PROJECT CAROL SOLENT BUSINESS PARK

PROJECT CAROL SOLENT BUSINESS PARK F R E E H O L D O F F I C E I N V E S T M E N T O P P O R T U N I T Y

Strategic location between Southampton and Portsmouth benefiting from easy access to the M27 and M3 INVESTMENT SUMMARY r Strategic location between Southampton and Portsmouth benefiting from easy access to the M27 and M3. r 6 detached offices on Solent Business Park. r The office buildings total 57,778 sq ft of high quality accommodation in a landscaped setting. r Multi-let to tenants including British Telecommunications PLC, Shoosmiths Services Ltd, Matchtech Group (UK) Ltd and CFBT Education Trust. r Matchtech (33% of income) have recently signed a 10 year lease and are spending in excess of 1.3m on their building. r Numerous asset management opportunities, including letting up the vacant space and regearing leases with existing tenants. r Net income of 834,917.50 per annum ( 14.45 psf). r Average weighted unexpired lease term of 4.18 years to lease expiries and 2.37 years to breaks. r Offers are sought in excess of 8,500,000 (Eight Million, Five Hundred Thousand Pounds) for the freehold interests, reflecting a net initial yield of 9.21% assuming purchaser s costs of 6.68% and a low capital value of 147 psf. 2 PROJECT CAROL, SOLENT BUSINESS PARK

< PORTSMOUTH (10 MILES) M27 JCT 9 SUBJECT PROPERTIES SOUTHAMPTON (10 MILES) SOUTHAMPTON AIRPORT (10 MILES) > 9 2 1 KEY 1. HSBC 10 5 4 3 2. Regus 3. Goodman 4. Peach Technologies 7 5. Specsavers 6. Zurich 7. Dominoes & Subway 8. NATS 9. Northrop Grumman 10. Indra 8 6 PROJECT CAROL, SOLENT BUSINESS PARK 3

Solent Business Park Fareham, PO15 7AF This plan is published for the convenience of 1550 1570 1600 1627 1650 Ramp Ramp Forum One El Sub Sta Solent Business Park ETL Path PARKWAY Chemring House 1560 1620 to 1622 1640 1642 1643 1645 1624 to 1450 El Sub Sta Solent Village 1580 1630 1631 1632 1634 1633 Bembridge House El Sub Sta 1590 El Sub Sta Chestnut Rise Yarmouth House 1480 11 0m 25m 50m 75m 4 Path PROJECT CAROL, SOLENT BUSINESS PARK Ordnance Survey Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250

