quarter.)

Distributions

Net income of UBS Triton Jersey is distributed to its unitholders. Distributions are calculated on the last day of March, June, September and

December. Payment is made to unitholders on the last working day of the second month following the calculation dates i.e. February 28,

May 31, August 31 and November 30.

301

AREF / IPD Property Fund Vision — Q4 2014 UBS Triton Property Fund (Jersey)


363






Subscriptions for units may normally be made on the 1st and 11th business day of each month (or on such other day as the Manager

deems appropriate). Applications must be received no later than 14 business days prior to a subscription day.

Redemptions of units in UBS Triton Jersey normally take place on a quarterly basis on a Selling Day (subject to sufficient cash being

available). Where sufficient cash is not available to pay a quarter’s redemption in full, the Manager will meet redemption requests within that

quarter on a pro-rata basis.

The redemption provisions set out in "Creation, transfer and realisation" section of the UBS Triton Property Fund pages (within this

document) apply to the redemption of UBS Triton Jersey units.


date on which units subject to a redemption notice may be redeemed is the first Selling Day that occurs at least one whole quarter after the

quarter in which the relevant redemption notice was served. Once a redemption notice has been served, it may only be withdrawn with the

consent of the Supervisory Board.





Taxation

Capital gains tax: As a unit trust scheme, UBS Triton Jersey will be treated as a company and unitholders will be treated as if they hold

shares in a company for UK chargeable gains purposes. The Manager of UBS Triton Jersey intends to manage and control UBS Triton

Jersey from outside the UK so that it will be treated as a non-UK tax resident company for such UK tax purposes and will not, therefore, be

subject to UK tax on capital gains realised or treated as realised on disposals and distributions made by UBS Triton or on any disposal or

part disposal of any commercial property held as an investment.

The Manager of UBS Triton Jersey intends to manage UBS Triton Jersey so that it satisfies the relevant tax provisions which enable

Unitholders to be subject to capital gains tax (or corporation tax on chargeable gains) on profits arising on disposal or part disposal of Jersey

Units under the provisions of the offshore funds regime.

Income tax: Net rental income of UBS Triton Jersey from the underlying assets of UBS Triton will be paid to Jersey unitholders net of UK

income tax at the prevailing basic rate (currently 20%). Unitholders should get a credit for such tax against their UK tax liability referred to

above, and for those unitholders that are not liable to UK tax on such income, the amount deducted should be capable of being claimed

back from HMRC. Tax vouchers will be issued to unitholders in respect of the tax deducted by UBS Triton Jersey from income payments.

Stamp duty reserve tax: No UK stamp duty or stamp duty reserve tax or stamp duty land tax will arise (under current law) on the transfer of

UBS Triton Jersey units.

Charges

Annual charge






Performance fees

The manager is entitled to a performance fee of 0.0625% per quarter of the net asset value of the UBS Triton (including net undistributed

income) if, for the previous three years, it has outperformed is benchmark, the All Balanced Property Funds Index Weighted Average of the


Annual charge (the Jersey trust)

'A' units: In addition to the above, the manager is entitled to a management fee equivalent to 1% p.a. of the net asset value of the

Jersey Trust

'B' units: In addition to the above, the manager is entitled to a management fee equivalent to 0.1% p.a. of the net asset value of the

Jersey Trust

Initial charge

Investors may also be subject to an initial charge of up to 1% of the issue price on any new subscriptions

302

UBS Triton Property Fund (Jersey) AREF / IPD Property Fund Vision — Q4 2014

APIA Regional

Liquidity ‘A’ units





Units issued during period 1,872,422 95,263 799,855 1,493,219 67,653,843 -



Unit transfers

Matched bargains 975,377 4,154,637 7,914,528 1,074,968 86,815 -

Matched bargains %** 0.7% 3.1% 6.9% 1.0% 0.5% -

Note: * Units redeemed includes 597626.71 units that have been transferred to 'B' units Note: ** As % of units in issue at the end of the period Source: UBS Global Asset Management

Liquidity ‘B’ units

Year to Year to

Period Dec 2013 Dec 2014


Units in issue as at start of period - 70,899,590

Units issued during period 370,297 874,121

Units redeemed during period -1,088 -98,699

Units in issue at end of period 70,899,590 71,675,013

Unit transfers

Matched bargains - -

Matched bargains %** - -

Note: * Units issued includes 597626.71 units that have been transferred from 'A' units Note: ** As % of units in issue at the end of the period Source: UBS Global Asset Management

Unitholder analysis







Total 30 100.0

Major investors






Internal - -

External 30 100.0






303

UBS Life Triton Property Fund AREF / IPD Property Fund Vision — Q4 2014


364

UBS Life Triton Property Fund


The UBS Life Triton Property Fund ('UBS Life Triton', 'the Life Fund') is invested as a limited partner in the UBS Triton Property Fund

('UBS Triton', ‘the Fund’) (q.v.) as a limited partner. The Fund’s benchmark is the weighted average return to the All Balanced Property

Fund component of the AREF/IPD UK Quarterly Property Fund Index.


UBS Life Triton's investor base comprises approved UK pension funds wholly exempt from capital gains tax or corporation tax (except

by reason of residence). As at 4Q12, UBS Life Triton closed to new subscriptions.

Fund details

Type of fund Unit-linked life company fund






NAV (GBPm) — UBS Life Triton Property Fund 65.1


NB:* See note to Section headed “Creation, transfer and realisation of units Note: ** NAV includes capital cash and income cash. Source: UBS Global Asset Management


Manager (for UBS Life Triton) UBS Global Asset Management (UK) Ltd

Investment advisor (for UBS Triton) UBS Global Asset Management Funds Ltd



Auditors (for UBS Triton) Ernst & Young LLP



Period to UBS Life Triton ----------------AREF/IPD UK Quarterly Property Fund Index**-------------------

Dec 2014 Property Fund* Other balanced funds All balanced funds All funds

3 months 4.1 4.5 4.6 3.8

Year-to-date 18.0 17.3 17.2 16.4

12 months 18.0 17.3 17.2 16.4

3 years+ 4.4 8.7 8.6 8.7

5 years+ 6.5 9.0 8.8 9.5

10 years+ 1.5 4.0 4.2 3.4

Note: ** Weighted average return + Annualised Sources * UBS Global Asset Management (mid-price to mid-price basis of performance calculation) ** AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)



Bid (GBP) 1.7493 1.8285 1.8850 1.9942 2.0895 2.1570

Offer (GBP) 1.8518 1.9326 1.9929 2.1071 2.1964 2.2832

Mid (GBP) 1.8006 1.8806 1.9390 2.0507 2.1430 2.2201

Bid/offer spread 5.5% 5.4% 5.4% 5.4% 4.9% 5.5%





Unit pricing

The unit price is calculated daily. The Manager calculates the difference between the book value and the market value of UBS Triton

Property Fund’s underlying properties and this is reflected in the monthly re-calculation of its NAV. The Fund is not required to accrue

performance fees since these are payable quarterly, based on performance over the previous twelve months. UBS Life Triton has a swinging

single price, with the dealing price swinging from the NAV price according to net daily flows into or out of UBS Life Triton. The bid and offer

prices shown above reflect the UBS Life Triton NAV price subject to the bid and offer spread respectively as at 30 September 2014.

Distributions

UBS Life Triton is an accumulation only fund and hence does not distribute its income, which is instead reinvested into UBS Life Triton.

304

AREF / IPD Property Fund Vision — Q4 2014 UBS Life Triton Property Fund


365


The Board of UBS Global Asset Management Life Ltd, as the operator of UBS Life Triton has decided to close UBS Life Triton to new

subscriptions as of 4Q12. Investors in UBS Life Triton may be eligible to make future investments in UBS Triton via the UBS Triton Property

Unit Trust or UBS Triton Property Fund (Jersey) feeder vehicles.

Resumption of daily dealing of redemptions

On 19 December 2014, the daily dealing of redemptions from UBS Life Triton Property Fund (UBS Life Triton) was suspended. In the usual

course of business, we would expect redemptions to be paid within two quarters from the date they are deemed to be received. We will

keep UBS Life Triton Unitholders updated in respect of the timing of the reinstatement of daily dealing.

Please note, this suspension only relates to the specific dealing arrangements for UBS Life Triton, one of three feeder funds investing in UBS

Triton. It does not relate to the underlying liquidity of UBS Triton, and the redemption notice provisions of UBS Triton and the two other

feeder funds, UBS Triton Trust and UBS Triton Jersey remain unaffected.

Taxation

Capital gains tax: UBS Life Triton is not subject to UK tax on income or capital gains arising on its investment in UBS Triton.

Income tax: UBS Life Triton is not subject to UK tax on income or capital gains arising on its investment in UBS Triton

Stamp duty reserve tax: UBS Life Triton is closed to new subscriptions and as such, secondary market trades for UBS Life Triton are no

longer being undertaken.

Charges

Annual charge






Performance fee


income) if, for the previous three years, it has outperformed its benchmark, the All Balanced Property Funds Index Weighted Average of the


The annual charge and performance fee are the same as those in respect of UBS Triton and no additional charges are incurred by investors

investing in UBS Triton via UBS Life Triton.

Liquidity





Units issued during period 13,861,717 4,263,519 144,194 14,905 - 218



Unit transfers

Matched bargains 33,058 - - - - -

Matched bargains %* 0.03% - - - - -

Note: * As % of units in issue at end of period Source: UBS Global Asset Management

Unitholder analysis







Total 24 100.0

Major investors






Internal 11 76.0

External 13 24.0


305

UBS Life Triton Property Fund AREF / IPD Property Fund Vision — Q4 2014


366





306

AREF / IPD Property Fund Vision — Q4 2014 UNITE UK Student Accommodation Fund

Life UK Retail Parks Trust

UNITE UK Student Accommodation Fund


The Fund’s investment policy is to combine attractive current income with long term capital growth by acquiring and managing a

diversified portfolio of institutional quality direct let student accommodation properties within the UK. Its portfolio consists of 68

properties, providing 24,820 beds and with a current market value of over GBP1.57bn.

The investment objective is to generate a target minimum distribution yield of 5.0% pa and to exceed an annualised return of 10% pa

over 7 years.


The Fund is open to UK and overseas tax-exempt and tax-paying expert investors.

Fund details


Residence Jersey

Launch date 15 December 2006


Earliest date of winding up Not applicable**


Net asset value (GBPm) 912.0

Note: * See “Redemption of units” ** See “Termination” Source: UNITE Integrated Solutions plc


Trust manager USAF Jersey Manager Limited*

Property Manager UNITE Integrated Solutions plc*

Fund Manager David Faulkner

Operator Mazars Corporate Finance Limited

Administrator Mourant & Co Trustees Limited

Auditors KPMG

Note: * A wholly-owned subsidiary of The UNITE Group plc Source: UNITE Integrated Solutions plc


Period to UNITE UK Student ----------------AREF/ IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Accommodation Fund Other balanced funds All balanced funds All pooled funds

3 months 2.2 4.5 4.6 3.8

Year-to-date 14.6 17.3 17.2 16.4

12 months 14.6 17.3 17.2 16.4

3 years+ 13.9 8.7 8.6 8.7

5 years+ 12.9 9.0 8.8 9.5



Retail Student Accommodation Total

North West 0.1 18.0 18.0

Yorkshire & Humberside 0.1 17.8 17.8

South West 0.3 16.1 16.3

Scotland 0.0 16.1 16.5

East Midlands 0.0 10.7 10.8

Rest of London* 0.1 10.1 10.1

West Midlands 0.0 5.7 5.7

Midtown 0.0 2.1 2.1

South East 0.1 2.5 2.6

Cash - - 0.1

Overall 0.7 99.1 100.0

Notes: * Less than 0.1% ** Excluding the City, the West End and Mid-town Source: UNITE Integrated Solutions plc






Total 68 1,572.8 100.0

Source: UNITE Integrated Solutions plc

307

UNITE UK Student Accommodation Fund AREF / IPD Property Fund Vision — Q4 2014

Stan Regional



Grand Central Liverpool Other 74.3 5.0

Emily Bowes London Other 72.8 4.4

The Plaza Leeds Other 56.8 3.8

UNITE Student Village Liverpool Other 53.8 3.2

Blithehale Court London Other 47.3 3.2

The Heights Birmingham Other 45.5 3.1

Piccadilly Point Manchester Other 45.5 3.0

New Medlock House Manchester Other 45.1 3.0

Sky Plaza Leeds Other 44.9 2.9

St Peters Court Nottingham Other 37.9 2.8





0 -2.5 1 2.0 0.1

2.5 - 5 3 12.1 0.8

5 - 10 10 80.0 5.1

10 - 25 28 455.7 29.0

25 - 50 22 765.4 48.7

50 - 100 4 257.7 16.4

100-150 - - -

Over 150 - - -

Total 68 1,572.8 100.0





Nominal equivalent yield * Developments Nil

True equivalent yield * Total 2.1%

Net reversionary yield *

Note: * Not available Source: UNITE Integrated Solutions plc





Student Accommodation 99.3 99.2

Total 100.0 100.0



Maximum development exposure Nil


Maximum lot-size holding as a standing investment All properties acquired must be at least 85% let, with a year one projected NOI of at least 5.5%

Maximum lot-size holding permitted at purchase None specified

Maximum exposure to limited partnerships None specified

Maximum exposure to joint ventures None specified

Maximum exposure to closed and open-ended property unit trusts None specified





periods %

Development


Reversionary

potential %


Retail 85.0 - - 15.0 - - - 100.0

Student Accommodation 98.0 - - 2.0 - - - 100.0

Total 97.9 - - 2.1 - - - 100.0


308












Frequency of valuation Quarterly, on 31 March, 30 June, 30 September and 31 December








Bid (GBP) 0.9520 0.9710 0.9840 0.9990 1.0200 1.0280

Offer (GBP) 0.9840 0.9980 1.0080 1.0220 1.0380 1.0550

Bid/offer spread 3.3% 2.7% 2.4% 2.3% 1.7% 2.6%



Distribution yield % 5.2% 5.1% 5.4% 5.6% 5.4% 6.1%

Note: * Adjusted bonus issues totalling 17.5m of new units in Q2 and Q4 2012, and Q3 2013 See note 4 Source: UNITE Integrated Solutions plc


Maximum total gearing permitted 75% loan to value*

Cash holdings (maximum/minimum) **

Note: * Advisory Committee approval is required should the Fund wish to increase its loan to asset ratio to above 60%. ** None specified Source: UNITE Integrated Solutions plc






Debt -671.0 - - - -671.0

Cash 1.7 - - - 1.7



Gearing (%)




Debt analysis

Fixed rate borrowings/Interest rate swaps Variable rate borrowings



- - - 14.000 2.00% -

- - - 25.000 2.50% -

380.000 3.37% 8.67 - - -

185.000 3.90% 10.42 - - -

67.000 3.16% 1.75 - - -

632.000 3.50% 8.30 39.000 2.32% -


309

UNITE UK Student Accommodation Fund AREF / IPD Property Fund Vision — Q4 2014

Stan Regional

NAV per unit The Trust’s NAV per unit is re-calculated by the Trust Manager each quarter within five working days of the quarterly revaluation of the

property portfolio.

The Trust’s fixed rate debt and any other financial instruments are marked to market each quarter and included in the re-calculation of its

NAV on the basis of their market values. Performance fees are estimated and accrued and therefore also reflect in the quarterly re-

calculation of the Trust’s net asset value.

Distributions

The Fund distributes its income on a quarterly basis within 20 business days of quarter end.

Distributions of income are made gross of income tax to UK residents and to overseas residents qualifying under the Non-Resident

Landlord’s Scheme.


Minimum initial investment: GBP1,000,000 (subject to the discretion of the manager)


Minimum holding: GBP1,000,000* (subject to the discretion of the manager) * Including amounts due in respect of a subscription agreement

Redemption of units

Unitholders may request the Fund to redeem all or part of their holdings on a semi-annual basis. Notice must be given at least 90 days prior

to a calendar half-year end, and redemption requests will be effective on the first calendar half year-end following the expiry of the notice

period (the ‘Redemption Effective Date’). If the Fund has insufficient liquidity to satisfy redemption requests in full, these will be met on a pro-

rata basis, as and when liquid assets become available.

During the 180-days following the Redemption Effective Day (the ‘Primary Redemption Period’) the Trust Manager will determine which

liquid assets can be made available. The Trust will not be obliged to sell properties during the Primary Redemption Period.

On expiry of the Primary Redemption Period, the Trust Manager will be obliged to use its reasonable endeavours to satisfy redemptions by

increasing borrowings, raising additional capital or by selling properties. The Trust Manager will not be obliged to sell properties representing

more than 10% of the Trust’s gross asset value within any four consecutive quarterly periods, or to sell any property within four years of its

acquisition by the Trust.

Units will be redeemed at a price equal to 98% of the Trust’s NAV/unit as at the latest quarter-end prior to redemption.

Termination

It is intended that the Fund will have an infinite life. A vote to terminate would require a 90% majority before 15 December 2016 (the 10th

anniversary of the Initial Closing of the Fund), and an 80% majority, thereafter.

Taxation



Income tax: distributions of income are made gross of income tax to UK residents and to overseas residents qualifying under the Non-

Resident Landlord’s Scheme.

Stamp duty reserve tax: the fund’s registration in Jersey means that the issue and transfer of units do not attract SDRT.

Charges

Annual fees

The Trust Manager, Trustee, Administrator and Operator are entitled to fees currently totaling GBP0.15m pa.

The Property Manager is entitled to

an asset management fee equivalent to 0.5925% pa of the market value of the Trust’s properties

a cash management fee equivalent to 0.10% pa of the Trust’s average daily cash balances both of the above are subordinated to

provide investors with a minimum cash yield distribution of 5.0% in each of the first three years following the Initial Closing

Performance Related Participation

Unite is entitled to a performance fee equivalent to 25% of the investment performance of the Trust in excess of a Priority Return to unit

holders of 9% pa. The performance related participation is payable annually based on NAV and distributions for the preceding 12 months

(adjusted for any cumulative underperformance) in the form of units in the Trust (at a price based on NAV at the most recent valuation date

prior to issue.)

Acquisition Fees

The Property Manager is entitled to receive an acquisition fee equal to 1.0% of the gross acquisition cost of any property acquired other

than from Unite. (Amounts payable will be net of any third party introductory or agency fees.)

310



Liquidity





Units issued during period 218,723,265 - - 15,982,401 4,486,860 137,718,646



Unit transfers

Matched bargains 1-5m 19,400,000 85,222,112 63,800,000 66,100,000 41,737,624

Matched bargains %* Circa 0.6% 2.7% 11.7% 8.6% 8.8% 4.7%

Note: * As a % of total units in issue at the end of the period Source: UNITE Integrated Solutions plc








Total 100 100.0

Major investors






Internal 1 22.0

External 99 78.1


Note: Unite Students is the UK’s leading manager and developer of student accommodation. We provide a home for over 43,000 students in 130

purpose built properties across 23 of the UK’s strongest university towns and cities. We have over 1,000 employees and work in

partnership with over 50 higher education providers, as well as renting rooms directly to students.

Our culturally-diverse customers are at the heart of our business and we aim to provide a home for students that supports their success,

whether defined as academic achievement, personal growth or employability. Our properties provide high quality, well-located, safe

accommodation that is close to university campuses, transport and local amenities. Our rent includes a study bedroom, all bills, insurance,

24-hour security and high speed Wi-Fi throughout our buildings.

Founded in 1991, Unite Group is a FTSE 250 company listed on the London Stock Exchange. We are pursuing a sustainable growth

strategy designed to make the most of the resilient nature of the student accommodation sector. We aim to maintain the strongest brand in

the sector and operate the highest quality portfolio through consistent investment in and improvement to our operating platform, highly

selective development activity, asset management initiatives and portfolio recycling.

In addition to our wholly owned properties, we are also invested in and operate a small number of specialist funds and joint ventures with

institutional investment partners, the largest of which is the £1.5 billion Unite UK Student Accommodation Fund (USAF).

The Group’s charitable trust, the Unite Foundation, supports widening access to higher education, integrating students into the community

and employability. It provides scholarships for disadvantaged students at seven universities and volunteering opportunities for our students

and employees through partner organisations.

For more information visit our corporate website: www.unite-group.co.uk or www.unite-students.com.

311

http://www.unite-group.co.uk/

http://www.unite-students.com/

West End of London Property Unit Trust AREF / IPD Property Fund Vision — Q4 2014


376

West End of London Property Unit Trust (WELPUT)


WELPUT (‘the Trust’) is an open-ended Jersey property unit trust, specialising in office property in the Central London, and focusing on

large, multi-let buildings. It invests strategically within the West End and wider central London sub-markets, pursuing a policy of active

management, including refurbishment and development, and uses gearing to enhance unitholder returns and diversify portfolio

exposure.

WELPUT’s objective is to outperform the Central and Inner London office segments of the IPD Quarterly universe at the property level

and to enhance returns through the use of gearing.


Pension funds, charities, insurance companies, other corporate and institutional investors, and wealthy private individuals are eligible to

invest.

Fund details


Residence Jersey

Launch date 12 July 2001


Earliest date of winding up Unlimited


NAV (GBPm) 958.2

Source: Schroders


Manager Schroder Real Estate Managers (Jersey) Ltd (SREMJ)

Property advisor Grafton Advisors (2006) LLP (wholly owned by Quintain)

Property fund manager Lucy Lilley




Source: Schroders


Period to West End of London ----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

Dec 2014 Property Unit Trust Other balanced funds All balanced funds All funds

3 months 4.7 4.5 4.6 3.8

Year-to-date 21.0 17.3 17.2 16.4

12 months 21.0 17.3 17.2 16.4

3 years+ 20.4 8.7 8.6 8.7

5 years+ 21.5 9.0 8.8 9.5

10 years+ 13.5 4.0 4.2 3.4

Note: + Annualised * Weighted average returns Source: AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

Property portfolio distribution %

----------------AREF/IPD UK Quarterly Property Fund Index*-------------------

West End of London

Property Unit Trust Other balanced funds All balanced funds All funds





All UK retail - 32.9 36.0 41.5





All UK offices 86.9 29.5 30.2 23.0




Other properties - 10.5 8.8 14.8

Cash 13.1 4.0 4.7 4.0

Overall 100.0 100.0 100.0 100.0

Note: ^ Including, where held, the fund’s proportionate share of properties held through joint ventures/ indirect investments and cash Sector allocation has been determined by the primary use of each asset. Source: * AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

312

AREF / IPD Property Fund Vision — Q4 2014 West End of London Property Unit Trust


377 377









Note : * None specified Source: Schroders






Total 10 1,041.8 100.0

Source: Schroders



Southside,105,Victoria Street London SW1 Office 150-200m 17.6

Stirling Square,5-7 Carlton Gardens London W1 Office 150-200m 16.0

Orion House, St Martin's Lane London WC2 Office 100-150m 12.2

98 Theobald's Road London, WC1 Office 100-150m 10.4

3 St James's Square London, SW1 Office 50-100m 9.0

Connaught Place London W2 Office 50-100m 8.5

101 New Cavendish Street London W1 Office 50-100m 8.5

5/7 Vere Street,(including 1 Chapel Place) London W1 Office 50-100m 6.5

143-147 Farringdon Road London EC1 Office 50-100m 5.5

Regent's Wharf London NW1 Office 25-50m 4.9


Source: Schroders / IPD estimate




GBPm ~ ~ ~ ~


Note: * Includes joint ventures in which the Fund has an interest of 50% or more + Including schemes to which the fund is contractually committed ~ While Schroders has provided the data to populate this table, it has disclosed (see above) that 21 Tothill Street SW1 is scheduled for refurbishment in 2015 Source: Schroders

Property yields+(3) Voids as % of ERV(3)





Note: + The yields shown are in respect of the total portfolio (including the property owned by The Point (Paddington Basin Unit Trust)

Source: Schroders

Source: Schroders




Source: Schroders

313



378



0-2.5 - - -

2.5-5 - - -

5-10 - - -

10-25 - - -

25-50 1 49.7 4.8

50-100 5 393.8 37.8

100-150 2 235.8 22.6

Over 150 2 362.5 34.8

Total 10 1,041.8 100.0


Source: Schroders (based on property valuations)








Source: Schroders


Frequency of valuation Monthly (on the second to last day of the month)

Property valuer CB Richard Ellis Limited




Source: Schroders

Comparison of rents passing and ERV by type of property (*)



periods %

Development


Reversionary

potential %**


Central London offices 53.1 1.3 21.4 13.1 - 11.1 11.1 100.0

Note: * Rental information has been provided on the total portfolio. Rent free period deductions is the sum of the Contracted Rent for those tenancies where the tenant is benefiting from a rent free period on the last valuation date prior to analysis. Please note that any pre-lets, where the tenant has agreed to pay rent, but the lease has not yet commenced are not included in the total. Contracted Rent Passing is the sum of Rent Passing and Rent Free Period Deductions. Contracted Rent Passing is the rent payable as per the contractual lease commitments, whereas Rent Passing is the actual monetary value of rent being paid at the date of analysis ** See Definition of Terms for the basis of calculation of net and gross reversionary potential Source: Schroders


Tenant %

Warner Bros. Entertainment UK Ltd 13.4

BAE Systems plc 6.6

Spencer Stuart & Associates Ltd 6.6

The University Of Westminster 5.3

Kohlberg Kravis Roberts & Co Ltd 5.2

Daniel Edelman Ltd 5.0

The London Strategic Health Authority 4.9

House of Fraser (Stores) Ltd 4.0

CIB Properties Ltd 3.6

G4S Regional Management (UK) Ltd 3.1




Source: Schroders (information based on the whole portfolio)


Maximum total gearing permitted 60% of Aggregate Trust Value+


Note: + Aggregate Trust Value is the Gross Property Value plus capital cash * None specified Source: Schroders

314



379 379




Quarterly distribution (GBP) 2.30 2.43 2.27 3.48 2.77 4.10*

Yield % 1.9% 1.6% 1.5% 1.6% 1.6% 1.7%

Source: Schroders *Distributions changed from quarterly to monthly basis



Balance sheet (GBPm)~



Debt -246.2 - - - -246.2

Cash 157.6 - - - 157.6



Gearing (%) +

Net debt (cash)/properties * 8.5 - - - 8.5

Net debt (cash)/equity ** 9.2 - - - 9.2

Note: * Equals total debt less total cash as a percentage of total properties at valuation ** Equals total debt less total cash as a percentage of total net assets Source:~ Schroders + IPD

Debt analysis




181.177 5.33% 1.00 - - -

65.000 3.65% 2.94 - * -

246.177 4.89% 1.51 - - -

Note: * Is a small undrawn commitment fee and has no rate Source: Schroders

NAV calculation

Net assets per unit are recalculated monthly, on the second to last business day of the month. The manager calculates the difference

between the nominal value and the market value of the Trust’s debt: this is not reflected in the monthly recalculation of the Trust’s Net

Asset Value and is not disclosed in the Trust’s Pooled Property Questionnaire.

