Davy Irish Property Fund

DAVY IRISH PROPERTY FUND

PURE PROPERTY Contents

Davy Irish Property Fund 1 INTRODUCTION Portfolio Overview 2 The Davy Irish Property Fund is authorised as a Qualifying Investor Fund Financials 4 Alternative Investment Fund (“QIAIF”) by the Central Bank of Ireland and is available to Qualifying Investors only, as defined in the Portfolio Performance 5 Information Memorandum. Business Model and Strategy 6 The Fund is a long-term, speculative investment, suitable only for Our People 8 sophisticated investors who are in a position to tolerate the risks associated with the Fund. Office Holdings 10 Retail Holdings 12 The investment objective and policy is to achieve stable income and capital appreciation, primarily through long-term investment in Irish Investment Rationale 15 commercial property. Investors should note however, that there is no guarantee this objective will be achieved. Fund Tax Treatment 16 Fees & Charges 17 For further information visit: www.davy.ie./real-estate/dipf Risks 18 Important Information 20

PICTURED BELOW Atrium of the National Treasury Management Building, Grand Canal Street, Dublin 2 DAVY IRISH PROPERTY FUND

The Davy Irish Property Fund (“DIPF” or “the Fund”) is an open ended, commercial property fund, focused on direct investment in Dublin, institution quality, office, retail and industrial assets.

DIPF’s investment objective is to achieve stable income and capital appreciation through long term investment in and management of Irish commercial property.

The Fund Managers adopt a holistic approach with a view to delivering above market returns, by bringing together Investment Management, Development Management and Asset Management to drive value across the portfolio.

Fund Overview €287m 6.79% 1.48% Net Asset Value Total Return - 1 year Vacancy Rate

5.0% 6.9 years 29 Projected Distributions WAULT Properties for 2018

All data correct as at 30 June 2018 Source: J&E Davy unless otherwise stated All data refers to Unit Class D (Distributing) - Sedol Number 9795233 Source Net Asset Value NAV - Northern Trust WAULT = weighted average unexpired lease term Vacancy Rate by Value of the Fund

Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. If you invest in this product, you may lose some or all of the money you invest.

Warning: Forecasts are not a reliable guide to future performance.

DAVY IRISH PROPERTY FUND 1 NORTH CIRCULAR ROAD

CROKE ARK

RUSSELL STREET

BERKELE STREET NORTH DOCK BELEDERE LACE NORTH CIRCULAR ROAD EASTOINT STREET

EST ROAD ORT TUNNEL NORTH DOCK EST ROAD FITGIBBON STREET SUMMERHILL ARADE

HIBSBOROUGH ROAD NORTH STRAND ROAD EASTOINT STREET SEAIE AENUE EAST CHARLES STREET GREAT

MOUNTJO ORTLAND RO EASTOINT STREET SQUARE ARK

MOUNTJO SQUARE SOUTH SUMMERHILL NORTH STRAND ROAD GARDINER RO

GARDINER STREET MIDDLE

DORSET STREET NORTH GREAT GEORGES STREET HILL STREET

ROMENADE ROAD LEDO CA N RO RAENSDALE ROAD AD

GRANB RO

ARNELL SQUARE EAST ROAL CANAL

T EE TR CONNOLL DOMINICK STREET UER L S EL STATION CALEDON ROAD RN ROMENADE ROAD A HATHORN AENUE EAST ROAD RAILA STREET ST MARS ROAD SEAN MACDERMOTT STREET LOER

L I

GRANGEGORMAN LOER N

O I T CHURCH ROAD MERCHANTS ROAD U

D T I A

O S SEILLE LACE TOLKA QUA ROAD R KIRAN STREET N

E O FOLE STREET EAST ROAD N C A L L I

K SHERIFF STREET LOER

KIN G LOER STREET GARDNER S IN

N S STREET JOCE JAMES TR EET MANOR STREET ORIEL STREET UER EAST ALL ROAD H Portfolio Overview T R HARBOURMASTER LACE DOCKLANDS O ALEANDRA ROAD N T STATION E E R T SHERIFF STREET LOER S R E G IN K TALBOT STREET U

T E AMIENS STREET E R T SHERIFF STREET UER PORTFOLIO BREAKDOWN GEOGRAPHICAL SPLIT S

H C BRUNSICK STREET NORTH R U H MAOR STREET LOER ALEANDRA ROAD C

ARNELL STREET

GUILD STREET

ARK LANE K ING STREET NORTH HENR STREET GO

DUBLIN ORT CAEL STREET CAEL MAR STREET

CUSTOM HOUSE ECHANGE LACE CONENTION COMMONS STREET

CHURCH STREET BERESFORD STREET STREET BERESFORD CUSTOM HOUSE QUA

QUEEN STREET CUSTOM HOUSE QUA CENTRE BLACKHALL STREET UER STREET OCONNELL

ARK LANE

BLACKHALL LACE MAR STREET LITTLE EDEN QUA NORTH ALL QUA

Office 52% Dublin 96% UER STREET LIFFE

EAST ALL ROAD

NE AING STREET

SMITHFIELD MARS LANE STREET JERIS MAS LANE CASTLEFORBES ROAD Retail 42% BO STREET Outside Dublin 4% HENDRICK STREET GEORGES QUA NORTH ALL QUA Industrial 6% HAMARKET BURGH QUA CIT QUA

TARA SEAN OCASE BRIDGE

GREEK STREET GREEK LIFFE ST LOER ST LIFFE STREET BACHELORS ALK OOLBEG STREET RIER LIFFE DOLIER STREET STATION MOSS STREET

CIT QUA SAMUEL BECKETT BRIDGE GLOUCESTER STREET SOUTH ELLIS QUA HAMMOND LANE ASTON QUA R SIR JOHN ROGERSONS QUA E TARA STREET LO LUKE ST ND QUA ORMO

CAEL STREET CAEL UA USHERS ISLAND ARRAN QUA N Q TO

RAM TONSEND STREET ARRAN STREET EAST STREET ARRAN C FLEET STREET TOM CLARKE BRIDGE TONSEND STREET LIME STREET

CHURCH STREET CHANCER LACE CHANCER USHERS QUA ORMOND QUA UER ELLINGTON QUA LOMBARD STREET EAST ISLAND STREET INNS QUA TEMLE BAR FORBES ST EARSE STREET HANOER STREET EAST CARDIFF LANE

ESSE QUA BENSON STREET

ASGARD ROAD OFFICE RETAIL INDUSTRIALMERCHANTS QUA MARK STREET HANOER STREET EAST ORK ROAD OOD QUA T COE ST E GREEN STREET EAST E BORD GIS R

T STREET ANGLESEA S ENERG THEATRE E

G UER ST FONES HANOER QUA T D

E I

properties properties properties T 9 16 E 4

R E

R B

T ARLIAMENT STREET ARLIAMENT ERNE STREET LOER

R COLLEGE GREEN

S IGEON HOUSE ROAD

E T

N DAME STREET O

L R S

E EARSE STREET U COOK STREET

sq ft sq ft sq ft 238,064 186,340 EET G 186,145

TR A EARSE D S U

ON T B A GRAND CANAL

IER E SUFFOLK STREET MACKEN STREET T T STREET L TRINIT COLLEGE THORNCASTLE STREET

O N E S I E BRIDGEFOOT STREET R

T LORD EDARD STREET S STATION GRAND CANAL QUA CAMBRIDGE ROAD E R 36 tenants 86 tenants 10 tenants S D

