No.1 Colmore Square Birmingham, B4 6AJ Tel +44 (0) 121 200 2050 Fax +44 (0) 121 200 3022 cushwake.com

Chamoss International Limited Email [email protected] Suites 7B & 8B Direct +44(0) 121 697 7298 50 Town Range Mobile +44(0) 7775 805156 Gibralta

Our Ref AB/TR

23 August 2021

To whom it may concern:

Appraisal for Chamoss International Limited 85 Motor Dealerships Investment Properties as a single Asset portfolio – Consent to inclusion in financial statements.

At your request, we the undersigned, hereby give our consent to Chamoss International Limited for the inclusion of the appraisal carried out by our firm dated 20 July 2021 ("Appraisal Report") to be attached to the financial statements of Chamoss International Limited as of June 30, 2021 to be published in August 2020.

In addition, we hereby give our consent to the inclusion of this letter in the 30 June 2021 Financial Statements for Chamoss International Limited on the understanding that we extend no liability of reliance to any parties, other than those specified in our report.

Our consent to the inclusion of our appraisal in the financial statements is subject to Cushman & Wakefield reviewing the form and context in which our report is to be referred to and confirmation that we are not extending any liability or reliance to any third party readers.

Best Regards,

Tom Rigg MRICS Partner For and on behalf of Cushman and Wakefield Debenham Tie Leung Limited

Enc.

Cushman & Wakefield Debenham Tie Leung Limited, 125 Old Broad Street, London EC2N 1AR. Registered in England & Wales with registration number 02757768. Regulated by RICS. Cushman & Wakefield Debenham Tie Leung Limited is an appointed representative (FRN: 481082) of DTZ Insurance Services Limited which is authorised and regulated by the Financial Conduct Authority (FRN: 477013). VAT No. GB 466425139.

Valuation of: 85 Motor Dealership Investment Properties as a Single Asset Portfolio

Prepared for: Chamoss International Limited

Valuation Date: 30 June 2021

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Table of contents Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

TABLE OF CONTENTS

Table of contents ...... 2 Valuation Record ...... 3 1. Instructions ...... 3 2. Taxation and costs ...... 6 3. VAT ...... 6 4. Property Information ...... 6 5. Basis of Valuation ...... 7 6. Valuation ...... 7 7. Confidentiality ...... 7 8. Disclosure ...... 8 9. Reliance ...... 8 Appendix A: Engagement ...... 9 Appendix B: Portfolio Overview ...... 10 Appendix C: List of Addresses and Tenure ...... 23 Appendix D: Valuation Summary Sheet - Fair Value assuming Corporate Purchasers Costs ...... 26 Appendix E: Comparable Evidence Sheets ...... 27 Appendix F: Sources of information ...... 28

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Cushman & Wakefield 1 Colmore Square Birmingham B4 6AJ Tel +44 (0) 121 200 2050 www.cushmanwakefield.com Strictly Confidential – For Addressee Only

VALUATION RECORD

To: Chamoss International Limited Suite 7B & 8B 50 Town Range Gibraltar

(the “Client”, “Addressee” or “you”)

Attention: The Directors of Chamoss International Limited

Properties: The address, tenure and property type of each of the properties (“Properties”) is included in the Appendices.

Report date: 20 July 2021

Valuation date: 30 June 2021 ("Valuation Date")

Our reference: 170K4G00

1. Instructions

1.1. Appointment We are pleased to submit our report and valuation (the "Valuation Report"), which has been prepared in accordance with the engagement letter entered into between us dated 30 June 2021 (the “Engagement Letter”). This Engagement Letter and the terms set out therein, together with our Terms of Business, which were sent to you with our Engagement Letter, constitute the "Engagement", which forms an integral part of this Valuation Report. Included in the Engagement Letter is the Valuation Services Schedule, which is included as Appendix A ("Engagement"). It is essential to understand that the contents of this Valuation Report are subject to the various matters we have assumed, which are referred to and confirmed as Assumptions in the Valuation Services Schedule (which forms part of the Engagement). Where Assumptions detailed in the Valuation Services Schedule are also referred to within this Valuation Report they are referred to as an "assumption" or "assumptions". Unless otherwise defined, all capitalised terms herein shall be as defined in the Engagement. You have informed us that the Properties are categorised as investment. The portfolio comprises:

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Valuation Record Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

• 71 freehold properties • 11 long leasehold properties (over 50 years) • 3 part freehold / leasehold properties Further detail on the properties and interests valued are detailed in the Appendices.

1.2. Compliance with RICS Valuation – Global Standards We confirm that the valuation and Valuation Report have been prepared in accordance with the RICS Valuation – Global Standards, which incorporate the International Valuation Standards ("IVS") and the RICS UK national supplement (the "RICS Red Book"), edition current at the Valuation Date. It follows that the valuations are compliant with IVS.

1.3. Status of Valuer and Conflicts of Interest We confirm that all valuers who have contributed to the valuation have complied with the requirements of PS1 of the RICS Red Book. We confirm that we have sufficient current knowledge of the relevant markets, and the skills and understanding to undertake the valuation competently. The Valuation is the responsibility of Tom Rigg MRICS, who is a member of the RICS Valuer Registration Scheme and is in a position to provide an objective and unbiased Valuation, and who will act as "External Valuer" (as defined in the RICS Red Book) qualified for the Purpose of Valuation. C&W and any affiliate do not act as External Valuer as defined under the Alternative Investment Fund Managers Directive (AIFMD) legislation, or its equivalent under local law. C&W expressly disclaims any responsibility or obligations under AIFMD. C&W act in the capacity of Valuation Advisor and are subject to the Limitation of Liability terms agreed in the Terms of Engagement in respect of advice in relation to Standard Life’s obligations under AIFMD. C&W has had no previous, recent or current involvement with the Properties and C&W does not anticipate any future fee earning relationship with the Properties. Therefore, C&W does not consider that any conflict arises in preparing the Valuation requested.

1.4. Purpose of Valuation The purpose of this Valuation Report is in connection with the Client's financial statements. (“Purpose of Valuation”) Therefore, in accordance with PS 2.5 and UK VPS 3 we have made certain disclosures in connection with this valuation instruction and our relationship with you. These are included in item 1.5 below.

1.5. Disclosures required under the provisions of PS 2.5 and UK VPS 3 Time as Signatory Cushman & Wakefield have been carrying out this instruction for the Client in respect of the Portfolio since 30 November 2017. Rotation Policy C&W endorses the RICS view that it is good practice to rotate the valuer responsible for Regulated Purpose Valuations at intervals not exceeding seven years. C&W’s policy in this regard is explained in the Engagement. C&W's relationship with the Client We confirm that there is no other fee-earning relationship between Cushman & Wakefield and the Client other than this valuation instruction.

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Valuation Record Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

Fee income from the Client Cushman & Wakefield's financial year end is 31 December. We confirm that the proportion of fees payable by the Client to C&W in the financial year to 2020 was less than 5%. We anticipate that the proportion of fees for the financial year to 31 December 2021 will remain at less than 5%. C&W involvement in the Properties in the previous 12 months C&W have not received an introductory fee within the last 12 months.

1.6. Inspection In accordance with the agreed instruction, no re-inspection has been undertaken. All Properties were inspected at the time and for the purposes or our original report dated 30 November 2017. In addition we re-inspected the top 20 properties within the Portfolio, by value, in accordance with our valuation dated 30 June 2020.

1.7. Departures We have made no Departures from the RICS Red Book.

1.8. Limitations The valuation is not subject to any limitations.

1.9. Floor Areas Unless specified otherwise, floor areas and analysis in this report are based on the following bases of measurement, as defined in RICS Property Measurement and RICS Code of Measuring Practice (the edition current at the Valuation Date):

Motor Dealership NIA

1.10. Measurement We have adopted floor areas provided to us by the Client on 30 November 2017.

1.11. Sources of Information In addition to information established by us, we have relied on the information obtained from you and others listed in this Valuation Report. We have made the assumption that the information provided by you and your respective professional advisers in respect of the Properties we have valued is both full and correct. We have made the further assumption that details of all matters relevant to value within your and their collective knowledge, such as prospective lettings, rent reviews, outstanding requirements under legislation and planning decisions, have been made available to us, and that such information is up to date. We confirm that the valuation has been undertaken bringing the required levels of independence and objectivity to bear on the instruction, applying professional scepticism to information and data where it is provided and relied on as evidence.

1.12. General Comment All valuations are professional opinions on a stated basis, coupled with any appropriate assumptions or Special Assumptions. A valuation is not a fact, it is an estimate. The degree of subjectivity involved will inevitably vary from case to case, as will the degree of certainty, or probability, that the valuer’s opinion of value would exactly coincide with the price achieved were there an actual sale at the Valuation Date.

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Valuation Record Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

Property values can change substantially, even over short periods of time, and so our opinion of value could differ significantly if the date of valuation were to change. If you wish to rely on our valuation as being valid on any other date you should consult us first. Should you contemplate a sale, we strongly recommend that the Properties are given proper exposure to the market. A copy of this Valuation Report should be provided to your solicitors and they should be asked to inform us if they are aware of any aspect which is different, or in addition, to that we have set out; in which case we will be pleased to reconsider our opinion of value in the light of their advice and / or opinions.

1.13. Market Conditions – COVID 19 Market conditions explanatory note: Novel Coronavirus (COVID-19) The outbreak of Novel Coronavirus (COVID-19), which was declared by the World Health Organisation as a “Global Pandemic” on the 11th March 2020, continues to affect economies and real estate markets globally. Nevertheless, as at the valuation date, property markets are mostly functioning again, with transaction volumes and other relevant evidence at levels where enough market evidence exists upon which to base opinions of value. Accordingly – and for the avoidance of doubt – our valuation is not reported as being subject to ‘material valuation uncertainty’, as defined by VPS 3 and VPGA 10 of the RICS Valuation – Global Standards. This explanatory note has been included to ensure transparency and to provide further insight as to the market context under which the valuation opinion was prepared. In recognition of the potential for market conditions to move rapidly in response to changes in the control or future spread of COVID-19, we highlight the importance of the valuation date.

2. Taxation and costs The opinion of value which C&W will attribute to the Properties will be the figure C&W considers would appear in a contract for sale, subject to the appropriate assumptions for the Basis of Value reported. Costs associated with the transaction, including any taxes, legal fees and other expenses, would be payable by the purchaser in addition to the figure reported. No adjustment will be made by C&W to reflect any liability to taxation that may arise on disposal, or development of the Properties nor for any costs associated with disposal incurred by the owner. Furthermore, no allowance will be made by C&W to reflect any liability to repay any government or other grants, taxation allowance or lottery funding that may arise on disposal. C&W's valuation figure for the Properties will be that receivable by a willing seller excluding VAT, if applicable.

3. VAT The valuation and rent included in this Valuation Report are net of value added tax at the prevailing rate.

4. Property Information

4.1. Enquiries We have undertaken and completed the various matters referred to in the “Scope of Services” section of the Engagement. The results of our enquiries and inspections do not contradict the Assumptions which we have made and are referred to in the Engagement.

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Valuation Record Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

5. Basis of Valuation In accordance with your instructions, we have undertaken our valuation on the following basis: 1. Fair Value – IFRS Our opinion of the Fair Value - IFRS of the Properties has been primarily derived using comparable recent market transactions on arm's length terms.

5.1. Definitions Fair Value - IFRS The value of the Properties have been assessed in accordance with the relevant parts of the current RICS Red Book. In particular, we have assessed the Fair Value as referred to in VPS4 item 7 of the RICS Red Book. Under these provisions, the term "Fair Value" means the definition adopted by the International Accounting Standards Board (“IASB”) in IFRS 13, namely: "The price that would be received to sell an asset, or paid to transfer a liability in an orderly transaction between market participants at the measurement date." Under IFRS 13, The Fair Value Hierarchy, the Properties we have valued are designated as Level 3 inputs. Level 3 inputs have been designated as unobservable inputs. Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the assets or liability at the measurement date. An entity develops unobservable inputs using the best information available in the circumstances, which might include the entity's own data, taking into account all information about market participant assumptions that is reasonably available. [IFRS 13:87-89].

6. Valuation The Fair Value of the 71 freehold and 11 long leasehold and 3 freehold/part leasehold property forming the complete Chamoss International Limited single asset property portfolio, subject to the existing tenancies and Master Property Agreement, as at the Valuation Date subject to the assumption that the portfolio is sold within a Company with the reduced purchaser’s costs, with no debt or liabilities, together with our other Assumptions and comments in this Report and the Appendices is in the sum of:

Valuation

Total Aggregate £418,287,000 (Four Hundred and Eighteen Million Two Hundred and Eighty Seven Thousand pounds)

In arriving at our opinions of Fair Value for the subject 85 property portfolio we have accounted for the provisions of the Master Property Agreement which requires that the properties can only be sold as a single asset portfolio and therefore we have provided our valuation on this basis, accounting for the restriction and reflecting the overall single asset lot size.

7. Confidentiality This Valuation Report, including the Appendices, are confidential to you, for your sole use only and for the Purpose of Valuation as stated. Other than as detailed below, we will not accept responsibility to any third party in respect of any part of its contents. Such publication or disclosure will not be permitted unless, where relevant, it incorporates adequate reference to our Terms of Business and the Special Assumptions and/or Departures from the RICS Red Book referred to herein. For the avoidance of doubt, such approval is required

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Valuation Record Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

whether or not Cushman & Wakefield Debenham Tie Leung Limited is referred to by name and whether or not the contents of our Valuation Report are combined with others.

