AREF ANNUAL DINNER 2012 | 1Programme sponsor

WEDNESDAY 19TH SEPTEMBER THE DORCHESTER PARK LANE LONDON

ANNUAL DINNER 2012

2 | AREF ANNUAL DINNER 2012

DINNER MENU

Starter

Heritage tomato tart fine with baby cress and shaved pecorino

Main course

Pot roast corn fed chicken with braised red cabbage,

sautéed spinach, carrot confit and potato fondant,

sage cream

Dessert

Caramelised chocolate mousse with caramel crisp and

granny smith sorbet

Fresh filter coffee or tea and petit fours

AREF ANNUAL DINNER 2012

PROGRAMME OF EVENTS

6.30pm Drinks

7.45pm Call to dinner

8.00pm Welcome

8.10pm Dinner

10.30pm Networking and post dinner drinks

1.00am Close

Cash bar open all evening

2 | AREF ANNUAL DINNER 2012

WELCOME FROM PAUL DENNIS-JONES CHAIRMAN, ASSOCIATION OF REAL ESTATE FUNDS

The Association of Real Estate Funds (AREF) is delighted to welcome you to The Dorchester for our 2012 Annual Dinner, my first since becoming Chairman.

We have retained our established format

with minimal formalities, allowing you

plenty of time to network with your

guests, peers and colleagues. Like last

year, we will be presenting a small

number of awards in order to recognise

specific achievements.

The following gives a brief outline of what

AREF has been doing over the last year:

Membership

Current membership stands at:

• 80 Fund members (with a

collective NAV of almost £40bn)

• 34 Affiliate members

• 1 Associate member

(new category added July 2012)

We welcome five new member funds:

• Grosvenor Liverpool Fund

• Aberdeen UK Balanced

Property Fund

• M&G Secured Property Income Fund

• Cordea Savills Student Hall Fund

• Friends Life Group Managed

Property Pension Fund (AXA)

We welcome three new organisations to

our Affiliate membership category:

• Savills

• Lambert Smith Hampton

• CBRE

We welcome one new organisation to our

new Associate membership category:

• Knight Frank Investors

AREF ANNUAL DINNER 2012 | 3

>> continued

Lobbying

With the increas ing flow of regulation

from Europe, we have been very busy in

our lobbying activities. This has included:

• Alternative Investment Fund

Managers (AIFMD) Directive – we

have remained active on this, with

one of our working groups looking

into Level 2 measures.

• European Market Infrastructure

Regulation (EMIR) & OTC Derivatives

– we have lobbied extensively on

both of these, which significantly

impact geared real estate funds.

• Solvency II & IORP (Pension Review)

– we continue to lobby on both

these issues, with regards to their

implications for real estate funds.

• PAIF Conversions – following our

extensive lobbying work, tax changes

to facilitate PAIF conversions were

completed with the publication of

new capital taxation regulations

which came into effect on 1st August.

This will allow transfers of investors

between the OEIC and Unit Trust

feeder, without tax consequences at

the time of the exchange.

Working with other industry bodies

• Property Industry Alliance (PIA) –

we continue to be involved in this

group, which provides a co-ordinated

and cross-industry approach to

analysing and discussing the impact

of the current debt crisis. The group

recently released a report (which

is available to our members as

a secure download from our

website), which focusses on many

issues including the level of debt

outstanding against UK commercial

real estate and how this has changed

since 2011.

• European property collaboration

– we are also joining forces with

seven other European & national

real estate organisations to form

an, as yet un-named, European

real estate group intended to

improve industry co-ordination and

education on a European level.

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Communicating with our members

Steps to improve our communication

included:

• New website launched – this has a

new facility enabling both public

and member-only documents to be

posted onto the site.

• New logo, brand and stationery

launched – all of which give us a

fresh new look.

• New Communications Executive hired

– to improve the quality, quantity

and breadth of our communication.

