refined Portfolio

on tHe inStrUCtionS of

Investment Overview

- Opportunity to acquire a portfolio of five high-quality Malthurst Forecourt Convenience Stores

- Prominently located properties on arterial roads across the country

- Four of the properties are let to Malthurst Ltd and one to Malthurst Retail Ltd, all guaranteed by Malthurst (UK) Ltd

- Approximately 13 years average weighted unexpired term - Producing a passing rent of £530,610 per annum, increasing to £600,360 per annum by November 2015

- Fixed 2.5% rental uplifts compounded and paid five yearly throughout the lease term

- All properties benefit from freehold tenure

- Property values underpinned by strong vacant possession values for current and alternative uses

- The forecourt convenience store sector has significant growth potential

Offers are sought in excess of £7,430,000, subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 6.75%, allowing for usual purchasers costs of 5.8%. The reversionary yield in 2015 will be 7.64%.

Ashbyde la Zouch

Ashbyde la Zouch

KnutsfordNottinghamNottingham

Bournemouth

Ledbury

Knutsford

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BOURNEmOUThProperty CharacteristicsThe forecourt convenience stores are operated by Malthurst Ltd and Malthurst Retail Ltd. The quality of the locations, the success of the Malthurst convenience store format and the exceptional growth of the sector should ensure the continued trading success of these properties.

Roadside Overview

How many forecourt sites are there in the UK?

At the end of April 2010 there were approximately 9,013 forecourt sites in the UK.

Forecourt site numbers. Source: Catalist/Energy Institute

Of these 9,013 forecourt sites, 8,463 feature a dedicated convenience store. The last 40 years has seen a 75% reduction in the number of petrol station sites in the UK, despite a huge increase in car ownership and fuel consumption.

These trends have created a platform for a highly attractive and stable investment class with excellent potential for sustained long-term performance, underpinned by the rising demand for fuel and the continuing expansion of the forecourt convenience store market.

20,000

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Dealer Network

Who are the top forecourt retailers within the UK?

Forecourt retailers and the number of stores they own are listed in the table below:

Top 12 Fuel retailers within the UK with number of forecourt convenience stores operated. (Independent retailers)

Shell 836*

Snax 24 (Ronson) 756*

Esso 529

Tesco 450

BP 351

Morrisons 292

Malthurst Ltd 288

Sainsbury’s 254

The Co-operative Group 207

Asda 179

Murco 172

M&S Simply Food 125

* Revised figures as of June 2011 following the Gerald Ronson acquisition of the Total Portfolio of 810 sites, following the acquisition of the portfolio 254 properties were immediately sold to Shell.

Source: IGD Research, June 2010 & Rapleys Research August 2011

Supermarket groups continue to target the forecourt sector. Franchise group operators have also continued in their pursuit of the forecourt sector as they seek to capitalise on new opportunities away from high street and neighbourhood locations.

In addition, there are now over 2,200 oil company multiple sites in operation e.g. Esso On The Run, Shell Select and BP Connect. Today, approximately 94% of all forecourt stores are now classed as convenience stores.

How much is the forecourt convenience sector worth?

At the end of April 2010 there were 8,463 forecourt convenience stores in the UK,generating sales of £4.2 billion over the 12 month period.

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Tenure

Freehold.

Environmental Considerations

Environ have carried out an environmental assessment for the properties and have comfirmed that all of the sites are “fit for use”. Environ will provide letters of reliance if required by the purchaser. The purchaser will be requested to provide an environmental indemnity to the vendor. The occupational tenant is responsible for contamination matters under the terms of the full repairing and insuring lease during their occupation.

Tenancy

Four of the properties are let to Malthurst Limited for a term of 20 years from November 2005 (14 years unexpired) on full repairing and insuring lease terms. The property at Ashby de la Zouch has been let on the same terms to Malthurst Retail Ltd but is subject to a tenant break option in October 2020 (9 years term certain). All of the properties are guaranteed by Malthurst (UK) Ltd.

The properties in the portfolio are as follows:

Property LocationPassing Income

Site Area (acres)

Term Certain (yrs)

Floor Area (sq ft)

Cheshireways SS Knutsford £96,170 0.89 14 568

St Mary’s SS Nottingham £157,266 0.38 14 2,305

Pickering SS Ashby De La Zouch £79,178 0.59 9* 1,704

Homend SS Ledbury £152,740 0.29 14 1,220

Westview SS Bournemouth £45,256 0.26 14 793

Totals £530,610 2.41 6,590

* Malthurst Retail Limited tenant break option in October 2020

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COvEnanT InfORmaTIOn

We have been provided with the following financial information relating to Malthurst Ltd, Malthurst Retail Ltd and Malthurst (UK) Ltd.

