PITCH. ESG & RPI Credentials Property Income Trust for Charities Page - 1 PROPERTY INCOME TRUST FOR CHARITIES

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1 ESG & RPI Credentials Property Income Trust for Charities Page - 1

2 Awards

3 Contents Property Income Trust for Charities Why ESG matters to Mayfair Capital Environmental, Social & Governance Memberships 7 UNPRI GRESB IIGCC AREF Policies 12 Ethical Policy Reponsible Property Investment Policy Reports GRESB Report Sustainability Report Page - 3

4 Property Income Trust for Charities An introduction to and ESG The Property Income Trust for Charities () is a tax-efficient unit trust for charity investors which has c. 570m of property assets under management and aims to deliver a relatively high and sustainable income yield whilst at least maintaining capital value in real terms over the economic cycle. The AREF/IPD All Balanced Property Fund Index showed that was the best-performing specialist property fund for the charitable sector with a total return of 11.5% for the 12-month period and an annualised return for the 5-year period of 12.1%, making it the best performing specialist property fund for charities over the last 1, 3 and 5 years (as at ). ESG (environmental, social and governance) is central to s investment strategy. The Fund has strong ethical investment principles and will not, for example, acquire property whose occupiers business turnover depends primarily on alcohol, tobacco, armaments, gambling or the sex industry. Earlier this year, Mayfair Capital became a signatory to the United Nations Principles for Responsible Investment (UN PRI). The goal of the UN PRI is to understand the implications of sustainability for investors and support signatories to incorporate these issues into their investment decision-making and ownership practices. In implementing six principles, signatories contribute to the development of a more sustainable global financial system. In 2018 received a higher environmental, social and governance (ESG) rating from the Global Real Estate Sustainability Benchmark (GRESB). s score from the GRESB 2018 model has improved from 60/ to 70/ a level which is above both the peer group and the GRESB average. (For further information see pp 9 and 20-21) Page - 4

5 Why ESG matters to Mayfair Capital Sustainability is one of the major challenges facing humanity, given the ever expanding numbers of people occupying the finite land available on our planet. The building/property sector contributes some 30% of annual global greenhouse gas emissions according to the Principles for Responsible Investment (PRI), the UN agency which advocates responsible investment. Therefore real estate investors have a significant role to play in supporting sustainability objectives. As a result the implications encapsulated by environmental, social and governance (ESG) factors are rightly gaining importance within the property investment industry. Sustainability and ESG are central to the management of our business and our property portfolios at Mayfair Capital. Whilst we developed our own principles of responsible property investment a number of years ago in January of this year we became a signatory to the UN PRI. As an investor, prioritising ESG factors enables us both to achieve our sustainability goals and our investment objectives. By targeting quality assets in accessible locations with low energy usage and high sustainability credentials, we are also acquiring assets that are likely to prove most attractive to occupiers. Buildings with high sustainability standards can attract price premiums compared to those with poor credentials however, we must have a strong conviction in our philosophy through our investment approach. We also improve the buildings that we acquire, making them better aligned to sustainability objectives and enabling them to contribute more to ESG principles. One of our funds, the Property Income Trust for Charities (), has strong ethical investment principles. It will not, for example, acquire property whose occupiers business turnover depends primarily on alcohol, tobacco, armaments, gambling or the sex industry. Our other funds do not have such stringent parameters. Nevertheless all of our funds seek to create portfolios that meet the needs of tomorrow s occupiers. To achieve this we focus on best-in-class real estate which brings with it a requirement for modern, well maintained and efficient buildings - the type that also align to sound sustainability and environmental principles. Page - 5