8. Disclosure You must not disclose the contents of this Valuation Report to a third party in any way, including where we are not referred to by name or if the Valuation Report is to be combined with other reports, documents or information, without first obtaining our written approval to the form and context of the proposed disclosure in accordance with the terms of the Engagement. We will not approve any disclosure that does not refer adequately to the terms of the Engagement and any Special Assumptions or Departures that we have made. This Valuation Report or any part of it may not be modified, altered (including altering the context in which the Valuation Report is displayed) or reproduced without our prior written consent. Any person who breaches this provision shall indemnify us against all claims, costs, losses and expenses that we may suffer as a result of such breach. We hereby exclude all liability arising from use of and/or reliance on this Valuation Report by any person or persons except as otherwise set out in the Engagement.

9. Reliance This Valuation Report may be relied upon only in connection with the Purpose of Valuation stated and only by: (i) you; and (ii) by such other parties who have signed a Reliance Letter. No reliance may be placed upon this Valuation Report by any other party, or for any other purpose except in accordance with the Engagement. For the avoidance of doubt, the total aggregate limit of liability specified in the terms of the Engagement (the "Aggregate Cap") shall apply in aggregate to (i) you, and (ii) such other parties who have signed a Reliance Letter. Apportionment of the Aggregate Cap shall be a matter for you and such other third parties alone. Signed for and on behalf of Cushman & Wakefield Debenham Tie Leung Limited

Tom Rigg MRICS Andrew Broome MRICS Partner Associate RICS Registered Valuer RICS Registered Valuer +44 (0)121 697 7251 +44 (0)121 697 7298 [email protected] [email protected]

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Appendix A: Engagement Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

APPENDIX A: ENGAGEMENT

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Services Schedule – Valuation & Advisory

1 Property Details

Appendix 1 includes the address, tenure and property type of each of the properties ("Properties") to be valued ("Property Schedule").

The Properties are held by Chamoss International Limited ("Client").

2 Client

Chamoss International Limited.

3 Addressee

The Valuation Report will be addressed to the Client.

4 Client Instructions

The Client has instructed C&W to: a. Undertake a valuation of the legal interest(s) in the Properties described in the Property Schedule ("Valuation") as at 30 June 2021 (the "Valuation Date"). b. Provide a valuation report in the format referred to in the 'Scope of Services' section below ("Valuation Report") for the following purpose of valuation ("Purpose of Valuation"):

 in connection with the Client's financial statements.

5 Basis of Valuation

In accordance with the Client's instructions, C&W will undertake the Valuation on the following basis:

5.1 Fair Value – IFRS

Fair Value is referred to in VPS4 Item 7 of the RICS Red Book. Under these provisions, the term Fair Value means the definition adopted by the International Accounting Standards Board ("IASB") in IFRS 13, the term "Fair Value" means:

"The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date".

5.2 Special Assumptions

The Glossary of the RICS Red Book states that an Assumption "that either assumes facts that differ from the actual facts existing at the valuation date, or that would not be made by a typical market participant in a transaction on the valuation date" is a “Special Assumption”. As instructed, we will not make any Special Assumptions.

6 Scope of Services

Included in the Services are:

Version 3.2 – April 2021 Page | 1 6.1 Valuation Report

Providing a Valuation Report that will be prepared in English. C&W will provide one electronic copy of the Valuation Report and, if requested, one signed hard copy. Where the Valuation Report is required to contain site plans these will be based on extracts of the Ordnance Survey or other maps showing, for identification purposes only, C&W's understanding of the extent of title based on site inspections or copy title plans supplied to C&W. The Client should not rely on C&W's plans to define boundaries. The Valuation Report will include C&W's opinion of the appropriate rental tones and yields together with a brief market commentary.

Portfolio Overview

Valuation Considerations

6.2 Currency

Providing a Valuation in UK Pounds Sterling (£).

6.3 Inspections

In accordance with your instructions we will not re-inspect the Properties and will prepare our valuation on the basis of revaluation without reinspection (VPS 2 2 RICS Red Book). We will rely upon the inspections undertaken as part of our last reported valuation on behalf of the Client dated 30 June 2020.

We require confirmation from you, and/or your professional advisors that there has been no material change to the physical attributes of the Properties and the area in which they are situated since our last inspection. It should be noted that if there have been changes to the Properties, there may be a material impact on the accuracy of the valuation reported.

You are aware that a valuation without re-inspection may impact on the robustness of the valuation. This could have an impact on the accuracy of the valuation reported if, at a later date, matters are discovered that would have been revealed by inspections.

6.4 Floor Areas

Adopting floor areas provided to C&W for the purpose of the Valuation, (subject to the provisions of item 3 of the Assumptions).

6.5 Tenancies & Leasing

Relying on tenancy information provided, subject to the provisions of section 10.3 of the Assumptions. For the avoidance of doubt, C&W will not read copy leases.

6.6 Environmental Matters (including Flooding)

Reviewing the relevant Local Authority websites regarding environmental matters, including contamination and flooding and reviewing the Scottish Environment Protection Agency (SEPA) website for flood risk (subject to the provisions of section 10.4 of the Assumptions). For the avoidance of doubt, C&W will not undertake an environmental assessment or prepare a land quality statement, which would be the responsibility of an environmental consultant or chartered environmental surveyor. In this respect, C&W will have regard to any environmental reports provided to C&W (subject to the provisions of section 10.4 of the Assumptions).

Version 3.2 – April 2021 Page | 2 6.7 Title

Reading a Certificate of Title where this is provided to C&W and reflecting its contents in the Valuation (subject to the provisions of section 10.6 of the Assumptions). C&W will not inspect the title deeds of the Properties. Unless agreed in writing in advance with the Client, C&W will not obtain information from the Land Registry.

6.8 Condition of Structure & Services, Deleterious Materials and Ground Conditions

Taking into account the general condition of the Properties as observed from the inspection (subject to section 10.7 of the Assumptions). Where a separate condition or structural survey has been undertaken and made available to C&W, C&W will reflect the contents of the survey or condition report in the Valuation Report, but may need to discuss the survey or condition report with the originating surveyor.

6.9 Statutory Requirements and Planning

Making verbal or electronic enquiries of the relevant planning authorities as to the possibility of highway proposals, comprehensive development schemes and other ancillary planning matters that could affect property values. C&W will also seek to ascertain whether any outstanding planning applications exist which may affect the Properties, and whether the Properties are listed or included in a Conservation Area. C&W will also attempt to verify the existing permitted use of the Properties, and endeavour to have sight of any copies of planning permissions. For the avoidance of doubt, C&W will not undertake formal searches.

7 Basis of Appointment

C&W confirms that: The Valuation and Valuation Report will be undertaken in accordance with the appropriate sections of the current edition of the RICS Valuation – Global Standards which incorporate the International Valuation Standards ("IVS") and the RICS UK national supplement (the "RICS Red Book"). In this context "current edition" means the version in force at the Valuation Date.

The Valuation will be the responsibility of Tom Rigg MRICS, who is a member of the RICS Valuer Registration Scheme and is in a position to provide an objective and unbiased Valuation. The Valuation will be undertaken by a suitably qualified valuer, or valuers, who has or have the knowledge, skills and understanding to undertake the Valuation competently and who will act as "External Valuer(s) " (as defined in the RICS Red Book) qualified for the Purpose of Valuation.

C&W does not (and any affiliates of C&W do not) act as external valuers as defined under the Alternative Investment Fund Manager's Directive ("AIFMD") legislation, or its equivalent under local law. C&W expressly disclaims any responsibility or obligations under AIFMD and/or its equivalent unless expressly agreed in writing in advance by C&W.

Version 3.2 – April 2021 Page | 3 7.1 C&W has had no previous, recent or current involvement with the Properties and C&W does not anticipate any future fee earning relationship with the Properties . Therefore, C&W does not consider that any conflict arises in preparing the Valuation requested.

7.2 The proposed Valuation is a "Regulated Purpose Valuation" (as defined in RICS UK national supplement ("UKNS") UK VPS 3. C&W confirms that the Properties do not include any interests which have been acquired by the Client within the 12 months preceding the Valuation Date and in respect of which C&W has either received an introductory fee or negotiated that purchase on behalf of the Client.

In accordance with the provisions of UK VPS 3.1, in terms of any future acquisitions, C&W would be unable to undertake a valuation of a property acquired by a C&W client within the twelve months preceding the Valuation Date if, in relation to that property, C&W received an introductory fee or negotiated the purchase on behalf of that client unless another firm, unconnected with C&W, has provided a valuation of that property for the client at the time of or since the transaction was agreed. In accordance with PS 2.5 of the RICS Red Book and UK VPS 3, the Valuation Report will set out the length of time Tom Rigg MRICS has been the signatory to valuations provided to the Client for the same purpose as the Valuation Report, the length of time C&W has continuously been carrying out that valuation instruction for the Client, the extent and duration of C&W's relationship with the Client and the proportion of C&W's total fee income made up by the fees payable by the Client (to the nearest five percentage points). C&W will require these disclosures to be made in any published references to the Valuation Report.

C&W must seek to ensure there will be no potential conflicts of interest arising not only from C&W's involvement with the Properties and with the Client but also any related parties to the Client. Accordingly, the Client must advise C&W of any relevant parties connect to the Client's organisation.

In accordance with PS 2 5 of the RICS Red Book, C&W confirm our policy on rotation of the valuer accepting responsibility for Regulated Purpose Valuations and a statement of the quality control procedures that C&W has in place, as follows:

"C&W endorses the RICS view that it is good practice to rotate the valuer responsible for Regulated Purpose Valuations at intervals of not more than seven years, unless there are overriding circumstances to the contrary. C&W discusses the method of rotation of the signatory to Regulated Purpose Valuation reports with its clients.

C&W operates internal quality control procedures throughout its valuation practice including a system whereby the valuation of property meeting certain criteria requires the approval of an internal Value Committee."

8 Fees and Expenses

C&W's Fee for undertaking the Services is £40,000.

The Fee excludes VAT which will also be payable pursuant to Clause 3 of the Terms of Business. The Fee includes the provision of the copies of the Valuation Report referred to under 'Scope of Services'. Where additional hard copies are required, a charge may be made reflecting the time spent and costs incurred.

C&W's invoice will be addressed to the Client. If C&W is requested to re-address an invoice after it has been issued, C&W reserves the right to make an administrative charge.

Invoices for Fees and, where appropriate, expenses shall be issued upon completion of the Valuation Report.

Where C&W undertakes to read reports prepared by third parties as part of the Engagement (such as Reports on Title or Structural Surveys), if these reports are provided some time after C&W has submitted

Version 3.2 – April 2021 Page | 4 the Valuation Report, and C&W is required to review and/or change the Valuation and/or advice in the light of the contents of any such reports, C&W reserves the right to charge an additional fee appropriate in relation to the time involved.

In the event that C&W agrees to re-address the Valuation Report to another party or other parties or permit reliance upon it by another party or other parties, C&W reserves the right to charge additional fees appropriate to the additional work involved and any extension of C&W's liability.

9 Special and Additional Terms

9.1 COVID-19 – Material Valuation Uncertainty

In respect of Properties, as at the valuation date we continue to be faced with an unprecedented set of circumstances caused by COVID-19 and an absence of relevant/sufficient market evidence on which to base our judgements. Our valuation of these Properties are therefore reported as being subject to ‘material valuation uncertainty’ as set out in VPS 3 and VPGA 10 of the RICS Valuation – Global Standards. Consequently, in respect of these valuations less certainty – and a higher degree of caution – should be attached to our valuation than would normally be the case.

For the avoidance of doubt this explanatory note, including the ‘material valuation uncertainty’ declaration, does not mean that the valuation cannot be relied upon. Rather, this explanatory note has been included to ensure transparency and to provide further insight as to the market context under which the valuation opinion was prepared. In recognition of the potential for market conditions to move rapidly in response to changes in the control or future spread of COVID-19 we highlight the importance of the valuation date.

9.2 Use of Valuation Report

The Valuation Report may be used only for the Purpose of Valuation referred to in item (b) of 'Client Instructions' in this Services Schedule.

9.3 Areas

Where C&W measures and calculates the floor areas, measurement will be in accordance with the current edition of the RICS Professional Statement RICS Property Measurement.

The areas C&W report will be appropriate for the Purpose of the Valuation but should not be relied upon for any other purpose.

9.4 Group of Properties / Lotting

Unless C&W has confirmed otherwise in this Services Schedule, each property will be valued individually; in the case of a portfolio, C&W will assume that each of the properties would be marketed in an orderly way and not placed on the market at the same time.

9.5 Limitations

The Client should be made aware of the following limitations (the “Limitations”):

 The Properties will not be re-inspected for the purpose of this valuation. A valuation without re- inspection could have an impact on the accuracy of the valuation reported if, at a later date, matters are discovered that would have been revealed by an inspection.

