31December

2016

© Tritax 2016

Partnership Manager, AIFM of the Master Partnership and Trust Adviser(Authorised and regulated by the UK Financial Conduct Authority)

Tritax Management LLPStandbrook House4th Floor, 2-5 Old Bond StreetLondonW1S 4PD

T: +44 (0) 20 7290 1616E: marketing@tritax.co.ukW: www.tritax.co.uk/tpif/

Investing for income The Tritax Property Income Fund (“TPIF” or “the Fund”) is an open-ended Jersey Unit Trust. It aims to deliver regular, stable and growing income for investors, as well as long-term capital growth.

TPIF is not constrained by a benchmark, allowing it to offer the diversification benefits of a balanced fund, but with strategic elements that capitalise on the relative value offered by specific sectors across the UK regions.

The Fund’s higher income investment approach capitalises on Tritax’s 20-year track record in income-focused investing and active asset management, providing a more predictable income stream than a balanced approach and more flexibility than a pure long lease strategy.

Investment objectivesTPIF’s high-quality portfolio is well-diversified by sector, asset and tenant, in strong locations outside Central London and seeks to deliver:

• A target income return, on a fully invested and geared basis, in excess of 5.5% pa1

• A target portfolio IRR of 7.00%-9.00%

• A Weighted Average Unexpired Lease Term (WAULT) for the portfolio in excess of 10 years.

(1) Not currently fully invested and geared

Link to further information on website

Q1 Performance Review 31 March 2018

Tritax Property Income Fund

Operational highlights

PORTFOLIO VALUE

£218.9m

ASSETS

17

TENANTS

53

RENTAL INCOME (PA)

£13.49m

WAULT

12.0 years

NIY

5.8%

Financial highlights

INCOME RETURN (12 mth)

5.5%

IRR (12 mth)

11.3%

NAV/UNIT

102.24p

NAV

£189.3m

GAV

£228.3m

LEVERAGE (to GAV)

14.0%

Q1 headlines

• For Q1 2018 the Fund distributed £2.45 million to investors (1.3% per unit) and reported 1.0% capital growth, producing a total return of 2.3% for the quarter.

• The portfolio is now valued at £218.9 million, representing a 6.2% capital uplift over the portfolio purchase price.

• During the period contracts were exchanged conditionally on a South-East leisure property, let for a further 20 years to a strong established national covenant. The Fund also agreed the forward purchase of a 20,000 sq ft office building, currently under construction and due to complete in July.

• Several asset management initiatives progressed throughout the quarter, including an early lease renewal and a new letting securing an additional £100,000 of headline rent pa.

Regent Park, Princes Risborough.

TRITAX PROPERTY INCOME FUND (TPIF) / MASTER FUND Q1 PERFORMANCE REVIEW: 31 MARCH 2018

PAGE 2

Fund performance Income returnFor Q1 2018 the Fund distributed £2.45 million to investors, representing 1.3 pence per unit (1.3%) and takes the total distribution since launch to 9.5 pence per unit.

The rolling 12-month Fund distribution was £9.62 million, representing 5.2 pence per unit and an annual income return per unit of 5.5%.

Capital growthThe portfolio’s independent valuation increased each month during the quarter, with the total portfolio reporting 1.0% capital growth for the period.

All sectors showed capital growth over the quarter with the key valuation gain driven by the Fund’s alternative asset and the standing industrial portfolio, which produced capital returns of 4.9% and 2.4% respectively.

The portfolio is now valued at £218.9 million, representing a 6.2% capital uplift over the portfolio purchase price.

Total ReturnThis quarter’s positive total return reflected the Fund’s higher income profile and capital growth from the continued strength of the UK investment market for both industrial and logistics, alongside continued appetite for longer income assets.

The Fund produced a total return of 2.3% for the quarter, reflecting a combination of a 1.3% income return and 1.0% capital growth.

The rolling 12 month total return remained unchanged at 11.3%.

Portfolio Income ProfileAs at 31 March 2018, the Fund’s portfolio contracted rental income increased £220,000 to £13.59 million pa across 53 different occupiers.

The Top 5 tenants by rental levels are:

TENANT ASSET

DSG Retail Limited Waterfold Park, Bury

Regus (Heathrow Stockley Park Centre Limited) Lakeside House, Stockley Park

Betterbathrooms (UK) Limited Purchas Road, Didcot

Blue Arrow (Impellam Holdings Limited*) 800 Capability Green, Luton

Eddie Stobart Limited Fradley Park, Lichfield

* Guarantor

St Hilary Park, King’s Lynn.

