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: UKPO119NQ001 8 March 2018 The Directors PPNL SPV B7-1 Limited & PPNL SPV B7 Limited 71 Queen Victoria Street London EC4V 4AY Dear Sirs, FLATS 1-15, 129 SOUTHWOOD ROAD, HAYLING ISLAND, PO11 9NQ In accordance with your instructions, we have carried out a quarterly desktop valuation of the above mentioned property. On the assumption that there have been no material changes to the property since the original inspection by Bramptons Surveyors on 17 November 2015, we are of the opinion that the bulk investment value of the subject properties is now in the region of 1,730,000 (One Million Seven Hundred and Thirty 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 2,015,000 (Two Million and Fifteen 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, London 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)

2 Your Ref: UKPO119NQ December 2017 The Directors PPNL SPV B7-1 Limited & PPNL SPV B7 Limited 71 Queen Victoria Street London EC4V 4AY Dear Sirs, FLATS 1-15, 129 SOUTHWOOD ROAD, HAYLING ISLAND, PO11 9NQ In accordance with your instructions, we have carried out a quarterly desktop valuation of the above mentioned property. On the assumption that there have been no material changes to the property since the original inspection by Bramptons Surveyors on 17 November 2015, we are of the opinion that the bulk investment value of the subject properties is now in the region of 1,730,000 (One Million Seven Hundred and Thirty 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 2,015,000 (Two Million and Fifteen 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, London 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 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 The Directors PPNL SPV B7-1 Limited and PPNL SPV B7 Limited 71 Queen Victoria Street Ref: DA/val/ B7 London EC4V 4AY Dear Sirs, Re: FLATS 1-15, 129, SOUTHWOOD ROAD, HAYLING ISLAND, PO11 9NQ We refer to your recent instructions requesting us to carry out a desk-top valuation of the above mentioned property. On the assumption that there have been no material changes to the property since the original inspection in November 2015, we are of the opinion that the bulk investment value of the subject properties is now in the region of 1,730,500 (One Million & Seven Hundred & Thirty Thousand Pounds Five Hundred 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 1,902,500 (One Million, Nine Hundred & Two Thousand, Five Hundred Pounds) We trust that the contents of this letter are satisfactory for your purposes. Yours faithfully, D. Ambrose, MRICS Bramptons

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 9 th June 2017 The Directors PPNL SPV B7-1 Limited and PPNL SPV B7 Limited 71 Queen Victoria Street Ref: DA/val/ B7 London EC4V 4AY Dear Sirs, Re: FLATS 1-15, 129, SOUTHWOOD ROAD, HAYLING ISLAND, PO11 9NQ We refer to your recent instructions requesting us to carry out a desk-top valuation of the above mentioned property. On the assumption that there have been no material changes to the property since the original inspection in November 2015, we are of the opinion that the bulk investment value of the subject properties is now in the region of 1,730,500 (One Million & Seven Hundred & Thirty Thousand Pounds Five Hundred 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 1,902,500 (One Million, Nine Hundred & Two Thousand, Five Hundred 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 7 th March 2017 The Directors PPNL SPV B7-1 Limited and PPNL SPV B7 Limited 71 Queen Victoria Street Ref: DA/val/ B7 London EC4V 4AY Dear Sirs, Re: FLATS 1-15, 129, SOUTHWOOD ROAD, HAYLING ISLAND, PO11 9NQ We refer to your recent instructions requesting us to carry out a desk-top valuation of the above mentioned property. On the assumption that there have been no material changes to the property since the original inspection in November 2015, we are of the opinion that the bulk investment value of the subject properties is now in the region of 1,730,500 (One Million, Seven Hundred & Thirty Thousand, Five Hundred 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 1,902,500 (One Million, Nine Hundred & Two 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 2 nd December 2016 The Directors PPNL SPV B7-1 Limited and PPNL SPV B7 Limited 71 Queen Victoria Street Ref: DA/val/pptr London EC4V 4AY Dear Sirs, Re: Flats 1-15, 129, Southwood Road, Hayling Island, PO11 9NQ 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 assume that the condition of the property has not changed since we inspected and carried out a HomeBuyers Report in November 2015 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 properties comprise of fourteen modern purpose-built flats, thirteen 2 bed and one 1-bed flat built in 2010 within three similar blocks on ground, first and second floors in brick under a pitched tiled roof occupying a seafront location on the corner of Creek Road with access to local shops and amenities. The ground floor flats have patio gardens and upper flats balconies with rear parking. It is our considered opinion that the Market Value (MV) and Investment Value (IV) of the subject properties can be fairly expressed in the sum of:- Market Value with Vacant Possession 1,900,000 Freehold (One Million, Nine Hundred Thousand Pounds) Bulk Investment Value 1,728,000 Freehold (One Million Seven Hundred & Twenty Eight Thousand Pounds) We trust that this report provides sufficient information 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 10 th September 2016 Property Partner Limited 71 Queen Victoria Street Ref: DA/val/pptr London EC4V 4AY Dear Sirs, Re: Flats 1-15, 129, Southwood Road, Hayling Island, PO11 9NQ 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 assume that the condition of the property has not changed since we inspected and carried out a HomeBuyer s Report in November 2015 The flats are all let on Statutory Periodic Tenancies (SPT s) some with balconies and patio gardens to the ground floor flats with allocated parking at the rear. 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 properties comprise of fourteen modern purpose-built flats, thirteen 2 bed and one 1-bed flat built in 2010 within three similar blocks on ground, first and second floors in brick under a pitched tiled roof occupying a seafront location on the corner of Creek Road with access to local shops and amenities.