Malthurst Ltd

Year End 26/09/2010 27/09/2009 28/09/2008

Turnover £219,323,291 £197,268,935 £264,611,514

Profit £3,518,400 £9,555,640 £7,193,959

Net Worth £26,377,756 £25,740,441 £21,319,233

Malthurst Retail Ltd

Year End 26/09/2010 27/09/2009 28/09/2008

Turnover £86,711,000 £77,848,000 £102,164,000

Profit £1,303,000 £1,996,000 £2,897,000

Net Worth £16,213,000 £16,414,000 £15,079,000

Malthurst (UK) Ltd

Year End 26/09/2010 27/09/2009 28/09/2008

Turnover N/A N/A £729,737,000

Profit £6,400,000 £7,500,000 £18,677,000

Net Worth £451,000 £451,000 £71,313,000

The wider Malthurst Group is now the second largest independent fuel retailer in the UK. Malthurst only recently lost the crown of being the largest following Gerald Ronson’s acquisition of the UK based portfolio of petrol stations from French fuel group Total SA.

Malthurst (UK) Ltd is a wholly owned subsidiary company of MRH (GB) Limited. MRH (GB) Limited have a net worth of £141m from a turnover of £1.35bn with profits of £18m for the financial year ending 2010.

Shareholders: Management (62%), Barclays Private Equity (38%) Formed in 2007 to acquire Malthurst (UK) Ltd and Refined Holdings, the combined business owns 288 petrol stations and supplies another 140 independent fuel retailers. The Essex based company also sells fuel direct to farmers, large commercial users and private households with oil-fired boilers.

Further information is available on request.

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Disclaimer: Rapleys LLP is registered as a Limited Liability Partnership in England and Wales. Registration No: OC308311. Registered Office at Falcon Road, Hinchingbrooke Business Park, HUNTINGDON PE29 6FG. A full list of Members is available on our website or at any of our offices during normal business hours. Rapleys LLP operates an Environmental Management System which complies with the requirements of ISO 14001:2004. Regulated by RICS.Any maps are for identification purposes only and should not be relied upon for accuracy. Reproduced by permission of Geographers A-Z Map Co. Ltd. Licence No. A0203. This product includes mapping data licensed from Ordnance Survey - © Crown Copyright 2001. Licence No. 100017302 and © Crown Copyright, All rights reserved. Licence No. ES 100004619.

Misrepresentation Act: These particulars are produced in good faith and believed to be correct, however, neither Rapleys nor their client guarantees their accuracy nor are they intended to form any part of a contract. No person in Rapleys employment has authority to give any representation or warranty in respect of this property. All prices or rents are quoted exclusive of VAT. October 2011.

Martin Carey020 7255 8085mic@rapleys.co.uk

Jonny Doulton020 7255 8099jdd@rapleys.co.uk

Rick McIntosh-Whyte020 7255 8064rdmw@rapleys.co.uk

Contacts

For further information please contact either:

EPC

Available on request.

vaT

We understand that the properties have been elected for VAT purposes which will be charged at the prevailing rate.

Proposal

Offers are sought in excess of £7,430,000 (Seven Million, Four Hundred & Thirty Thousand pounds), subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 6.75% after allowing for normal costs of acquisition of 5.8%. The reversionary yield in 2015 will be 7.64%.

Tayler Reid Design no.04027 | 020 7355 2500 | www.taylerreid.co.uk

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ChEshIREways sERvICE sTaTION ChEsTER ROaD, MERE, KNuTsFORDwa16 6LF

Location

Mere is an affluent village situated between Altrincham and Knutsford within the county of Cheshire, approximately 12 miles south west of Manchester and 25 miles east of Liverpool.

Road communications are excellent with junction 19 of the M6 Motorway lying approximately 2 miles to the south and junction 8 of the M56 located 1.5 miles to the north.

Situation

The subject property is prominently situated on the A556 Chester Road which serves as one of the main arterial routes linking the M56 and M6 Motorways, via junctions 8 and 19, respectively.