O N

U A

T T H EARSE STREET S

HIGH STREET G

E ECHEQUER STREET A IC T KL NASSAU STREET

DUBLIN CASTLE O

G S E T

RE ESTLAND RO RIER DODDER RIER THO O ET

MAS R GRAND CANAL BRIDGE G

STREET BONE STREET E

S LEINSTER STREET SOUTH

T R

E OLN LACE

E NC T I L RINGSEND ROAD RINGSEND CUMBERLAND STREET SOUTH RAINSFORD STREET SHI STREET GREAT DUKE STREET ERNE STREET UER ARK TOP 5 HOLDINGS HANBUR LANE KEY FACTS SETANTA LACE ROSS ROAD FITILLIAM QUA CLARE STREET

ER T U BRIDE ROAD EE R GRAFTON STREET FREDERICK STREET SOUTH T MERRION ST LR S THOMAS COURT THOMAS N CLARENDON STREET SOUTH DOCK STREET EARL STREET SOUTH E ANNE STREET SOUTH MOLESORTH ST H SOUTH LOTTS RD HOGAN LACE GRAND CANAL QUA E SOUTH ILLIAM STREET SHELBOURNE T S

€14.3m STREET BRIDE MERRION SQUARE NORTH ARK

NICHOLAS STREET NICHOLAS FRANCIS STREET FRANCIS MEATH LACE

MEATH STREET MEATH Total rent - 1 year LEINSTER BULL ALLE STREET GOLDEN LANE HOLLES STREET CARMANS HALL HOUSE DERMOT OHURLE AENUE GORDON STREET Nutgrove S.C. 15% KILDARE STREET E AN GAEIT L MERRION SQUARE EST NE BARRO STREET BO THEATRE MERRION 20 on Hatch 14% ST ATRICKS RO R SQUARE GRATTAN STREET A ARK MOUNT STREET LOER GRAND M BRAITHAITE STREET THE COOMBE MERCER ST LOER CANAL DOCK Ferry House 9% MERRION SQUARE SOUTH 610K ST STEHENS GREEN NORTH STATION

AUNGIER STREET

SUMMER STREET SUMMER ETER STREET ORK STREET

ATRICK STREET Treasury Building 7% STREET ARDEE Total square feet SHELBOURNE HOTEL 8/34 Percy Place 8% E STEHENS LACE RS CH MERRION SQUARE EAST O JOHN STREET SOUTH L ST LUKES AENUE MERRION RO FITILLIAM LANE E S LACE BRIDE STREET T Balance of Portfolio 47% KE E IN HE STR NS EET BISHO STREET LA UER ST STEHENS NE LONDONBRIDGE ROAD GREEN HUME STREET 1.48% MOUNT STREET UER

MERCER ST UER ST MERCER OERS CT

H BATH AENUE BAGGOT STREET LOER LANSDONE HALL

ET NE MARKET T E U HILL REDMONDS STR VacancyNE RO Sby value of the Fund RK O KE O S I CUFFE STREET C N STREET LOER

E CRANMER LANE

CHAMBER STREET R EL LACE

S ST STEHENS GREEN SOUTH MILL STREET

E FITILLIAM STREET LOER HAELOCK TERRACE N JAMES STREET EAST HADDINGTON ROAD ERC LACE

ST STEHENS GREEN EAST EFORD STREET EFORD

NE BRIDE STREET BRIDE NE E OSCAR SQUARE LANSDONE ARK C A MONTAGUE ST R R E T FITILLIAM SQ NORTH D CAMDEN RO L A BRON STREET S ETT LANE S LONG LANE O ST THOMAS ROAD

BLACKITTS

E FITILLIAM

O NEBRIDGE AENUE

L FITILLIAM SQ SOUTH HERBERT LACE SHELBOURNE ROAD NORTHUMBERLAND ROAD FITILLIAM SQ EST SQUARE T IEAGH E ERC LACE SANDMOUNT ROAD LEASANTS STREET E AIA STADIUM R GARDENS

T FITILLIAM STREET UER

S LAD LANE EBENEER TERRACE R N E E EMBROKE RO LANSDONE D LEESON ST LOER

S O M L ROAD STATION T A T T DONORE AENUE I E C E K R CLARENCE MANGAN ROAD C T A S L L EASTMORELAND LANE B I S EARLSFORT TERRACE LANSDONE ROAD S A R ODONOAN ROAD B N HERBERT ROAD A ST MARS ROAD L HATCH STREET UER K C AR ENUE LOMBARD STREET GRANTHAM STREET CUMBERLAND ROAD LE A E IL N N R RUTLEDGE TERRACE E ILTON LACE RE A

G EMBROKE GARDENS F ARNOTT STREET ARNOTT GILBERT ROAD BAGGOT LANE SHELBOURNE AENUE

TRITONILE ROAD ILTON TERRACE BURLINGTON ROAD

HETESBUR STREET HETESBUR MESIL ROAD LANSDONE ROAD

LAD LANE UER

MERTON AENUE ADELAIDE ROAD EMBROKE ROAD EMORILLE AENUE EMORILLE SERENTINE ROAD

All data correct as at 30 June 2018 RAMOND STREET CRAMTON AENUE EMOR STREET EMOR

ST ALBIANS ROAD CARLISLE STREET CARLISLE

Source: J&E Davy unless otherwise stated DUFFERIN AENUE SOUTH CIRCULAR ROAD

ATERLOO RD

SOUTH CIRCULAR ROAD LENNO STREET 2 DAVY IRISH PROPERTY FUND GRAND ARADE

BURLINGTON ROAD ICTORIA STREET ICTORIA ELGIN ROAD

CLANBRASSIL STREET UER LONGOOD AENUE LONGOOD

BLOOMFIELD AENUE BLOOMFIELD DARTMOUTH SQUARE N ORTOBELLO HARBOUR SUSSE ROAD L ELLINGTON ROAD E CHARLEMONT MALL E S O ATERLOO LANE HETESBUR LANE N S ST KEINS ROAD TR LEESON ARK E ET CANAL ROAD U RAGLAN LANE R E RAGLAN ROAD ARNELL ROAD A R N E L A G H

R O A D NORTH CIRCULAR ROAD

CROKE ARK

RUSSELL STREET

BERKELE STREET NORTH DOCK BELEDERE LACE NORTH CIRCULAR ROAD EASTOINT STREET

EST ROAD ORT TUNNEL NORTH DOCK EST ROAD FITGIBBON STREET SUMMERHILL ARADE

HIBSBOROUGH ROAD NORTH STRAND ROAD EASTOINT STREET SEAIE AENUE EAST CHARLES STREET GREAT

MOUNTJO ORTLAND RO EASTOINT STREET SQUARE ARK

MOUNTJO SQUARE SOUTH SUMMERHILL NORTH STRAND ROAD GARDINER RO

GARDINER STREET MIDDLE

DORSET STREET NORTH GREAT GEORGES STREET HILL STREET

ROMENADE ROAD LEDO CA N RO RAENSDALE ROAD AD

GRANB RO

ARNELL SQUARE EAST ROAL CANAL

T EE TR CONNOLL DOMINICK STREET UER L S EL STATION CALEDON ROAD RN ROMENADE ROAD A HATHORN AENUE EAST ROAD RAILA STREET ST MARS ROAD SEAN MACDERMOTT STREET LOER

L I

GRANGEGORMAN LOER N

O I T CHURCH ROAD MERCHANTS ROAD U

D T I A

O S SEILLE LACE TOLKA QUA ROAD R KIRAN STREET N

E O FOLE STREET EAST ROAD N C DUBLIN LOCATIONS A L L I

K SHERIFF STREET LOER

KIN G LOER STREET GARDNER S IN

N S STREET JOCE JAMES TR EET MANOR STREET ORIEL STREET UER EAST ALL ROAD H T OFFICE R HARBOURMASTER LACE DOCKLANDS O ALEANDRA ROAD N T STATION E E R T SHERIFF STREET LOER S R E G 1 20 on Hatch IN K TALBOT STREET U

