Law Society House100 Victoria Street, Belfast, BT1 3GN

Prime City Centre Office Investment

Waterfront Hall

Law Society House

University of Ulster Cathedral Quarter

Obel Building

Titanic Quarter

Belfast City Airport

Odyssey Pavilion

City Hall

BT Tower

Victoria Square

City Airport

Central Train Station

Investment Summary

• Aprominentofficebuildingsituatedadjacenttothe RoyalCourtsofJustice.Nearbyoccupiersinclude, BritishTelecom,Allstate,Concentrix,Brewin Dolphin,andPriceWaterhouseCooperswiththe HiltonHotelandWaterfrontHallincloseproximity.

• Multi-letgradeAofficebuildingwithanetinternal areaof46,913sqft.

• 999yearLongLeaseholdInterestinpartbasement, ground,first,secondandpartthirdfloorfrom9th June2009.

• LawSocietyHouseislocatedonVictoriaStreetin thecentrallegaldistrictofBelfastandislocated nexttotheRoyalCourtsofJusticebuildings.

• Thetotalcurrentpassingrentis£492,906per annum.

• Strongoccupationaltenantlineupwith67.91% ofthegrossincomesecuredagainsta governmenttenant.

• Assetmanagementpotentialtorestructureboththe titleandtheoccupationalleases.

• Wehavebeeninstructedtoseekoffersin excessof£3,465,000 (Three Million, Four Hundred and Sixty Five Thousand Pounds).Apurchaseatthislevel,aftervacancy liabilities,reflectanattractive net initial yield of 12.47%,anequivalent yield of 14.63%anda reversionary yield of 16.82%excludingVAT andassumingfullpurchaserscostsat5.80%.

Strong tenant line up with over 65% of the income secured against a government tenant.

ODYSSEYARENA

EUROPATRAINSTATION

CENTRALTRAINSTATION

BELFAST - DUBLINRAIL CORRIDOR

M1 MOTORWAY

M2 MOTORWAY

M3 MOTORWAYVICTORIASQUARE

BELFASTCITY HALL

Derry

Belfast

Dublin

LAW SOCIETY HOUSE

Belfast City Centre

Permit ID: 130040 © Crown Copyright 2013

Location

LawSocietyHouseislocatedintheCityofBelfast,thecapitalofNorthernIreland.BelfastisthesecondlargestcityontheIslandofIrelandandliesapproximately70miles(113Km)south-eastofLondonderryandapproximately100miles(161Km)tothenorthofDublin,intheRepublicofIreland.

BelfastenjoysexcellenttransportinfrastructureandiswellconnectedtotherestofIrelandandtomainlandUK.GeorgeBestBelfastCityAirportislocatedapproximately4miles(6Km)fromthecitycentrewithBelfastInternationalAirportapproximately23miles(37Km)north-west.InadditionBelfasthasalargecommercialportthatisalsousedforpassengerferryserviceswithregularsailingstoScotland,EnglandandWales.

BelfasthasgoodroadcommunicationsbeingpositionedwithincloseproximitytotheM2linkingtheNorthandWestoftheProvinceandtheM1whichlinkswithDublinintheSouth.ThetwoprincipalrailwayservicesinthecitycentreincludeGreatVictoriaStreetandBelfastCentral,thelatterofwhichprovidesadirectlinkwithDublin.

Situation

LawSocietyHouseoccupiesaprominentpositiononVictoriaStreetrightintheheartofBelfast’slegaldistrict.SituatedadjacenttotheRoyalCourtsofJustice,nearbyoccupiersincludeBritishTelecom,Allstate,Concentrix,BrewinDolphinandPriceWaterhouseCoopers.

TheHiltonHotelandBelfastWaterfrontHall,a2,400seatconferenceandentertainmentcentre,arelocatedincloseproximity.InadditionanentrancetoNorthernIreland’spremiershoppingcentre,the400,000sqftVictoriaSquareShoppingCentreisalsolocatedonVictoriaStreet.

