2009 Property Market Report

We are pleased to welcome you to our 2009 Property Market Review. It is now nearly 27 years since our first property investment offering.

We trust that our continuing business progress is consequent upon the fact that the properties we have brought to you for investment have stood the test of time. We know that commercial property as an investment class has out performed all other investments over this period. We also know that our specific property portfolio has delivered income that has on its own (not counting capital appreciation) been above the total returns from other options. And long may that continue.