Fund Summary

• An absolute return objective:
  - A target distribution yield of 5.75% to 6.0% per annum whilst at least maintaining capital value in real terms. Distributions are made quarterly.
• An exempt, unauthorised unit trust available to all exempt and registered charities in the UK
• Property purchases exempt from SDLT
• Conservative and prudent use of borrowings
• An asset base of commercial property throughout the UK
  - Institutional grade assets comprising a mix of income growth and 'added value' opportunities
  - Target lot sizes £3m to £8m and increasing
  - No speculative development
• Risk management provisions employed
• Formal ethical and environmental policies adopted
• Monthly entry, quarterly redemptions