• Events – we have held a number of

‘member only’ events this year, all of

which help our members to enhance

their understanding of issues relating

to the real estate industry.

Research

Our ongoing research projects include:

• Real Estate Allocations in Retirement

Saving Schemes – we will be looking

at the impact of these, prompted by

the decline of DB Schemes.

• Secondary Trading – to improve

the transparency of the unlisted

funds industry, we want to present

a clearer picture of the secondary

trading market.

Performance Measurement

• AREF/IPD UK Pooled Property

Fund Index – we have been

consulting on a number of

potential changes to the indices;

to be finalised soon.

• IPD Pan European Property Fund

Funds Index – we have agreed to

sponsor this Index, another key

step in the growing transparency

of our market.

The economy, our clients and our

industry are all undergoing significant

changes which will affect us all –

increased regulation, globalisation

and consolidation to name a few.

AREF will continue to work pro-actively,

with you and other organisations, to

protect and enhance both yours and

our clients interests. There is still

much for us to do.

THE COMMERCIAL PROPERTY SEARCH WEBSITE

There’s only been one way to find new premises.Now there’s a new way

PropertyDNA.com is the NEW commercial property listings website.

We advertise retail, industrial, office and all other commercial properties right across the country. We also have lots of useful tools, guidance and tips to help guide you through the commercial lettings maze. So now you can find what you’re looking for all in one place.

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TABLE PLACEMENT

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23

45

67

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Entrance

Entrance

Spea

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AREF ANNUAL DINNER 2012 | 7

TABLE ALLOCATION

1 PwC John Forbes

2 Ernst & Young David Wilson

3 Eversheds LLP Bruce Dear

4 Eversheds LLP Pamela Thompson

5 Hogan Lovells International LLP James McDonald

6 Tuffin Ferraby Taylor LLP Richard Aitchison

7 Savills Commercial Ltd John Rhodes

8 GVA Mark White

9 Unite Group PLC Mark Creedy

10 Legal & General Property Charles Walker

11 Fidelity Worldwide Investment Adrian Benedict

12 Lawrence Graham LLP Robert Adam

14 Mayfair Capital Investment Management Limited Guy Brogden

15 Trident Building Consultancy Matthew Clare

16 Hermes Real Estate Chris Mathew

17 UBS Global Asset Management Anthony Shayle

18 Pramerica Real Estate Investors Andrew Grigson

19 Nabarro LLP Darren Stolzenberg

20 Schroders Property Investment Management John Harding

21 Norton Rose LLP Mark Lloyd Williams

22 AREF John Cartwright

23 Knight Frank Investors LLP Kevin Aitchison

24 Kames Capital David Wise

25 Brookfield Asset Management Julian Schiller

26 Schroders Property Investment Management Tom Dorey

27 Lothbury Investment Management Limited Simon Radford

28 AREF Paul Dennis-Jones

29 Lend Lease Anthony Brown

30 BlackRock Neeral Patel

31 Maples Teesdale LLP Roger Thorton

32 Macfarlanes LLP Dominic Cunliffe

33 Threadneedle Asset Management Chris Morrogh

34 Cordea Savills Nick Hayward

35 CBRE Michael Brodtman

36 SWIP Peter Macpherson

37 AEW UK Richard Tanner

38 Aviva Investors James Morrow

39 RREEF Real Estate Stephen Wicks

40 Ogier Fund Services Tim Morgan

41 CMS Cameron McKenna LLP Melville Rodrigues

42 CBRE Global Investors Jean Lamothe

43 Bovill Ltd Rebecca Thorpe

44 Ignis Asset Management Guy Hutcheson

45 Travers Smith LLP James Styles

TABLE Company/host TABLE Company/host TABLE Company/host

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ABOUT THE ASSOCIATION OF REAL ESTATE FUNDS (AREF)

We are the industry association which represents the unlisted real estate funds industry.