Q2 ’17

1

0

2

3

4

5

6

Q3 ’17 Q4 ’17 Q1 ’18

Growing Annual Income Return (%)

1.2

2.5

4.1

5.5

■ Quarterly Income Return ■ Quarterly Total Return■ 12 Month Income Return ■ 12 Month Total Return■ Annualised Since Inception Income Return ■ Annualised Since Inception Total Return

Income Return Total Return0

2

4

6

8

10

12

Fund NAV Performance (%)

1.3%

4.7%5.5%

2.3%

11.3%

7.6%

Cobham Gate, Bournmouth.

TRITAX PROPERTY INCOME FUND (TPIF) / MASTER FUND Q1 PERFORMANCE REVIEW: 31 MARCH 2018

PAGE 3

Mill Square, Milton Keynes.Alban Retail Park, Bedford.Highcross Street, Leicester.

Fund activity Asset acquisitions and pipelineThe Tritax team continues to monitor a significant pipeline of attractive opportunities as a source of new investments for the Fund.

During the quarter contracts were exchanged conditionally on a South-East leisure property, let for a further 20 years to a strong national established occupier. The property occupies a prominent edge of town centre location beside newly developed, medium rise residential buildings, providing longer term prospects for more intensive land use. The quality of covenant, property characteristics and length of income reflect the Foundation Asset qualities targeted by the Fund and as the portfolio’s second Alternative asset it increases the weighting in this sector from 5% to 10%. It is anticipated the transaction will become unconditional and complete in Q2.

In addition, the Fund has agreed the forward purchase of a 20,000 sq ft office building, currently under construction and due to complete in July. The asset will provide the Fund with a further 20 year lease on completion to a strong covenant with attractive RPI linked reviews. The property occupies a large site which offers potential for future expansion. The initial yield will have an accretive effect on the portfolio yield. Exchange of contracts is expected early in Q2, with completion due on practical completion of the building in July.

Asset ManagementDuring the quarter several management initiatives within the portfolio have progressed. Notably, an early lease renewal and a new letting were secured in the multi-let office portfolio (Chorley and Princes Risborough) securing an additional £100,000 of headline rent pa.

Buckshaw Office Park, ChorleyNegotiations have concluded on an early lease renewal with an existing tenant, Marsden Rawsthorn Solicitors Limited, to renew their current lease of 5,087 sq ft for a further five years. The WAULT at this asset has therefore improved and the revised rent of £57,228.75 pa, equivalent to £11.25 psf, is an uplift of 36%.

Regent Park, Princes Risborough A further new letting on the estate has reduced the void rate at this asset by 50% with the one vacant unit remaining representing the sole void in the portfolio. The new lease to Cosmetic Courses UK Ltd further improves the WAULT and income at this asset by £45,750 pa.

Highcross Street, LeicesterThe Casino rent review from 2014 which had not been actioned before purchase, has now been completed, producing an uplift of 8.5%. Back rent in excess of £90,000 has been collected and distributed during the quarter.

Mill Square, Milton KeynesFollowing the completion of a new letting in Q3 2017, the evidence created has been applied to negotiations with another leaseholder to agree a rent review on Unit 2 Mill Square, raising the rent 23% to £11.40 psf.

Leigh Close, New MaldenThe Fund has completed an RPI correlated rent review at Unit 1, increasing the rent by 12% to £312,862 pa.

Capital structureAn additional equity commitment of £2.8 million was received from an existing investor.

The remainder of the current debt facility is expected to be utilised in the acquisition of the next two Fund assets, as outlined in the Asset Acquisitions and Pipeline section. The £10 million revolving credit facility remains available to provide liquidity to the Fund.

TRITAX PROPERTY INCOME FUND (TPIF) / MASTER FUND Q1 PERFORMANCE REVIEW: 31 MARCH 2018

PAGE 4

Portfolio analysis

Top 10 assets

LOCATION STRATEGYVALUATION

BAND LOCATION STRATEGYVALUATION

BAND

1. Lakeside House,Stockley Park, Hillingdon Foundation £20-30 million 6. 800 Capability Green, Luton Foundation £15-20 million

2. DSG, Waterfold Park, Bury Foundation £20-30 million 7. Alban Retail Park, Bedford Foundation £10-15 million

3. Pierpoint Retail Park, King’s Lynn Foundation £20-30 million 8. Leigh Close Industrial Est, New Malden Growth £10-15 million

4. Unit DC1, Purchas Road, Didcot Growth £15-20 million 9. DPD, Cobham Gate, Ferndown, Bournemouth Foundation £10-15 million

5. Eddie Stobart, Fradley Distribution Park, Lichfield Foundation £15-20 million 10. Highcross Street, Leicester Foundation £10-15 million