6 Our UNPRI signature, then, reflects in part where we are already but it also reflects our commitment to ensure that ESG principles are central to our investment decisions. Environmental considerations are likely to be most relevant to our role as investors in physical buildings, however social and governance factors have a role to play. Such factors include, for example, our willingness to spend capital to ensure disabled access to our properties or maintaining strong ethical standards in dealing with clients and contractors. It also means giving back to the community through means such as our annual charity quiz night. Two of the previous charities we have supported on our quiz night In summary, we believe our ESG principles already speak for themselves in the way our business is run and the way Mayfair Capital invests. Given the importance of ESG to the way in which our world develops, we believe that we have plenty more to offer. Our signature on the UNPRI is a statement of this intent, and a firm commitment, to one of our five principles of continuous improvement. Tom Duncan Senior Analyst - Investment Strategy and Risk Page - 6

7 Environmental, Social & Governance Memberships UNPRI - United Nations Principles for Responsible Investment GRESB - Global Real Estate Sustainability Benchmark IIGCC - Institutional Investors Group on Climate Change AREF - Association of Real Estate Funds Page - 7

8 United Nations Principles for Responsible Investment (UNPRI) Mayfair Capital Investment Management is a signatory to the UNPRI. By signing this declaration we have recognised that the UN principles may better align investors with broader objectives of society. Therefore, where consistent with our fiduciary responsibilities, Mayfair Capital Investment Management Limited commit to the following: To incorporate Environmental, Social and Corporate Governance (ESG) issues into investment analysis and decision-making processes; To be an active owner and to incorporate ESG issues into our ownership policies and practices To seek appropriate disclose on ESG issues by the entities in which we invest To promote acceptance and implementation of the principles within the investment industry To work with the PRI Secretariat and other signatories to enhance their effectiveness in implementing the principles To report on our activities and progress towards implementing the principles Mayfair Capital & UNPRI This year Mayfair Capital submitted to the UNPRI survey, where we were awarded an A in governance and B for property. The first year of membership is a grace year so the results are not published. Page - 8

9 Global Real Estate Sustainability Benchmark (GRESB) What does GRESB do? GRESB assesses the sustainability performance of real estate and infrastructure portfolios and assets worldwide. It offers ESG data, Scorecards, Benchmark Reports and portfolio analysis tools. The Assessments are guided by what investors and the industry consider to be material issues in the sustainability performance of real asset investments and are aligned with international reporting frameworks such as GRI and PRI. Assessment participants receive comparative business intelligence on where they stand against their peers, a roadmap with the actions they can take to improve their ESG performance and a communication platform to engage with investors. Investors use the ESG data and GRESB s analytical tools to improve the sustainability performance of their investment portfolios, engage with managers and prepare for increasingly rigorous ESG obligations. & GRESB has been reporting to GRESB since 2014 and we are pleased to report that in 2018 the Fund scored 70/, marking the 5th year of consecutive improvement. The Fund has been awarded 3 green stars and achieved % for its management. (Please note in 2017 GRESB re-stated the score from 54 to 60). The GRESB summary benchmark report can be found on pages 20 & GRESB Score Page - 9

10 Institutional Investors Group on Climate Change (IIGCC) Mayfair Capital is a member of the IIGCC as it offers opportunities to deepen investor understanding of climate risks and opportunities to ensure that these are reflected in investment practices which will preserve and enhance long-term investment value. IIGCC s mission is to mobilise capital for the low carbon future by amplifying the investor voice and collaborating with business, policymakers and investors. IIGCC provides investors with a collaborative platform to encourage public policies, investment practices and corporate behaviour that address long-term risks and opportunities associated with climate change. Members consider it a fiduciary duty to ensure stranded asset risk or other losses from climate change are minimised and that opportunities presented by the transition to a low carbon economy - such as renewable energy, new technologies and energy efficency re maximised. Other members also include Blackrock, CCLA, Central Finance Board of the Methodist Church, Church Commissioner for England, Edentree, Investec, Legal & General, M&G, Mercer, Northern Trust, Oxford University Endowment Management, Quilter Cheviot, Rathbone Greenbank Investments, Ruffer Page - 10

