Nicholsons House Nicholsons Walk Maidenhead SL6 1LD

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2 Investment summary Maidenhead is strategically located in the heart of the M4 corridor, the south east s leading commercial location outside Central London. The property is highly visible being prominently located directly above the Nicholsons Walk shopping centre, within the heart of Maidenhead and its retailing facilities. The property comprises office accommodation arranged on the first to seventh floors with a double height reception at ground floor level. Net internal floor area is 2, sq m (27,011 sq ft). The property is let to seven tenants on nine occupational leases. The total current income is 542, per annum. 34% of the income is let to the Berkshire NHS Foundation Trust expiring There are 85 car spaces (64 let) providing a ratio 1:318 sq ft. The property and the car parking spaces are held on a long leasehold basis at a peppercorn rent. Tangible asset management initiatives to add value. Investment Proposal Offers in excess of 5,125,000 (Five Million, One Hundred & Twenty Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 10.00% after acquisition costs of 5.80%.

3 Location Maidenhead is a key Thames Valley town to the west of London, located approximately 40km (25 miles) west of Central London, 16km (10 miles) west of Slough and 24 km (15 miles) east of Reading. The town has a primary catchment population of approximately 84,000 and is particularly affluent, with a strong representation from computing and telecoms companies. These include SAS Software, Hutchison 3G, Fujitsu, Smithkline Beecham, Sybase and Nortel networks. Maidenhead enjoys excellent road links with the M4 (Junctions 8/9) to the south, leading in turn to the M25 motorway and the heart of London. The A4 to the west, links to the A404(M), and in turn the M40 (Junction 4) 14km (9 miles) to the north. Maidenhead benefits from a frequent rail service to London Paddington with a fastest journey time of approximately 25 minutes. Regular services also run to Heathrow Airport and other key regional centres. Heathrow International Airport is located close by approximately 24 km (15 miles) to the east, whilst Gatwick International Airport is situated approximately 85 km (53 miles) to the south east. CROSSRAIL Maidenhead is one of the proposed terminals for Crossrail. Crossrail will provide a high frequency, and accessible railway transportation system for London and the South east by Crossrail trains will travel from Maidenhead and Heathrow in the West, to Shenfield and Abbeywood in the east, via new twin tunnels under Central London. As a result, Crossrail will link Maidenhead, Heathrow Airport, the West end, the City of London and Canary Wharf. Situation The property is highly visible, being positioned in the main retailing pitch of Maidenhead, above Nicholsons Walk shopping centre, with access to the building from Nicholsons Walk. The area is an established office location with occupiers in the vicinity including Hutchison 3G, John Menzies Plc, Royal Bank of Scotland, MWB and the Secretary of State. The property is situated within a 10 minute walk of Maidenhead s main line rail station. The car parking for the property is accessed from Broadway, which connects to the A308 and the A4, which in turn leads to the A404 M. Nicholsons Walk shopping centre provides Maidenhead s primary retailing facilities totalling approximately 170,000 sq ft and some 65 retailers. The centre provides a range of national retailers such as Tesco, W H Smith, Superdrug, Dorothy Perkins, Iceland and Next.

4 Description Nicholsons House was constructed in 1964, and comprises a purpose built 7 storey office building, with a ground floor reception area, and a basement area, housing the electrical components. The property is of concrete frame construction, with aluminium framed, double glazed elevations, beneath a flat asphalt covered roof, which incorporates the plant room and an aerial. The building has been subject to a rolling refurbishment programme over the last five years at a total cost in the region 900,000. The specification now includes a new provision of air conditioning, raised floors, gas fired central heating, fluorescent lighting with suspended ceilings and two 10 person passenger lifts. The reception area and common parts have been re-decorated this year. There is a total of 85 car parking spaces demised in the Nicholsons Walk shopping centre multi storey car park on the 1st and 3rd floors, which is accessed from Broadway. These spaces are held in a combination of separate leases, or in conjunction with occupational leases. There are currently 25 car spaces vacant.