Distributions

Distributions of income are made monthly, on the last business day of each month.

Minimum investment/disinvestment: GBP 100,000


Please refer to Unit Transaction and Income Distribution Procedure section below for details on the creation and the realisation of units.

Units are transferable on the secondary market.

Taxation

Capital gains tax: the trust is not subject to capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the

redemption or disposal of their units in the trust. (WELPUT is expected to maintain Distributor status.)

Income tax: distributions of income are made gross on a quarterly basis to all holders who are UK residents or those who hold non-resident

Landlord clearance. 20% Jersey tax is withheld from distributions payable to Jersey residents. Income (less expenses properly incurred)


hands of unitholders , regardless of where they are resident.

Stamp Duty Reserve Tax: transfers of units are not subject to SDRT.

Charges

Annual charge

The Manager and Property Adviser receive an Annual Management Charge equivalent to 0.73% of the Net Asset Value. Please refer to

the WELPUT Prospectus for details.

Performance fee

The manager and the property advisor are also entitled to share equally in a performance-related fee. (Refer to the prospectus for details.)

The performance fee is accrued and is therefore taken into account in the monthly re-calculation of the Trust’s Net Asset Value.

315



380

Initial charge

The manager has discretion to make an initial charge on the issue of units, other than initial units, of not exceeding 5% of the issue price. It

may, at its discretion, pay rebates and commissions out of this initial charge to introducers and other intermediaries in connection with the

issue of new units.

Liquidity





Units issued during period 55,631 80,704 111,762 - - -



Unit transfers



Note: * As % of units in issue at the end of the period Source: Schroders

Unitholder analysis







Total 96 100.0

Major investors






Internal 24 24.1

External 70 75.9

Source: Schroders

Note:

1. In addition to the properties held directly by WELPUT and WEL PLP, WELPUT owns 100% of the units in the Southside Unit Trust,

Connaught Unit Trust and Stirling Square Unit Trust.

Fund Information

Restrictions:

1. The investible area of investment in the West End & Mid Town is restricted to a minimum of 65% of GAV, investment in the City is

restricted to a maximum of 20% of GAV, investment in Inner London is restricted to a maximum of 20% of GAV (from 18 July 2014)

2. There is a restriction of 15% of GAV to be invested in one property; 10% of GAV for properties in Inner London

3. Debt limit is 35% of GAV

4. Unallocated capital cash limited to 10% of GAV

5. Speculative development limited to 15% of GAV, increased to 20% subject to approval of the Holders Advisory Committee

Unit Transaction and Income Distribution Procedure:

1. Investors are provided an annual redemption facility permitting redemptions of 10% of aggregate total units in issue. Manager has

discretion to increase to 15% providing this will not prejudice the interests of remaining unitholders

2. 2017 redemption window & 2018 buy-out provision has been removed

3. Manager may issue units subject to limit any 12 month period of 30% of units in issue at the beginning of the period

4. Income distributions of the open ended structure are monthly

Fee Structure:

1. Management fee basis equates to 0.70% of NAV

2. Performance fee measurement period is based on a 3 year rolling basis

3. Performance fee capped at 1% NAV

316



381 381

Trust Deed/Partnership Agreement:

Revised Trust Instrument is available upon request.

317

AREF / IPD Property Fund Vision — Q4 2014 Investment Rates of Return


385

Investment Rates of Return

318


386


AREF/IPD UK Quarterly Property Fund Index

Investment Rates of Return to December 2014

% 10Y* 5Y* 3Y* 12M 3M

Other Balanced Property Fund Index 4.0 9.0 8.7 17.3 4.5

Managed Property Fund Index 4.7 8.6 7.3 16.9 4.6

Low Geared Balanced Fund Index** 4.6 8.9 8.8 17.2 4.6

All Balanced Property Fund Index 4.2 8.8 8.6 17.2 4.6

Specialist Property Fund Index 2.6 10.5 8.9 17.6 3.4

Long Income Property Fund Index - 10.0 9.0 9.9 1.5

All Pooled Property Funds Index 3.4 9.5 8.7 16.4 3.8

Notes: * Annualised ** Excludes funds with net debt/net assets exceeding 25% on average as at the end of the last and three previous quarters Source: AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

Balanced Funds – 10 years to end December 2014


10Y* 5Y* 3Y* 12M 3M

Authorised PUTs

Ignis UK Property Fund ^^** 6.2 10.5 10.2 16.6 4.0

Aviva Investors Property Trust ^^** 1.3 5.9 7.5 11.3 3.1

Managed Funds

Legal & General Managed Property Fund 5.3 9.1 9.1 16.6 4.7

Threadneedle Pensions Property Fund 5.1 8.6 9.2 18.4 4.6

Standard Life Pooled Pension Property Fund 4.5 8.8 8.5 17.3 5.2

Aviva Investors Pensions Property Fund 4.4 7.7 7.1 16.0 4.0

AEGON UK Property Fund Ltd ^^ 4.1 7.4 5.6 10.1 1.8

FL GM Property Fund 3.9 7.4 6.7 15.7 2.9

Common Investment Funds+

The Charities Property Fund 5.6 10.0 10.4 17.3 5.1

COIF Charities Property Fund 5.5 9.6 9.3 20.0 4.7

Mayfair Capital Property Income Trust for Charities 5.3 9.8 9.4 16.7 4.8


Hermes Property Unit Trust 6.5 11.3 11.3 19.7 5.6

Lothbury Property Trust 6.2 10.3 10.1 17.5 6.1

Royal London Property Fund 6.1 9.0 8.5 14.5 3.9

Threadneedle Property Unit Trust 5.4 8.3 9.3 17.7 3.6

BlackRock UK Property Fund 5.0 8.6 8.5 15.3 3.7

The Local Authorities' Property Fund 4.9 11.0 10.7 19.5 4.3

Henderson UK Property Fund 4.9 9.1 9.4 11.4 4.1

M&G UK Property Fund 4.4 8.1 8.1 16.1 4.5

Schroder UK Property Fund 4.1 10.0 9.9 18.7 4.3

CBRE UK Property Fund LP 3.5 10.6 9.8 18.3 4.9

Rockspring Hanover Property Unit Trust 3.1 7.9 7.9 16.2 4.2

UBS Triton Property Unit Trust 1.7 6.8 4.7 19.0 4.3

UBS Life Triton Property Fund ^^++ 1.5 6.5 4.4 18.0 4.1

UBS Triton Property Fund (Jersey) ^^ 0.7 5.7 3.4 17.5 3.9

Notes: ^^ Not currently a constituent of the AREF/ IPD UK Quarterly Property Fund Index: performance data provided by the fund manager * Per annum ** Performance on a bid-price to bid-price basis of calculation, income net of tax

+ Including other funds in which only charities are permitted to invest ++ Performance on a mid-price to mid-price basis of calculation Source (except where stated): AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

319



387




Gearing %^ 10Y* 5Y* 3Y* 12M 3M

Authorised PUTs

Ignis UK Property Fund ^^** -25.0 6.2 10.5 10.2 16.6 4.0

Standard Life UK Property Fund -24.8 - 6.5 8.9 12.7 2.7

Henderson UK Property Unit Trust ^^** -17.9 - 6.4 7.9 11.6 3.5

Aberdeen Property Trust ^^** -12.3 - 6.4 6.8 12.6 3.7

Aviva Investors Property Trust ^^** -11.7 1.3 5.9 7.5 11.3 3.1

M&G Property Portfolio ^^** -15.6 - 5.8 6.4 13.5 3.5

Old Mutual Property Fund^^** -13.5 - 5.2 6.4 11.1 2.5

Common Investment Funds +

The Charities Property Fund -2.9 5.6 10.0 10.4 17.3 5.1

Mayfair Capital Property Income Trust for Charities 27.7 5.3 9.8 9.4 16.7 4.8

COIF Charities Property Fund -3.3 5.5 9.6 9.3 20.0 4.7

Managed Funds

Kames Active Value Property Fund -13.2 - 9.7 9.0 13.8 4.1

Legal & General Managed Property Fund -16.9 5.3 9.1 9.1 16.6 4.7

Standard Life Pooled Pension Property Fund -5.3 4.5 8.8 8.5 17.3 5.2

Threadneedle Pensions Property Fund -9.8 5.1 8.6 9.2 18.4 4.6

Aviva Investors Pensions Property Fund -8.2 4.4 7.7 7.1 16.0 4.0

AEGON UK Property Fund Ltd ^^ -9.7 4.1 7.4 5.6 10.1 1.8

FL GM Property Fund -8.6 3.9 7.4 6.7 15.7 2.9


Hermes Property Unit Trust -3.1 6.5 11.3 11.3 19.7 5.6

The Local Authorities' Property Fund 11.7 4.9 11.0 10.7 19.5 4.3

CBRE UK Property Fund LP 11.2 3.5 10.6 9.8 18.3 4.9

Lothbury Property Trust -6.7 6.2 10.3 10.1 17.5 6.1

Schroder UK Property Fund 0.1 4.1 10.0 9.9 18.7 4.3

Henderson UK Property Fund 7.6 4.9 9.1 9.4 11.4 4.1

Royal London Property Fund -8.0 6.1 9.0 8.5 14.5 3.9

Fidelity UK Real Estate Fund -6.1 - 8.6 8.6 24.2 7.4

BlackRock UK Property Fund -3.4 5.0 8.6 8.5 15.3 3.7

Threadneedle Property Unit Trust -9.0 5.4 8.3 9.3 17.7 3.6

M&G UK Property Fund -7.3 4.4 8.1 8.1 16.1 4.5

Rockspring Hanover Property Unit Trust 8.0 3.1 7.9 7.9 16.2 4.2

UBS Triton Property Unit Trust -3.5 1.7 6.8 4.7 19.0 4.3

Legal & General UK Property Fund ^^** -22.0 - 6.7 7.1 12.8 3.9

UBS Life Triton Property Fund ^^++ -3.5 1.5 6.5 4.4 18.0 4.1

UBS Triton Property Fund (Jersey) ^^ -3.5 0.7 5.7 3.4 17.5 3.9

Notes: ^ Quarterly average net debt/equity ratio over the five years to 31 December 2014

^^ Not currently a constituent of the AREF/IPD UK Quarterly Property Fund Index: performance data provided by the fund manager * Per annum ** Performance on a bid-price to bid-price basis of calculation, income net of tax # Performance on a bid-price to bid-price basis of calculation, income gross of tax, of the Fund’s retail units ++ Performance on a mid-price to mid-price basis of calculation, income gross of tax + Including other funds in which only charities are permitted to invest -- Not available Source: Performance data (except where stated) — AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

320


388





Authorised PUTs









The Charities Property Fund -1.4 5.6 10.0 10.4 17.3 5.1



Managed Funds










The Local Authorities' Property Fund 9.2 4.9 11.0 10.7 19.5 4.3


Mayfair Capital Property Unit Trust -4.8 - - 10.0 16.6 3.7

Schroder UK Property Fund -1.7 4.1 10.0 9.9 18.7 4.3




Cordea Savills UK Income and Growth Fund 0.8 - - 8.8 12.4 2.6




The M&G UK Property Fund -6.7 4.4 8.1 8.1 16.1 4.5

Keills Property Unit Trust 13.4 - - 8.0 8.8 3.5



F&C UK Property Fund -23.4 - - 6.9 8.4 6.0




Notes: ^ Quarterly average net debt/equity ratio over the three years to 31 December 2014

^^ Not currently a constituent of the AREF/IPD UK Quarterly Property Fund Index: performance data provided by the fund manager * Per annum ** Performance on a bid-price to bid-price basis of calculation, income net of tax # Performance on a bid-price to bid-price basis of calculation, income gross of tax, of the Fund’s retail units ++ Performance on a mid-price to mid-price basis of calculation, income gross of tax + Including other funds in which only charities are permitted to invest -- Not available Source: Performance data (except where stated) — AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

321



389


Balanced funds – 12 months to end December 2014



Authorised PUTs










The Charities Property Fund 1.5 5.6 10.0 10.4 17.3 5.1


Managed Funds










AEW UK Core Property Fund -4.8 - - - 22.1 5.3


The Local Authorities' Property Fund -5.6 4.9 11.0 10.7 19.5 4.3














Cordea Savills UK Income and Growth Fund -1.9 - - 8.8 12.4 2.6


Keills Property Unit Trust 6.6 - - 8.0 8.8 3.5


Notes: ^ Quarterly average net debt/equity ratio over the year to 31 December 2014 ^^ Not currently a constituent of the AREF/IPD UK Quarterly Property Fund Index: performance data provided by the fund manager

* Per annum ** Performance on a bid-price to bid-price basis of calculation, income net of tax # Performance on a bid-price to bid-price basis of calculation, income gross of tax, of the Fund’s retail units ++ Performance on a mid-price to mid-price basis of calculation, income gross of tax + Including other funds in which only charities are permitted to invest

-- Not available Source: Performance data (except where stated) — AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

322


390


Balanced funds – 3 months to end December 2014


Gearing%^ 10Y* 5Y* 3Y* 12M 3M

Authorised PUTs









The Charities Property Fund 1.3 5.6 10.0 10.4 17.3 5.1


COIF Charities Property Fund 2.2 5.5 9.6 9.3 20.0 4.7

Managed Funds













AEW UK Core Property Fund -1.7 - - - 22.1 5.3




The Local Authorities' Property Fund -4.3 4.9 11.0 10.7 19.5 4.3











Keills Property Unit Trust -22.2 - - 8.0 8.8 3.5

Cordea Savills UK Income and Growth Fund -8.1 - - 8.8 12.4 2.6

Notes: ^ Net debt/equity ratio as at end- 31 December 2014

^^ Not currently a constituent of the AREF/IPD UK Quarterly Property Fund Index: performance data provided by the fund manager * Per annum ** Performance on a bid-price to bid-price basis of calculation, income net of tax # Performance on a bid-price to bid-price basis of calculation, income gross of tax, of the Fund’s retail units ++ Performance on a mid-price to mid-price basis of calculation, income gross of tax + Including other funds in which only charities are permitted to invest Source: Performance data (except where stated) — AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch)

323



391


Long Income Property Funds – 10 years to end December 2014


10Y* 5Y* 3Y* 12M 3M

Standard Life Investments Long Lease Property Fund 6.5 9.5 9.1 9.7 1.8




M&G Secured Property Income Fund 1.2 - 10.8 9.4 10.0 1.3

Standard Life Investments Long Lease Property Fund -5.5 6.5 9.5 9.1 9.7 1.8

Pramerica UK Ground Lease Fund -1.8 - 7.7 8.3 13.3 1.0






LPI (Limited Price Inflation) Income Property Fund -4.7 - - 9.0 8.7 2.4


Long Income Property Funds – 12 months to end December 2014







Long Income Property Funds – 3 months to end December 2014


Gearing%^^ 10Y* 5Y* 3Y* 12M 3M





Notes: ^ Quarterly average net debt/equity ratio over the year to 31 December 2014 ^^Net debt/equity ratio as at end December 2014 Source: Performance data (except where stated) — AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch) * Per annum -- Not available

324


392


Specialist Funds – 10 years to end December 2014


Gearing% 10Y* 5Y* 3Y* 12M 3M

Industrial

Industrial Property Investment Fund ** 7.2 13.2 15.0 30.0 7.9

Ashtenne Industrial Fund ** -4.9 -1.7 -2.8 24.5 -0.1

Offices

West End of London Property Unit Trust ** 13.5 21.5 20.4 21.0 4.7

Grosvenor London Office Fund ** 10.9 18.6 18.8 27.6 3.8

Henderson Central London Office Fund ** 10.2 15.2 13.6 23.4 9.3

Retail Warehouses

Henderson UK Retail Warehouse Fund ** 2.8 11.7 8.7 17.8 3.1

Aberdeen Property UK Retail Parks Trust ** 2.6 7.8 2.9 6.6 -4.2

Hercules Unit Trust ** -0.4 6.8 4.8 19.4 2.0

Shopping Centres

Lend Lease Retail Partnership ** 5.7 11.0 9.3 14.7 1.2

Henderson UK Shopping Centre Fund ** 3.3 10.5 8.0 12.6 3.8

Leisure

The Leisure Fund LP ** 9.3 15.8 12.8 19.7 5.2

Healthcare

The Quercus Healthcare Fund ** 2.2 -7.2 -15.8 -13.4 -3.0

Note: * Annualised ** Not available




Industrial Funds

Industrial Property Investment Fund 23.2 7.2 13.2 15.0 30.0 7.9

Airport Industrial Property Unit Trust 33.1 - 12.6 12.9 18.7 4.2

Ashtenne Industrial Fund 128.8 -4.9 -1.7 -2.8 24.5 -0.1

Offices

West End of London Property Unit Trust 31.4 13.5 21.5 20.4 21.0 4.7

UBS Central London Office Value Added Fund 29.3 - 21.2 26.9 43.9 9.7

Grosvenor London Office Fund 40.9 10.9 18.6 18.8 27.6 3.8

Henderson Central London Office Fund 7.0 10.2 15.2 13.6 23.4 9.3

Retail Warehouses

Henderson UK Retail Warehouse Fund 61.3 2.8 11.7 8.7 17.8 3.1

Standard Life Investments UK Retail Park Trust -4.6 - 8.8 5.8 11.4 2.4

Aberdeen Property UK Retail Parks Trust 52.4 2.6 7.8 2.9 6.6 -4.2

Hercules Unit Trust 68.6 -0.4 6.8 4.8 19.4 2.0

Shopping Centres

Grosvenor Liverpool Fund 139.1 - 25.8 16.1 28.3 3.7

Lend Lease Retail Partnership -0.2 5.7 11.0 9.3 14.7 1.2

Standard Life UK Shopping Centre Trust -4.9 - 10.6 9.2 16.5 2.6

Henderson UK Shopping Centre Fund 11.4 3.3 10.5 8.0 12.6 3.8

Residential

UNITE UK Student Accommodation Fund 83.6 - 12.9 13.9 14.6 2.2

Leisure

The Leisure Fund LP 30.2 9.3 15.8 12.8 19.7 5.2

Healthcare

The Quercus Healthcare Fund 74.9 2.2 -7.2 -15.8 -13.4 -3.0

Note: * Annualised ** Not available ^ Quarterly average net debt/equity ratio over the five years to 31 December 2014 ^^ Not currently a constituent of AREF/ IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch): performance data supplied by fund manager. < The Fund’s portfolio is re-valued only as at 30 June and 31March.

325



393





Industrials




Offices





Retail Warehouses





Shopping centres





Residential


Leisure


Healthcare


Note: * Annualised ^ Quarterly average net debt/equity ratio over the three years to 31 December 2014 < The Fund’s portfolio is valued half-yearly on 30 June and 31 March ^^ Not currently a constituent of AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch): performance data provided by fund manager

326


394


Specialist Funds – 12 months to end December 2014



Industrial




Offices





Retail Warehouse





Shopping Centres





Residential


Leisure


Healthcare


Note: * Annualised ^ Quarterly average net debt/equity ratio over the year to 31 December 2014 ^^ Not currently a constituent of AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch): performance data provided by the fund manager < The Fund’s portfolio is re valued only half-yearly, on 30 June and 31 March -- Not available

327



395


Specialist funds – 3 months to end December 2014



Industrial




Office

UBS Central London Office Value Added Fund -5.4 - 21.2 26.9 43.9 9.7




Retail Warehouse





Shopping Centre





Residential


Leisure


Healthcare


Note: * Annualised ^ Net debt/equity ratio as at 31 December 2014

^^ Not currently a constituent of AREF/IPD UK Quarterly Property Fund Index (Sponsored by PropertyMatch): performance data provided by fund manager < The Fund’s portfolio is re valued only half-yearly, on 30 June and 31 March

328

AREF / IPD Property Fund Vision — Q4 2014 Risk-adjusted performance rankings


Risk-adjusted performance rankings

329



Performance rankings by risk-adjusted quarterly returns

Sharpe ratio

15 years^ 10 years^

Managed funds Managed funds Threadneedle Pensions Property Fund 0.44 Threadneedle Pensions Property Fund 0.25

Legal & General Managed Property Fund 0.35 Legal & General Managed Property Fund 0.23

FL GM Property Fund 0.30 Standard Life Pooled Pension Property Fund 0.17

Aviva Investors Pensions Property Fund 0.30 FL GM Property Fund 0.16

Standard Life Pooled Pension Property Fund 0.29 Aviva Investors Pensions Property Fund 0.15

AEGON UK Property Fund 0.16 AEGON UK Property Fund 0.05

Other balanced funds

Threadneedle Property Unit Trust 0.37 Other balanced funds

Hermes Property Unit Trust 0.34 Royal London Property Fund 0.26

Royal London Property Fund 0.33 Hermes Property Unit Trust 0.26

BlackRock UK Property Fund 0.28 Lothbury Property Trust 0.24

The M&G UK Property Fund 0.28 Threadneedle Property Unit Trust 0.22

Henderson UK Property Fund 0.24 BlackRock UK Property Fund 0.17

The Local Authorities' Property Fund 0.22 Henderson UK Property Fund 0.16

Schroder UK Property Fund 0.20 The M&G UK Property Fund 0.16

Rockspring Hanover Property Unit Trust 0.19 The Local Authorities' Property Fund 0.15

UBS Triton Property Fund 0.16 Schroder UK Property Fund 0.11

CBRE UK Property Fund LP 0.16 CBRE UK Property Fund LF 0.08

Rockspring Hanover Property Unit Trust 0.06

Specialist funds UBS Triton Property Fund -0.01

Industrial Property Investment Fund 0.36

Common Investment Funds*

The Charities Property Fund 0.22

COIF Charities Property Fund 0.19

Mayfair Capital PITCH 0.16

Specialist funds

Henderson Central London Office Fund 0.37

Grosvenor London Office Fund 0.35

West End of London Property Unit Trust 0.34

The Leisure Fund LP 0.26


The Lend Lease Retail Partnership 0.22

Henderson UK Shopping Centre Fund 0.07

Henderson UK Retail Warehouse Fund 0.06

Aberdeen Property UK Retail Parks Trust 0.05

The Quercus Healthcare Fund 0.03

Hercules Unit Trust -0.04

Ashtenne Industrial Fund -0.20

Long Income Funds

Standard Life Long Lease Property Fund 0.48

Note: ^ To 31 December 2014 * And other funds in which only charities are allowed to invest Source: IPD

330




Performance rankings by risk-adjusted quarterly returns

Sharpe ratio

7 years^ 5 years^

Managed funds Managed funds

Threadneedle Pensions Property Fund 0.22 Legal & General Managed Property Fund 1.47

Legal & General Managed Property Fund 0.19 Threadneedle Pensions Property Fund 1.29

FL GM Property Fund 0.12 Standard Life Pooled Pension Property Fund 1.26

Standard Life Pooled Pension Property Fund 0.11 FL GM Property Fund 1.18

Aviva Investors Pensions Property Fund 0.08 Kames Active Value Property Fund 1.14


Aviva Investors Pensions Property Fund 1.03


Other balanced funds Hermes Property Unit Trust 1.62

Royal London Property Fund 0.21 Lothbury Property Trust 1.61

Lothbury Property Trust 0.18 Schroder UK Property Fund 1.57

Hermes Property Unit Trust 0.17 The Local Authorities' Property Fund 1.45

Threadneedle Property Unit Trust 0.15 BlackRock UK Property Fund 1.40

The M&G UK Property Fund 0.12 The M&G UK Property Fund 1.35

Henderson UK Property Fund 0.10 Henderson UK Property Fund 1.28

The Local Authorities' Property Fund 0.09 CBRE UK Property Fund LF 1.26

BlackRock UK Property Fund 0.07 Royal London Property Fund 1.19

Schroder UK Property Fund 0.04 Threadneedle Property Unit Trust 1.17

CBRE UK Property Fund LF 0.02 Rockspring Hanover Property Unit Trust 0.84

Rockspring Hanover Property Unit Trust -0.04 Fidelity UK Real Estate Fund 0.78

UBS Triton Property Fund -0.10 UBS Triton Property Fund 0.53

Common Investment Funds* Common Investment Funds*

The Charities Property Fund 0.23 The Charities Property Fund 1.57

COIF Charities Property Fund 0.15 Mayfair Capital Property Income Fund for Charities 1.52

Mayfair Capital Property Income Fund for Charities 0.07 COIF Charities Property Fund 1.20

Long Income Funds

Long Income Funds The M&G Secured Property Income Fund 2.15

Pramerica UK Ground Lease Fund 1.12 Standard Life Investments Long Lease Property Fund 1.89

Standard Life Investments Long Lease Property Fund 0.47 Pramerica UK Ground Lease Fund 1.31

The M&G Secured Property Income Fund 0.23 Specialist funds

Specialist funds UNITE UK Student Accommodation Fund 3.11

Grosvenor London Office Fund 0.30 West End of London Property Unit Trust 1.86

Henderson Central London Office Fund 0.27 The Leisure Fund LP 1.48

UNITE UK Student Accommodation Fund 0.25 Grosvenor London Office Fund 1.43

The Lend Lease Retail Partnership 0.18 Henderson UK Shopping Centre Fund 1.33

Industrial Property Investment Fund 0.18 Airport Industrial Property Unit Trust 1.32

West End of London Property Unit Trust 0.17 Henderson Central London Office Fund 1.30

The Leisure Fund LP 0.15 Standard Life UK Shopping Centre Trust 1.25

Standard Life UK Shopping Centre Trust 0.13 Industrial Property Investment Fund 1.16

Standard Life UK Retail Park Trust 0.09 Standard Life UK Retail Park Trust 1.05

Henderson UK Retail Warehouse Fund 0.04 The Lend Lease Retail Partnership 1.03

Henderson UK Shopping Centre Fund 0.01 Henderson UK Retail Warehouse Fund 0.97

Aberdeen Property UK Retail Parks Trust -0.01 Aberdeen Property UK Retail Parks Trust 0.65

Airport Industrial Property Unit Trust -0.05 Grosvenor Liverpool Fund 0.52

Hercules Unit Trust -0.14 Hercules Unit Trust 0.48

Ashtenne Industrial Fund -0.41 Ashtenne Industrial Fund -0.10

The Quercus Healthcare Fund -0.46 The Quercus Healthcare Fund -0.39

Notes : ^ To 31 December 2014 *And other funds in which only charities are allowed to invest.

