IMPORTANT DISCLAIMER

ACCESS TO THIS AREA OF THE WEBSITE (THE "MICROSITE") MAY BE RESTRICTED UNDER SECURITIES LAWS OR REGULATIONS IN CERTAIN JURISDICTIONS. THIS NOTICE REQUIRES YOU TO CONFIRM CERTAIN MATTERS (INCLUDING THAT YOU ARE NOT RESIDENT IN SUCH A JURISDICTION), BEFORE YOU MAY OBTAIN ACCESS TO THE INFORMATION ON THE MICROSITE. THESE MATERIALS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

You are attempting to enter the Microsite that is designated for the publication of documents and information in connection with an offer for DRUM Income Plus REIT plc ("Drum") by Custodian REIT plc (the "Offer").

THIS MICROSITE CONTAINS ANNOUNCEMENTS, DOCUMENTS AND INFORMATION (TOGETHER THE "INFORMATION") PUBLISHED BY DRUM RELATING TO THE OFFER. THE INFORMATION IS BEING MADE AVAILABLE IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY AND ITS AVAILABILITY IS SUBJECT TO THE TERMS AND CONDITIONS SET OUT BELOW. ANY PERSON SEEKING TO ACCESS THE MICROSITE REPRESENTS AND WARRANTS TO DRUM THAT THEY ARE DOING SO FOR INFORMATION PURPOSES ONLY.

Access to the Microsite

If you would like access to the Information please read this notice carefully. This notice applies to all persons who view this Microsite and, depending on where you are located, it may affect your rights or responsibilities. Drum reserves the right to amend or update this notice at any time and you should, therefore, read it in full each time you visit the Microsite. In addition, the contents of the Microsite may be amended at any time in whole or in part at the sole discretion of Drum.

Basis of access

The Information is not intended to, and does not, constitute or form any part of an offer to sell or otherwise dispose of, or an invitation or the solicitation of an offer to purchase or otherwise acquire, any securities or the solicitation of a vote or approval pursuant to the Information or otherwise.

The Offer will be made solely by means of a scheme document (given the Offer is to be implemented by way of a scheme of arrangement pursuant to Part 26 of the Companies Act 2006 (the "Act")), which will contain the full terms and conditions of the Offer, including details on how it may be accepted. Any decision made by a shareholder of Drum should be made solely and only on the basis of the information provided in such document.

The Information speaks only at the date of the relevant document or announcement and neither Drum nor its affiliated companies has, and accepts, no responsibility or duty to update any Information (other than to the extent such duty arises as a matter of law or regulation).

Overseas Persons

The Information is not for publication or distribution, directly or indirectly, in or into any jurisdiction where to do so would violate the law of that jurisdiction (each a "Restricted Jurisdiction"). Accordingly, viewing the Information may not be lawful if you are resident or located in a Restricted Jurisdiction. In certain jurisdictions, including the Restricted Jurisdictions, only certain categories of person may be allowed to view such materials. Any person resident or located outside the United Kingdom who wishes to view these materials must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so.

If you are not resident or located in a Restricted Jurisdiction, you may access the Information but you are responsible for first satisfying yourself as to the full observance of the laws and regulatory requirements of your jurisdiction. If you are in any doubt, you should not continue to seek to access this area of the website.

Similarly, the Information is not being, and must not be, released or otherwise forwarded, distributed or sent in or into any Restricted Jurisdiction and persons receiving such Information (including custodians, nominees and trustees) must not distribute or send it in, into any Restricted Jurisdiction.

The Information has been prepared for the purposes of complying with English and Scots law and the City Code on Takeovers and Mergers and, accordingly, the information disclosed may not be the same as that which would have been made available in jurisdictions outside the United Kingdom.

If you are not permitted to view the Information or are in any doubt as to whether you are permitted to do so, please exit this Microsite and seek independent advice. Drum and its advisers do not assume any responsibility for any violation by any person of any of these restrictions.

Forward-looking statements

The Information may contain certain forward-looking statements regarding the financial position, business strategy or plans for future operations of Drum. These statements are based on the current expectations of the management of Drum and are naturally subject to uncertainty and changes in circumstance. All statements other than statements of historical fact included in any document may be forward-looking statements. Forward-looking statements also often use words such as "believe", "expect", "estimate", "intend", "anticipate" and words of a similar meaning. By their nature, forward-looking statements involve risk and uncertainty that could cause actual results to differ materially from those suggested by them. Much of the risk and uncertainty relates to factors that are beyond Drum's ability to control or estimate precisely, such as future market conditions and the behaviours of other market participants, and therefore undue reliance should not be placed on such statements which speak only as at the date of the relevant document. Drum assumes no obligation to, and does not intend to, revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable law or regulation.

Unless expressly stated otherwise, no statement in this Microsite is intended to constitute a profit forecast for any period and no statement should be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Drum.

Responsibility

In relation to the Information, the only responsibility accepted by the directors of Drum is for the correctness and fairness of its reproduction or presentation, unless the responsibility statement in any relevant document expressly provides otherwise. Neither the directors of Drum, nor any of its affiliated companies, has reviewed, and no such person is or shall be responsible for or accepts any liability in respect of, any Information contained on any other website which may be linked to this Microsite by a third party.

If you are in any doubt about the contents of the Microsite or the action you should take, you should seek your own financial advice from an independent financial adviser authorised under the Financial Services and Markets Act 2000 or, if you are located outside the United Kingdom, from an appropriately authorised independent financial adviser.

THE INFORMATION MAY NOT BE DOWNLOADED, FORWARDED, TRANSMITTED OR SHARED WITH ANY OTHER PERSON EITHER IN WHOLE OR IN PART WHERE TO DO SO WOULD OR MAY CONSTITUTE A BREACH OF ANY APPLICABLE LOCAL LAWS OR REGULATIONS.

Electronic versions of these materials are not directed at or accessible by persons resident where to do so would constitute a violation of the relevant laws of such jurisdiction.

This notice shall be governed by, and interpreted in accordance with, English law.

Acceptance of disclaimer

If you are not resident or located in a Restricted Jurisdiction and are able to give the confirmations set out below, please click on "CONFIRM".

Confirmation of understanding and acceptance

In order to view the materials on this Microsite, by clicking on the "CONFIRM" box below, you are making the following confirmations:

• I intend to access the Microsite for information purposes only;
• I have read and understood the notice set out above and agree to be bound by its terms;
• I am a resident of or located in the United Kingdom or another jurisdiction into which the distribution of the Information does not constitute a violation of the relevant laws of such jurisdiction and I am not acting on behalf of someone who is resident or located in a Restricted Jurisdiction; and
• I will not copy, forward, transfer or distribute the Information to any person who is resident or located in a Restricted Jurisdiction.

If you are not able to give these confirmations (as applicable), you should click on "DECLINE" below and we cannot provide you with the information contained on this Microsite.