The A556 further provides convenient links to Manchester City centre and the surrounding centres of Knutsford and Altrincham.

Description

The property comprises a modern, BP branded petrol filling station and single storey convenience store with an ancillary office, store room and kitchen facilities.

The forecourt area is served by 8 dispensing pumps, together with car vacuum and air hose services situated under a canopy. The service area is tarmacadam surface with concrete hardstanding.

Retail floor area

The property has been measured in accordance with the RICS Code of Measuring Practice 6th edition to provide the following approximate gross internal floor area:

52.77 sq m (568 sq ft).

Site area

Approximately 0.36 hectares (0.89 acres).

Tenure

Freehold.

Tenancy

The property is let by way of assignment to Malthurst Limited (guaranteed by Malthurst (UK) Ltd) for a term of 20 years from 16th November 2005, on full repairing and insuring terms, at a rent passing of £96,170 per annum.

Rent Reviews

Rental uplifts are fixed throughout the term as follows:-

2010 – 2015 2015 - 2020 2020 – 2025

£96,170 pa £108,807 pa £123,105 pa

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ChEshIREways sERvICE sTaTION ChEsTER ROaD, MERE, KNuTsFORDwa16 6LF

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sT MaRy’s sERvICE sTaTION NuThaLL ROaD, CINDERhILL, NOTTINghaMNg8 6aX

Location

Nottingham is an important commercial centre within the East Midlands, situated 15 miles to the north east of Derby, 30 miles south east of Sheffield, 30 miles north of Leicester and 128 miles north of central London.

The City benefits from excellent road communications being served by three junctions of the M1 motorway (24,25 and 26), all of which provide access to the Nottingham ring road and City centre.

Situation

The subject property occupies a highly prominent and accessible site on the west side of the A610 dual carriageway, approximately 4 miles northwest of Nottingham City centre.

The A610 serves as one of the main links to the City centre from the M1, via junction 26, situated less than a mile to the west of the subject property.

Description

The property comprises a modern, BP Connect branded forecourt convenience store and Wild Bean Café. Further accommodation comprises ancillary office, storage area, toilet and kitchen facilities.

The forecourt area is served by 10 dispensing pumps, ATM, car vacuum and air hose services, situated under a canopy. The service area is tarmacadam surface with concrete hardstanding.

Retail floor area

The property has been measured in accordance with the RICS Code of Measuring Practice 6th edition to provide the following approximate gross internal floor area:

214.11 sq m (2,305 sq ft).

Site area

Approximately 0.38 hectares (0.95 acres).

Tenure

Freehold.

Tenancy

The property is let by way of assignment to Malthurst Limited (guaranteed by Malthurst (UK) Ltd) for a term of 20 years from 16th November 2005, on full repairing and insuring terms, at a rent passing of £157,266 per annum.

Rent Reviews

Rental uplifts are fixed throughout the term as follows:-

2010 – 2015 2015 - 2020 2020 – 2025

£157,266 pa £177,932 pa £201,313 pa

A610

Nottingham Road

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sT MaRy’s sERvICE sTaTION NuThaLL ROaD, CINDERhILL, NOTTINghaMNg8 6aX

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PICKERINg sERvICE sTaTION ashby ROaD, MEashaM, ashby DE La ZOuChDE12 7Jw

Location

Measham is situated approximately 14 miles south of Derby, 25 miles south west of Nottingham, 22 miles north west of Leicester and 26 miles north east of Birmingham.

Road communications are excellent with the A42 providing direct links to the M42, via Junction 11 to the south west and the M1, via junction 23a to the north east.

Situation

The subject property is prominently situated on the B5006 Ashby Road, which links with the A42, providing convenient access to East Midlands Airport and the national motorway network via the M42 and M1.

Description

The property comprises a modern, Texaco branded forecourt convenience store of brick construction under a pitched, tile clad roof, with ancillary office, storage area, toilet and kitchen facilities.

The forecourt area is served by 8 dispensing pumps, car wash, vacuum and air hose services situated under a canopy. The service area comprises tarmacadam surface with brick paving and concrete hardstanding.

Retail floor area

The property has been measured in accordance with the RICS Code of Measuring Practice 6th edition to provide the following approximate gross internal floor area:

158.26 sq m (1,704 sq ft).

Site area

Approximately 0.24 hectares (0.59 acres).

