Glanmore Property Fund Risks

1. The general market for commercial property may during the period of any investment in shares in the Fund depreciate with the result that the value of the Fund's property investment portfolio falls. The value of any individual property may fall, for example, due to the insolvency of a tenant. The monthly valuation of the Fund will be predominantly based on the opinion of the valuer of the Fund of the current market value of the Fund's property portfolio.

2. The cash resources immediately available to meet applications for redemptions of shares in the Fund are limited and if net redemption requests on any subscription day exceed those resources investment properties may need to be sold in order to redeem such shares. As land and buildings may be difficult to sell on these occasions, there may be times when the shares cannot be immediately redeemed.

3. An investment of the type offered by the Fund may not be suitable for all investors who should seek advice from their investment adviser,

4. It is intended that an investment in the shares in the Fund will procure regular income for the investors who should be aware that this income will fluctuate. In addition it should be noted that the tax treatment of the Fund may change.

5. Charges and expenses in connection with the Fund are not made uniformly throughout its life and it is possible that an investor may not receive back the full amount of its investment especially if it is redeemed within one year.

6. Redemption of the shares in the Fund is at the discretion of the Fund's Directors and there may be circumstances in which it is decided not to permit redemption. Your attention is drawn to the provisions for redemption in the Prospectus.

7. Past performance is not necessarily a guide to future performance.