CBRE GLOBAL INVESTMENT PARTNERS UK OSIRIS PROPERTY FUND

QUARTERLY REPORT Q3 2018

Overview CBRE Global Investment Partners UK Osiris Property Fund (“Osiris”) commenced in October 2003. The investment objective is to out-perform the AREF/IPD UK QPFI All Balanced Property Fund Index by 0.5% p.a. (before the deduction of Osiris fees). Key Statistics

Total Fund Value £511.7m

Value of Holdings £489.7m

Undrawn Fund Commitments -

Undrawn Client Commitments -

Cash on Account £22.0m

Valuation per Unit £1,418.70 Number of Investments - Active - Wind Down

24 16

8 Gross Distribution Yield 3.4%

Leverage (Debt/GAV) 12.4%

No of Investors 42

No of Units in Issue 360,713.745

No of Units Created (Quarter) 600.173

No of Units Transferred (Quarter) 13,797.709

No of Units Redeemed (Quarter) 11,496.953 Performance

Portfolio1 Benchmark2 Performance

Objective

Q3 2018 2.1% 1.6% 1.7%

1 Year 9.5% 8.8% 9.3%

3 Year (p.a.) 7.3% 7.1% 7.6%

5 Year (p.a.) 10.4% 10.4% 10.9%

10 Year (p.a.) 6.1% 5.7% 6.2%

Since Inception (p.a.)

6.6% 6.6% 7.1%

1. Returns shown are NAV to NAV gross of Osiris fees.

Current quarter’s income assumed to be the same as previous; returns cannot be compounded as they are subject to change.

2. The benchmark is a composite of the AREF/IPD UK QPFI All Property Fund Index until 30 June 2006; thereafter the AREF/IPD UK QPFI All Balanced Property Fund Index.

Note: Underlying fund data (sector exposure and leverage) is based on prior quarter information.

EXECUTIVE SUMMARY

• The UK economy is continuing along its recent path of stable, below-trend growth. The divergent occupier market performance of the different sectors has continued over recent months. The CBRE Monthly Index shows quarterly rental growth, at the end of Q3 2018, ranging from +0.8% for industrial to -0.7% for retail. Overall, All Property rental growth has now slowed almost to a standstill.

• The UK investment market has also seen activity slow in recent quarters, particularly in retail. It is likely Brexit is leading to nervousness amongst investors and this can be expected to intensify over coming months.

• There has been a small downgrade to our All Property total return outlook to 3.8% p.a. over the period 2019-23, primarily driven by a more cautious outlook for the retail sector. Returns over the next five years are expected to be income focused.

• During the quarter, we sold a total of £10.0m of units in BlackRock UK Property Fund and £9.6m of units in Schroder UK Real Estate Fund. Airport Industrial Property Unit Trust drew £2.1m of previously committed capital.

• Capital distributions totalling £10.8m were received during the quarter from three funds: Palmer Capital Development Fund III (£10.4m), Curlew Student Trust (£0.3m) and CBRE UK Property PAIF (£0.1m).

• The portfolio produced a total return of 2.1% over the quarter and 9.5% over the past 12 months, above both the benchmark and objective over the respective periods. Osiris celebrates it’s 15-year anniversary this quarter, being launched in October 2003, and has delivered consistent long term returns in line with the market over this entire time period.

• Portfolio performance continues to be positively impacted by the above benchmark exposure the industrial and the ‘other commercial’ sector. The industrial sector continues to be the standout performer of the UK property market, with the industrial specialist funds in the Osiris portfolio being the main drivers of performance. The funds in the retail sector (shopping centre and retail warehouses) however continue to be a drag on returns.

PROPERTY SECTOR EXPOSURE (BASED ON INVESTED GAV)

LARGEST FIVE HOLDINGS (BASED ON INVESTED NAV)

Unit Shops 3.7%

Shopping Centres 9.1%

Retail Warehouse 12.9%

Central London Offices 6.1%

Offices - Rest of UK 14.4%

Industrial 34.0%

Other Commercial 13.2%

Listed Securities 0.0%

Overseas Property 0.0%

Cash 6.8%

UBS Triton Property Unit Trust 9.0%

Airport Industrial Property Unit Trust 8.9%

Industrial Property Investment Fund 8.5%

Schroder UK Real Estate Fund 8.4%

Palmer Capital Income Trust 7.2%

Other 58.1%

CONFIDENTIAL AND PROPRIETARY | CBRE GIP UK OSIRIS PROPERTY FUND | Q3 2018 | 2

UK MARKET COMMENTARY Economic Background The UK economy is continuing along its recent path of stable, below-trend growth. Recent high frequency data has been firm, meeting or modestly exceeding expectations, but not suggesting an imminent change in trajectory. In August the three-monthly rate of GDP growth increased to 0.7%, its strongest outturn since early-2017, although this was flattered by the comparison with the period of weather-related disruption earlier in the year. A recovery in household spending power is currently being held back by welfare reforms, higher interest rates weighing on household finances, and higher oil prices with rises in domestic energy bills sustaining inflation. Inflation is likely to be sticky over the next few months, but expected to resume its downwards trend thereafter. Wage growth should gradually improve as the economy is close to full employment.