T E AMIENS STREET E Ferry House, R T SHERIFF STREET UER S 2 H BRUNSICK STREET NORTH C R 48/53 Lower Mount Street U H MAOR STREET LOER ALEANDRA ROAD C 10 11 Newmount House, ARNELL STREET 9 3

GUILD STREET 13 22/24 Lower Mount Street ARK LANE K ING STREET NORTH 14 HENR STREET GO 4 Treasury Building

12 DUBLIN ORT CAEL STREET CAEL St. James House, Adelaide Road MAR STREET 8 5

CUSTOM HOUSE ECHANGE LACE CONENTION COMMONS STREET

CHURCH STREET

BERESFORD STREET STREET BERESFORD 6 8/34 Percy Place CUSTOM HOUSE QUA

QUEEN STREET CUSTOM HOUSE QUA CENTRE BLACKHALL STREET UER STREET OCONNELL

ARK LANE

BLACKHALL LACE MAR STREET LITTLE EDEN QUA NORTH ALL QUA

LIFFE STREET UER STREET LIFFE 7 2/5 Warrington Place

EAST ALL ROAD

NE AING STREET

SMITHFIELD MARS LANE STREET JERIS MAS LANE CASTLEFORBES ROAD

BO STREET HENDRICK STREET GEORGES QUA NORTH ALL QUA HAMARKET BURGH QUA CIT QUA RETAIL

TARA SEAN OCASE BRIDGE

GREEK STREET GREEK LIFFE ST LOER ST LIFFE STREET BACHELORS ALK OOLBEG STREET RIER LIFFE DOLIER STREET STATION MOSS STREET 8 25 CITHenry QUA Street SAMUEL BECKETT BRIDGE GLOUCESTER STREET SOUTH ELLIS QUA HAMMOND LANE ASTON QUA R SIR JOHN ROGERSONS QUA E TARA STREET 31 Henry Street LO LUKE ST 9 ND QUA ORMO

CAEL STREET CAEL UA USHERS ISLAND ARRAN QUA N Q TO

RAM TONSEND STREET ARRAN STREET EAST STREET ARRAN C FLEET STREET 10 32 Henry Street TOM CLARKE BRIDGE TONSEND STREET LIME STREET

CHURCH STREET CHANCER LACE CHANCER USHERS QUA ORMOND QUA UER ELLINGTON QUA LOMBARD STREET EAST 11 33 Henry Street FORBES ST ISLAND STREET INNS QUA TEMLE BAR EARSE STREET HANOER STREET EAST CARDIFF LANE

ESSE QUA 12 3 G.P.O. Building, Henry Street BENSON STREET ASGARD ROAD MERCHANTS QUA MARK STREET HANOER STREET EAST ORK ROAD OOD QUA T COE ST E GREEN STREET EAST E BORD GIS R

T STREET ANGLESEA 13 69 O’Connell Street S ENERG THEATRE E

G UER ST FONES HANOER QUA T D

E I T

E R E

R B

T ARLIAMENT STREET ARLIAMENT ERNE STREET LOER

R COLLEGE GREEN 68 O’Connell Street

R 14 S IGEON HOUSE ROAD

E T

N DAME STREET O

L R S

E EARSE STREET

U COOK STREET

EET G

TR A EARSE 15 2 Grafton Street/50 Nassau Street D S U

ON T B A GRAND CANAL

IER E SUFFOLK STREET MACKEN STREET T T STREET L TRINIT COLLEGE THORNCASTLE STREET

O N E S I E BRIDGEFOOT STREET R

T LORD EDARD STREET S STATION GRAND CANAL QUA CAMBRIDGE ROAD E 16 44 Grafton Street R

S D

O N

U A

T T H EARSE STREET S

HIGH STREET G R 17 18 Wicklow Street

E ECHEQUER STREET A IC T KL NASSAU STREET

DUBLIN CASTLE O

G 17 S 15 E T

RE ESTLAND RO RIER DODDER RIER THO O ET

MAS R GRAND CANAL BRIDGE G

STREET BONE STREET E

S LEINSTER STREET SOUTH

T R

E OLN LACE

E NC T I L RINGSEND ROAD RINGSEND CUMBERLAND STREET SOUTH RAINSFORD STREET SHI STREET GREAT DUKE STREET ERNE STREET UER ARK HANBUR LANE SETANTA LACE

ROSS ROAD FITILLIAM QUA CLARE STREET

BRIDE STREET BRIDE MERRION SQUARE NORTH ARK

NICHOLAS STREET NICHOLAS FRANCIS STREET FRANCIS MEATH LACE

MEATH STREET MEATH 16 LEINSTER BULL ALLE STREET GOLDEN LANE HOLLES STREET CARMANS HALL HOUSE DERMOT OHURLE AENUE GORDON STREET KILDARE STREET

E AN GAEIT L MERRION SQUARE EST NE BARRO STREET BO THEATRE MERRION 4 ST ATRICKS RO R SQUARE GRATTAN STREET A ARK MOUNT STREET LOER GRAND M BRAITHAITE STREET THE COOMBE MERCER ST LOER MERRION SQUARE SOUTH CANAL DOCK ST STEHENS GREEN NORTH STATION

AUNGIER STREET

SUMMER STREET SUMMER ETER STREET ORK STREET ATRICK STREET ARDEE STREET ARDEE SHELBOURNE HOTEL E STEHENS LACE RS 3 CH MERRION SQUARE EAST O JOHN STREET SOUTH L ST LUKES AENUE MERRION RO FITILLIAM LANE E S LACE BRIDE STREET T KE E IN HE STR NS EET BISHO STREET LA UER ST STEHENS NE 2 LONDONBRIDGE ROAD GREEN HUME STREET MOUNT STREET UER

MERCER ST UER ST MERCER OERS CT

H BATH AENUE BAGGOT STREET LOER LANSDONE HALL

ET NE MARKET T E U HILL REDMONDS STR NE RO S RK O KE O S I CUFFE STREET C N STREET LOER 7 T

E CRANMER LANE

CHAMBER STREET R EL LACE

S ST STEHENS GREEN SOUTH MILL STREET

E FITILLIAM STREET LOER HAELOCK TERRACE N JAMES STREET EAST HADDINGTON ROAD ERC LACE

ST STEHENS GREEN EAST EFORD STREET EFORD

NE BRIDE STREET BRIDE NE E OSCAR SQUARE LANSDONE ARK C A MONTAGUE ST R R E T FITILLIAM SQ NORTH D CAMDEN RO L A BRON STREET S ETT LANE S LONG LANE O ST THOMAS ROAD

BLACKITTS 6

E FITILLIAM

O NEBRIDGE AENUE

L FITILLIAM SQ SOUTH HERBERT LACE SHELBOURNE ROAD NORTHUMBERLAND ROAD FITILLIAM SQ EST SQUARE T IEAGH E ERC LACE SANDMOUNT ROAD LEASANTS STREET E AIA STADIUM R GARDENS

T FITILLIAM STREET UER

S LAD LANE EBENEER TERRACE R N E E EMBROKE RO LANSDONE D LEESON ST LOER

G EMBROKE GARDENS F ARNOTT STREET ARNOTT GILBERT ROAD BAGGOT LANE 1 SHELBOURNE AENUE

TRITONILE ROAD ILTON TERRACE BURLINGTON ROAD

HETESBUR STREET HETESBUR MESIL ROAD 5 LANSDONE ROAD LAD LANE UER

MERTON AENUE ADELAIDE ROAD EMBROKE ROAD EMORILLE AENUE EMORILLE SERENTINE ROAD

RAMOND STREET CRAMTON AENUE EMOR STREET EMOR

ST ALBIANS ROAD CARLISLE STREET CARLISLE

DUFFERIN AENUE SOUTH CIRCULAR ROAD

ATERLOO RD

SOUTH CIRCULAR ROAD LENNO STREET GRAND ARADE

BURLINGTON ROAD ICTORIA STREET ICTORIA ELGIN ROAD

CLANBRASSIL STREET UER LONGOOD AENUE LONGOOD

R O A D FUND FINANCIALS

The performance of the Fund is a combination of the movement in the Net Asset Value (“NAV”) of the Fund’s portfolio of assets and the income distributions to Unitholders derived from property net incomes.