5 Accommodation The property has been measured in accordance with the RICS code of measuring practice, and provides a total of 2, sq m (27,011 sq ft) of offices. A detailed breakdown of the net internal floor areas are contained within the attached tenancy schedule. Tenure Long leasehold. The head lease is for a term of 999 years from 24th December 1990 at a peppercorn, without review. The Freehold is held by the Royal Borough of Windsor and of Maidenhead. The car parking is also held on a long leasehold basis at a nominal rent of 1.00 per annum, for a term expiring 2nd March 2135 without review. The superior landlord is I M Properties (Maidenhead) Ltd, with the Freehold interest being held by the Royal Borough of Maidenhead. Tenancy The property is let to seven tenants on nine occupational leases, together with additional income from a roof top aerial. A tenancy schedule summarising the occupational leases is attached. The total current income is 542, per annum. The rents vary from per sq ft to the most recent lettings in 2010 at per sq ft. Rental Commentary The total office stock for the Maidenhead market is in the region of 5,000,000 sq ft, of which the large majority is situated on the town s various business parks on the western side of the town centre. Maidenhead has witnessed a significant increase in headline rents over the last 12 months, with prime rents now in the range of per sq ft. However there is only approximately 50,000 sq ft of Grade A space currently available. There have been four lettings within Nicholsons House over the last 18 months providing evidence that good quality town centre offices will continue to see demand from a variety of tenants.

6 tenancy schedule FLOOR/USE Sq Ft AREAS Sq M TENANT LEASE TERMS RENT P.A. ( psf) RENT REVIEWS LEASE EXPIRY (Break) COMMENTS 1954 ACT EXCLUDED First/offices 3, Berkshire Healthcare NHS Foundation Trust 9 years 8.5 months from 23/08/10 58,320 (15.00) 10/05/15 09/05/20 Rent commencement 23/08/11. Rent to be topped up by vendor. 7 car spaces. Second/ offices 3, Ten Lifestyle Management Ltd 5 years from 24/08/10 88,313 (22.50) N/A 22/08/15 Rent commencement 24/08/11. Rent to be topped up by vendor. 10 car spaces. Third/offices Unit A Live Tourism Ltd 3 years from 20/02/09 7,890 (15.00) N/A 19/02/12 1 car space. Third/ office Unit B PMN Marketing Ltd 3 years from 05/10/09 10, (12.50) N/A 04/10/12 2 car spaces. Third/office Unit C Creative Support Ltd 3 years from 27/10/08 8,175 (15.00) N/A 26/10/11 1 car space. Third/office Unit D 1, Dawcul Ltd 5 years from 21/07/08 33,750 (21.72) N/A 20/07/13 (21/07/11) Tenant break option at the end of year 3 on 6 months notice. The break has been served. 12 month rental guarantee available. 3 car spaces. Fourth & Fifth/ Office 7, Berkshire Healthcare NHS Foundation Trust 10 years from 10/05/10 117,750 (15.00) 10/05/15 09/05/20 (10/05/15) Tenant break option 10/05/15 on 12 months notice on payment of one quarter s rent. If the break is not operated, tenant receives 4 months rent free. 16 car spaces. Sixth/office 3, Ten Lifestyle Management Ltd 7 years, 9.5 months from 01/11/07 88,313 (22.50) N/A 22/08/15 Lease term extended by a reversionary lease for a period from 01/11/12 to 22/08/ car spaces. Seventh/office 3, AMC Consultants (UK) Ltd 8 years from 11/01/08 90,275 (23.00) 11/01/13 10/01/16 (11/01/13) Tenant break option at the end of year 5 on 6 months notice. 10 car spaces. Roof top N/A N/A Vodafone 10 years from 25/03/03 15,750 N/A 24/03/2013 N/A 1st Floor Parking 4 spaces PMN Marketing Ltd 1 year rolling contract 2,000 N/A N/A Terminated on 1 months written notice by either Landlord or tenant. 3rd Floor Parking 21 spaces Rent guarantee 12 months from sale completion 21,000 N/A TBC N/A 1st & 3rd floor parking 5 on 1st 7 on 3rd Skandia/London Electricity 99 years from 23/03/1990 Peppercorn N/A 22/03/2089 TOTAL 27,011 2, ,448.50

