January 2017

The Channel Islands Property Fund’s (“CIPF” or the “Company”) objective is to off er investors a regular,

stable, fully covered dividend yield combined with long term capital growth derived from investment in

the economically resilient prime commercial property markets of Guernsey, Jersey and the Isle of Man.

CIPF is regulated by the Guernsey Financial Services Commission and listed on The International Stock

Exchange. The property in which the Company invests is prime Grade A off ice space let on long leases

to quality covenants with three yearly upward only rent reviews. The Company benefits from the

extensive commercial property experience off ered by the Board of Directors, Investment Manager

and Advisors making CIPF both an exclusive and extremely attractive investment.

Fund Facts

Fund Name Channel Islands Property Fund Limited

Security Type Closed Ended Fund

Domicile Guernsey

Listing Channel Islands Securities Exchange

Launch Date 17 November 2010

Launch Price 100p per share

Total Shares in Issue 135,000,000

Investment Manager Ravenscroft Limited

ISIN GG00B62DS151

Management Fee 0.6% of gross asset value

Share Price (Mid Jan 17) 102p

Portfolio Gearing

Property Value (£m) Debt (£m) LTV (%) Expires

Regency Court 37.10

17 - 21 Seaton Place 10.70

11 - 15 Seaton Place 9.10

17 - 18 Esplanade 11.90

39 - 40 Esplanade 8.20

Glategny Court 44.93

Carey House 16.90

Fort Anne 13.30

Liberty Wharf 34.00

Portfolio Total 186.13 61.50 33.04 March-21

Independent valuation as at 31 October 2016 undertaken by Montagu Evans LLP.

Current Portfolio Statistics

Total Rent Roll £13,240,000

Total Area (sq.ft.) 377,587

AWULT (Jan 17) 13.72 years (to expiry)

NAV (Jan 17) 94p

Dividends

Y/E 2016 8p

Y/E 2015 6p

Y/E 2014 6p

Y/E 2013 8p

Y/E 2012 6p

Y/E 2011 7p

Portfolio by Rental Income - Top 10 Tenants

Name Position Sector

Bank of Butterfield 1 Banking & Trust Administration

Carey Olsen 2 Legal

CPA Holdings Limited 3 Intellectual Property Management and Technology

Dolhe Shipping 4 Shipping Management Services

Aztec 5 Fund Administration

SG Hambros 6 Private Banking

Intertrust 7 Trust & Corporate Services

BDO 8 Audit, Accounting, Taxation & Advisory Services

KPMG 9 Accountancy

Collas Crill 10 Legal

NOTES TO INVESTORS JANUARY 2017

No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company, or Ravenscroft Limited, wholly or partly owned subsidiaries of Ravenscroft Limited or any of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise or for any other communication written or otherwise. In addition, in issuing this document, the Company does not undertake any obligation to up-date or to correct any inaccuracies which may become apparent in it. Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any undertaking, representation, warranty or other assurance made fraudulently. This document may only be promoted in Guernsey by persons regulated by the Guernsey Financial Services Commission as licensees under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 and may only be distributed and or circulated directly or indirectly in Guernsey to persons regulated as licensees under the Protection of Investors (Bailiwick of Guernsey) Law, 1987, the Banking Supervision (Bailiwick of Guernsey) Law, 1994, the Insurance Business (Bailiwick of Guernsey) Law, 2002 or the Regulation of Fiduciaries, Administration Business and Company Directors etc. (Bailiwick of Guernsey) Law, 2000. This document may only be promoted in Jersey by persons regulated by the Jersey Financial Services Commission as licensees under the Banking Business (Jersey) Law 1991, Financial Services (Jersey) Law 1998 and Insurance Business (Jersey) Law 1996. This document is for distribution in or from the UK only to persons authorised or exempted within the meaning of Financial Services and Markets Act 2000 or any order made thereunder or to the persons to whom this document may be lawfully distributed pursuant to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Financial Promotion Order”): including Investment Professionals as defined in article 19(5) and high net worth entities as defined in article 49(2) of the Financial Promotion Order. Persons who do not fall within any of these definitions should not rely on these slides nor take any action upon them, but should return them immediately to the Company. This document is confidential and is being supplied to you solely for your information and may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose. By accepting receipt of this document, you agree to be bound by the limitations and restrictions set out above. Neither this document nor any copy of it may be taken or transmitted into the United States of America or its territories or possessions (the “U.S.”), or distributed, directly or indirectly, in the U.S., or to any U.S. Person as defined in Regulation S under the Securities Act 1933 as amended, including U.S. resident corporations, or other entities organised under the laws of the United States or any state thereof or non-U.S. branches or agencies of such corporations or entities or into Canada, Australia, Japan, South Africa, the Republic of Ireland or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of United States or other national securities laws.

RISK WARNINGS

• Please see Prospectus for a full list of risk warnings.• Prospective Investors should note that investment in the Company

involves a degree of risk. These will include: Fluctuations in value, the value of shares (and any income from them) may fall as well as rise and investors may not get back, on redemption or otherwise the amount originally invested.

• Prospective Investors should inform themselves of any tax consequences particular to their circumstances arising in the jurisdiction in which they are resident or domiciled for tax purposes in connection with the acquisition, ownership, redemption or disposal by them of shares in the Company.

• Investors in the Company are not eligible for the payment of any compensation under the Collective Investment Schemes (Compensation of Investors) Rules 1988 made under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended).

• Commercial property values are affected by such factors such as the level of interest rates, economic growth, fluctuation in property yields and tenant default. Although the Company will be operated so as to minimize such risks, it is possible that an investor will not get back a part of, or any of, his investment in the Company. There can be no assurance that the Company will achieve the Investment Objective.

DISCLAIMER

Please be advised that this is a draft document which has not been formally approved by either internal or external authorities. No warranty, expressed or implied, can be given that all or any of the information provided is true and accurate. Ravenscroft Limited shall not have any liability in the event of any of the said information proving to be untrue or incorrect. This document is to provide a guideline only. As the document is subject to amendment, completion and revision without notice, it should not be relied upon for the purpose of investment decisions and any decision to invest in the Company should only be made on the basis of the prospectus. This document is for information purposes only and does not constitute or form part of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with or act as any inducement to enter into any contract whatsoever. No reliance may be placed for any purpose whatsoever on the information in this document or on its completeness, accuracy or fairness. Potential investors are asked to consult the prospectus prior to making any investment decision or subscription. Any decision to invest in the Company should only be made on the basis of the final prospectus and will be subject to the terms and conditions set out therein. The consents or approvals referred to herein have not yet been obtained and the document has not been approved by any supervisory body. In particular the Company is not authorised pursuant to the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended and the authorised closed-ended Investment Scheme Rules 2008. The Guernsey Financial Services Commission has not reviewed this document. Neither the Guernsey Financial Services Commission nor The States of Guernsey Policy Council accept any responsibility for the financial soundness or for the correctness of any of the statements made or opinions expressed in this document. This document is an advertisement as referred to in the UK Prospectus Rules and investors should not subscribe for any transferable securities or shares in the Company referred to in this advertisement except on the basis of information in the final prospectus.

January 2017

For further information please contact the Investment Manager Ravenscroft: www.CIPropertyFund.com

RAVENSCROFT PO Box 222, The Market Buildings, Fountain Street, St Peter Port, Guernsey GY1 4JG t +44 (0)1481 729100 f +44 (0)1481 729700

Please note that all information on Channel Islands Property Fund is available on TISE website: www.tisegroup.com