modern high specification industrial warehouse investment

Teleperformance Ltd, Unit 16, Ashby Park, Ashby de la Zouchleicestershire le65 1Jf

1 Ashby Park

Ashby de la Zouch

Industrial Warehouse Investment

investment summary

Modern high specification industrial warehouse totalling 6,608 sq m (71,130 sq ft).

Located on Ashby Park adjacent to junction 13 of the A42 dual carriageway.

Let to Teleperformance Ltd for a further 4.75 years.

Passing rent of £465,000 per annum, subject to an outstanding rent review (1 July 2012), offering potential for immediate reversion.

Freehold.

Offers in excess of £4,185,000, subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 10.50%, net of standard acquisition costs of 5.8%.

The property is held in an SPV which is available to purchase.

A512

A511

A511

A444

A444

A50

A453

A52

A38

A5111

A61

A42

A42

A6

A52

A46

A6

A50

A5

A5

A52

A52

A38

A512

M1

M1

M1

M1

M42

M69

J25

LOUGHBOROUGH

J26

J24

J23

J22

J21J10

J11

J21A

J24A

J23A

ASHBY DELA ZOUCH

BURTONUPON TRENT

EAST MIDLANDSAIRPORT

ILKESTON

NOTTINGHAM

DERBY

LEICESTER

2 Ashby Park

Ashby de la Zouch

Industrial Warehouse Investment

These plans are for identification purposes only. Their accuracy can in no way be guaranteed. Reproduced from the Ordnance Survey Map with permission of the Controller H.M.S.O Crown copyright reserved. Licence No. ES100018525

ASHBY-DE-LA-ZOUCH

NOTTIN

GH

AM

RD

LEIC

ES

TE

R R

D LEICESTER RD

MOIR A RD KILWARDBY ST MARKET ST W

OOD ST

NOTTINGHAM RD

CO

ALF

IELD

WAY

BURTO

N RD BURTON RD

UP

PE

R P

AC

KIN

GT

ON

RD

PACKIN

GTO

N N

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LOWER PACKINGTO

N

RD

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MW

ORTH RD

STA

TIO

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D

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ALL

IS

CORKSCREW

L

AN

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WIL

LESLE

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PR

IOR

PAR K LANE

ASHBY PARK

A511

A511A42

A42

A512

A511

A42

A42

Location situation

Ashby de la Zouch is located within the heart of Leicestershire in the East Midlands. Ashby Park benefits from excellent transport communications being situated less than 0.5 miles from junction 13 of the A42 dual carriageway, which provides direct access to junction 23A of the M1 motorway, (8 miles to the north), and junction 4 of the M6 motorway, approximately 21 miles to the south.

Nottingham East Midlands Airport, the UK’s second largest cargo and freight airport, is located approximately 7.6 miles to the north.

The excellent access to the national motorway network enables direct links to a number of major UK cities:

Ashby Park is a well established 43 acre Business Park comprising a mixture of Headquater office buildings, high quality warehouses together and a development of B1 units, known as Charter Point. Notable occupiers on the Park include Siemens, Ceva and HK Wentworth.

The property is situated on the western side of Coalfield Way which provides access to the A42 via the A511, a short distance to the north.

Adjacent to Ashby Park is the Flagstaff 42 Industrial Estate which includes McVities’ National Distribution Centre, totalling approximately 325,000 sq ft. Also within a one mile radius of the subject property is a recently refurbished Tesco Extra and the Nottingham Road Retail Park which includes retailers such as Wickes and Pets at Home.

city distance

Nottingham 34 km (21 miles)

Leicester 27 km (17 miles)

Birmingham 50 km (31 miles)

London 183 km (114 miles)

3 Ashby Park

Ashby de la Zouch

Industrial Warehouse Investment

Description accommoDation

The property was developed in 2002 to provide a high specification warehouse, with ancillary office accommodation, totalling 6,608 sq m (71,130 sq ft). The property comprises a two bay steel portal frame building with a pitched roof and elevations clad with profiled steel sheeting and brickwork to the two storey offices.

