Notice of General Meeting

RNS Number : 5797Y

AEW UK Long Lease REIT PLC

06 December 2017

6 December 2017

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO, CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

AEW UK Long Lease REIT plc

(the "Company")

Publication of Circular

The Company is today posting a circular to Shareholders to convene a general meeting to be held at 9.30 a.m. on 22 December 2017 (the "General Meeting") in order to seek Shareholder approval in connection with certain proposed amendments to the Company's investment policy (the "Circular").

Investment Policy

The resolution to be proposed at the General Meeting will amend the Company's investment policy:

i. to increase an investment in a single asset from 10 per cent. of Gross Asset Value ("GAV") to 15 per cent. of GAV; and

ii. to increase the value of assets in any sub-sector in one geographical region from a maximum of 10 per cent. of GAV to 15 per cent. of GAV.

It is proposed that the amendments set out above will only apply until such time as the Company's GAV is at least £250m, at which point the limit in (i) above will revert to 10 per cent. of GAV on any new assets purchased and future investments will be made with a view to reducing the value of assets in any sub-sector in one geographical region to a maximum of 10 per cent of GAV.

Investment Strategy

In addition, whilst not forming part of the investment policy and therefore not requiring Shareholder approval, it is proposed that the Company will amend its investment strategy to:

i. increase its maximum exposure to traditional sectors, at the time of investment, from 20 per cent. of GAV to 30 per cent. of GAV; and

ii. amend the definition of ''very long leasehold'' from 150 years to 100 years.

AEW UK Investment Management LLP (the "Investment Manager") is seeing an increasing number of inflation-linked assets in traditional sectors and believes that increasing the limit set out at (i) above will give the Company greater flexibility in making investments at the current time.

Once the Company's GAV reaches £250m, it is proposed that subsequent investments will be made with a view to reducing the exposure to traditional sectors to the previous maximum of 20 per cent. of GAV.

In addition, whilst the current definition of ''very long leasehold'' used by the Company in pursuing its investment strategy is 150 years, the Directors (as advised by the Investment Manager) believe that the tipping point for material valuation change is materially less than 100 years. Accordingly, in order to expand the universe of investible assets, it is proposed that this definition be reduced to 100 years.

Forms of Proxy should be returned by not later than 9.30 a.m. on 20 December 2017. Alternatively Shareholders may submit their proxy vote electronically via the Registrar's website by visiting www.investorcentre.co.uk/eproxy. For an electronic proxy to be valid, the appointment must be received by the Registrar by no later than 9.30 a.m. on 20 December 2017. Shareholders who hold their shares electronically may submit their votes through CREST.

Publication of the Circular

A copy of the Circular will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.hemscott.com/nsm.do and at www.aewukllreit.com.

Capitalised terms used and not otherwise defined in this announcement have the meaning set out in the Circular.

For further information, please contact:

AEW UK Investment Management LLP

Alex Short

Laura Elkin

020 7016 4880

Fidante Capital

Katie Standley

020 7832 0900

Company Secretary

Link Company Matters Limited

01392 477509