In accordance with your instructions, we have carried out a quarterly desktop valuation of the above mentioned property.

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1 Your Ref: UKSG11HG September 2018 PPNL SPV B37-1 Limited & PPNL SPV B37 Limited 15 Bishopsgate EC2N 3AR FLATS 58, 60, 63 & 64 VISTA TOWER, STEVENAGE, SG1 1AR In accordance with your instructions, we have carried out a quarterly desktop valuation of the above inspection by Bramptons Surveyors in September 2016, we are of the opinion that the bulk investment value of the subject properties is now in the region of 860,000 (Eight Hundred and Sixty Thousand Pounds). We are of the opinion that the aggregate Market Value of the subject properties with the benefit of vacant possession is now in the region of 920,000 (Nine Hundred and Twenty Thousand Pounds). For the avoidance of doubt, Allsop LLP have not undertaken an inspection of this property. Our opinion of value is on a desktop basis and should be regarded as indicative only. We also stress that we accept no liability in providing our opinion, nor does the content of this letter meet the requirements of the RICS Valuation Global Standards. Yours faithfully ANDREW M HUNT MA PGDIP MRICS (RICS NO ) Partner For Allsop LLP DL M E Property Consultants. Allsop is the trading name of Allsop LLP, a limited liability partnership, registered in England and Wales with number OC315531, whose registered office is at: 33 Wigmore Street, W1U 1BZ. A list of members is available for inspection at this address. Regulated by RICS. Offices in West End, City, and Leeds. Allsop LLP 8 th Floor, Platform New Station Street Leeds LS1 4JB T +44 (0) F +44 (0)

2 Your Ref: UKSG11HG001 8 March 2018 PPNL SPV B37-1 Limited & PPNL SPV B37 Limited 71 Queen Victoria Street FLATS 58, 60, 63 & 64 VISTA TOWER, STEVENAGE, SG1 1AR In accordance with your instructions, we have carried out a quarterly desktop valuation of the above inspection by Bramptons Surveyors in September 2016, we are of the opinion that the bulk investment value of the subject properties is now in the region of 892,000 (Eight Hundred and Ninety Two Thousand Pounds). We are of the opinion that the aggregate Market Value of the subject properties with the benefit of vacant possession is now in the region of 965,000 (Nine Hundred and Sixty Five Thousand Pounds). For the avoidance of doubt, Allsop LLP have not undertaken an inspection of this property. Our opinion of value is on a desktop basis and should be regarded as indicative only. We also stress that we accept no liability in providing our opinion, nor does the content of this letter meet the requirements of the RICS Valuation Global Standards. Yours faithfully ANDREW M HUNT MA PGDIP MRICS (RICS NO ) Partner For Allsop LLP DL M E Property Consultants. Allsop is the trading name of Allsop LLP, a limited liability partnership, registered in England and Wales with number OC315531, whose registered office is at: 33 Wigmore Street, W1U 1BZ. A list of members is available for inspection at this address. Regulated by RICS. Offices in West End, City, and Leeds. Allsop LLP 33 Park Place Leeds LS1 2RY T +44 (0) F +44 (0)

3 Your Ref: UKSG11HG December 2017 PPNL SPV B37-1 Limited & PPNL SPV B37 Limited 71 Queen Victoria Street FLATS 58, 60, 63 & 64 VISTA TOWER, STEVENAGE, SG1 1AR In accordance with your instructions, we have carried out a quarterly desktop valuation of the above inspection by Bramptons Surveyors in September 2016, we are of the opinion that the bulk investment value of the subject properties is now in the region of 910,000 (Nine Hundred and Ten Thousand Pounds). We are of the opinion that the aggregate Market Value of the subject properties with the benefit of vacant possession is now in the region of 980,000 (Nine Hundred and Eighty Thousand Pounds). For the avoidance of doubt, Allsop LLP have not undertaken an inspection of this property. Our opinion of value is on a desktop basis and should be regarded as indicative only. We also stress that we accept no liability in providing our opinion, nor does the content of this letter meet the requirements of the RICS Valuation Global Standards. Yours faithfully ANDREW M HUNT MA PGDIP MRICS (RICS NO ) Partner For Allsop LLP DL M E Property Consultants. Allsop is the trading name of Allsop LLP, a limited liability partnership, registered in England and Wales with number OC315531, whose registered office is at: 33 Wigmore Street, W1U 1BZ. A list of members is available for inspection at this address. Regulated by RICS. Offices in West End, City, and Leeds. Allsop LLP 33 Park Place Leeds LS1 2RY T +44 (0) F +44 (0)