Occupier Markets The divergent occupier market performance of the different sectors has continued over recent months. The CBRE Monthly Index shows quarterly rental growth at the end of Q3 2018 ranging from +0.8% for industrial to -0.7% for retail. All Property rental growth has now slowed almost to a standstill, at 0.1% in Q3.

Rents have now fallen for two consecutive quarters across all segments of the retail market, with shopping centres seeing the largest declines. In the industrial sector rental growth has eased from the exceptional rates seen in 2017, and it is clear that the peak of growth is now behind us. In the office sector there are distinctions between London and elsewhere. Central London offices were the only segment of the property market to see rental growth tick up in Q3 (versus Q2), although growth rates remain subdued. Outside of the capital, office rental growth is stronger in absolute terms, although moderating, as take up remains robust and availability continues to decline.

Capital Markets The UK investment market has seen activity slow in recent quarters. Property Data report that investment volumes in Q3 2018 were 30% lower than a year earlier, although the comparison is skewed somewhat by Q3 2017 being the strongest Q3 volume on record. Looking at the first nine months of 2018, volumes have been c.15% lower than in 2017. However, by historic comparison volumes remain robust being more than 20% above the 15-year average.

There are a number of factors weighing on investment activity. Investor caution on the retail sector means volumes have dropped to their lowest level since 2001. The industrial market has also seen a sharp year-on-year fall in activity, despite strong investor sentiment, as a function of record-breaking volumes in 2017. It is also likely that Brexit is leading to some nervousness amongst investors across sectors, and this can be expected to intensify over coming months.

Outlook Since last quarter we have revised our 5-year forecasts and extended the forecast horizon to end-2023. The impact has been a small downgrade to our All Property total return outlook, primarily driven by a more cautious outlook for the retail sector. We are now projecting UK property to deliver an average annual total return of 3.8% over the period 2019-23.

We expect modest capital value falls in 2019/20 as a consequence of declining rents and weaker investor sentiment. Thereafter, we expect gradual improvement in occupier markets and widespread rental growth to return from 2021. However, rising interest rates will maintain some downwards pressure on property values. In the later years of the forecast period these factors broadly offset one another at the All Property capital value level, meaning total returns are broadly in line with income returns.

UK GDP GROWTH FORECAST - % CHANGE

Sources: Oxford Economics, CBRE Global Investors.

UK RENTAL GROWTH BY SECTOR - % Q/Q

Source: CBRE Monthly Index.

UK INVESTMENT VOLUMES BY SECTOR - % DIFFERENCES

Source: Property Data.

UK ALL PROPERTY RETURN FORECASTS - % P.A.

Source: MSCI, CBRE Global Investors H2 2018 forecasts.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2013 2014 2015 2016 2017 2018 2019

% q/q % y/y

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018

Retail Office Industrial All Property

-60 -40 -20 0 20 40 60 80

Office

Retail

Industrial

Other

All Property

From 15 year average From 2017 Q1-Q3

-4

-2

0

2

4

6

8

2018 2019 2020 2021 2022 2023 2019-23 p.a.

Capital Growth Income Return Total Return

CONFIDENTIAL AND PROPRIETARY | CBRE GIP UK OSIRIS PROPERTY FUND | Q3 2018 | 3

PORTFOLIO COMPOSITION • The portfolio is invested in 24 underlying UK property funds,

providing exposure to in excess of £15bn of UK commercial real estate assets. 16 of these funds are 'active' whilst the remaining 8 are in various stages of wind down. The funds in wind down account for 6.3% of value (by NAV).

• The portfolio is predominantly core in nature with 93.3% invested in either core balanced or core specialist funds, providing a diversified exposure to the UK commercial real estate market. The remainder is invested in value add or opportunistic funds (2.5% by invested NAV), with cash accounting for 4.3% of the portfolio. The portfolio is 64.7% invested in open ended funds or semi-open ended funds.