The property was developed to a high specification, which includes the following:

• Aminimumeavesheightof9m(29.5ft).

• 4dockleveland2levelaccessloadingdoors

• Heatingtothewarehouseviagasfiredhotair blowers

• Lightingtothewarehouseviasodiumlights

• Sprinklersystemtothewarehouseaccommodation

• Highspecificationtwostoreyofficesbenefitingfrom raised floors, suspended ceilings incorporating fluorescent strip lighting and air conditioning

The tenant has undertaken significant works to the property including a substantial fit out of the office accommodation as well as the installation of full height racking to part of the warehouse accommodation to suit their occupational requirements.

Externally, the property benefits from a large and secure service yard to the rear.

The property has been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) and has the following approximate gross internal floor areas:

description

floor area

sq m sq ft

Warehouse 4,652 50,075

Ground Floor offices /canteen

488 5,257

First Floor offices 1,468 15,798

total 6,608 71,130

Drain

Warehouse

Tank

16

Drain

FB

CO

ALF

IELD

WA

Y

CHARTER P

E

1

0m 25m 50m 75m

These plans are for identification purposes only. Their accuracy can in no way be guaranteed. Reproduced from the Ordnance Survey Map with permission of the Controller H.M.S.O Crown copyright reserved. Licence No. ES100018525

site

The site totals approximately 1.66 hectares (4.10 acres) providing a site density of 40%.

4 Ashby Park

Ashby de la Zouch

Industrial Warehouse Investment

tenure

Freehold.

tenancy

covenant profiLe

The property is let to Teleperformance Ltd on a full repairing and insuring lease commencing on 1st July 2002 and expiring on 31st March 2018, therefore providing approximately 4.75 years unexpired.

The lease is subject to 5 yearly upward only rent reviews, with the 1 July 2012 review currently outstanding. The annual rent is to be reviewed to the higher of the rent passing or 131% of the rent calculated by multiplying the gross internal floor area of the building by a rent per square foot that would apply to a conventional industrial/warehouse building with a 10% office content and without modification. The hypothetical lease term is 10 years.

The current rent is £465,000 per annum equating to £6.53 per sq ft overall. This equates toawarehouserental,asdevaluedundertherentreviewprovisions,of£4.99persqft.

Teleperformance Ltd (formerly MM Teleperformance Ltd) is part of the global Teleperformance brand with over 135,000 employees in 45 countries. Listed on the NYSE, with a value estimated at$2.955bnin2011,Teleperformanceprovidesarangeofhi-techbusinessfunctions,customerchannels and contact media. In the UK, the company has 6 branches including locations in Bristol and Birmingham.

Fromthesubjectproperty,Teleperformanceoperateanumberofcall-centrecontractsforcompaniessuchasJessops,SiemensandN-Powerandhashistoricallyoperatedcontractsforthe Identity and Passport Service. The site currently employs approximately 200 people although this is expected to rise as they are reconfiguring the current office accommodation for a new contract to be serviced from this centre.

For the year ending December 2012, Teleperformance Ltd reported an increase in turnover of110%,risingto£147.4m(£70.06min2011)andasubstantialincreaseinpre-taxprofitto£11.18m. Dun & Bradstreet provide the company with a credit rating of 3A1 and a summary of their financial accounts recorded over the last 3 years are as follows:

teleperformance ltd

financial Year

31/12/2012 31/12/2011 21/12/2010

Turnover £147,447,000 £70,056,000 £63,968,000

Profit/(Loss) Before Taxes £11,181,000 (£731,000) (£230,000)

Tangible Net Worth £14,490,000 £5,302,000 £6,031,000

Ashby Park

Ashby de la Zouch

Industrial Warehouse Investment

further information

James fairweatherTel: 020 7318 5026Fax: 020 7318 5051james.fairweather@struttandparker.com

John hansonTel: 020 7318 5027Fax: 020 7318 5051 john.hanson@struttandparker.com

guy pearson-gregory Tel:02073185049Fax: 020 7318 5051 guy.pearson-gregory@struttandparker.com

head office 13 HILL STREET LONDON W1J 5LQTEL:+44(0)2076297282FAX:+44(0)2076290387www.struttandparker.com