Property income return has historically been less volatile than property valuations, so with a view to consistent returns, the Fund Manager is committed to a strong dividend policy. High pay out rates provide relatively high asset backed returns that are generally correlated with inflation.

The Fund undertakes a full valuation of its property assets on a quarterly basis and Units are priced and dealt on a monthly basis.

FUND PERFORMANCE KEY FACTS

Capital Return Income Return Total Return QTR 1.13% 1.17% 2.30% 4.65% Income return - 1 year YTD 2.42% 2.38% 4.81% 1 yr 2.14% 4.65% 6.79% 3 yr p.a. 7.42% 5.21% 12.63% 6.79% Total return - 1 year 5 yr p.a. 19.26% 5.33% 24.59% 3 yr p.a. and 5 yr p.a. = average return per annum over period. Performance is shown net of fees

TOTAL RETURN

€2,500 €2,214 €2,105 €1,890 €2,000 €1,501 €1,500 €1,178 €1,000 €1,000

€500

€0

Q2 2013 Q4 2013 Q2 2014 Q4 2014 Q2 2015 Q4 2015 Q2 2016 Q4 2016 Q2 2017 Q4 2017 Q2 2018

FUND PERFORMANCE 2013 TO 2017

2013 2014 2015 2016 2017 CAPITAL RETURN 5.5% 33.1% 20.7% 8.7% 0.8% INCOME RETURN – – 3.6% 4.7% 4.5% TOTAL RETURN 5.5% 33.1% 24.3% 13.4% 5.4%

All data correct as at 30 June 2018 Source: Northern Trust and J&E Davy These figures are net of fees and represent calendar year performance All data refers to Unit Class D (Distributing) - Sedol Number 9795233 Capital Return represents Net Asset Value (NAV) excluding dividends. Income Return represents dividends distributed.

Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. The income you get from this investment may go down as well as up.

4 DAVY IRISH PROPERTY FUND Portfolio Analysis Service Online Benchmark Report - Davy Irish Property Fund

Performance PortfolioPORTFOLIO Analysis PERFORMANCE Service OnlineAnalysed Benchmark portfolio composition Report - Davy Irish Property Fund Last period The term 'All Benchmarked Assets' refers to the holdings that IPD has been instructed to include in the main body of the analysis (to measure above the The Fund’s assets are benchmarkedCapital against theNo. universe of of Investment Property Databank (IPD). Performance is measured at an Total return value records* line) and to compare with the fund's benchmark. This portfolio includes only asset level excluding cash holding and on a gross basis (i.e. before thedirect deduction property of assets.fees and charges). The net effect of fees and other Total chargesassets and is liabilities approximately 0.75%. 287.8 33 2.7 Performance The benchmark selected for this fund is quarterly valued funds in Irish Total assets (excl. debt) 287.8 31 2.8 databank. This benchmark includes only direct property above the line. AnalysedAll benchmarkedIn 2016, theportfolio assets Fund won composition the MSCI European274.0 Property30 Investment2.9 Award for best performing fund in the Irish market, achieving the highest balanced total return relative to the real estate All Property benchmark annualised over the 3 years to December 2015. * Includes dummy record Last period The term 'All Benchmarked Assets' refers to the holdings that IPD has been instructed to include in the main body of the analysis (to measure above the Capital No. of Total return value records* line) and to compare with the fund's benchmark. This portfolio includes only TotalStrong, return value % driven asset management and intelligent investment managementdirect property over assets. the long term has drivenPortfolio Top QuartileBenchmark total Relative Total returnsassets and across liabilities property cycles. 287.8 33 2.7 All benchmarked assets The benchmark selected for this fund is quarterly valued funds in Irish Total assets (excl. debt) 287.8 31 2.8 databank. This benchmark includes1 Quarter only direct2.9 property above2.8 the line.0.1 All benchmarked assets 274.0 30 2.9

* Includes dummy record Y to D 2.9 2.8 0.1

TotalPORTFOLIO return % PERFORMANCE TOTAL RETURN % 1 Year Portfolio7.8 Benchmark8.4 Relative-0.6 All benchmarked assets 1 Quarter3 Years 16.42.9 Bench14.52.8- 0.11.7 Portfolio mark Relative QTR5 YYears to D 2.9 20.92.9 2.818.72.8 0.10.11.8 YTD 2.9 2.8 0.1 1 Year 7.8 8.4 -0.6 Capital growth % 1 yr 7.8Portfolio Benchmark8.4 Relative-0.6 3 Years 16.4 14.5 1.7 All benchmarked assets 3 yr 16.4 14.5 1.7 1 Quarter 1.6 1.7 -0.1 5 yr5 Years 20.920.9 18.718.7 1.81.8 The benchmarkY to D for this1.6 fund is quarterly1.7 valued-0.1 funds in Irish databank. Capital growth % 1 Year 2.2 4.0 -1.8 PORTFOLIO BENCHMARK RELATIVE Portfolio Benchmark Relative All benchmarked assets 1 Quarter3 Years 10.71.6 1.79.6 -0.11.0

5 YYears to D 14.01.6 12.41.7 -0.11.4

1 Year 2.2 4.0 -1.8

IncomePORTFOLIO return %PERFORMANCE INCOME RETURN % Portfolio Benchmark Relative All benchmarked assets 3 Years 10.7 9.6 1.0 1 Quarter 1.3 Bench1.1- 0.2 5 YearsPortfolio14.0 mark12.4 Relative1.4 QTRY to D 1.3 1.3 1.1 1.1 0.20.2 YTD 1.3 1.1 0.2 Income return % 1 Year Portfolio5.5 Benchmark4.2 Relative1.2 All benchmarked assets 1 yr 5.5 4.2 1.2 3 Years 5.2 4.5 0.7 3 1yr Quarter 5.2 1.3 4.51.1 0.70.2

5 yr5 YYears to D 6.1 1.36.1 5.71.15.7 0.40.20.4

1 Year 5.5 4.2 1.2 PORTFOLIO BENCHMARK RELATIVE 3 Years 5.2 4.5 0.7

5 Years 6.1 5.7 0.4

All data correct as at 31 March 2018 Source: Investment Property Databank

Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. DSN:86803The income you get from25/04/2018 this investment (14:13:21) may go down as© MSCIwell as Inc. up. 2018. All rights reserved. 3/303/36

DAVY IRISH PROPERTY FUND 5 BUSINESS MODEL AND STRATEGY

UNLOCKING VALUE FOR INVESTORS

DIPF’s approach is to add value at all stages of the investment process. Key to this is the expertise and skill-set of the Fund Management team at Davy Real Estate.

The Fund Managers adopt a holistic approach to delivering above market returns, bringing together Investment Management, Development Management and Asset Management to drive value across the portfolio.