Tenure

Freehold.

Tenancy

The property is let to Malthurst Retail Limited (guaranteed by Malthurst (UK) Ltd) for a term of 20 years from 26th October 2005, on full repairing and insuring terms, at a rent passing of £79,178 per annum. There is a tenant’s break option on 26th October 2020.

Rent Reviews

Rental uplifts are fixed throughout the term as follows:-

2010 – 2015 2015 - 2020 2020 – 2025

£79,178 pa £89,607 pa £101,381 pa

B586 New Street

5006

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PICKERINg sERvICE sTaTION ashby ROaD, MEashaM, ashby DE La ZOuChDE12 7Jw

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hOMEND sERvICE sTaTION ThE hOMEND, LEDbuRy hR8 1bs

Location

Ledbury is an attractive market town located within the county of Herefordshire, approximately 20 miles north west of Cheltenham and 15 miles south west of Worcester.

Road communications are good with junction 2 of the M50 motorway which links with the M5, providing convenient access to Birmingham to the north and Bristol to the south.

Situation

The subject property is prominently situated on the east side of A438, The Homend, opposite a Tesco food store, just to the north of the town centre. The A438 provides convenient links to the surrounding centres of Hereford and Worcester, and easy access to the M50 and wider national motorway network, via the A417.

Description

The property comprises a modern forecourt convenience store (trading as Spar) of brick construction under a pitched roof, with ancillary office, storage accommodation, WC and kitchen facility.

The forecourt area is served by 8 dispensing pumps, together with an automatic roll over car wash, car vacuum, water and air hose services, situated under a canopy.

The service area is of brick paving with concrete hardstanding.

Retail floor area

The property has been measured in accordance with the RICS Code of Measuring Practice 6th edition to provide the following approximate gross internal floor area:

113.31 sq m (1,220 sq ft).

Site area

Approximately 0.12 hectares (0.29 acres).

Tenure

Freehold.

Tenancy

The property is let by way of assignment to Malthurst Limited (guaranteed by Malthurst (UK) Ltd) for a term of 20 years from 16th November 2005, on full repairing and insuring terms, at a rent passing of £152,740 per annum.

Rent Reviews

Rental uplifts are fixed throughout the term as follows:-

2010 – 2015 2015 - 2020 2020 – 2025

£152,740 pa £172,811 pa £195,520 pa

A438 The H

omend

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hOMEND sERvICE sTaTION ThE hOMEND, LEDbuRy hR8 1bs

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wEsT vIEw sERvICE sTaTION ChaRMINsTER ROaD, bOuRNEMOuThbh8 9QQ

Location

Bournemouth is a major regional, commercial and tourist centre situated on the south coast in Dorset, approximately 5 miles east of Poole, 27 miles south of Salisbury and 32 miles west of Southampton.

Bournemouth has the benefit of excellent road communications with the A35 providing the main link from both east and west. The A31 dual carriageway connects to the M27 motorway near Southampton and in addition, the main through routes are the A338 (Wessex Way) and A3049 (Wallisdown Road).

Situation

The subject property is prominently situated on the western side of Charminster Road (B3063) in close proximity to it’s junction with the A3049 Alma Road, providing convenient access to the A338, which serves as the main arterial route to Bournemouth from the north.

Description

The property comprises a modern, Texaco branded petrol filling station and shop, with ancillary office, storage area, kitchen and WC facilities.

The forecourt area is served by 6 dispensing pumps, automatic rollover car wash, vacuum and air hose services, situated under a canopy. The service area comprises concrete hardstanding.

Retail floor area

The property has been measured in accordance with the RICS Code of Measuring Practice 6th edition to provide the following approximate gross internal floor area:

73.65 sq m (793 sq ft).

Site area

Approximately 0.10 hectares (0.26 acres).

Tenure

Freehold.

Tenancy

The property is let by way of assignment to Malthurst Limited (guaranteed by Malthurst (UK) Ltd) for a term of 20 years from 16th November 2005, on full repairing and insuring terms, at a rent passing of £45,256 per annum.

Rent Reviews

Rental uplifts are fixed throughout the term as follows:-

2010 – 2015 2015 - 2020 2020 – 2025

£45,256 pa £51,203 pa £57,932 pa

B30

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wEsT vIEw sERvICE sTaTION ChaRMINsTER ROaD, bOuRNEMOuThbh8 9QQ