Valuations for Lenders – Our Specialist Area of Business

William Newsom –Head of Valuation, Savills Commercial Limited Presentation • Savills’Corporate Profile Contents • Commercial Valuation Department –Areas of Expertise • Why instruct Savills? Savills’ • July 1988 –Savills plc listed on the London Corporate Profile Stock Exchange • 2006 –Ranked number 1 (see over) • 98 offices in UK; 25 in Europe and 36 in Far East and Australasia, etc. • Savills commercial UK turnover in 2006 was £189.1M (56.4% of total UK company turnover) No. 1 by turnover July 2006 No. 1 by turnover June 2006 No. 1 employer May 2006 Savills Commercial Limited -UK Fee Income by Product Area 2006

Savills’accolades:

Investment •Voted Investment Agent of the Year 33% 2005 (and 2003)

Property 47% •Voted Residential Development Agent Management of the Year 2004

Agency •Winners of Industrial and Retail Agency Teams of the Year 2007 - Professional 7% North West Property Awards Services (inc. 13% Valuation) •Nominated as Professional Agency (Valuation) of the Year 2006

•Nominated as Scottish Professional Agency (Valuation) of the Year 2006 (winner to be announced in May 2007) Commercial • Total staff in London of 38 Valuation • Total billing in 2005 of £10.5M Department • Plus commercial valuersin Edinburgh and Manchester, soon to open in Birmingham • 11 Directors • Core Directors average 15+ years service each • 18 new staff in London over 2005/2006 • We specialisein larger commercial property (above £5.0M). Often above £100M • Minimum fee £4,000 per instruction Commercial 80% Loan Security Valuations Valuation 70% Department Recurring 60% Portfolio/accounts valuations Analysis of Fee 50% Canary Wharf Income for year to 31 valuation 40% December 2006 Valuations for acquisition and 30% disposal Litigation/expert 20% witness

10% Tax/compulsory purchase/other 0%

Note: Advised 58 lenders over the 18 months to 31 December 2006 (see over) Commercial Valuation Department Client List -Lenders

Top 20 Bigger Ticket Active Bank of Scotland Plc Other Parts of UK Clearers Other German Lenders Lenders Business Banking –Specialist Property Ahli United Bank (UK) plc AHBR AarealBank AG Finance, London Barclays Bank plc –Specialist Deutsche Bank AG –Private Abbey National Treasury Services Specialist Property Finance (formerly Property Finance Team Capital and Asset Management Plc Birmingham Midshires) Barclays Private Banking Ltd Deutsche Hypo Anglo Irish Bank Corporation Specialist Property Finance, Edinburgh Cooperative Bank plc DZ Bank Bayerische Landesbank Corporate Banking –Structured Coutts & Co RheinHyp Bristol & West plc Property Finance (formerly plc) HSBC Bank plc –Corporate and WestdeutscheImmobilienBank EurohypoAG Corporate Banking, Edinburgh Institutional Banking, Property Fortis Bank SA/NV Joint Ventures and Construction Finance HSBC Republic Bank (UK) Ltd Helaba Corporate Banking –Infrastructure Other International Lenders HSH NordbankAG Finance and Project Finance HSBC Bank plc –Corporate, London Banking Centre Investment, Banking and Markets, HVB Real Estate Capital Asset and Structured Finance Alpha Bank KBC Bank NV Lloyds TSB plc ErsteBank Morgan Stanley Dean Witter The Royal Bank of Scotland plc Lloyds TSB Corporate, Property Bank (UK) Ltd Nationwide Finance Israel Discount Bank Ltd Rothschild & Sons Ltd, NM Infrastructure Finance Group Singer & Friedlander Ltd SocieteGenerale WürttembergerHypo Corporate Banking London –Property and Construction Other Irish and Scottish North American Lenders Property Finance Group Lenders Corporate & Institutional Banking – Citibank Private Bank, The Real Estate Finance Group Allied Irish Bank (GB) plc Citicorp Alternative Investments – NOTES: Structured Property Finance Group –Private Banking European Real Estate Office plc 1. There are 58 clients listed. Credit Suisse Private Banking IIB Bank Ltd Lehman Brothers International 2. These are the lenders to whom Savills Commercial Ltd has provided Irish Nationwide Building Society (Europe) Ltd valuation advice over the 18 months to 31 December 2006. 3. This list includes providers of mezzanine finance and equity participation, together with finance lessorsand our clients for Stock Exchange and securitisation valuations. 4. Clients of our Hotels and Residential Valuation Departmentsare not included. Our Geographical • London and South East Area of Practice • Elsewhere in the UK –larger properties that -UK are traded in a national context Note: Savills has local commercial representation in Birmingham, Bristol, Cambridge, Chelmsford, Edinburgh, Glasgow, Leeds, Manchester, Norwich, Nottingham, Oxford, Southampton and Wimborne(13 locations outside London)