• Osiris remains strategically overweight, relative to the benchmark, to the industrial and other commercial (including student accommodation) sectors. In terms of exposure to the retail sector, the portfolio is underweight overall, most notably underweight to high street shops but with an overweight exposure to prime, dominant shopping centres. Within the office sector, Osiris remains underweight overall, with a particular underweight position to the more cyclical central London office market.

ACTIVITY

• During the quarter, we sold the following units on the secondary market:

− BlackRock UK Property Fund: £10.0m at a 0.25% discount to NAV

− Schroder UK Real Estate Fund: £9.6m at a 0.75% discount to NAV

• Airport Industrial Property Unit Trust drew £2.1m of previously committed capital.

• During the quarter, capital distributions totalling £10.8m were received from three funds including Palmer Capital Development Fund III (£10.4m), Curlew Student Trust (£0.3m) and CBRE UK Property PAIF (£0.1m).

• During the quarter we served a redemption request for all units held in West End of London Property Unit Trust, totalling £14.3m, in accordance with this fund's annual redemption window. The redemption window is capped at 10% of the fund’s NAV. Post quarter end we have been notified that redemptions totalling 16.2% of the fund had been received. Therefore, it is expected that £8.9m will be accepted and due to be paid out by June 2019. The redemption was undertaken to manage a prudent reduction in the portfolio’s exposure to the more cyclical central London office sector.

FUTURE PLANS

• Both investment activity and total returns have moderated during 2018, with the UK property market producing a total return of 1.7% in Q3 2018 and 9.9% over the past 12 months (MSCI UK Monthly Property Index).

• We expect modest capital value declines over the next couple of years as a result of falling rents and weaker investor sentiment. We are projecting UK property to deliver an average 3.8% p.a. total return over the next five years (2019-23).

• Our strategy is unchanged with a focus on more defensive real estate with solid income characteristics and income growth potential. We are cautious on offices and retail, and continue to overweight the industrial and alternative sectors, with new opportunities being assessed in healthcare and affordable housing, which are driven by demographic needs, rather than economic growth.

. STYLE ALLOCATION (BASED ON INVESTED NAV)

FUND TYPE EXPOSURE (BASED ON INVESTED NAV)

RELATIVE SECTOR ALLOCATION1 – (BASED ON INVESTED GAV)

1 Relative Sector Allocation is calculated based on the GAV sector weightings of the Osiris Property Fund compared to the sector weightings of the AREF/IPD UK QPFI All Balanced Property Fund Index.

Core Balanced 47.4%

Core Long Lease 0.0%

Core Specialist 45.9%

Value Add/Opportunistic 2.5%

Cash 4.3%

Open Ended 47.4%

Semi-Open Ended 17.3%

Closed Ended 31.0%

Cash 4.3%

-7.4%

6.3%

-1.9%

-6.3%

-1.9%

6.2%

4.0%

0.0%

1.2%

-10% -5% 0% 5% 10%

Unit Shops

Shopping Centres

Retail Warehouses

Central London Offices

Offices - Rest of UK

Industrials

Other Commercial

Listed Securities

Cash

CONFIDENTIAL AND PROPRIETARY | CBRE GIP UK OSIRIS PROPERTY FUND | Q3 2018 | 4

PERFORMANCE

• The portfolio produced a total return of 2.1% over the quarter and 9.5% over the past 12 months, above both the benchmark and objective over the respective periods.

• Osiris celebrates it’s 15-year anniversary this quarter, being launched in October 2003, and has delivered consistent long term returns in line with the market over this entire time period.

• UBS Triton Property Unit Trust returned 4.8% over the quarter and 9.5% over the past 12 months. Performance was driven by the reversal of the offer price adjustment last quarter that impacted the price used for Osiris valuation. In addition, the fund’s high weighting to the industrial sector and accretive asset management initiatives across the portfolio. During the quarter, the fund completed on three new leases at Stakehill Industrial Estate in Manchester, two new leases at Gatwick Distribution Point in Crawley and three new leases in the retail sector. The fund also retained its’ number 1 GRESB ranking out of 72 UK diversified non-listed funds.

• Industrial Property Investment Fund (“IPIF”) delivered strong returns of 4.9% over the quarter and 24.7% over the past 12 months. Over the quarter, the fund’s property portfolio increased in value by 3.5%, driven by added value generation and 2% rental growth across the portfolio. During the quarter, the fund added over £20m in value through successful asset management initiatives, the most significant was the letting of a vacant warehouse at Alchemi, Crick adding £1.2m to the rent roll. Leasing activity remains strong with IPIF completing 33 transactions (rent reviews, lease renewals and new lettings), achieving new rents some 10% above ERV.