LOCATION Solent Business Park is the South Coast s principal business park. It is located equidistant between Southampton and Portsmouth, some 10 miles to the north west and south east respectively. The Park lies adjacent to Junction 9 of the M27 motorway, approximately 80 miles south west of London and 20 miles south east of Winchester. The Southampton / Portsmouth conurbation is the main commercial centre in the South Coast, with an estimated population of 2 million people within a 45 minutes drive time. The area is internationally renowned for its expertise in aerospace, defence, marine, automotive and business services. The business park is served by two stations, Fareham station (5 miles) and Southampton Airport Parkway (10 miles) which provides a direct service to London Waterloo, with a regular journey time of approximately 1 hour 15 minutes. In addition, Southampton International Airport is located at J5 of the M27. Hampshire County Council will be undertaking a 20M improvement scheme to widen Junction 9 of the M27 as well as Parkway South roundabout. The scheme will reduce congestion and unlock economic development. 4 A35 3 M27 A33 BEAULIEU 4 SOUTHAMPTON 12 M3 13 EASTLEIGH 14 SOUTHAMPTON AIRPORT 4 5 & PARKWAY SOUTHAMPTON CENTRAL HYTHE FAWLEY A27 7 8 SOLENT 9 FAREHAM T H E S O L E N T M27 A27 10 11 A32 A34 WICKHAM 12 PORTCHESTER GOSPORT A3(M) WATERLOOVILLE 3 12 A3 A27 PORTSMOUTH PORTSMOUTH & SOUTHSEA 4 5 2 1 A3 HAYLING ISLAND SITUATION Solent Business Park is the largest premier office park on the South Coast covering 49 ha (130 acres). It is an established office location situated off Junction 9 of the M27 in Fareham. The park is a mixed use development covering 130 acres and was originally developed by Arlington Developments, now part of Goodman International. GLOUCESTER M5 BRISTOL BATH BRISTOL A44 CHELTENHAM A419 CIRENCESTER A420 OXFORD SWINDON NEWBURY A4 A346 A34 AYLESBURY M40 READING M4 A10 BISHOP S LUTON STORTFORD A1(M) M1 M11 M25 A12 L O N D O N M25 CITY HEATHROW M25 CHELMSFORD M2 There are over 60 companies in occupation on Solent Business Park, employing over 5,000 people. These companies include National Air Traffic Services (NATS), Zurich Insurance, ITV, HSBC, Regus, Specsavers and Northrop Grumman. The Park benefits from a number of amenities including Whiteley Retail Village with over 50 popular high street retailers anchored by Tesco. The Solent Centre offers retail and catering facilities including a doctors practice, pharmacy, NHS dentist and a physiotherapy clinic. The 4* Solent Hotel and Spa is also situated within walking distance. A37 YEOVIL DORCHESTER BASINGSTOKE M3 WOKING A36 ANDOVER GUILDFORD M23 A303 A31 GATWICK A3 WINCHESTER SALISBURY A24 A36 SOUTHAMPTON A23 4 SOLENT 9 A3(M) SOUTHAMPTON M27 A27 A31 WORTHING BRIGHTON PORTSMOUTH BOURNEMOUTH ISLE OF WIGHT MAIDSTONE M20 ROYAL TUNBRIDGE WELLS A22 A21 A27 HASTING EASTBOURNE CANTEBURY A2 DOVER FOLKESTONE The buildings are situated towards the rear of Solent Business Park surrounding a landscaped feature. WEYMOUTH E N G L I S H C H A N N E L PROJECT CAROL, SOLENT BUSINESS PARK 5

TENURE Freehold. TENANCY SCHEDULE DEVELOPMENT RESTRICTIONS The properties are subject to standard estate covenants which regulate their use and future development by reference to development standards. Building Demise Tenant 1450 Whole Matchtech Group (UK) Ltd Area NIA (sq ft) Start Break Expiry Current (psf) 17,751 12/03/2001 12/03/2022 11/03/2027 275,140.50 15.50 Comment Currently undergoing an extensive refurbishment. Tenant signed a reversionary lease in 2016. 1490 Whole Vacant 5,581 - - - 78,134.00 14.00 12 month rent, rates and service charge guarantee. 1550 Whole Shoosmiths Services Ltd 18,123 27/11/2003-25/12/2018 262,845.00 14.50 1570 Whole Vacant 5,091 - - - 71,274.00 14.00 12 month rent, rates and service charge guarantee. 8 Wealth The tenant has served a break notice to end the 1580 Ground 2,894 04/01/2013 03/01/2018 03/01/2023 21,324.00 7.37 Management Ltd lease on the break date. 1580 First CFBT Education Trust 3,299 19/12/2014-01/05/2019 46,200.00 14.00 British The lease has recently been re-geared to remove a break option in 2018. 1590 Whole Telecommunications 5,039 26/11/2010-25/11/2020 80,000.00 15.87 The tenant has been granted a rent free period PLC from 25/12/2017 to 23/06/2018. Total 57,778 834,917.50 6 PROJECT CAROL, SOLENT BUSINESS PARK

