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Triton Quarterly Flash Report 3Q18, Triton Property Fund LP Triton is a core, actively managed balanced UK fund focusing on strategic assets in growth locations with sustainable income streams.

Fund highlights – Triton produced a total return of 1.8% in 3Q18. – Triton has again achieved a five-star rating in the 2018

GRESB Real Estate Assessment, ranking 1st out of all UK diversified strategies for the second year running.

– Joules Ltd and White Stuff Ltd sign leases at Springfields. – The Fund's 3Q18 WebEx call is being held at 10.00 BST

on Tuesday, 23 October 2018.

Strong sustainability results in 2018 GRESB assessment The results of the 2018 GRESB Real Estate Assessment were released in September 2018, and we are delighted that Triton maintained its UK leadership. The Fund achieved another five-star rating and for the second year running, ranked 1st in its peer group (81 UK diversified strategies in 2018). Triton out-scored its peer group in all areas of the survey, which measures management, policy and disclosure, risks and opportunities, monitoring, performance data, building certifications and stakeholder engagement. Ongoing initiatives include: – Assessing KPIs on compliance and best practice for our

managing agents on an annual basis; – Ensuring that Energy Performance Certificates for Triton’s

properties are commissioned and updated; – Incorporating green lease clauses into all new leases; – Continuing to roll-out energy reduction plans; – Engaging with tenants to optimise the health and

wellbeing of their employees; and – Obtaining environmental assessment certification, such as

BREEAM, to assess, rate and certify buildings. Future initiatives for the programme will include: – Installation of smart metering at all of our properties to

allow us to interact with building management systems in real time for even greater consumption savings;

– "BREEAM In Use" certifications for the top five assets in the portfolio to better assess the sustainability performance of our assets; and

– A Health and Wellbeing Programme to be rolled out for the benefit of our occupiers.

In total, UBS-AM submitted 21 of Real Estate & Private Markets' (REPM) flagship funds – across real estate equity, real estate debt and infrastructure globally – including Switzerland, Japan, Germany, the UK and US – representing 96% of REPM's direct pooled assets under management.

Performance and strategy

Total returns (%) to 30 September 2018

3 mths 6 mths 1 yr 2 yrs p.a.

3 yrs p.a.

4 yrs p.a.

5 yrs p.a.

10 yrs p.a.

S.Ip.a.1

1.8 4.5 9.7 9.6 7.7 9.5 11.4 3.8 7.5

Source: UBS Asset Management, Real Estate & Private Markets (REPM). Reflects total return performance (net of fees) for the Triton Property Fund LP (Partnership level). Benchmark figures from AREF/IPD are due to be released after mid-October 2018. 1 Since inception p.a. from 1 July 1994. Please note that past performance is not a guide to the future.

Triton produced a total return of 1.8% in 3Q18, comprising income and capital returns of 0.8% and 1.0%, respectively. Performance continues to be driven by the Fund's sector weighting strategy and ongoing asset management across the portfolio. The portfolio remains well positioned to take advantage of current market conditions with an active asset management pipeline, which will continue to drive income and capital growth. Income continues to be Triton's key focus, and once a number of current asset management initiatives have been completed, this will help boost the Fund's distribution yield. Asset management activity Key lettings in the industrial/logistics sector included three leases at Stakehill Industrial Estate in Manchester – ranging from five to ten years in length – signed with Vita Cellular Foams (UK) Ltd, LED Hut Fulfilment Services Ltd and Event Furniture Ltd for base rents of between GBP 18,000- GBP 285,000 per annum (p.a.). We also signed two leases at Gatwick Distribution Point in Crawley: a five-year lease with Tructyre Fleet Management Ltd for total annual rent of GBP 67,000, and a four-year lease Seaspace International Forwarders Ltd for rent of GBP 80,000 p.a. The Fund also undertook a rent review with UK Cables Ltd at Torc:MK in Milton Keynes, which led to an annual increase from GBP 93,000 to GBP 108,000. In the retail sector, Triton completed three 10-year leases with Shoe Zone Retail Ltd at Grand Junction Retail Park in Crewe for annual rent of GBP 134,000 p.a.; The Entertainer (Amersham) Ltd at 40-41 High Street in Chelmsford for rent of GBP 82,000 p.a.; and Leonard F. Jollyes at St Helens' Retail Park in St Helens for annual rent of GBP 82,000. The Fund also completed three leases at Springfields Outlet Centre in Springfields – ranging from five to ten years in length – signed with White Stuff Ltd, Joules Ltd and Rodeo Ltd (trading as Designer Warehouse) for base rents of up to circa GBP 60,000 p.a. plus turnover top-ups of up to 9%.

