Exhibit 99.2

Legal Notice and Disclaimer

This valuation report (the “Report”) has been prepared by CBRE Limited (“CBRE”) exclusively for Bank of America Merrill Lynch International DAC (the “Client”) in accordance with the terms of engagement entered into between CBRE and the client dated 9 September 2020 (“the Instruction”). The Report is confidential to the Client and any other Addressees named herein and the Client and the Addressees may not disclose the Report unless expressly permitted to do so under the Instruction.

Where CBRE has expressly agreed (by way of a reliance letter) that persons other than the Client or the Addressees can rely upon the Report (a “Relying Party” or “Relying Parties”) then CBRE shall have no greater liability to any Relying Party than it would have if such party had been named as a joint client under the Instruction.

CBRE’s maximum aggregate liability to the Client, Addressees and to any Relying Parties howsoever arising under, in connection with or pursuant to this Report and/or the Instruction together, whether in contract, tort, negligence or otherwise shall not exceed the lower of:

i) 25% of the value of a single property, or, in the case of a claim relating to multiple properties 25% of the aggregated value of the properties to which the claim relates (such value being as at the Valuation Date and on the basis identified in the Instruction or, if no basis is expressed, Market Value as defined by the RICS); or

ii) £20,000,000 (TWENTY MILLION POUNDS).

Subject to the terms of the Instruction, CBRE shall not be liable for any indirect, special or consequential loss or damage howsoever caused, whether in contract, tort, negligence or otherwise, arising from or in connection with this Report. Nothing in this Report shall exclude liability which cannot be excluded by law.

If you are neither the Client, an Addressee nor a Relying Party then you are viewing this Report on a non-reliance basis and for informational purposes only. You may not rely on the Report for any purpose whatsoever and CBRE shall not be liable for any loss or damage you may suffer (whether direct, indirect or consequential) as a result of unauthorised use of or reliance on this Report. CBRE gives no undertaking to provide any additional information or correct any inaccuracies in the Report.

If another CBRE Group entity contributes to the preparation of the Report, that entity may co-sign the Report purely to confirm its role as contributor. The Client, Relying Party or any other Addressees named herein acknowledge that no duty of care, whether existing under the Instruction or under the Report, shall extend to such CBRE Group entity and the Client, Relying Party or any other Addressees named herein hereby waive any right or recourse against such CBRE Group entity whether arising in contract, tort, negligence or otherwise. CBRE shall remain solely liable to the client in accordance with the terms of the Instruction.

None of the information in this Report constitutes advice as to the merits of entering into any form of transaction.

If you do not understand this legal notice then it is recommended that you seek independent legal advice.

2

UNITED IV PORTFOLIO

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DAC

DATE OF VALUATION: 30 SEPTEMBER 2020

CONTENTS

PART I	VALUATION REPORT	4
	VALUATION REPORT	5
	SCHEDULE OF VALUES	11
	SOURCES OF INFORMATION AND SCOPE OF WORKS	13
	VALUATION ASSUMPTIONS	15
PART II	EXECUTIVE SUMMARY	18
PART III	MARKET COMMENTARY	32
PART IV	BIG BOX MARKET COMMENTARY 2020 Q2	49
PART V	LETTER OF INSTRUCTION	75
PART VI	PROPERTY REPORTS	78
PART VII	APPENDICES	423
	APPENDIX A VALUATION PRINTOUTS

3

PART I

VALUATION REPORT

4

	CBRE Limited
	St Martin’s Court
	10 Paternoster Row
	London EC4M 7HP
Switchboard	+44 20 7182 2000
Fax	+44 20 7182 2001