Version 3.2 – April 2021 Page | 5 9.6 Limitation of Liability

The cap on C&W's liability in Clause 11.3 of the Terms of Business shall not apply to the Valuation. C&W's total aggregate liability arising under or in connection with this Engagement or any breach or non- performance no matter how fundamental (including by reason of negligence or breach of statutory duty) in contract, tort or otherwise, to the Client and any other party entitled to rely on the Valuation Report shall be limited in all circumstances to a sum not exceeding the lesser of £25,000,000 or 25% of the Market Value of the Properties.

Where more than one value basis is adopted, the Market Value of the Properties shall be the Market Value without Special Assumptions; or, if this basis is not included in the Valuation Report, the Value basis most similar to the Market Value without Special Assumptions.

Where the Services relate to more than one property, C&W's maximum liability in respect of an individual property shall be in the same proportion to the total aggregate liability as such individual property's reported value is to the aggregate reported value.

In the event C&W provides an update to the Valuation Report (“Update Report”), the Update Report, unless otherwise set out in the terms governing the Update Report, is subject to the same original instructions, assumptions and limitations that apply to this Valuation Report and C&W’s aggregate limit of liability set out in this Engagement shall apply in aggregate to this Valuation Report and to the Update Report.

9.7 Disclosure

The Valuation is based on the Limitations. On this basis, publication or disclosure of the Valuation Report or advice provided under these Services is prohibited.

Clause 8 of the Terms of Business states that the provision of the services is for the Client's benefit only. If C&W is subsequently asked to extend responsibility to other parties, then there will be an additional fee payable, to be agreed, to cover C&W's additional time costs, indemnity and insurance liabilities subject to a minimum of £500, plus VAT.

9.8 Age of Building

If C&W states the age of a building in the Valuation Report, this will be an estimate and for guidance only.

9.9 Condition of Structure, Foundations, Soil & Services

It is a condition of C&W or any related entity, or any qualified employee, providing advice and opinions as to value, that the Client and/or third parties (whether notified to C&W or not) accept that the Valuation Report in no way relates to, or gives warranties as to, the condition of the structure, foundations, soil and services.

9.10 Plant & Machinery

No allowance will be made by C&W for any items of plant or machinery not forming part of the service installations of the building(s). C&W will specifically exclude all items of plant, machinery and equipment installed wholly or primarily in connection with any of the occupants' businesses. C&W will also exclude furniture and furnishings, fixtures, fittings, vehicles, stock and loose tools, except where such items would ordinarily transfer to a prospective purchaser in the sale of a trading business as a going concern.

Version 3.2 – April 2021 Page | 6 9.11 Goodwill

No account will be taken by C&W in the Valuation of any business goodwill that may arise from the present occupation of the Properties, except where such business goodwill (excluding any personal goodwill) would ordinarily transfer to a prospective purchaser in the sale of a trading business as a going concern.

9.12 Statutory Requirements & Planning

Please note the fact that employees of town planning departments now always give information on the basis that it should not be relied upon and that formal searches should be made if more certain information is required. Where a Client needs to rely upon the information given about town planning matters, the Client's legal advisers must be instructed to institute such formal searches. C&W recommends that the Client requests C&W to review its comments and Valuation in light of any resultant findings.

9.13 Defective Premises Act 1972

No allowance will be made by C&W for rights, obligations or liabilities arising under the Defective Premises Act 1972.

9.14 Legal Issues

Legal issues, and in particular the interpretation of matters relating to title and leases, may have a significant bearing on the value of an interest in property. No responsibility or liability will be accepted by C&W for the true interpretation of the legal position of the Client or any other parties in respect of the Valuation. Where C&W expresses an opinion on legal issues affecting the Valuation, then such opinion is subject to verification by the Client with a suitable qualified legal adviser.

9.15 Deduction of Notional Purchaser's Costs

The opinion of value which C&W will attribute to the Properties will be the figure C&W considers would appear in a contract for sale, subject to the appropriate assumptions for the Basis of Value reported. Costs associated with the transaction, including any taxes, legal fees and other expenses, would be payable by the purchaser in addition to the figure reported.

Furthermore, the Client's attention is drawn to the fact that when assessing Fair Value – IFRS, for balance sheet purposes, C&W will not include directly attributable acquisition or disposal costs in the Valuation. Where C&W is requested to reflect these costs, they will be stated separately.

9.16 Taxation & Disposal Costs

No adjustment will be made by C&W to reflect any liability to taxation that may arise on disposal, or development of the Properties nor for any costs associated with disposal incurred by the owner. Furthermore, no allowance will be made by C&W to reflect any liability to repay any government or other grants, taxation allowance or lottery funding that may arise on disposal.

C&W's valuation figure for the Properties will be that receivable by a willing seller excluding VAT, if applicable.

9.17 Monitoring

The compliance of the valuations undertaken in accordance with the RICS Red Book may be subject to monitoring by the RICS under its conduct and disciplinary regulations.

Version 3.2 – April 2021 Page | 7 9.18 Valuation Components

The components of C&W's valuation calculations (such as future rental values, cost allowances, or void periods) may only be appropriate as part of the valuation calculations and should not be taken as a forecast or prediction of a future outcome. The Client should not rely on any component of the valuation calculations for any other purpose.

10 Assumptions

The RICS Red Book contains a glossary that defines various terms used in the RICS Red Book that have a special or restricted meaning. One such term is an assumption which is defined as "A supposition taken to be true" ("Assumption"). Accordingly in this context, C&W will make certain Assumptions in relation to facts, conditions or situations affecting the subject of, or approach to, the Valuation that C&W will not verify as part of the valuation process but rather, in accordance with the definition in the RICS Red Book, will treat as true because it is agreed that specific investigation by C&W is not required. In the event that any of these Assumptions prove to be incorrect then the Valuation will need to be reviewed.

10.1 Confirmation of Assumptions

The Client's counter-signature of the Engagement Letter represents confirmation that all of the Assumptions, referenced within the Assumptions section, are correct.

The Client must promptly notify C&W in writing if any of the Assumptions are incorrect. Should any amendment to the Assumptions set out in the Services Schedule result in an increase in the scope of the Engagement this may result in an appropriate increase in C&W's Fees and expenses due under the Engagement.

Where the Properties are subject to a revaluation without re-inspection, unless the Client advises C&W in writing in advance, C&W will make an Assumption that no material changes to the physical attributes of the Properties and the areas in which the Properties are situated have occurred since the Properties were last inspected by C&W.

10.2 Areas

Where C&W is provided with floor areas, C&W will make an Assumption that the areas have been measured and calculated in accordance with the current edition of RICS Professional Statement RICS Property Measurement.

10.3 Tenancies and Leasing

C&W's opinion of the Market Value or Fair Value will be subject to existing leases of which the Client or its advisors have made C&W aware but otherwise will reflect an Assumption of vacant possession. Where C&W has undertaken to read the leases and related documents provided to it, C&W will make an Assumption that copies of all relevant documents will be sent to C&W and that they are complete and up to date.

Where C&W relies on tenancy and lease information provided to it, unless such information reveals otherwise, C&W will make the Assumption that all occupational leases are on full repairing and insuring terms, with no unusual or onerous provisions or covenants that would affect value.

C&W will make an Assumption that vacant possession can be given of all accommodation which is unlet or occupied by the entity or its employees on service tenancies. C&W will not take account of any leases between subsidiaries unless C&W states otherwise in the Services Schedule.

Version 3.2 – April 2021 Page | 8 C&W will not undertake investigations into the financial strength of any tenants unless otherwise referred to in the Valuation Report. Unless C&W has become aware by general knowledge, or has been specifically advised to the contrary, C&W will make an Assumption that:

a. where Properties are occupied under leases then the tenants are financially in a position to meet their obligations, and

b. there are no material arrears of rent or service charges, breaches of covenant, current or anticipated tenant disputes.

However, the Valuation will reflect a potential purchaser's likely opinion of the credit worthiness of the type of tenants actually in occupation or responsible for meeting lease commitments, or likely to be in occupation.

C&W will take into account any information the Client or its advisors provide concerning tenants' improvements. Otherwise, if the extent of tenants' alterations or improvements cannot be confirmed, C&W will make an Assumption that the Properties were let with all alterations and improvements evident during C&W's inspection (or, in the case of a Valuation without internal inspection, as described within the information provided by the Client).

C&W will also make an Assumption that wherever rent reviews or lease renewals are pending or impending, with anticipated reversionary changes, all notices have been served validly within the appropriate time limits.

10.4 Environmental Matters

If C&W's enquiries or any reports supplied to C&W indicate the existence of environmental problems without providing method statements and costings for remedial works, then C&W may not be able to issue a Valuation Report except on the Special Assumption that the Properties are assumed NOT to be affected by such environmental matters. In certain circumstances, the making of such a Special Assumption may be unrealistic and may be a Departure from the requirements of the RICS Red Book. In these circumstances, the Valuation Report may include a recommendation that an investigation should be undertaken to quantify the costs and that subsequently the Valuation should be reviewed.

Where C&W's enquiries lead C&W to believe that the Properties are unaffected by contamination or other adverse environmental problems, including but not limited to the risk of flooding, mining or quarrying, radon gas, and the proximity of high voltage electrical equipment then, unless the Client instructs C&W otherwise, the Valuation will be based on an Assumption that no contamination or other adverse environmental matters exist in relation to the Properties sufficient to affect value.

If the Properties lie within or close to a flood plain, or have a history of flooding, C&W will make the Assumption that building insurance is in place and available to be renewed to the current or any subsequent owner of the Properties, without payment of an excessive premium or excess.

In the absence of any information to the contrary, C&W will make the assumption that invasive species such as Japanese Knotweed are not present at the Properties.

Depending on the nature of the investigations made and the information revealed, the Valuation Report may include a statement that, in practice, a purchaser might undertake further investigations and that if these revealed contamination or other adverse environmental problems, then this might reduce the value reported.

10.5 Mineral Rights

C&W will make an Assumption that any mineral rights are excluded from the Properties.

Version 3.2 – April 2021 Page | 9 10.6 Title

Save as disclosed either in any Certificate of Title or unless specifically advised to the contrary by the Client or its legal advisers and as referred to in the Valuation Report, C&W will make the Assumption that there is good and marketable title in all cases and that the Properties are free from rights of way or easements, restrictive covenants, disputes or onerous or unusual outgoings. C&W will also make an assumption that the Properties are free from mortgages, charges or other encumbrances. If verification of the accuracy of any site plans contained in the Valuation Report is required, the matter must be referred to the Client's legal advisers.

C&W will make the Assumption that roads and sewers serving the Properties have been adopted and that the Properties have all necessary rights of access over common estate roads, paths, corridors and stairways, and rights to use common parking areas, loading areas and other facilities.

10.7 Condition of Structure and Services, Deleterious Materials and Ground Conditions

Due regard will be paid by C&W to the apparent general state of repair and condition of the Properties, but a condition or structural survey will not be undertaken, nor will woodwork or other parts of the structure which are covered, unexposed or inaccessible, be inspected. Therefore, C&W will be unable to report that the Properties are structurally sound or are free from any defects. C&W will make an Assumption that the Properties are free from any rot, infestation, adverse toxic chemical treatments, and structural, design or any other defects other than such as may be mentioned in the Valuation Report.

The current versions of the BRE publication “List of excluded materials – a change in practice” and British Council for Offices publication “Good Practice in the Selection of Construction Materials” make recommendations for good building practice and whether construction materials are considered to be deleterious, hazardous or harmful ("Prohibited Materials"). C&W will not arrange for investigations to be made to determine whether any Prohibited Materials have been used in the construction or any alterations of the Properties. C&W will not be able to confirm that the Properties are free from risk to health and safety or the fitness for purpose (suitability and durability) of any construction works, nor will C&W be able to confirm that the nature or application of any materials do not contravene any relevant British Standard or EU equivalent. For the purposes of the Valuation, C&W will make an Assumption that the Properties have been constructed in accordance with good building practice and any investigation of the Properties by a Chartered Building Surveyor would not reveal the presence of Prohibited Materials in any adverse condition.

C&W will not carry out an asbestos inspection and will not act as an asbestos inspector in completing the valuation inspection of Properties that may fall within the Control of the Asbestos at Work Regulations 2012. C&W will not make an enquiry of the duty holder (as defined in the Control of Asbestos of Work Regulations 2012), of an existence of an Asbestos Register or of any plan for the management of asbestos to be made. Where relevant, C&W will make an Assumption that there is a duty holder, as defined in the Control of Asbestos of Work Regulations 2012 and that a Register of Asbestos and Effective Management Plan is in place, which does not require any immediate expenditure, or pose a significant risk to health, or breach the HSE regulations. C&W recommends that such enquiries be undertaken by the Client's legal advisers during normal pre-contract or pre-loan enquiries.

C&W will consider any existing reports or documents relating to the presence of Prohibited Materials besides asbestos providing that these are made available. C&W will offer an opinion as to the adequacy and scope of such documents or reports but will not be able to verify their findings or give specific advice as this falls outside our scope of expertise. Such tasks will fall within the remit of the Client appointed relevant specialists.

Version 3.2 – April 2021 Page | 10 No mining, geological or other investigations will be undertaken by C&W to certify that the sites are free from any defect as to foundations. C&W will make an Assumption that all buildings have been constructed having appropriate regard to existing ground conditions or that these would have no unusual or adverse effect on building costs, property values or viability of any development or existing buildings.