BelfastCentralTrainStationwhichprovidesdirectaccesstoDublinandLondonderryamongstmanyothermajorlocationswithinNorthernIrelandislocatedapproximately600metrestotheeastofthepropertyviaEastBridgeStreet.

Glasgow

Edinburgh

Newcastle

Middlesbrough

York

Leeds

Bolton

Liverpool

Manchester

Nottingham

BirminghamCambridge

London

BristolCardiff

Oxford

Reading

Luton

Ipswich

Hull

LawSocietyHousecomprisesafive-storeyofficewithretailaccommodationonthegroundfloorandbasementcarparking.Thepropertyisprimarilyservedbyaflatroofarrangementwithinsulatedbuildupwithsingleplymembraneroofcovering.

ExternalelevationsareformedinacombinationofPortugueseLimeStone,andaluminiumcurtainwallingsystemwithfacingbrickworktotherearelevation.Internally,ceilingsprimarilycompriseacombinationofasuspendedceilinggridwithlay-ingridmineraltilesandplasterboardceilinglinings.Wallscomprisea

combinationofplasteronhardandpartitionsstrappedandlinedinplasterboard.Flooringprimarilycompriseraisedaccessfloorsandconcretefloorslabs.

AbuildingsurveyandconditionreporthasbeenundertakenbytheWattsGroupPlcwhichisassignabletothepurchaserandisavailableinthesecuredocumentlibrary.

• Secretary of State for Communities and Local Government–Theleaseissignedandguaranteed bytheSecretaryofStateforCommunitiesand LocalGovernmentwhotradeasthePassport Office.Therearenoaccountsavailablefor governmenttenants.

• Royal & Sun Alliance Insurance PLC -ADun &Bradstreetcreditratingof5A1representinga minimumriskofbusinessfailure.

• RSA Northern Ireland Insurance Limited-A Dun&Bradstreetcreditratingof2A3.

Description

Tenant Covenants

Tenure Tenancy and Accommodation

A999yearlongleaseholdinterestfrom9thJune2009atapassingrentof£1perannumifdemandedwithoutreview.Thelongleaseholdinterestincludespartbasement,ground,first,secondandthirdfloors.

Thescheduleoftenancyandaccommodationislocatedontheoppositepage.

Unit Tenant Area (sq ft) Area (sq m) Rent Rent (psf) ERV ERV (psf) Lease Start Lease Expiry Rent Review Comments

CarParking TheSecretaryof N/A N/A £4,000 N/A £2,000 N/A 01/02/2010 31/01/2025 01/02/2015   StateforLocal Communities& Government

CarParking TheSecretaryof N/A N/A £4,000 N/A £2,000 N/A License StateforLocal Agreement Communities& Government          

CarParking Royal&Sun N/A N/A £3,000 N/A £2,000 N/A 04/01/2012 31/12/2016 AllianceInsurance Plc          

CarParking RSANorthern N/A N/A £10,800 N/A £8,000 N/A 10/12/2012 31/12/2016 IrelandInsurance Limited

CarParking Miscellaneous N/A N/A £7,200 N/A £6,000 N/A LicenseAgreement GroundFloor 4,714 419 £94,280 £20.00 Vacant MezzanineFloor 4,758 463 £23,790 £5.00

GroundFloor 4,665 429 £93,300 £20.00 TheSecretaryof StateforLocal £95,415 £12.19 01/02/2010 31/01/2025 01/02/2015 TenantBreak Communities& Optioninyear10 GovernmentMezzanineFloor 3,161 294 £15,805 £5.00

FirstFloor TheSecretaryof 11,506 1,081 £142,602 £12.39 £143,825 £12.50 01/02/2010 31/01/2025 01/02/2015 TenantBreak StateforLocal Optioninyear10 Communities& Government