AREF seeks to promote the interests of member funds by:

Ensuring that members offer consistently high quality products and support services to investors and their advisers, and by enhancing the understanding of real estate funds by those users;

Informing, influencing and lobbying policy makers, tax and regulatory authorities and other official bodies to achieve the optimum environment for real estate funds;

Influencing the factors that will progress our industry by seeking ways to enhance the products and services offered by members; addressing the concerns of third party stakeholders; and developing members’ understanding of new asset types.

As part of these objectives, AREF promotes and polices a Code of Practice and

provides a large part of the finance for the AREF / IPD UK Pooled Property Fund

Indices and the AREF / IPD Property Fund Vision Handbook. We also publish the

AREF Investment Quarterly (AREF IQ), which provides data and commentary on

fund returns, liquidity, yields and capital flows into and out of funds, and gives

a valuable overview of the UK unlisted real estate funds market.

Further information can be found at www.aref.org.uk

AREF ANNUAL DINNER 2012 | 9

OWNERS OPERATORS & INVESTORS IN

REAL

Delivering superior performance in real estate requires the industry intelligence and local presence to identify unique investment opportunities, and the operating expertise to create long-term value from those investments. As owners, operators and managers of more than $94 billion of office, retail, multifamily, industrial, residential and hotel assets globally, Brookfield has an experienced team of professionals in 30 offices across five continents. We leverage our deep operational experience and global reach to employ a disciplined investment approach focused on value creation, long-term returns, capital preservation and risk management. Brookfield Asset Management is a global alternative asset manager with over $150 billion in assets under management. We have over a 100 year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. We offer our clients a range of public and private investment products and services with a goal of delivering superior risk-adjusted returns.

www.brookfield.com

NEW YORK TORONTO SÃO PAULO LONDON SYDNEY HONG KONG MUMBAI ABU DHABI DUBAI

ESTATE

10 | AREF ANNUAL DINNER 2012

AREF MEMBERS

FULL MEMBERSAberdeen Property UK Retail Parks Trust

Aberdeen UK Balanced Property Fund

AEW UK Core Property Fund

Airport Industrial Property Unit Trust

Apia Regional Office Fund

Ashtenne Industrial Unit Trust

Aviva Investors Pensions Property Fund

Aviva Investors Property Trust

BlackRock UK Property Fund

CBRE Lionbrook Property Fund

CBRE UK Property Income Fund

Charities Property Fund

COIF Charities Property Fund

Cordea Savills Student Hall Fund

Cordea Savills UK Income & Growth Fund

Cording UK Real Estate Fund

Falcon Property Trust

Fidelity UK Real Estate Fund

Friends Life Group Managed Property Pension Fund

Grosvenor Liverpool Fund

Grosvenor London Office Fund

Henderson CASPAR

Henderson Central London Office Fund

Henderson UK Property Fund (The)

Henderson UK Property Unit Trust

Henderson UK Retail Warehouse Fund

Henderson UK Shopping Centre Fund

Hercules Unit Trust

Hermes Property Unit Trust

Ignis UK Property Fund

Industrial Property Investment Fund

Industrial Trust (The)

Junction (The)

Kames Active Value Property Fund

Kames Capital UK Property Fund

Kames Target Healthcare Property Unit Trust

Legal & General Managed Property Fund

Legal & General UK Property Unit Trust

Leisure Fund Limited Partnership

Lend Lease Retail Partnership

Local Authorities’ Property Fund (The)

Lothbury Property Trust

Low Carbon Workplace LP

M&G Pooled Pensions Property Fund

M&G Property Fund (The)

M&G Property Portfolio

M&G Secured Property Income Fund

Mall Fund (The)

Mayfair Capital Property Income Trust for Charities

Mayfair Capital PUT

Osiris Property Fund (The)