Business Model

Holistic investment approach

INVESTMENT DEVELOPMENT ASSET MANAGEMENT MANAGEMENT MANAGEMENT

Buying well and selling Upgrading our portfolio Keeping close to our 120 at the right point is with targeted capital tenants to understand the key to crystallising expenditure improves their needs helps us to portfolio returns. We are its tenant appeal and ensure their satisfaction continually looking to add longevity, enhancing both which, in turn, drives to or improve the quality rental values and capital sustainable rental growth of the portfolio and our returns. We have an in- and minimises vacancy deep knowledge of the house team capable of through tenant retention. local market allows us to managing and delivering Our in-house asset identify properties that all aspects of property management team works should deliver value over development. to continuously drive the long term. value across the portfolio.

6 DAVY IRISH PROPERTY FUND Investment Strategy

The Fund Managers see significant value opportunities in the market and have a clear, considered approach to grow the fund and the portfolios of assets.

DUBLIN FOCUSED

INDUSTRIAL AND LOGISTICS AS TARGETING AN ECOMMERCE CAPITAL HEDGE Income Generating SPEND Stable Assets

RETAIL ADD OFFICE OPPORTUNITIES WHERE THERE IN TWO SUB IS VALUE SECTORS

DAVY IRISH PROPERTY FUND 7 OUR PEOPLE

Davy Real Estate has a wealth of experience across the funds management and real estate sector, with the senior team having created significant value across multiple property structures and over multiple property cycles.

The Fund Managers are supported by a team of finance and property professionals with a breadth and depth of skill and experience required to deliver consistent returns across the portfolio.

Leadership Team

DAVID GODDARD Chief Executive, Davy Real Estate

David is a Chartered Accountant with more than 17 years of industry experience. David joined Davy in 2000 and became Head of Property in 2002. David qualified as a Chartered Accountant with Ernst & Young and joined Davy from Goldman Sachs. He has overseen the growth of Davy Real Estate to the point where it now manages €1.4 billion, as at 30 June 2018, in assets across the Fund and a number of mandates managed on behalf of Irish and overseas investors.

ROBIN POTTER COGAN Director, Davy Real Estate

Robin is a Chartered Accountant with more than 17 years of industry experience. Robin qualified as a Chartered Accountant with KPMG before working with Quinlan Private and then Anglo Irish Bank. He joined Davy in 2005 and oversees all aspects of property investment and management.

He took over responsibility for DIPF following the Davy acquisition of Prescient Fund Management in January 2014.

RONAN MITTEN Technical Director, Davy Real Estate

Ronan is a Chartered Surveyor and Engineer with more than 20 years of industry experience.

Prior to joining Davy, Ronan was head of facilities management for an electronics multinational, managing complex industrial as well as office facilities. He joined Davy in 1999 and has headed the Facilities Management Team over that time. Ronan is also responsible for the technical and asset management aspects of DIPF.

8 DAVY IRISH PROPERTY FUND SIMON MACKINNON Investor Relations, Davy Real Estate

Simon is a qualified Chartered Accountant with 12 years of corporate finance experience (advisory and inhouse) and 7 years of operational and business development experience in the UK, Australian, Chinese and US markets. He has been involved in equity and debt raising across London Stock Exchange and Australian Stock Exchange listed companies.

He is responsible for Investor Relations and Distribution for DIPF.

MAIREAD O’SULLIVAN Investment Manager, Davy Real Estate

A Chartered Surveyor with more than 10 years of industry experience, Mairead joined Davy as Property Asset Manager in 2015. Before joining Davy, Mairead worked for Savills as Property Manager for Liffey Valley Shopping Centre. Mairead trained as an Architect and previously worked for Irish Bank Resolution Corporation (IBRC), Lisney & Merrion Property Group. Mairead holds an MSc in Real Estate and primarily focuses on retail and shopping centre asset management within Davy.

JONATHAN WILLIS Investment Manager, Davy Real Estate

A Chartered Surveyor with more than 8 years of industry experience, Jonathan joined Davy as a Property Asset Manager in 2014. Prior to joining Davy, Jonathan spent time working as a Property Specialist in AIB and a Surveyor in the Valuation Departments of CBRE and Savills. Jonathan is involved in the investment and asset management of a number of funds including the Davy Irish Property Fund, where he focuses on the asset management of the office and industrial portfolios

JOE MAHON Finance Manager, Davy Real Estate

Joe is a Qualified Chartered Accountant with five years’ experience. He qualified with PWC and oversees all finance aspects of the Fund. He is a Member of the Institute of Chartered Accountants of Ireland and the Irish Taxation Institute.

DAVY IRISH PROPERTY FUND 9 OFFICE HOLDINGS

The DIPF office holdings are concentrated around Dublin’s CBD (Central Business District), the heart of Ireland’s modern, open business landscape and the engine that is driving one of Europe’s fastest growing economies.

The office market in the CBD is strongly underpinned by growth in the traditional economy (Professional Service, Finance and Banking) and the new economy (Technology, Media, Telecoms and Pharmaceutical).

20 ON HATCH FERRY HOUSE

Location Hatch Street Lower, Dublin 2 Location Mount Street, Dublin 2 Size 44,000 sq ft Size 34,000 sq ft Ownership 100% Ownership 100% Tenant Met Life, Covidien Tenant Multi Tenanted WAULT 0.9 Years WAULT 4.5 Years

TREASURY BUILDING PERCY PLACE

Location Silicon Docks Location Dublin 4 Size 125,000 sq ft Size 36,000 sq ft Ownership 20.83% Ownership 75.91% Tenant NTMA, NAMA, Perrigo Tenant Multi Tenanted WAULT 6.7 Years WAULT 10.5 Years

10 DAVY IRISH PROPERTY FUND 2-5 WARRINGTON PLACE NEWMOUNT HOUSE

Location Dublin 2 Location Mount Street, Dublin 2 Size 11,500 sq ft Size 19,000 sq ft Ownership 100% Ownership 100% Tenant Broadcasting Authority of Ireland Tenant Multi Tenanted WAULT 3.4 Years WAULT 5.5 Years

KEY FACTS 9 Office Properties 238,064 Square feet 36 Office Tenants

ST. JAMES HOUSE

Location Mount Street, Dublin 2 Size 18,500 sq ft Ownership 50% Tenant Multi Tenanted WAULT 6.7 Years

DAVY IRISH PROPERTY FUND 11 RETAIL HOLDINGS

The DIPF retail portfolio has been designed with the belief that there is long term value in two of the sub sectors of the retail space; Prime Retail and Convenience.

The Fund holds assets on Dublin’s prime retail streets, Grafton Street and Henry Street and has a significant holding in the prime suburban Nutgrove Shopping Centre.

NUTGROVE SHOPPING CENTRE 2 GRAFTON STREET/50 NASSAU STREET

Location Nutgrove Avenue, Rathfarnham, Dublin 14 Location Grafton Street, Dublin 2 Size 111,000 sq ft Size 2,823 sq ft Ownership 67% Ownership 100% Tenant Multi Tenanted Tenant Claddagh Jewellers WAULT 6 Years WAULT 14 Years

25 HENRY STREET 31-33 HENRY STREET

Location Henry Street, Dublin 1 Location Henry Street, Dublin 1 Size 2,870 sq ft Size 7,012 sq ft Ownership 100% Ownership 100% Tenant Clarks Tenant Vodafone, Lush, Butlers WAULT 1.2 Years WAULT 7.7 Years

12 DAVY IRISH PROPERTY FUND GRAFTON STREET 68-69 O’CONNELL STREET

Location 44 Grafton Street, Dublin 2 Location O’Connell Street, Dublin 1 Size 8,234 sq ft Size 3,234 sq ft Ownership 100% Ownership 100% Tenant Foot Locker Tenant Londis, JWT WAULT 6.7 Years WAULT 8.5 Years