SecondFloorA TheSecretaryof 7,160 673 £88,739 £12.41 £89,500 £12.50 01/02/2010 31/01/2025 01/02/2015 TenantBreak StateforLocal Optioninyear10 Communities& Government

SecondFloorB RSANorthern 4,346 408 £55,150 £12.57 £54,325 £12.50 10/12/2012 31/12/2016 IrelandInsurance Limited

ThirdFloorA Royal&Sun 6,576 616 £82,000 £12.47 £82,200 £12.50 04/01/2012 31/12/2016 3yearbreakwith AllianceInsurance £41Kpenalty Plc

ThirdFloorB LawSociety FREEHOLD ofNorthernIreland

FourthFloor LawSociety FREEHOLD ofNorthernIreland

FifthFloor LawSociety FREEHOLD ofNorthernIreland

Total £492,906 £617,025

Floor Plans

AmeasuredareassurveyhasbeenundertakenbyPlowmanCravenLtdwhichisassignabletothepurchaserandisavailableinthesecuredocumentlibrary.

Vacant

TheSecretaryofStateforLocalCommunitites&Government

RSANorthernIrelandInsuranceLtd

Royal&SunAllianceInsurancePlc

GROUND FLOOR

FIRST FLOOR

MEZZANINE

SECOND FLOOR

THIRD FLOOR

FOURTH FLOOR - FREEHOLD

FIFTH FLOOR - FREEHOLD

PART THIRD FLOOR - FREEHOLD

Comparable Rental Evidence

ERV

Investment Comparables

ThereiscurrentlyadearthofgoodqualitygradeAofficespaceavailableinBelfastCityCentre.Thisishavingapositiveimpactonrentallevelsbeingachieved.Inrelationtothesubjectproperty,themostrecentdealtoRoyal&SunAlliance(NI)Insuranceat

£55,150perannumreflects£12.57persqft.

Onthebasisofthecomparableevidenceandourrecentmarketintelligence,weareoftheopinionthebuildingiscurrentlyreversionary.Webelievethe

estimatedrentalvalueofthepropertyisintheregionof£617,025perannum,equatingto£20persqft(£5.00mezzanine)onthegroundfloorretailspaceand£12.50persqftontheofficeaccommodation.

Property Price Yield Date Comments

2,KillymealHouse,TheGasworks,Belfast £3.1million 8.40% Mar-12 Size-26,900sqft NetRent-£275,321p.a. RentReview-15Yearlease,5yearlyupwardonlyrent review.Leasecommencement-27/01/2009

12HeronView,AirportRoadWest,Sydenham £1.35million 8.63% Jul-12 Size-11,955BusinessPark,Belfast,BT39LN NetRent-£123,625p.a. RentReview-RPIlinkedrentalgrowth leasecommencement-09/05/2008

Property Tenants Size Rent Rent psf Lease Start Lease Expiry Rent Review Comments

LawSocietyHouse Royal&Sun 4,837 £55,150 £12.57 10/12/2012 31/12/2016 Alliance(NI) Insurance

TheObel,Donegall AllenOvery 44,753 £537,036 £12.00 14/07/2011 14/07/2026 14/07/2016 T.B.O.Quay,Belfast inyear5and10

Gateway,Titanic CitiGroup 96,779 £1,289,227 £13.32 01/07/2009 30/06/2024 01/07/2014 T.B.O.inyearQuarter,Belfast 8&10

JamesHouse, Departmentof 111,488 £1,572,676 £14.10 01/11/2004 31/10/2019 01/11/2014TheGasworks, FinanceandBelfast Personnel

Planningconsentwasgranted(Z/2004/2354/F)inMarch2006toreplacea3storyofficebuildingwithamodern5storybuildingtoincludeabasementcarpark.

TheLawSocietyownthelandandoccupypartofthebuildingwiththeremainingspaceconsistingofgroundfloorretailandupperflooroffices.