Note: The tables above and on the following page rank the constituents of AREF / IPD Property Fund Vision in order in terms of their risk-

adjusted investment performance over the past five, seven, ten and fifteen years. The basis of calculation is the Sharpe ratio, one of the

more widely used methods of calculating risk-adjusted returns. The Sharpe ratio is derived by firstly calculating each fund’s returns in excess

of the risk-free rate (i.e. the yield on 90-day UK Treasury Bills). The average of these risk-adjusted returns for each period is then divided by

the standard deviation of these returns over the same period. The higher the Sharpe ratio, the higher the return achieved per unit of risk.

331

Distribution yields per unit

332

AREF / IPD Property Fund Vision — Q4 2014 Distribution yields per unit

Distribution yields per unit

Balanced funds %

Authorised Property Unit Trusts

Aviva Investors Property Trust +

Ignis UK Property Trust +

Legal & General UK Property Trust +

M&G Property Portfolio +

Henderson UK Property OEIC +

Old Mutual Property Fund +

Standard Life Investments UK Property Fund +

Aberdeen Property Trust +

Managed Funds

AEGON UK Property Fund **

Aviva Investors Pensions Property Fund **

FL GM Property Fund **

Legal & General Managed Property Fund **

Standard Life Investments Pooled Pension Property Fund **

Threadneedle Pensions Property Fund **

Kames Active Value Property Fund **

Common Investment Funds ++ (un-weighted/weighted avge) 6.5 / 6.5



Mayfair Capital Property Income Trust for Charities 6.8

Other balanced funds (un-weighted/weighted average) 4.5 / 4.0

L&G UK Property Fund +

AEW UK Core Property Fund 8.9

Threadneedle Property Unit Trust 5.5

Mayfair Capital Property Unit Trust 5.5

Cordea Savills UK Income and Growth Fund 5.0

Rockspring Hanover Property Unit Trust 4.6

The Local Authorities' Property Fund 4.6

Henderson UK Property Fund 4.2

CBRE Lionbrook Property Fund 4.2

UBS Triton Property Fund 4.1

Hermes Property Unit Trust 4.1

The M&G UK Property Fund 4.0

Schroder UK Property Fund 3.9

Keills Property Trust 3.6

Lothbury Property Trust 3.3

BlackRock UK Property Fund 3.3

Royal London Property Fund 3.1

CIFs/other balanced funds (un-weighted/weighted average) 4.8 / 4.3

Long Income Property Funds %

Long Income Property Funds (un-weighted/weighted average) 1.7 / 2.3

The M&G Secured Property Income Fund 4.1

Pramerica UK Ground Lease Fund ^ 2.8

LPI (Limited Price Inflation) Income Property Fund -

Standard Live Investments Long Lease Property Fund -

Specialist funds %

Industrial (un-weighted/weighted average) 4.9 / 4.5

Ashtenne Industrial Fund 18.7

Airport Industrial Property Unit Trust 4.5


Offices (un-weighted/weighted average) 2.1 / 2.0




UBS Central London Office Added Value Fund 0.8

Retail warehouse (un-weighted/weighted average) 3.8 / 4.3

Hercules Unit Trust 5.1

Standard Life Investments UK Retail Park Trust 4.1



Shopping centres (un-weighted/weighted average) 3.7 / 3.8


Standard Life Investments UK Shopping Centre Trust 4.1

Lend Lease Retail Partnership 3.6

Grosvenor Liverpool Fund 2.8

Residential (un-weighted/weighted average) 6.1 / 6.1

UNITE UK Student Accommodation Fund 6.1

Leisure (un-weighted/weighted average) 4.9 / 4.9


Heathcare (un-weighted/weighted average) 5.9 / 5.9


All specialist funds (un-weighted/weighted average) 4.5 / 4.2

333

Portfolio weightings by type of property AREF / IPD Property Fund Vision — Q4 2014

APIA

402

Portfolio weightings by type of property

334

AREF / IPD Property Fund Vision — Q4 2014 Portfolio weightings by type of property


403

Portfolio weightings by type of property Retail warehouses

Portfolio weightings %: December2014

Retail warehouses Shopping centres Standard retail All retail

Aberdeen Property UK Retail Parks Trust 99.9 0.0 0.0 99.9

Hercules Unit Trust 99.6 0.0 0.0 99.6

Henderson UK Retail Warehouse Fund 96.8 0.0 0.0 96.8

Standard Life Investments UK Retail Park Trust 94.3 0.0 0.0 94.3

Old Mutual Property Fund 31.7 0.0 3.6 35.2

AEGON UK Property Fund Ltd 30.9 0.0 10.1 41.0

UBS Triton Property Fund 29.5 4.7 8.0 42.2

Cordea Savills UK Income and Growth Fund 29.3 0.0 41.6 70.9

Specialist Funds Index ^ 25.2 25.0 0.2 50.4

The M&G UK Property Fund 24.7 2.6 14.1 41.4

F&C UK Property Fund 23.2 0.0 12.7 36.0

FL GM Property Fund 22.3 0.6 20.9 43.8

Local Authorities Property Fund 22.2 0.0 10.2 32.4

Threadneedle Property Unit Trust 21.1 0.6 17.5 39.2

M&G Property Portfolio 20.9 5.0 12.5 38.4

BlackRock UK Property Fund 20.8 5.2 3.4 29.5

Lothbury Property Trust 20.7 6.8 20.5 48.0

Aviva Investors Pensions Property Fund 20.4 0.0 18.4 38.7

Standard Life Investments Pooled Pensions Property Fund 19.7 6.6 15.2 41.5

Managed Property Funds Index^ 19.4 7.4 14.3 41.0

CBRE UK Property Fund LP 19.3 6.1 11.9 37.3

COIF Charities Property Fund 19.0 0.0 9.8 28.8

All Pooled Funds Index^ 18.9 11.4 11.2 41.5

Royal London Property Fund 18.8 0.0 20.6 39.4

All Balanced Funds Index^ 18.3 4.5 13.2 36.0

Other Balanced Fund Index^ 17.7 2.8 12.4 32.9

L & G Managed Property Fund 16.9 5.5 9.4 31.8

Aviva Investors Property Trust 16.0 10.9 14.4 41.4

The Charities Property Fund 14.7 0.0 19.2 33.9

Standard Life UK Property Fund 14.4 6.6 9.7 30.6

AEW UK Core Property Fund 14.0 4.0 23.2 41.2

Ignis UK Property Trust 14.0 3.1 17.1 34.2

Hermes Property Unit Trust 13.8 3.1 10.5 27.4

Threadneedle Pensions Property Fund 13.5 4.9 19.9 38.3

Henderson UK Property OEIC 13.4 0.0 13.0 26.4

Schroder UK Property Fund 11.8 1.0 11.4 24.2

Aberdeen Property Trust 11.2 8.0 16.8 35.9

Kames Active Value Property Fund 11.1 0.0 17.7 28.7

Mayfair Capital Property Unit Trust 10.9 0.0 20.0 30.9

Mayfair Capital Property Income Trust for Charities 10.3 0.0 12.0 22.3

Henderson UK Property Fund 10.1 0.0 14.4 24.5

Fidelity UK Real Estate Fund 8.4 0.0 2.6 11.1

L & G UK Property Trust 7.2 0.4 11.7 19.3

Rockspring Hanover Property Unit Trust 3.3 15.5 13.7 32.5

Standard Life Investments UK Shopping Centre Trust 3.3 89.7 0.0 93.0

Long Income Property Funds Index^ 2.2 1.2 35.8 39.2

Note: ^ AREF/IPD UK Quarterly Property Fund Index (Not all constituents of AREF / IPD Property Fund Vision are constituents of the AREF/IPD UK Quarterly Property Fund Index)

335


APIA

404

Portfolio weightings by type of property Shopping centres

Portfolio weightings %: December 2014

Shopping centres Standard retail Retail warehouses All retail

Lend Lease Retail Partnership 98.4 0.0 0.0 98.4

Grosvenor Liverpool Fund 96.9 3.1 0.0 100.0



Pramerica UK Ground Lease Fund 16.7 2.3 0.0 18.9



























336



405

Portfolio weightings by type of property Standard retail


Standard retail Retail warehouses Shopping centres All retail

M&G Secured Income Property Fund 43.4 0.0 0.0 43.4


Standard Life Long Lease Property Fund 38.6 0.0 0.0 38.6



LPI Income Property Fund 22.8 0.0 0.0 22.8













Keills Property Trust 14.7 0.0 0.0 14.7




























UNITE UK Student Accommodation Fund 0.7 0.0 0.0 0.7



337


APIA

406

Portfolio weightings by type of property All retail


All retail Retail warehouses Shopping centres Standard retail


Aberdeen Property UK Retail Parks Trust 99.9 99.9 0.0 0.0

Hercules Unit Trust 99.6 99.6 0.0 0.0

Lend Lease Retail Partnership 98.4 0.0 98.4 0.0

Henderson UK Retail Warehouse Fund 96.8 96.8 0.0 0.0

Standard Life Investments UK Retail Park Trust 94.3 94.3 0.0 0.0
















































UNITE UK Student Accommodation Fund 0.7 0.0 0.0 0.7


338



407

Portfolio weightings by type of property City of London offices


City of London West End* All central London All offices

Henderson Central London Office Fund 45.8 37.6 83.4 97.5

Grosvenor London Office Fund 14.6 85.4 100.0 100.0
































Note: * Including Holborn/mid-town ^ AREF/IPD UK Quarterly Property Fund Index (Not all constituents of AREF / IPD Property Fund Vision are constituents of the AREF/IPD UK Quarterly Property Fund Index)

339


APIA

408

Portfolio weightings by type of property West End of London offices


West End of London* City of London All Central London All offices


West End of London Property Unit Trust 82.7 0.0 82.7 86.9

UBS Central London Office Value Added 60.7 0.0 60.7 95.5


































Note: * Including Holborn/mid-town ^ AREF/IPD UK Quarterly Property Fund Index (Not all constituents of AREF / IPD Property Fund Vision are constituents of the AREF/IPD UK Quarterly Property Fund Index)

340



409

Portfolio weightings by type of property South-eastern offices (excluding central London)


SE Region (ex central London) Rest of UK Central London All offices


















































341


APIA

410

Portfolio weightings by type of property Rest of UK offices


Rest of UK offices Central London Rest of South-east All offices










































342



411

Portfolio weightings by type of property All offices


All offices Central London Rest of South-east Rest of UK




















































343


APIA

412

Portfolio weightings by type of property South-eastern industrial


London & South-eastern Rest of UK All industrial

Airport Industrial Property Unit Trust 98.2 1.1 99.3

Industrial Property Investment Fund 64.4 32.5 97.7

Rockspring Hanover Property Unit Trust 30.2 10.8 41.0

UBS Triton Property Fund 21.8 6.7 28.5

Fidelity UK Real Estate Fund 20.9 24.9 45.8

CBRE UK Property Fund LP 19.6 7.5 27.1

Mayfair Capital Property Unit Trust 19.3 10.5 29.9

Schroder UK Property Fund 16.5 5.7 22.2

Hermes Property Unit Trust 16.2 1.4 17.6

FL GM Property Fund 15.2 11.3 26.5

Standard Life Investments Pooled Pensions Property Fund 14.1 2.4 16.5

Other Balanced Fund Index^ 14.1 9.1 23.1

Threadneedle Property Unit Trust 13.4 8.3 21.6

Lothbury Property Trust 13.3 5.1 18.4

Henderson UK Property Fund 12.6 19.2 31.8

All Balanced Funds Index^ 12.3 8.0 20.3

Aviva Investors Pensions Property Fund 12.2 3.0 15.2

Old Mutual Property Fund 11.9 15.4 27.3

BlackRock UK Property Fund 11.4 7.3 18.7

Royal London Property Fund 11.2 11.8 23.0

COIF Charities Property Fund 11.2 16.7 27.9

The M&G UK Property Fund 10.9 9.0 19.9

All Pooled Funds Index^ 10.3 6.4 16.7

Specialist Funds Index ^ 10.1 4.7 14.8

Managed Property Funds Index^ 9.7 6.0 15.7

Ignis UK Property Trust 9.1 9.2 18.4

AEGON UK Property Fund Ltd 8.6 7.1 15.7

Mayfair Capital Property Income Trust for Charities 8.5 17.1 25.6

L & G Managed Property Fund 7.7 7.2 15.0

Aberdeen Property Trust 7.5 8.3 15.8

Aviva Investors Property Trust 7.0 2.9 9.9

The Charities Property Fund 6.8 21.8 28.6

Standard Life UK Property Fund 6.3 2.7 9.1

Threadneedle Pensions Property Fund 5.2 11.3 16.5

M&G Property Portfolio 4.9 9.9 14.7

L & G UK Property Trust 4.6 22.9 27.4

Ashtenne Industrial Fund 4.3 82.4 93.0

Local Authorities Property Fund 4.0 23.9 27.9

Standard Life Long Lease Property Fund 3.6 8.0 11.5

F&C UK Property Fund 3.1 15.1 18.2

Cordea Savills UK Income and Growth Fund 2.6 7.1 9.6

M&G Secured Income Property Fund 2.2 3.3 5.5

Long Income Property Funds Index^ 2.2 4.4 6.6


344



413

Portfolio weightings by type of property Rest of UK industrial


Rest of UK London & South-eastern All industrial







AEW UK Core Property Fund 20.0 0.0 20.0




Henderson UK Property OEIC 16.2 0.0 16.2












Kames Active Value Property Fund 8.6 0.0 8.6














Pramerica UK Ground Lease Fund 5.2 0.0 5.2












345


APIA

414

Portfolio weightings by type of property All industrial


All Industrial London & South-Eastern Rest of UK






















AEW UK Core Property Fund 20.0 0.0 20.0



























346

Balance Sheet Ratios

347


Balanced Funds

Gross Debt/Gross Assets~ (%) Net Debt (Cash)/Property Assets+ (%)

Authorised PUTs (un-weighted/weighted average) - / - Authorised PUTs (un-weighted/weighted average) -17.6 / -16.5

Aviva Investors Property Trust - Standard Life UK Property Fund -29.9

Henderson UK Property OEIC - Ignis UK Property Fund -24.8

Ignis UK Property Trust - Henderson UK Property OEIC -18.9

M&G Property Portfolio - Aberdeen Property Trust -16.3

Old Mutual Property Fund - M&G Property Portfolio -12.5

Standard Life UK Property Fund - Old Mutual Property Fund -11.0

Aberdeen Property Trust - Aviva Investors Property Trust -10.1

Common Investment Funds* (un-weighted/weighted avge) 7.1 / 5.2 Common Investment Funds* (un-weighted/weighted avge) 6.0 / 4.3


COIF Charities Property Fund 2.1 COIF Charities Property Fund 2.1

Mayfair Capital Property Income Trust for Charities 17.2 Mayfair Capital Property Income Trust for Charities 14.5

Managed Funds (un-weighted/weighted average) 0.2 / 0.4 Managed Funds (un-weighted/weighted average) -9.4 / -7.0

FL GM Property Fund - AEGON UK Property Fund -16.5

Aviva Investors Pensions Property Fund - Kames Active Value Property Fund -15.9

AEGON UK Property Fund - Threadneedle Pensions Property Fund -8.1

Standard Life Investments Pooled Pensions Property Fund - FL GM Property Fund -7.6

Kames Active Value Property Fund - Legal & General Managed Property Fund -6.9

Threadneedle Pensions Property Fund 0.5 Aviva Investors Pensions Property Fund -6.0

Legal & General Managed Property Fund 1.2 Standard Life Investments Pooled Pension Property Fund -4.3

Other Balanced Funds (un-weighted/weighted average) 3.5 / 2.0 Other Balanced Funds (un-weighted/weighted average -4.1 / -4.8

AEW UK Core Property Fund - Keills Property Trust -28.6

Cordea Savills UK Income and Growth Fund - Legal & General UK Property Fund -20.9

F&C UK Property Fund - F&C UK Property Fund -13.6

Fidelity UK Real Estate Fund - Cordea Savills UK Income and Growth Fund -8.6

Hermes Property Unit Trust - Hermes Property Unit Trust -6.0

Lothbury Property Trust - Threadneedle Property Unit Trust -5.9

The M&G UK Property Fund - UBS Triton Property Fund -5.7

Legal & General UK Property Fund - BlackRock UK Property Fund -4.7

Mayfair Capital Property Unit Trust - The Local Authorities' Property Fund -4.5

Royal London Property Fund - Schroder UK Property Fund -3.6

UBS Triton Property Fund - Lothbury Property Trust -3.6

Threadneedle Property Unit Trust 0.3 The M&G UK Property Fund -3.5

BlackRock UK Property Fund 1.8 Royal London Property Fund -3.3

Schroder UK Property Fund 2.2 Mayfair Capital Property Unit Trust -2.4

The Local Authorities' Property Fund 2.5 Fidelity UK Real Estate Fund -1.9

CBRE UK Property Fund LP 9.6 AEW UK Core Property Fund -1.7

Rockspring Hanover Property Unit Trust 15.4 CBRE UK Property Fund LP 9.5

Henderson UK Property Fund 17.0 Rockspring Hanover Property Unit Trust 15.1

Keills Property Trust 18.0 Henderson UK Property Fund 15.5

All Balanced Funds (un-weighted/weighted average) 2.5 / 1.0 All Balanced Funds (un-weighted/weighted average) -6.9 / -8.9

Notes: ~ Gross assets = net assets plus gross debt * Including other funds open to investment only by registered charities

+ ‘Property assets’ comprise properties held directly, jointly & indirectly plus property company shares. Negative figures indicate net cash (rather than net debt) as a percentage of property assets

348


Balanced Funds (cont’d)

Notes * Including other funds open to investment only by registered charities ^ Negative figures indicate net cash/equity (rather than net debt/equity) # The percentage change in NAV which would result (ignoring management fees) from a 10% change in the underlying value of the fund’s property assets (including those held jointly & indirectly, and property company shares). This analysis is indicative only, and is not in any way predictive of what would occur even in the event of a change in property values of the sort used for illustration.

Net Debt/Equity Ratio^ (%) Gearing Risk/Reward Impact #

Authorised PUTs (un-weighted/weighted average) -14.7 / -14.1 Authorised PUTs (un-weighted/weighted average) 8.5 / 8.5

Standard Life UK Property Fund -23.2 Standard Life UK Property Fund 7.8

Ignis UK Property Fund -19.8 Ignis UK Property Fund 8.0

Henderson UK Property OEIC -15.9 Aberdeen Property Trust 8.2

Aberdeen Property Trust -13.4 Henderson UK Property OEIC 8.4

M&G Property Portfolio -11.2 Old Mutual Property Fund 9.0

Old Mutual Property Fund -9.9 M&G Property Portfolio 9.0

Aviva Investors Property Trust -9.2 Aviva Investors Property Trust 9.1

Common Investment Funds* (un-weighted/weighted avge) 7.0 / 4.6 Common Investment Funds* (un-weighted/weighted avge) 10.8 / 10.5



Mayfair Capital Property Income Trust for Charities 17.7 Mayfair Capital Property Income Trust for Charities 12.2

Managed Funds (un-weighted/weighted average) -8.4 / -6.6 Managed Funds (un-weighted/weighted average) 9.2 / 9.4

AEGON UK Property Fund -14.2 AEGON UK Property Fund 8.6

Kames Active Value Property Fund -13.7 Kames Active Value Property Fund 8.6

Threadneedle Pensions Property Fund -7.7 FL GM Property Fund 9.3

FL GM Property Fund -7.1 Aviva Investors Pensions Property Fund 9.5

Legal & General Managed Property Fund -6.6 Threadneedle Pensions Property Fund 9.5

Aviva Investors Pensions Property Fund -5.7 Legal & General Managed Property Fund 9.5

Standard Life Investments Pooled Pension Property Fund -4.2 Standard Life Investments Pooled Pension Property Fund 9.6

Other Balanced Funds (un-weighted/weighted average) -3.0 / -4.6 Other Balanced Funds (un-weighted/weighted average) 9.8 / 9.6

Keills Property Trust -22.2 Keills Property Trust 7.8

Legal & General UK Property Fund -17.3 Legal & General UK Property Fund 8.3

F&C UK Property Fund -11.9 F&C UK Property Fund 8.8

Cordea Savills UK Income and Growth Fund -8.1 Hermes Property Unit Trust 9.3

Threadneedle Property Unit Trust -5.6 Cordea Savills UK Income and Growth Fund 9.5

Hermes Property Unit Trust -5.6 Threadneedle Property Unit Trust 9.6

UBS Triton Property Fund -5.5 Schroder UK Property Fund 9.6

BlackRock UK Property Fund -4.5 The Local Authorities' Property Fund 9.6

The Local Authorities' Property Fund -4.3 UBS Triton Property Fund 9.6

The M&G UK Property Fund -3.5 BlackRock UK Property Fund 9.6

Lothbury Property Trust -3.5 Lothbury Property Trust 9.7

Schroder UK Property Fund -3.5 Royal London Property Fund 9.7

Royal London Property Fund -3.2 Mayfair Capital Property Unit Trust 9.7

Mayfair Capital Property Unit Trust -2.3 The M&G UK Property Fund 9.9

Fidelity UK Real Estate Fund -1.9 AEW UK Core Property Fund 9.9

AEW UK Core Property Fund -1.7 Fidelity UK Real Estate Fund 10.0

CBRE UK Property Fund LP 10.6 CBRE UK Property Fund LP 11.1

Rockspring Hanover Property Unit Trust 17.7 Rockspring Hanover Property Unit Trust 11.7


All Balanced Funds (un-weighted/weighted average) -5.5 / -8.1 All Balanced Funds (un-weighted/weighted average) 9.5 / 9.2

349


Long Income Property Funds

Gross Debt/Gross Assets~ (%) Net Debt (Cash)/Property Assets+ (%)