18 WICKLOW STREET 3 GPO BUILDINGS

Location Wicklow Street, Dublin 2 Location Henry Street, Dublin 1 Size 3,187 sq ft Size 1,749 sq ft Ownership 100% Ownership 100% Tenant Louis Copeland Tenant Swarovski WAULT 5.3 Years WAULT 3.9 Years

DAVY IRISH PROPERTY FUND 13

Investment Rationale

CORE, INSTITUTION QUALITY, DUBLIN FOCUSED ASSET BASE

ASSET STRATEGY DESIGNED AROUND CURRENT MACRO ENVIRONMENT; INVESTMENT RETURNS ARE GENERATED THROUGH INCOME AND HANDS ON ASSET MANAGEMENT

STRONG PROJECTED INCOME YIELDS – 5.0% FOR 2018

STRONG FORECAST INCOME YIELDS – 6.0+% FOR 2020

WELL BALANCED PORTFOLIO ACROSS SEGMENT OF THE COMMERCIAL PROPERTY SPACE

STRONG HISTORICAL, MULTI CYCLE PERFORMANCE

LOW FUND AND MANAGEMENT FEES STRUCTURE

DEEPLY EXPERIENCED MANAGEMENT TEAM

WARNING: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.

WARNING: Forecasts are not a reliable indicator of future performance. FUND TAX TREATMENT

Davy Irish Property Fund is a sub-fund of Davy Property Trust, and is a Qualifying Investor Alternative Investment Fund (QIAIF).

As a QIAIF, DIPF is taxed under the “gross roll-up” provisions of Part 27, Chapter 1A of the Taxes Consolidation Act 1997 pursuant to which it does not pay tax on its income or gains earned within the Fund. It may be obliged to deduct withholding tax on certain chargeable events. Broadly speaking, chargeable events are payments to unitholders, transfers of units in the Fund and a deemed disposal of units on each eight-year anniversary of investment, where these happen to or between taxable investors. The Fund will collect this tax by withholding it from payments due to unitholders, or by cancelling and appropriating the relevant number of shares in the Fund. Tax-exempt investors should not suffer any withholding tax on distributions from the Fund or sale of units in the Fund.

Gross roll up structure – no tax paid on income and gains within the fund. Tax only arises on crystallisation of income or gains

Tax of 41% withheld on distributions to Irish resident individuals versus c. 52% rate (including USC and PRSI) for income earned in own name

Tax of 25% for distributions to Irish resident corporates

Tax of 20% on income and profit on redemptions for non-resident investors who do not come within one of the exemptions

Distributions to non-taxable entities made gross i.e. no tax on distributions to pensions etc

WARNING: This information is based on Davy’s understanding of current tax legislation in Ireland and is subject to change without notice. It is intended as a guide only and not as a substitute for professional advice. Please note that Davy does not provide tax or legal advice, nor accept liability for it. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. You are strongly advised to obtain independent professional advice (including inter alia, legal, financial and tax advice) suitable to your own individual circumstances, before making an investment decision, and to only make such decisions on the basis of your own objectives, experience and resources.

16 DAVY IRISH PROPERTY FUND FEES & CHARGES

Below is a summary of the fees, charges and expenses within the Fund. For full details on all charges and expenses, please refer to the Information Memorandum, ‘Charges and Expenses’ section of the Prospectus, the ‘Fees and Expenses’ section of the Supplement and the Key Information Document

MANAGEMENT FEE TRUSTEE FEE A management fee shall be payable to the Manager of up to 0.3% per The Trustee shall be entitled to receive out of the assets of the Fund annum of the Net Asset Value (NAV) of the Fund. This fee is payable an annual fee up to a maximum of 0.015% of the Gross Asset Value monthly in arrears and will accrue daily. The Manager is also entitled of the Fund, accrued at each Valuation Point and payable quarterly to reimbursement of expenses incurred in the management of the in arrears, subject to a minimum annual fee of €20,000 per Fund Fund. (plus VAT, if any). The Trustee shall also be entitled to receive out of the assets of the Fund a transaction based fee of €3,000 per RENT COLLECTION FEE acquisition or disposal of a property and a holding fee of €600 per A rent collection fee of 1.5% of rent collected is payable to the property per annum. The Trustee shall also be entitled to receive Manager. a transaction based fee of €5,000 per acquisition or disposal of a development land and a holding fee of €800 per development land TRANSACTION COMMISSION per annum. Fees are exclusive of VAT, if any. In addition, the Trustee A transaction commission of up to 1.25% of the consideration paid is also entitled to charge to the Fund all agreed fees and transaction upon the purchase, acquisition, development or disposal of any charges, at normal commercial rates, together with all reasonable estate or interest in land and immovable property in pursuance of the and properly vouched out-of-pocket expenses (plus any applicable Fund’s investment policy will be payable to the Manager. The Manger taxes), it incurs on behalf of the Fund in the performance of its duties will pay out of the management fee, the fees and expenses payable under the Trust Deed, which shall be payable quarterly in arrears. to the Investment Adviser. The Trustee will also charge the Fund third party transaction fees ANTI-DILUTION LEVY and sub-custodian fees and charges at normal commercial rates. Upon the recommendation of the relevant Investment Manager, an anti-dilution levy may be imposed. Please refer to the Prospectus, ADMINISTRATION FEE Supplement and Key Information Document for further detail. The Manager shall pay to the Administrator out of the assets of the Fund an annual fee of up to 0.045% of the Gross Asset Value MISCELLANEOUS of the Fund, accrued at each Valuation Point and payable quarterly All normal operating expenses including (but not limited to) audit in arrears subject to a minimum annual fee of €50,000 per Fund fees, legal fees, registration fees, administration costs, charges (plus VAT, if any). The Administrator is also entitled to charge to the incurred on the acquisition and realisation of investments and the Fund an annual fee of €60,000 per year for the provision of transfer costs of publication and distribution of prospectuses, interim and agency services for the Trust. The Administrator is also entitled annual reports and of the calculation and publication of unit prices to charge to the Trust all agreed fees and transaction charges, at will also be payable out of the Trust. Please refer to the Prospectus , normal commercial rates, together with all reasonable and properly Supplement and Key Information Document for further detail. vouched out-of-pocket expenses (plus any applicable taxes), it incurs on behalf of the Fund in the performance of its duties under PRELIMINARY CHARGE the Administration Agreement, which shall be payable quarterly in In addition to the subscription price for each unit a preliminary arrears. charge of such amount as may be set by the Manager (and specified in the Supplement for the relevant Fund) but not exceeding 5% of ACCOUNT FEES that price (without taking into account that charge) will be payable Davy account fees also apply, as disclosed in the terms and to the Manager. Levels of charge may be varied by the Manager as conditions of your Davy account. between different applicants for Units.

EXCHANGE CHARGE

On an exchange of units of one Fund for units of another Fund a fee may be charged and if charged will be payable to the Manager, which shall not exceed 5% of the value of the units which are being exchanged, but the Manager shall not be entitled to receive any Preliminary Charge in respect thereof.

DAVY IRISH PROPERTY FUND 17 RISKS

WARNING: The following is a list of some of the important risk factors that prospective investors should consider prior to making a decision to invest in the Fund. The list is not intended to be comprehensive or exhaustive. Various other risks also apply which are outlined in the Prospectus and the Supplement. By making an investment in the Fund, investors will be deemed to acknowledge the existence of the risks set out below and in the Trust Deed, and to have waived any claim with respect to, or arising from the existence of any such risks. This is a long-term speculative investment. There is no guarantee that investors will receive back their invested capital, which could suffer a loss in whole or in part. There is no guarantee of any return on capital invested.

