Quarterly Update January Lothbury. Review of Investment Management

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1 Q4 Quarterly Update January 2014 Lothbury Property Trust Review of 2013 Investment Management

2 Overview Lothbury Property Trust Fund Description Lothbury is an offshore Trust investing in UK real estate. Regulated by the Central Bank of Ireland, it is capable of receiving investments from pension funds, charities, insurance and other companies and high net worth private individuals from within the UK or abroad. Fund Objectives To provide an attractive investment opportunity for investors requiring indirect property exposure and to achieve competitive performance through a combination of good stock selection and active management initiatives To manage portfolio risk by being advantageously positioned across the principal property sectors and regions and by maintaining a proportion of property investments which are readily saleable in the open market. Fund Returns as at 31 December 2013 Lothbury Property Trust UK QPFI All Balanced Property Fund Index (IPD) 3 months 4.0% 4.3% 12 months 10.1% 9.1% 3 year annualised 7.1% 5.2% 5 year annualised 7.1% 5.0% 10 year annualised 6.2% 4.2% Fund Data as at 31 December 2013 Net Asset Value 927.9m Number of Assets 50 Indicative Subscription Price 1, Net Asset Value per Unit 1, Indicative Redemption Price 1, Distribution per Unit Property Sector Weightings as at 31 December % 20% 10% Retail Retail Warehouse Office Industrial Other Cash Lothbury Property Trust Benchmark* * AREF/IPD UK Quarterly Property Fund Indices, All Balanced Property Fund Index

3

4 Lothbury reported another year of outperformance in 2013 recording 10.1% against the IPD All Balanced Property Fund Index benchmark of 9.1%. In addition, the Fund continued to maintain its exemplary outperformance record over the 3, 5 and 10 year periods. The Fund was successful in winning m of new equity during the year which represented money from 24 new institutional investors. The new equity was used both for the development projects under construction at St. James s Street, London SW1 and the Clarendon Shopping centre in Oxford, as well as to purchase new, prime properties for the portfolio was characterised by a year of strong acquisition activity in Lothbury with the Fund completing on 9 purchases totalling 93.35m during the year. These acquisitions represented purchases in the four key property sectors of retail, retail warehousing, offices and industrial. In total, the Fund purchased three retail properties and one mixed retail / office asset which together totalled 28.68m. The purchases conformed to the fund strategy of acquiring assets in the premier retailing centres in the UK. The purchases were made in Glasgow, Exeter, Chester and Chichester and the tenants included Vodafone, the White Company, Hobbs, Starbucks and Clinton Cards. In the office sector, the fund purchased a prime, Grade A office building in Spinningfields, Manchester for 19.90m. Spinningfields is widely considered to be the prime office pitch in Manchester and the building was constructed in 2009 to a high specification producing quality, flexible space. The building is multi-let and fully income producing. In the industrial sector, Lothbury invested 16.00m into an exceptionally well located multi-let industrial estate in Poyle, approximately two miles from Heathrow airport. Due to its uniform site layout and excellent location, the asset offers long-term redevelopment potential. In the interim, the asset is well let to tenants who are principally airport related occupiers and is providing the Fund with an attractive running yield. Finally in 2013, the fund invested 28.77m into the retail warehousing sector by securing prime, Open A1 consented retail warehousing assets in both Oxford and Congleton, Cheshire. The Fund objective of maintaining a low void rate was also met during the year, and at the year end the void rate stood at 1.7%. This low void rate reflects both the calibre of the stock in the portfolio and the success of the team in re-letting the space, should it become vacant due to lease expiry or tenant failure. This was clearly illustrated by the team s success in re-letting the two properties which suffered voids as a result of the failure of Comet plc during the year. Both properties were swiftly re-let to the strong covenants of Wickes and Tesco. The active team also had a successful year during The extension of the Clarendon shopping centre in Oxford to accommodate the pre-letting to H&M was successfully completed and handed over to H&M to fit out in October. In addition, work also started on the demolition and reconstruction of 55 St. James s Street London SW1. When completed, this building will be a flagship holding for the Fund and will comprise 23,000 sq ft of top quality flexible office space together with five high class residential units and a restaurant. Lothbury s portfolio continues to comprise prime, good quality, liquid assets with the income secured on strong covenants and should continue to benefit from the strong performance expected from the property market during 2014.