VALUATION REPORT

Report Date	19 October 2020
Addressee	Bank of America Merrill Lynch International DAC
	2 King Edward Street
	London
	EC1A 1HQ
	For the attention of:
	Wayne R. Miller, FRICS, MAI, Al-GRS
	Senior Vice President
	This report may be relied upon by;
	This report may be relied upon by Bank of America Merrill Lynch International Limited and its affiliates, successors and/or assigns; the selected Facility Agent, its successors and/or assigns; and the selected Security Agent, its successors and/or assigns, in connection with their respective consideration of the extension of credit related to the property and/or the beneficial ownership thereof (the “Loan Financing”).
	This information also may be relied upon by any actual or prospective purchaser, co-lender, participant, investor, transferee, assignee and servicer of the Loan Financing, any arranger of the Loan Financing and their assigns, any actual or prospective investor (including agents and advisors) in any securities evidencing a beneficial interest in, or backed by, the Loan Financing, any rating agencies actually or prospectively rating any such securities, any indenture trustee and any institutional provider(s) from time to time of any liquidity facility or credit support for such Loan Financing (together the “Beneficiaries”). A Beneficiary shall be permitted to rely on the report only on the condition that it acknowledges that the valuers shall not be liable to the Beneficiary for any special, indirect or consequential, damages and that the valuers’ total aggregate liability to all lenders, agents, Beneficiaries and any other third party who seeks to rely on the report (the “Aggregate Cap”) shall be limited to a sum not to exceed the lesser of 25% of the market value or twenty million pounds (20,000,000 GBP).
	Reliance by the Beneficiaries and any other third parties on the report shall constitute deemed acceptance of the above provisions in this paragraph and that any matters or disputes arising as a result shall be governed by English law and subject to the exclusive jurisdiction of the English courts. This report may be disclosed, without reliance, to any rating agency in connection with a Securitization.”

www.cbre.co.uk

Registered in England No. 3536032 Registered Office St Martin’s Court 10 Paternoster Row London EC4M 7HP CBRE Limited is regulated by the RICS

5

UNITED IV PORTFOLIO

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DAC

DATE OF VALUATION: 30 SEPTEMBER 2020

	Bank of America Merrill Lynch makes no warranties or representations regarding this document or the conclusions contained herein.
	We certify, to the best of our knowledge and belief:
	•   The statements of fact in this report are true and correct.
	•   The reported analysis, opinions and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial and unbiased professional analysis, opinions and conclusions.
	•   We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.
	•   We have performed no services, as a valuer (appraiser) or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.
	•   We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
	•   Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
	•   Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favours the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this valuation report.
	•   Our analysis, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, only insofar as this is also in conformity with the RICS Valuation – Professional Standards (the“Red Book”).
	•   We have made a personal inspection of each property that is the subject of this report.
	•   No one provided significant real property valuation (appraisal) assistance to the persons signing this certification.
The Properties	United IV Portfolio (Portfolio of 38 assets)
Instruction	To value the unencumbered freehold and leasehold interests in the Properties on the basis of Market Value as at the Valuation date in accordance with the terms of engagement entered into between CBRE and the addressee dated 9 September 2020.
Valuation Date	30 September 2020
Capacity of Valuer	External Valuer, as defined in the current version of the RICS Valuation – Global Standards.
Purpose	Secured Lending purposes only
	Where you have advised us that the valuation is required for your use in a particular secured lending transaction, we consent to its use solely for that transaction. Where you have not revealed to us details of a particular lending transaction, we consent to its use only in a single secured lending decision.