C&W will make the Assumptions that there are no services on, or crossing the site in a position which would inhibit development or make it unduly expensive, and that the site has no archaeological significance, which might adversely affect the present or future occupation, development or value of the Properties.

No tests will be carried out by C&W as to electrical, electronic, heating, plant and machinery equipment or any other services nor will the drains be tested. However, C&W will make an Assumption that all building services (including, but not limited to lifts, electrical, electronic, gas, plumbing, heating, drainage, sprinklers, ventilation, air conditioning and security systems) and property services (such as incoming mains, waste, drains, utility supplies etc.) are in good working order and without any defect whatsoever.

10.8 Statutory Requirements and Planning

Save as disclosed in a Certificate of Title, or unless otherwise advised, C&W shall make the Assumption that all of the buildings have been constructed in full compliance with valid town planning and building regulations approvals and that where necessary, they have the benefit of current Fire Risk Assessments compliant with the requirements of the Regulatory Reform (Fire Safety) Order 2005. Similarly, C&W shall also make the Assumption that the Properties are not subject to any outstanding statutory notices as to construction, use or occupation and that all existing uses of the Properties are duly authorised or established and that no adverse planning conditions or restrictions apply.

C&W shall make the Assumption that the Properties comply with all relevant statutory requirements.

Energy Performance Certificates ("EPC") must be made available for all properties, when bought or sold, subject to certain exemptions. If the Properties are not exempt from the requirements of this Directive C&W shall make an Assumption that an EPC is made available, free of charge, to a purchaser of all the interests which are the subject of the Valuation.

In addition, in England and Wales the Minimum Energy Efficiency Standards Regulations are effective from 1 April 2018. The regulations prohibit the granting of a new tenancy or lease renewal of privately rented residential or business premises which do not have an EPC rating of 'E' or above. C&W will ask the Client or its advisors for information relating to the EPC ratings of the Properties if the Properties are not exempt from these requirements. In any instance where C&W is not provided with an up to date EPC rating C&W will make the Assumption that the Properties meet the minimum requirements to enable them to be let.

In Scotland, the Energy Performance of Non-Domestic Buildings (Scotland) Regulation 2016 (the "Regulation") requires that qualifying properties have an energy assessment completed and an action plan prepared prior to sale or leasing. If the Properties are not exempt from the requirements of the Regulation C&W shall make an Assumption that an energy assessment and action plan is made available, free of charge, to a purchaser of the interests which are the subject of the Valuation and that there is no capital expenditure required in order to comply with the requirements of the Regulation.

In any instance where C&W is to value Properties with the benefit of a recently granted planning consent, or on the Special Assumption that planning consent is granted, C&W will make an Assumption that it will not be challenged under Judicial Review. Such a challenge can be brought by anyone (even those with only a tenuous connection with the Properties, or the area in which they are located) within a period of three months of the granting of a planning consent. When a planning consent is granted subject to a Section 106 Agreement, the three-month period commences when the Section 106 Agreement is signed by all parties.

Version 3.2 – April 2021 Page | 11 If a planning consent is subject to Judicial Review, the Client must inform C&W and request C&W to reconsider its opinion of value. Advice would be required from the Client's legal advisers and a town planner, to obtain their opinion of the potential outcomes of such a Judicial Review, which C&W will reflect in its reconsideration of value.

10.9 Information

Notwithstanding the Terms of Business, C&W will make an Assumption that the information provided by the Client and/or its professional advisers in respect of the Properties to be valued is both full and correct. C&W will make an Assumption that details of all matters relevant to value within their collective knowledge, including but not limited to matters such as prospective lettings, rent reviews, outstanding requirements under legislation and planning decisions, have been made available to it, and that such information is up to date.

If the Valuation is required for the purpose of purchase, loan security or other financial transaction, the Client accepts that full investigation of the legal title and any leases is the responsibility of its legal advisers.

Where comparable evidence is included in the Valuation Report, this information is often based on C&W's verbal enquiries and its accuracy cannot always be assured or may be subject to undertakings as to confidentiality. However, such information would only be referred to where C&W had reason to believe its general accuracy or where it was in accordance with expectation. It is unlikely that C&W will have inspected comparable properties.

11 Information requested from Client ***IF ANSWERED (Purpose of Valuation SS) AND Purpose of Valuation SS = "Transaction Secured Lending" OR Information Required from Client MS != ["All information already requested/provided by Client"]***

Version 3.2 – April 2021 Page | 12 Appendix 1 - Property Schedule

PROPERTY INTEREST PROPERTY TYPE

Version 3.2 – April 2021 Page | 13 Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

APPENDIX B: PORTFOLIO OVERVIEW

Summary of Properties

85 motor dealership Portfolio breakdown properties VW branded 37 No 44% VW CV branded: 7 No 8% Audi branded 15 No 18% Seat branded: 9 No 11% Skoda branded: 7 No 8% Used car sales 2 No 2% Other Non-VAG branded: 7 No 8% Service only workshop: 1 No 1%

Unoccupied 0 0%

Portfolio Changes We have made specific enquiries of you in respect of the investment portfolio concerning changes to the individual properties and their locations, changes in tenure or breaches to the leases, changes to the unoccupied properties or changes in franchise. You have confirmed that there are none to your knowledge in all cases.

Tenure 71 freehold 11 long leasehold 3 freehold/part leasehold

Lease Summary The properties are each held under a standard lease. The original lease is dated 28 October 2003 and was subject to a Deed of Amendment dated 8 April 2004 and a rent review memorandum which further amended the rent review terms. The terms of the varied lease are summarised below.

Tenant Volkswagen Group UK Limited

Term 25 years from 28 October 2003 (7 years 4 months remaining at valuation date)

Repairs Full Tenant Repairing Lease

Insurance Tenant to insure in joint names

Passing Rent £30,731,075 with effect from 27 October 2020

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Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

Rent Review Annual increases at RPI cap and collar at 5% and 1.5% with effect from 28 October of each year. RPI reference month is June of each year. Tenant pays all head rents direct (11no. Long Leaseholds)

Alterations Written details to be provided to the Landlord within 3 months of completion. But not permitted if they adversely affect value of LL’s interest or cause adverse tax consequences for the Landlord.

Planning Applications Tenant to provide prior notice and detail to Landlord

Permitted use Motor dealership only

Assignment Landlord prior written consent, not to be unreasonably withheld, other than if sufficient net worth and no less investment grade.

Underletting Whole or part permitted but only outside the renewal protection provisions of LL&T Act 1954 subject to conditions to include the rent should be no less than market rent.

Fixed rent event Tenant Covenant - in the case the net asset value of the tenant covenant falls below £400m by reason of re-structuring or the Tenant ceases to be the importer of VW cars or within the VW Group UK Ltd– then the Landlord entitled to compensation for loss in value due to covenant decline. Formula in lease.

Head Lease rents Tenant to pay all head rents.

Master Property Agreement – Dated 8 April 2004

Rights of Substitution VW only – strict conditions apply

T lease extension VW only. Tenant notice prior to 8 April 2025 (3 years 6 months prior option: to lease expiry). All leases (85 properties) only. Additional term 10, 15 or 20 years to be specified in notice. VW have window to cancel/revoke option to extend between 18 and 12 months from lease expiry. Option extends lease on exactly the same terms i.e. Rent and Review provisions.

Tenant Assignment: Reasonable for Landlord to withhold consent unless tenant meets minimum investment grade ratings criteria or unless net worth £750m plus RPI. Very restrictive.

VW has right to purchase reversionary interest in all the properties only at expiry. Completion on date of expiry. One buyer, owner’s costs to be paid.

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Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

Tenant notice not less than 12 months from expiry (27 Oct 2028) Price is dictated by valuation at Landlord’s appointment, care of duty to Tenant. Existing use value of asset portfolio as at expiry of term plus 50% of overage between this and the VP value accounting for development potential, subject to conditions. VP value accounts for potential uplift in value, for alternative use. Note: There is high risk here for the Tenant on such a high value asset.

VW collapse Option VW has right at any time to acquire the reversionary interests of the Landlord in all leases only. VW provides Landlord indemnity against any tenant liabilities arising from collapse. Price is higher of 1. Market Value and 2. Base Value. Note: Base value is defined by formula and was assessed by the Company in 2017 at £502 million which is in excess of Market Value.

Landlord collapse Landlord can require VW to purchase if they cease to be importer option of VW cars. Price is greater of MV at notice date or Base property value. VW indemnity on Landlord tax position.

Landlord’s covenants Landlord covenants not to:

1. Acquire new property into the portfolio. 2. Dispose of any prop (in whole or part) which forms part of the Asset Portfolio. 3. Grant any options to purchase or pre-emption rights over any of properties. 4. Create any superior or over riding leases. 5. Create any interest or restriction which would/could inhibit their use.

Industry commentary and occupier market The Automobile Occupational Market Overall car registrations for 2020 were down -29.4% year on year having been severely impacted by the global pandemic. The most recent figures (June) show a marked improvement, largely as a result of the first national lockdown being implemented in March 2020. However, the 2020 figures represented the lowest level of vehicle registrations since 1992. In addition battery and plug-in hybrid electric cars accounted for >10% of all new vehicle sales in 2020 The COVID-19 pandemic has had a severe impact on consumer behaviour and the strictures brought about under lockdown. There were significant impacts on the bottom line of many automotive retail businesses in 2020, but a number reported a much improved second half of the

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Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

year, in part helped by the later release of pent up demand during lockdown, and where click and collect procedures had been successfully introduced. Indeed Pendragon, one of the largest dealer groups, managed to deliver a year-on-year rise in underlying profit of 569.6% - from last year’s £2.3m loss – in the three-month period to March 31, in part helped through online and ‘omni-channel’ sales strategies. The impact of the COVID pandemic may see an acceleration of an ongoing trend in recent years for manufacturers to rationalise their networks towards a more sustainable number of outlets, in a bid to improve profitability for their dealer partners. Whilst this is likely to stimulate improved performance for those that remain, it does suggest a higher volume of automotive real estate will be brought to the market, particularly poorly performing franchises (relative to the wider market) and those in peripheral market locations. Availability levels have increased in recent months, with former Ford and Vauxhall sites being particularly evident. From a manufacturer standpoint, there appears to be a retrenchment to core activities, notable examples include Mitsubishi phasing out new car sales and announcing it is pulling out of Europe to concentrate on markets with less stringent manufacturing standards, and manufacturer retail groups (notably Renault and Ford) disposing of high value or less strategic sites to repatriate funds to their holding companies. • British manufacturers made 920,928 cars in 2020, 29.3% down on 2019 and British engine manufacturing was at a level of 1.84m units, 27% down on 2019 according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). • 1.631 million new cars were registered in the UK in 2020, 29.4% down on 2019. 2020 continued the change away from diesels and the move to alternative fuels despite the manufacturers’ efforts in hugely reducing diesel emissions. The confused government policy in respect of diesel and emissions, the uncertainty in the economy with the continuing Brexit and political position continues to impact both the manufacturing and retail motor industry sectors. • Dealership standards continually improve with more exacting corporate identity demands from manufacturers. This has pushed up development costs resulting in challenging overheads for lesser volume brands. New dealership development is very much driven by a small number of manufacturers’ requirements at any single point in time, most recently the major driver has been JLR (Jaguar Land Rover), previously it has included Audi and BMW and is normally the prestige brands. In many cases these new buildings have taken relocations of existing dealership franchises and have consequently released the original dealership buildings to emerging franchises or indeed redevelopment. The market for quality dealership buildings is robust. • Overall car registrations are up 28.0% year on year on the June 2020 registrations. In terms of car registrations for the subject franchise manufacturers year to date, recognised industry analysts have recently reported the following year to date registrations:

Year to date car % Market share % Change on year registrations

Volkswagen 85,409 9.39% 44.93%

Skoda 32,906 3.62% 42.38%

SEAT 26,080 2.87% 28.68%

Audi 67,842 7.46% 67.90%

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Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

SMMT forecasts for 2021 and 2022 – as at April 2021 2021 • Cars registrations at 1.859 million, up 13.9% on the 2020 total • Diesel car volume of 0.323 million, up marginally 0.2% on 2020 and taking a 17.4% market share. • BEV registrations to rise by 52.3%, pushing its market share up to 8.9%. • PHEV registrations to increase by 75.4%, taking its market share to 6.3%. • HEV registrations to rise by 47.5%, with market share of 8.7%. • LCV registrations at 0.369 million, expected to rise by 26.2% on the 2020 total. 2022 • Cars registrations at 2.124 million, are predicted to increase by 14.3% on 2021 outlook. • Diesel car volume of 0.307 million, down -5.0% on 2021 with a 14.5% market share. • BEV registrations to rise by 51.9% on 2021 outlook, increasing its market share to 11.8%. • PHEV registrations to rise 34.6% on 2021 outlook, pushing its market share up to 7.5%. • HEV registrations to increase 33.8% on 2021 outlook, with market share of 10.2%. • LCV registrations at 0.365 million, are expected to fall by -1.2% on 2021 outlook. Automotive Investment Market • Despite Brexit, COVID-19 and substantial technological change, the automotive sector continues to see new investment into new and used car dealerships. They also continue to attract property investors with property companies, high net worth individuals and overseas investors all showing interest in relatively equal measure. • The market is relatively liquid averaging £500 million in investment per annum over the last five years. Automotive asset yields have moved in tandem with average commercial property yields, but offering an additional 30 bps of yield. • In a COVID-19 impaired 2020, motor trade yields and prices have followed trend, although the Ark Data Centres purchase of a Renault showroom for £39 million has distorted the data. • Nevertheless, the deal itself illustrates that many motor trade assets have alternative uses, in this case as a location specific high-tech data centre. In 2020, car showrooms, which remain in the direct line of the pandemic’s fire, continued to attract interest. Yields have ranged from 5.49% for an Audi dealership (dealer covenant) in Cheltenham, to 7.13% for Mercedes Benz Northampton (dealer covenant again) with 6 years to expiry. Years remaining on the associated leases range from 6 to 15 years, underscoring the long income leases, often RPI linked with collars and caps, that are characteristic of the sector.