(Un-weighted/weighted average) 2.3/4.8 (Un-weighted/weighted average) -0.8 / 2.0

LPI (Limited Price Inflation) Income Property Fund - Standard Life Investments Long Lease Property Fund -9.4

Pramerica UK Ground Lease Fund - Pramerica UK Ground Lease Fund -1.7

Standard Life Investments Long Lease Property Fund - LPI (Limited Price Inflation) Income Property Fund -1.5

M&G Secured Income Property Fund 9.1 M&G Secured Property Income Fund 9.3



(Un-weighted/weighted average) -0.5 / 2.0 (Un-weighted/weighted average) 9.8 / 10.0

Standard Life Investments Long Lease Property Fund -8.6 Standard Life Investments Long Lease Property Fund 9.2

Pramerica UK Ground Lease Fund -1.7 Pramerica UK Ground Lease Fund 9.9

LPI (Limited Price Inflation) Income Property Fund -1.5 LPI (Limited Price Inflation) Income Property Fund 9.9

M&G Secured Property Income Fund 9.7 M&G Secured Property Income Fund 10.5

Notes: ~ Gross assets = net assets plus gross debt + ‘Property assets’ comprise properties held directly, jointly & indirectly plus property company shares. Negative figures indicate net cash (rather than net debt) as a percentage of property assets # The percentage change in NAV which would result (ignoring management fees) from a 10% change in the underlying value of the fund’s property assets (including

those held jointly & indirectly, and property company shares). This analysis is indicative only, and is not in any way predictive of what would occur even in the event of a change

350


Specialist Funds

Notes: ~ Gross assets = net assets plus gross debt + ‘Property assets’ comprise properties held directly, jointly & indirectly plus property company shares. Negative figures indicate net cash (rather than net debt) as a percentage of property assets

Gross Debt/Gross Assets~ (%) Net Debt (Cash)/Property Assets+(%)

Industrial (un-weighted/weighted average) 27.6 / 26.6 Industrial (un-weighted/weighted average) 24.1 / 23.6

Airport Industrial Property Unit Trust 22.9 Airport Industrial Property Unit Trust 22.0

Industrial Property Investment Fund 25.5 Industrial Property Investment Fund 23.0

Ashtenne Industrial Fund 34.5 Ashtenne Industrial Fund 27.2

Offices (un-weighted/ weighted average) 16.9 / 20.3 Offices (un-weig`hted/ weighted average) 12.1 / 14.2

UBS Central London Office Value Added Fund - UBS Central London Office Value Added Fund -5.5

Henderson Central London Office Fund 14.2 West End of London Property Unit Trust 8.5


Grosvenor London Office Fund 33.1 Grosvenor London Office Fund 33.2

Retail Warehouses (un-weighted/weighted average) 26.8 / 28.1 Retail Warehouses (un-weighted/weighted average) 24.7 / 26.3

Standard Life Investments UK Retail Park Trust - Standard Life Investments UK Retail Park Trust -6.0

Henderson UK Retail Warehouse Fund 32.6 Henderson UK Retail Warehouse Fund 30.2

Aberdeen Property UK Retail Parks Trust 36.3 Aberdeen Property UK Retail Parks Trust 36.2

Hercules Unit Trust 38.3 Hercules Unit Trust 38.3

Shopping Centres (un-weighted/weighted average) 14.7 / 12.2 Shopping Centres (un-weighted/weighted average) 12.3/ 9.1

Lend Lease Retail Partnership - Standard Life UK Shopping Centre Trust -7.5

Standard Life UK Shopping Centre Trust - Lend Lease Retail Partnership -1.6

Henderson UK Shopping Centre Fund 11.7 Henderson UK Shopping Centre Fund 10.9

Grosvenor Liverpool Fund 47.3 Grosvenor Liverpool Fund 47.5

Leisure (un-weighted/weighted average) 21.8 / 21.8 Leisure (un-weighted/weighted average) 17.6 / 17.6

Leisure Fund LP 21.8 Leisure Fund LP 17.6

Residential (un-weighted/weighted average) 42.4 / 42.4 Residential (un-weighted/weighted average) 42.6 / 42.6

UNITE UK Student Accommodation Fund 42.4 UNITE UK Student Accommodation Fund 42.6

Healthcare (un-weighted/weighted average) 51.4 / 51.4 Healthcare (un-weighted/weighted average) 47.8 / 47.8

The Quercus Healthcare Fund 51.4 The Quercus Healthcare Fund 47.8

All Specialist Funds (un-weighted/weighted average) 24.0 / 24.5 All Specialist Funds (un-weighted/weighted average) 20.9 / 21.7

351

Balance Sheet Ratios AREF / IPD Property Fund Vision — Q4 2014


Specialist Funds (cont’d)

Notes: ^ Negative figures indicate net cash/equity (rather than net debt/equity) # The percentage change in NAV which would result (ignoring management fees) from a 10% change in the underlying value of the fund’s property assets (including

those held jointly & indirectly, and property company shares). This analysis is indicative only, and is not in any way predictive of what would occur even in the event of a change in property values of the sort used for illustration.






Offices (un-weighted/weighted average) 16.7 / 16.5 Offices (un-weighted/weighted average) 11.6 / 11.6

UBS Central London Office Value Added Fund -5.4 UBS Central London Office Value Added Fund 9.7

West End of London Property Unit Trust 9.2 West End of London Property Unit Trust 10.9

Henderson Central London Office Fund 13.6 Henderson Central London Office Fund 11.2



Standard Life Investments UK Retail Park Trust -5.8 Standard Life Investments UK Retail Park Trust 9.6




Shopping Centres (un-weighted/weighted average) 23.3 / 10.0 Shopping Centres (un-weighted/weighted average) 12.3 / 11.0

Standard Life UK Shopping Centre Trust -7.1 Standard Life UK Shopping Centre Trust 9.4

Lend Lease Retail Partnership -1.6 Lend Lease Retail Partnership 9.9




Leisure Fund LP 22.2 Leisure Fund LP 12.6

Residential (un-weighted/weighted average) 73.4 / 73.4 Residential (un-weighted/weighted average) 17.2 / 17.2


Healthcare (un-weighted/weighted average) 94.1 / 94.1 Healthcare (un-weighted/weighted average) 19.7 / 19.7



352

Portfolio A nalysis AREF / IPD Property Fund Vision — Q4 2014

APIA

Portfolio Analysis

353

AREF / IPD Property Fund Vision — Q4 2014 Portfolio Analysis

APIA

421

Portfolio Yields

Balanced Funds

Initial Yield % Equivalent Yield Nominal % True %

Authorised PUTs (un-weighted/weighted average) 5.17 / 5.29 Authorised PUTs (un-weighted/weighted avge) 3.54 / 3.73 6.06 / 6.08

Aviva Investors Property Trust 5.84 Aviva Investors Property Trust - 6.72

Old Mutual Property Fund 5.24 Old Mutual Property Fund 6.10 6.34

M&G Property Portfolio 5.81 M&G Property Portfolio 5.97 6.20

Aberdeen Property Trust 5.08 Aberdeen Property Trust - 6.02

Standard Life UK Property Fund 4.54 Standard Life UK Property Fund 5.75 5.96

Henderson UK Property OEIC 5.12 Henderson UK Property OEIC 5.63 5.84

Ignis UK Property Fund 4.55 Ignis UK Property Fund - 5.33

Common Investment Funds* (un-weighted/weighted avge) 5.95 / 6.00 Common Investment Funds* (un/weighted avge) 6.35 / 6.27 6.62 / 6.55

COIF Charities Property Fund 6.15 COIF Charities Property Fund 6.51 6.77

Mayfair Capital Property Income Trust for Charities 5.70 Mayfair Capital Property Income Trust for Charities 6.43 6.69

The Charities Property Fund 6.00 The Charities Property Fund 6.10 6.40

Managed Funds (un-weighted/weighted average) 5.76 / 5.14 Managed Funds (un-weighted/weighted average) 6.64 / 6.05 5.26 / 5.54

Kames Active Value Property Fund 8.04 Kames Active Value Property Fund 7.90 7.60

Threadneedle Pensions Property Fund 6.20 Threadneedle Pensions Property Fund 7.40 -

FL GM Property Fund 6.10 FL GM Property Fund 7.30 -

AEGON UK Property Fund Ltd 5.32 AEGON UK Property Fund Ltd 6.21 6.45

Aviva Investors Pensions Property Fund 5.29 Aviva Investors Pensions Property Fund - 6.07

Legal & General Managed Property Fund 4.86 Legal & General Managed Property Fund 5.58 5.78

Standard Life Pooled Pension Property Fund 4.49 Standard Life Pooled Pension Property Fund 5.46 5.65

Other Balanced Funds (un-weighted/weighted average) 5.72 / 5.32 Other Balanced Ffunds (un-weighted/weighted avge) 4.84 / 4.00 6.32 / 4.87

AEW UK Core Property Fund 9.67 AEW UK Core Property Fund 9.02 9.53

Henderson UK Property Fund 5.92 Henderson UK Property Fund 7.14 7.46

Rockspring Hanover PUT 5.22 Rockspring Hanover PUT 6.97 7.27

Keills Property Trust 6.59 Keills Property Trust 0.00 7.17

Threadneedle Property Unit Trust 6.27 Threadneedle Property Unit Trust - 7.14

UBS Triton Property Fund 5.41 UBS Triton Property Fund - 7.12

F&C UK Property Fund 5.96 F&C UK Property Fund 5.97 6.85

The Local Authorities' Property Fund 6.07 The Local Authorities' Property Fund 6.58 6.85

Fidelity UK Real Estate Fund 6.40 Fidelity UK Real Estate Fund - 6.80

Mayfair Capital Property Unit Trust 5.69 Mayfair Capital Property Unit Trust 6.46 6.72

Cordea Savills UK Income and Growth Fund 5.71 Cordea Savills UK Income and Growth Fund 6.15 6.40

Schroder UK Property Fund 5.07 Schroder UK Property Fund 6.01 6.28

CBRE UK Property Fund LP 5.54 CBRE UK Property Fund LP 6.04 6.27

L & G UK Property Fund 5.24 L & G UK Property Fund 0.00 6.11

The M&G UK Property Fund 5.29 The M&G UK Property Fund 5.83 6.05

Hermes Property Unit Trust 4.70 Hermes Property Unit Trust 5.66 5.86

Royal London Property Fund 4.26 Royal London Property Fund 5.52 5.71

Lothbury Property Trust 4.35 Lothbury Property Trust 4.90 5.06

BlackRock UK Property Fund 5.25 BlackRock UK Property Fund - -

All Balanced Funds (un-weighted/weighted average) 5.64 / 5.32 All Balanced Funds (un-weighted/weighted avge) 5.12 / 4.61 6.11 / 5.60

Notes: * Including other funds in which only charities are allowed to invest



(un-weighted/weighted average) 4.32 / 4.67 (un-weighted/weighted avge) 6.27 / 6.15 4.91 / 5.97

LPI Income Property Fund 4.31 LPI Income Property Fund 6.94 7.26

M&G Secure Income Property Fund 4.93 M&G Secure Income Property Fund 6.25 6.55

Standard Life Long Lease Property Fund 4.64 Standard Life Long Lease Property Fund 5.61 5.83

Pramerica UK Ground Lease Fund 3.40 Pramerica UK Ground Lease Fund - -

354


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Portfolio Yields

Specialist Funds


Industrial (un-weighted/weighted average) 5.81 / 5.62 Industrial (un-weighted/weighted average) 7.22 / 6.89 4.14 / 5.24

Ashtenne Industrial Fund 7.60 Ashtenne Industrial Fund 9.69 -

Industrial Property Investment Fund 5.47 Industrial Property Investment Fund 6.54 6.81

Airport Industrial Property Unit Trust 4.37 Airport Industrial Property Unit Trust 5.43 5.62

Offices (un-weighted/weighted average) 2.67 / 2.97 Offices (un-weighted/weighted average) 4.51 / 4.52 4.95 / 4.68

Henderson Central London Office Fund 3.03 Henderson Central London Office Fund 4.83 -

West End of London Property Unit Trust 2.87 West End of London Property Unit Trust 4.56 4.69

Grosvenor London Office Fund 3.77 Grosvenor London Office Fund 4.13 4.24

UBS Central London Office Value Added Fund 1.00 UBS Central London Office Value Added Fund - 5.92

Retail Warehouses (un-weighted/weighted average) 4.71 / 4.77 Retail Warehouses (un-weighted/weighted average) 5.15 / 5.16 5.43 / 5.43

Aberdeen Property UK Retail Parks Trust 4.48 Aberdeen Property UK Retail Parks Trust 5.30 5.48

The Hercules Unit Trust 4.80 The Hercules Unit Trust 5.30 5.50

Henderson UK Retail Warehouse Fund 4.90 Henderson UK Retail Warehouse Fund 5.10 5.30

Standard Life UK Retail Park Trust 4.65 Standard Life UK Retail Park Trust 4.90 -

Shopping Centres (un-weighted/weighted average) 4.60 / 4.63 Shopping Centres (un-weighted/weighted average) 4.92 / 4.97 3.41 / 3.36

Standard Life UK Shopping Centre Trust 4.83 Standard Life UK Shopping Centre Trust 5.19 -

Grosvenor Liverpool Fund 4.41 Grosvenor Liverpool Fund 5.06 5.22

Henderson UK Shopping Centre Fund 4.95 Henderson UK Shopping Centre Fund 4.86 5.01

Lend Lease Retail Partnership 4.20 Lend Lease Retail Partnership 4.58 -

Leisure (un-weighted/weighted average) 5.64 / 5.64 Leisure (un-weighted/weighted average) 5.87 / 5.87 6.09 / 6.09

The Leisure Fund LP 5.64 The Leisure Fund LP 5.87 6.09

Healthcare (un-weighted/weighted average) 8.76 / 8.76 Healthcare (un-weighted/weighted average) 12.01/12.01 - / -

The Quercus Healthcare Fund 8.76 The Quercus Healthcare Fund 12.01 -

Residential (un-weighted/weighted average) 6.47 / 6.47 Residential (un-weighted/weighted average) - / - - / -

UNITE UK Student Accomodation Fund 6.47 UNITE UK Student Accomodation Fund - -

All Specialist Funds (un-weighted/weighted average)* 4.79 / 4.91 All Specialist Funds (un-weighted/weighted average)* 5.49 / 4.96 3.99 / 3.96

Notes: * Excludes development and residential funds

355


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423

Longevity of Leases

Balanced Funds

% of income from leases expiring* within 5 years % of income from leases unexpired* after 5 years

Authorised PUTs (un-weighted/weighted average) 34.0 / 34.7 Authorised PUTs (un-weighted/weighted average) 66.0 / 65.3

Aviva Property Trust 50.0 Standard Life UK Property Fund 79.7

M&G Property Portfolio 39.0 Henderson UK Property OEIC 73.8

Old Mutual Property Fund 38.0 Aberdeen Property Trust 70.9

Ignis UK Property Trust 35.0 Ignis UK Property Trust 65.0

Aberdeen Property Trust 29.1 Old Mutual Property Fund 62.0

Henderson UK Property OEIC 26.2 M&G Property Portfolio 61.0

Standard Life UK Property Fund 20.3 Aviva Property Trust 50.0

Common Investment Funds** (un-weighted/weighted avge) 44.2 / 45.1 Common Investment Funds** (un-weighted/weighted avge) 55.8 / 54.9

COIF Charities Property Fund 61.9 Mayfair Capital Property Income Trust for Charities 70.2


Mayfair Capital Property Income Trust for Charities 29.8 COIF Charities Property Fund 38.1

Managed Funds (un-weighted/weighted average) 31.9 / 31.8 Managed Funds (un-weighted/weighted average) 68.1 / 68.2

Threadneedle Pensions Property Fund 50.2 AEGON UK Property Fund 79.8

Aviva Investors Pensions 48.6 Standard Life Pooled Pension Property Fund 79.7

FL GM Property Fund 39.0 Legal & General Managed Property Fund 77.5

Kames Active Value Property Fund 22.6 Kames Active Value Property Fund 77.4

Legal & General Managed Property Fund 22.5 FL GM Property Fund 61.0

Standard Life Pooled Pension Property Fund 20.3 Aviva Investors Pensions 51.4

AEGON UK Property Fund 20.2 Threadneedle Pensions Property Fund 49.8

Other Balanced Funds (un-weighted/weighted average) 43.7 / 48.5 Other Balanced Funds (un-weighted/weighted average) 56.3 / 51.5

AEW UK Core Property Fund 70.6 Keills Property Trust 100.0

Rockspring Hanover PUT 61.5 Cordea Savills UK Income and Growth Fund 97.2

Local Authorities Property Fund 58.1 F&C UK Property Fund 77.2

Threadneedle Property Unit Trust 57.9 Mayfair Capital Property Unit Trust 61.4

Fidelity UK Real Estate Fund 57.4 L & G UK Property Fund 61.2

Hermes Property Unit Trust 55.3 The M&G UK Property Fund 61.2

Schroder Exempt Property Unit Trust 53.9 Royal London Property Fund 60.2

CBRE UK Property Fund LP 53.8 BlackRock UK Property Fund 56.3

Lothbury Property Trust 47.5 UBS Triton Property Fund 56.0


UBS Triton Property Fund 44.0 Lothbury Property Trust 52.5

BlackRock UK Property Fund 43.7 CBRE UK Property Fund LP 46.2

Royal London Property Fund 39.8 Schroder Exempt Property Unit Trust 46.1

The M&G UK Property Fund 38.8 Hermes Property Unit Trust 44.7

L & G UK Property Fund 38.8 Fidelity UK Real Estate Fund 42.6

Mayfair Capital Property Unit Trust 38.6 Threadneedle Property Unit Trust 42.1

F&C UK Property Fund 22.8 Local Authorities Property Fund 41.9

Cordea Savills UK Income and Growth Fund 2.8 Rockspring Hanover PUT 38.5

Keills Property Trust - AEW UK Core Property Fund 29.4

All Balanced Funds (un-weighted/weighted average) 39.6 / 39.7 All Balanced Funds (un-weighted/weighted average) 60.4 / 60.3

Notes: * Or subject to breaks and in respect of directly held properties only (including joint interests of 50% or more). ** And other funds in which only Charities are allowed to invest

356


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Longevity of Leases

Balanced Funds

% of income from leases expiring* after 10 years % of income from leases unexpired* after 15 years


Henderson UK Property OEIC 48.3 Henderson UK Property OEIC 33.6

Standard Life UK Property Fund 39.7 Aberdeen Property Trust 18.8

Aberdeen Property Trust 36.5 Standard Life UK Property Fund 18.1

M&G Property Portfolio 35.1 M&G Property Portfolio 17.1

Ignis UK Property Trust 29.1 Aviva Property Trust 15.0

Aviva Property Trust 28.0 Ignis UK Property Trust 9.6

Old Mutual Property Fund 24.9 Old Mutual Property Fund 6.1

Common Investment Funds** (un-weighted/weighted avge) 30.6 / 30.4 Common Investment Funds** (un-weighted/weighted avge) 12.2 / 14.2

Mayfair Capital Property Income Trust for Charities 42.3 The Charities Property Fund 19.8

The Charities Property Fund 36.1 Mayfair Capital Property Income Trust for Charities 8.5



Standard Life Pooled Pension Property Fund 39.7 Legal & General Managed Property Fund 23.1

AEGON UK Property Fund 37.7 Standard Life Pooled Pension Property Fund 21.2

FL GM Property Fund 35.0 FL GM Property Fund 17.0

Kames Active Value Property Fund 33.4 AEGON UK Property Fund 16.7

Legal & General Managed Property Fund 30.5 Aviva Investors Pensions 16.0

Aviva Investors Pensions 29.8 Kames Active Value Property Fund 14.3

Threadneedle Pensions Property Fund 17.1 Threadneedle Pensions Property Fund 6.4


Keills Property Trust 86.8 L & G UK Property Fund 18.5

F&C UK Property Fund 41.3 F&C UK Property Fund 18.1

Mayfair Capital Property Unit Trust 38.2 Cordea Savills UK Income and Growth Fund 17.0

Cordea Savills UK Income and Growth Fund 37.4 Lothbury Property Trust 14.7

Royal London Property Fund 36.5 Mayfair Capital Property Unit Trust 13.1

L & G UK Property Fund 32.8 Rockspring Hanover PUT 12.7

The M&G UK Property Fund 31.3 Hermes Property Unit Trust 12.2

BlackRock UK Property Fund 28.2 Royal London Property Fund 11.6

Hermes Property Unit Trust 26.3 BlackRock UK Property Fund 9.3

UBS Triton Property Fund 26.2 The M&G UK Property Fund 9.0

Lothbury Property Trust 23.5 Schroder Exempt Property Unit Trust 8.2

Schroder Exempt Property Unit Trust 22.4 UBS Triton Property Fund 7.5

Rockspring Hanover PUT 19.7 Local Authorities Property Fund 6.8

CBRE UK Property Fund LP 18.8 Fidelity UK Real Estate Fund 5.4

Local Authorities Property Fund 16.1 CBRE UK Property Fund LP 4.8

Fidelity UK Real Estate Fund 14.1 AEW UK Core Property Fund 4.7


Threadneedle Property Unit Trust 12.1 Threadneedle Property Unit Trust 3.4

AEW UK Core Property Fund 6.6 Keills Property Trust 1.0



357


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425

Longevity of Leases Retail warehouses

Balanced Funds

% of income from leases expiring* after 20 years

Authorised PUTs (un-weighted/weighted average) 8.1 / 10.4

Henderson UK Property OEIC 22.7

Aberdeen Property Trust 11.6

M&G Property Portfolio 8.5

Aviva Property Trust 7.4

Ignis UK Property Trust 5.4

Old Mutual Property Fund 1.4

Standard Life UK Property Fund -

Common Investment Funds** (un-weighted/weighted average) 5.6 / 7.5




Managed Funds (un-weighted/weighted average) 8.6 / 9.1

Legal & General Managed Property Fund 15.3

AEGON UK Property Fund 13.2

Aviva Investors Pensions 10.2

Standard Life Pooled Pension Property Fund 6.8

Kames Active Value Property Fund 5.6

FL GM Property Fund 5.0

Threadneedle Pensions Property Fund 4.0

Other Balanced Funds (un-weighted/weighted average) 4.2 / 4.2



L & G UK Property Fund 7.4


Rockspring Hanover PUT 6.0

Schroder Exempt Property Unit Trust 4.7

UBS Triton Property Fund 4.3





BlackRock UK Property Fund 2.1


CBRE UK Property Fund LP 2.0


F&C UK Property Fund 1.8

Local Authorities Property Fund 1.2


Fidelity UK Real Estate Fund -

All Balanced Funds (un-weighted/weighted average) 6.0 / 7.6


358


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Longevity of Leases



(un-weighted/weighted average) - /- (un-weighted/weighted average) 100.0 / 100.0

LPI (Limited Price Inflation) Income Property Fund - LPI (Limited Price Inflation) Income Property Fund 100.0

M&G Secure Income Property Fund - M&G Secure Income Property Fund 100.0

Pramerica UK Ground Lease - Pramerica UK Ground Lease 100.0

Standard Life Long Lease Property Fund - Standard Life Long Lease Property Fund 100.0



(un-weighted/weighted average) 99.6 / 99.6 (un-weighted/weighted average) 96.4 / 94.8

LPI (Limited Price Inflation) Income Property Fund 100.0 LPI (Limited Price Inflation) Income Property Fund 100.0

M&G Secure Income Property Fund 100.0 Pramerica UK Ground Lease 99.9

Pramerica UK Ground Lease 100.0 M&G Secure Income Property Fund 95.5

Standard Life Long Lease Property Fund 98.5 Standard Life Long Lease Property Fund 90.3



(un-weighted/weighted average) 81.9 / 74.2

Pramerica UK Ground Lease 99.9

LPI (Limited Price Inflation) Income Property Fund 92.4

M&G Secure Income Property Fund 74.7

Standard Life Long Lease Property Fund 60.6


359


APIA

427

Longevity of Leases

Specialist Funds







UBS Central London Office Value Added Fund 16.5 UBS Central London Office Value Added Fund 83.5











Standard Life UK Shopping Centre Trust 47.2 Standard Life UK Shopping Centre Trust 52.8


Lend Lease Retail Partnership 69.6 Lend Lease Retail Partnership 30.4


The Leisure Fund LP 4.3 The Leisure Fund LP 95.7

Healthcare ( un-weighted/weighted average) - / - Healthcare ( un-weighted/weighted average) 100.0 / 100.0

The Quercus Healthcare Fund - The Quercus Healthcare Fund 100.0

Residential ( un-weighted/weighted average) 97.1 / 97.1 Residential ( un-weighted/weighted average) 2.9 / 2.9



Notes: * Or subject to breaks and in respect of directly held properties only (including joint interests of 50% or more).

