Picton Property Income (Ordinary Share) PCTN

Objective:

Management Contract & Fees:

The Management Fee will be equal to the aggregate of the following in annual terms : (a) 90 basis points of Gross Assets up to and including GBP600 million; (b) 82.5 basis points of Gross Assets in excess of GBP600 million and up to and including GBP800 million; and (c) 75 basis points of Gross Assets in excess of GBP800 million. The property management fee referred to above will not be paid in respect of cash assets of the Group, in respect of which the Investment Manager will receive a reduced fee of one quarter of 40 basis points of the amount of such cash assets. The Investment Manager will be paid a quarterly fee of GBP150,000 per annum by the Company in respect of the administration services. This will be deducted from the fee referred to above. The Investment Manager shall be responsible for the fees of the managing agents of the properties and the fees for the administration of the Company, and the Trustee and Trust Manager of the GPUT out of its Management Fee. The Investment Management Agreement may not be terminated by either the Company or the Investment Manager prior to the third anniversary of the agreement but, thereafter, any party may terminate the agreement on not less than 12 months notice in writing, such notice not to be given prior to the second anniversary of the agreement.