Triton Quarterly Flash Report 3Q18, 30 September 2018

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Supervisory Board Meeting and WebEx conference call The latest meeting of the Fund's Supervisory Board was held on 4 October 2018, the minutes of which will be distributed to Unitholders later this month. The 3Q18 WebEx call is being held at 10.00 BST on Tuesday, 23 October. Details for this meeting can be found in this report's covering email. Market commentary The UK commercial property market has continued to deliver strong returns in 2018, with the first eight months of the year producing a total return of 5.7%. Performance has been largely driven by the industrial sector, as a combination of rental growth and weight of capital have delivered a total return of 12.2%. A lack of investment stock has continued to drive yields down, particularly in the South East where there are several examples of estates trading at yields below 4%. Office markets have also continued to exceed exepectations, delivering a return of 4.7% so far in 2018. This has been supported by a stronger than expected performance in Central London, which has been helped on the occupational side by the rapid growth on serviced office providers now accountting for circa 20% of take-up. Foreign buyers continue to see the market as an attractive destination for capital, but this remains heavily skewed to prime assets in traditional core locations. The retail sector, however, is facing challenging times in both the occupational and investment market. Numerous retailers have announced CVAs/store closures in 2018, which have forced valuations down on affected schemes. To date, this has resulted in a relatively small write down in rental and capital values, but with weak investor sentiment, it is likely that there will be further adjustments in values as the market adjusts to the ongoing structural challenges over the next 12 months.

Sector weightings

Industrial 40.8%

Retail warehouse 24.5%

Office 19.8%

Other commercial property

12.1%

Unit shops 2.8%

Geographic weightings1

London & Rest of South East

57.9%

North 30.2%

Midlands 6.4%

Eastern 3.0%

South West 0.9%

Northern Ireland 1.6%

Source: UBS Asset Management, Real Estate & Private Markets (REPM) 1 Reflects property portfolio only. Properties located in Hatfield and St Albans (Hertfordshire) and Chelmsford (Essex) are classified as "London & Rest of South East".

Fund facts Partnership level Feeder vehicle level

TritonProperty Fund LP

UBS TritonProperty Unit Trust

7 Triton Property

Fund (Jersey)

7

Net asset value (NAV) (GBPm)1 927.1 834.7 92.6

Yield (% p.a.) (Based on NAV price)2 3.38 3.38 3.258

Bid price (GBP per unit)3 1.67404 1,673.56 0.9905

NAV price (GBP per unit)3 1.69044 1,690.47 1.0003

Offer price (GBP per unit)3 1.80014 1,799.70 1.0652

Total bid/offer spread (%) 7.01

- Bid price spread (% vs. NAV price)9 -0.98

- Offer price spread (% vs. NAV price)9 6.10

Number of investors 60 45 17

Number of direct properties 31

Gearing (% of NAV)5 2.58

Capital cash holdings (% of NAV)6 0.02

1. Reflects capital net asset value reported under EU-IFRS. 2. Reflects income (gross of tax and net of expenses) for the year to 30 September 2018 as a percentage of the NAV price on 30 September 2018. Net asset value and yield are unaudited. The Jersey yield is lower than the yield for Triton Property Fund LP, reflecting the higher fees and costs associated with this vehicle. 3. Prices for Triton Property Fund LP (Triton), UBS Triton Property Unit Trust (UBS Triton Trust) and Triton Property Fund (Jersey) (Triton Jersey) are ex-dividend (XD) prices. From 31 March 2016, pricing reflects increase in SDLT. 4. Participations (ie. units) in the Partnership can only be purchased by the two feeder vehicles in multiples of 10,000. 5. Reflects Triton's direct net debt (ie. debt less cash) as at 30 September 2018. Gross debt was 2.60% of NAV at 30 September 2018. 6. Reflects Triton's capital cash at 30 September 2018. 7. SEDOLs at feeder-vehicle level are 0923828, 3228207 and B9NMTCO for UBS Triton Trust, Triton Jersey (‘A’ units) and Triton Jersey (‘B’ units), respectively. 8. Reflects distribution yield for Triton Jersey ‘B’ units; the distribution yield for ‘A’ units is available upon request. 9. Bid and Offer price spreads shown are as at 30 September 2018 and will vary intra quarter when monthly valuations and any property acquisitions or dispositions are taken into account.

Triton Quarterly Flash Report 3Q18, 30 September 2018

3 of 3

For more information please contact:

Portfolio Manager, Triton Property Fund LP Jonathan Hollick Tel. +44-20-7901 5988 jonathan.hollick@ubs.com

Head of Real Estate UK Howard Meaney Tel. +44-20-7901 5327 howard.meaney@ubs.com

Business Development UK Asher Garnett Tel. +44-20-7901 5802 asher.garnett@ubs.com

Business DevelopmentEMEA ex Switzerland Eoin Bastible Tel. +44-20-7901 5204 eoin.bastible@ubs.com

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