• Palmer Capital Development Fund III was a positive contributor to performance returning 10.9% over the quarter and 33.0% over the last 12 months. Performance over the quarter was largely driven by the sale of a Morrisons store in Sheffield, at a price ahead of valuation, together with value gains at the office development Aurora in Bristol. New lettings were also concluded at the fund’s assets in Woking and Clink Street, London SE1. The fund is now in its realisation phase with further sales expected during Q4 2018 and early 2019.

• Hermes Property Unit Trust delivered a total return of 2.8% over the quarter and 11.4% over the last 12 months. Performance over the quarter was primarily driven by assets in the Industrial and ‘Other’ sectors. In addition, Broken Wharf House, London benefitted from the completion of the letting to serviced apartment operator SACO for the conversion of the vacant office building to provide 113 serviced apartments. The fund also completed a number of asset management initiatives and transactions, including the acquisition of a prime industrial estate in Newbury for £27.5m (4.85% NIY).

• Standard Life UK Retail Park Trust was a detractor to performance returning -2.7% and -1.7% over the quarter and past 12 months respectively. Performance has been impacted by CVA’s, retailer administrations and weak investor sentiment towards the retail warehousing sector. Valuations over the quarter have been reduced mainly due to outward yield shifts which were experienced across three of the six held assets. The fund continues to progress with asset management initiatives, notably at Gallions Reach, Beckton and Castlepoint, Bournemouth where the fund completed on a number of lease renewals.

• Lend Lease Retail Partnership was a detractor to performance with a return of -1.1% over the quarter and -8.1% over the last 12 months. Weak performance over the quarter was a result of a 2.6% decrease in the value of Touchwood, Solihull. The value of fund’s 25% holding in Bluewater shopping centre remained broadly flat. The manager is looking to bring its stake in Bluewater to the market again in 2019 while Touchwood will be marketed once some key asset management initiatives have been concluded.

• The distribution yield for the past 12 months was 3.4%, marginally below market average distribution yield of 3.5%.

PORTFOLIO PERFORMANCE

TOP FIVE CONTRIBUTORS AND DETRACTORS TO PERFORMANCE – QUARTER1

TOP FIVE CONTRIBUTORS AND DETRACTORS TO PERFORMANCE – 1 YEAR1

1 Calculated as a weighted contribution to the portfolio return over the stated period

1.7%

9.3%

7.6%7.1%

2.1%

9.5%

7.3%6.6%

0%

2%

4%

6%

8%

10%

12%

Quarter PerformanceObjective

Year PerformanceObjective

3 Years(p.a.)

PerformanceObjective

SinceInception

(p.a.)

PerformanceObjective

Capital Income Performance Objective Total Return

0.4%

0.4%

0.3%

0.1%

0.1%

0.0%

0.0%

0.0%

-0.1%

-0.1%

-0.4% -0.2% 0.0% 0.2% 0.4% 0.6%

UBS Triton Property Unit Trust

Industrial Property Investment Fund

Palmer Capital Development FundIII

Schroder UK Real Estate Fund

Hermes Property Unit Trust

GCLOD UK Feeder Fund

Palmer Capital Development FundII (B Units)

Palmer Capital Development FundII

Lend Lease Retail Partnership

Standard Life UK Retail Park Trust

1.7%

1.2%

1.0%

0.9%

0.8%

0.0%

0.0%

0.0%

-0.2%

-0.4%

-1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0%

Industrial Property Investment Fund

Airport Industrial Property UnitTrust

Schroder UK Real Estate Fund

Palmer Capital Development FundIII

UBS Triton Property Unit Trust

Palmer Capital Development FundII (B Units)

Palmer Capital Development FundII

Standard Life UK Retail Park Trust

TH UK Shopping Centre Fund

Lend Lease Retail Partnership

CONFIDENTIAL AND PROPRIETARY | CBRE GIP UK OSIRIS PROPERTY FUND | Q3 2018 | 5

PORTFOLIO HOLDINGS AS AT Q3 2018 Performance3

Holding NAV (£m)

% of Portfolio1

Undrawn (£m) Leverage2 Quarterly 1 Year Comment

Airport Industrial Property Unit Trust 45.438 8.9% - 20.5% 1.2% 15.8% Specialist, core, closed-end fund investing in the industrial sector. The fund concentrates on prime industrial estates and warehouses with a focus on the Heathrow area, plus some exposure to other major UK airports.

Ardstone UK Regional Office Fund 27.847 5.4% - 27.2% 0.9% 3.8% Specialist, core, closed-end UK regional office fund that invests in good quality office assets in major city central business districts.

BlackRock UK Property Fund 29.147 5.7% - 1.9% 1.0% 7.3% Balanced, core, open-end UK fund. Predominantly good quality assets with above average exposure to the 'other' sector.