UNIT 1450 SOLENT BUSINESS PARK Unit 1450 constructed in 1995 provides a detached purpose built office building arranged over three floors with 99 car parking spaces, reflecting an excellent car parking ratio of 1:179 sq ft. The property is currently being extensively refurbished and fit out at a cost of over 1.3 million. Once complete the specification will include; r New VRF Casette A/C system r New electrics including LED lighting. r New carpets r New teapoints r New data r Full access raised floors r Male and female WCs per floor r Double glazing r 10-person lift EPC B 45. Demise Tenant Area NIA (sq ft) Start Review Break Expiry Current (pa) (psf) Comment Whole Matchtech Group (UK) Ltd 17,751 12/03/2001 12/09/2021 12/03/2022 11/03/2027 275,140.50 15.50 Currently undergoing an extensive refurbishment. Tenant signed a reversionary lease in 2016. PROJECT CAROL, SOLENT BUSINESS PARK 7

UNIT 1490 SOLENT BUSINESS PARK Unit 1490 provides an early 1990 s detached purpose built office building arranged over two floors with 29 car parking spaces, reflecting an excellent car parking ratio of 1:192 sq ft. Specification: r Gas fired central heating and comfort cooling r Category 2 lighting r Double glazing r Full access raised floors r Male and female WCs per floor r Disabled WC The property has been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) and provides the following Net Internal Areas: Floor Sq m Sq ft First 261.27 2,812 Ground 246.43 2,653 Demise Tenant Area NIA (sq ft) Start Break Expiry ERV (pa) ERV (psf) Comment Reception 10.76 116 Total 518.47 5,581 Whole Vacant 5,581 25/06/17-24/06/18 78,204 14.00 12 month rent, rates and service charge guarantee. EPC C 69. 8 PROJECT CAROL, SOLENT BUSINESS PARK

UNIT 1550 SOLENT BUSINESS PARK Unit 1550 constructed in 1998 provides a detached purpose built office building arranged over three floors with 90 car parking spaces, reflecting an excellent car parking ratio of 1:201 sq ft. Specification: r Gas fired central heating and comfort cooling r Category 2 lighting - TBC r Double glazing r Full access raised floors r Male and female WCs per floor r Disabled WC r 8-person lift The property has been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) and provides the following Net Internal Areas: Floor Sq m Sq ft Second 575.72 6,197 First 557.13 5,997 Demise Tenant Area NIA (sq ft) Start Break Expiry Current (pa) (psf) Comment Ground 516.26 5,557 Reception 34.56 372 Whole Shoosmiths Services Ltd 18,123 27/11/2003-25/12/2018 262,845 14.50 Total 1,683.67 18,123 EPC E 106 PROJECT CAROL, SOLENT BUSINESS PARK 9

UNIT 1570 SOLENT BUSINESS PARK Unit 1570 provides an early 1990 s detached purpose built office building arranged over two floors with 28 car parking spaces, reflecting an excellent car parking ratio of 1:182 sq ft. Specification: r New comfort cooling system r Lift r Gas fired central heating r Double glazing r Full access raised floors r Suspended ceilings r LG 7 lighting r Male and female WCs facilities The property has been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) and provides the following Net Internal Areas: Floor Sq m Sq ft First 246.56 2,654 Demise Tenant Area NIA (sq ft) Start Break Expiry ERV (pa) ERV (psf) Comment Ground 226.40 2,437 Total 473.96 5,091 Whole Vacant 5,091 - - - 71,274 14.00 12 month rent, rates and service charge guarantee. EPC C 65. 10 PROJECT CAROL, SOLENT BUSINESS PARK

UNIT 1580 SOLENT BUSINESS PARK Unit 1580 provides an early 1990 s detached purpose built office building arranged over two floors with 33 car parking spaces, reflecting an excellent car parking ratio of 1:187 sq ft. Specification: r Comfort cooling and gas fired central heating r Category 2 lighting r Double glazing r Full access raised floors r Male and female WC s per floor r Generous reception lobby The property has been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) and provides the following Net Internal Areas: Floor Sq m Sq ft First 306.48 3,299 Demise Tenant Area NIA (sq ft) Start Break Expiry Current psf Comment Ground 268.86 2,894 Total 575.34 6,193 Ground 8 Wealth Management Limited 2,894 04/01/2013 03/01/2018 03/01/2023 21,324 7.37 The tenant has served a break notice to end the lease on the break date. EPC E 105. First CFBT Education Trust 3,299 19/12/2014-01/05/2019 46,200 14.00 PROJECT CAROL, SOLENT BUSINESS PARK 11