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Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

Valuation considerations Location • The 85 dealership properties are generally well located in recognised dealership locations or close to other out of town retail uses with good identity and access. In terms of any dealership location these factors are important.

Building design / condition / suitability • All the properties have been held on a lease for approximately 18 years and accordingly their original design is commensurate with their age. However, the properties are all of an originally high specification and with ongoing upgrading of showroom and fascia elements, to align with the regularly changing requirements of the manufacturers, they have and continue to provide a very high quality and modern image for the occupying business. • Fundamentally, the buildings are currently suitable for the franchise and the design and layout would be adaptable to other manufacturers’ requirements subject to showroom fit out and bespoke fascia treatments. Whilst the franchises have changed in a number of properties the flexibility to adapt to other franchises within the VAG Group has proved to work. • We noted that whilst there were the normally accepted ongoing repair and decoration issues associated with dealerships’ normal occupation and use the properties were all well-presented and fully operational.

Tenure, Lease and Master Property Agreement • 71 properties are freehold and 11 are held on long leases. The occupational Lease provides that the tenant pays all rents under any head leases, this is accounted for in our ERVs which are provided on a gross basis for comparison with the passing rents.

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Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

• The Leases are in the same format for each of the 85 properties. They are granted outside the tenant renewal protection provisions of the LL&T Act 1954. They are on tenant full repairing and insuring terms with 7 years and 4 months remaining to expiry. The assignment provisions are restrictive and would technically require an improved covenant for which there are very limited options. Subletting is permitted subject to conditions. Alterations are permitted subject to conditions. The permitted user is motor dealership only. The rent has annual reviews at RPI subject to a collar and cap at 1.5% and 5%. • The portfolio is subject to a Master Property Agreement (MPA) which applies to all 85 properties and introduces a number of restrictions as set out above and has an impact which has to be taken into account in valuation. The provisions of the MPA are complicated and it is poorly drafted. In most aspects it steers in the Landlord’s favour. However, the VW Buyback Option is the most concerning provision from the Landlords point of view. • The VW Buyback Option provides that the Tenant, with more than 12 months prior irrevocable notice, may purchase the reversionary interest with completion on the expiry date. The valuation basis can be summarised as the market value for the permitted use on the expiry date accounting for the terms of the lease, plus 50% of the difference between this figure and the vacant possession value which accounts for development potential but subject to conditions. The practicalities of the provisions are less than straightforward, and we have considered the issues on a timeline basis: • VW can protect their continued occupation, beyond expiry by giving notice to extend, all leases only, prior to 8 April 2025 (3 years 6 months prior to lease expiry). VW can revoke this notice between 18 and 12 months from expiry. Our understanding of this Tenant option is that the final rent will continue into the extended lease as will all terms including the rent review provisions, In the case that the properties are over rented as they are now this option will be to the Landlord rather than Tenant’s commercial benefit. • The VW Buyback Notice has to be given prior to 12 months from expiry and is irrevocable, it will therefore, when served, automatically revoke the lease extension option. • There is no facility by which VW can set the price before issuing the irrevocable notice. We consider that most large corporates would not favour entering such a high value transaction without certainty on price. • The consideration is to be set by a valuation prepared by an experienced reputable firm of valuers as Chamoss may from time to time appoint. Whilst a duty of care will be held to VW, Chamoss will have the dialogue and input to ensure all factors are considered correctly. • There is no obligation for Chamoss to obtain a valuation prior to the notice being received and as completion is at lease expiry this will be the date of valuation. Accordingly, Chamoss may not wish to receive the final valuation too far in advance. • The lease extension and Buyback options are on the whole portfolio only, the corporate would most likely seek some flexibility on the portfolio content. Not all buildings and locations will be required, and surplus property disposal will not be to VW’s favour. • There is the possibility that VW could involve a third party to take some of the risk associated with the Buyback Option. This would mean VW could fix its cost however the same risks and potential overall costs will prevail and the price for this certainty would be high.

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Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

High value alternative use potential

• A number of dealerships within the 85-dealership portfolio have been identified as having a potentially higher alternative use value. In particular the VW and Audi Dealerships in Hampstead would have a significant value upside for redevelopment which Chamoss will be encouraged to secure at or prior to lease expiry. In this location it would be extremely difficult to find an alternative dealership site and consequently a combined dealership/high rise development option may be a possible solution. Chamoss will certainly seek to protect this potential upside in revenue with or without the Buyback option being taken and will have to ensure the correct planning consents are in place during the term, as it will for other identified properties in the larger portfolio.

Covenant and income security • The current tenant offers a 5A2 covenant and is considered undoubted investment grade with a net asset Value in excess of £730million. • The lease has 7 years and 4 months remaining at valuation date with a VW option to extend the leases on all properties only. • The passing rent is in excess of the Estimated Rental Value as set out in the rental schedule in Section 13 below. This is partly be due to the RPI rent reviews outperforming actual market rental growth over the term to date. • The rent reviews are upward only annually to RPI collared and capped at 1.5% and 5% respectively. The RPI forecast graph below shows the forecasted Retail Price Index (RPI) inflation in the United Kingdom (UK). The current RPI rate is around 3.9%, having dipped as low as 1.5% in the preceding 12 months. The Index is expected to fluctuate throughout the entire period and by 2025, however it is expected to average out to around 3% for the period.

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Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

Asset Management opportunities • With the portfolio currently fully let with an unexpired term of 7 years 4 months, at date of valuation, there are few asset management opportunities. However, as the term moves into its final years it will be in VW’s interests to enter into dialogue with Chamoss, this will be driven by a number of corporate factors at the very least. • The 85 properties represent a large proportion of the VAG retail franchise representation around the UK. It is extremely unlikely that VAG would allow such a holding to be dissolved at a single point in time. To replace these dealerships, in each location, within a reasonable time of the lease expiry date would be extremely difficult and require significant investment and manufacturer involvement. In most cases, to maintain the same presence, it would require new build dealerships, and this would be a huge and long term task for the corporate. • In conclusion, it will be in VW’s interests to enter early discussions with Chamoss to enable continued occupation and flexibility within the portfolio. We can see that they would be encouraged to start this process a good period before the notice deadline for the Buyback Option. Equally, Chamoss, depending on their commercial risk perspective, will be looking to secure and extract value. Generally, subject to financial security, the investor Landlord can be better placed, than the corporate occupier, to play this complex path. It may be that single property issues and agreements surface in the shorter term leading to a dialogue over the larger portfolio. • Chamoss have commissioned development consultancy reports on 8 properties within the larger portfolio, of these two dealerships which occupy a single large site fall within the subject portfolio. These are the VW and adjacent Audi dealerships in Hampstead. The report identifies that the potential redevelopment value may be between £40 and £50 million. This is a very valuable trading location and finding alternative premises will be extremely difficult. VW will not wish to lose this site and can protect their occupation by exercising the Lease Extension Option, but this is for all properties only. Clearly there will be pressure from both sides on this site and the parties will be encouraged to seek a more flexible agreement. • In the case that the property is offered to the market, inappropriate or poor marketing could well damage value and be irretrievable in remarketing.

Third party occupations of the properties

• During our original inspections we noted that almost all dealerships are occupied by appointed franchise dealers under the VAG brand. We have made enquiries of Chamoss and their managing agents and are advised that they have not been able to establish under what terms the occupations are made. We note from our own investigations that two properties, Grangemouth and Ipswich have been sublet for the remainder of the lease. Any sublease (granted) is required to exclude the tenant renewal provisions of the LL&T Act 1954, there is no information on the Land Registry and it is considered that the occupations are likely to be part of the franchise appointment and corporate operator agreements rather than leases. We note from our own investigations that two properties, Grangemouth and Ipswich have been sublet for the remainder of the lease and this is shown on the Land Registry.

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Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

Valuation methodology • In arriving at our valuation, as set out within Appendix E, we have considered the individual properties, their design, layout and suitability to their market. We have assessed the rental values on an individual property basis. We have considered the passing rents and compared these with our assessments of rental value. The Tenant pays all ground rents and our figures are therefore presented on a gross basis. • Our aggregate Estimated Rental Value is £21,285,000, the aggregate net passing rent is £30,731,072 per annum and overall the 85 properties are over rented by approximately 44%. The rents are subject to annual RPI increases with affect from 28 October and these are based on the June RPI assessment. We have reflected the projected June 2021 assessment and assumed a 3% RPI uplift on all future rent reviews for the purposes of calculating our equivalent yields. We have inspected and measured all properties and accounted for our floor areas in the assessment of our ERVs. • The passing rent and our estimated rental values, gross of head lease rents are set out below:

External ID Property 2021 Passing ERV 01 Hampstead VW £1,011,157 £620,000 02 Braehead Audi £1,217,756 £830,000 03 New Southgate VW £988,061 £770,000 04 Loughton VW £717,048 £880,000 05 Reading VW £699,077 £340,000 06 Finchley Audi £559,327 £360,000 07 Romford VW £671,866 £460,000 08 Leeds VW £673,545 £450,000 09 Guildford VW £609,802 £490,000 10 Poole VW CV £600,479 £370,000 11 Bristol VW £592,921 £390,000 12 St Albans VW £550,426 £390,000 13 Leeds Audi £618,452 £350,000 14 Nottingham VW £540,180 £350,000 15 Derby VW £534,805 £370,000 16 Hampstead Audi £453,929 £370,000 17 Otford VW £533,126 £460,000 18 Bromley VW £503,898 £310,000 19 Cardiff VW £497,852 £360,000 20 Former Reading Audi £476,016 £250,000 21 Guildford Audi £484,583 £355,000

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Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

22 Aberdeen VW £331,398 £220,000 23 Altrincham VW £431,589 £300,000 24 Amersham Audi £235,573 £150,000 25 Ashford VW £301,332 £200,000 26 Bath Audi £114,217 £90,000 27 Birmingham VW CV £277,144 £160,000 28 Bootle VW £435,032 £310,000 29 Bootle VW servicing £71,553 £50,000 30 Bradford Skoda £151,842 £120,000 31 Brighton VW £356,761 £210,000 32 Bristol Audi £327,535 £190,000 33 Chandlers Ford Audi £365,830 £260,000 34 Chester Peugeot £271,266 £170,000 35 Chesterfield VW £222,387 £150,000 36 Croydon Skoda £346,430 £170,000 37 Derby SEAT £178,212 £110,000 38 Durham VW £380,107 £240,000 39 Edinburgh VW £431,001 £250,000 40 Edinburgh VW CV £125,135 £90,000 41 Gloucester Honda £303,683 £200,000 42 Grangemouth former £233,137 £140,000 VW 43 Harold Wood Audi £240,023 £190,000 44 Hitchin Audi £272,778 £180,000 45 Huddersfield Seat £203,240 £130,000 46 Huddersfield Skoda £142,939 £150,000 47 Ipswich VW & VW CV £227,258 £200,000 48 Ipswich Former Audi £179,724 £150,000 49 Leicester Seat £186,442 £140,000 50 Leicester Skoda £154,865 £110,000 51 Leicester Audi £270,426 £200,000 52 Liverpool Seat £213,820 £140,000 53 Liverpool Skoda £146,299 £130,000 54 Manchester Audi £389,682 £320,000 55 Manchester VW CV £180,228 £110,000

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Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

56 Manchester VW £356,425 £230,000 57 Middlesbrough VW £304,235 £300,000 58 Middlesbrough VW CV £186,106 £140,000 59 Milton Keynes SEAT £154,697 £100,000 60 New Southgate VW £216,677 £100,000 CV 61 Newcastle Audi £235,153 £150,000 62 Northampton VW £337,276 £170,000 63 Northampton Audi £483,239 £390,000 64 Norwich VW £76,088 £50,000 65 Norwich VW CV £342,568 £290,000 66 Plymouth VW £269,081 £220,000 67 Preston VW £396,233 £270,000 68 Preston Audi £264,379 £210,000 69 Preston SEAT £143,611 £90,000 70 Rutherglen VW £419,915 £340,000 71 Sheffield Skoda £170,821 £120,000 72 Solihull SEAT £284,032 £150,000 73 Southampton VW £397,241 £220,000 74 Southampton VW CV £199,879 £100,000 75 Stoke on Trent VW £386,323 £250,000 76 Sutton Coldfield VW £351,553 £200,000 77 Sutton Coldfield £199,879 £160,000 NISSAN 78 Swindon VW £342,652 £220,000 79 Swindon DAS £197,360 £130,000 WeltAuto

80 Twickenham VW £392,705 £250,000

81 Wallsend Audi £249,430 £160,000 82 Wishaw VW £313,762 £230,000 83 Wolverhampton Audi £351,884 £240,000 84 Cardiff VW CV £142,099 £90,000 85 Peterborough Audi £332,573 £260,000 £30,731,070 £21,285,000

• Chamoss commissioned development consultancy reports, during 2017, on 8 properties within the portfolio. Depending on market conditions at the time the

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Appendix B: Portfolio Overview Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

value of these assets will enhance the aggregate vacant possession value subject to possession and planning consent. • In respect of yields we have considered that the leases and covenant are the same in all cases. We have had regard to the dealership evidence as scheduled in the appendices and allocated a yield to each property depending on the variable criteria of location, design/specification and the extent of over rent. In assessing our applied yield for each property, we have considered that the market trends are stable over the course of the past 12 months. We have also considered the over rentedness of each of the assets in the portfolio and have made slight adjustments to the individual yields, where the asset is considerable overrented. In this regard, given the fixed increase in rent for each of the assets, our valuation is slightly ahead of the figures reported last year, by some 1.7%. • We have considered that within the Master Property Agreement the Landlord Covenants restrict any sale of part of the portfolio, it is accordingly a single asset portfolio for valuation purposes. Evidence is thin for this factor but experienced opinion from our investment and valuation teams supports a continued discount of 12.5% to the aggregate of the individual property valuations. We have factored this into the yield and the valuation based on corporate purchasers’ costs is set out below in Appendix E. It should be noted that the ERV’s set out in Appendix B are net of any head lease rents payable, albeit during the term of the lease these head lease rents remain the responsibility of the tenant.

