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FEDERATED HERMES PROPERTY UNIT TRUST

Dealing

Buying of Units

Units may be purchased at Offer price on twelve Subscription dates annually. These are normally 26 January, 26 February, 26 March, 26 April, 26 May, 25 June, 26 July, 26 August, 30 September, 26 October, 26 November and 26 December or the next following business day. The minimum investment is 10,000 units.

The Offer price is calculated as the Fair Value of a unit plus the estimated acquisition costs of property including stamp duty. The Fair Value of a unit is based on an independent valuation of the Trust's assets, adjusted for any circumstances the Trust Manager deems to be material.

Normally all applications (which for initial applications must be for a minimum of 10,000 units) will be accepted and allotted in full; however, the Trust Manager reserves the right to refuse applications or to scale them down. The Form of Application for units incorporates an indemnity and is accompanied by a form of authority addressed to the HMRC authorising them to advise the Trust Manager in the event of the Unit Holder ceasing to be an Exempt Fund.

These provisions are designed to protect the tax position of the Trust and enable immediate steps to be taken to secure disposal of the holding of a Unit Holder who no longer has exempt fund status.

Disposal of Units by Transfer

The Trust Manager operates a unit matching service and may be able to help facilitate early encashment for Unit Holders wishing to dispose of their units.

A Unit Holder may, subject to the requirements of the Trust Deed, transfer some or all of his units to another Exempt Fund, at a price agreed between them. Transfers between exempt funds will take effect on the register at the next Subscription date (see 'Buying of Units'), following receipt by the Trust of the completed transfer.

Disposal of Units by Redemption

Unit Holders wishing to redeem their units must notify the Trust Manager in writing, to take effect at the following Notice Date, being 26 March, 25 June, 30 September and 26 December. The Trust Manager will notify those Unit Holders of the Bid price of units within six weeks of the Notice Date. In normal circumstances the redemption proceeds will be paid to Unit Holders on the next following Notice Date. In certain circumstances the Trust Manager may defer the redemption of some or all of the units for up to nine months.

The Bid price is calculated as the Fair Value of a unit less the estimated selling costs of property. The Fair Value of a unit is based on an independent valuation of the Trust's assets, adjusted for any circumstances the Trust Manager deems to be material. The costs associated with selling property will usually range from 1% to 2%.

Prevention of Money Laundering

The Trust Manager has the right to request such information as is considered necessary to verify the identity of an initial applicant. In the event of delay or failure to produce such information the Trust Manager may not accept the application.

Title to Units

Title to Units shall be evidenced by an entry in the Register. The Trust Manager shall not issue certificates to Unit Holders. A statement shall be sent to each Unit Holder at least once a year.

Source: Hermes

Past performance is not a reliable indicator of future results and targets are not guaranteed.

*Knight Frank LLP, as valuers of the Investment Property held by Federated Hermes Property Unit Trust have issued the property valuation with the following statement to highlight market uncertainty:

Material valuation uncertainty due to Novel Coronavirus (COVID – 19)

The outbreak of the Novel Coronavirus (COVID-19), declared by the World Health Organisation as a ‘Global Pandemic’ on the 11th March 2020, has impacted many aspects of daily life and the global economy – with some real estate markets experiencing significantly lower levels of transactional activity and liquidity. As at the valuation date, in the case of those properties expressly highlighted1, there is a shortage of market evidence for comparison purposes, to inform opinions of value. Our valuation of these properties1 is therefore reported as being subject to ‘material valuation uncertainty’ as set out in VPS 3 and VPGA 10 of the RICS Valuation – Global Standards. Consequently, less certainty – and a higher degree of caution – should be attached to our valuation than would normally be the case.

For the avoidance of doubt, the inclusion of the ‘material valuation uncertainty’ declaration above does not mean that the valuation cannot be relied upon. Rather, the declaration has been included to ensure transparency of the fact that – in the current extraordinary circumstances – less certainty can be attached to the valuation than would otherwise be the case. The material valuation uncertainty clause is to serve as a precaution and does not invalidate the valuation. Given the unknown future impact that COVID-19 might have on the real estate market and the difficulty in differentiating between short term impacts and long-term structural changes, we recommend that you keep the valuations1 contained within this report under frequent review.

1From 25 July 2020, the Material Valuation Uncertainty clause only applies to all Retail (excluding standalone Food Stores), Leisure and Regional Office properties.