360


APIA

Longevity of Leases

Specialist Funds





Ashtenne Industrial Fund 2.9 Ashtenne Industrial Fund -


UBS Central London Office Value Added Fund 59.2 West End of London Property Unit Trust 4.8


Grosvenor London Office Fund 8.2 UBS Central London Office Value Added Fund -

West End of London Property Unit Trust 5.3 Grosvenor London Office Fund -



Henderson UK Retail Warehouse Fund 23.1 Hercules Unit Trust 5.0

Hercules Unit Trust 21.7 Henderson UK Retail Warehouse Fund 3.2

Standard Life UK Retail Park Trust 17.5 Standard Life UK Retail Park Trust -








Healthcare ( un-weighted/weighted average) 100.0 / 100.0 Healthcare ( un-weighted/weighted average) 100.0 / 100.0


Residential ( un-weighted/weighted average) 2.9 / 2.9 Residential( un-weighted/weighted average) 2.9 / 2.9



Notes: * Or subject to breaks and in respect of directly held properties only (including joint interests of 50% or more)

361


APIA

429

Longevity of Leases

Specialist Funds





Ashtenne Industrial Fund -




UBS Central London Office Value Added Fund -

Grosvenor London Office Fund -

Retail Warehouses (un-weighted/weighted average) 2.7 / 2.3


Hercules Unit Trust 2.8


Standard Life UK Retail Park Trust -

Shopping Centres (un-weighted/weighted average) 3.6 / 4.9

Standard Life UK Shopping Centre Trust 9.5


Lend Lease Retail Partnership -

Grosvenor Liverpool Fund -

Leisure (un-weighted/weighted average) - / -

The Leisure Fund LP -

Healthcare ( un-weighted/weighted average) 100.0 / 100.0


Residential ( un-weighted/weighted average) - / -

UNITE UK Student Accommodation Fund -

All Specialist Funds (un-weighted/weighted average) 7.5 / 7.9

Notes: * Or subject to breaks and in respect of directly held properties only (including joint interests of 50% or more).

362


APIA

Major Tenants’ Percentage Contribution to Rental Income

Balanced Funds

Largest Tenant % 3 Largest Tenants %



Henderson UK Property OEIC 6.6 Henderson UK Property OEIC 13.7

Aberdeen Property Trust 4.9 Standard Life UK Property Fund 12.1

Standard Life UK Property Fund 4.7 Aberdeen Property Trust 11.2



Aviva Investors Property Trust 3.7 Aviva Investors Property Trust 10.0

Common Investment Funds** (un-weighted/weighted avge) 6.4 / 6.5 Common Investment Funds** (un-weighted/weighted average) 14.2 / 14.1



Mayfair Capital Property Income Trust for Charities 6.1 The Charities Property Fund 13.8




Standard Life Pooled Pension Property Fund 8.0 Legal & General Managed Property Fund 18.9

Legal & General Managed Property Fund 6.9 Standard Life Pooled Pension Property Fund 17.1


Aviva Investors Pensions 3.7 Aviva Investors Pensions 10.6


Other Balanced Funds (un-weighted/weighted average) 8.8 / 5.3 Other alanced Funds (un-weighted/weighted average) 20.1 / 12.7

Keills Property Trust 33.8 Keills Property Trust 76.6

Cordea Savills UK Income and Growth Fund 28.9 Cordea Savills UK Income and Growth Fund 48.0

Royal London Property Fund 11.9 Fidelity UK Real Estate Fund 25.7

Fidelity UK Real Estate Fund 9.5 The Local Authorities Property Fund 22.1

UBS Triton Property Fund 8.7 Henderson UK Property Fund 21.1

The Local Authorities Property Fund 7.9 Royal London Property Fund 21.1

F&C UK Property Fund 7.8 F&C UK Property Fund 20.4

Lothbury Property Trust 7.7 UBS Triton Property Fund 19.9

Henderson UK Property Fund 7.6 Lothbury Property Trust 16.1

Hermes Property Unit Trust 6.2 Mayfair Capital Property Unit Trust 15.7

Mayfair Capital Property Unit Trust 5.2 Hermes Property Unit Trust 15.5

Rockspring Hanover PUT 5.0 AEW UK Core Property Fund 12.2

AEW UK Core Property Fund 4.7 The M&G UK Property Fund 11.7

The M&G UK Property Fund 4.4 CBRE UK Property Fund LP 11.1

CBRE UK Property Fund LP 3.8 Rockspring Hanover PUT 10.8

BlackRock UK Property Fund 3.6 L & G UK Property Fund 9.5

Schroder UK Property Fund 3.4 Schroder UK Property Fund 8.4

L & G UK Property Fund 3.4 BlackRock UK Property Fund 8.3



Note: ** And other funds in which only Charities are allowed to invest ^Not Disclosed

363


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431

Major Tenants’ Contribution to Rental Income (cont’d)

Balanced Funds (cont’d)

5 Largest Tenants % 10 Largest Tenants %



Henderson UK Property OEIC 20.0 Standard Life UK Property Fund 33.1

Standard Life UK Property Fund 19.0 Henderson UK Property OEIC 32.0

Aberdeen Property Trust 16.4 Aberdeen Property Trust 25.9

Ignis UK Property Trust 15.1 Aviva Investors Property Trust 24.3


Aviva Investors Property Trust 14.5 Ignis UK Property Trust 23.5

Common Investment Funds** (un-weighted/weighted average) 20.5 / 20.4 Common Investment Funds** (un-weighted/weighted average) 33.7 / 33.3


COIF Charities Property Fund 20.7 Mayfair Capital Property Income Trust for Charities 34.3





Legal & General Managed Property Fund 26.7 Legal & General Managed Property Fund 38.5

Standard Life Pooled Pension Property Fund 24.4 Standard Life Pooled Pension Property Fund 35.1


Aviva Investors Pensions 16.1 Aviva Investors Pensions 27.1



Keills Property Trust 100.0 Keills Property Trust 100.0

Cordea Savills UK Income and Growth Fund 58.2 Cordea Savills UK Income and Growth Fund 80.3

Fidelity UK Real Estate Fund 37.3 Fidelity UK Real Estate Fund 57.2

The Local Authorities Property Fund 33.8 The Local Authorities Property Fund 52.4

Henderson UK Property Fund 32.5 F&C UK Property Fund 50.6

F&C UK Property Fund 30.7 Henderson UK Property Fund 49.9

Royal London Property Fund 27.9 Mayfair Capital Property Unit Trust 43.2

UBS Triton Property Fund 27.2 Royal London Property Fund 42.9

Mayfair Capital Property Unit Trust 24.8 UBS Triton Property Fund 35.7

Lothbury Property Trust 22.9 Lothbury Property Trust 34.3

Hermes Property Unit Trust 20.5 Hermes Property Unit Trust 30.9

AEW UK Core Property Fund 18.4 AEW UK Core Property Fund 30.8

The M&G UK Property Fund 18.1 The M&G UK Property Fund 29.9

CBRE UK Property Fund LP 16.7 CBRE UK Property Fund LP 27.3

Rockspring Hanover PUT 14.4 L & G UK Property Fund 23.9

L & G UK Property Fund 14.0 Rockspring Hanover PUT 22.0

Schroder UK Property Fund 12.7 Schroder UK Property Fund 20.9

BlackRock UK Property Fund 12.2 BlackRock UK Property Fund 19.0



Note: ** And other funds in which only Charities are allowed to invest

364


APIA





M&G Secured Income Property Fund ^ M&G Secured Income Property Fund ^

Pramerica UK Ground Lease Fund 19.2 Pramerica UK Ground Lease Fund 36.1



Note: ^Not disclosed

Long Income Property Funds (cont’d)



M&G Secured Income Property Fund ^ M&G Secured Income Property Fund ^


Pramerica UK Ground Lease Fund 51.0 Pramerica UK Ground Lease Fund 75.0


Note: ^Not Disclosed

365


APIA

433


Specialist Funds










Henderson Central London Office Fund 10.9 West End of London Property Unit Trust 26.6





The Hercules Property Unit Trust 6.4 The Hercules Property Unit Trust 16.9










Residential ( un-weighted/weighted average) - / - Residential ( un-weighted/weighted average) - / -

UNITE UK Student Accommodation Fund - UNITE UK Student Accommodation Fund -


366


APIA


Specialist Funds (cont’d)















The Hercules Property Unit Trust 25.9 The Hercules Property Unit Trust 41.7










Residential ( un-weighted/weighted average) - / - Residential ( un-weighted/weighted average) - / -

UNITE UK Student Accommodation Fund - UNITE UK Student Accommodation Fund -


367

Portfolio analysis AREF / IPD Property Fund Vision — Q4 2014

APIA

Major tenants’ % contribution to rental income

All funds

Tenant Fund % of rental income

Accor Royal London Property Fund 3.1

Agility Logistics Limited Airport Industrial Property Unit Trust 2.5

Air Charter Service Group Limited Mayfair Capital Property Unit Trust 5.2

Aker Business Services Limited The Local Authorities Property Fund 3.0

Alpha Catering Services Ltd Airport Industrial Property Unit Trust 3.7

Anixter Limited F&C UK Property Fund 3.4

Apax Partners LLP Standard Life Pooled Pension Property Fund 4.4

Arcadia Standard Life UK Retail Park Trust 5.5

Arcadia Henderson UK Retail Warehouse Fund 3.6

Arcadia Henderson UK Shopping Centre Fund 3.4

Arcadia Lend Lease Retail Partnership 2.7

Arcadia The Hercules Unit Trust 6.4

Ardagh Glass Limited Old Mutual Property Fund 5.5

Argos Standard Life UK Retail Park Trust 7.3

Argos Henderson UK Retail Warehouse Fund 4.1

Argos L & G UK Property Fund 2.9

Argos Henderson UK Property Fund 5.4

Arla Foods Ltd UBS Triton Property Fund 6.2

Asda Stores Ltd Aberdeen Property UK Retail Parks Trust 7.6

Asda Stores Ltd Old Mutual Property Fund 8.8

Asda Stores Ltd Standard Life Long Lease 6.9

Asda Stores Ltd Standard Life Pooled Pension Property Fund 3.0

Asda Stores Ltd The Hercules Unit Trust 3.9

AstraZeneca UK Limited The Local Authorities Property Fund 7.3

Automatic Data Processing Limited COIF Charities Property Fund 3.0

Aviva Central Services Lothbury Property Trust 2.9

B&M Retail Limited COIF Charities Property Fund 2.7

B&M Retail Limited Mayfair Capital Property Unit Trust 3.2

B&Q Plc Old Mutual Property Fund 7.4

B&Q Plc The M&G UK Property Fund 3.6

B&Q Plc Aviva Investors Pensions 3.6

B&Q Plc Henderson UK Property OEIC 3.5

B&Q Plc Hermes Property Unit Trust 3.2

B&Q Plc Henderson UK Retail Warehouse Fund 2.7

B&Q Plc Mayfair Capital Property Income Trust for Charities 3.1

B&Q Plc Cordea Savills UK Income and Growth Fund 28.9

B&Q Plc AEGON UK Property Fund 9.8

B&Q Plc BlackRock UK Property Fund 3.6

B&Q Plc FL GM Property Fund 3.4

B&Q Plc Aviva Investors Property Trust 2.8

Bae Systems Integrated System Technologies Limited The M&G UK Property Fund 3.6

BAE Systems Plc West End of London Property Unit Trust 6.6

Balfour Beatty Group Limited Old Mutual Property Fund 3.7

Bank of Tokyo-Mitsubishi Ltd UBS Central London Office Value Added Fund 20.4

Barclays Bank Plc Henderson UK Property Fund 3.3

Barclays Bank Plc Lothbury Property Trust 2.5

Bard Ltd Mayfair Capital Property Income Trust for Charities 4.2

Barnett Waddingham LLP Mayfair Capital Property Income Trust for Charities 3.2

BCD Meetings & Events Limited Mayfair Capital Property Unit Trust 3.8

Be Yeovil BV Pramerica UK Ground Lease Fund 3.5

Bibby Offshore Ltd Total Standard Life UK Property Fund 2.7

Booker Ltd FL GM Property Fund 5.4

Boots Standard Life UK Retail Park Trust 6.9

Boots Henderson UK Retail Warehouse Fund 4.9

Boots Standard Life UK Shopping Centre Trust 3.2

Boots Aberdeen Property UK Retail Parks Trust 4.7

Boots The M&G UK Property Fund 4.4

Boots Aberdeen Property Trust 3.4

Boots COIF Charities Property Fund 2.9

Table continued overleaf

368

AREF / IPD Property Fund Vision — Q4 2014 Portfolio analysis

APIA

421

Major tenants’ % contribution to rental income (cont’d)

All funds


Boots The Hercules Unit Trust 5.0

Bracken Ltd Cordea Savills UK Income and Growth Fund 3.5

British Airways Plc Airport Industrial Property Unit Trust 4.2

Brocade Communications Ltd Royal London Property Fund 3.1

BSS Group Limited The Local Authorities Property Fund 2.9

Burlington The Quercus Healthcare Fund 5.5

Capita Symonds Ltd Henderson Central London Office Fund 4.3

Cargo Service Centre (UK) Ltd Airport Industrial Property Unit Trust 10.8

Caring Homes The Quercus Healthcare Fund 3.0

Carpetright Plc Standard Life UK Retail Park Trust 3.4

Carpetright Plc Aberdeen Property UK Retail Parks Trust 3.3

Carpetright Plc Standard Life Pooled Pension Property Fund 4.1

CC Automotive Group Ltd Kames Active Value Property Fund 5.1

CDS (Superstores International) Ltd Kames Active Value Property Fund 4.2

CEVA Logistics Limited COIF Charities Property Fund 6.2

CIB Properties Ltd West End of London Property Unit Trust 3.6

Cine UK Leisure Fund (The) 15.1

Cine UK Lend Lease Retail Partnership 3.8

Cintas Document Management UK Ltd Fidelity UK Real Estate Fund 8.5

CMC Markets UK Plc Henderson Central London Office Fund 10.4

Collinson (Central Services) Limited Henderson Central London Office Fund 3.4

Commercialisation Lend Lease Retail Partnership 3.5

Co-Operative Group Limited Keills Property Trust 20.8

Co-Operative Group Limited Henderson UK Property OEIC 2.8

Co-Operative Group Limited Mayfair Capital Property Unit Trust 4.1

Covance Clinical & Periapproval Total Standard Life UK Property Fund 3.0

Cunningham Lindsay UK Ltd Mayfair Capital Property Income Trust for Charities 2.7

Cycle Surgery UBS Central London Office Value Added Fund 4.9

Daniel Edelman Ltd West End of London Property Unit Trust 5.0

David Lloyd AEW UK Core Property Fund 2.5

Debenhams Grosvenor Liverpool Fund 3.7

Debenhams Standard Life UK Shopping Centre Trust 3.7

Debenhams Henderson UK Shopping Centre Fund 3.5

Debenhams The M&G UK Property Fund 3.7

Debenhams Mayfair Capital Property Income Trust for Charities 2.7

Derbyshire County Council Kames Active Value Property Fund 2.6

DFS Furniture Ltd Royal London Property Fund 3.4

DHL Supply Chain Limited The Local Authorities Property Fund 4.9

Dixons Retail Plc Threadneedle Property Unit Trust 3.3

Dnata Ltd Airport Industrial Property Unit Trust 12.5

DSG Retail Limited Henderson UK Retail Warehouse Fund 4.5

DSG Retail Limited Standard Life UK Retail Park Trust 5.6

DSG Retail Limited Standard Life UK Property Fund 3.5

DSG Retail Limited Threadneedle Pensions Property Fund 2.6

DSG Retail Limited Old Mutual Property Fund 5.9

DSG Retail Limited Lothbury Property Trust 3.9

DSG Retail Limited Aberdeen Property UK Retail Parks Trust 8.3

DSG Retail Limited Cordea Savills UK Income and Growth Fund 4.9

DSG Retail Limited CBRE UK Property Fund LP 3.8

DSG Retail Limited AEGON UK Property Fund 3.6

DSG Retail Limited Aberdeen Property Trust 2.9

DSG Retail Limited Standard Life Pooled Pension Property Fund 4.7

Dunelm (Soft Furnishings) Ltd Henderson UK Property Fund 3.0

Eddie Stobart Ltd AEW UK Core Property Fund 2.9

Edwards Wildman Palmer UK LLP COIF Charities Property Fund 3.0

EHS Brann Limited (surety: Havas SA) The Charities Property Fund 3.3

Encore Tickets Group Ltd Henderson Central London Office Fund 3.6

Enterprise Inns Plc Hermes Property Unit Trust 6.1

Environmental Scientifics Group Henderson UK Property Fund 7.6

Equinix (UK) Ltd Airport Industrial Property Unit Trust 2.5

ER Allies, G Morrison, DG Amar Total Standard Life UK Property Fund 3.8


369


APIA


All Funds


European Development Company (Hotels) Ltd Pramerica UK Ground Lease Fund 4.8

Eversheds Properties Standard Life UK Property Fund 3.2

Exemplar The Quercus Healthcare Fund 17.0

First Choice Holidays Limited F&C UK Property Fund 3.4

First Secretary of State Aberdeen Property Trust 2.9

First Secretary of State Fidelity UK Real Estate Fund 4.5

Fiserve (Europe) Limited The Local Authorities Property Fund 6.9

Fitness First / Sparring Partners UBS Central London Office Value Added Fund 13.8