UNIT 1590 SOLENT BUSINESS PARK Unit 1590 provides an early 1990 s detached purpose built office building arranged over two floors with 29 car parking spaces, equating to an excellent car parking ratio of 1:166 sq ft. Specification: r Comfort cooling and gas fired central heating r Category 2 lighting r Double glazing r Full access raised floors r Male and female WCs per floor r Generous reception lobby r Disabled WC The property has been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) and provides the following Net Internal Areas: Floor Sq m Sq ft First 233.85 2,517 Demise Tenant Area NIA (sq ft) Start Break Expiry Current psf Comment Ground 213.55 2,299 Reception 20.70 223 Total 468.10 5,039 EPC D 93. Whole British Telecommunications PLC 4,816 26/11/2010-25/11/2020 80,000 15.87 The lease has recently been re-geared to remove a break option in 2018. The tenant has been granted a rent free period from 25/12/2017 to 23/06/2018. 12 PROJECT CAROL, SOLENT BUSINESS PARK

TENANT COVENANT INFORMATION British Telecommunications Public Limited Company British Telecommunications Public Limited Company is one of the world s leading communications services companies. They provide fixed-line services, broadband, mobile and TV products and services as well as networked IT services. Following the acquisition of EE, they now have 560 EE branches in the UK alone. British Telecommunications Public Limited Company has a Dun & Bradstreet rating of 5A1 representing a minimum risk of business failure and their latest accounts are shown below. 31/03/2016 31/03/2015 31/03/2014 Sales Turnover 19,042,000 17,979,000 18,287,000 Profit Before Tax 3,363,000 2,867,000 2,522,000 Tangible Net Worth 46,385,000 39,298,000 38,012,000 Net Current Assets 8,489,000 7,515,000 6,483,000 Matchtech Group Ltd Matchtech is an engineering recruitment specialist with over 30 years experience. They provide recruitment services across core engineering sectors including aerospace, automotive, energy, infrastructure and maritime. Matchtech Group Limited has a Dun & Bradstreet rating of 5A1 representing a minimum risk of business failure and their latest accounts are shown below. 31/07/2016 31/07/2015 31/07/2014 Sales Turnover 314,311,000 310,918,000 299,987,000 Profit Before Tax 7,899,000 8,615,000 8,749,000 Tangible Net Worth 39,341,000 40,111,000 36,129,000 Net Current Assets 38,195,000 38,247,000 34,365,000 CFBT Education Trust Education Development Trust (formerly CFBT Education Trust) is a charity registered in England and Wales and includes international and UK trading subsidiaries. The change in name was effected on 1 January 2016. Established over 40 years ago, the organisation is focused on teaching and learning. The largest single group of employees is teachers, mostly in schools, others in alternative settings. Almost all of the Charity s income and that of its subsidiary companies is derived from contracts. The Charity and its subsidiaries are not dependent on the services of unpaid volunteers or on donations in kind. 31/08/2016 Shoosmiths LLP Shoosmiths is a national law firm acting for major companies and individuals in all UK jurisdictions. Shoosmiths have a network of 12 offices, with thier newest locations launched in December 2016 in Leeds and Belfast. Shoosmmiths LLP are the UK s leading legal adviser by deal volume in 2016 (and 5th in Europe) - Experian MarketIQ s M&A Review. Shoosmiths has a Dun & Bradstreet rating of 2A1 representing a minimum risk of business failure and their latest accounts are shown below. 31/07/2016 31/08/2015 31/07/2015 31/08/2014 Incoming Resources - 84,982,000 125,179,000 Total Funds - 15,487,000 14,920,000 Net Current Assets - 15,487,000 14,920,000 31/07/2014 Sales Turnover 106,714,000 102,660,000 92,976,000 Profit Before Tax 25,807,000 16,841,000 12,244,000 Tangible Net Worth 2,652,000 3,308,000 4,104,000 Net Current Assets 29,806,000 23,213,000 18,100,000 13 PROJECT CAROL, SOLENT BUSINESS PARK

