Distribution and selling restrictions

a) General - This information and material (“information”) on this web-site is being communicated by MSS Real Estate LLP which is authorised and regulated by the Financial Services Authority. The information provided on this site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or that would subject MSS Real Estate LLP (“MSS”) or our affiliates (“we” or “us”), to any regulation under, or registration requirement within, such jurisdiction or country. Products or services described herein may not be available in all jurisdictions. It may be illegal to download the information contained in this site in certain countries and MSS Real Estate LLP disclaims all responsibility if you download any information from this site in breach of any law or regulation of the country in which you are residing.

All information on this Website is for information only and does not constitute an offer or recommendation or invitation to subscribe or buy or sell any investment or subscribe to any investment management or advisory service or form the basis of any contract or commitment whatsoever. The content within this Web Site is not, under any circumstances, intended for distribution to the general public.

MSS Property Fund Management Ltd (“MSS Property”) is the Guernsey based parent company of MSS. Collectively these companies are part of the MSS Group (“MSS Group”).

b) United Kingdom - Distribution in the UK is restricted to those “investment professionals” (being persons having professional experience in matters relating to investments) within the meaning of article 19(5) of the FSMA (Financial Promotion) Order 2005 (the “Financial Promotion Order”), persons to whom any of paragraphs (2)(a)to (d)of article 49 (high net worth companies, unincorporated associations etc.) of the financial promotion order apply, or persons to whom distribution may otherwise lawfully be made. Any investment, and investment activity or controlled activity, to which this memorandum relates is available only to such persons and will be engaged in only with such persons. Persons that do not have professional experience should not rely or act upon this offering circular unless they are persons to whom any of paragraphs (2)(a)to (d)of article 49 apply to whom distribution of this offering circular may otherwise lawfully be made. The funds that may be referred to are Unregulated Collective Investment Schemes for the purposes of Section 238 of the Financial Services and Markets Act 2000. Accordingly, the information on this web-site is only being communicated to persons to whom it may lawfully be issued under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemption) Order 2001 and COBS 4.12 of the FSA’s New Conduct of Business Sourcebook. Subscriptions for shares in the Fund should only be made on the terms of the Prospectus and no reliance should be placed on any information herein. Money laundering regulations are likely to require you to provide additional documentation for identification purposes if you make an investment. Further details are contained in the Prospectus and Application Form.

c) United States - The Shares or Units in the Fund have not been and will not be registered under the Securities Act of the United States (as amended) (“the 1933 Act”) or the securities laws of any of the States of the United States. The Shares or Units may not be offered, sold or delivered directly or indirectly in the United States or to or for the account or benefit of any “US Person” as defined in Regulation S under the 1933 Act except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act and any applicable State laws.

Accuracy of Information

The information contained on this site (including any expression of opinion or forecast) has been obtained from, or is based on, sources believed MSS Real Estate LLP to be reliable, but is not guaranteed as to its accuracy or completeness. Such information is provided without obligation on the part of MSS Real Estate LLP and its associated companies and on the understanding that any person who acts upon it or changes his investment position in reliance on it does so entirely at his own risk..  Information posted on this site is current only as at the date it is first posted and may no longer be true or complete when viewed by you. All information contained on this site may be changed or amended without prior notice although MSS Real Estate LLP does not undertake to update this site regularly.

No Liability

No representation, warranty or undertaking is given as to the accuracy or completeness of the information contained on this site by MSS Real Estate LLP or any of its associated companies and no liability is accepted by such persons for the accuracy or completeness of such information. In no event will MSS Real Estate LLP or any of its associated companies be liable to any person for any direct, indirect, special or consequential damages arising out of any use of the information contained on this site, or on any other hyper-linked site, including, without limitation, any lost profits, business interruption, loss of programmes or data on your equipment, or otherwise, even if MSS Real Estate LLP is expressly advised of the possibility or likelihood of such damages. This does not exclude or restrict any duty or liability that MSS Real Estate LLP has to its customers under the regulatory system in the United Kingdom. United Kingdom.

Material Interests

MSS Real Estate LLP, its associated companies and their partners, directors, officers and/or employees may have holdings in the investment funds referred to on this site and may otherwise be interested in transactions that you effect in those funds..

Copyright

This website is subject to copyright with all rights reserved. You may download the information on this website and reproduce it in hard copy for your personal use only. The information contained on this website may not be reproduced, copied or redistributed in whole or in part without the prior written consent of MSS Real Estate LLP.

Data Protection

If you apply for a password to log-in to the password-protected areas of the website, you will be required to provide certain personal information. This information is voluntarily submitted, and it will be held by MSS Real Estate LLP, on a database to ensure compliance with regulatory requirements and for its own internal purposes. By submitting personal information in this way, you are consenting to its use for these purposes.

Regulatory disclosures:

Pillar III / Remuneration Code disclosures

Details of the company's Pillar 3 and Remuneration Code disclosures as required under Chapter 11 of the Financial Services Authority's Prudential Sourcebook for Banks, Building Societies and Investment Firms ("BIPRU") can be provided by writing to us Military House, 24 Castle Street, Chester, CH1 2DS, or through the firm's annual report and accounts..

Stewardship Code Diclosure

Introduction - The Stewardship Code ("the Code") was published by the Financial Reporting Council ("FRC"), the UK's independent regulator responsible for promoting high quality corporate governance and reporting in order to foster investment. The Code sets out good practice for institutional investors in their dealings with the companies in which they have invested.

Disclosure obligations - The FSA's regulations outline a firm's obligations in relation to the Code and for firms who manage assets for corporate professional clients to disclose to these clients the nature of their commitment to the Code, or where it does not commit to the Code its alternate business model. Although the firm recognises the aims and benefits of the Code the firm's investment strategy is such that it does not engage directly with companies and therefore the Code in the context of firm's investment strategy does not apply and the firm does not consider that its clients expect such engagement. It is however important to note that the firm's investment strategy is specifically structured to maximise investment gains and enhance shareholder value and that it constantly monitors investments, would act collectively with other institutional investors where appropriate and has developed internal policies and procedures for managing conflicts of interest. This non commit disclosure fully encompasses the firm's regulatory obligations in complying with the FRC's Stewardship Code and the FSA's regulatory requirements.