11 The Association of Real Estate Funds (AREF) The Association of Real Estate Funds (AREF) is the voice of the real estate funds industry. It is recognised by policy makers, regulators, tax authorities and other official organisations as the leading spokesperson for real estate and therefore have the ability to influence the way the industry evolves. Investors and advisers are aware of the high standards the members adhere to, both in transparency and corporate governance, therefore enabling us to promote their confidence when they invest in real estate. Full members have a collective NAV of circa 60bn under management and all are benchmarked using the leading AREF/IPD UK Quarterly Property Fund indices (QPFI). & AREF In 2018 achieved one of the top scores in the AREF code of practice as well as being awarded a Quaity Mark for the high level of transparency and corporate governance managing the Fund. recieved best practice in 15 out of the 23 certification matrix, making it the best performing out the specialist charity property funds. Mayfair Capital has also been awarded, for the second year running, the MSCI UK Property Investment Awards recognising the company s commitment to governance and the quality and accuracy of our data submissions. Page - 11

12 ESG Policies Ethical Policy Responsible Property Investment Policy Page - 12

13 Ethical Policy The Property Income Trust for Charities adheres to an ethical policy in the management and investment of the Fund. The Investors Committee monitors the portfolio according to the stated policy and ensures that the Fund does not undertake any activity which would likely bring the Fund into disrepute with its investors. The policy states that the Fund will not invest in property assets where an unacceptable level of a tenant s business turnover is derived from any of the following activities: Alcohol production or consumption Gambling Manufacture or sale of armaments Manufacture or sale of tobacco products Pornography or the sex industry Other activities deemed to be unacceptable from time to time Compliance with this policy is considered by the Investors Committee at the time of a property acquisition and reviewed on an ongoing basis at quarterly meetings. Signed on behalf of Mayfair Capital Investment Management Ltd: James A Thornton Fund Director of Property Income Trust for Charities Mayfair Capital Investment Management Ltd 2 Cavendish Square, London W1G 0PU Tel: +44 (0) Fax: +44 (0) Mayfair Capital Investment Management Ltd is Authorised and Regulated by the Financial Conduct Authority Registered in England Company Number Page - 13

14 Ethical Policy The Property Income Trust for Charities ethical policy means that we screen the tenants of our properties for conflict with our stated ethical policy. Listed below are those tenants who derive some turnover from a flagged activity within our ethical policy. Ethical Policy Properties Percentage of the income of the Fund * Alcohol production or Las Iguanas - Restaurant <2% consumption (we hold no pubs, bars or wine merchants as tenants) Pizza Express - Restaurant Côte - Restaurant Cafe Rouge - Restaurant Zizzi - Restaurant Chiquito - Restaurant Gambling None 0% Manufacture or sale of armaments None 0% Manufacture or sale of tobacco products None 0% Pornography or the sex industry None 0% Other activities deemed to be unacceptable from time to time None 0% * The amount of income recieved from a tenant where their business turnover includes some activity highlighted by the Fund s ethical policy. Page - 14

15 Responsible Property Investment Policy Our Responsible Property Investment (RPI) Policy details the objectives through which we intend to incorporate our core sustainability principles into the management of the assets in the Property Income Trust for Charities (). For each principle, a set of clear and realistic objectives has been identified. This policy document should be read in conjunction with our RPI Statement to better understand these principles and how we define sustainability. Key Principles Environmental stewardship We recognise the impact our buildings and operations have on the environment and believe that we are responsible for minimising our consumption of natural resources. In order to demonstrate our commitment to improving the environmental performance of our assets, we have set the following objectives: Acquisition Assess all potential investments according to MC s internal pre-acquisition sustainability checklist in order to identify the level of risk and resilience within each environmental consideration; Undertake a formal environmental risk assessment on potential investments (including flood risk, ground contamination, asbestos, pollution etc.); and Establish the potential to improve the existing environmental performance of the potential investment or reduce any existing risk. Development / Refurbishment Review the sustainability credentials of potential contractors and determine whether they are in line with MC s principles; Seek to achieve best practice on energy efficiency standards and comply in particular with Minimum Energy Performance Standards regulations in line with the Energy Act 2011 and all Building Regulations; Prohibit the use of materials that have potentially hazardous effects and use sustainable materials as far as possible; and Minimise the risks of pollution or contamination arising from refurbishment activities. Page - 15