Notices Relating to Property Misrepresentation and Property Misrepresentation Act. Strutt&ParkerLLPforthemselvesandfortheVendorsofthispropertywhoseAgentstheyare,givenoticethat:-Theparticularsaresetoutasageneraloutlineonlyfortheguidanceofintendingpurchasesanddonotconstitutepartofanofferorcontract;Alldescriptions,dimensions,referencestocondition and necessary permissions for use and occupation and their details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness ofthem;Unlessotherwisestated,allprices,rentsandotherchargesarequotedexclusiveofValueAddedTax(VAT).AnyintendingpurchasersortenantsmustsatisfythemselvesindependentlyastotheincidenceofVATinrespectofanytransaction;Allplant,machinery,equipment,servicesandfixtures&fittingsreferredtointheseparticularswerepresentatthedateofpublication.Theyhavenot,however,beentestedandtherefore,wegiveabsolutelynowarrantyastotheirconditionoroperation;NopersonintheemploymentofStrutt&ParkerLLPhasanyauthoritytomakeorgiveanyrepresentationsorwarrantywhatsoeverinrelationtothispropertyortheseparticulars,norenterintoanycontractonbehalfoftheVendors;Noresponsibilitycanbeacceptedforanyexpensesincurredbyintendingpurchasersininspectingpropertieswhichhavebeensoldorwithdrawn;ThedateofpublicationisJune2013.

vat proposaL epc

We are instructed to seek offers in excess of £4,185,000 for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 10.50%, net of standard acquisition costs. The property is held in an SPV which is available to purchase.

The property has been elected for VAT which will therefore be payable on the purchase price unless the sale can be treated as a Transfer Of a Going Concern.

For further information or to arrange an inspection, please contact:

Green Deal Information

The Green Deal will be available from later this year. To find out more about how the Green Deal can make yourproperty cheaper to run, please call 0300 123 1234.

Energy Performance CertificateNon-Domestic Building

Certificate Reference Number:9000-7959-0322-6250-6024

M M TeleperformanceUnit 16, Coalfield WayAshby Business ParkASHBY-DE-LA-ZOUCHLE65 1JF

This certificate shows the energy rating of this building. It indicates the energy efficiency ofthe building fabric and the heating, ventilation, cooling and lighting systems. The rating iscompared to two benchmarks for this type of building: one appropriate for new buildings andone appropriate for existing buildings. There is more advice on how to interpret this informationon the Government's website www.communities.gov.uk/epbd.

Energy Performance Asset Rating

Technical Information Benchmarks

Main heating fuel: Natural Gas

Building environment: Heating and Natural Ventilation

Total useful floor area (m2): 8547

Building complexity (NOS level): 3

Building emission rate (kgCO2/m2): 50.17

Buildings similar to thisone could have ratings asfollows:

If newly built

If typical of theexisting stock

SUMMARY CASH FLOW FORECAST Teleperformance - Ashby - Best Case

Acquistion Details Financing DetailsSq ft 71,130.00 No of Acres - Interest rate on Senior Debt: 5%Project Term 5 years Interest rate on Mezz Loan: 11.00%

Cost of Mezz 0.00% per annumCapital Value of Asset 3,750,000 12.40% Corporate Tax rate 20.00%Acquisition cost 0.00% - Loan amortisation rate 0%Loan arrangement fee 0.00% - Asset DetailsStamp duty 4.00% 150,000 Capital Value at acquistion 56.58 Legal Fees- incl VAT 0.42% 15,750 Refurbishment Costs 53,347.50 Agents Fees- Incld VAT 1.50% 56,250 Rates/Service Fee 511,500.00- Mezzand Senior Loan Set Up 0.50% 15,000 Accumulated Cash Flow in project 49,320- Structuring and Due Diligence 1.00% 37,500 To be funded 507,472.50-

