Approval of Administrative Corporate Action – TIME:Commercial Freehold (“CFF”) and TIME:Social Freehold (“SFF”) and fund name changes.

We are pleased to confirm that on 22 March 2019 shareholder consent to exchange shares in CFF for equivalent shares in a new FCA authorised fund, Commercial Long Income PAIF (“CLIP”), was overwhelmingly given by over 97% of shareholders who returned a Form of Election. The date of the change was 1 April 2019.

Proposals were also unanimously approved by unitholders in CFF’s dedicated feeder trust, Commercial Freehold Feeder Trust (“CFFT”) and therefore Units in CFFT were transferred to CLIP’s new dedicated feeder trust, Commercial Long Income Feeder Trust (“CLIFT”) on 1 April 2019.

Similarly, we are pleased to confirm that shareholder consent to exchange shares in SFF for equivalent shares in a new FCA authorised fund, Social Long Income PAIF (“SLIP”), was overwhelmingly given by over 98% of shareholders who returned a Form of Election. The date of the change was 1 April 2019.

Proposals were also unanimously approved by unitholders in SFF’s dedicated feeder trust, Social Freehold Feeder Trust (“SFFT”) and therefore Units in SFFT were transferred to SLIP’s new dedicated feeder trust, Social Long Income Feeder Trust (“SLIFT”) on 1 April 2019.

Why was there a change?
The change was primarily for administrative purposes to separate CFF into a new FCA authorised NURS focused on long income commercial real estate.
Equally, this was the case for SFF, to separate the fund into a new FCA authorised NURS focused on long income social infrastructure.

Key benefits of the proposals include:
i)     Reduced ongoing charges, falling by 0.02% p.a., with further incremental savings as the fund grows; and
ii)    Removal of the manager’s performance fee; and
iii)   A new name, Commercial Long Income PAIF/Social Long Income PAIF, which better describes the fund’s primary strategy

What is the impact on investors?
The changes have had no material impact for Shareholders and no tax consequences for UK investors. This change was approved by the FCA and became effective on 1 April 2019. The new funds are materially similar to the old funds and all shares were transferred at the same value on a 1 for 1 basis.

Any questions on this can be referred to our Client services team please do not hesitate to contact our Client Services Team on 0345 600 1213.or e-mail enquiries@time-investments.com.

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