• Also Ireland –acquired Hamilton Osborne King in June 2006 Office Locations -UK and Ireland

Brechin

Perth

Glasgow

Edinburgh

Ayr

Savills Commercial Offices Belfast

SavillsLand & Property Offices Carnforth York

Leeds

Associate Offices Manchester Wilmslow Lincoln

Newark Savills Hamilton Osborne King Nottingham Limerick Stamford

Telford Norwich Birmingham Huntingdon Solihull Cork Southill Cambridge Ipswich Hereford Banbury Harpenden Summertown Bishop’s Stortford Oxford Chelmsford Cirencester Beaconsfield Clifton Henley Bristol Windsor LONDON Sunningdale Bath Farnham Esher Micheldever Guildford Sevenoaks Salisbury Horsham Winchester Cranbrook Wimborne Southampton Exeter Canford Cliffs Tavistock Commercial Valuation Department

Areas of Offices Expertise -1 • More than 50% of our turnover -not just central London, but also Western Corridor, Greater M25 area, East Anglia, East and West Midlands, Manchester and over • 20 European cities –all with published research reports Retail • Retail warehouses and parks • Shopping centresand supermarkets • specialist advice on the entire process, i.e. site purchase, town planning, development, lettings, investment, rent reviews Commercial Valuation Department

Areas of Development Land • Approx. 1/3 of the fee income of the Commercial Valuation Expertise -2 Department • Commercial, residential and mixed use sites: the full range • Specialist development and planning consultancy departments Residential • Big into new build ASAP – Affordable and Student Accommodation Projects • National Leaders Mixed Use • Market leaders in mixed use • We bridge the commercial/residential divide • Multi-disciplinary practice enables us to advise on large scale projects, which invariably are mixed use –including urban regeneration Commercial Valuation Department

Areas of Elsewhere in Savills –where we genuinely Expertise -3 believe we are leaders in the field • Industrials –larger industrials and warehouses • Hotels –agency and valuation teams • Commercial Leisure • Rural Leisure (and esoteric properties) • Social Housing –stock transfer valuations • Healthcare • Oil Industry/Petrol Stations/Linear Projects

Overseas…. How can we • Introductions to deals through our brokers, Savills Private Finance help you? • Desktop valuations within 24 hours • Research publications and other market information (sent by e-mail) • “Commercial approach”to valuation • But maintaining our independence and objectivity throughout Why instruct We are in the Market Savills? -1 • Valuations are co-ordinatedwith other departments (investment, agency, professional, research, etc) Independent Valuations for Lenders • Our specialist area of business • We act for all the main lenders Emphasis on Relationship and Personal Service • Understanding our clients’requirements through dialogue • Advice for the risk assessment process Why instruct Reputation • Our universal acceptance to lenders is helpful for Savills? -2 syndication purposes • Likewise to the rating agencies for securitisation purposes Quality of Service • Our clients say “clear reports that focus on the principal issues” • Quick turnaround, including initial advice/ desktops • Many repeat clients We want to help our clients win the business • We see ourselves as facilitating transactions

Valuations are backed by the name Savills’ Savills Corporate Profile Valuation • Strong commercial practice • Investment Agent of the Year 2005 (and 2003) and Services Residential Agent of the Year 2004 Summary • Nominated as Professional Agency (Valuation) of the Year 2006 in England and Scotland Commercial Valuation Department Areas of Expertise • Offices and retail • Development property, including residential and mixed use • Generally large properties nationwide • Wide range of other specialisms Why instruct Savills? • Quality of service –many repeat instructions • Valuations for lenders –our specialist area of business •that’s why … Commercial Valuation Department

Areas of Experts in cashflowmodellingfor: Expertise -4 • Investment acquisition • Complex valuations (e.g. Canary Wharf) • Limited partnership/JVs • PFI Projects • Strategic advice/forecasting • Securitisation Commercial Valuation Department

Areas of Key Valuation Issues Expertise -5 • The risk assessment process • Void risk/relettingprospects • Exit value • Vacant possession value/site value • Active management potential • Future growth in values/forecasting