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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.

**Following the Referendum held on 23 June 2016 concerning the UK’s membership of the EU, a decision was taken to exit.  Since that date we have monitored market transactions and market sentiment in arriving at our opinion of Market Value /Fair Value.  There is still a shortage of comparable evidence of arm’s length transactions since the Referendum.  We have had, therefore, to exercise a greater degree of judgement than would be applied under more liquid market conditions. The probability of our opinion of value exactly coinciding with the price achieved, were there to be a sale, has reduced.  We would, therefore, recommend that the valuation is kept under regular review.

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

Following the Referendum held on 23 June 2016 concerning the UK’s membership of the EU, a decision was taken to exit. We are now in a period of uncertainty in relation to many factors that impact the property investment and letting markets.

Since the Referendum date it has not been possible to gauge the effect of this decision by reference to transactions in the market place.

The probability of our opinion of value exactly coinciding with the price achieved, were there to be a sale, has reduced. We would, therefore, recommend that the valuation is kept under regular review.

Unit Prices 2018

Prices in £ Offer NAV Bid
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 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 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

HPUT Secondary Market Trades

Sales Contacts

Douglas Anderson, Director - Consultant Relations
James Lucas, Director - UK Institutional Business Development
Mark Miller, Head of UK & MENA Institutional