Property Income Trust - Standard Life Investments

Dec Standard Life Investments 2012 Property Income Trust 31 December 2012 Investment Objective: To provide an attractive level of income along with the prospect of income and capital UK - Investment growth from investing in a diversified UK commercial property portfolio. The Company invests in the three Trust principal commercial property sectors: office, retail (including leisure) and industrial but may also invest up to 10 per cent in other commercial property and undertake property development (including speculative property development) up to 10 per cent of gross assets. The Company can invest up to 10 per cent in indirect property vehicles or funds. Property Income Company Description: Standard Life Investments Property Income Trust Limited is a closed-ended, Guernsey registered investment company

managed by Standard Life Investments with an independent Board of Directors. • Dividend yield of 7.5% based on share price of 60.5p (25 January 2013) Quarterly • Real Estate portfolio total return for 2012 of 4.1% compared to the IPD Monthly index of 2.4% • Cash held by the Trust was £13.5m at 31 December 2012 • Property sold in Q4 for £3.9m excluding costs. Continued active asset management of assets. • Net asset value per ordinary share was 56.6p as at 31 December 2012 Fund Manager Jason Baggaley Ordinary Share Price 58.25 pence (as at 31/12/2012) Launch Date 19 Dec 2003 NAV per Ordinary Share 56.60 pence (as at 30/09/2012) Portfolio Market Value £175.1m (at 31/12/2012) Loan to Value** 43.9% Market Capitalisation £81.3m (at 31/12/2012) * Dividend payable quarterly in May, Aug, Nov, Feb Management Fee 0.75% of property market ** Debt less cash on deposit as a percentage of the market value of values per annum 0.20% on cash above 10% of assets the properties Dividend* Annual gross dividend 4.53 pence per share This communication is intended for investment professionals only and must not be relied on by anyone else. Fund Information Lease Expiry/Break Profile 5555 4444 Average unexpired lease term to earliest of break or lease expiry is 6.1 years. 3333 2222 1111 0 VVaaccaanntt Less than between 55 years 55 -- 1100 yyrrss 1100 -- 1155 yyrrss 1155 -- 2200 yyrrss UK Sub-Sector Weighting (total assets) Top Ten Holdings Stocks Fund % Property/Direct Investment Location Value Band % Standard Office 31 Hydrasun Aberdeen Aberdeen £10 - 15m Retail Warehouse 16 Tesco Wingates Bolton £10 - 15m Office Park 14 Hollywood Green London £10 -15m Distribution Warehouses 11 Clough Road, Kingston Upon Hull Hull £5 -10m Standard Industrial 9 White Bear Yard , Clerkenwell London £5 -10m Cash 8 St James’s House Cheltenham £5 -10m High Street Retail 6 Ocean Trade Centre Aberdeen £5 -10m Industrial Park 5 Monck Street, London London £5 -10m Explorer House Crawley £5 -10m Bathgate Retail Park Bathgate £5 -10m Investment Review & Outlook Market Commentary According to the latest data from index this time frame compared to an increase of tertiary stock and it is these type of assets provider IPD, total returns have reduced to 3.2% for the FTSE All Share. that continue to be most vulnerable to a 2.4% p.a. for the period up to the end...

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Investor Bulletin: Foreign Currency Exchange (Forex) Trading

SEC O FFICE of I NVESTOR E DUCATION and A DVOCACY Investor Bulletin: Foreign Currency Exchange (Forex) Trading For Individual Investors Individual investors who are considering participating currency rises relative to another, traders will earn in the foreign currency exchange (or “forex”) market profits if they purchased the appreciating currency, or need to understand fully the market and its unique suffer losses if they sold the appreciating currency. As characteristics. Forex trading can be very risky and is discussed below, there are also other factors that can not appropriate for all investors. reduce a trader’s profits even if that trader “picked” the right currency. It is common in most forex trading strategies to em- ploy leverage. Leverage entails using a