16 Management In those buildings where we hold all or some level of control: Reduce energy consumption and establish the potential for renewable energy generation; Limit the amount of waste being sent to landfill and increase the proportion of waste being recycled; Reduce water consumption and identify opportunities to install water efficient practices; and Encourage green travel plans and where possible, install cycle storage. Collect and manage environmental data points on an ongoing basis to monitor progress and improvement; and Collaborate with tenants to encourage data and knowledge sharing. Social Responsibility We believe that our business activities should have a positive impact on the communities in which we operate. The social sustainability of our investments is important to us and we believe that we have an obligation to undertake business activities that will have a positive impact on those people who live, work and invest in those assets. As such, we commit ourselves to the following: Review the ethical, environmental and social performance of all key suppliers and their compliance with labour laws; Support regular training and development for employees; Promote safe and healthy buildings which encourage productivity and positive customer experiences for the communities, workers and visitors who use them; and Implement and monitor the adoption of the Fund s Ethical Policy under the supervision of the Fund s Investors Committee. Compliance We believe that at all times MC and the assets we manage must comply with regulation and legislation pertaining to sustainability, as well as internal policies, and that a level of preparedness for forthcoming regulation should be demonstrated. We believe that a good understanding of regulation and policy requirements demonstrates responsible risk management and have therefore committed to the following: Page - 16

17 Ensure that all business activities and property assets are compliant with applicable environmental regulation and policies; Engage with all key suppliers to ensure that they are compliant with relevant regulation; In addition to all industry relevant policies, ensure that all assets under management, potential investments, employees and stakeholders adhere to internal policies on Ethical Investing, Anti-bribery, and Equal Opportunities Employment; Maintain a good understanding of all current and future regulatory requirements; and Undertake regular health and safety inspections in accordance with current legislation and the MC Health and Safety Policy. Engagement We recognise the benefit of engaging with our employees, stakeholders and the wider industry to create awareness around sustainability issues and ensure our objectives are achieved. It is our policy to work with all our stakeholders, as well as peers in the market, to encourage the adoption and consideration of sustainability principles within business practice. As such, we commit to the following: Tenant Engagement Promote dialogue and raise awareness among all tenants with respect to energy, water and waste consumption; Where possible include a Memorandum of Understanding ( MoU ) or green clauses in leases to encourage data sharing and cooperation to improve sustainability. Stakeholder engagement Encourage all managing agents, third party consultants and service providers to apply sustainability principles as part of their obligation and commitment to MC and when necessary take appropriate action when these principles are not being adopted to a satisfactory standard; Consider the level of commitment to sustainability of potential investment partners and pursue dialogue with these parties when their standards are in conflict with MC s sustainability principles; Ensure that all employees of MC are aware of the RPI statement, Fund policies and KPIs. Industry Engagement Engage with the wider industry in promoting sustainability as a mainstream consideration of investment performance by contributing to and attending relevant working groups and industry events. Page - 17

18 Continuous improvement We will work towards best practice when implementing our sustainability principles and ensure continuous improvement through regular reviews of our objectives and targets. In order to build on our commitment to sustainability issues, we have set the following objectives to ensure ongoing improvement: Conduct regular reviews on the environmental performance of our assets under management to determine whether targets are being reached; and Review Mayfair Capital s RPI Statement, Policies, KPIs and targets every year to ensure they are realistic and relevant. This Policy has been developed in conjunction with our Sustainability Consultants, GVA, and has been approved and endorsed by the Investors Committee of the Fund. Signed on behalf of Mayfair Capital Investment Management Ltd: James A Thornton Fund Director of Property Income Trust for Charities Page - 18