INVESTMENT RISK and other factors beyond the control of the Senior Management The price of the units may fall as well as rise. The Fund is not subject Team. Many of these factors could cause fluctuations in occupancy to the diversification and investment restriction applicable to retail rates, rent schedules, or operating expenses causing a negative funds. Therefore, there is potential for above average risk in investing effect on the value of real estate assets and on the income derived in the units. Investment in the Fund is suitable only for sophisticated from real estate assets. The valuation of the real estate assets will investors who are in a position to tolerate such risk. There can be no be a matter of an independent valuer’s opinion and may fluctuate up assurance that the Fund will achieve its Investment Objective or that or down. The capital value of the Fund’s real estate assets may be an investor will recover the full amount invested in the Fund. significantly diminished in the event of a sudden downward turn in real estate market prices. The Fund may also invest in properties that NATURE OF INVESTMENT may need to be redeveloped. Such investments may carry greater The Fund is a real estate-based investment, is speculative and or more numerous risks than investments in comparable developed requires a long-term commitment, with no certainty of return. Many properties including, but not limited to, construction delays and cost of the investments will be highly illiquid. Therefore, investments may overruns. Further such investments are not likely to generate income often be difficult to value and there can be no assurance that the or revenue over the periods during which development costs are Fund will be able to dispose of its investments at the price and time incurred. it wishes to do so. Investors may not receive any return and may not recoup the original amount invested in the Fund. ILLIQUIDITY Although the Company provides a secondary market for the sale NO ASSURANCE OF INVESTMENT RETURN of units in the Fund, it is not an established market and it is not This investment carries with it a high degree of risk. The value of guaranteed. The real estate investments to be made by the Fund the investments held by the Fund may fluctuate in response to will generally be illiquid. The eventual liquidity of all investments will the activities and results of individual properties or because of depend on the success of the realisation strategy proposed for each general market and economic conditions or other events. There investment. Such strategy could be adversely affected by a variety is no guarantee that the properties in which the Fund invests will of factors. There is a risk that the Fund may be unable to realise achieve results comparable to those achieved in the past, that its investment objectives by sale or other disposition at attractive targeted performance will be met or that capital or income will prices or at the appropriate times or in response to changing market be returned to investors. The value of the investment may fall as conditions, or will otherwise be unable to complete a favourable exit well as rise. The ability of the Fund to achieve the results will be strategy. Losses on unsuccessful investments may be realised before dependent upon market conditions, the ability to fully let the real gains on successful investments are realised. The return of capital estate and a number of other factors, many of which will be beyond and the realisation of gains, if any, will generally occur only upon the control of the Senior Management Team and Trustee. Because the partial or complete disposition of an investment. The Fund has of such uncertainties, actual results are likely to be different, and a long-term investment strategy and it is therefore expected that such differences could be material. Accordingly, investors should not investments will not be sold until a number of years after they are place undue reliance on the targets. Neither past performance nor made. The ability of the Fund to vary its investments in response to forecasts are reliable indicators of future performance. Forecasts are changes in economic or other conditions is limited and there is no estimates only and should not be relied upon to make investment assurance that the Fund will be able to realise these investments in a decisions. timely manner.

CURRENCY RISKS REAL ESTATE INVESTMENTS The Fund does not intend to invest outside of the Republic of Ireland Investments in real estate are subject to various risks including, but or agree to receive any income or pay any expenses or costs in not limited to, adverse changes in economic conditions, financial currencies other than in Euro. On that basis the Fund should not conditions of tenants, buyers and sellers of properties, changes in the be taking any currency risk. However, in the event that any income availability of and the terms associated with debt financing, changes or exposure in the future was in a foreign currency then there in interest rates, real estate tax rates and other expenses, changes would be potential for either currency conversion losses or gains. in zoning laws and other regulations, acts of God, uninsurable losses Subscriptions into the Fund will be made in Euro however, where an

18 DAVY IRISH PROPERTY FUND investor converts their investment into Euro from another currency UNINSURED LOSSES there is no guarantee that the exchange rate will be favourable on The Fund will attempt to maintain insurance coverage against redemption and this has the potential to result in a foreign exchange liability to third parties and property damage as is customary for loss for such an investor at that point. similarly situated businesses. However, there can be no assurance that insurance will be available or sufficient to cover any such LEGAL, REGULATORY AND TAX RISKS risks. Insurance against certain risks, such as earthquakes, floods, The Fund does not currently suffer income tax or tax on its gains. environmental contamination or terrorism, may be unavailable, However, no assurance can be given regarding the future level of available in amounts that are less than the full market value or taxation that may be imposed upon the Fund, its investments or replacement cost of investments or underlying assets or subject investors with respect to their investments in the Fund. Any tax to a large excess. In addition, there can be no assurance that the information that may be provided for investors in connection with this particular risks which are currently insurable will continue to be Fund is based on Davy’s current understanding of the tax legislation insurable on an economically feasible basis. Because the Fund is a in Ireland and the Revenue interpretation thereof. It is provided by pooled investment fund, all Fund assets may be at risk in the event of way of general guidance only and is neither exhaustive nor definitive an uninsured liability to third parties. and is subject to change without notice. It is not a substitute for professional advice. You should consult your tax advisor about the CONCENTRATION OF THE PORTFOLIO rules that apply in your individual circumstances. The operation of It is possible that the Fund will make a limited number of real estate the Fund and the consequences of an investment in the Fund are investments and, as a consequence, the aggregate return of the substantially affected by legal requirements, including requirements Fund may be substantially adversely affected by the unfavourable imposed by the securities laws and company laws in Ireland. No performance of a single investment. In addition, the diversification of assurance can be given that future legislation, administrative rulings the Fund’s investments could be even further limited to the extent or court decisions will not adversely affect the operations of the Fund that the Fund invests a significant portion of its capital in a small or an investment by an investor. number of transactions.

DEPENDENCE ON SERVICE PROVIDERS All of the Fund’s real estate will be located in Ireland. The The Fund will depend significantly on the efforts and abilities of the concentration of assets within one country or geographic area means Manager, Alternative Investment Fund Manager, the Investment that the Fund’s performance may be more susceptible to a single Adviser and any third party service providers. The loss of key economic, political, social or other event adversely affecting several individuals could have a materially adverse impact on the Fund. investments than if the investments were more diversified. Also, the replacement of the Senior Management Team would cause disruption to the Fund. VALUATION OF PORTFOLIO INVESTMENTS AND INTERESTS Because there is significant uncertainty as to the valuation of illiquid AVAILABILITY OF INVESTMENT OPPORTUNITIES investments, the values of such investments may not necessarily The business of identifying and structuring real estate transactions reflect the values that could actually be realised by the Fund. Under of the types contemplated by the Fund is competitive and involves a certain conditions, the Fund may be forced to sell investments at high degree of uncertainty. Furthermore, the availability of investment lower prices than it had expected to realise or defer – potentially for opportunities generally will be subject to market conditions. In a considerable period of time – sales that it had planned to make. addition, the Fund may face increasing competition for attractive In addition, under limited circumstances, the Senior Management investments from existing and new real estate investors with similar Team may not have access to all material information relevant to a investment objectives, some of which may have greater financing valuation analysis with respect to a portfolio investment. As a result, resources than the Fund. Accordingly, there can be no assurance that the valuation of the Fund’s investments, and the valuation of the the Fund will be able to identify and complete attractive investments Investment themselves, may be based on imperfect information and in the future or that it will be able to invest fully the amounts is subject to inherent uncertainties. subscribed by investors.