relatively small Currencies are identified by three-letter abbreviations. amount of capital to buy currency worth many times For example, USD is the designation for the U.S. the value of that capital. Leverage magnifies minor dollar, EUR is the designation for the Euro, GBP is fluctuations in currency markets in order to increase the designation for the British pound, and JPY is the potential gains and losses. By using leverage to trade designation for the Japanese yen. forex, you risk losing all of your initial capital and may lose even more money than the amount of your initial Forex transactions are quoted in pairs of currencies capital. You should carefully consider your own finan- (e.g., GBP/USD) because you are purchasing one cur- cial situation, consult a financial adviser knowledge- rency with another currency. Sometimes purchases able in forex trading, and investigate any firms offering and sales are done relative to the U.S. dollar, similar to trade forex for you before making any investment to the way that many stocks and bonds are priced in decisions. U.S. dollars. For example, you might buy Euros using U.S. dollars. In other types of forex transactions, one foreign currency might be purchased using another Background: Foreign Currency foreign currency. An example of this would be to buy Euros using British pounds – that is, trading both Exchange Rates, Quotes, and Pricing the Euro and the pound in a single transaction. For investors whose local currency is the U.S. dollar (i.e., A foreign currency exchange rate is a price that investors who mostly hold assets denominated in U.S. represents how much it costs to buy the currency of dollars), the first example generally represents a single, one country using the currency of another coun- positive bet on the Euro (an expectation that the Euro try. Currency traders buy and sell currencies through will rise in value), whereas the second example repre- forex transactions based on how they expect currency sents a positive bet on the Euro and a negative bet on exchange rates will fluctuate. When the value of one Investor Assistance (800) 732-0330 www.investor.gov 1 the British pound (an expectation that the Euro will Generally speaking, there are three ways to trade for- rise in value relative to the British pound). eign currency exchange rates: There are different quoting conventions for exchange 1. On an exchange that is regulated by the rates depending on the...

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Why Hinde Gold Fund? - Hinde Capital

Why Hinde Gold Fund? Hinde Gold Fund is a managed gold fund that maintains a long bias. The Fund offers investors the opportunity to seek the preservation of capital against the potential erosion of the purchasing power of fiat ‘paper’ money. The core of the Fund’s assets are held in the form of allocated physical gold bars stored in the secure vaults of Bank Julius Baer (BJB), a private bank in Zurich, Switzerland. The Fund targets a significant return in excess of its designated benchmark, the USD spot gold bullion price. 01 Why Hinde Gold Fund? 02 Why Hinde Gold Fund? Why Hinde Gold Fund? Hinde Capital is a London-based investment manager. The Firm’s flagship fund, Hinde Gold Fund, specializes

in the precious metals sector. Hinde Capital Ltd (authorized and registered by the FSA) is the investment manager to Hinde Gold Fund, a managed fund for all types of investors, including high-net-worth individuals and institutional firms. The minimum investment is US$100,000 or the EUR or GBP equivalent. Hinde Gold Fund is a managed gold fund that maintains a long bias. The Fund offers investors the opportunity to seek the preservation of capital against the potential erosion of the purchasing power of fiat ‘paper’ money. The core of the Fund’s assets are held in allocated physical gold bars stored in secure vaults in Bank Julius Baer (BJB), a private bank in Zurich, Switzerland. The Fund provides exposure to the upside appreciation in the precious metals sector while smoothing out the downside volatility. We reduce and increase allocations to the sector so as to provide an on average constant investment to the gold price. The Fund also has a small allocation to companies engaged in mining, exploration and production in the precious metals sector. The Fund targets a significant return in excess of its designated benchmark, the USD spot gold bullion price. HINDE GOLD FUND • A long bias gold bullion fund, which smooths downside volatility • A solid return targeted above the USD spot gold price • An investment in small-cap gold mining holdings; average is 15% of AUM • A secure method of owning physical allocated gold • A managed investment in three share classes: EUR, GBP or USD • A liquid investment, no subscription or redemption fees, and same month dealing • A tax-efficient gold investment – SIPP & US IRA monies accepted Hinde Gold Feeder Fund Ltd and Hinde Gold Fund LP will purchase Hinde Gold Fund (Master) shares. All investment assets will be held in the name of Hinde Gold Fund. Investments are made via: HINDE GOLD FEEDEr FUND LtD (CaymaN) • Listed on Cayman Stock Exchange • Distribution status HINDE GOLD FEEDEr FUND LP (DELaWarE) • A Delaware Limited Partnership for US taxable monies. 03 Why Hinde Gold Fund? HINDE CaPItaL: a HIGHLy SECUrE INVEStmENt Exchange-Traded Funds (ETFs) and other vehicles for gold investment have inherent risks investors may be unaware of. An investment in gold should hedge out all possible credit risks. Hinde Gold Fund achieves this by investing at least 75% of its Assets Under Management (AUM) in allocated gold bullion. Hinde Gold Fund...