5 Market and Fund Commentary Covent Garden, London. Rathbone Place, London. 55 St. James s Street, London. UK Economy The Office for National Statistics (ONS) estimated that UK GDP increased by 0.7% in Q4 2013, bringing the annual growth rate to 1.9%. This figure is the fastest annual rate of growth since Services, which make up a third of the UK s economic output, rose by 0.8% in Q4 2013, matching its performance in Q Industrial production fell marginally from 0.8% to 0.7% due to falling North Sea oil and gas production. Despite recent recovery in the housing market, Construction, which accounts for less than 8% of GDP, fell by 0.3% in the quarter whilst Production increased by 0.7%. GDP was 2.8% higher in Q when compared with the same quarter a year ago. In December, the independent Office for Budget Responsibility revised its 2013 UK growth forecast from 0.6% to 1.4% and is forecasting growth of 2.4% for UK unemployment rates decreased to 7.1% for the months September to November 2013, down 0.5% from the months June to August The ONS also announced that UK retail sales increased by 5.3% for the year to December During 2013, small retail stores experienced higher growth year-on-year than large stores, with the amount spent in small stores increasing by 8.1% compared with 2.6% in large stores. Of the four main retail sectors, non-food stores provided the main contribution to the growth in the amount spent at small stores. In December 2013, the amount spent in the UK retail industry increased by 6.1% compared with December The Bank of England maintained the base rate at 0.5% over the fourth quarter and held the target size of the quantitative easing programme at 375bn. Inflation (CPI) fell to 2.0% in December 2013, down from 2.7% in September It is the first time inflation has been at or below the government-set target of 2.0% since November However, inflation (RPI) rose to 2.7% from 2.5% over the same period. Property Investment Markets Investment activity for Q was reported by CBRE to total 19.06bn. This figure reflects a 34% increase from the Q figure and 68% on the Q total. Central London continued to attract the bulk of the UK property investment. The increased activity may be a result of better than expected economic performance in the UK as well as continued interest from foreign investors. A flurry of transactional activity at the end of the year led to a strengthening December return, its highest since March The IPD UK Monthly Property Index posted capital growth of 3.0% between September and December This is an improvement on the increase in capital growth of 1.2% in Q Total returns for the IPD UK Monthly Property Index also increased from 2.9% in Q to 4.7% in Q This compares to a three month return on Equities of 5.0% and Bonds of -1.9%. Returns for UK commercial property improved steadily throughout 2013 as market conditions improved and confidence grew in assets outside of prime or Central London locations. Despite this overall improvement, there remain divisions between sectors. According to the IPD UK Monthly Property Index, offices and industrials recorded three month total returns of 6.4% and 6.1% respectively. The retail sector, remaining at the mercy of lacklustre occupier demand and online competition, returned 3.2%. Capital values in the retail sector increased by 0.8% over 2013 whilst rents declined by 1.3%. Comparatively, values for offices rose by 7.7% and for industrial units by 5.9%, with rents increasing in both sectors by 3.3% and 0.7% respectively. The IPD All Property Equivalent Yield decreased from 7.42% in September 2013 to 7.18% in December 2013 and the IPD All Property Initial Yield decreased from 6.26% in September 2013 to 6.04% in December Fund Activity The core LIM team negotiated two lease regearings during Q4 2013, providing an overall property value uplift of 1.63m for the quarter. The first of these was a regear of the existing Boots lease at the Fund s retail warehouse in Calcot, Reading. The existing lease which was due to expire in September 2014, was regeared for a further ten years without a break clause. The regear achieved a competitive rate of psf, whilst maintaining the strong tenant covenant for the Fund. The second regear was with the existing tenant Chemigraphic Limited, a high specification electronics manufacturing company. The tenant had a lease on two units at the Fund s industrial park in Crawley for a term of ten years from 2010 with a five year break clause. The negotiated deal has seen Chemigraphic surrender this break clause for a one-off payment, providing an unexpired seven year lease term on the asset. This has provided a good capital value uplift and is a demonstration of the strong relationships built by the LIM team with Lothbury s tenants. These successes are set to continue into 2014, with potential lettings in place for the vacant space at Bedford Street, London and Priory Park, Aylesford. These lettings should ensure that Lothbury continues to maintain its exceptionally low void rate which at the end of December 2013 stood at 1.7% and compared favourably to the IPD UK Monthly Property Index average of 10.1%. In the active portfolio, the LIM team completed the Clarendon Shopping Centre development in Oxford in the final quarter of H&M have now taken possession of the store and have begun the shop fit out with the target of opening for trade in March This store has resulted in a strong line up of desirable high street fashion stores adjacent to one another in the shopping centre, including Gap and Zara. The second project underway is at 55 St. James s Street SW1, where the team are developing a new flagship office. The development continues apace, with the team aiming for an excellent BREAAM rating for the property and a completion in Q