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Appendix C: List of Addresses and Tenure Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

APPENDIX C: LIST OF ADDRESSES AND TENURE

1 Hampstead VW, 227/229 Finchley Road, Hampstead NW3 6LT Freehold

2 Braehead Audi, Renfrew Road, Braehead, Glasgow G52 4UB Freehold

3 New Southgate VW, Pinkham Way, New N11 3UT Freehold Southgate, London 4 Loughton VW Langstone Road, Loughton, Essex IG10 3TQ Freehold

5 Reading former Audi, Rose Kiln Lane, Reading - Vacant RG2 0JZ Freehold

6 Finchley Audi, High Road, Whetstone, Finchley N20 0PX Freehold

7 Romford VW, Ashton Road, Harold Hill, Romford RM3 8SL Freehold

8 Leeds VW, Elland Road, Leeds LS11 8TU Freehold

9 Guildford VW, Moorfield Road, Slyfield Ind. Est, Surrey GU1 1RD Long Leasehold

10 Poole VW, 1 Yarrow Road, Tower Road, Poole BH12 4QY Freehold

11 Bristol VW, Pioneer Park, Bristol BS4 3QB Freehold

12 St Albans VW, 11 Alban Park, Hatfield Road, St Albans AL4 0JJ Freehold

13 Leeds Audi, Apex Way, Leeds LS11 8TU Freehold

14 Nottingham VW,180 Loughborough Road, Nottingham NR2 7JB Freehold

15 Derby VW, Locomotive Way, Pride Park, Derby DE14 8PU Freehold

16 Hampstead Audi, 227/229 Finchley Road, Hampstead NW3 6LT Freehold

17 Otford VW, Seven Oaks Road, Otford, Kent TN14 5PA Freehold

18 Bromley VW, Bromley Hill, Bromley BR1 4JS Freehold

19 Cardiff VW, Tyndall Street, Central Link, Cardiff CF10 4BB Freehold

20 Reading VW, Rose Kiln Lane, Reading RG2 0JZ Freehold

21 Guildford Audi, Slyfield, Guildford, Surrey GU1 1RU Long Leasehold

22 Aberdeen VW, Craigshaw Crescent, West AB12 3AW Freehold Tullos, Aberdeen 23 Altrincham VW, Manchester Road, Altrincham WA14 4PJ Freehold

24 Amersham Audi, White Lion Road, Amersham HP7 9PN Freehold

25 Ashford VW, The Parade, Orbital Park, Kent TN24 0HT Freehold

26 Bath Audi, Prior Road, Bath BA2 4NF Freehold

27 Birmingham VW CV, St Stephens Street, Birmingham, B6 4RG Freehold

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Appendix C: List of Addresses and Tenure Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

28 Bootle VW, Derby Road, Bootle, L20 1AB Freehold

29 Bootle VW Service, 6 Primrose Road, Bootle L20 4TX Freehold

30 Bradford Skoda, Canal Road, Bradford BD2 1AL Freehold

31 VW, Victoria Road, Brighton BN41 1YD Freehold

32 Bristol Audi, Whitby Road, Pioneer Park, Bristol BS4 3QB Freehold

33 Chandlers Ford Audi, Bournemouth Road, Eastleigh SO53 3DH Freehold

34 Chester Peugeot, Sealand Road, Chester CH1 4OS Long Leasehold

35 Chesterfield VW, Support Workshop and PDI, S41 9QJ Freehold Broombank Road, Chesterfield 36 Croydon Skoda, Purley Way, Croydon CR0 4NZ Freehold

37 Derby SEAT, Locomotive Way, Pride Park, Derby DE24 8PU Freehold

38 Durham VW, Abbey Road, County Durham DH1 5HA Freehold

39 Edinburgh VW, Whitehall Road, Newcraighall, Edinburgh EH15 3RH Freehold

40 Edinburgh VW CV, Main Street, Bliston, Edinburgh EH25 9SQ Freehold

41 Gloucester Honda, Northern By-Pass, Gloucester GL2 9DJ Freehold

42 Grangemouth former VW, Grangemouth, Glensborough FK3 8JX Freehold

43 Harold Wood Audi, Colchester Road, London RM3 0YD Freehold

44 Hitchin Audi, Nightingale Road, Hitchin, Hertfordshire SG5 1RQ Freehold

45 Huddersfield SEAT, Fartown Green Road, Huddersfield HD2 1AA Freehold

46 Huddersfield Skoda, St Andrews Road, Huddersfield HD1 6NA Long Leasehold

47 Ipswich VW and VW CV, Sproughton Road, Ipswich IP1 5AR Freehold

48 Ipswich Former Audi, Bath Street, Ipswich – Vacant IP2 8SG Freehold

49 Leicester SEAT, Rawdykes Road, Leicester LE2 7JU Freehold

50 Leicester Skoda, 404 -414, Groby Road, Leicester LE3 9QB Freehold

51 Leicester former Audi, 1 Blackbird Road, Leicester LE4 0AH Freehold

52 Liverpool SEAT, Pall Mall, Liverpool L3 6AT Freehold

53 Liverpool Skoda, Derby Road, Liverpool L5 9XN Freehold

54 Manchester Audi, Chester Road, Manchester M16 9UA Long Leasehold

55 Manchester VW CV, Village Park, Trafford Park M17 1JL Freehold

56 Manchester VW, Bridgwater Way, Old Trafford M16 9HT Freehold

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Appendix C: List of Addresses and Tenure Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

57 Middlesbrough VW, 50 Newport Road, Middlesbrough TS1 5HZ Freehold part Leasehold 58 Middlesbrough VW CV, Harewood Road, Middlesbrough TS17 6A Freehold

59 Milton Keynes SEAT, Northfield Drive, Milton Keynes MK15 0NE Freehold

60 New Southgate VW CV, Pinkham Way, London N11 3UT Freehold

61 Newcastle Audi, New Scotswood Road, Newcastle NE4 7YW Freehold

62 Northampton VW, 1 Ferris Way, Riverside Park, NN3 9HU Freehold Northampton 63 Northampton Audi, Weedon Road, Northampton NN5 5DH Freehold

64 Norwich VW, Heigham Street, Norwich NR2 4LX Freehold

65 Norwich VW CV, Barker Street, Norwich NR2 4LX Freehold

66 Plymouth VW, 44 Milbay Road, Plymouth, PL1 3FQ Freehold

67 Preston VW, Blackpool Road, Preston PR2 8BU Freehold

68 Preston Audi, Blackpool Road, Riversway Motor Park, PR2 2JZ Long Leasehold

69 Preston SEAT, 5 Admiral Way, Riversway Motor Park PR2 2JW Long Leasehold

70 Rutherglen VW, Dalmark Road, Rutherglen G73 1AE Freehold

71 Sheffield Skoda, Penistone Road, Sheffield S6 3BL Long Leasehold

72 Solihull SEAT, 34 Stratford Road, Solihull B90 3LS Freehold

73 Southampton VW, 381 Shirley Road, Southampton SO15 3FA Freehold

74 Southampton VW CV, Salisbury Road, Totton, SO40 3ZU Freehold Southampton 75 Stoke on Trent VW, Stanley Matthews Way, Stoke on ST4 4EG Freehold Trent 76 Sutton Coldfield VW, 45 – 51 Kings Road, Sutton B73 5AB Freehold Coldfield,

77 Sutton Coldfield Nissan, 127 Chester Road, Streetly, B74 2HE Freehold Sutton Coldfield 78 Swindon VW, Frankland Road, Swindon SN5 8SU Freehold

79 Swindon DAS WeltAuto, Frankland Road, Swindon SN5 8SU Freehold

80 Twickenham VW, 40,South Road, Twickenham TW2 5NT Freehold

81 Wallsend Audi, Silverlink Park, Wallsend, Tyneside NE28 9NT Long Leasehold

82 Wishaw VW, Bogside, New Mains, Wishaw, North ML2 9PW Freehold Lanarkshire 83 Wolverhampton Audi, Raby Street, Wolverhampton WV2 1BL Long Leasehold

84 Cardiff VW CV, Tyndall Street, Central Link, Cardiff CF10 4BB Freehold

85 Peterborough Audi, Papyrus Road, Werrington, PE4 5BH Freehold Peterborough

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Appendix D: Valuation Summary Sheet - Fair Value assuming Corporate Purchasers Costs Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

APPENDIX D: VALUATION SUMMARY SHEET - FAIR VALUE ASSUMING CORPORATE PURCHASERS COSTS

26

Summary Valuation Portfolio: Chamoss Scenario: Chamoss 2021 - agg FV - single ass red pur cost (Amounts in GBP, Area Measure in SF) Valuation Date: 30/06/2021 © 2021 ARGUS Software, Inc. All rights reserved.

Gross Valuation 424,222,201 Capital Expenses 0 Net Value Before Fees 424,222,201

Less Acquisition Costs -5,939,111

Net Valuation 418,283,090 Say 418,287,000

Equivalent Yield 6.3263% True Equivalent Yield 6.3654% Initial Yield (Valuation Rent) 7.2441% Initial Yield (Contracted Rent) 7.2441% Reversion Yield 4.4364%

Total Valuation Rent 30,731,075 Total Contracted Rent 30,731,075 Total Rental Value 21,285,000 Number of Properties 85 Number of Tenants 85

Running Yields

Operating Ground Lease Date Gross Rent Expenses Expenses Net Rent Annual Quarterly 30/06/2021 30,731,075 0 -5 30,731,070 7.2441% 7.5843% 28/10/2021 31,653,007 0 -5 31,653,002 7.4614% 7.8228% 28/10/2022 32,602,597 0 -5 32,602,592 7.6853% 8.0691% 28/10/2023 33,580,675 0 -5 33,580,670 7.9158% 8.3235% 28/10/2024 34,588,096 0 -5 34,588,091 8.1533% 8.5863% 28/10/2025 35,625,739 0 -5 35,625,734 8.3979% 8.8579% 28/10/2026 36,694,511 0 -5 36,694,506 8.6498% 9.1385% 28/10/2027 37,795,346 0 -5 37,795,341 8.9093% 9.4284% 28/10/2028 21,285,000 0 -5 21,284,995 5.0174% 5.1788% 03/12/2109 21,135,000 0 -5 21,134,995 4.9821% 5.1411% 03/12/2121 20,975,000 0 -5 20,974,995 4.9443% 5.101% 03/12/2123 20,675,000 0 -5 20,674,995 4.8736% 5.0258% 03/12/2128 19,830,000 0 -5 19,829,995 4.6744% 4.8143% 03/12/2129 19,670,000 0 -5 19,669,995 4.6367% 4.7743% 03/12/2153 19,550,000 0 -5 19,549,995 4.6084% 4.7443% 03/12/2825 19,230,000 0 -5 19,229,995 4.533% 4.6644% 03/12/2983 19,060,000 0 -5 19,059,995 4.4929% 4.622% 02/01/2998 18,820,000 0 0 18,820,000 4.4364% 4.5621%

Yields Based on Gross Value

Printed on: 16/07/2021 14:15:28 Page: 1 of 4 Summary Valuation Portfolio: Chamoss Scenario: Chamoss 2021 - agg FV - single ass red pur cost (Amounts in GBP, Area Measure in SF) Valuation Date: 30/06/2021 © 2021 ARGUS Software, Inc. All rights reserved.