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Invest in your property future - University of Cambridge

Invest in your property future with the Investment Property Forum’s post-graduate Investment Education Programme Contents 1 The Investment Education Programme 2 The Investment Property Forum 3 The Institute of Continuing Education (ICE) 4 Introduction to Property Investment 5 Virtual Learning Environment (VLE) 5 Qualifications & Awards 6 The modules: Investment Valuation & Portfolio Theory 8 Financial Instruments & Investment Markets 10 Property Investment Appraisal 12 Property Finance & Funding 14 Indirect Property Investment 16 International Property Investment 18 Portfolio Management 20 Frequently Asked Questions 22 Past Contributors 24 Inserts (pocket inside back cover): Timetable & Fees Who’s Who? www.ice.cam.ac.uk/ipf The Investment Education Programme Education Stay one step ahead in a fast moving and global market with the Investment Property Forum’s

well established education programme. By addressing the key areas of investment, finance and property, ensure that your knowledge and skills are right up to date. Drawing on the expertise of leading practitioners and academics, the IPF investment education modules offer an applied, practical approach underpinned by the latest academic research. Background The Investment Property Forum’s Investment Education Programme (IEP) has been delivered by the University of Cambridge Institute of Continuing Education since 2009. Since its inception 10 years ago, the Education Programme has seen over 175 individuals achieve the full Diploma, and over 600 individuals take one or more modules. Aims of the Programme • To improve the skills and knowledge of IPF members and others and to engage them in debate about issues affecting property investment; • to provide a wide range of formal education relevant to property investment, for IPF members and others in the UK and, where appropriate, abroad; and • to provide education for the general investment community and other relevant parties about property investment. 2 3 www.ipf.org.uk Set up in 1988, the Investment Property Forum (IPF) is recognised as one of the leading specialist property industry bodies in the UK. It comprises an influential network of senior professionals all active in the property investment market. The strength of the organisation lies in its diversity of its membership of over 1,800, including investment agents, fund managers, bankers, lawyers, researchers, academics, actuaries and other related professionals. It operates in London, Scotland, the Midlands and the North of England. To find out more about the IPF and its activities, please visit the IPF website – www.ipf.org.uk. Our Mission The IPF's mission is to enhance the understanding and efficiency of property as an investment, including public, private, debt, equity and synthetic exposure, for its members and other interested parties, including government, by: • undertaking research and special projects and ensuring effective communication of this work; • providing education; and • providing a forum for fellowship, discussion and debate amongst our members and the wider investment community. IPF Next Generation Group Especially for individuals with between 5 and 15 years’ experience in the UK property investment market, the Next Generation Group organises events, briefings and networking opportunities, in addition to the benefits you already enjoy as an IPF member. 4 www.ice.cam.ac.uk/ipf The Institute of Continuing Education (ICE) provides opportunities for adult learners to study at the University of Cambridge on...

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Invest Alone or via a Property Investment Company?