Four Seasons The Quercus Healthcare Fund 17.7

Freeth's Fidelity UK Real Estate Fund 4.0

G4S Regional Management (UK & I) Ltd West End of London Property Unit Trust 3.1

Galsgow City Council Standard Life Long Lease 4.8

Gap Lend Lease Retail Partnership 3.0

Garfield Weston Foundation Threadneedle Pensions Property Fund 2.7

Gate Gourmet London Ltd Airport Industrial Property Unit Trust 17.7

GB Gas Holdings Ltd Henderson UK Property OEIC 3.0

Gerber Juice Company Ltd AEGON UK Property Fund 3.7

Giant Consultancy Ltd Henderson Central London Office Fund 2.6

Gilead Sciences Henderson UK Property OEIC 2.5

GlaxoSmithKline Services Royal London Property Fund 11.9

Goldman Sachs International Legal & General Managed Property Fund 3.8

Government / Public Setor Henderson UK Property Fund 6.8

Government / Public Setor Ignis UK Property Trust 4.3

Government / Public Setor FL GM Property Fund 3.4

Government / Public Setor F&C UK Property Fund 3.4

Government / Public Setor AEGON UK Property Fund 4.6

Government / Public Setor The Charities Property Fund 2.8

Government / Public Setor AEW UK Core Property Fund 3.0

Great Bear Distribution Ltd Fidelity UK Real Estate Fund 2.7

H&M Lend Lease Retail Partnership 4.5

H&M Standard Life UK Shopping Centre Trust 4.0

Halfords Plc Standard Life UK Retail Park Trust 3.7

Halfords Plc Henderson UK Property Fund 4.9

Hampton by Hilton Pramerica UK Ground Lease Fund 5.8

Heath Lambert Limited Henderson Central London Office Fund 6.8

Hi Tech Fabrication Limited Henderson UK Property Fund 5.9

Hobbycraft Group Ltd Aberdeen Property UK Retail Parks Trust 5.2

Hollister Lend Lease Retail Partnership 2.7

Home Retail Group Plc Threadneedle Property Unit Trust 2.9

Home Retail Group Plc The Hercules Unit Trust 4.2

Homebase Ltd Standard Life UK Retail Park Trust 3.9

Homebase Ltd Standard Life UK Property Fund 3.5

Homebase Ltd CBRE UK Property Fund LP 2.6

Homebase Ltd Old Mutual Property Fund 7.6

Homebase Ltd F&C UK Property Fund 3.4

House of Fraser Ltd Legal & General Managed Property Fund 6.4

House of Fraser Ltd West End of London Property Unit Trust 4.0

House of Fraser Ltd AEGON UK Property Fund 3.2

Howard Hunt (City) Limited F&C UK Property Fund 3.4

HP Enterprise Defence & Security UK Limited COIF Charities Property Fund 3.1

Hutchison 3G UK Limited Legal & General Managed Property Fund 3.9

IBM United Kingdom Leasing Limited (01197708) CBRE UK Property Fund LP 3.6

Ideal Care Homes The Quercus Healthcare Fund 6.7

IGE Energy Services (UK) Limited The Local Authorities Property Fund 6.1

IHS (Global) Ltd Henderson Central London Office Fund 9.0

Inditex Lend Lease Retail Partnership 3.4

J E Beale Plc AEW UK Core Property Fund 4.7

JD Wetherspoon Plc Cordea Savills UK Income and Growth Fund 4.9

John Lewis Plc The Charities Property Fund 2.9

Jurys Hotel Management (UK) Ltd FL GM Property Fund 2.9

KCCLP Pramerica UK Ground Lease Fund 4.6

Kingfisher Group Plc (B&Q) The Hercules Unit Trust 2.8

Kohlberg Kravis Roberts & Co Ltd West End of London Property Unit Trust 5.2


370


APIA

423


All Funds


Lancaster Plc F&C UK Property Fund 3.4

Laura Ashley Limited Old Mutual Property Fund 4.3

Leyton Healthcare The Quercus Healthcare Fund 13.4

Lloyds TSB Bank Plc Schroder UK Property Fund 2.6

Lucozade Ribena Suntory Ltd Total Standard Life UK Property Fund 2.8

Luminar Group Ltd AEW UK Core Property Fund 3.5

Macarthys Laboratories Limited F&C UK Property Fund 3.4

Maria Mallaband The Quercus Healthcare Fund 6.3

Marks & Spencer Plc Henderson UK Retail Warehouse Fund 6.0

Marks & Spencer Plc Standard Life UK Shopping Centre Trust 2.5

Marks & Spencer Plc Lothbury Property Trust 4.0

Marks & Spencer Plc The Hercules Unit Trust 4.8

Marks & Spencer Plc Aberdeen Property UK Retail Parks Trust 5.4

Marriott Hotels International Ltd Henderson Central London Office Fund 10.9

Matalan Retail Limited Henderson UK Retail Warehouse Fund 3.8

Matalan Retail Limited F&C UK Property Fund 3.4

Mecca Bingo Ltd Kames Active Value Property Fund 6.2

Mid Counties Co-Op Cordea Savills UK Income and Growth Fund 5.3

Mitchells & Butlers Retail (No. 2) Limited Leisure Fund (The) 2.9

Moores Furniture Group Rockspring Hanover PUT 3.7

Motability Operations Limited Mayfair Capital Property Unit Trust 4.5

Motability Operations Limited F&C UK Property Fund 3.4

MWB Business Exchange (Houndsditch) Ltd Henderson Central London Office Fund 6.4

Nandos Chickenland Limited Leisure Fund (The) 2.8

National Westminister Bank Plc Fidelity UK Real Estate Fund 4.5

Natuzzi Henderson UK Property Fund 3.0

Nero Holdings Limited UBS Central London Office Value Added Fund 4.6

New Look Retailers Ltd Grosvenor Liverpool Fund 2.9

New Look Retailers Ltd The Hercules Unit Trust 3.2

Next Standard Life UK Retail Park Trust 10.2

Next Henderson UK Retail Warehouse Fund 4.8

Next Henderson UK Shopping Centre Fund 3.1

Next Lend Lease Retail Partnership 3.0

Next FL GM Property Fund 5.6

Next The Hercules Unit Trust 5.5

Next Aberdeen Property UK Retail Parks Trust 4.6

NHS Shared Business Services Ltd UBS Central London Office Value Added Fund 8.8

Nokia (UK) Ltd Kames Active Value Property Fund 4.6

Northern Foods Ltd Mayfair Capital Property Income Trust for Charities 2.8

Northgate Information Solutions UK Ltd AEW UK Core Property Fund 3.2

NorthgateArinso UK Keills Property Trust 33.8

Novo Nordisk Ltd Fidelity UK Real Estate Fund 4.2

O2 (UK) Ltd UBS Central London Office Value Added Fund 3.6

Odeon Leisure Fund (The) 7.0

Odeon Grosvenor Liverpool Fund 3.1

Office Depot International (UK) Ltd UBS Triton Property Fund 4.5

Orange Business Holdings UK Limited Cordea Savills UK Income and Growth Fund 5.0

Outdoor Plus Ltd UBS Central London Office Value Added Fund 17.1

Oxfam Aviva Investors Pensions 2.6

Pall Ex Holdings Ltd Fidelity UK Real Estate Fund 5.4

Palmer & Harvey McLane Limited Kames Active Value Property Fund 7.3

Pendragon Plc L & G UK Property Fund 3.4

Pentalver Cannock Limited Mayfair Capital Property Unit Trust 3.3

PerkinElmer Limited F&C UK Property Fund 3.4

Pets at Home FL GM Property Fund 2.7

Peugeot Motor Company Plc The Local Authorities Property Fund 7.9

Premier Foods Group Limited Old Mutual Property Fund 5.1

Premier Inn Hotels Ltd Mayfair Capital Property Income Trust for Charities 4.2

Premier Inn Hotels Ltd Royal London Property Fund 3.2

Premier Inn Hotels Ltd Standard Life Long Lease 4.3

Pret a Manger (Europe) Ltd UBS Central London Office Value Added Fund 3.7


371


APIA


All Funds


Primark Stores Ltd AEGON UK Property Fund 2.9

Principal Hayley Group Limited Pramerica UK Ground Lease Fund 19.2

Promens Packaging Ltd Ashtenne Industrial Fund 2.6

Q Car Parks Grosvenor Liverpool Fund 12.9

Q Car Parks Leisure Fund (The) 2.8

QVC UK Standard Life Long Lease 3.8

Rank Group Gaming Division Ltd UBS Triton Property Fund 5.0

RBS Ltd Henderson UK Property OEIC 6.6

Reed Business Information Ltd UBS Central London Office Value Added Fund 14.4

Renaissance The Quercus Healthcare Fund 3.1

River Island Henderson UK Shopping Centre Fund 2.5

Riverbank Hotel Holding BV Pramerica UK Ground Lease Fund 7.4

RMH Guildford LLP Pramerica UK Ground Lease Fund 5.3

Rowan International Limited Mayfair Capital Property Unit Trust 5.2

Royal Mail Plc The Local Authorities Property Fund 3.4

Royal Mail Plc Airport Industrial Property Unit Trust 7.8

Royal Mail Plc AEGON UK Property Fund 5.6

Rybrook Limited The Charities Property Fund 2.5

Rybrook Limited Mayfair Capital Property Unit Trust 4.2

Sainsburys Supermarkets Ltd Aviva Investors Pensions 3.3

Sainsburys Supermarkets Ltd Henderson UK Retail Warehouse Fund 3.2

Sainsburys Supermarkets Ltd UBS Central London Office Value Added Fund 3.3

Sainsburys Supermarkets Ltd Lothbury Property Trust 4.5

Sainsburys Supermarkets Ltd Legal & General Managed Property Fund 6.9

Sainsburys Supermarkets Ltd Aberdeen Property Trust 4.9

Sainsburys Supermarkets Ltd The Charities Property Fund 3.4

Sainsburys Supermarkets Ltd Standard Life Long Lease 7.3

Sainsburys Supermarkets Ltd Ignis UK Property Trust 4.1

Sainsburys Supermarkets Ltd Henderson UK Property OEIC 3.6

Sainsburys Supermarkets Ltd The M&G UK Property Fund 2.5

Sainsburys Supermarkets Ltd Standard Life Pooled Pension Property Fund 3.2

Sainsbury's Supermarkets Ltd Hermes Property Unit Trust 6.2

Samworth Brothers Limited Mayfair Capital Property Unit Trust 5.2

Sandvik Holdings Cordea Savills UK Income and Growth Fund 9.6

Save the Children Fund Standard Life Long Lease 5.4

Schroder Investment Management Ltd Aviva Investors Property Trust 3.7

Secretary of State for Communities Keills Property Trust 16.0

Secretary of State for Communities The Local Authorities Property Fund 4.4

Secretary of State for Communities CBRE UK Property Fund LP 2.8

Secretary of State for Communities Kames Active Value Property Fund 18.7

Select Healthcare The Quercus Healthcare Fund 6.5

Servisair UK Ltd Airport Industrial Property Unit Trust 10.4

Signalling Solutions Ltd AEW UK Core Property Fund 2.5

Skandia Life Business Services Ltd Hermes Property Unit Trust 2.5

Smith and Nephew UK Limited The M&G UK Property Fund 2.7

Smith International (North Sea) Ltd Royal London Property Fund 3.4

Spandex Limited COIF Charities Property Fund 3.2

Spencer Stuart & Associates Ltd West End of London Property Unit Trust 6.6

SportsDirect.com Retail Ltd Lend Lease Retail Partnership 3.0

SportsDirect.com Retail Ltd Standard Life UK Retail Park Trust 3.7

SportsDirect.com Retail Ltd Aberdeen Property UK Retail Parks Trust 3.0

SportsDirect.com Retail Ltd Fidelity UK Real Estate Fund 7.7

Squire Patton Boggs (UK) LLP Aviva Investors Pensions 2.8

Standard Life Old Mutual Property Fund 2.6

Standard Life Pramerica UK Ground Lease Fund 8.4

Stapleton Tyres Royal London Property Fund 3.1

Strandhaven Ltd Keills Property Trust 2.5

Sullivan & Cromwell LLP UBS Triton Property Fund 8.7

Superdrug Lend Lease Retail Partnership 2.5

Surepharm Services Limited Henderson UK Property Fund 3.2

Sytner Properties Limited The Charities Property Fund 3.5

Sytner Properties Limited AEGON UK Property Fund 3.7

Tata Steel UK Ltd Schroder UK Property Fund 3.4

Technicolor Creative Services Royal London Property Fund 5.3

continued overleaf

372


APIA

425


All Funds


Technip UK Limited COIF Charities Property Fund 3.2

Tenpin Limited Leisure Fund (The) 2.8

Tesco Stores Limited Standard Life UK Property Fund 4.7

Tesco Stores Limited Legal & General Managed Property Fund 5.6

Tesco Stores Limited M&G Property Portfolio 4.1

Tesco Stores Limited L & G UK Property Fund 3.2

Tesco Stores Limited Standard Life Pooled Pension Property Fund 8.0

Tesco Stores Limited The Charities Property Fund 6.9

Tesco Stores Limited Standard Life Long Lease 11.9

Tesco Stores Limited Lothbury Property Trust 7.7

Tesco Stores Limited Aviva Investors Property Trust 3.4

The Board of The Pension Protection Fund The M&G UK Property Fund 2.5

The Court of Napier University Standard Life Long Lease 4.3

The John David Group Plc The Hercules Unit Trust 3.2

The London Strategic Health Authority West End of London Property Unit Trust 4.9

The Master Wardens of Vintners Pramerica UK Ground Lease Fund 8.5

The Office Of Communications M&G Property Portfolio 3.5

The Original Bowling Company Leisure Fund (The) 3.5

The Restaurant Group Leisure Fund (The) 6.1

The Sage Group Plc Fidelity UK Real Estate Fund 9.5

The University Of Westminster West End of London Property Unit Trust 5.3

TJX UK Ltd Royal London Property Fund 2.6

TJX UK Ltd Legal & General Managed Property Fund 2.5

TK Maxx Henderson UK Retail Warehouse Fund 7.0

TK Maxx Aberdeen Property UK Retail Parks Trust 3.8

TK Maxx The Hercules Unit Trust 2.8

TK Maxx UBS Triton Property Fund 2.8

Topshop Grosvenor Liverpool Fund 3.3

Toys R Us Limited Standard Life UK Retail Park Trust 4.0

Toys R Us Limited Old Mutual Property Fund 3.2

Toys R Us Limited Aberdeen Property UK Retail Parks Trust 7.3

Travel Lodge Hotels Ltd Leisure Fund (The) 2.6

Travel Lodge Hotels Ltd Mayfair Capital Property Unit Trust 4.6

Travel Lodge Hotels Ltd Aviva Investors Pensions 3.7

Travel Lodge Hotels Ltd M&G Property Portfolio 2.7

Travel Lodge Hotels Ltd Cordea Savills UK Income and Growth Fund 4.0

Travel Lodge Hotels Ltd Henderson UK Property OEIC 3.3

Travel Lodge Hotels Ltd Mayfair Capital Property Income Trust for Charities 2.8

Travis Perkins Ltd Standard Life Long Lease 4.6

Tri-Care Ltd The Quercus Healthcare Fund 4.2

Trillium (Prime) Property GP Ltd Kames Active Value Property Fund 5.3

TS Tech UK Ltd AEW UK Core Property Fund 4.0

T-Systems Limited Henderson UK Property Fund 6.8

UBS Global Asset Management (UK) Ltd Pramerica UK Ground Lease Fund 7.5

UK Insurance Limited Standard Life UK Property Fund 3.6

Unilever UK Limited CBRE UK Property Fund LP 3.7

UPS SCS Ltd Airport Industrial Property Unit Trust 2.6

Veale Wasborough Limited Henderson Central London Office Fund 3.2

Virgin Active Group Investments Ltd Cordea Savills UK Income and Growth Fund 9.6

Virgin Active Group Investments Ltd Threadneedle Pensions Property Fund 3.4

Virgin Active Group Investments Ltd Fidelity UK Real Estate Fund 6.2

VM Morrisons Supermarkets Ltd Standard Life Long Lease 5.4

VM Morrisons Supermarkets Ltd Rockspring Hanover PUT 5.0

Vue Entertainment Leisure Fund (The) 20.5

VW Mayfair Capital Property Income Trust for Charities 2.5

Waitrose Cordea Savills UK Income and Growth Fund 4.7

Waitrose Royal London Property Fund 3.8

Waitrose The M&G UK Property Fund 2.5

Waltham Forest Primary Care Trust Keills Property Trust 26.8


373


APIA


All Funds


Warner Bros. Entertainment UK Ltd West End of London Property Unit Trust 13.4

Weatherford UK Limited Ignis UK Property Trust 2.7

Wickes Building Supplies Limited The Local Authorities Property Fund 5.6

Wickes Building Supplies Limited COIF Charities Property Fund 5.0

Wickes Building Supplies Limited CBRE UK Property Fund LP 2.8

Wickes Building Supplies Limited The Charities Property Fund 2.6

Wickes Building Supplies Limited Kames Active Value Property Fund 4.6

Wincanton Holdings Ltd Mayfair Capital Property Income Trust for Charities 6.1

Worleyparsons Europe Ltd Henderson UK Property OEIC 2.9

Xerox Limited Legal & General Managed Property Fund 3.1

Zara Henderson UK Shopping Centre Fund 2.6

374


APIA

427

Average lot-size of direct property investments

Balanced funds

GBPm % of total portfolio

Authorised PUTs (weighted average) 19.1 Authorised PUTs (weighted average) 1.1

Standard Life UK Property Fund 13.6 M&G Property Portfolio 0.5

Old Mutual Property Fund 15.8 Aberdeen Property Trust 0.9

M&G Property Portfolio 16.0 Henderson UK Property OEIC 1.0


Henderson UK Property OEIC 21.6 Aviva Investors Property Trust 1.4

Aviva Investors Property Trust 24.3 Standard Life UK Property Fund 1.5

Aberdeen Property Trust 26.0 Old Mutual Property Fund 3.9

Common Investment Funds* (weighted avge) 7.0 Common Investment Funds* (weighted avge) 1.3

COIF Charities Property Fund 5.9 The Charities Property Fund 0.9



Managed Funds (weighted average) 13.3 Managed Funds (weighted average) 1.1

FL GM Property Fund 4.2 Threadneedle Pensions Property Fund 0.4

Kames Active Value Property Fund 4.4 FL GM Property Fund 1.0

Threadneedle Pensions Property Fund 5.2 Legal & General Managed Property Fund 1.2

Aviva Investors Pensions 17.1 Standard Life Pooled Pension Property Fund 1.4

AEGON UK Property Fund Ltd 20.5 Aviva Investors Pensions 1.5

Legal & General Managed Property Fund 27.0 AEGON UK Property Fund Ltd 3.2

Standard Life Pooled Pension Property Fund 37.9 Kames Active Value Property Fund 4.2

Other balanced funds (weighted average) 10.4 Other balanced funds (weighted average) 1.4

AEW UK Core Property Fund 3.4 BlackRock UK Property Fund 0.4


Keills Property Trust 5.1 L & G UK Property Fund 0.9

Mayfair Capital Property Unit Trust 5.2 Hermes Property Unit Trust 1.1

F&C UK Property Fund 5.4 Schroder UK Property Fund 1.2

Henderson UK Property Fund 6.6 The M&G UK Property Fund 1.6

Cordea Savills UK Income and Growth Fund 7.1 Lothbury Property Trust 1.7

Royal London Property Fund 7.3 AEW UK Core Property Fund 2.0

The Local Authorities Property Fund 9.1 CBRE Property Fund LP 2.2

Fidelity UK Real Estate Fund 9.5 Royal London Property Fund 2.3

BlackRock UK Property Fund 10.2 Rockspring Hanover PUT 2.5

The M&G UK Property Fund 10.8 F&C UK Property Fund 3.0

Hermes Property Unit Trust 11.6 Fidelity UK Real Estate Fund 3.1

CBRE Property Fund LP 13.6 Henderson UK Property Fund 3.2

L & G UK Property Fund 14.1 The Local Authorities Property Fund 3.2

Rockspring Hanover PUT 14.5 UBS Triton Property Fund 3.3

Lothbury Property Trust 20.4 Mayfair Capital Property Unit Trust 3.4

Schroder UK Property Fund 20.5 Cordea Savills UK Income and Growth Fund 7.1

UBS Triton Property Fund 21.2 Keills Property Trust 20.0

All balanced funds (weighted average) 12.8 All balanced funds (weighted average) 1.3

Notes: * And other funds in which only Charities are allowed to invest


GBPm % of total portfolio

(weighted average) 15.3 (weighted average) 1.2

Pramerica UK Ground Lease Fund 6.6 M&G Secured Income Property Fund 0.6

M&G Secured Income Property Fund 15.6 Standard Life Long Lease Property Fund 1.3

Standard Life Long Lease Property Fund 18.1 Pramerica UK Ground Lease Fund 1.9


375


APIA

Average lot-size of direct property investments

Specialist funds

GBPm As % of total portfolio

Industrial (weighted average) 5.0 Industrial (weighted average) 0.7




Offices (weighted average) 66.5 Offices (weighted average) 11.3


UBS Central London Office Value Added Fund 47.5 West End of London Property Unit Trust 10.0

West End of London Property Unit Trust 104.2 UBS Central London Office Value Added Fund 25.0


Retail warehouses (weighted average) 75.4 Retail warehouses (weighted average) 7.9


Aberdeen Property UK Retail Parks Trust 59.7 The Hercules Unit Trust 7.1


The Hercules Unit Trust 111.4 Aberdeen Property UK Retail Parks Trust 16.7

Shopping centres (weighted average) 195.4 Shopping centres (weighted average) 21.5

Henderson UK Shopping Centre Fund 114.8 Standard Life UK Shopping Centre Trust 12.5

Standard Life UK Shopping Centre Trust 184.8 Henderson UK Shopping Centre Fund 16.3



Leisure (weighted average) 34.1 Leisure (weighted average) 8.3


Healthcare 2.7 Healthcare 0.6


Residential (weighted average) 23.1 Residential (weighted average) 1.5

Unite Student Accommodation Fund 23.1 Unite Student Accommodation Fund 1.5

All specialist funds (weighted average) 16.6 All specialist funds (weighted average) 2.1

376


APIA

429

10 largest direct holdings as % of total portfolio

Balanced funds %

Authorised PUTs (un-weighted/weighted average) 38.4 / 33.7

M&G Property Portfolio 27.6

Aberdeen Property Trust 28.6

Ignis UK Property Trust 33.4

Henderson UK Property OEIC 36.3

Aviva Investors Property Trust 38.8

Standard Life UK Property Fund 44.5

Old Mutual Property Fund 59.3

Common Investment Funds* (un/weighted avge) 37.9 / 36.9




Managed Funds (un-weighted/weighted average) 42.6 / 37.6 Threadneedle Pensions Property 23.3

Standard Life Investments Pooled Pension Property Fund 36.5

FL GM Property Fund 37.6

Legal & General Managed Property Fund 37.9

Aviva Investors Pensions Property Fund 42.0

Kames Active Value Property Fund 59.4

AEGON UK Property Fund Ltd 61.3

Other balanced funds (un/weighted average) 52.1 / 39.6


Schroder UK Property Fund 26.7

L & G UK Property Fund 31.2






F&C UK Property Fund 48.2

CBRE Property Fund LP 54.3


Fidelity UK Real Estate Fund 56.6


The Local Authorities Property Fund 59.5

UBS Triton Property Unit Trust 65.8

UBS Triton Property Fund (Jersey) 65.8



BlackRock UK Property Fund ^

Rockspring Hanover PUT ^

All balanced funds (un/weighted average) 46.2/ 36.7

Long Income funds %

(un-weighted/weighted average) 57.3 / 51.3 Standard Life Investments Long Lease Property Fund 40.6

Pramerica UK Ground Lease Fund 60.8

LPI (Limited Price Inflation) Income Property Fund 70.4

M&G Secured Income Property Fund ^

Specialist funds %


Ashtenne Industrial Fund 21.0







UBS Central London Office Value Added 100.0

Retail warehouses (un/weighted average) 86.0 / 81.8 The Hercules Unit Trust 73.9


Standard Life Investments UK Retail Park Trust 86.0


Shopping centres (un-weighted/weighted average) 100.0 / 100.0

Grosvenor Liverpool Fund 100.0


Lend Lease Retail Partnership 100.0

Standard Life Investments UK Shopping Centre Trust 100.0

Leisure (un-weighted/weighted average) 93.9 / 93.9


Residential (un-weighted/weighted average) 34.4 / 34.4

Unite Student Accommodation Fund 34.4

Healthcare (un-weighted/weighted average) 19.7 / 19.7

Quercus Healthcare Fund (The) 19.7

All specialist funds (un-weighted/weighted average) 77.4 / 74.8

tNotee: * And other funds in which only Charities are allowed to invest

^ Have declined to provide the data.

377


APIA

Voids as % of estimated rental value

Balanced funds

Investment voids % Development voids % Total voids %

Authorised PUTs (un-weighted/weighted average) 5.0 / 4.0 2.1 / 2.5 7.1 / 6.5





Standard Life UK Property Fund 7.2 - 7.2

Old Mutual Property Fund 7.4 - 7.4


Common Investment Funds* (un-weighted/weighted avge) 2.8 / 2.4 - / - 2.8 / 2.4

The Charities Property Fund 0.6 - 0.6

Mayfair Capital Property Income Trust for Charities 3.2 - 3.2

COIF Charities Property Fund 4.6 - 4.6

Managed Property Funds (un-weighted/weighted average) 6.8 / 6.3 2.9 / 2.9 9.7 /8.9


Threadneedle Pensions Property Fund 6.8 - 6.8

FL GM Property 8.2 - 8.2

Legal & General Managed Property Fund 3.0 6.6 9.6

Standard Life Investments Pooled Pension Property Fund 8.9 1.5 10.4



Other balanced funds (un-weighted/weighted average) 5.5 /5.0 1.2 /1.6 6.7 / 6.7

Cordea Savills UK Income and Growth Fund - - -

F&C UK Property Fund - - -

UBS Triton Property Fund - - -

Keills Property Trust 2.0 - 2.0

Schroder UK Property Fund 4.1 - 4.1

Threadneedle Property Unit Trust 4.6 - 4.6

AEW UK Core Property Fund 5.1 - 5.1

The Local Authorities Property Fund 5.4 - 5.4

Fidelity UK Real Estate Fund 5.9 - 5.9

The M&G UK Property Fund 5.9 - 5.9

Hermes Property Unit Trust 6.2 - 6.2

L & G UK Property Fund 4.9 1.5 6.3


CBRE Property Fund LP 7.6 - 7.6


Mayfair Capital Property Unit Trust 8.7 - 8.7

Rockspring Hanover PUT 6.2 9.2 15.4



All Balanced Funds (un-weighted/weighted average) 5.4 / 4.9 1.6 / 2.1 7.0 / 6.9




(un-weighted/weighted average) 0.1 / 0.1 - / - 0.1 / 0.1 LPI (Limited Price Inflation) Income Property Fund - - -

M&G Secure Property Income Fund - - -

Pramerica UK Ground Lease Fund - - -

Standard Life Investments Long Lease Property Fund 0.4 - 0.4

378


APIA

431

Voids as % of estimated rental value

Specialist funds


Industrial (un-weighted/weighted average) 11.1 / 10.8 - / - 11.1 / 10.8

Airport Industrial Property Unit Trust 9.2 - 9.2

Industrial Property Investment Fund 9.5 - 9.5

Ashtenne Industrial Fund 14.7 - 14.7

Offices (un-weighted/weighted average) 12.2 /7.0 7.5 /4.8 20.4 / 17.1

Grosvenor London Office Fund - - -

West End of London Property Unit Trust 2.6 10.5 13.1

Henderson Central London Office Fund 4.4 22.4 26.8

UBS Central London Office Value Added 41.7 - 41.7

Retail warehouses (un-weighted/weighted average) 5.5 / 4.4 - / - 5.5 / 4.4

The Hercules Unit Trust 3.1 - 3.1

Henderson UK Retail Warehouse Fund 3.9 - 3.9

Standard Life Investments UK Retail Park Trust 6.2 - 6.2

Aberdeen Property UK Retail Parks Trust 8.7 - 8.7

Shopping centres (un-weighted/weighted average) 2.2 / 1.3 - / - 3.2 / 1.3

Standard Life Investments UK Shopping Centre Trust 0.8 - 0.8

Henderson UK Shopping Centre Fund 1.6 - 1.6

Grosvenor Liverpool Fund 2.0 - 2.0

Lend Lease Retail Partnership 4.3 - 4.3

Leisure (un-weighted/weighted average) 2.4 / 2.4 - / - 2.4 / 2.4

The Leisure Fund LP 2.4 - 2.4

Healthcare (un-weighted/weighted average) - / - - / - - / -

Quercus Healthcare Fund (The) - - -

All specialist funds (un-weighted/weighted average) 6.8 / 5.3 1.9 / 0.7 8.7 /6.8

379


APIA

Reversionary income potential %

Balanced funds

Over-renting (top slice income) % Reversionary potential % Net reversionary potential %

Authorised PUTs (un-weighted/weighted average) -5.6 / -6.4 6.5 / 6.6 0.9 /0.2

Old Mutual Property Fund -4.5 14.1 9.6

Aberdeen Property Trust -5.5 9.8 4.3

Ignis UK Property Trust -3.1 5.0 1.9

Henderson UK Property OEIC -7.4 7.5 0.1

Aviva Investors Property Trust -8.4 7.3 -1.1

Standard Life UK Property Fund -2.5 0.8 -1.7

M&G Property Portfolio -7.9 4.3 -3.6

Common Investment Funds* (un-weighted/weighted avge) -4.6 / -3.8 6.0 / 5.1 1.4 / 1.4

COIF Charities Property Fund -0.7 3.5 2.8

The Charities Property Fund -2.9 3.8 0.9

Mayfair Capital Property Income Trust for Charities -10.3 10.8 0.4

Managed Property Funds (un-weighted/weighted average) -7.0 / -4.8 7.2 / 8.0 0.2 / 3.2

Standard Life Investments Pooled Pension Property Fund -2.0 8.3 6.2

Threadneedle Pensions Property Fund -7.5 13.0 5.5

FL GM Property Fund -7.0 10.4 3.4

Aviva Investors Pensions Property Fund -5.1 6.9 1.8

Legal & General Managed Property Fund -3.6 5.2 1.6

AEGON UK Property Fund Ltd -7.9 4.1 -3.8

Kames Active Value Property Fund -15.8 2.7 -13.1

Other balanced funds (un-weighted/weighted average) -4.9 / -5.6 7.2 / 9.2 2.3 / 3.6

UBS Triton Property Fund -4.4 17.5 13.1

Rockspring Hanover PUT -4.5 12.7 8.2

Schroder UK Property Fund -9.3 17.1 7.8

L & G UK Property Fund -4.7 10.6 6.0

Lothbury Property Trust -2.9 6.4 3.5

Fidelity UK Real Estate Fund -0.2 2.7 2.4

Hermes Property Unit Trust -4.6 6.8 2.2

Mayfair Capital Property Unit Trust -1.7 3.8 2.1

Local Authorities Property Fund -3.8 5.8 2.0

Threadneedle Property Unit Trust -8.9 10.7 1.8

Royal London Property Fund -3.7 4.2 0.5

BlackRock UK Property Fund -4.3 4.8 0.5

AEW UK Core Property Fund -8.6 8.8 0.2

CBRE Property Fund LP -10.7 10.7 0.0

F&C UK Property Fund -2.1 1.6 -0.6

The M&G UK Property Fund -6.2 5.5 -0.7

Henderson UK Property Fund -5.8 4.8 -1.0

Cordea Savills UK Income and Growth Fund -3.2 1.6 -1.5

Keills Property Trust -2.9 1.0 -1.9

All Balanced Funds (un-weighted/weighted average) -5.4 / -5.6 7.1 / 7.8 1.7 / 2.3




(un-weighted/weighted average) -5.6 / -5.3 9.9 / 11.2 4.3 /5.9

Standard Life Investments Long Lease Property Fund -2.6 10.4 7.7

M&G Secured Property Income -5.5 12.1 6.5


LPI (Limited Price Inflation) Income Property Fund -14.4 11.9 -2.5

380


APIA

433

Reversionary income potential %

Specialist funds


Industrial (un-weighted/weighted average) -3.6 / -3.4 5.7 /6.6 2.1 / 3.3

Airport Industrial Property Unit Trust -3.9 2.7 -1.3

Ashtenne Industrial Fund -4.1 6.6 2.5

Industrial Property Investment Fund -2.8 7.9 5.1

Offices (un-weighted/weighted average) -1.0 / -0.6 17.3 / 13.6 16.3 /13.1

UBS Central London Office Value Added Fund -2.6 37.6 35.0

Grosvenor London Office Fund - 11.6 11.6

West End of London Property Unit Trust - 11.1 11.1

Henderson Central London Office Fund -1.4 8.9 7.5

Retail warehouses (un-weighted/weighted average) -5.6 /-7.3 4.1 /5.0 -1.4 /-2.3

Aberdeen Property UK Retail Parks Trust -2.7 3.9 1.1

Standard Life Investments UK Retail Park Trust -0.8 - -0.8

Henderson UK Retail Warehouse Fund -8.5 6.0 -2.5

The Hercules Unit Trust -10.2 6.7 -3.6

Residential - / - - / - - / -

Unite Student Accommodation Fund - - -

Shopping centres (un-weighted/weighted average) - /- 8.4 / 4.7 8.4 /4.7

Lend Lease Retail Partnership + + +

Grosvenor Liverpool Fund - 16.7 16.7

Standard Life Investments UK Shopping Centre Trust - 5.3 5.3

Henderson UK Shopping Centre Fund - 3.2 3.2

Leisure (un-weighted/weighted average) -6.4 / -6.4 1.4 / 1.4 -5.0 / -5.0

The Leisure Fund LP -6.4 1.4 -5.0

Healthcare (un-weighted/weighted average) - / - - / - - / -

Quercus Healthcare Fund (The) - - -

All specialist funds (un-weighted/weighted average) -2.3 / -2.9 7.2 / 5.5 4.8 / 2.6

Notes: + Not disclosed

Note: Properties are over-rented (or generating ‘top-slice income’) when the rental income that they produce exceeds their estimated rental value

(‘ERV’). The above table expresses the aggregate of any top-slice income in each fund’s portfolio as a percentage of the fund’s overall ERV.