Property Summary

Initial Yield Initial Yield True No. Rental Gross Capital Acquisition Net Say (Valuation (Contracted Equivalent Equivalent Reversionary External ID Property Tenants Net Rent Value Value Expenses Costs Value Value Rent) Rent) Yield Yield Yield 40 Edinburgh VW CV 1 125,135 90,000 1,433,156 0 -20,064 1,413,092 1,415,000 8.7314% 8.7314% 7.716% 8.1662% 6.2798% 53 Liverpool Skoda 1 146,299 130,000 1,987,759 0 -27,829 1,959,930 1,960,000 7.36% 7.36% 7.1949% 7.555% 6.54% 56 Manchester VW 1 356,425 230,000 5,038,318 0 -70,536 4,967,782 4,970,000 7.0743% 7.0743% 5.6659% 5.9116% 4.565% 47 Ipswich VW & VW 1 227,258 200,000 2,824,585 0 -39,544 2,785,041 2,785,000 8.0457% 8.0457% 7.8712% 8.3061% 7.0807% CV 49 Leicester Seat 1 186,442 140,000 2,766,202 0 -38,727 2,727,475 2,725,000 6.74% 6.74% 5.8989% 6.152% 5.0611% 38 Durham VW 1 380,107 240,000 5,008,940 0 -70,125 4,938,815 4,940,000 7.5886% 7.5886% 6.0739% 6.3607% 4.7914% 54 Manchester Audi 1 389,682 320,000 5,645,228 0 -79,033 5,566,195 5,565,000 6.9029% 6.9029% 6.4038% 6.6949% 5.6685% 64 Norwich VW 1 76,088 50,000 959,323 0 -13,431 945,892 946,000 7.9314% 7.9314% 6.5555% 6.8872% 5.212% 51 Leicester Audi 1 270,426 200,000 3,268,270 0 -45,756 3,222,514 3,225,000 8.2743% 8.2743% 7.3685% 7.7733% 6.1194% 58 Middlesborough 1 186,106 140,000 2,313,108 0 -32,384 2,280,724 2,280,000 8.0457% 8.0457% 7.2073% 7.5913% 6.0525% VW CV 60 New Southgate VW 1 216,677 100,000 2,712,338 0 -37,973 2,674,365 2,675,000 7.9886% 7.9886% 5.339% 5.5858% 3.6869% CV 50 Leicester Skoda 1 154,865 110,000 1,981,094 0 -27,735 1,953,359 1,955,000 7.8171% 7.8171% 6.7471% 7.0891% 5.5525% 61 Newcastle Audi 1 235,153 150,000 3,030,322 0 -42,425 2,987,897 2,990,000 7.76% 7.76% 6.2762% 6.5823% 4.95% 62 Northampton VW 1 337,276 170,000 4,378,583 0 -61,300 4,317,283 4,315,000 7.7029% 7.7029% 5.381% 5.6232% 3.8825% 35 Chesterfield VW 1 222,387 150,000 2,481,998 0 -34,748 2,447,250 2,445,000 8.96% 8.96% 7.6801% 8.1374% 6.0435% 43 Harold Wood Audi 1 240,023 190,000 3,338,952 0 -46,745 3,292,207 3,290,000 7.1886% 7.1886% 6.5478% 6.8565% 5.6904% 59 Milton Keynes 1 154,697 100,000 1,936,479 0 -27,111 1,909,368 1,910,000 7.9886% 7.9886% 6.5478% 6.8807% 5.164% SEAT 44 Hitchin Audi 1 272,778 180,000 3,887,308 0 -54,422 3,832,886 3,835,000 7.0171% 7.0171% 5.6922% 5.9383% 4.6305% 45 Huddersfield Seat 1 203,240 130,000 2,619,072 0 -36,667 2,582,405 2,580,000 7.76% 7.76% 6.2865% 6.5934% 4.9636% 39 Edinburgh VW 1 431,001 250,000 5,810,876 0 -81,352 5,729,524 5,730,000 7.4171% 7.4171% 5.6066% 5.8567% 4.3023% 48 Ipswich Former 1 179,724 150,000 2,214,909 0 -31,009 2,183,900 2,185,000 8.1143% 8.1143% 7.7135% 8.1388% 6.7723% Audi 55 Manchester VW CV 1 180,228 110,000 2,256,073 0 -31,585 2,224,488 2,225,000 7.9886% 7.9886% 6.3294% 6.6463% 4.8757% 72 Solihull SEAT 1 284,032 150,000 3,432,707 0 -48,058 3,384,649 3,385,000 8.2743% 8.2743% 6.0663% 6.3732% 4.3697% 67 Preston VW 1 396,233 270,000 5,143,975 0 -72,016 5,071,959 5,070,000 7.7029% 7.7029% 6.4725% 6.7909% 5.2489% 79 Swindon DAS 1 197,360 130,000 2,660,863 0 -37,252 2,623,611 2,625,000 7.4171% 7.4171% 6.0671% 6.3487% 4.8856% WeltAuto 46 Huddersfield Skoda 1 142,939 150,000 1,927,144 0 -26,980 1,900,164 1,900,000 7.4171% 7.4171% 7.9697% 8.392% 7.7835% 42 Grangemouth 1 233,137 140,000 2,705,503 0 -37,877 2,667,626 2,670,000 8.6171% 8.6171% 6.8744% 7.2541% 5.1746% former VW 76 Sutton Coldfield 1 351,553 200,000 4,667,812 0 -65,349 4,602,463 4,600,000 7.5314% 7.5314% 5.6436% 5.8992% 4.2847% VW 57 Middlesborough 1 304,235 300,000 4,101,781 0 -57,425 4,044,356 4,045,000 7.4171% 7.4171% 7.7023% 8.1018% 7.3139% VW 66 Plymouth VW 1 269,081 220,000 3,519,371 0 -49,271 3,470,100 3,470,000 7.6457% 7.6457% 7.1434% 7.5089% 6.2511% 11 Bristol VW 1 592,921 390,000 8,314,197 0 -116,399 8,197,798 8,200,000 7.1314% 7.1314% 5.789% 6.0443% 4.6908% 52 Liverpool Seat 1 213,820 140,000 2,950,986 0 -41,314 2,909,672 2,910,000 7.2457% 7.2457% 5.8811% 6.1454% 4.7442% 68 Preston Audi 1 264,379 210,000 3,620,214 0 -50,683 3,569,531 3,570,000 7.3029% 7.3029% 6.6682% 6.991% 5.8008% 41 Gloucester Honda 1 303,683 200,000 4,224,525 0 -59,143 4,165,382 4,165,000 7.1886% 7.1886% 5.8479% 6.1086% 4.7343% 65 Norwich VW CV 1 342,568 290,000 4,654,456 0 -65,162 4,589,294 4,590,000 7.36% 7.36% 6.9934% 7.3389% 6.2306% 81 Wallsend Audi 1 249,430 160,000 3,035,484 0 -42,497 2,992,987 2,995,000 8.2171% 8.2171% 6.7317% 7.0885% 5.271% 78 Swindon VW 1 342,652 220,000 4,584,411 0 -64,182 4,520,229 4,520,000 7.4743% 7.4743% 6.0268% 6.3072% 4.7989% 84 Cardiff VW CV 1 142,099 90,000 1,705,578 0 -23,878 1,681,700 1,680,000 8.3314% 8.3314% 6.8029% 7.1665% 5.2768% 33 Chandlers Ford 1 365,830 260,000 5,129,828 0 -71,818 5,058,010 5,060,000 7.1314% 7.1314% 6.0754% 6.3499% 5.0684% Audi 63 Northampton Audi 1 483,239 390,000 7,000,565 0 -98,008 6,902,557 6,905,000 6.9029% 6.9029% 6.3359% 6.6223% 5.571% 83 Wolverhampton 1 351,884 240,000 4,194,802 0 -58,727 4,136,075 4,135,000 8.3886% 8.3886% 7.1528% 7.5452% 5.7212% Audi 80 Twickenham VW 1 392,705 250,000 5,335,666 0 -74,699 5,260,967 5,260,000 7.36% 7.36% 5.8869% 6.1545% 4.6855% Printed on: 16/07/2021 14:15:28 Page: 2 of 4 Summary Valuation Portfolio: Chamoss Scenario: Chamoss 2021 - agg FV - single ass red pur cost (Amounts in GBP, Area Measure in SF) Valuation Date: 30/06/2021 © 2021 ARGUS Software, Inc. All rights reserved.

82 Wishaw VW 1 313,762 230,000 3,899,741 0 -54,596 3,845,145 3,845,000 8.0457% 8.0457% 7.1016% 7.4777% 5.8978% 73 Southampton VW 1 397,241 220,000 5,119,085 0 -71,667 5,047,418 5,045,000 7.76% 7.76% 5.7594% 6.0291% 4.2976% 15 Derby VW 1 534,805 370,000 7,621,407 0 -106,700 7,514,707 7,515,000 7.0171% 7.0171% 5.8646% 6.1221% 4.8547% 06 Finchley Audi 1 559,327 360,000 10,777,013 0 -150,878 10,626,135 10,625,000 5.19% 5.19% 3.9459% 4.0605% 3.3404% 70 Rutherglen VW 1 419,915 340,000 4,905,550 0 -68,678 4,836,872 4,835,000 8.56% 8.56% 8.0451% 8.5144% 6.9309% 13 Leeds Audi 1 618,452 350,000 7,686,726 0 -107,614 7,579,112 7,580,000 8.0457% 8.0457% 6.1036% 6.406% 4.5533% 16 Hampstead Audi 1 453,929 370,000 7,508,277 0 -105,116 7,403,161 7,405,000 6.0457% 6.0457% 5.5154% 5.7295% 4.9279% 09 Guildford VW 1 609,802 490,000 9,215,488 0 -129,017 9,086,471 9,085,000 6.6171% 6.6171% 6.0212% 6.2821% 5.3171% 14 Nottingham VW 1 540,180 350,000 7,339,402 0 -102,752 7,236,650 7,235,000 7.36% 7.36% 5.9515% 6.2236% 4.7688% 69 Preston SEAT 1 143,611 90,000 1,951,236 0 -27,317 1,923,919 1,925,000 7.36% 7.36% 5.8129% 6.0793% 4.6125% 01 Hampstead VW 1 1,011,15 620,000 16,115,890 0 -225,622 15,890,268 15,890,000 6.2743% 6.2743% 4.7555% 4.9284% 3.8471% 7 12 St Albans VW 1 550,426 390,000 8,176,956 0 -114,477 8,062,479 8,060,000 6.7314% 6.7314% 5.6769% 5.9154% 4.7695% 03 New Southgate VW 1 988,061 770,000 15,962,213 0 -223,471 15,738,742 15,740,000 6.19% 6.19% 5.4956% 5.7113% 4.8239% 77 Sutton Coldfield 1 199,879 160,000 2,780,511 0 -38,927 2,741,584 2,740,000 7.1886% 7.1886% 6.5921% 6.9039% 5.7543% NISSAN 10 Poole VW CV 1 600,479 370,000 8,287,368 0 -116,023 8,171,345 8,170,000 7.2457% 7.2457% 5.6615% 5.9111% 4.4646% 04 Loughton VW 1 717,048 880,000 12,492,125 0 -174,890 12,317,235 12,315,000 5.74% 5.74% 6.792% 7.0807% 7.0444% 17 Otford VW 1 533,126 460,000 7,243,560 0 -101,410 7,142,150 7,140,000 7.36% 7.36% 7.0721% 7.4234% 6.3505% 20 Reading Skoda 1 476,016 250,000 6,569,622 0 -91,975 6,477,647 6,480,000 7.2457% 7.2457% 5.1119% 5.3254% 3.8054% 02 Braehead Audi 1 1,217,75 830,000 15,243,727 0 -213,412 15,030,315 15,030,000 7.9886% 7.9886% 6.7538% 7.1019% 5.4449% 6 21 Guildford Audi 1 484,583 355,000 6,905,702 0 -96,680 6,809,022 6,810,000 7.0171% 7.0171% 6.0676% 6.3412% 5.1407% 08 Leeds VW 1 673,545 450,000 9,151,426 0 -128,120 9,023,306 9,025,000 7.36% 7.36% 6.0651% 6.345% 4.9173% 18 Bromley VW 1 503,898 310,000 7,065,877 0 -98,922 6,966,955 6,965,000 7.1314% 7.1314% 5.5494% 5.7888% 4.3873% 07 Romford VW 1 671,866 460,000 9,574,638 0 -134,045 9,440,593 9,440,000 7.0171% 7.0171% 5.8262% 6.0812% 4.8044% 19 Cardiff VW 1 497,852 360,000 6,925,605 0 -96,958 6,828,647 6,830,000 7.1886% 7.1886% 6.1966% 6.481% 5.1981% 22 Aberdeen VW 1 331,398 220,000 4,208,610 0 -58,921 4,149,689 4,150,000 7.8743% 7.8743% 6.5391% 6.8677% 5.2274% 28 Bootle VW 1 435,032 310,000 5,776,221 0 -80,867 5,695,354 5,695,000 7.5314% 7.5314% 6.4773% 6.791% 5.3668% 05 Reading VW 1 699,077 340,000 9,648,145 0 -135,074 9,513,071 9,515,000 7.2457% 7.2457% 4.8617% 5.0593% 3.524% 26 Bath Audi 1 114,217 90,000 1,450,506 0 -20,307 1,430,199 1,430,000 7.8743% 7.8743% 7.2244% 7.6037% 6.2047% 23 Altrincham VW 1 431,589 300,000 6,150,495 0 -86,107 6,064,388 6,065,000 7.0171% 7.0171% 5.8819% 6.1406% 4.8777% 30 Bradford Skoda 1 151,842 120,000 1,985,976 0 -27,804 1,958,172 1,960,000 7.6457% 7.6457% 7.0038% 7.3591% 6.0424% 36 Croydon Skoda 1 346,430 170,000 4,857,793 0 -68,009 4,789,784 4,790,000 7.1314% 7.1314% 4.7918% 4.9827% 3.4995% 29 Bootle VW 1 71,553 50,000 857,656 0 -12,007 845,649 846,000 8.3429% 8.3429% 7.2053% 7.6% 5.8298% servicing 31 Brighton VW 1 356,761 210,000 4,736,963 0 -66,317 4,670,646 4,670,000 7.5314% 7.5314% 5.7647% 6.0285% 4.4332% 27 Birmingham VW 1 277,144 160,000 3,237,663 0 -45,327 3,192,336 3,190,000 8.56% 8.56% 6.662% 7.025% 4.9418% CV 25 Ashford VW 1 301,332 200,000 4,225,409 0 -59,156 4,166,253 4,165,000 7.1314% 7.1314% 5.8219% 6.0793% 4.7333% 37 Derby SEAT 1 178,212 110,000 2,421,359 0 -33,899 2,387,460 2,385,000 7.36% 7.36% 5.7748% 6.0348% 4.5429% 71 Sheffield Skoda 1 170,821 120,000 2,185,210 0 -30,593 2,154,617 2,155,000 7.8171% 7.8171% 6.7023% 7.0414% 5.4915% 24 Amersham Audi 1 235,573 150,000 3,251,204 0 -45,517 3,205,687 3,205,000 7.2457% 7.2457% 5.7795% 6.037% 4.6137% 85 Peterborough Audi 1 332,573 260,000 4,554,012 0 -63,756 4,490,256 4,490,000 7.3029% 7.3029% 6.6135% 6.9301% 5.7093% 75 Stoke on Trent VW 1 386,323 250,000 4,941,997 0 -69,188 4,872,809 4,875,000 7.8171% 7.8171% 6.3858% 6.7015% 5.0587% 74 Southampton VW 1 199,879 100,000 2,188,913 0 -30,645 2,158,268 2,160,000 9.1314% 9.1314% 6.6765% 7.0613% 4.5685% CV 34 Chester Peugeot 1 271,266 170,000 3,629,324 0 -50,811 3,578,513 3,580,000 7.4743% 7.4743% 5.9377% 6.2119% 4.6841% 32 Bristol Audi 1 327,535 190,000 4,592,839 0 -64,300 4,528,539 4,530,000 7.1314% 7.1314% 5.3448% 5.5708% 4.1369% 85 30,731,0 21,285,000 424,222,201 0 -5,939,111 418,283,090 418,287,000 70