The information contained on this web page is for general information purposes only, does not constitute legal or other professional advice, and is the opinion of Designs on Property Limited (Company Registration Number 05294873.) Direct Line for Business does not accept liability for the information contained on this web page, nor does it make any representations or warranties as to the completeness, accuracy or suitability of such information. Invest Alone or via a Property Investment Company? Kate Faulkner Managing Director of Designs on Property Author of Which? Renting and Letting and Property Investment Handbook Copyright of Designs on Property Ltd 2010-2012 The information contained on this web page is for general information purposes only, does not constitute legal or other

professional advice, and is the opinion of Designs on Property Limited (Company Registration Number 05294873.) Direct Line for Business does not accept liability for the information contained on this web page, nor does it make any representations or warranties as to the completeness, accuracy or suitability of such information. • What do property investment companies do? • What are the benefits of working with them? • What are the downsides of working with them? • What are the alternatives? • Can you really work alone in property investment? Agenda FUTURE INVESTMENT The information contained on this web page is for general information purposes only, does not constitute legal or other professional advice, and is the opinion of Designs on Property Limited (Company Registration Number 05294873.) Direct Line for Business does not accept liability for the information contained on this web page, nor does it make any representations or warranties as to the completeness, accuracy or suitability of such information. Property investment companies split into three types: • Group One - Make you a millionaire within minutes for ‘no money down’ by telling you the ‘secrets’ of property investment - Offer free or paid for seminars, then sell you deals • Group Two - Offer deals on properties that are ‘below market value’ - You pay them for finding you the deal - typically up-front • Group Three - Sell education and a ‘trusted’ team of advisors - Costs thousands to join their organisation What do property investment companies do? FUTURE INVESTMENT The information contained on this web page is for general information purposes only, does not constitute legal or other professional advice, and is the opinion of Designs on Property Limited (Company Registration Number 05294873.) Direct Line for Business does not accept liability for the information contained on this web page, nor does it make any representations or warranties as to the completeness, accuracy or suitability of such information. • Educate and ‘mentor’ you about property investment - Through seminars, courses, mentoring & subscription charges - Sell education ‘packs’ and DVDs • Source property ‘deals’ that are, in theory, ‘below market value’ • Find ‘creative strategies’, e.g. - Bridging loans - Borrowing money from others for deposits - Joint venture deals on property purchases - Lease options for £1 • BEWARE - ‘Below market value’ deals rarely stack up - Many strategies are not tried and tested under the law...

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Labour's Plan for a Strategic Investment Bank

LABOUR’S PLAN FOR A STRATEGIC INVESTMENT BANK 2 Table of Contents Executive Summary................................................................................................................3 Overview................................................................................................................................................3 Operation ..............................................................................................................................................3 Introduction................................................................................................................................5 An investment economy.................................................................................................................5 The Long-term Case for a Strategic Investment Bank ............................................6 Funding small, medium and innovative, high-growth companies...............................6 Financing capital investment.......................................................................................................7 Capitalisation operation and governance of Labour’s Strategic Investment Bank ........................................................................................................................................... 10 3 Executive Summary Overview Growing Ireland’s economy is a core priority for Labour. Expanding the flow of investment capital to grow employment and increase living standards is a key element of Labour’s economic strategy. The Irish Banking system neither offered the necessary levels nor required range of investment finance to Irish businesses – even during the boom. This gap has, with the banking crisis, become a chasm. In order to