Palmer Capital Development Fund

PanEuropean Property Limited Partnership

Pramerica UK Ground Lease Fund

AREF ANNUAL DINNER 2012 | 11

Quercus Healthcare Fund

Retail Plus Property Trust

Rockspring Hanover Property Unit Trust

Royal London Property Fund

RREEF UK Core Property Fund

RREEF UK Industrial Property Fund

RREEF UK Office Property Fund

RREEF UK Retail Property Fund

Schroder UK Property Fund

Skandia Property Fund

Standard Life Investments Long Lease Property Fund

Standard Life Investments UK Property Fund

Standard Life Investments UK Retail Park Trust

Standard Life Investments UK Shopping Centre Trust

Standard Life Pooled Pension Fund

SWIP Property Trust

Threadneedle Pensions Property Fund

Threadneedle Property Unit Trust

Threadneedle UK Property Trust

UBS Central London Office Value Added Fund (UBS CLOVA)

UBS Triton Property Fund

Unite UK Student Accommodation Fund

V+UK

West End of London Property Unit Trust

X-Leisure Unit Trust (The)

AFFILIATE MEMBERSBerwin Leighton Paisner LLP

BNP Paribas Real Estate

Bovill Limited

Capita Financial Group

Capita Symonds

CBRE

CMS Cameron McKenna LLP

Deloitte LLP

DLA Piper UK LLP

DMH Stallard

Ernst & Young

Eversheds

GVA

Hogan Lovells LLP

Ipes

KPMG

Lambert Smith Hampton

Lawrence Graham LLP

Macfarlanes LLP

Macquarie

Maples Teesdale

Nabarro LLP

Norton Rose LLP

Ogier

Olswang LLP

Osborne Clarke

Pinsent Masons LLP

PricewaterhouseCoopers

Savills Commercial Ltd

State Street

The Townsend Group

Travers Smith LLP

Trident Building Consultancy

Tuffin Ferraby Taylor

ASSOCIATE MEMBERSKnight Frank Investors

12 | AREF ANNUAL DINNER 2012

AREF PEOPLE

BOARD

AREF EXECUTIVEMANAGEMENT COMMITTEE (sub committee responsibility)

Paul Dennis-Jones

Chairman

Simon Radford

Director

Ian Mason

Director

John Cartwright

Chief Executive

Mark Sherwin

Secretary General

Susan Wright

Regulatory Adviser

Alexander Rickards

Tax Adviser

Navdeep Sidhu

Press Officer

Caroline Collins

Finance Manager

Sarah Bryson

Administration

Clare Whyte

Communications Executive

Paul Dennis-Jones

Pramerica

Chairman

Ian Mason

Schroder

(Regulation)

David Wise

Kames Capital

(Corporate Governance)

Nick Cooper

The Townsend Group

(Investor)

Will Chetwood

Aviva

(Tax)

Anthony Shayle

UBS

Kevin Aitchison

Knight Frank Investors

(Indices & Data)

Mike Sales

Henderson

Chris Mathew

Hermes

James Petit

RREEF

Neal Shegog

Rockspring PIM

Simon Radford

Lothbury

John Cartwright

AREF

The redevelopment of The Clarendon Shopping Centre, (pictured), a prime retail asset in the Centre of Oxford, is just one example of the Lothbury Investment Management (LIM) core/active investment strategy in action. This has enabled the company’s flagship UK fund, Lothbury Property Trust (LPT) to deliver added value and outperformance for its investors over 1,3, 5 and 10 years.

For more information on LPT and other LIM real estate products please contact:

Lothbury Investment Management Limited is authorised and regulated by the Financial Services Authority

Lucy Williams T: 0203 551 4907 E: lucy.williams@lothburyim.com

www.lothburyim.com

CREATING VALUE

for Our Investors

ACKNOWLEDGEMENTS

Chocolates

Event Programme

Programme & Invite Design

Tickets

Venue

Event Management

The AREF Management Committee would like to thank the following

for their generosity and support of the evening events:

Event organised by Christopher Tabor, TMCT Events – 07721 920 485

Printed on Revive FSC 100% recycled