19 Reports 2018 GRESB Report Sustainability Report Page - 19

20 2018 GRESB Real Estate Assessment Property Income Trust for Charities Mayfair Capital Investment Management Participation & GRESB Score Peer Comparison 23 rd out of 72 Diversified United Kingdom Non-listed Guide GRESB Model Management & Policy Implementation & Measurement This Entity Peer Group Avg. Peer Group GRESB Average GRESB Universe Asia Europe North America Oceania Globally Diversified GRESB Score GRESB Average 68 GRESB Average 64 Green Star Peer Average 63 Implementation & Measurement Management & Policy GRESB Average 77 Peer Average 55 Peer Average 85 Performance data reported at asset level ESG Breakdown Trend 61 Environment GRESB Average 61 Peer Average Improvement Social GRESB Average 71 Governance GRESB Average 82 Peer Average 67 Peer Average 90 Overall Score rating improvement +1 This Entity Peer Group Range GRESB Range Peer Group Average 0 GRESB Average Rankings 23 rd Diversified United Kingdom Non-listed out of th Diversified out of th All GRESB participants out of rd United Kingdom / Diversified / Non-listed out of th United Kingdom / Diversified out of st United Kingdom / Non-listed out of 155 Page 4 of 124 Page - 20 GRESB Benchmark Report 2018 for Property Income Trust for Charities 6 Sep :39:09pm Thu UTC

21 GRESB Aspects Stakeholder Engagement 75 Management Policy & Disclosure Risks & Opportunities 44 Building Certifications Monitoring & EMS Performance Indicators This Entity Peer Group Average Aspect Weight in GRESB Score This Entity Peer Group GRESB Management 8.1% +15 PEER Frequency 0 Score GRESB 88 Policy & Disclosure 9.5% PEER Frequency 0 Score GRESB Risks & Opportunities 13.2% PEER Frequency 0 Score GRESB Monitoring & EMS 8.8% 71 PEER Frequency 0 Score GRESB Performance Indicators 25.6% PEER Frequency 0 Score GRESB Building Certifications 11% 44-4 PEER 34-4 Frequency 0 Score GRESB Stakeholder Engagement 23.8% PEER Frequency 0 Score GRESB Page - 21

22 Property Income Trust for Charities Responsible Property Investment Update : December 2017 Developing a more sustainable approach to investment is important to us and, we hope, also to our tenants. Our efforts to incorporate sustainability factors into our buildings and practices has continued to advance this year... GRESB Progress The Global Real Estate Sustainability Benchmark (GRESB) has developed over the past several years to become the key measure of property funds progress in sustainability matters, some 850 funds now contribute towards the index. has been submitting data to GRESB for four years and we are pleased to have made substantial progress over this period. From a starting point of 29 in 2014 we have this year (note: October 2018 update) achieved a score of 70/ as a result of improvements in our monitoring of energy, waste and water usage and consequent improvement of our performance indicators Understanding our Assets Our depth of data collection continues to improve and we are beginning to see more reliable patterns. Like-for-like comparisons are showing improvements in the amount of electricity and gas used but we need to do more to reduce water usage. The recycling position is worse on an absolute basis as more sites have been brought into the analysis. As a result, CO 2 emissions have reduced by 33% over the year, which is very positive. Having built up a reliable background of data, we are now in a position to begin setting individual targets for our most energy intensive assets in order to focus efforts on areas where improvement will be most meaningful. Electricity (kwh) Gas (kwh) CO 2 Emissions (tonnes) Water (m 3 ) Recycling In addition to seeking to reduce the overall amount of energy we use, we have also switched all of the electricity used in the multi-let assets that we control to a zero carbon source. This uses % natural renewable energy (wind, solar and hydro) to minimise our environmental impact. EPC Analysis Energy Performance Certificates (EPC) cover % of the portfolio and 93% of the portfolio is rated D or better. This information is important as, from April 2018, landlords will be unable to let properties with F & G ratings. There are only four properties currently in the portfolio (down from six a year ago) with these ratings. Additionally, two of these ratings only refer to small individual units within a wider, compliant estate. Three of the four properties are currently targeted for sale and the remaining asset will be improved in due course. Green Leases We believe that enhancing the sustainable qualities of our assets has the potential to make them more desirable to occupiers, combat obsolescence and improve investment performance. Measure Year to Jun-16 Year to Jun-17 Change Absolute 1,007,385 1,725,565 71% Like-for-like 934, ,588-4% Absolute 861,343 1,448,062 68% Like-for-like 503, ,476-27% Absolute % Like-for-like % Absolute 11,666 12,267 5% Like-for-like 10,367 12,063 16% Absolute 62% 54% -8% Like-for-like N/A N/A By its nature, the fund contains many single let, long lease assets where data collection is problematic - we do collect environmental performance data for all our directly held multi-let properties where we organise utility supplies and waste disposal. In order to improve data collection across the portfolio, and to work more closely with our tenants, we are seeking to incorporate terms to facilitate this into material leases. How is this done? By including green lease clauses into new and renewed leases, where possible and meaningful. These facilitate data sharing, undertaking 22.4% 46.8% 19.8% EPC Analysis 4.8% 4.1% 2.0% 0.0% A B C D E F G Page - 22