CBRE UK Property PAIF 28.484 5.6% - 0.0% 2.2% 10.5% Balanced, core, open-end UK fund. Predominantly good quality assets with an above average exposure to the industrial sector.

Curlew Student Trust 3.871 0.8% - 13.6% 0.2% 13.8% Specialist, value add, closed-end UK student accommodation fund. The fund recently completed a majority portfolio sale, whilst retaining a portfolio of assets with favorable supply and demand characteristics.

GCLOD Trust (Guernsey) 0.000 0.0% - 0.0% NM6 NM6 Specialist, opportunistic, closed-end central London office development fund. The fund has sold all property assets and is in the process of winding down its structure.

GCLOD Trust (UK) 0.068 0.0% - 0.0% NM6 NM6 Specialist, opportunistic, closed-end central London office development fund. The fund has sold all property assets and is in the process of winding down its structure.

Hermes Property Unit Trust 26.483 5.2% - 0.0% 2.8% 11.4% Balanced, core, open-end UK fund which has a stable management team and a strong track record.

Industrial Property Investment Fund 43.452 8.5% - 19.1% 4.9% 24.7% Specialist, core, semi open-end UK industrial fund. The fund is focused on good quality multi-let industrial estates throughout the UK with a bias towards London and the South East.

Lend Lease Retail Partnership 23.787 4.6% - 0.9% -1.1% -8.1% Specialist, core, closed-end fund invested in two prime shopping centres - Bluewater in Kent and Touchwood in Solihull. The fund is in wind-down.

Palmer Capital Development Fund I - 0.0% - 0.0% NM6 NM6 Diversified, opportunistic, closed-end development fund. The fund has sold all assets and is in the process of winding down its structure.

Palmer Capital Development Fund II - 0.0% - 0.0% NM6 NM6 Diversified, opportunistic, closed-end development fund. The fund has sold all assets and is in the process of winding down its structure.

Palmer Capital Development Fund II (B Units) - 0.0% - 0.0% NM6 NM6 Diversified, opportunistic, closed-end development fund. The fund has sold all assets and is in the process of winding down its structure.

Palmer Capital Development Fund III 8.619 1.7% - 27.9% 10.9% 33.0% Diversified, opportunistic, closed-end development fund. The investment period has come to an end and the fund has begun to realise investments.

Palmer Capital Income Trust 36.659 7.2% - 0.0% 1.4% 8.2% Diversified, core, open-end UK fund with a portfolio of small sized assets with longer than average lease lengths. These assets are generally in secondary locations albeit with a low-risk tenancy profile.

CONFIDENTIAL AND PROPRIETARY | CBRE GIP UK OSIRIS PROPERTY FUND | Q3 2018 | 6

PORTFOLIO HOLDINGS AS AT Q3 2018 (CONTINUED) Performance3

Holding NAV (£m)

% of Portfolio1

Undrawn (£m) Leverage2 Quarterly 1 Year Comment

Rockspring Hanover Property Unit Trust 32.589 6.4% - 0.0% 2.2% 10.5% Balanced, core, open-end UK fund with a mix of prime and secondary quality assets with an above-average income distribution.

Schroder UK Real Estate Fund 42.817 8.4% - 0.3% 1.4% 9.8% Balanced, core, open-end UK fund with a portfolio of better than average quality assets.

Standard Life UK Retail Park Trust 14.243 2.8% - 0.0% -2.7% -1.7% Specialist, core, closed-end retail warehouse fund predominantly invested in out-of-town open A1 fashion parks, with a bias towards the South East.

TH UK Retail Warehouse Fund 16.722 3.3% - 36.1% 0.0% 0.2% Specialist, core, closed-end fund investing in UK retail warehouses. The portfolio is primarily invested in good quality out-of-town open A1 fashion parks.

TH UK Shopping Centre Fund 18.241 3.6% - 21.3% 0.1% -3.8% Specialist, core, closed-end fund largely invested in prime dominant shopping centres such as Bullring, Birmingham and Princesshay, Exeter. The fund is participating in the redevelopment of St. James, Edinburgh.

The Industrial Trust 0.002 0.0% - 0.0% NM6 NM6 Specialist, value add, closed-end industrial fund. The fund has sold all assets and is in the process of winding down its structure.

UBS Triton Property Unit Trust 46.174 9.0% - 3.9% 4.8% 9.5% Balanced, core, open-end UK fund. Predominantly good quality assets with an above average exposure to the industrial sector.

