Statement Regarding Non-Mainstream Pooled Investment Products

The Board of the Company notes the rules of the UK Financial Conduct Authority (“FCA”) restricting the promotion of non-mainstream pooled investments, effective from 1 January 2014.

The Board has received appropriate legal advice, which confirms that the Company's shares qualify as an ‘excluded security’ under these rules and are therefore excluded from the FCA’s restrictions which apply to non-mainstream investment products. The shares are an excluded security because the Company is a UK REIT (that is, a company to which Part 12 of the Corporation Tax Act 2010 applies).

The Board has conducted the Company’s affairs, and intends to continue to conduct its affairs, in such a way that the Company’s shares can be recommended by IFAs and other professional advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products.