SOUTH COAST OFFICE MARKET A continued reduction in supply of good quality office accommodation in the City Centre of Southampton and Portsmouth has led to an increase in activity in the out of town market, at the southern end of the M3 and along the M27 motorway that runs from Southampton to Portsmouth. Average annual take up has reached 265,000 sq ft over the past 10 years and is likely to continue at this rate. There is approximately 430,000 sq ft of office space currently available in the Western M27 market, half as much as 2011 and the lowest level of supply on record. This equates to less than two years of supply and indicates the need for the development of new office space. With such low levels of supply, incentives have reduced significantly and longer lease terms are being agreed. ESTIMATED RENTAL VALUE Some key rental comparables are provided below: Date Address Size Tenant (psf) Term/Break Q4 17 Part 2nd Flr, Solent Hse Provident Personal 2,613 Credit Ltd. 16.00 10/5 Q4 16 2nd Flr, 1650 Parkway 9,886 Slater & Gordon 11.50 5/3 Q3 16 2nd Flr, Forum 5 13,325 Peach Telecomm 17.25 10/5 Q2 16 1st Flr Solent House 5,867 8 Wealth Mgnt. 15.00 5 Q4 15 Forum 3 10,000 Innovation Group 16.00 10/5 Q4 15 1st Flr Solent House 5,857 8 Wealth Mgnt. 14.50 10 Q4 15 Spectrum 13,663 BMT Group 13.50 10 Q3 15 Spectrum 3,705 Cooper Homewood 10.50 10/5 VAT INVESTMENT MARKET Recent comparable transactions in Fareham; Date Address Size Price Cap Val ( psf) NIY Q3 16 1650 Parkway 29,591 3.25M 110 9.17% Q3 16 Forum 252,000 43M 171 7.25% Q2 16 Fusion 1, 2 and 3 157,000 35M 223 7.15% Q3 15 4000 Parkway 261,049 67M 257 6.45% Q3 15 4500 Parkway 56,387 10M 177 7.43% PROPOSAL The properties are elected for VAT and therefore VAT will be payable on the purchase price. We would anticipate the sale to be dealt with by way of a Transfer of a Going Concern (TOGC). Offers are sought in excess of 8,500,000 (Eight Million, Five Hundred Thousand Pounds) for the freehold interests, reflecting a net initial yield of 9.21% assuming purchaser s costs of 6.68% and a low capital value of 147 psf. PROJECT CAROL, SOLENT BUSINESS PARK 14

FURTHER INFORMATION For further information or to arrange an inspection please contact the joint agents; Oliver Paine JLL +44 (0)117 930 5718 oliver.paine@eu.jll.com Ross Wigley JLL Tel: +44 (0)117 930 5792 ross.wigley@eu.jll.com Oliver D souza BNP Paribas Real Estate UK Tel: +44 (0)207 338 4865 oliver.dsouza@bnpparibas.com Louise Williams BNP Paribas Real Estate UK Tel: +44 (0)207 338 4231 louise.williams@bnpparibas.com MISREPRESENTATION ACT COPYRIGHT DISCLAIMER JLL and BNP Paribas for themselves and for the vendors or lessors of this property whose agents they are, give notice that: - a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract; b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise; c. no person in the employment of JLL and BNP Paribas has any authority to make or give any representation or warranty whatever in relation to the property; d. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken. October 2017 Jones Lang LaSalle IP, Inc and BNP Paribas. All rights reserved.