VAT

ThepropertyhasbeenelectedforVATpurposesandthereforeitisexpectedthattheinvestmentsalewillbetreatedasaTransferofaGoingConcern(TOGC).

Proposal

Wehavebeeninstructedtoseekoffersinexcessof£3,465,000 (Three Million, Four Hundred and Sixty Five Thousand Pounds). Apurchaseatthislevel,aftervacancyliabilities,reflectanattractive net initial yield of 12.47%,anequivalent yield of 14.63%andareversionary yield of 16.82%excludingVATandassumingfullpurchaserscostsat5.80%.

Planning EPC

1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

Northern Ireland

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150

This is how energy efficientthe building is.66

Net zero CO emissions2

More energy efficient

Less energy efficient

62141

Buildings similar to this one could have ratings as follows:

If newly built

If typical of theexisting stock

Energy Performance CertificateNon-Domestic Building

Energy Performance Asset Rating

Technical information Benchmarks

Certificate Reference Number:0432-0031-7360-8929-3096

LAW SOCIETY HOUSE106 Victoria StreetBELFASTBT1 3JZ

Main heating fuel: Natural GasBuilding environment: Air ConditioningTotal useful floor area (m ): 2 6952Building complexity (NOS level): 4

This certificate shows the energy rating of this building. It indicates the energy efficiency of the building fabric and the heating, ventilation, cooling and lighting systems. The rating is compared to two benchmarks for this type of building: one appropriate for new buildings and one appropriate for existing buildings. There is more advice on how to interpret this information on the Department's website www.epb.dfpni.gov.uk.

00

0 21

0

S K - 5 0 5 3 0 1 - 3 1 1 7 0 0

6 6 - 0 4 3 2 - 0 0 3 1 - 7 3 6 0 - 8 9 2 9 - 3 0 9 6 - S K 5 0 5 3 0 1 3 1 1 7 0 0 - D C L G x E P C g e n 2 0 0 8

This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e . c o . u k ). Some security features proves the authenticity of this document.

Further Information Secure Document Library

Ifyourequireaccesstothesecuredocumentlibraryonlineorforfurtherinformationpleasecontact;

Ben Turtle Director

1stFloor,LesleyStudios32-36MayStreet,BelfastBT14NZ

Tel:02890268006Email:ben.turtle@savills.ie

Savills(NI)LimitedforthemselvesandfortheVendorsorLessorsofthepropertywhoseagentstheyaregivenoticethat;i)theseparticularsaregivenwithoutresponsibilityofSavills(NI)LimitedortheVendorsorLessorsasageneraloutlineonly,fortheguidanceofprospectivepurchasersortenants,anddonotconstitutethewholeoranypartofanofferorcontract;ii)Savills(NI)Limitedcannotguaranteetheaccuracyofanydescription,dimensions,referencestocondition,necessarypermissionsforuseandoccupationandotherdetailscontainedhereinandanyprospectivepurchasersortenantsshouldnotrelyonthemasstatementsorrepresentationsoffactbutmustsatisfythemselvesbyinspectionorotherwiseastotheaccuracyofeachofthem;iii)noemployeeofSavills(NI)Limitedhasanyauthoritytomakeorgiveanyrepresentationorwarrantyorenterintoanycontractwhatsoeverinrelationtotheproperty;iv)VATmaybepayableonthepurchasepriceand/orrent,allfiguresarequotedexclusiveofVAT,intendingpurchasersorlesseesmustsatisfythemselvesastotheapplicableVATposition,ifnecessarybytakingappropriateprofessionaladvice;v)Savills(NI)Limitedwillnotbeliable,innegligenceorotherwise,foranylossarisingfromtheuseoftheseparticulars.June2013.

Dervla Daly Surveyor

1stFloor,LesleyStudios32-36MayStreet,BelfastBT14NZ

Tel:02890268009Email:dervla.daly@savills.ie

www.savills.com/lawsocietyhouse