Unit Prices 2020

Prices in £ Offer NAV per unit Bid
December 6.803 6.432 6.356
November 6.804 6.434 6.357
October 6.792 6.416 6.339
September 6.796 6.410 6.331
August* 6.841 6.457 6.378
July* 6.865 6.479 6.400
June* 6.881 6.500 6.421
May* 6.941 6.557 6.478
April* 7.022 6.633 6.553
March* 7.113 6.708 6.624
Feb 7.196 6.786 6.701
Jan 7.175 6.767 6.683

Unit Prices 2019

Prices in £ Offer NAV Bid
December 7.169 6.774 6.693
November 7.166 6.762 6.678
October 7.180 6.774 6.691
September 7.191 6.789 6.706
August 7.200 6.798 6.715
July 7.205 6.803 6.720
June 7.193 6.805 6.725
May 7.199 6.799 6.717
Apr 7.194 6.796 6.713
Mar 7.204 6.806 6.724
Feb 7.204 6.806 6.724
Jan 7.214 6.817 6.735

Unit Prices 2018

Prices in £ Offer NAV Bid
Dec 7.227 6.817 6.732
Nov 7.220 6.807 6.721
Oct 7.220 6.807 6.722
Sep 7.217 6.800 6.714
Aug 7.142 6.729 6.644
Jul 7.109 6.706 6.622
Jun 7.076 6.675 6.592
May 7.010 6.612 6.530
Apr 6.989 6.593 6.511
Mar 6.972 6.577 6.495
Feb 6.920 6.525 6.443
Jan 6.915 6.520  6.438

Unit Prices 2017

Prices in £ Offer NAV Bid
Dec 6.905 6.510 6.429
Nov 6.828 6.435 6.354
Oct 6.738 6.358 6.279
Sep 6.705 6.330 6.252
Aug 6.648 6.276 6.199
Jul 6.607 6.238 6.162
Jun 6.594 6.227 6.152
May 6.526 6.163 6.088
Apr 6.508 6.145 6.070
Mar 6.476 6.114 6.039
Feb 6.443 6.077 6.002
Jan 6.436 6.070 5.994

Unit Prices 2016

Prices in £ Offer NAV Bid
Dec 6.424 6.059 5.984
Nov 6.335 5.969 5.893
Oct 6.329 5.964 5.888
Sep 6.305 5.939 5.863
Aug 6.278 5.914 5.839
Jul 6.288 5.923 5.847
Jun 6.354 5.986 5.910
May 6.356 5.988 5.912
Apr 6.347 5.980 5.905
Mar 6.338 5.973 5.898
Feb 6.279 5.971 5.896
Jan 6.256 5.958 5.885

Unit Prices 2015

Prices in £ Offer NAV Bid
Dec 6.233 5.929 5.854
Nov 6.152 5.852 5.778
Oct 6.121 5.822 5.749
Sep 6.080 5.785 5.712
Aug 5.998 5.707 5.636
Jul 5.947 5.653 5.580
Jun 5.906 5.620 5.549
May 5.836 5.563 5.496
Apr 5.793 5.522 5.456
Mar 5.757 5.489 5.423
Feb 5.698 5.432 5.367
Jan 5.676 5.408 5.342

Unit Prices 2014

Prices in £ Offer NAV Bid
Dec 5.637 5.372 5.307
Nov 5.504 5.239 5.174
Oct 5.442 5.180 5.115
Sep 5.400 5.138 5.073
Aug 5.303 5.048 4.986
Jul 5.268 5.011 4.948
Jun 5.183 4.930 4.868
May 5.122 4.877 4.817
Apr 5.069 4.831 4.772
Mar 5.034 4.797 4.739
Feb 4.963 4.730 4.673
Jan 4.943 4.715 4.659

Unit Prices 2013

Prices in £ Offer NAV Bid
Dec 4.920 4.688 4.631
Nov 4.773 4.552 4.498
Oct 4.734 4.515 4.461
Sep 4.732 4.502 4.445
Aug 4.684 4.461 4.406
Jul 4.673 4.445 4.389
Jun 4.669 4.447 4.392
May 4.664 4.437 4.381
Apr 4.657 4.442 4.389
Mar 4.654 4.438 4.385
Feb 4.652 4.437 4.384
Jan 4.657 4.436 4.382

FHPUT Portfolio

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Sales Contacts

Clive Selman, Executive Director - Head of Distribution, UK & Ireland
James Lucas, Director - Distribution, UK & Ireland
Douglas Anderson, Head of Consultant Relations
Kirsty Beasley, Director - Consultant Relations
Anna Roberts, Director, Consultant Relations
Kate Hillyar, Director - Business Development, UK