Gross reversionary income potential is the opposite of top-slice income. In the above table, it is the difference between the aggregate

incomes from the properties in each fund’s portfolio which are let but currently producing less than their ERV, as a percentage of the fund’s

overall ERV. (This definition excludes any potential benefit from the elimination of voids, from uplifts in income arising from pre-lettings and

from the expiry of rent-free periods.)

Net reversionary potential is gross reversionary potential less over-renting (top-slice income).

381

AREF / IPD Property Fund Vision — Q4 2014 Units in Issue in Open-Ended Funds


Units in Issue in Open-Ended Funds

382

Units in Issue in Open-Ended Funds AREF / IPD Property Fund Vision — Q4 2014 APIA Regional Office

448

Units in Issue in Open-Ended Funds Balanced Funds

Non Cumulative Changes in Numbers of Units in Issue

% change: year to % change: quarter ending

Fund Launched Dec’11 Dec’12 Dec’13 Dec’14 Mar’14 Jun’14 Sep’14 Dec’14

Authorised PUTs (unweighted average) 4.4 -0.9 19.5 16.3 4.5 -2.8 8.1 4.1

Henderson UK Property OEIC Jun 1999 -2.8 5.0 82.2 100.9 16.4 21.4 17.9 20.6

Aberdeen Property Trust Nov 2004 4.1 -2.4 8.4 18.8 2.1 8.0 3.9 3.7

M&G Property Portfolio Nov 2005 13.3 9.4 19.7 24.2 -0.2 13.1 6.1 3.7

Aviva Investors Property Trust Sep 1991 -5.9 -12.4 -5.5 20.9 2.2 9.9 5.6 1.9

Old Mutual Property Fund Dec 2005 -0.3 -10.0 -2.6 -4.6 -0.2 -0.9 -5.2 1.7

Ignis UK Property Fund Dec 2004 18.2 5.0 15.1 -62.3 6.6 -68.4 20.6 -7.0

Common Investment Funds* (unweighted average) 25.8 42.0 39.8 24.8 6.4 4.4 7.6 4.4

The Charities Property Fund Sep 2000 24.4 10.9 12.0 28.3 8.1 6.0 4.6 7.0

COIF Charities Property Fund Aug 2002 1.9 95.9 33.4 17.0 3.6 2.8 4.7 5.0

Mayfair Capital Property Income Trust for Charities Sep 2004 51.0 19.2 74.0 29.1 7.4 4.4 13.6 1.3

Managed Funds (unweighted average) -3.5 -4.7 2.7 0.1 0.8 -0.2 -0.3 -0.3

Legal and General Managed Property Fund Jun 1971 12.0 7.6 13.6 7.8 1.4 2.8 1.3 2.1

Standard Life Pooled Pension Property Fund Mar 1980 -2.6 0.1 2.5 4.8 0.5 2.9 0.4 1.0

Threadneedle Pensions Property Fund Dec 1979 -5.4 -2.8 -1.2 7.4 6.4 -0.1 0.2 0.8

Kames Active Value Property Fund Dec 2009 0.0 0.1 45.4 2.2 1.5 0.3 0.4 0.1

Aviva Investors Pensions Property Fund Aug 1972 -1.1 -7.6 -13.2 -2.0 -0.3 -0.3 -0.1 -1.3

FL GM Property Fund Oct 1979 -14.9 -14.3 -14.9 -10.1 -2.4 -3.6 -2.1 -2.4

AEGON UK Property Fund Jan 1983 -12.6 -16.1 -13.4 -9.7 -1.7 -3.4 -2.4 -2.6

Other Balanced Funds (unweighted average) 28.0 -4.7 33.6 30.8 5.7 7.0 5.2 6.9

AEW UK Core Property Fund Jan 2012 - - 101.3 100.7 7.8 25.0 8.0 37.8

The Local Authorities' Property Fund Apr 1972 5.2 - 43.0 123.6 11.3 26.7 18.8 33.4

F&C UK Property Fund June 2010 - - - 157.8 18.4 39.5 25.4 24.5

Royal London Property Fund May 1991 2.6 1.4 2.3 18.6 0.5 1.1 0.2 16.4

Legal and General UK Property Fund Jan 2006 28.2 20.6 39.0 41.9 12.2 8.4 9.5 6.5

Mayfair Capital Property Unit Trust Jun 2010 415.9 -99.9 12.3 22.1 1.2 15.4 - 4.5

Fidelity UK Real Estate Fund May 2008 10.4 -0.1 16.5 50.7 24.7 8.6 7.2 3.8

Hermes Property Unit Trust Jun 1967 3.8 3.1 6.4 8.4 - 0.9 3.8 3.5

Keills Property Trust Apr 2010 - -0.5 3.3 5.3 1.7 1.0 0.0 2.4

Schroder UK Property Fund Jun 1971 -1.4 0.3 8.1 15.2 3.9 4.8 3.6 2.1

Threadneedle Property Unit Trust Jun 1967 17.2 1.2 5.1 15.5 5.8 4.3 2.6 2.1

Lothbury Property Trust Feb 2000 13.8 1.3 19.1 16.2 8.2 4.1 2.1 1.1

BlackRock UK Property Fund Mar 1982 6.3 17.0 0.8 7.3 3.3 2.3 1.2 0.3

The M&G UK Property Fund Mar 1971 -5.5 -0.6 403.8 3.9 0.8 1.0 1.9 0.1

UBS Triton Property Fund (Jersey) May 2003 -15.7 -3.8 -20.8 -1.5 0.2 -1.8 - -

UBS Triton Property Unit Trust Apr 1994 -16.0 -6.5 -6.8 -2.3 - -2.3 - -

CBRE UK Property Fund LP Dec 1997 2.9 -5.6 0.1 15.5 12.6 - 2.6 -

Rockspring Hanover Property Unit Trust Jul 1967 8.8 -1.2 -1.1 0.6 -0.2 - 0.8 -

The Henderson UK Property Fund Jun 1994 -1.4 -10.7 -1.1 0.3 0.3 - 0.0 -

Cordea Savills UK Income and Growth Fund Jan 2010 28.1 - 6.9 16.9 1.1 - 15.6 -

Notes: * And other funds open to investment only by charities ** as of June 2013 M&G Pooled Pensions Property Fund has now changed to a FCP (Fonds Commun de Placement) and such has restructured its unit price Q4 2013 numbers

have been void due to skewing the tables and is called The M&G UK Property Fund.

Long Income Funds


% change: year to % change: quarter ending

Fund Launched Dec’11 Dec’12 Dec’13 Dec’14 Mar’14 Jun’14 Sep’14 Dec’14

Long Income Property Funds (unweighted average) 39.8 15.1 23.9 25.8 7.9 5.6 2.8 6.2

LPI (Limited Price Inflation) Income Property Fund May 2010 - - 38.5 65.2 22.9 16.8 1.9 13.0

M&G Secured Property Income Fund Aug 2007 46.1 18.8 41.3 28.3 3.8 4.8 7.4 9.7

Pramerica UK Ground Lease Fund Feb 2007 69.4 13.7 6.6 6.9 5.1 0.2 0.2 1.3

Standard Life Investments Long Lease Property Fund Sep 2003 3.9 12.8 9.2 2.8 -0.1 0.5 1.7 0.7

383

AREF / IPD Property Fund Vision — Q4 2014 Units in Issue in Open-Ended Funds


Units in Issue in Open-Ended Funds Balanced Funds

Cumulative Changes % in Numbers of Units in Issue

Years to December 2014: 1 year 2 years 3 years 4 years 5 years

Fund Launched % %pa %pa %pa %pa

Authorised PUTs (unweighted average) 16.3 16.0 8.9 7.0 10.0

Henderson UK Property OEIC Jun 1999 100.9 91.3 56.6 39.0 31.6

M&G Property Portfolio Nov 2005 24.2 21.9 17.6 16.5 25.1

Aberdeen Property Trust Nov 2004 18.8 13.5 7.9 7.0 8.5

Aviva Investors Property Trust Sep 1991 20.9 6.9 0.0 -1.5 0.9

Old Mutual Property Fund Dec 2005 -4.6 -3.6 -5.8 -4.4 -

Ignis UK Property Fund Dec 2004 -62.3 -34.1 -23.0 -14.3 -6.1

Common Investment Funds* (unweighted average) 24.8 31.6 33.6 31.1 30.6

Mayfair Capital Property Income Trust for Charities Sep 2004 29.1 49.9 38.9 41.8 42.3

COIF Charities Property Fund Aug 2002 17.0 24.9 45.1 32.9 28.3

The Charities Property Fund Sep 2000 28.3 19.9 16.8 18.7 21.3

Managed Funds (unweighted average) 0.1 1.1 -0.9 -1.6 1.5

Legal and General Managed Property Fund Jun 1971 7.8 10.7 9.6 10.2 17.9

Kames Active Value Property Fund Dec 2009 2.2 21.9 14.1 10.4 8.3

Threadneedle Pensions Property Fund Dec 1979 7.4 3.0 1.0 -0.6 6.6

Standard Life Investments Pooled Pension Property Fund Mar 1980 4.8 3.6 2.5 1.2 2.9

Aviva Investors Pensions Property Fund Aug 1972 -2.0 -7.8 -7.7 -6.1 -0.7

AEGON UK Property Fund Jan 1983 -9.7 -11.6 -13.1 -13.0 -12.2

FL GM Property Fund Oct 1979 -10.1 -12.5 -13.1 -13.6 -12.5

Other Balanced Funds (unweighted average) 30.8 24.5 7.2 6.0 12.5

AEW UK Core Property Fund Jan 2012 100.7 101.0 - - -

F&C UK Property Fund Jun 2010 157.8 - - - -

Mayfair Capital Property Unit Trust Jun 2010 22.1 17.1 -88.1 -69.4 -

Keills Property Trust Apr 2010 5.3 4.3 2.7 2.0 -

Cordea Savills UK Income and Growth Fund Jan 2010 16.9 11.8 7.7 12.5 -

Fidelity UK Real Estate Fund May 2008 50.7 32.5 20.6 18.0 37.7

The M&G UK Property Fund Mar 1971 3.9 128.7 73.3 48.9 37.1

Legal and General UK Property Fund Jan 2006 41.9 40.4 33.5 32.1 34.2

The Local Authorities' Property Fund Apr 1972 123.6 78.8 47.3 35.4 27.4

Threadneedle Property Unit Trust Jun 1967 15.5 10.2 7.1 9.5 18.3

Lothbury Property Trust Feb 2000 16.2 17.6 11.9 12.4 15.6

BlackRock UK Property Fund Mar 1982 7.3 4.0 8.2 7.7 9.0

Hermes Property Unit Trust Jun 1967 8.4 7.4 6.0 5.4 8.6

Rockspring Hanover Property Unit Trust Jul 1967 0.6 -0.2 -0.6 1.7 6.8

Schroder UK Property Fund Jun 1971 15.2 11.6 7.7 5.4 5.1

Royal London Property Fund May 1991 18.6 10.1 7.1 6.0 4.9

CBRE UK Property Fund LP Dec 1997 15.5 7.5 2.9 2.9 2.6

The Henderson UK Property Fund Jun 1994 0.3 -0.4 -4.0 -3.3 0.4

UBS Triton Property Unit Trust Apr 1994 -2.3 -4.6 -5.2 -8.1 -9.9

UBS Triton Property Fund (Jersey) May 2003 -1.5 -11.7 -9.1 -10.8 -10.5

Notes: * And other funds open to investment only by charities

** as of June 2013 M&G Pooled Pensions Property Fund has now changed to a FCP (Fonds Commun de Placement) and such has restructured its unit price Q4 2013 numbers have

been void due to skewing the tables and is called The M&G UK Property Fund.



Years to December 2014: 1 year 2 years 3 years 4 years 5 years

Fund Launched % %pa %pa %pa %pa

Long Income Property Funds (unweighted average) 25.8 15.8 15.4 20.7 23.5

LPI (Limited Price Inflation) Income Property Fund May 2010 65.2 51.3 - - -

M&G Secured Property Income Fund Aug 2007 28.3 34.7 29.1 33.2 37.4

Pramerica UK Ground Lease Fund Feb 2007 6.9 6.7 9.0 21.7 21.2

Standard Life Investments Long Lease Property Fund Sep 2003 2.8 5.9 8.2 7.1 11.9

384

AREF / IPD Property Fund Vision — Q4 2014 The calculation basis of published NAVs


The calculation basis of published NAVs

385

The calculation basis of published NAVs AREF / IPD Property Fund Vision — Q4 2014


450

The calculation basis of published NAVs

Balanced funds — part A: valuations

---------Valuation ------- Performance fees charged Indirect investments

Frequency Date or accrued in published NAV all at current values

Authorised PUTs

Aviva Investors Property Trust Monthly L -

Henderson UK Property OEIC Twice monthly 28th -

Ignis UK Property Fund Monthly L - -

M&G Property Portfolio Monthly L - -

Old Mutual Property Fund Monthly 25th -

Standard Life Investments UK Property Fund Monthly L - -

Aberdeen Property Trust Monthly L - -

Common Investment Funds^

The Charities Property Fund Quarterly P - -

COIF Charities Property Fund Monthly L - -

Mayfair Capital Property Income Trust for Charities Monthly LW - -

Managed funds

AEGON UK Property Fund Monthly L -

Aviva Investors Pensions Property Fund Monthly L - -

FL GM Property Fund Monthly L -

KAMES Active Value Property Fund Monthly L - -

Legal & General Managed Property Fund Monthly > L -

Standard Life Pooled Pension Property Fund Monthly R -

Threadneedle Pensions Property Fund Twice monthly T -


AEW UK Core Property Fund Quarterly L - -

BlackRock UK Property Fund Monthly LW -

Cordea Savills UK Income & Growth Fund Monthly LW -

CBRE UK Property Fund LP Quarterly LW - -

F&C UK Property Fund Monthly L -

Fidelity UK Real Estate Fund Monthly L -

Henderson UK Property Fund Monthly 23rd

Hermes Property Unit Trust Monthly 25th ** -

Keills Property Trust Quarterly L - -

Legal & General UK Property Fund Monthly > 28th - -

Local Authorities Property Fund Monthly (note A) L - -

Lothbury Property Trust Monthly F -

Mayfair Capital Property Unit Trust Quarterly L - -

Rockspring Hanover PUT Quarterly 20th ^^

Royal London Property Fund Monthly LW -

Schroder UK Property Fund Monthly LW -

Threadneedle Property Unit Trust Monthly LW - -

The M&G UK Property Fund Monthly C - -

UBS Triton Property Fund Monthly L

Notes: See overleaf

Long Income Funds — part A: valuations



LPI (Limited Price Inflation) Income Property Fund Monthly L - -

M&G Secured Property Income Fund Monthly L - -

Pramerica UK Ground Lease Fund ++ Monthly L - -

Standard Life Investments Long Lease Property Fund Quarterly L - -

Notes: See overleaf

386



Specialist funds — part A: valuations



Industrial

Airport Industrial Property Unit Trust Quarterly L

Ashtenne Industrial Fund Quarterly L

Industrial Property Investment Fund Quarterly L - -

Offices

Grosvenor London Office Fund Quarterly L -

Henderson Central London Office Fund Monthly L -

UBS Central London Value Added Fund Monthly LW -

West End of London Property Unit Trust Monthly P -

Retail warehouses

Aberdeen Property UK Retail Parks Trust Monthly LW -

Henderson UK Retail Warehouse Fund Monthly L -

Hercules Unit Trust Monthly P -

Standard Life Investments UK Retail Park Trust Monthly L -

Residential

UNITE UK Student Accommodation Fund Quarterly L -

Shopping centres

Grosvenor Liverpool Fund Quarterly L -

Henderson UK Shopping Centre Fund Monthly L

Lend Lease Retail Partnership Monthly L -

Standard Life Investments UK Shopping Centre Trust Monthly L -

Leisure

The Leisure Fund LP Quarterly L -

Other funds

The Quercus Healthcare Fund Monthly L -

Kames Target Healthcare Property Unit Trust Quarterly L -

Notes: A Quarterly external valuations with internal valuations in the interim months, if necessary, in consultation with the external valuer ** Except for 29th September ++ See the fund’s profile (‘unit pricing’) re the basis of valuing the portfolio ^ Including other funds in which only charities are allowed to invest ^^ Of the last month in the quarter < Or on the preceding business day C On the Friday before the last Wednesday in the month and on 31st December F On the first day of the month or quarter L On the last day of the month or quarter LW On the last working day of the month or quarter N On 30 June and 31 December P On the penultimate business day of the month or quarter R On a rolling basis so that each property is re-valued at least once every month T Twice monthly, generally on or around 15th/16th and on the last working day of the month

387

The calculation basis of published NAVs AREF / IPD Property Fund Vision — Q4 2014


452

The calculation basis of published NAVs (cont’d)

Balanced funds — part B: Debt and financial instruments

Is the market value of

Does the fund have fixed rate Does the fund publish the market fixed rate debt, swaps etc used to

borrowings, swaps etc? value of its fixed rate debt, swaps etc? calculate the fund’s published NAV?

Authorised PUTs

Aviva Investors Property Trust - -

Henderson UK Property OEIC - -

Ignis UK Property Fund - -

M&G Property Portfolio - -

Old Mutual Property Fund - -

Standard Life Investments UK Property Fund - -

Aberdeen Property Trust - -

Common Investment Funds^

The Charities Property Fund - -

COIF Charities Property Fund - -

Mayfair Capital Property Income Trust for Charities

Managed funds

AEGON UK Property Fund - -

Aviva Investors Pensions Property Fund - -

FL GM Property Fund - -

KAMES Active Value Property Fund - -

Legal & General Managed Property Fund - -

Standard Life Pooled Pension Property Fund - -

Threadneedle Pensions Property Fund - -


AEW UK Core Property Fund - -

BlackRock UK Property Fund

Cordea Savills UK Income & Growth Fund - -

CBRE UK Property Fund LP - -

F&C UK Property Fund - -

Fidelity UK Real Estate Fund - -

Henderson UK Property Fund - -

Hermes Property Unit Trust - -

Keills Property Trust - -

Legal & General UK Property Fund - -

Local Authorities Property Fund - -

Lothbury Property Trust - -

Mayfair Capital Property Unit Trust - -

Rockspring Hanover PUT - -

Royal London Property Fund - -

Schroder UK Property Fund - -

The M&G UK Property Fund - -

Threadneedle Property Unit Trust - -

UBS Triton Property Fund - -

Notes: ^ Including other funds in which only charities are allowed to invest

Long Income Funds — part B: Debt and financial instruments




LPI (Limited Price Inflation) Income Property Fund - -

M&G Secure Property Income Fund - -

Pramerica UK Ground Lease Fund - -

Standard Life Long Lease Property Fund - -

388



The calculation basis of published NAVs (cont’d)

Specialist funds — part B: Debt and financial instruments




Industrial

Airport Industrial Property Unit Trust -

Ashtenne Industrial Fund

Industrial Property Investment Fund

Offices

Grosvenor London Office Fund

Henderson Central London Office Fund

UBS Central London Added Value Fund

West End of London Property Unit Trust

Retail warehouses

Aberdeen Property UK Retail Parks Trust

Henderson UK Retail Warehouse Fund

Hercules Unit Trust

Standard Life Investments UK Retail Park Trust - -

Residential

UNITE UK Student Accommodation Fund

Shopping centres

Grosvenor Liverpool Fund

Henderson UK Shopping Centre Fund - -

Lend Lease Retail Partnership - -

Standard Life UK Shopping Centre Trust - -

Leisure

The Leisure Fund LP

Other funds

The Quercus Healthcare Fund

Kames Target Healthcare Property Unit Trust -

389

Fund winding-up dates AREF / IPD Property Fund Vision — Q4 2014 APIA Regional Office

Fund winding-up dates

390

AREF / IPD Property Fund Vision — Q4 2014 Fund winding-up dates


455


Funds with less than 75 years to earliest dates of winding-up

Value of portfolio Earliest date Years Provisions for extensions

Fund (GBPm) of winding-up (Note A) (Note B)

Aberdeen Property UK Retail Parks Trust 358.5 31-Aug-15 0.7

Airport Industrial Property Unit Trust 512.2 31-Dec-15 1.0 5 years

Henderson Central London Office Fund 550.5 31-Dec-15 1.0

Henderson UK Retail Warehouse Fund 1,062.4 31-Dec-15 1.0

UBS Central London Office Value Added Fund 190.1 31-Dec-15 1.0 2 years

Ashtenne Industrial Fund 425.5 11-Jul-16 1.5

The Quercus Healthcare Fund 463.3 31-Dec-16 2.0

Industrial Property Investment Fund 1,301.4 30-Sep-17 2.8

Lend Lease Retail Partnership 806.5 12-Nov-17 2.9 Potential to extend subject to unit holder consent

Grosvenor Liverpool Fund 830.2 31-Dec-17 3.0 5 years

Grosvenor London Office Fund 568.5 31-Dec-17 3.0 5 years

Standard Life Investments UK Retail Park Trust 825.0 30-Jun-20 5.5

Hercules Unit Trust 1,577.3 30-Sep-20 5.8 Potential to extend subject to unit holder consent

The Leisure Fund LP 409.2 31-Dec-20 6.0

West End of London Property Unit Trust 1,041.8 31-Jul-21 6.6 Potential to extend subject to unit holder consent

Henderson UK Shopping Centre Fund 703.0 31-Dec-21 7.0 Potential to extend subject to unit holder consent

Standard Life Investments UK Shopping Centre Trust 1,478.3 30-Jun-25 10.5

CBRE Property Fund LP 553.9 30-Jun-25 10.5

UBS Triton Property Fund 681.2 31-Mar-70 55.3

Note A: Years remaining until the earliest winding-up date of the Fund Note B: All provisions for extension are subject to a 75% vote in favour unless otherwise stated

391

Definition of terms AREF / IPD Property Fund Vision — Q4 2014

Definition of terms

Definition of terms

392

AREF / IPD Property Fund Vision — Q4 2014 Definition of terms

Definition of terms

Definition of terms

Anchor tenant(s)

One or more large stores located in key positions in a shopping centre to attract shoppers and encourage other retailers to lease units.

Authorised Investment Fund

Authorised Investment Funds may be either Authorised Unit Trusts (q.v.) or Open Ended Investment Companies (‘OEICs’) (q.v.) and are

authorised and regulated by the Financial Services Authority.

Authorised Property Unit Trusts

Authorised PUTs are Non-UCITS retail funds (also known as ‘NURS’) and are regulated by the Financial Services Authority. While available

to all types of investor, they are designed primarily for investment by the private investor. They pay corporation tax on their income but do

not pay capital gains tax within the vehicle. Non-exempt investors are potentially liable to CGT on the disposal of their units. Transfers of

units are subject to stamp duty at 0.5%. APUTs were originally restricted to holding a maximum of 80% of their assets in the form of direct

property. However, this restriction does not apply to APUTs created under (or electing to be subject to) new FSA regulations published in

March 2004. (Also see ‘COLL’) Since April 2008 it has been possible for Authorised Property Unit Trusts to convert into Open Ended

Investment Companies (‘OEICs’) and elect to be taxed like REITS (q.v.).

Average unexpired term of leases

The average unexpired lease term is the average lease term remaining to expiry across the portfolio, weighted by rental income. Unless

otherwise stated, it is calculated assuming that all break clauses are exercised at the earliest date.