VALUATION REPORT 6

UNITED IV PORTFOLIO

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DAC

DATE OF VALUATION: 30 SEPTEMBER 2020

Market Value	£422,025,000 (FOUR HUNDRED AND TWENTY TWO MILLION AND TWENTY FIVE THOUSAND POUNDS) exclusive of VAT.
Market Value on the Special Assumption of Vacant Possession	£349,140,000 (THREE HUNDRED AND FORTY NINE MILLION ONE HUNDRED AND FORTY THOUSAND POUNDS) exclusive of VAT
	We have valued the Properties individually and no account has been taken of any discount or premium that may be negotiated in the market if all or part of the portfolio was to be marketed simultaneously, either in lots or as a whole.
	Where a property is owned by way of a joint tenancy in a trust for sale, or through an indirect investment structure, our Valuation represents the relevant apportioned percentage of ownership of the value of the whole property, assuming full management control. Our Valuation does not necessarily represent the value of the interests in the indirect investment structure through which the Property is held.
	Our opinion of Market Value is based upon the Scope of Work and Valuation Assumptions attached – and has been primarily derived using comparable recent market transactions on arm’s length terms.
Novel Coronavirus (COVID – 19)	The outbreak of COVID-19, declared by the World Health Organisation as a “Global Pandemic” on the 11th March 2020, has and continues to impact many aspects of daily life and the global economy- with some real estate markets having experienced lower levels of transactional activity and liquidity. Travel restrictions have been implemented by many countries and “lockdowns” applied to varying degrees. Whilst restrictions have now been lifted in some cases, local lockdowns may continue to be deployed as necessary and the emergence of significant further outbreaks or a “second wave” is possible.
	The pandemic and the measures taken to tackle COVID-19 continue to affect economies and real estate markets globally. Nevertheless, as at the valuation date some property markets have started to function again, with transaction volumes and other relevant evidence returning to levels where an adequate quantum of market evidence exists upon which to base opinions of value. Accordingly, and for the avoidance of doubt, our valuation is not reported as being subject to `material valuation uncertainty` as defined by VPS 3 and VPGA 10 of the RICS Valuation- Global Standards.
	For the avoidance of doubt this Explanatory Note has been included to ensure transparency and to provide further insight as to the market context under which the valuation opinion was prepared. In recognition of the potential for market conditions to move rapidly in response to changes in the control or future spread of COVID-19 we highlight the importance of the valuation date.
Rental Income	The Valuation we have provided reflects the rental income as at the date of Valuation, as set out within this report, which you have confirmed to be correct and comprehensive. It also reflects any issues concerning the anticipated cash-flow that you have advised us of, as set out within this report. Given the uncertainties relating to the COVID-19 virus and the current restrictions on business activities, it is likely that there will be significant rental defaults and/or insolvencies leading to voids and a resulting shortfall in rental income. Should this occur, there will be a negative impact on the value of the subject property.

VALUATION REPORT 7

UNITED IV PORTFOLIO

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DAC

DATE OF VALUATION: 30 SEPTEMBER 2020

Suitability of the Properties as Security for Mortgage Purposes	We are of the opinion that the properties provide suitable security for secured lending. However, we have not been provided with details of the loan amount and loan terms proposed and therefore cannot comment on the suitability of the property for the proposed loan. We recommend that the Bank provides us with these details for our comment.
Compliance with Valuation Standards	The Valuation has been prepared in accordance with the version of the RICS Valuation – Global Standards (incorporating the International Valuation Standards) and the UK national supplement (the Red Book) current as at the valuation date.
	We confirm that we have sufficient current local and national knowledge of the particular property market involved and have the skills and understanding to undertake the Valuation competently.
	Where the knowledge and skill requirements of the Red Book have been met in aggregate by more than one valuer within CBRE, we confirm that a list of those valuers has been retained within the working papers, together with confirmation that each named valuer complies with the requirements of the Red Book.
	This Valuation is a professional opinion and is expressly not intended to serve as a warranty, assurance or guarantee of any particular value of the subject property. Other valuers may reach different conclusions as to the value of the subject property. This Valuation is for the sole purpose of providing the intended user with the valuer’s independent professional opinion of the value of the subject property as at the Valuation Date.
Assumptions	The Property details on which each Valuation are based are as set out in this report. We have made various assumptions as to tenure, letting, taxation, town planning, and the condition and repair of buildings and sites – including ground and groundwater contamination – as set out below.
	If any of the information or assumptions on which the Valuation is based are subsequently found to be incorrect, the Valuation figures may also be incorrect and should be reconsidered.
Variations and/or Departures from Standard Assumptions	None.
Verification	We recommend that before any financial transaction is entered into based upon these Valuations, you obtain verification of any third party information contained within our report and the validity of the assumptions we have adopted.
	We would advise you that whilst we have valued the Properties reflecting current market conditions, there are certain risks which may be, or may become, uninsurable. Before undertaking any financial transaction based upon this Valuation, you should satisfy yourselves as to the current insurance cover and the risks that may be involved should an uninsured loss occur.