7. Alban Retail Park, Bedford

1. Lakeside House, Stockley Park, Hillingdon

3. Pierpoint Retail Park, King’s Lynn

6. 800 Capability Green, Luton

2. DSG, Waterfold Park, Bury

10. Highcross Street, Leicester

5. Fradley Distribution Park, Lichfield

9. Cobham Gate, Bournemouth

n Logisticsn Industrialn Officen Retail Warehousen Alternative— Major motorways

Regionally diverse (%)Targeted sectors (%)Core strategy (%)*

Growth 20%

Value Add 9%

Logistics 37%

Alternative 5%

Retail Warehouse 18%

O�ce 29%

South 46%(ex Central London)

North 19%

Midlands 15%

Foundation 71% Industrial 11% East 20%

* portfolio value by investment pillar (%)

SOUTH WEST LONDONINDUSTRIAL INVESTMENT OPPORTUNITY

UNITS 1-5, LEIGH CLOSE, NEW MALDEN, SURREY KT3 3NW

8. Leigh Industrial Estate, New Malden

4. Unit DC1, Purchas Road, Didcot

TRITAX PROPERTY INCOME FUND (TPIF) / MASTER FUND Q1 PERFORMANCE REVIEW: 31 MARCH 2018

LegalNotice to Existing InvestorsThis quarterly update (“Update”) is provided to Investors in Tritax Property Income Fund Unit Trust (“TPIF”).

The Update comprises Confidential Information and Investors’ attention is drawn to their confidentiality obligations under clause 37 of the trust instrument governing TPIF.

Nothing in this Update should be construed as an invitation or solicitation to make a further investment in TPIF or to engage in any other transactions. This Update is not intended to provide recommendations, and should not be relied upon, for accounting, legal, tax advice or investment purposes. You should consult your tax, legal, accounting or other advisers separately. If an Investor does wish to make a further investment, it should obtain a copy of the latest offering memorandum for TPIF and read the warnings below.

Notice to Prospective InvestorsIf this Update is provided to any prospective investors, they should note the following:

• this Update is not intended to enable prospective investors to evaluate a potential investment in TPIF. A prospective investor should request a copy of the latest offering memorandum for TPIF in order assess a potential investment in TPIF;

• the information herein is provided on a strictly confidential basis;

• nothing in this Update should be construed as an offer, invitation or general solicitation to invest in TPIF or to engage in any other transactions;

• this Update is not intended to provide recommendations, and should not be relied upon, for accounting, legal, tax advice or investment purposes. You should consult your tax, legal, accounting or other advisers separately; and

• none of Fairway Fund Trustee Services Limited nor Tritax Management LLP nor any of their affiliates make any representation or warranty, express or implied as to the accuracy or completeness of this Update, and nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance. To the maximum extent permitted by law none of the foregoing shall be liable (including in negligence) for direct, indirect or consequential losses, damages, costs or expenses arising out of or in connection with the use of or reliance on this Update by a prospective investor.

Cobham Gate, Ferndown, Bournemouth.

PAGE 5

Unit Holder Information Investor InformationFull information is provided in the Offering Memorandum and Fund Documentation.

StructureJersey Property Unit Trust, regulated by the Jersey Financial Services Commission.

Launch Date29 January 2016

Dealing DateThe last Business Day of each calendar month or such further specific Business Day in respect of any one calendar month as determined by the Trustee.

Offering MemorandumCopies of the Offering Memorandum and the Application Form are available from Tritax Management LLP.

Issue of UnitsMonthly. The Fund operates a commitment and drawdown system. Prospective Investors complete an Application Form. On acceptance by the Trustee, the form becomes an irrevocable “Subscription Agreement” with the relevant Investor and the maximum amount agreed to be subscribed shall be that Investor’s “Commitment”. A Commitment, once accepted, shall be available for draw down on any Dealing Date over two years (see Subscription Agreement for more details).

The minimum Commitment per Investor is £1,000,000.

RedemptionsQuarterly (subject to limits and liquidity), on three months’ notice and at a redemption price that is calculated by ascertaining the net asset value at the date of redemption and dividing it by the number of Units then in issue (subject to a redemption levy of up to 10% of the redemption price).

DistributionsIncome is distributed as soon as practicable and, in general, expected to be on a quarterly basis. Capital receipts are generally expected to be reinvested at Master Partnership level.

Borrowing for investmentUp to 25% of GAV

Charges 0.625% pa of net asset value of the Trust 0.1% of acquisition and disposal price of Investments Performance Fee of 10% of excess over 7% IRR

Please see the Master Fund Offering Memorandum for a full explanation of fees.

ReportingQuarterly

DataAll Fund data as at 31 March 2018, unless stated otherwise.

