Service Offering and Transaction History

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2 BCW Background BCW Debt Capital Partners was established to provide real estate investors, developers and funds throughout the UK and Europe with access to independent advice on the negotiation, tendering and documentation of significant commercial and residential real estate finance solutions. The firm brings together skills from banking, corporate treasury, interest rate risk management and real estate transaction management to support the service offering to its clients. We offer an in depth review of your financing requirements and pride ourselves on taking the time to understand the requirements of each individual project and advising on the most efficient, flexible and cost effective solution over the life of the financing arrangement. BCW will undertake the financial modeling including feasibility, cashflow and returns analysis to support the presentation of the client's debt requirement to potential financiers. It has become increasingly important for lenders to buy in to the transaction from an early stage. Clear, concise and accurate financial information presented to relationship managers, credit and third party advisers by BCW facilitates a smooth process from Term Sheet, to credit approval to documented and drawn down facility.

3 Service Offering BCW prides itself on taking the time to understand the client's detailed requirements and will undertake a full review of the transaction to identify all funding and interest rate exposure management demands. Modeling Negotiation Tendering Documentation Feasibilities Cashflow modeling Returns analysis Understand clients precise borrowing requirement Draft detailed Term Sheet Hedging requirements fully assessed Term Sheet targeted to receptive lenders Credit Committee submission managed by BCW Presentation of results Facility documentation managed by BCW Full liaison with borrower s professional team Transaction management

4 Track Record Experienced track record in delivering funding across the capital structure: Investment Development Mezzanine Restructuring/restatement UK assets and funds Continental European assets and funds

5 TRANSACTION HISTORY

6 Development / Investment Funding Private Investment Fund Retail Investor Fund Private Investment Fund Private Investment Fund 50,540,000 Development, VAT and Investment Credit Facilities 11,700,000 Development, VAT and Investment Credit Facility 10,450,000 Development, VAT & Investment Credit Facilities 8,000,000 Development and Investment Credit Facility April 2016 March 2016 January 2016 December 2015 Private Investor Supermarket Fund Private HNW Investor Private Investor Supermarket Fund Private Supermarket Fund 20,500,000 60,450,000 23,750,000 34,400,000 Development, VAT & Investment Credit Facilities Forward Funded Purchase of Sainsbury s Middlesbrough Development and Investment Credit Facility Forward Funded Purchase of Sainsbury s Sunderland January 2014 September 2014 February 2013 April 2012

7 Investment Funding UBS Triton Property Fund LP Kames Target Healthcare Property LP UBS South East Recovery UBS Triton Property Fund 79,000,000 36,500,000 97,500,000 60,000,000 5 Year Revolving Credit Facility 5 Year Term & Revolving Credit Investment Facility Bridging Finance 5 Year Term Investment Credit Facility Tendering and Benchmarking Process November 2015 March 2015 July 2010 May 2012

8 Development Funding Arlington Securities Plc Arlington Securities Plc Goodman Business Park Fund Terrace Hill JV DEVCAP Terrace Hill JV 87,500,000 37,000,000 40,300, ,800,000 45,500,000 Development Funding for 460,000 sqf T-Mobile Campus Development Credit Facility for Orange, Bristol & Birmingham Development Credit Facility for Phase 1 Viladecans, Barcelona Restructure JV Development Funding Restructure JV Development Funding September 2000 December 2001 September 2005 December 2008 December 2008 Terrace Hill Subsidiaries Terrace Hill Subsidiaries Terrace Hill Subsidiaries Terrace Hill Subsidiaries Terrace Hill Subsidiaries 3,050,000 5,500,000 2,100,000 5,450,000 1,000,000 Residential Site Acquisition Funding Residential Site Acquisition Funding Residential Site Acquisition and Part Exchange Facilities Site Assembly / Planning Gain Facility Planning Gain Facility January 2009 January 2009 January 2009 January 2009 January 2009

