Buying of Units
Units may be purchased at Offer price on twelve Subscription dates annually. These are normally 26 January, 26 February, 26 March, 26 April, 26 May, 25 June, 26 July, 26 August, 30 September, 26 October, 26 November and 26 December or the next following business day. The minimum investment is 10,000 units.

The Offer price is calculated as the Fair Value of a unit plus the estimated acquisition costs of property. The Fair Value of a unit is based on an independent valuation of the Trust's assets, adjusted for any circumstances the Committee of Management deem to be material.

Normally all applications (which for initial applications must be for a minimum of 10,000 units) will be accepted and allotted in full; however, the Committee of Management reserves the right to refuse applications or to scale them down. The Form of Application for units incorporates an indemnity and is accompanied by a form of authority addressed to the Inland Revenue authorising them to advise the Committee of Management in the event of the unit holder ceasing to be an Exempt Fund.

These provisions are designed to protect the tax position of the Trust and enable immediate steps to be taken to secure disposal of the holding of a unit holder who no longer has exempt fund status.

Disposal of Units by Transfer
The Trust Manager operates a unit matching service and may be able to help facilitate early encashment for unit holders wishing to dispose of their units.

A unit holder may, subject to the requirements of the Trust Deed, transfer some or all of his units to another Exempt Fund, at a price agreed between them. Transfers between exempt funds will take effect on the register at the next Subscription date (see 'Buying of Units'), following receipt by the Trust of the completed transfer accompanied by a cheque made payable to Hermes Property Unit Trust for a sum representing 0.5% of the consideration price of the transferred units. This payment is the maximum Stamp Duty Reserve Tax payable to the Inland Revenue on behalf of each transfer of units made.

Duty payable by the Trust may vary at each tax-point date, to the extent that the amount payable to the Inland Revenue may reduce to less than the 0.5% Duty demanded by the Trust in respect of each transfer. Should this occur, reimbursement will not be given, the difference being retained by the Trust to the benefit of the unit holders.

Disposal of Units by Redemption
Unit holders wishing to redeem their units must notify the Committee of Management in writing, to take effect at the following Notice Date, being 26 March, 25 June, 30 September and 26 December. The Committee of Management will notify those unit holders of the Bid price of units within six weeks of the Notice Date. In normal circumstances the redemption proceeds will be paid to unit holders on the next following Notice Date. In certain circumstances the Committee of Management may defer the redemption of some or all of the units for up to nine months.

The Bid price is calculated as the Fair Value of a unit less the estimated selling costs of property. The Fair Value of a unit is based on an independent valuation of the Trust's assets, adjusted for any circumstances the Committee of Management deem to be material. The costs associated with selling property will usually range from 1% to 2%.

Prevention of Money Laundering
The Trust Manager has the right to request such information as is considered necessary to verify the identity of an initial applicant. In the event of delay or failure to produce such information the Committee of Management may not accept the application.

Title to Units
Title to Units shall be evidenced by an entry in the Register. The Committee of Management shall not issue certificates to unit holders. A statement shall be sent to each unit holder at least once a year.