23 Property Income Trust for Charities Responsible Property Investment Update : December 2017 improvement works and ensuring that alterations do not detrimentally affect the energy efficiency of a building. By entering into a Memorandum of Understanding with tenants where we believe a positive difference can be made. By raising sustainability topics and opportunities with our occupiers and seeking to improve assets to the benefit of both parties. In practice: Measurement of energy usage and waste and subsequent sharing of performance reports. Seeking to improve energy and waste efficiency. Seeking to introduce sustainable measures into alteration and refurbishment projects. Discussion of, and planning for, sustainability initiatives at tenant meetings. Working with Tenants Sustainable objectives are more easily attained by working in partnership. We are seeking out opportunities to introduce companies that can help our tenants to achieve their own sustainable goals. We have arranged discount opportunities for our tenants to purchase energy and water saving technology from Save Money Cut Carbon and additionally have introduced Zumtobel to work with tenants to investigate self-funding installations of LED lighting. We have also continued the Award which encourages our tenants to actively support charities that are local to them by providing money to either enhance their fundraising or facilitate their activities. Last year we awarded 5,000 through our tenant Barnett Waddingham, to help with their work for Contact the Elderly. Sustainable Fit-Out Guide Undertaking a major fit-out is a complex operation - not just in the execution, but also in the early stages of consideration and planning to ensure that the space created works optimally both for the workers and the wider business. We have assembled a guide that is available to all of our tenants to assist with this process. It works through design considerations in terms of both layout and flexibility as well as energy and waste considerations. It also considers the procurement chain and ongoing thoughts for running a sustainable environment. Refurbishment Activity We have recently undertaken some refurbishment work of our own, at our Glasgow asset, Berkeley House. The property is a 1988 built office building which provides good quality, functional office accommodation, but which at over 25 years old was in need of phased refurbishment. We have sought to approach the project in a sustainable manner. Where suitable, existing elements of the building have been retained. Where elements of the fit out have required replacement, we have sought to use sustainable and energy efficient products: The new raised floor has 62% recycled content whilst the ceiling tiles have 42% recycled content and metal ceiling grid 25%. The tiles are % recyclable. We elected to incorporate an LED lighting system into the suite. Whilst this was a slightly more expensive option in terms of initial cost, the long term energy cost is significantly less than the fluorescent alternative and we hope that this will be attractive to occupiers. PIR sensors were also incorporated into the design to further enhance energy efficiency. Since we completed the refurbishment, we are pleased to have both let the refurbished floor and to have subsequently sold the asset. Investment Acquisition We don t only acquire assets that already have strong sustainability credentials, we also look for opportunities where we can acquire properties that can be improved in order to enhance both value and their sustainability performance. However, in both cases we carry out rigorous pre-purchase due diligence and sustainability issues form a large part of this. We look for assets that have good transport and infrastructure links in order that they are highly accessible to occupiers. We also review their energy efficiency and vulnerability to environmental risks such as contamination and flooding. Consideration of alternative and longevity of use is also important to us so as to minimise obsolescence, as is flexibility of space so that occupiers can utilise it in ways that work best for them. Ethical Policy Our Ethical Policy is also of key importance as we will not purchase investments where an unacceptable level of the tenant s income is derived from non-ethical sources and these include: Alcohol production or consumption Gambling Manufacture or sale of armaments Manufacture or sale of tobacco products Pornography or the sex industry These areas are reviewed quarterly by us as Manager of and also by the Fund s Investors Committee. Governance Procedures We cannot expect or encourage our tenants to operate ethically and with probity unless we do so ourselves. Mayfair Capital has rigorous procedures and training to ensure that our investors funds are wisely invested and completely protected. We operate numerous investment committees and review boards to scrutinise investment decisions and to ensure that investment risk is properly managed. In running our business procedures are in place to give transparency and ensure that no undue influence is exerted over our decisions. The company is authorised and regulated by the Financial Conduct Authority. It is also an approved Alternative Investment Fund Manager and complies with the Alternative Investment Fund Managers Directive. We are also members of the IIGCC and GRESB. Mayfair Capital Investment Management Limited Member of Swiss Life Asset Managers 2 Cavendish Square, London, W1G 0PU Tel: Page - 23