UNITE UK Student Accommodation Fund 30.800 6.0% - 29.2% 1.7% 9.5% Specialist, core, semi open-end UK student accommodation fund. The fund has a well-diversified portfolio with a focus towards Russell Group universities and has a strong management team.

West End of London Property Unit Trust 14.270 2.8% - 31.3% 0.0% 1.8% Specialist, core, semi open-end fund investing in central London offices, with a bias towards the West End and Mid-Town. The fund adds value through refurbishment of assets.

Total Value of Holdings 489.711 95.7% -

Cash at bank 12.398 2.4% -

Debtors/Creditors4 9.636 1.9% -

Portfolio Total 511.745 100.0% - 12.4%

1. Calculated as Fund NAV / Portfolio NAV.

2. Debt/GAV, in line with the leverage formula of IPD and INREV. 3. Where an asset has been held for less than a quarter (or a year, as applicable), performance since inception has been used.

4. Debtors / Creditors include income and expenses as well as pending trades, but does not take account of any client capital funding requested in the quarter but due in the subsequent period. 5. Performance returns for underlying investments are stated in local currency.

6. NM = Not Meaningful.

CONFIDENTIAL AND PROPRIETARY | CBRE GIP UK OSIRIS PROPERTY FUND | Q3 2018 | 7

SUMMARY OF ACTIVITY

Holding Transaction type Currency (local)

Amount (‘m) (local)

Amount (‘m) (base)

Airport Industrial Property Unit Trust Drawdown GBP 2.079 2.079

BlackRock UK Property Fund Sale on Secondary Market GBP 10.004 10.004

CBRE UK Property PAIF Return of Capital GBP 0.109 0.109

Curlew Student Trust Return of Capital GBP 0.292 0.292

Palmer Capital Development Fund III Return of Capital GBP 10.427 10.427

Schroder UK Real Estate Fund Sale on Secondary Market GBP 9.633 9.633

FEES PAYABLE TO CBRE GROUP, INC

During the quarter, £26,625 was payable to CBRE Group, Inc. for secondary market brokerage on behalf of Osiris. Our operating partners for Curlew Student Trust, Palmer Capital Development Fund III, and Palmer Capital Income Trust have each

appointed CBRE Group, Inc. as external valuer, for which CBRE Group Inc., received fees of £14,054, £18,252 and £24,066 respectively in the quarter.

COMPLIANCE WITH INVESTMENT RESTRICTIONS

The portfolio is fully compliant with all investment restrictions.

Restriction Limit Actual Maximum invested in a single fund 20.0% (NAV) 9.0%

Maximum invested in in-house funds 15.0% (NAV) 5.6%

Maximum invested in Limited Partnerships 25.0% (NAV) -

Investment in a vehicle that has more than 15% outside the UK 0.0% (NAV) -

All investments must be permitted by a Pension Fund Pooling Scheme 100.0% (NAV) 100.0%

Maximum borrowing (at CBRE GIP UK Osiris Property Fund level) 15.0% (NAV) -

Maximum to be held in cash, bonds or gilt funds 1 15.0% (NAV) 4.3%

Maximum invested in property derivatives 15.0% (NAV) -

1 Only permitted to hold more than 15% on a temporary basis

ESG

The annual results of the GRESB survey can be found on pages 8 and 9 of this report.

CORPORATE ACTIONS

Curlew Student Trust: During the quarter GIP voted to approve a revised fee basis with the Fund’s preferred Property Manager, Fresh Student Living.

Hermes Property Unit Trust: During the quarter, GIP voted to approve various administrative matters in relation to the AGM as proposed by Hermes Property Unit Trust.

GLOSSARY

Term Description Value of holdings Sum of the Net Asset Value (NAV) of the underlying holdings, excluding cash, hedging and debtors / creditors

Undrawn fund commitments Commitments made to underlying funds but which have not yet been drawn

Cash on account Cash including debtors / creditors

Undrawn client commitments Capital committed by the client but yet to be drawn

Available to commit Represents undrawn client commitments plus cash on account minus undrawn fund commitments

Leverage Debt / GAV, in line with the leverage formula of IPD and INREV

YOUR PORTFOLIO'S ESG SCORE AT A GLANCE

Table 1: Top 3 Investments

2017 2018 Change

TH UK Shopping Centre Fund 95 89 -6.0

UBS Triton Property Unit Trust 79 84 5.0

TH UK Retail Warehouse Fund 86 84 -2.0

* Benchmark made up of other funds with similar geographic and sector exposures

Chart 2: Breakdown of your Portfolio's ESG rating Table 2: Bottom 3 Investments

2017 2018 Change

CBRE UK Property PAIF 53 60 7.0

Curlew Student Trust 71 65 -6.0

Rockspring Hanover Property Unit Trust 67 66 -1.0

Chart 3: Manager repsonse rate over time n Response n No Response

CBRE UK Property PAIF was awarded a GRESB score of 60, up from 53 in

2017. The fund has scored particularly well in Social & Governance factors

and will be looking to retain and build on points achieved in 2018 but focus

on the Implementation and Measurement dimension. The fund will also seek

to simplify and streamline the data collection process alongside enhancing

engagement with property managers and tenants.