6 Further Information Important Information This document has been prepared and distributed by Lothbury Investment Management Limited of 155 Bishopsgate, London, EC2M 3TQ, United Kingdom, a company registered in England with registered number Lothbury Investment Management Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. This document concerns Lothbury Property Unit Trust (the Fund ), which is managed by Lothbury Investment Management Limited. Lothbury Property Unit Trust is regulated by the Central Bank of Ireland. Restrictions On Distribution The Fund is an unregulated collective investment scheme for the purposes of the United Kingdom Financial Services and Markets Act 2000 (the Act ). The promotion of units by Lothbury Investment Management Limited in the United Kingdom is restricted by section 238 of the Act. The promotion of units by the Fund itself or by its trustee in the United Kingdom is restricted by section 21 of the Act. Accordingly, this document has been made available only to: 1. 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 CIS Exemptions Order ) and Article 14 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Financial Promotion Order ); and/or 2. high net worth organisations to whom Article 22 of the CIS 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 3. others to whom it may lawfully be made available, all such persons being exempt persons. Units in the Funds are available only to exempt persons. Persons other than exempt persons should not rely or act upon the information in this document. They should return it to Lothbury Investment Management Limited at the address given above. This document is confidential. A person to whom this document is made available should not pass it on without the consent of Lothbury Investment Management Limited and then only to an exempt person. Purpose The purpose of this document is to provide information about Lothbury Investment Management Limited and the Fund. So far as relevant, the only client of Lothbury Investment Management Limited is the Fund and its affiliates. Nothing in this document is investment, tax or legal advice. Accordingly, you do not enjoy the protections afforded to clients of Lothbury Investment Management Limited and no representative of Lothbury Investment Management Limited 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. Unit Holder Information Launch Date 4 February Valuation Days First business day of each month. Prospectus Copies of the Prospectus and Application Form are available from Lothbury Investment Management Limited. Subscriptions Monthly. Applications to be received by the last business day of the month. Settlement to take place in the first week of the following month. Minimum investment is 125,000. Redemptions Quarterly. Notice to be served ten business days before the last business day in the quarter. The unit holder will be notified of the redemption price. Redemptions paid on the last business day of the following quarter. Secondary Market Trading No Stamp Duty is payable on the purchase of existing units. Distributions Quarterly. Paid gross of tax on the last business day of April, July, October and January. Charges Investment Management fee of 0.70% per annum. Lothbury Investment Management 155 Bishopsgate London EC2M 3TQ Tel: Fax: Data All fund data as at 31 December 2013, unless stated otherwise. These historic figures have been verified by Investment Property Databank. The views expressed are those of Lothbury Investment Management Limited. Investment Management

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