DAVY IRISH PROPERTY FUND 19 IMPORTANT INFORMATION

This Davy Irish Property Fund Overview (‘Fund Overview’) is marketing material directors, officers, employees, agents, advisers and representatives, all of whom and is intended to provide summary information about the Davy Irish Property expressly disclaim any and all liability for the contents of, or omissions from this Fund (‘DIPF’ or the ‘Fund’). The Fund Overview contains summary information Fund Overview, the information or opinions on which it is based and for any other and does not purport to be comprehensive. It is strictly for information purposes written or oral communication transmitted or made available to the recipient or only and should be read in conjunction with the Information Memorandum and any of its officers, employees, agents or representatives. does not replace the Trust Deed, Supplement Prospectus and Key Information Document for the Fund (together the ‘Trust Deed’) which contain additional This Fund Overview has been made available on the express understanding that information needed to evaluate the Fund and which provide important disclosures any written or oral information contained herein or otherwise made available regarding risks, fees and expenses. Potential investors are advised to request will be kept strictly confidential and is only directed to the parties to whom it is and carefully read the Trust Deed, Prospectus, Supplement and Key Information addressed. This Fund Overview must not be copied, reproduced, distributed or Document which are available free of charge from Davy, Davy House, 49 Dawson passed to others at any time without the prior written consent of Davy. As the Street, Dublin 2. Davy Group offers a wide range of financial services it is inevitable that a number of potential or actual conflicts exist. From time to time Davy may have interests In the event of any conflict or inconsistency between the information, views and which conflict with clients’ interests or with duties that we owe our clients. opinions contained in this Fund Overview or the Information Memorandum, in so Investors should be aware that the Manager and Alternative Investment Fund far as they relate to the Fund and/or its proposed activities and the Trust Deed Manager (‘AIFM’) Davy Investment Fund Services is a wholly owned subsidiary of for the Fund, the Trust Deed shall apply. The value of the investment can go the Investment Manager (J&E Davy) and the Directors of the Manager/AIFM may down as well as up and the return upon the investment will therefore necessarily also be Directors of the Investment Adviser & Distributor; both companies are part be variable. Neither past experience nor the current situation are necessarily of the J&E Davy Holdings Group. accurate guides to the future. This Fund Overview has been provided to you in conjunction with the Information Memorandum on the basis of a formal expression The Manager, Investment Adviser, Trustee, Administrator, Distributor and their of interest in receiving information on speculative investments such as this one, respective affiliates, officers and shareholders (collectively the ‘Parties’) of the having also confirmed a level of knowledge and experience sufficient to enable Fund are or may be involved in other financial, investment and professional you to understand the high risks associated with such investments, including the activities which may on occasion cause conflicts of interest with the management fact that you may not receive any return and may not recoup the original amount of the Fund. These include management of other funds, management of properties invested. The information provided does not constitute investment advice. It is within the Fund and other funds, purchases and sales of securities, investment not a recommendation or investment research and is classified as a marketing and management services, broker services, trustee and custodial services and communication in accordance with the European Union (Markets in Financial serving as directors, officers, advisers or agents of other funds or other companies, Instruments) Regulations 2017. including companies or properties in which the Fund may invest. In particular, it is envisaged that the Investment Adviser/Distributor and Fund Manager of the Fund The Fund Overview does not constitute an offer for the purchase or sale of any may be involved in managing or advising on investments within the Fund or on financial instruments, trading strategy, product or service. No one receiving the investments of other investment funds which may have similar or overlapping this Fund Overview should treat any of its contents as constituting advice. This investment objectives to or with the Fund. Each of the Parties will respectively document does not consider the suitability of this investment for you nor does it ensure that the performance of their respective duties will not be impaired by any take account of your investment objectives, knowledge and experience or financial such involvement that they might have. In the event that a conflict of interest does situation. Interested parties are not entitled to rely on any information or opinions arise, the Directors of the Manager shall endeavour to ensure that it is resolved contained in this Fund Overview or the fact of its distribution for the purpose of fairly and in the interests of unit-holders. Where relevant, Davy makes payments making any investment decision or entering into any contract or agreement with to intermediaries that help to start, conclude or maintain a business relationship Davy in relation to any investment. You may contact your Private Client Advisor/ between Davy and its clients. Further information is available in the Davy terms Intermediary to discuss further the content of this document before proceeding and conditions for your account. You can receive more detailed information with any investment decision. You should ensure that you fully understand the on request by contacting Davy or your intermediary. Our conflicts of interest investment and the risks associated with it. You are entirely responsible for any management policy is available at www.davy.ie. investment decision you make. If you are not satisfied that you fully understand the investment or are unsure about its suitability in the context of your own individual circumstances, you should not proceed to invest. Davy takes no responsibility for and shall not be liable in respect of any losses arising from the investment and/or any investment decision made by you following use of this Fund Overview, the Information Memorandum, Trust Deed, Prospectus, Supplement or Key Information Document. Financial Advisors and their clients are advised to request copies of the Fund Trust Deed, Prospectus, Supplement, Key Information Document and other Fund documentation containing additional information on risks, fees and charges which apply and to make their own independent commercial assessment of the information and to obtain any independent professional advice as may be appropriate (including inter alia legal and tax advice), before making an investment decision, and only make such decisions on the basis of their clients investment objectives, experience and resources.

Prospective investors should refer to the sections in relation to fees, expenses and risks as well as the fees, expenses and risks outlined in the Prospectus and Supplement. Prospective investors should note that this is a long-term investment with limited liquidity. The information contained in this Fund Overview is not investment research or a research recommendation for the purposes of regulations. Statements, expected performance and other assumptions are based on current expectations, estimates, projections, opinions and/or beliefs of Davy at the time of publishing. These assumptions and statements may or may not prove to be correct. Some of the information contained in this Fund Overview has been obtained from published sources or has been prepared by third parties. While such sources are believed to be reliable, Davy shall have no liability, contingent or otherwise, to the user or to third parties, for the quality, accuracy, timeliness, continued availability or completeness of same, or for any special, indirect, incidental or consequential damages which may be experienced because of the use of the data or statements made available herein. While reasonable care has been taken in the preparation of this Fund Overview, no warranty or representation, express or implied, is or will be provided by Davy or any of its shareholders, subsidiaries or affiliated entities or any person, firm or body corporate under its control or under common control or by any of their respective

20 DAVY IRISH PROPERTY FUND

Dublin Office Davy House 49 Dawson Street Dublin 2 Ireland

T +353 1 679 7788 [email protected]

Belfast Office Donegall House 7 Donegall Square North Belfast BT1 5GB Northern Ireland

T +44 28 90 310 655 [email protected]

Cork Office Hibernian House 80A South Mall Cork Ireland

T +353 21 425 1420 [email protected]

Galway Office 1 Dockgate Dock Road Galway Ireland

T +353 91 530 520 [email protected]

London Office Dashwood House 69 Old Broad Street London EC2M 1QS United Kingdom

T +44 207 448 8870 [email protected]

@DavyGroup www.davy.ie

Marketing Communications Marketing communications from us can include, but are not limited to, conference & event invitations, investment/financial planning publications, and economic & product updates. If you no longer wish to receive all such marketing communications from us, you can let us know by emailing [email protected] or writing to FREEPOST, The Head of Data Protection, Group Risk, Davy, 49 Dawson Street, Dublin 2. The Davy Group Privacy Notice can be found at www.davy.ie.

For further information visit: www.davy.ie/real-estate/dipf

Davy Real Estate is a division of J&E Davy. J&E Davy, trading as Davy, is regulated by the Central Bank of Ireland. Davy is a member of Euronext Dublin and the London Stock Exchange. In the UK, Davy is authorised by the Central Bank of Ireland and authorised and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our authorisation and regulation by the Financial Conduct Authority are available from us on request. Davy Investment Fund Services is regulated by the Central Bank of Ireland. 145_20703/08/18