24 James Thornton Fund Director Simon Martindale Fund Manager Scott Fawcett Head of Asset Management James Lloyd Head of Business Development Clare Berthoud Director of Business Development Katie Joyce Investor Relations Address: Property Income Trust for Charities Mayfair Capital Investment Management Limited, 2 Cavendish Square London W1G 0PU, UK Telephone: +44 (0) jlloyd@mayfaircapital.co.uk Web: Authorised and Regulated by the Financial Conduct Authority. A member of Swiss Life Asset Managers. The materials contained herein are for information purposes only and do not constitute an offer to sell or a solicitation of an offer to purchase any interest in any investment vehicles (the Funds ) managed by Mayfair Capital Investment Management Limited or its affiliates. Mayfair Capital Investment Management Limited ( Mayfair Capital ) is authorised and regulated by the Financial Conduct Authority (the FCA ). The information contained herein is directed inside and outside the United Kingdom, in accordance with the Alternative Investment Fund Managers Directive 2011/61/EU and any relevant local law in the relevant jurisdictions and it is not directed at any persons in the United States or any other jurisdiction where it would be unlawful to distribute or access this information. The Funds are not recognised collective investment schemes for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the Act ) and are exempt from the restriction in section 238 of the Act on the communication of an invitation or inducement to participate in a collective investment scheme on the grounds that such information is communicated to and/or directed at only those persons who are categorised as professional clients or eligible counterparties (within the meaning of the FCA Rules) in relation to the Funds. The investments and investment services to which this publication relates are only available to persons with such a categorisation and other persons should not act or rely on it. In particular, any investment or investment service to which this publication relates is not intended for persons who are retail clients and will not be made available to retail clients. Investors in the Funds will not benefit from the rules and regulations made under the Act for the protection of investors, nor from the Financial Services Compensation Scheme. Units in the Funds are not dealt in or on a recognised or designated investment exchange for the purposes of the Act, nor is there a market maker in such units, and it may therefore be difficult for an investor to dispose of his units otherwise than by way of redemption. The performance information (including any expression of opinion or forecast) herein reflects the most-up-to date data at the time of production and publication made in good faith on the basis of publically available, proprietary information or on sources believed by Mayfair Capital and its associated companies to be reliable, but not liable, nor guaranteed as to its accuracy or completeness for any such information. The value of investments may go down as well as up, and investors may not get back all or any amount originally invested. Income or other returns from investments are subject to change and may be lower than estimated. Past performance is not a reliable indicator of future performance. Mayfair Capital manages Funds which invest in real property and which may be subject to higher risk and volatility than other funds and may not be suitable for all investors. Further, the Funds may be leveraged and their portfolios may lack diversification thereby increasing the risk of loss. The levels and bases of and reliefs from taxation may change. Any tax reliefs referred to are those currently available and their value depends on the circumstances of the individual investor. Investors should consult their own tax adviser in order to understand any applicable tax consequences.