UBS Triton achieved another five-star rating and for the second year running,

ranked 1st in its peer group (81 UK diversified strategies in 2018),

outperforming its peers in all aspects of the survey. In addition to ongoing

initiatives such as incorporating green lease clauses on all new lettings, the

manager is looking at future initiatives including installing smart metres in all

properties, and rolling out a Health and Wellbeing programmed for

occupiers.

Chart 1: Your Portfolio's component and overall ESG score

The Manager response rate, measured in GBP terms, has decreased from

2015 to 2018 by -0.7%

Energy consumption (MWH): 1% decrease compared to previous year and higher than the

benchmark in terms of data coverage

GHG Emissions (CO2): 20% decrease compared to previous year and slightly higher than

the benchmark in terms of data coverage

Water Use (m3): 8% decrease compared to previous year and higher than the

benchmark in terms of data coverage

Waste management (tonnes): 90% diverted and above the benchmark in terms of data

coverage

30

50

70

90

110

Environment Social Governance Overall

Your Portfolio Benchmark*

n Your Portfolio n Benchmark

8.5

%

9.2

%

10

.5%

9.2

%

91

.5%

90

.8%

89

.5%

90

.8%

2015 2016 2017 2018

No response Response

CONFIDENTIAL AND PROPRIETARY | CBRE GIP UK OSIRIS PROPERTY FUND | Q3 2018 | 8

CONFIDENTIAL AND PROPRIETARY | CBRE GIP UK OSIRIS PROPERTY FUND | Q3 2018 | 9

DEFINITIONS

• Survey: The GRESB Survey is structured around eight unique sustainability aspects. The data provided in the GRESB Survey is scored, based on the Survey questions materiality. The eight aspects score sum generates the overall GRESB score, which is expressed as a percentage maximum. The total GRESB score is further divided into two dimensions: Management & Policy (MP) and Implementation & Measurement (IM).

• Overall Score: The GRESB scoring is based on an automated mathematical model. The scoring is completed instantaneously without manual intervention after data verification has been finalised. The score sum for each question add to a maximum of 137 points, and the overall GRESB score is expressed as a percentage being the maximum of 100%. The maximum aspect score is a weighted element of the GRESB score.

• ESG: In 2015, GRESB introduced a breakdown of the GRESB score into separate scores for Environmental, Social and Governance (ESG). These scores are calculated based on the allocation of individual questions to E, S, or G.

• Historical Trend: This chart illustrates changes in score of constituent funds over the past three years.

DIMENSIONS

• Management & Policy: The means by which a company or a fund deals with or controls its portfolio and its stakeholders and/or a course or principle of action adopted by the company or fund. The maximum score for MP is 38.5 points which is 28% of the overall GRESB score.

• Implementation & Measurement: The process of executing a decision or plan or putting a decision or plan into effect and/or the action of measuring something related to the portfolio. The maximum score for IM is 98.5 points which is 72% of the overall GRESB score.

SUSTAINABILITY ASPECTS

• Management: The purpose of this section is: (1) to identify who is responsible for managing sustainability issues and who has the authority of decision making on sustainability matters; (2) sustainability management issues; and (3) how sustainability is embedded in the organisation.

• Policy & Disclosure: This section investigates how sustainability policies are developed and embedded in the organisation. Moreover, the section analyses the disclosure process of sustainability related issues to main stakeholders of the company/fund, communication of key achievements and to identify the reporting framework of the company/fund.

• Risks & Opportunities: This section analyses the steps being taken by the organisation to stay abreast of sustainability risks related to bribery & corruption, climate change, legislation, market risks, and other material risks.

• Monitoring & EMS: The purpose of this section is to investigate the steps taken by the organisation to monitor compliance with their sustainability policy goals. It assesses the environmental management system that facilitates monitoring of sustainability data, review systems and policies to more accurately manage sustainability.

• Performance Indicators: The purpose of this section is to identify to the extent to which organisations/funds measure and optimise the performance of their standing investments. Absolute measure for the portfolio as it stood in the reporting period.

• Building Certifications & Benchmarking: The purpose of this section is to establish the organisation commitment and performance in obtaining and maintaining building certifications.