7.42% 4,024,500 Capital Value at exit 81.72 Initial Return 11.55% Management FeesCapital Value per sq ft 56.58£ Property Managemement Fees- on rent 2.00%Financed by: Property Management fee incl VAT 2.40%

Investment Management fees 0.025% of value Pure Equity 20% 1,024,500 25% VAT 20%Mezz Loan 80% 3,000,000 Mezz Loan set up cost 15,000 3,015,000 75% 4,024,500 Exit Detailson the acquisition price

Exit price per acre 8.00%Senior Debt 0% - Sale price 5,812,500 Senior Debt set up cost - 0% - Selling cost 5.75% 334,219-

100% 4,024,500 Loan Exit Cashflow - Rental Details Terminal cashflow 5,478,281 Annual rental 2013 6.54 465,000 Revised Annual rental 2017 6.54 465,000 Return Details

2022 6.54 465,000 Cash on Cash coupon per annum initial 10.00%Compunded rent Growth 0.00% per annum Dividend Payments per annum 402,450

Cash on Cash coupon per annum 7.00%1st Quarter re-let rent 116,250 Dividend Payments per annum 2017 281,715.00 Re-let commission 0% - IRR of Investor 13.92%1st Quarter re-let rent after commission 116,250 Exit Yield 0.08

Payback through income at terminal date 2,392,178 59.44%Number of shares 10 402,450.00

Year Quarter Rental Apartment

Sales Mangt fees Invt Mngr Loan Int General Mezz Int Taxable Tax Income Loan repay Loan Net Income In Mezz return Senior return Project Investor cash

Flow Rolling Running2% 0.03% 5% Expenses 11.0% Income 20% After Tax 0% Balance Property Co. 11.0% 5.0% Cash Flows 10.00% Cash Flow Yield

- 4,024,500- 4,024,500- 2013 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 104,723 10.41%

4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 8,220 10.41%2014 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 112,943 10.41%

2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 16,440 10.41%3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 121,163 10.41%4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 24,660 10.41%

2015 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 129,383 10.41%2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 32,880 10.41%3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 137,603 10.41%4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 41,100 10.41%

2016 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 145,823 10.41%2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 49,320 10.41%3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 154,043 10.41%4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 57,540 10.41%

2017 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 162,263 10.41%2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 65,760 10.41%3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 170,483 10.41%4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 73,980 10.41%

2018 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 178,703 10.41%2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 82,200 10.41%3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 186,923 10.41%4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 90,420 10.41%

2019 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 195,143 10.41%2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 98,640 10.41%3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 203,363 10.41%4 116,250 2,325 - - 1,100 82,500 30,325 6,065 24,260 - - 23,160 82,500 - 105,660 201,225 107,798 10.50%

2022 1 5,478,281 5,478,281 5,586,079 8,500,781 60,450 23,438 - 28,600 2,145,000 788,450 157,690 630,760 - 2,145,000 - 4,177,504 4,177,504

Quarterly Yearly NO OF SHAREHOLDERS 10 INVESTOR IRR 3.31% 13.92% PRICE PER SHARE 402,450.00£

Quarterly YearlyPROJECT IRR 3.38% 14.23%

SUMMARY CASH FLOW FORECAST Teleperformance - Ashby Worse Case

Acquistion Details Financing DetailsSq ft 71,130.00 No of Acres Interest rate on Senior Debt: 5%Project Term 5 years Interest rate on Mezz Loan: 11.00%

Cost of Mezz 0.00% per annumCapital Value of Asset 3,750,000 12.40% Corporate Tax rate 20.00%Acquisition cost 0.00% - Loan amortisation rate 0%Loan arrangement fee 0.00% - Asset DetailsStamp duty 4.00% 150,000 Capital Value at acquistion 56.58 Legal Fees- incl VAT 0.42% 15,750 Refurbishment Costs 53,347.50 Agents Fees- Incld VAT 1.50% 56,250 Rates/Service Fee 87,845.55- Mezzand Senior Loan Set Up 0.50% 15,000 Accumulated Cash Flow in project 49,320- Structuring and Due Diligence 1.00% 37,500 To be funded 83,818.05-

