Summary Property details Address : City : , the Netherlands Property : office building / warehouse / retail / residential Size : sq m lfa Parking space : inside / outside parking spaces OF not applicable Tenure : freehold / leasehold interest Land registry : Municipality , section , number(s) Tenancy details ValuationNumber of leases Report: Vacancy rate : % WALE : year Rental income : € per year (including theoretical income for vacancy) Market rent : € per year OrteliuslaanMarket value and yields 1001 - 1003 (odd) UtrechtValuation date, the Netherlands: 00-00-0000 GIY on rental income : % Market value net € GIY on market rent : % IRR : % Client Morgan Stanley Adres Plaats Dossiernummer-01 Pagina 1 van 53 Summary Property details Address : Orteliuslaan 1001 - 1003 (odd) City : Utrecht, the Netherlands Property : office building Size : 3,309 sq m lfa Parking space : 66 outside Tenure : leasehold interest Land registry : Municipality Utrecht, section T, number 1204 Tenancy details Number of leases : n.a. Vacancy rate : 100% WALE : n.a. Market rent : € 609,540 per year Market value and yields Valuation date : 09-08-2019 GIY on rental income : 10.60% Market value net € 5,750,000 GIY on market rent : 10.60% IRR : 7.09% EN-26 Orteliuslaan 1001 - 1003 (odd) Utrecht, the Netherlands 06508-01 Page 2 Contents A. Valuation letter ...................................................................................................................................... 4 B. Assumptions .......................................................................................................................................... 7 C. Report .................................................................................................................................................. 11 1. Location ..................................................................................................................................... 12 2. Accommodation ........................................................................................................................ 12 3. Description ................................................................................................................................ 12 4. State of repair ............................................................................................................................ 13 5. Condition ................................................................................................................................... 13 6. Local land registry ..................................................................................................................... 14 7. Tenure ....................................................................................................................................... 14 8. Town planning ........................................................................................................................... 15 9. Services .................................................................................................................................... 15 10. Environmental issues ................................................................................................................ 15 11. Occupational leases and other agreements ............................................................................. 15 12. Special assumptions ................................................................................................................. 15 13. Comments ................................................................................................................................. 15 14. Marktanalyse ............................................................................................................................. 16 14.1. General market analysis ................................................................................................. 16 14.2 The Dutch office market .................................................................................................. 21 14.3. Lokal market analysis ..................................................................................................... 31 15. Market rent and investment analysis ........................................................................................ 37 15.1. Market rent analysis ........................................................................................................ 37 15.2. Investment analysis ........................................................................................................ 38 16. Estimated market rent ............................................................................................................... 39 17. Valuation methodology ............................................................................................................. 39 18. SWOT analysis ......................................................................................................................... 39 19. The property as security for a loan ........................................................................................... 40 19.1. Security of income .......................................................................................................... 40 19.2. Letting period .................................................................................................................. 40 19.3. Evolution of rental and capital values ............................................................................. 40 19.4. Investment demand ........................................................................................................ 41 20. Property rating........................................................................................................................... 41 21. Sources ..................................................................................................................................... 41 D. Appendices .......................................................................................................................................... 43 I Photographs II Location plan III Land registry extract IV Zoning plan V Calculation EN-26 Orteliuslaan 1001 - 1003 (odd) Utrecht, the Netherlands 06508-01 Page 3 A. Valuation letter EN-26 Orteliuslaan 1001 - 1003 (odd) Utrecht, the Netherlands 06508-01 Page 4 Morgan Stanley Savills Valuations Attn Mr. C. Kanwei Claude Debussylaan 48 1082 MD Amsterdam 20 Bank Street, Canary Wharf The Netherlands E14 4AD London United Kingdom P.O. Box 75849 1070 AV Amsterdam The Netherlands T: +31 (0) 20 301 2000 F: +31 (0) 20 301 2002 Amsterdam, 3 September 2018 www.savills.nl Dear Mr Kanwei, In accordance with our instruction letter of 3 August 2018, we have prepared a full valuation of the leasehold interest in the property situated at Orteliuslaan 1001 - 1003 (odd) in Utrecht, the Netherlands as at 9 August 2018 for financing purposes. The property was inspected on 9 August 2018 by Frank van Kester RT. We were able to inspect the whole of the property, both externally and internally, but limited to those areas that were easily accessible or visible. We expressly assume for the purposes of this valuation that there have been no material changes to the property since that date. The valuers with MRICS or FRICS qualifications are RICS Registered Valuers. Furthermore, we confirm that the valuers have sufficient current local and national knowledge of the particular market and the skills and understanding to undertake the valuation. The valuers are in a position to provide an objective and unbiased valuation and have no connection or involvement with the subject of the valuation instruction or the party giving the instruction. The valuation has been prepared in accordance with the Royal Institution of Chartered Surveyors’ (‘RICS’) Valuation - Global Standards 2017 (the ‘RICS Red Book’) effective from 1 July 2017. Furthermore the valuation has been prepared in accordance with the standards of the Dutch Register for Real Estate Valuers (Nederlands Register Vastgoed Taxateurs - NRVT). Frank van Kester is registered in the Dutch Register for Real Estate Valuers and specifically in the register for commercial real estate (Kamer Bedrijfsmatig Vastgoed). Frank van Kester is not registered in the separate register for valuers of large commercial real estate (Groot Zakelijk Register). However, in the context of subject property and the specific experience of the valuer in this segment of the property market, the valuer is of the opinion that he has the expertise to perform this valuation and this inspection. Attached to this letter is a document entitled ‘Assumptions’ and the valuation report with appendices. EN-26 Orteliuslaan 1001 - 1003 (odd) Utrecht, the Netherlands 06508-01 Page 5 Market value The valuation is to be of the market value. Valuation Performance Standard (VPS) 4 - 4 of the Red Book defines Market Value (MV) as: ‘The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.’ With regard to the above and to any additional observations made in the body of our report we are of the opinion that the market value of the leasehold interest in the property, as at 9 August 2018, is as follows: € 5,750,000 net (five million seven hundred and fifty thousand euros net) Market rent The valuation is to