CONFIDENTIAL AND PROPRIETARY | CBRE GIP UK OSIRIS PROPERTY FUND | Q3 2018 | 10

IMPORTANT NOTICE • This publication is not for distribution in any territory or jurisdiction where such distribution would be illegal.

• CBRE Global Investment Partners (GIP) is a trading name of CBRE Global Investment Partners Limited which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA) and is a registered investment advisor with the United States Securities & Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training.

• The information contained herein must be treated in a confidential manner and may not be reproduced, used or disclosed, in whole or in part, without the prior written consent of CBRE Global Investment Partners Limited.

• This document is issued and approved by CBRE Global Investment Partners Limited, in accordance with the restrictions on the promotion of non-mainstream pooled investments, the communication of this document in the United Kingdom is only made to persons defined as professional client or eligible counterparties, as permitted by COBS 4.12.5R (Exemption 7) and the Collective Investment Scheme (Exemptions) Order 2001.

• Where funds are invested in property, investors may not be able to realise their investment when they want. Whilst property valuation is conducted by an independent expert, any such opinion is a matter of the valuer’s opinion. Property is a specialist sector which may be less liquid and produce more volatile performance than an investment in broader investment sectors.

• Past or projected performance is not necessarily indicative of future results. Forecasts of future performance are not a reliable indicator of future performance.

• Targeted and forecasted returns are derived from analysis based upon both quantitative and qualitative factors, including market experience and historical and expected averages related to the risk/return profile for yet-to-be liquidated current investments of the prior funds and programs. The targeted and forecasted returns are based on a weighted blend of the prior funds’ and programs’ returns to date and the expected cumulative internal rates of return generated by the expected liquidation of investments across the remaining terms of the prior funds and programs. These forecasts and projections are hypothetical in nature, do not reflect actual investment results and should not be construed as providing any assurance as to the results that will actually be realized by the prior funds and programs or that may be realized by any future fund or program in the future.

• All target or projected “gross” internal rates of return (“IRRs”) do not reflect any management fees, incentive distributions, taxes, transaction costs and other expenses to be borne by certain and/or all investors, which will reduce returns. “Gross IRR” or “Gross Return” shall mean an aggregate, compound, annual, gross internal rate of return on investments. “Net IRR” or “Net Returns” portrayed, which include the reinvestment of dividends and other earnings, are shown after deducting fees, expenses and incentive distributions. There can be no assurance that the mandate will achieve comparable results, that targeted returns, diversification or asset allocations will be met or that the investment strategy and investment approach will be able to be implemented or that the mandate will achieve its investment objective. Actual returns on unrealised investments will depend on, among other factors, future operating results, the value of the underlying assets and market conditions at the time of disposition, foreign exchange gains or losses which may have a separate and uncorrelated effect, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, actual returns may differ materially from the returns indicated herein. If a fund investing in emerging markets is affected by currency exchange rates, the investment could either increase or decrease. These funds therefore carry more risk.

• The value of any tax benefits described herein depends on your individual circumstances. Tax rules may change in the future.

• Statements contained in this Presentation that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of GIP. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Actual events or results or the actual performance of the mandate may differ materially from those reflected or contemplated in such forward-looking statements.

• Certain economic and market information contained herein has been obtained from published sources prepared by third parties and in certain cases has not been updated. Neither GIP nor any CBRE Group Inc. company its respective affiliates nor any of their respective employees or agents (collectively, “CBRE”) assume any responsibility for the accuracy or completeness of such information.

• Whilst GIP believes that the information contained herein is accurate at the date hereof (or at the date shown in the document), neither GIP nor CBRE makes any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained herein (including but not limited to information obtained from third parties), and they expressly disclaim any responsibility or liability therefore.

• Investment Property Databank Limited (located and registered at Ten Bishops Square, 9th Floor, London E1, 6EG, UK) is the benchmark administrator for all of its IPD real estate indexes. As an EU administrator, it intends to use the transitional period afforded to EU administrators under the EU benchmark regulation, Article 51 (1) which permits the use of its existing and new indexes in the EU (as clarified by ESMA’s guidance from July 5 2017) for up to 2 years. Investment Property Databank Limited can make use of the transitional period from 1 January 2018 until it is authorised.

CONTACT INFORMATION

DUGAL HUNT Portfolio Manager CBRE Global Investment Partners T: + 44 (0) 20 7809 9333 E: dugal.hunt@cbreglobalinvestors.com

MAX JOHNSON Director, GIP Investor Services CBRE Global Investment Partners T: + 44 (0) 20 7809 9350 E: max.johnson@cbreglobalinvestors.com

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