4 B R A M P T O N S Chartered Surveyors & Valuers 338 Hook Road Chessington Surrey KT9 1NU Tel/Fax: D. Ambrose MRICS 14 th September 2017 PPNL SPV B37-1 Limited and PPNL SPV B37 Limited 71 Queen Victoria Street Ref: DA/val/ B37 Re: FLATS 58, 60, 63 and 64, VISTA TOWER, ST GEORGES WAY, STEVENAGE, SG1 1HG We refer to your recent instructions requesting us to carry out a desk-top valuation of the above inspection, we are of the opinion that the bulk investment value of the subject properties is now 925,000 (Nine Hundred & Twenty Five Thousand Pounds) We are of the opinion that the aggregate market value of the subject properties with the benefit of vacant possession is now 1,020,000 (One Million & Twenty Thousand Pounds) We trust that the contents of this letter are satisfactory for your purposes. Yours faithfully, D. Ambrose, MRICS Bramptons

5 B R A M P T O N S Chartered Surveyors & Valuers 338 Hook Road Chessington Surrey KT9 1NU Tel/Fax: D. Ambrose MRICS 9 th June 2017 PPNL SPV B37-1 Limited and PPNL SPV B37 Limited 71 Queen Victoria Street Ref: DA/val/ B37 Re:FLATS 58, 60, 63 & 64, VISTA TOWER, ST. GEORGES WAY, STEVENAGE, SG1 1HG We refer to your recent instructions requesting us to carry out a desk-top valuation of the above inspection, we are of the opinion that the bulk investment value of the subject properties is now in the region of 925,000 (Nine Hundred & Twenty Five Thousand Pounds) We are of the opinion that the aggregate market value of the subject properties with the benefit of vacant possession is now in the region of 1,017,500 (One Million, Seventeen Thousand, Five Hundred Pounds) We trust that the contents of this letter are satisfactory for your purposes. Yours faithfully, D. Ambrose, MRICS Bramptons

6 B R A M P T O N S Chartered Surveyors & Valuers 338 Hook Road Chessington Surrey KT9 1NU Tel/Fax: D. Ambrose MRICS 7 th March 2017 PPNL SPV B37-1 Limited and PPNL SPV B37 Limited 71 Queen Victoria Street Ref: DA/val/ B37 Re:FLATS 58, 60, 63 & 64, VISTA TOWER, ST. GEORGES WAY, STEVENAGE, SG1 1HG We refer to your recent instructions requesting us to carry out a desk-top valuation of the above inspection, we are of the opinion that the bulk investment value of the subject properties is now in the region of 925,000 (Nine Hundred & Twenty Five Thousand Pounds) We are of the opinion that the aggregate market value of the subject properties with the benefit of vacant possession is now in the region of 1,017,500 (One Million, Seventeen Thousand, Five Hundred Pounds) We trust that the contents of this letter are satisfactory for your purposes. Yours faithfully, D. Ambrose, MRICS Bramptons

7 B R A M P T O N S Chartered Surveyors & Valuers 338 Hook Road Chessington Surrey KT9 1NU Tel/Fax: D. Ambrose MRICS Property Partner Limited 71Queen Victoria Street 7 th September 2016 Ref: DA/val/pty.ptr Re: Flats 58, 60, 63 and 64, Vista Tower, St Georges Way, Stevenage, SG1 1HG Further to your e mail instructions to provide a current desk-top valuation we can report to you as follows:- For these purposes the date of valuation is the date of this report and it s assumed that the property is completed and signed off by the developers or will be before practical completion. The valuation is a Market Valuation (MV) with the benefit of vacant possession and defined as: The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. In arriving at our valuation we have considered current market conditions, similar property for sale on the open market and recent sales and completions. The subject properties are situated in a refurbished tower building of 14 stories with 73 apartments in total containing a mixture of 1 and 2 bed purpose built flats and 40 available car parking spaces. The flats that are being purchased, namely Flat No s 58, 60, 63 and 64 are 2-bedroom flats around 700 sq. ft. (GIA) and are well fitted out with modern integrated kitchens and bathrooms. There is a dedicated concierge service. The block is well located for shops and transport links with Kings Cross Station approximately 24 minutes away and good access to the A1 and M1 road network. Table of Accommodation Flat Area Sq ft Beds Floor Asking Price Sale Price Flat , ,000 Flat , ,250 Flat , ,250 Flat , ,000 1,014, ,500

8 It is our considered opinion that the Market Value (MV) of the subject properties with the benefit of vacant possession can be fairly expressed as follows:- Flats 58, 60, 63 and 64 Vista Tower, St Georges Way, Stevenage, SG1 1HG 1,014,500 Leasehold (One Million & Fourteen Thousand, Five Hundred Pounds) It is our considered opinion that the Bulk Investment Value of the subject properties can be fairly expressed as follows:- Flats 58, 60, 63 and 64, Vista Tower, St Georges Way, Stevenage, SG1 1HG 923,500 (Nine Hundred & Twenty Three Thousand Five Hundred Pounds) We have assumed that all the subject properties will have long leases granted with no unusual or onerous covenants. We are advised that they will be offered a term of 250 years at an initial ground rent of 350 per annum. We understand that parking spaces will cost an additional 10,000 to the purchase price. We trust that this report provides sufficient information for your purposes. Yours faithfully, D. Ambrose, MRICS Bramptons 2

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