9 Investment Funding Arlington Securities Plc Arlington Business Parks Arlington Business Parks Goodman European Business Park Fund 25,400, ,000, ,000, ,000, ,200,000 Restated Investment Credit Facility Investment Credit facility Refinance following the creation of ABPP 1 st UK Business Park Securitisation San Fernando Business Park Acquisition November 2011 April 2002 April 2003 September 2001 December 2004 Arlington Business Parks Arlington Securities Plc Arlington Business Parks Arlington Securities Plc Middlehaven Properties Ltd 250,000, ,000, ,000, ,000,000 4,144,000 Senior Club Facility Syndicated Cross- Collateralised Credit Facility Syndicated Cross- Collateralised Credit Facility Investment Credit facility 5 Year Investment Credit facility September 2004 September 2000 August 2001 April 2000 March 2009

10 Financial Modelling and Analysis Advisory mandate to undertake financial modeling, feasibility analysis and cashflow modeling in respect of existing and potential development opportunities undertaken by Mace Investments. 17,000,000 Amenity and Residential development London W1 160,000,000+ PRS Residential Tower Development and Affordable Housing Allocation London SE1 90,000,000 Residential regeneration project London SE1 260,000,000 Residential led Mixed Use Development SW11 165,000,000 Student led Mixed Use Redevelopment Oxford 120,000,000 Student and Hotel development Wembley 150,000,000 Mixed Use Residential (PRES & Private for Sale), Hotel, Student & Retail scheme Glasgow

11 Debt Restructuring & Reorganisation 19,100,000 20,500,000 16,300,000 73,000,000 17,400,000 Investor Cash Call and Restatement April 2011 Investor Cash Call and Restatement September 2011 Extension, refinance and workout of German Retail Portfolio April 2011 Extension, refinance and workout of German Retail Portfolio. Appointment of new GP & Fund Manager December 2010 Restatement, Fee negotiation and Profit Share May ,600,000 25,500,000 29,800,000 28,700,000 41,900,000 Risk Assessment, Recapitalisation and Restructure review Fixed Uplift Portfolio Risk Assessment, Recapitalisation and Restructure review Student Accommodation Risk Assessment, Recapitalisation and Restructure review EZ Investment Risk Assessment, Recapitalisation and Restructure review EZ Investment Risk Assessment, Recapitalisation and Restructure review EZ Investment May 2011 May 2010 November 2010 November 2010 February 2011

12 Structured Finance, MBI, Acquisitions, Disposals and Equity Raising Regent Residential Mill Portfolio ABPP Equity Rights Issue Acquisition of Akeler Holdings Acquisition of Eurinpro 135,000,000 86,000, ,013, ,000, ,000,000 Sale of Unit Trust & Management Company to Westbrook Sale of 3 Prime Office Properties to SWIPP Equity placement to existing fund investors Acquisition of Akeler Holdings S.A. from Lend Lease Global Property LLC Acquisition of Eurinpro International SA July 2007 March 2007 August 2007 November 2006 May 2006 Arlington European Business Park Fund Arlington Securities Plc Arlington Securities Plc Dover Street Nominees Limited Hay Hill Nominees Limited 63,278,631 45,000,000 22,000,000 9,300,000 5,625,000 Equity Placement with Morley Fund Management Acquisition, Seed Capital & Revolving Credit Facility Acquisition finance for Aberdeen Property Investors Management Buy In to Fund Management Business Strategic financing for Rights Issue to Fund Acquisition of Aberdeen Property Investors December 2005 May 2010 May 2004 June 2003 May 2004

13 Restructuring Risk Assessment Identify Scope of Work to include: Review of existing debt positions, Corporately and through JV s Review of existing Hedging Arrangements Provide a summary and Risk Assessment of reviewed positions Risk of breach of Credit Facilities Sensitivity analysis Impact of breach Priority Assessment JV Contractual position Action Plan Agree priority of action per Scope of Work in respect of positions indentified in Risk Assessment Action Points Review development/jv status Cost against budget/business plan Timing against budget/business plan Valuation issues Planned exit/sale Still viable? Review positions with JV partner as appropriate Review positions with lender Restructuring recommendations

14 Personal Profile Roger Wormald - Partner Qualified Corporate Treasurer AMCT Qualified under the Institute of Financial Services, Chartered Institute of Bankers ACIB 29 Years Banking, Treasury and Corporate Finance Experience

15 Contact Details BCW Debt Capital Partners Tel: +44(0)