AREF

The Association of Real Estate Funds. The Association’s objective is to raise awareness of pooled property funds and demonstrate their

advantages as effective property investment vehicles. Its members are bound by a voluntary code of practice, drawn up jointly with the

National Association of Pension Funds. (AREF was previously known as APUT, The Association of Property Unit Trusts.)

Balanced PUT/Balanced Fund

Balanced PUTs and other balanced funds generally hold a wide mix of property assets, diversified both by type and location.

Bid price

Bid price (or redemption price) is the price at which units in a PUT or managed fund can be redeemed. It is based on NAV, less an

adjustment for the costs of potentially disposing of the underlying property, and divided by the number of units in issue. The basis of

calculation may differ in detail from fund to fund.

Bid/Offer spread

The difference between bid and offer price expressed as a percentage of the offer price.

Break clause

A clause in a lease which gives the landlord and/or the tenant the right, in specified circumstances, to terminate the lease before its ultimate

expiry date.

CGT

Capital gains tax.

Closed-ended Property Unit Trust

The number of units in a closed-ended PUT is fixed at launch. Such vehicles normally have a limited life (usually of between seven and 12

years). There is no obligation on the manager to redeem units as there is in the case of an open-ended PUT.

‘COLL’

COLL is the short name for the New Collective Investment Scheme Sourcebook published by the FSA in March 2004. This created a new

class of authorised funds, called ‘non-UCITS funds’ which include Authorised Property Unit Trusts (APUTs). These APUTs may be 100%

invested in direct property compared with a maximum of 80% under the old regulations.

Collective Investment Scheme

An arrangement allowing a group of investors to benefit from the acquisition, holding or disposal of one or more properties.

Common Investment Fund

Common Investment Funds are similar to unit trusts but are designed specifically for charities and established under Section 24 of the

Charities Act 1993. Common Investment Funds are themselves charities and are therefore subject to approval by the Charity Commission.

As charities, they do not incur stamp duty when acquiring properties for investment, and are exempt from capital gains tax and income tax.

Covenant strength

Covenant strength is a subjective view of the character and quality of a tenant in terms of the ability to pay the rent and to meet the other

terms and conditions specified in a lease.

393


Definition of terms

Distributing Fund/Distributor Status

A distributing fund is an offshore fund that distributes the whole, or substantially the whole, of its income. It also has to meet certain other

conditions relating to its assets and investments. Capital gains arising from investment in those offshore funds that are certified as

distributing funds are taxed as capital gains in the hands of UK taxpaying investors and, as a result, CGT reliefs (such as indexation, annual

relief and taper relief) are available as normal. Under UK Offshore Funds Legislation, capital gains arising from investment in offshore funds

that are not certified as 'distributing funds' are classified as offshore income gains and are taxed as income in the hands of UK taxpaying

investors, with the result that normal CGT reliefs are not available. Distributing fund certification is received annually and is retrospective, with

funds applying for certification not later than six months after their year-end.

The European Public Real Estate Association (‘EPRA’)

EPRA is a not-for-profit common interest group established under Dutch law in October 1999 to promote, develop and represent the public

(ie listed) real estate sector.

Equivalent yield

Equivalent yield is a weighted average of the initial yield and reversionary yield, and represents the yield a property will produce based upon

the timing of the income received. Nominal equivalent yields assume that rents are received annually in arrears, while true equivalent yields

are based on rents being received quarterly in advance. The latter are a more accurate reflection of the return that an investment will

produce based on the timing of the income received.

Estimated rental value (‘ERV’)

Estimated rental value is the valuer’s opinion as to the open market rent that, on the date of the valuation, could reasonably be expected to

be achieved on a new letting or rent review of a property.

Exempt Funds

Investors such as UK pension schemes and registered charities that are not subject to CGT other than for reasons of non-residence.

Exempt unauthorised PUT

Exempt PUTs are available for investment only by exempt funds. They are not subject to CGT. Their income is taxable at the basic rate of

income tax, but this is fully recoverable by investors. Transfers of units are subject to stamp duty at 0.5%.

Feeder fund

A fund which is 100% permanently invested in the units of another fund.

Fund of Funds

A fund which invests all (or substantially all) of its assets in other funds.

Gearing

Gearing is defined within this note as net debt, on and off balance sheet, as a percentage of net asset value.

Gross funds

Gross funds do not pay taxation on their income or capital gains. Examples include charities, friendly societies and pension funds.

Gross yield

The gross yields (or Historic Distribution Yields) per unit shown within Pooled Property Funds are the gross distributions to unit holders over

the preceding 12 months as a percentage of the net asset value per unit at the end of this period.

Hurdle rate

The hurdle rate is the percentage return which a fund must achieve before a fund manager will become entitled to a performance-related

fee.

Initial yield

The initial yield shown by a property is the annualised net rent that it generates as a percentage of its valuation.

ICVC

The initials ‘ICVC’ stand for an Investment Company with Variable Capital. An ICVC is an open-ended collective investment scheme

structured as a corporation. (ICVCs are also known as open-ended companies or ‘OEICs’.)

INREV

INREV is the European Association for Investors in Non-listed Real Estate Investment Vehicles. Its aims are to improve the accessibility of

market information and the liquidity of the non-listed real estate investment vehicle market.

IPD

IPD is a global information business, dedicated to the supply of independent market indices and portfolio analysis to the real estate industry.

IPD indices are the basis for the developing commercial property derivatives market and the most authoritative measures of real estate

returns worldwide.

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Definition of terms

Operating on five continents, IPD has established services in more than 20 countries including most of Europe, the US, Canada, Australia,

New Zealand, South Africa, Japan and South Korea.

As the world leader in performance analysis for the owners, investors, managers and occupiers of real estate, IPD provides accurate and

comprehensive information with which to measure real estate returns, take advantage of emerging trends and get the most out of real

estate assets. Its full range of services includes Performance Analysis, Indices, Research & Publications and Events & Training courses.

Limited Partnerships (LPs)

LPs were created under the Limited Partnerships Act 1907 and, while they vary in their structure, they have the common feature that at least

one partner, the general partner, must have unlimited liability in respect of the partnership. The liability of the other partners is limited to the

extent of their capital invested in the partnership. LPs are tax-transparent, allowing the likes of pension funds and insurance companies

(which are either wholly or partly tax exempt) to invest jointly with tax paying entities such as property companies without losing their tax

advantages. The limited partners may form an advisory committee, but to preserve their limited liability status, must not be seen to be

making investment management decisions with respect to the partnership. LPs normally have a pre-determined life span (typically 7-12

years) although this can usually be extended subject to the agreement of, say, 75% of the partners.

Limited Liability Partnerships (LLPs)

LLPs were created under the Limited Liability Partnerships Act 2000 and are something of a hybrid between a limited partnership (LP) and

limited companies. As with an LP, the liability of the limited partners is limited to their capital invested in the partnership, and the vehicle is,

effectively, tax-transparent. However, like a company, an LLP is a ‘body corporate’: it has to be registered with the Registrar of Companies

and (unlike an LP) must file audited accounts. Again in contrast to LPs, LLPs are permitted to have more than 20 partners, making them a

more suitable structure for larger collective investment vehicles.


Funds with a non-property specific performance objective to outperform long-term bonds or gilts. Funds typically maintain average

unexpired lease lengths of over 15 years. Lease length, tenant quality and minimum leverage, in addition to a diversified portfolio, aims to

maintain consistent long term income.

Managed Property Funds

Managed Property Funds are similar to Exempt PUTs in operating effectively free of tax, in being unitised and being open-ended. However,

unlike PUTs, they do not distribute their income and are managed mainly by insurance companies as vehicles for investment by their

occupational pension fund clients.

Management fee

Management fees are charged by fund managers for their services in managing a fund. The basis on which they are charged varies

considerably and is usually defined in a Fund Management Agreement. The size of the fee is generally related to the (net or gross) asset

value of the fund.

Mark to market

To mark an asset or liability to market is to increase or decrease its cost or book value to its estimated current market value.

Marriage value

Marriage value is the latent value which is, or would be, released by the merger of two or more interests in a property.

Mid price

The average of bid (or redemption) price and offer price of PUT or managed fund units.

Middle price

Middle price (not to be confused with mid price) is the term used by some managed fund managers for Net Asset Value (in the context of

the setting of their bid and offer prices).

Net Asset Value (NAV)

NAV is the market value of the assets of a Pooled Property Vehicle, net of all liabilities. The basis of calculation may differ in detail from

vehicle to vehicle.

Net rental income

Net rental income is the rental income receivable during a period, after the payment of ground rent and other property outgoings. (It includes

income from back-dated rent reviews, and thus differs from annualised net rents/net rents passing, which exclude back-dated rent reviews

and other non-recurring income/outgoings.)

Non-exempt onshore unauthorised PUT

Non exempt unauthorised PUTs are available to both exempt and non-exempt investors. Their income and capital gains are subject to tax at

the basic rate of income tax. Exempt investors are able to reclaim the tax suffered by the trust. Non-exempt investors are subject to tax on

the gross amount of the distributions they receive from the trust. The tax paid by the trust is fully creditable pro-rata to their holdings to

offset this liability. Non-exempt investors are also potentially liable to CGT on the disposal of their units. Transfers of units are subject to

stamp duty at 0.5%.

395


Definition of terms

Non-UCITS Retail Schemes (‘NURS’)

These are funds Authorised and Regulated by the Financial Services Authority and include Authorised Property Unit Trusts (q.v.). They can

be marketed to retail investors and do not include Qualified Investor Schemes (q.v.).

OEIC

An ‘OEIC’ is an Open-Ended Investment Company. OEICs are also known as ‘ICVCs’ or Open Ended Companies with Variable Capital

(q.v.).

Offer price

The price at which new units in a PUT or managed fund are issued. It is based on NAV, plus an adjustment for the costs of potentially

acquiring of the underlying property, and divided by the number of units in issue. The method of calculation may differ in detail from fund to

fund.

Offshore Property Unit Trust

Offshore PUTs are resident outside the UK, most commonly in Jersey, Guernsey and Eire. They usually have a local manager or operator,

regulated in the local jurisdiction, and/or the vehicle will be set up in accordance with local regulations. They do not meet the requirements

of either the EU’s Undertaking for Collective Investment in Transferable Securities directive or the FSA’s regulations with regard to collective

investment schemes. Like onshore unauthorised PUTs, offshore PUTs are thus not available for marketing to the general public in the UK,

although they are usually available to financially sophisticated, high net worth individuals. By reason of their non-residence, Offshore PUTs

are not liable to CGT in the UK, and are normally structured insofar as revenue taxes are concerned to be tax transparent. Non-exempt

investors are potentially liable to CGT on the disposal of their units. The transfer of units in offshore PUTs does not attract stamp duty.

Onshore unauthorised PUT

In contrast to Authorised PUTs, onshore unauthorised property unit trusts are not subject to the FSA regulations relating to collective

investment schemes (although the operator/ manager must be authorised by the FSA). They can thus be constituted to meet investment

requirements rather more sophisticated than those of retail investors. Onshore unauthorised PUTs can be either Exempt or Non-exempt.

Open-ended Property Unit Trust

There is no fixed number of units in issue in an open-ended property unit trust. Units can be created and redeemed, depending on changes

in investor demand and in line with the procedures set out in the trust deed.

Over-rented

A property is over-rented if the annualised rental income that it generates exceeds its estimated rental value.

Performance Fee

A performance fee is an additional management fee, the size of which depends on the percentage outperformance of one or more

predetermined benchmarks.

Pooled Property Fund Index

The AREF/IPD UK Quarterly Property Fund Index is a value-weighted index based on the most recent quarter-end Net Asset Value (NAV) of

its constituent pooled property funds. It is sponsored by AREF and Property Match, and compiled and calculated by IPD.

Pooled Property Fund

An arrangement for the purpose of allowing two or more investors to benefit from the acquisition, holding or disposal of one or more

properties.

Portfolio distributions

The portfolio distributions (%) shown in this document are based on each fund’s direct and indirect property exposure.

Prime properties

Prime properties are defined as those in first class physical condition, in the best location, let on contemporary lease terms to one or more

top quality tenants.

Property Authorised Investment Fund (‘PAIF’)

PAIFs are tax efficient OEICs (q.v.), authorised by the Financial Services Authority, and introduced by the UK government in 2008. They may

be available either to all investors (including small private investors) or structured as a Qualified Investor Scheme (‘QIS’) (q.v.) and authorised

for investment only by institutional investors. Provided certain conditions are met, PAIFs are exempted from tax on the income arising from

their property related assets. This makes them a more tax efficient investment to non tax-paying investors (such as pension funds and

charities) than Authorised Property Unit Trusts (‘APUTS’) (q.v.) which are subject to corporation tax on their income.

Property Unit Trust (PUT)

A PUT is collective investment scheme where the underlying properties are held on trust for the participants. While the underlying assets of a

PUT are mainly direct property investments, some PUTs also invest in other indirect property vehicles.

396


Definition of terms

Private Property Vehicles

Non-listed property vehicles, including Limited Partnerships, authorised and unauthorised property unit trusts, managed funds and private

property companies.

Qualified Investor Schemes (‘QIS’)

QIS are Authorised Investment Funds with wider investment and borrowing powers than either UCITS (q.v.) or NURS (q.v.) and may be

marketed only to sophisticated or ‘qualified’ investors as defined by the Financial Services Authority.

Real Estate Investment Trusts (‘REITs’)

REITs existed outside the UK for many years, but have been permitted in the UK only since 1 January 2007. UK REITs are listed, closed-

ended property vehicles which, providing they fulfil certain conditions, are exempt from income tax and capital gains tax in respect of their

property investment activities. The three principal of these conditions are to distribute at least 90% of their net taxable income, to hold at

least 75% of their gross assets in the form of investment properties and to derive at least 75% of their income by way of rents from these

properties. In exchange for REIT status, companies are required to pay to HMRC a one-off charge equivalent to 2% of the value of their

investment properties.

Redemption price

This is the price at which units in an open-ended PUT or in a managed fund can be redeemed. It is based on NAV, less an adjustment for

the costs of potentially disposing of the underlying property, and divided by the number of units in issue. The basis of calculation may differ

in detail from fund to fund.

Reversionary potential

Net reversionary potential is defined within Pooled Property Funds as the change in the rental income that would occur were the rents in

respect of the income producing properties in a portfolio to be reviewed to their current estimated rental values (ERVs) Gross reversionary

potential of a portfolio is the sum of the reversionary potential of only those properties in the portfolio whose ERV exceeds their current rental

income.

Its being ‘reversionary’, or ‘having reversionary income potential’, is one of several reasons why a portfolio might currently generate a lower

rental income than its ERV. This also arises when properties have been let subject to unexpired rent-fee periods, and/or when it includes

investment or development voids.

Net reversionary potential is calculated within Pooled Property Funds as the difference between rents passing and ERV, less the rental

income deferred by rent-free periods and the rental value of investment and development voids. Gross reversionary potential is the same

figure plus the amount by which any properties within the portfolio are over-rented.

Reversionary yield

The reversionary yield is the initial yield that a property (or portfolio) would show were it let at its estimated rental value.

Secondary/tertiary property

Secondary and tertiary properties attract higher investment yields than those deemed ‘prime’: this will reflect factors such as their physical

condition, location, configuration and the covenant strength of their tenants.

Sharpe Ratio

This is one of the best-known methods of calculating risk-adjusted returns, and was devised by Professor William Sharpe in 1966. It is

derived by calculating the returns on an investment in excess of the risk-free rate of return (usually the yield on 90-day Treasury Bills) and

dividing the average of these risk-adjusted returns over a period by the standard deviation of these returns over the same period.

Specialist PUT/Specialist Fund

Specialist PUTs/Funds focus upon specific types of property or on properties within particular geographic regions.

Transfer in Specie

A transfer in specie is a mechanism facilitating the allocation of units or a partnership interest to an investor in exchange for property rather

than cash.

‘UCITS’

UCITS are Undertakings for Collective Investment in Transferable Securities. They were created under a set of EU Directives that aim to

allow funds to operate freely within the EU on the basis of a single authorisation from one member state, with the objective of creating a

single market. They do not apply to real estate funds, principally because real estate is not a transferable security. (See Non-UCITS Retail

Schemes)

Vehicle style

Vehicle style is the term used to categorise investment vehicles (under headings such as ‘Core’, ‘Value added’ and ‘Opportunistic’)

according to the investment risks attributable to the levels of their gearing and target returns.

397


Definition of terms

Zoning method / Zone ‘A’

The rental value of shop units is generally determined by dividing their area into strips parallel with the frontage. The most valuable strip per

square foot is referred to as Zone A and is that at the front of the unit: the rental value of each successive strip is ‘halved back’ in value from

this.

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Appendix

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Appendix

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AREF / IPD Property Fund Vision — Q4 2014 Appendix

Appendix

Appendix

Lothbury Property Unit Trust

Important information

This information has been provided by Lothbury Investment Management Limited of 155 Bishopsgate, London EC2M 3TQ, United

Kingdom, a company registered in England with registered number 04185370. Lothbury Investment Management Limited (or “LIM”) is

authorised and regulated by the Financial Conduct Authority in the United Kingdom.

This information concerns Lothbury Property Trust (the "Fund"), which is managed by LIM. Lothbury Property Trust is a sub-fund of the

Lothbury Global Institutional Funds, which is regulated by the Central Bank of Ireland.

The Fund is an alternative investment fund (“AIF”) for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (the

“Directive”). LIM has been appointed and acts as alternative investment fund manager (“AIFM”) in respect of the AIF. For these purposes,

LIM is authorised and regulated in the United Kingdom by the Financial Conduct Authority (or any successor body responsible for the

regulation of alternative investment fund managers) (the “FCA”) for the purposes of managing unauthorised AIFs. The Fund is also an

unregulated collective investment scheme for the purposes of the United Kingdom Financial Services and Markets Act 2000 (the "Act").

RESTRICTIONS ON DISTRIBUTION

Certain jurisdictions may restrict by law the distribution to their residents or nationals of this information. The information is not intended to

be viewed by, distributed to or used by residents or nationals of such jurisdictions. LIM has made every attempt to provide the information

only in accordance with national laws. However, it is also the responsibility of any person receiving this information to satisfy itself that its

receipt of this information complies with the laws of any relevant jurisdiction.

Under United Kingdom legislation, the promotion of units by LIM in the European Economic Area (the “EEA”) is restricted by section 238 of

the Act. The promotion of units by the Fund or by their trustees in the EEA is restricted by section 21 of the Act. Accordingly, the information

is directed only at:

1) persons who are outside the EEA;

2) persons having professional experience of participating in unregulated collective investment schemes, that is persons within

Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001

(the "PCIS Exemptions Order") and Article 14 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

(the "Financial Promotion Order"); and/or

3) high net worth organisations to whom Article 22 of the PCIS Exemptions Order and Article 49 of the Financial Promotion Order

apply (broadly, companies or partnerships with net assets of £5m sterling or more and trustees of trusts with assets of £10m or

more); and

4) others to whom it may lawfully be made available,

All such persons being "exempt persons". Units in the Fund may only be promoted to exempt persons. Persons other than exempt persons

should not rely or act upon the information. They should return it to LIM at the address given above.

This information is confidential. A person to whom this information is made available should not pass it on without the consent of LIM and

then only to an exempt person.

PURPOSE

The purpose of this document is to provide information about LIM and the Fund. So far as relevant, the only client of LIM is the Fund and its

affiliates. Nothing in this document is investment, tax or legal advice. Investors are not a client of LIM as the AIFM. Accordingly, neither you,

nor any other investor, enjoys the protections afforded to clients of LIM and no representative of LIM is entitled to lead you to believe

otherwise. You should take your own independent investment, tax and legal advice as you think fit. Nor is anything in this document an offer

to buy or sell units or any other investment.

Please be aware that ultimately the interests in the Fund, as an AIF, may only be acquired by professional investors. A professional investor

(for these purposes), is every investor that is considered, or may be treated based on a request to LIM (as the AIFM), as a professional client

within the meaning of Annex II of the Markets in Financial Instruments Directive (2004/39/EC).

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Appendix AREF / IPD Property Fund Vision — Q4 2014

Appendix

464

Any marketing (within the meaning of the Directive) in the European Economic Area is carried out pursuant to LIM’s rights as an AIFM under

Articles 31 and 32 of the Directive. The European Economic Area comprises of the Member States of the European Union (Austria, Belgium,

Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,

Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Spain, Sweden and the United Kingdom) plus Iceland, Liechtenstein

and Norway. Potential investors can request from LIM details of jurisdictions where notifications of the exercise of such rights has been

given to the FCA.

Potential investors should note that past performance is not necessarily a guide to future performance; the price of units and the income

from them may fluctuate upwards or downwards and cannot be guaranteed. Units or shares in unauthorised or unrecognised collective

investment schemes investing in property are not readily realisable investments. Potential investors should be aware that the underlying

property of these vehicles may not be readily saleable and that the value of real property is generally a matter of valuer's opinion. There is no

recognised market for the investment and it may be difficult for the investor to deal in the investment or for the investor to obtain reliable

information about its value or the extent of the risks to which it is exposed.


Past performance is not necessarily a guide to future returns. The value of investments can go down as well as up and the investor may not

get back the amount originally invested. It may be difficult or impossible to realise an investment because the underlying property

concerned may not be readily saleable. The value of property is a matter of a valuer’s opinion and the true value may not be recognised

until the property is sold.

Changes in exchange rates may also cause the value of investments to fall as well as rise. The mention of specific securities should not be

taken as a recommendation to deal.

The research or analysis included in the report has been produced by Threadneedle Asset Management Limited for its own investment

management activities, may have been acted upon prior to publication, and is made available here incidentally.

In some instances the information contained in this note, other than statements of fact, may have been obtained from external sources

believed to be reliable but its accuracy or completeness cannot be guaranteed.

Any opinions expressed are as at the date of issue but are subject to change without notice.

This document is for investment professional use only and is not for onwards distribution to, or to be relied upon by private investors, other

than in those circumstances provided for in the relevant regulations to permit the promotion of unregulated collective investment

schemes/unclassified funds. Intermediaries also have a responsibility to determine that appropriate regulatory permissions are available to

them in the relevant jurisdiction.

This document does not constitute or form any part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any

units nor shall it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore. Recipients of this

document who intend to apply for units are reminded that any such application may be made solely on the basis of the information and

opinions contained in the prospectus which may be different from the information and opinions contained in this document.


Please note that the use of gearing creates additional risk by raising the Trust's exposure to capital risk and interest costs. In some

circumstances the use of gearing can affect the eligibility of the Trust to certain investors.

In the UK, the Threadneedle Property Unit Trust (‘the Trust’) is an unregulated collective investment scheme for the purposes of Section 238

of the Financial Services and Markets Act 2000. Accordingly, this document may only be communicated in the UK to persons described in

the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) Exemptions Order 2001 and to persons whom

units are permitted to be promoted in accordance with the FSA’s Conduct of Business rules. Approved for UK purposes by Threadneedle

Asset Management Limited. Regulated by the Financial Services Authority.

Units in the Trust may only be promoted in accordance with the aforementioned legislation.

The Manager of the Trust is Threadneedle Investments (Channel Islands) Limited. As an Investment Advisor to the Trust, Threadneedle

Asset Management Limited (regulated by the Financial Services Authority) has approved these details for UK purposes. Any investment

would have to be made solely on the basis of the information contained in the Prospectus.

Threadneedle Investments is a brand name and both the Threadneedle name and logo are trademarks or registered trademarks of the

Threadneedle group of companies.

Threadneedle Asset Management Limited is authorised and regulated by the Financial Services Authority (“FSA”), registration number

122194. Confirmation of this can be found at the FSA’s website www.fsa.gov.uk.

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AREF / IPD Property Fund Vision — Q4 2014 Appendix

Appendix

Threadneedle Asset Management Limited

Registered Office Address: 60 ST MARY AXE, LONDON, EC3A 8JQ

Tel: 020 7464 5000

Fax: 020 7464 5466

Threadneedle Investments is a brand name and both the Threadneedle name and logo are trademarks or registered trademarks of the

Threadneedle group of companies.

For investment professional use only (not for onward distribution to, or to be relied upon by private investors).

402

IPD | An MSCI Brand www.ipd.com

Enquiries +44.20.7336.9200 www.ipd.com @IPDNews

Use of the AREF/IPD Property Fund Vision Handbook The AREF/IPD Property Fund Vision Handbook is made available on the IPD website www.ipd.com By accessing this site and the information contained within it you have agreed to IPD’s terms and conditions of website use which can be found on the home page and which applies to the AREF/IPD Property Fund Vision Handbook. You may access and view the content but you may not otherwise, without limitation, copy, distribute, sell, publish, or commercially exploit any of the content including but not limited to the IPD Property Vision Handbook without IPD’s prior written consent. Should you wish to use the IPD Property Fund Vision Handbook for example as a benchmark and within any reporting, you will need to enter into a separate written agreement with IPD and this may incur a fee. For further information you should contact [email protected].

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AREF/IPD Property Fund Vision Handbook