7.42% 4,024,500 Capital Value at exit 51.11 Initial Return 11.55% Management FeesCapital Value per sq ft 56.58£ Property Managemement Fees- on rent 2.00%Financed by: Property Management fee incl VAT 2.40%

Investment Management fees 0.025% of value Pure Equity 20% 1,024,500 25% VAT 20%Mezz Loan 80% 3,000,000 Mezz Loan set up cost 15,000 3,015,000 75% 4,024,500 Exit Detailson the acquisition price

Exit price per acre 9.00%Senior Debt 0% - Sale price 3,635,533 Senior Debt set up cost - 0% - Selling cost 5.75% 209,043-

100% 4,024,500 Loan Exit Cashflow - Rental Details Terminal cashflow 3,426,490 Annual rental 2013 6.54 465,000 Revised Annual rental 2018 4.60 327,198 Return Details

2022 4.60 327,198 Cash on Cash coupon per annum initial 10.00%Compunded rent Growth 0.00% per annum Dividend Payments per annum 402,450

Cash on Cash coupon per annum 7.50%1st Quarter re-let rent 81,800 Dividend Payments per annum 2017 301,837.50 122,940.00 Re-let commission 0% - IRR of Investor 6.16% 279,510.00 9.27%1st Quarter re-let rent after commission 81,800 Exit Yield 0.09

Payback through income at terminal date 1,989,728 49.44%Number of shares 10 402,450.00

Year Quarter Rental Apartment

Sales Mangt fees Invt Mngr Loan Int General Mezz Int Taxable Tax Income Loan repay Loan Net Income In Mezz return Senior return Project Investor cash

Flow Rolling Running2% 0.03% 5% Expenses 11.0% Income 20% After Tax 0% Balance Property Co. 11.0% 5.0% Cash Flows 10.00% Cash Flow Yield

- 4,024,500- 4,024,500- 2013 3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 104,723 10.41%

4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 8,220 10.41%2014 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 112,943 10.41%

2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 16,440 10.41%3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 121,163 10.41%4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 24,660 10.41%

2015 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 129,383 10.41%2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 32,880 10.41%3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 137,603 10.41%4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 41,100 10.41%

2016 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 145,823 10.41%2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 49,320 10.41%3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 154,043 10.41%4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 57,540 10.41%

2017 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 162,263 10.41%2 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 65,760 10.41%3 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 170,483 10.41%4 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 201,225 73,980 10.41%

2018 1 116,250 2,325 938 - 1,100 82,500 30,325 6,065 24,260 - - 22,223 82,500 - 104,723 - 178,703 10.41%2 53,348- - - - 1,100 - - - - - - 54,448- - - 54,448- - 124,255 -5.41%3 26,674- - - - 1,100 - - - - - - 27,774- - - 27,774- - 96,481 -2.76%4 - - - - 1,100 - - - - - - 1,100- - - 1,100- - 95,381 -0.11%

2019 1 - - - - 1,100 - - - - - - 1,100- - - 1,100- - 94,281 -0.11%2 81,800 1,636 - - 1,100 79,064 - - - - - 1,100- 79,064 - 77,964 - 172,245 7.75%3 81,800 1,636 - - 1,100 79,064 - - - - - 1,100- 79,064 - 77,964 150,919 99,290 7.75%4 81,800 1,636 - - 1,100 79,064 - - - - - 1,100- 79,064 - 77,964 - 177,253 7.75%4 81,800 1,636 - - 1,100 79,064 - - - - - 1,100- 79,064 - 77,964 150,919 104,298 7.75%

2022 1 3,426,490 3,426,490 3,426,490 5,882,417 50,719 17,813 - 29,700 1,883,754 576,175 115,235 460,940 - 1,883,754 - 1,619,150 1,514,853

Quarterly Yearly NO OF SHAREHOLDERS 10 INVESTOR IRR 1.50% 6.16% PRICE PER SHARE 402,450.00£

Quarterly YearlyPROJECT IRR 1.63% 6.68%