Printed on: 16/07/2021 14:15:28 Page: 3 of 4 Summary Valuation Portfolio: Chamoss Scenario: Chamoss 2021 - agg FV - single ass red pur cost (Amounts in GBP, Area Measure in SF) Valuation Date: 30/06/2021 © 2021 ARGUS Software, Inc. All rights reserved.

Printed on: 16/07/2021 14:15:28 Page: 4 of 4 Appendix E: Comparable Evidence Sheets Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

APPENDIX E: COMPARABLE EVIDENCE SHEETS

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SITE TERM RENT NET INITIAL LOCATION TENANT FRANCHISE AREA GIA (SQFT) RENT LEASE DETAILS & REVIEW PATTERN PRICE (m) Cap Val psf DATE CERTAIN PURCHASER (psf) YIELD (acres) (YEARS) Let for a term of 15 years as of 20/11/2015. RR are 5 yearly to the higher of the open PETERBOROUGH Motorpoint Limited Used Cars 4.61 29,814 £325,000 £ 10.90 £4.360 7.00% £146 On market 9 market rental value. 2020 Rent review still ongoing, formal notice served at £345,000

Pendragon Property 20 years from Jul 2005. Reviewed annually LEEDS Mercedes-Benz 2.97 33,261 £713,811 £ 21.46 £7.800 8.58% £235 On market 5 Holdings Ltd on 30 October – fixed increases of 2.25%

Motorvogue NORTHAMPTON Fiat & Alfa / Seat 0.94 18,268 £130,000 £ 7.12 Let on 2 sperate leases to Alfa & Fiat £1.600 7.65% £88 On market 5 (Northampton) Ltd

Pendragon Motor Group Lease expires 31 Jul 2023 with TBO 31 July GAINSBOROUGH Ford 1.70 16,377 £87,500 £ 5.34 £1.000 8.27% £61 On market 1.5 Limited 2021

Pendragon Property 20 years from April 2004. 5 yearly open DONCASTER Land Rover 1.43 16,960 £208,669 £ 12.30 £2.500 7.85% £147 On market 5 Holdings Ltd market reviews

Sytner Properties Ltd (G: 5-yrly, upward-only, RPI-linked Compagnie du parc (Eskmuir were ROMFORD BMW / MINI 4.15 78,090 £1,058,236 £ 13.55 £17.250 5.75% £221 Nov-20 7 Sytner Group Ltd) (increase capped at 13.14%, 2.5%pac) underbidder)

5 years from 14 February 2020, expiring on Nissan Motor (GB) 13 February 2025. Tenant’s break option on ROCHDALE Nissan 0.81 7,756 £77,500 £ 9.99 £1.100 6.66% £142 Nov-20 2 Limited 14 August 2022, subject to nine months’ prior written notice. 10 year lease from 28th Feb 2019, expiering Marshall Motor Group 27th Feb 2019. FRI term, RR on fianl day of BEDFORD Skoda 0.48 9,205 £73,793 £ 8.02 £0.95 7.35% £103 Nov-20 4 Ltd the contractual term. Tenant break option 28/02/2024 5 yearly upwards only reviews to market BEDFORD Glyn Hopkin Limited Nissan 1.15 17,222 £153,750 £ 8.93 rent, with the next review on 26th November £2.300 6.29% £134 Oct-20 8.5 Private 2023.

Sytner Properties Ltd (G: 5-yrly, upward-only, RPI-linked NORTHAMPTON Mercedes 2.97 32,452 £512,026 £ 15.78 £7.625 6.30% £235 Oct-20 6 Sytner Group Ltd) (increase capped at 13.14%, 2.5%pac)

15 Year lease from 02/09/2019. 5 yearly upward only rent reviews OMV. FRI lease LOUGHBOROUGH Motus Group UK Limited Vauxhall 1.42 15,227 £165,000 £ 10.84 £2.300 6.90% £151 Sep-20 9 Local Authority/ Gov terms. T break option Sept 2029. Unexpired lease term 9.00 to break and 14.00 to expiry. Sytner 5 yearly rent reviews to RPI capped at 2.85% Holdings Limited SOLIHULL Toyota 1.25 18,009 £388,000 £ 21.54 P.A compound. Sublet to Vantage Motor £12.25 TBD Sep-20 guaranteed by Sytner Group. Group Limited Bentley / Sytner Properties Ltd (G: 5-yrly, upward-only, RPI-linked BIRMINGHAM Lamborghini, 6.63 68,386 £1,039,040 £ 15.19 £14.300 6.81% £209 Feb-20 7 Sytner Group Ltd) (increase capped at 13.14%, 2.5%pac) Toyota, Lexus

RPI linked rent reviews capped at 2.5% per SOLIHULL VW Group UK Audi 3.08 57,053 £815,964 £ 14.30 annum compounded. Break options £13.414 5.70% £235 Dec-19 7.5 Solihull MBC in March 2027, 2037 and 2047 RPI linked rent reviews capped at 2.5% per WATFORD VW Group UK Audi 2.84 35,909 £808,534 £ 22.52 annum compounded. Break options £13.600 5.57% £273 Dec-19 8 Group 1 Automotive (sub-tenant) in October 2027, 2037 and 2047 Pendragon Property Annual fixed increases to AYR Mercedes-Benz 1.80 32,157 £238,287 £ 7.41 £3.575 6.26% £111 Dec-19 5.5 Arnold Clark Holdings Ltd 2.25% per annum. Pendragon Property 20-year lease from 20th December 2004 CARDIFF Holdings (Sub-let to Imperial Cars 1.61 17,785 £277,195 £ 15.59 £3.150 8.27% £177 Sep-19 5.7 (open market review) Imperial Cars) Bramall Quicks ASHTON-UNDER-LYNE Ford 1.77 21,270 £272,515 £ 12.81 5 yearly open market reveiws £3.220 7.95% £151 Sep-19 4.83 Quadriga backed by Revcap Dealerships Ltd Bristol Street Fourth 25 year lease from 19 April 2000 expiring on Investments Ltd NORTHAMPTON Peugeot 1.74 15,360 £220,000 £ 14.32 18 April 2025. subject to 5 yearly open £2.850 7.25% £186 Under offer 6.1 Private investor (G: Bristol Street market reviews Holdings) Reg Vardy (Property Annual rental uplifts of 2.25% pa. Next WAKEFIELD Mercedes-Benz 2.10 20,705 £387,276 £ 18.70 £4.850 7.49% £234 Aug-19 6.8 Lightstone Management) Limited review due Oct 19. Peugeot Motor Company Five yearly upward only reviews to CPI, Zaydman family (Waldorf Investing MANCHESTER Plc (guarantee from Peugeot / Citroen 2.41 24,572 £336,642 £ 13.70 subject to a collar at 2% and cap at 4% £5.870 5.38% £239 Aug-19 8 SA) Peugeot SA) per annum. Next review Nov 2022 Richard Hardie Limited FRI lease expiring 8 July 2030 (tenant break Local private connected to motor DURHAM (assigned to Sherwoods Peugeot 1.00 10,808 £140,000 £ 12.95 £1.800 7.32% £167 Jun-19 6.5 option 9 July 2025) trade (Darlington) 21 years expiring 7 December 2024. Five CROYDON Drift Bridge Limited Mazda 0.91 17,598 £192,500 £ 10.94 yearly open market reviews. Next review July £3.350 5.40% £190 Jun-19 5.75 Newcore 2023. 20 year lease from 2 February 2006 expiring TUNBRIDGE WELLS Volkswagen Group UK Ltd VW 1.40 23,816 £296,000 £ 12.43 1 Feb 2026. Subject to 5 yearly open market £4.830 5.75% £203 May-19 7 reviews. Pendragon Property Holdings Ltd (G: Annual fixed increases to MILTON KEYNES CarNext 0.63 10,009 £209,662 £ 20.95 £2.356 8.37% £235 May-19 6.2 Private (Mr E. Durkin) Pendragon PLC) Sublet to 2.25% per annum. LeasePlan UK Limited

CARDIFF Ron Skinner & Sons Ltd Independent Dealer 0.50 10,777 £112,500 £ 10.44 25 years from 4th April 1996 on a FRI lease. £1.160 9.16% £108 Apr-19 2.5

Annual RPI linked rent reviews collar and Aubrey Weiss (confidential buyer WATFORD Spire Automotive Limited Hyundai 0.56 7,693 £189,844 £ 24.68 £2.830 6.30% £368 Apr-19 9.9 cap 2-6%. apportionments - use blended

MILTON KEYNES Volkswagen Group UK VW / Skoda 3.11 35,383 £520,000 £ 14.70 5 yearly open market reviews. £8.150 5.98% £230 Apr-19 6.5 Arnold Clark

Peugeot Motor Upwards only to higher of Market Rent or an BRISTOL Peugeot 1.60 12,792 £200,000 £ 15.63 £3.470 5.41% £271 Apr-19 8.5 Wesleyan Company Plc alternative industrial basis x 200% Honda Motor Europe 5 yearly reviews, with the next review to PORTSMOUTH Honda 1.25 12,056 £223,092 £ 18.50 £3.400 6.00% £282 Mar-19 6.5 Limited Market Rent, being 25th December 2019

Peugeot Motor Company expiring 31 July 2027. 5 yearly upward only LONDON Peugeot 1.75 24,466 £403,552 £ 16.49 £7.950 4.76% £325 Mar-19 9 plc reviews to CPI, 2% and 4% cap and collar. Appendix F: Sources of information Cushman & Wakefield | Chamoss International Limited Valuation of: 85 Motor Dealership Investment Properties as Valuation Date: 30 June 2021 a Single Asset Portfolio

APPENDIX F: SOURCES OF INFORMATION

In addition to information established by us, we have relied on the information as listed below:

Information Source / Author Date

Floor areas the Client 30 November 2017

Floor areas Measurement 30 November 2017

Flooding risk enquiries, environmental Environment Agency 30 November 2017 enquiries

Copy environmental report / Details of Environment Agency And Inspection 30 November 2017 known environmental or contamination issues

Rating Assessments VOA 30 November 2017

Copy report on title / Confirmation of title, Client/Hm Land Registry 30 November 2017 including site plan, tenure, tenancy and sub-tenancy details, etc. / Copy leases

Details of planning use and relevant Local Planning Authority 30 November 2017 planning consents

Details of current negotiations in hand, Client 30 November 2017 including rent reviews, dilapidation claims, details of any CPO's, highway schemes or similar

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