7 VAT We are advised that the property is elected for VAT, and the sale will be treated as a TOGC. ASSET MANAGEMENT INITIATIVES There is opportunity to create new rental evidence on the third floor following a break option and a lease expiry during this year and to reorganise the floor to offer a whole floor suite. PMN Marketing is seeking additional space on the third floor. There are ongoing discussions with the NHS in respect of taking more space on the third floor and removing their break option on the fourth and fifth floors. The property received planning consent in 2007 for an additional floor of office accommodation, however this has now expired. 25 car spaces have recently been returned to the landlord giving the ability to offer an exceptional car parking ratio for the building. There are capital allowances available details on application. Investment Proposal We have been instructed to seek offers in excess of 5,125,000 (Five Million, One Hundred & Twenty Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 10.00% after acquisition costs of 5.80%. FURTHER INFORMATION For further information, or to arrange a viewing, please contact; Antony Leech Tel: Mob: antonyleech@tudortoone.com Lee Evans Tel: Mob: leeevans@tudortoone.com

8 MISREPRESENTATION ACT 1967 TUDOR TOONE LLP, FOR ITSELF AND FOR THE VENDORS OF THIS PROPERTY, HEREBY GIVE NOTICE THAT: THESE PARTICULARS DO NOT CONSTITUTE, NOR CONSTITUTE ANY PART OF, AN OFFER OR CONTRACT. TUDOR TOONE LLP AND ITS MEMBERS ACCEPT NO LEGAL RESPONSIBILITY FOR ANY STATEMENT OR REPRESENTATION WHETHER WRITTEN, ORAL OR IMPLIED OR WHETHER CONTAINED IN ANY ADVERTISEMENT PARTICULARS OR OTHER MATTERS ISSUED OR ANY CORRESPONDENCE ENTERED INTO BY THEM AND WHETHER MADE IN ANY ANTECEDENT PRESENT OR SUBSEQUENT ENQUIRIES OR NEGOTIATIONS. NEITHER TUDOR TOONE LLP NOR THEIR PRINCIPALS, MEMBERS, AGENTS, SERVANTS OR REPRESENTATIVES HAVE ANY AUTHORITY WHATSOEVER TO MAKE OR GIVE ANY REPRESENTATION OR WARRANTY WHATSOEVER WHETHER WRITTEN OR IMPLIED IN RELATION TO THIS PROPERTY. ANY INTENDING PURCHASER MUST SATISFY HIMSELF BY INSPECTION OR OTHERWISE AS TO THE CORRECTNESS OF ANY ANTECEDENT PRESENT OR SUBSEQUENT STATEMENTS OR REPRESENTATIONS, AND SHOULD NOT RELY UPON THE SAME UNLESS HE HAS SATISFIED HIMSELF ACCORDINGLY. Subject to Contract and Exclusive of VAT UNLESS OTHERWISE STATED ALL PRICES AND RENTS ARE QUOTED EXCLUSIVE OF VALUE ADDED TAX (VAT). ANY INTENDING PURCHASERS OR LESSEES MUST SATISFY THEMSELVES INDEPENDENTLY AS TO THE INCIDENCE OF VAT IN RESPECT OF ANY TRANSACTION. SUBJECT TO CONTRACT & EXCLUSIVE OF VAT. TUDOR TOONE LLP IS A LIMITED LIABILITY PARTNERSHIP REGISTERED IN ENGLAND AND WALES WITH REGISTERED NUMBER OC REGISTERED OFFICE: 41/43 MADDOX STREET LONDON W1S 2PD. DETAILS PREPARED JUNE 2011.