St Hilary Park, Kings Lynn.

MARKET COMMENTARY: 31 MARCH 2018

The UK economy Next steps in Brexit Further progress on the terms of the UK’s departure from the EU was made during Q1 2018, with the announcement that provisional agreement had been reached on the transition period, giving businesses and citizens reassurances about their status in the immediate period after the UK leaves the EU in March 2019. Markets and business groups have broadly reacted well to the news, reflected in the March 2018 Deloitte survey of UK CFOs which shows that business confidence has edged up and, for the first time in two years, CFOs do not rate Brexit as the main risk facing their businesses with concerns about slower UK growth now at the top of the risk league.

UK GDP for Q1 2018 was just 0.1%, down from 0.4% in Q4 2017 and the lowest quarterly rate since Q4 2012. Construction output contracted by 3.3% in Q1 2018 and, whilst positive, growth in the production sector was modest. Similarly, whilst the services sector continued to grow, growth in Q1 was subdued. Consensus forecasts for GDP growth from HM Treasury show that 2018 annual growth is expected to be 1.5% and 1.4% in 2019.

The Bank of England MPC maintained the base rate through the quarter, however the MPC had signalled that another rate rise in May was likely. Following the weaker-than-expected growth results for Q1, market expectations are that the MPC may now hold rates in May despite the fact that inflation remains above-target, with CPI at 2.5% in March, down from 3% in December but still above the 2% target.

Occupational market Industrial strength continuesThe March 2018 CBRE Monthly Index reports that annualised rental value growth for all properties was stable at 1.7%, the same as in Q4 2017. Annualised capital growth of 5.5% to the end of March 2018 was slightly behind the 5.9% reported for the full-year 2017.

Much of this growth for both rents and values came from industrial properties, particularly those in the South East, which continue to see strong rental growth of close to 6% and capital value growth at nearly 15%. Yields continue to sharpen as investor appetite for industrial remains strong.

Investment market Tentative start to 2018According to Property Data, Q1 investment volumes were down, at £11.5 billion, making it one of the lowest quarterly volumes in the past five years. The number of transactions also fell in Q1 2018 with 535 deals reported, down from 936 in Q4 2017. The drop in activity was most acute in offices and retail assets but all asset classes saw falls. Given the typical boost to volumes in Q4 of each year, Q1 figures are traditionally lower than the previous quarter although this was somewhat more pronounced in Q1 2018. In terms of performance, CBRE reports that annualised total return for all property to Q1 2018 was 11.3%, down slightly on the 2017 full year result of 11.8% but still amongst the strongest annualised rates over the past five years.

Outlook Outlook strengthening for 2018?Expectations for UK property performance in 2018 and beyond remain subdued relative to the recent performance results but remain positive. The Winter 2017/2018 IPF consensus forecasts report an expected total return of 4.6% in 2018 (up from 4.0% in the Autumn forecasts), rental growth expectations of 0.8% and capital values to fall by -0.2% in 2018.

Forecasters continue to see industrial property as the strongest performer, albeit at more subdued rates than in 2017. Capital values for offices and retail segments are forecast to fall in 2018 as are rents for offices, whilst retail segments are expected to see some rental growth albeit at very modest levels. Expected rental and capital value falls for offices remain strongly influenced by the London market.

0

-1

4

5

6

3Ja

n 01

Jan 0

2

Jun 0

3

Jan 0

4

Jun 0

5

Jan 0

6

Jan 0

7

Jan 0

8

Jan 0

9

Jan 1

0

Jan 1

1

Jan 1

2

Jan 1

3

Jan 1

4

Jan 1

5

Jan 1

6

Jan 1

7

Jan 1

8

1

2

■ O�cial Bank Rate ■ In�ation RPI

Sources: Bank of England; ONS

UK Interest Rates and Inflation (%)

PAGE 6

Investment volume vs number of transactions

60

50

40

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

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Q2

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Q2

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Q2

Q3

Q4

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Q2

Q3

Q4

Q1

10

30

20

70

0

■ Multi-region portfolios investment volume (four-quarter rolling annual total) ■ Regional investment volume (four-quarter rolling annual total) ■ London investment volume (four-quarter rolling annual total) ■ No. of transactions (four-quarter rolling annual total) (RHS) Sources: Property Data

2011 2012 2013 2014 2010 2015 2016 2017

Inve

stm

ent v

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e (£

bill

ion)

0

2,000

2,500

3,000

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Num

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4

8

6

10

12

2

0

14

■ All Property ■ Industrial ■ O�ce ■ Retail Warehouse ■ Standard RetailSource: IPF

2017 20192018 2017/21

IPF UK Consensus Forecasts, Autumn 2017Total Return (%)