meet this critical requirement Labour is proposing the establishment of a Strategic Investment Bank in two phases: Phase One. During its initial phase Labour’s Strategic Investment Bank will act as an investment vehicle to channel funds (approximately €2.8 billion) from the National Pension Reserve Fund. It will focus on projects that will enhance infrastructure, boost growth and generate employment in the Irish economy. It will be fully independent and will follow international best practice commercial investment norms. Phase Two. As market conditions improve Labour’s Strategic Investment Bank will develop into a functioning bank, taking deposits and raising long term financing. €2 billion of the funds remaining in the National Pension Reserve Fund will be allocated as capital for Labour’s Strategic Investment Bank. Operation Labour believes that the Strategic Investment Bank should be an essential component of Ireland’s re-structured banking system. It draws on the German KfW Bankengruppe; the Japanese long-term credit banking system; the European Investment Bank (EIB); and European Investment Fund (EIF). 4 Labour’s Strategic Investment Bank would operate on a strict arms-length basis from Government. Irish citizens and the Irish Diaspora would be encouraged to make deposits in the bank, and to purchase Citizen Bonds with differing maturities as a way of investing in the recovery of the Irish economy. Labour’s Strategic Investment Bank would also seek consumer deposits and access wholesale capital markets when conditions allow. Labour’s Strategic Investment Bank would be a key lender to small and medium sized businesses as well as innovative firms. It would also work closely with the Enterprise Agencies to facilitate high-potential firms. Labour’s Strategic Investment Bank could, following a detailed appraisal, invest in such companies seeking funds of between €2 million and €10 million. Its investment decisions would however remain the exclusive preserve of the bank. Labour’s Strategic Investment Bank would also support investment in large infrastructure and infrastructure-related projects. Labour’s Strategic Investment Bank will not be a high-street or ‘retail’ bank. It will have a small number of regional offices and an on-line presence. By establishing a Strategic Investment Bank, Labour will create a wealth- generating productive legacy that will play a key role in Ireland’s long-term prosperity. 5 Introduction An investment economy The core objective of Labour’s economic policy is to replace Fianna Fáil’s hit and miss approach with a strategic drive towards a sustainable investment economy, where innovation is promoted across all sectors, where there is an...

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Trading Forex: What Investors Need to Know - National Futures

What Investors Need to Know Trading Forex © 2010 National Futures Association All Rights Reserved. No part of this publication may be reproduced, stored, or transmitted by any means,including electronic, mechanical, photocopying, recording, or otherwise, without written permission from National Futures Association.The publication is designed to provide accurate and authoritative information in regard to the subject matter covered.While great care was taken in the preparation of this book, National Futures Association disclaims any legal responsibility for any errors or omissions and disclaims any liability for losses or damages incurred through the use of the information in the book. If legal advice, financial advice, or other expert assistance is required, the services of a competent professional person should be sought. National Futures Association is a congressionally authorized self-regulatory organization of the United States futures industry. Its mission is to provide innovative regulatory programs and services that

protect investors and ensure market integrity. NFA has prepared this booklet as part of its continuing public education efforts to provide information to potential investors. The booklet presents an overview of the retail off-exchange foreign currency market and provides other important information that investors need to know before they invest in the off-exchange foreign currency market. PUBLISHER National Futures Association 300 S. Riverside Plaza Suite 1800 Chicago, IL 60606 800-621-3570• 312-781-1410• www.nfa.futures.org DESIGN Lenz Design • Chicago, Illinois • www.lenzdesign.com COVERILLUSTRATION Philip Nicholson • Varberg, Sweden • www.illustrations.se Retail participation in off-exchange foreign currency (forex) markets has increased dramatically in the past few years. If you are a retail investor considering participating in this market, you need to fully understand the market and some of its unique features. Like many other investments, off-exchange foreign currency trading carries a high level of risk and may not be suitable for all investors. In fact, you could lose all of your initial investment and may be liable for additional losses. Therefore, you need to understand the risks associated with this product. You should also understand the language of the forex markets before trading in those markets. The glossary in the back of this booklet defines some of the most commonly used terms. This booklet does not suggest that you should or should not participate in the retail off- exchange foreign currency market. You should make that decision after consulting with your financial advisor and considering your own financial situation and objectives. In that regard, you may find this booklet helpful as one component of the due diligence process that investors are encouraged to undertake before making any investment decisions about the off-exchange foreign currency market. Finally, the discussion in this booklet assumes you are funding your forex account with US dollars.The principles in this booklet apply to all currencies,however. Introduction 3 What are foreign currency exchange rates? Foreign currency exchange rates are what it costs to exchange one country’s currency for another country’s currency. For example,if you go to England on vacation,you will have to pay for your hotel, meals, admissions fees,souvenirs,and other expenses in British pounds. Since your money is all in US dollars,you will have to use (sell) some of your dollars to buy British pounds. Assume you go to your bank before you leave and buy $1,000 worth of British pounds. If you get 565.83 British pounds (£565.83) for your $1,000, each dollar is worth .56583 British...

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