8 It is our considered opinion that the Market Value (MV) and Investment Value (IV) of the subject properties can be fairly expressed in the sum of:- Market Value with Vacant Possession Bulk Investment Value 1,900,000 Freehold (One Million, Nine Hundred Thousand Pounds) 1,725,000 Freehold (subject to the existing Statutory Periodic Tenancies) (One Million Seven Hundred & Twenty Five Thousand Pounds) We trust that this report provides sufficient information for your purposes. Yours faithfully, D. Ambrose, MRICS Bramptons 2

9 B R A M P T O N S Chartered Surveyors & Valuers 338 Hook Road Chessington Surrey KT9 1NU Tel/Fax: D. Ambrose MRICS 10 th June 2016 Property Partner We Work Moorgate Ref: DA/val/pty.ptr 5 th / Floor 1 Fore Street By post & e mail London EC2Y 5EJ Dear Sirs, Re: Flats 1-15, 129, Southwood Road, Hayling Island, PO11 9NQ 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 assume that the condition of the property has not changed since we inspected and carried out a HomeBuyer s Report in November 2015 The flats are all let on Statutory Periodic Tenancies (SPT s) some with balconies and patio gardens to the ground floor flats with allocated parking at the rear. 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 properties comprise of fourteen modern purpose-built flats, thirteen 2 bed and one 1-bed flat built in 2010 within three similar blocks on ground, first and second floors in brick under a pitched tiled roof occupying a seafront location on the corner of Creek Road with access to local shops and amenities. It is our considered opinion that the Market Value (MV) of the subject properties can be fairly expressed in the sum of:- 1,890,000 Freehold (with vacant possession) (One Million, Eight Hundred & Ninety Thousand Pounds) 1,715,000 Freehold (subject to the existing Statutory Periodic Tenancies) (One Million Seven Hundred & Fifteen Thousand Pounds)

10 We trust that this report provides sufficient information for your purposes. Yours faithfully, D. Ambrose, MRICS Bramptons 2

11 B R A M P T O N S Chartered Surveyors & Valuers 338 Hook Road Chessington Surrey KT9 1NU Tel/Fax: D. Ambrose MRICS 18 th February 2016 Property Partner We Work Moorgate Ref: DA/val/pty.ptr 5 th / Floor 1 Fore Street By post & e mail London EC2Y 5EJ Dear Sirs, Re: Flats 1-15, 129, Southwood Road, Hayling Island, PO11 9NQ 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 assume that the condition of the property has not changed since we carried out a HomeBuyer s Report in November 2015 The flats are all let on Statutory Periodic Tenancies (SPT s). 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 properties comprise of fourteen modern purpose-built flats, thirteen 2 bed and one 1-bed flat built in 2010 within three similar blocks on ground, first and second floors in brick under a pitched tiled roof occupying a seafront location on the corner of Creek Road with access to local shops and amenities. Some of the flats have balconies and patio gardens and there is allocated parking at the rear. It is our considered opinion that the Market Value (MV) of the subject properties can be fairly expressed in the sum of:- With Vacant Possession- 1,890,000 Freehold Subject to the existing Statutory Periodic Tenancies (SPT)- 1,700,000 Freehold

12 We have assumed that all the subject properties have long leases granted with no unusual or onerous covenants. We trust that this report provides sufficient information for your purposes. Yours faithfully, D. Ambrose, MRICS Bramptons 2

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38 have a duty to justify making this assumption. However, if the inspection shows that these materials have been used, the surveyor must report this and ask for further instructions. to investigate further, the surveyor may refer to these in the report (for example, check whether there is a warranty covering replacement windows). Continued...

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