VALUATION REPORT 8

UNITED IV PORTFOLIO

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DAC

DATE OF VALUATION: 30 SEPTEMBER 2020

Valuer	The Properties have been valued by a valuer who is qualified for the purpose of the Valuation in accordance with the Red Book.
Previous Involvement and Conflicts of Interest	We confirm that neither the valuers involved in this instruction nor CBRE have had any previous, nor current, material involvement with the Properties or the parties involved, and have no personal interest in the outcome of the valuation – nor are we aware of any conflicts of interest that would prevent us from exercising the required levels of independency and objectivity.
	Copies of our conflict of interest checks have been retained within the working papers.
	Disclosure
	However, after completing our valuation exercise of the 3 assets referred to as Project Rocky (Enfield, Barking & Letchworth), it was discovered that CBRE’s Capital Markets team had been involved with the acquisition of these three assets.
	We confirm that our opinion of Market Value for these assets has not been influenced in any way and that the integrity of our valuation of the entire United IV portfolio and in particular Project Rocky has not been impacted.
Reliance	The contents of this Report may only be relied upon by:
	i)   Addressees of the Report; and
	ii)  Parties who have received prior written consent from CBRE in the form of a reliance letter;
	for the specific purpose set out herein and no responsibility is accepted to any third party for the whole or any part of its contents.
Publication	Neither the whole nor any part of our report nor any references thereto may be included in any published document, circular or statement nor published in any way without our prior written approval of the form and context in which it will appear.
	Such publication of, or reference to this report will not be permitted unless it contains a sufficient contemporaneous reference to any departure from the Red Book or the incorporation of any special assumptions referred to herein.

VALUATION REPORT 9

UNITED IV PORTFOLIO

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DAC

DATE OF VALUATION: 30 SEPTEMBER 2020

Yours faithfully	Yours faithfully
Graham Hughes MRICS	Barry West MRICS
Executive Director	Senior Director
RICS Registered Valuer	RICS Registered Valuer
For and on behalf of CBRE Ltd	For and on behalf of CBRE Ltd
T: +44 2071822631	T: +44 2071822786
E: Graham.Hughes@cbre.com	E: barry.west@cbre.com
Yours faithfully
Tim Henman MRICS
Director
RICS Registered Valuer
For and on behalf of CBRE Ltd
T: +44 2071822830
E: Tim.Henman@cbre.com
CBRE UK (London - National)
Henrietta House
Henrietta Place
London
W1G 0NB
T: 020 7182 2000
F: 020 7182 2273

VALUATION REPORT 10

UNITED IV PORTFOLIO

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DAC

DATE OF VALUATION: 30 SEPTEMBER 2020

SCHEDULE OF VALUES

VALUATION REPORT 11

PORTFOLIO:	UNITED IV PORTFOLIO
ON BEHALF OF:	BAML
VALUATION DATE:	30/09/2020

PORTFOLIO VALUATION SUMMARY

Property Name	Prop ID		Currency		Area Unit		Total Area		Percentage of Vacancy (ERV)			WAULT to Expiry by ERV		WAULT to Expiry by Rent		WAULT to Break by ERV		WAULT to Break by Rent		Net Income (p.a.)		Gross Income (p.a.)		G.R. + R.F.		Gross Rental Value		Market Value (GBP)		Net Initial Yield			Equivalent Yield			Reversionary Yield			Gross Market Value		Market Value (30/09/2020)
UNITED KINGDOM
Sands 10 Industrial Estate		1		GBP		sq ft		132,440		0.00	%		5.00		5.48		5.00		5.48		1,010,236		1,010,236		1,088,374		1,324,400		21,600,000		4.39	%		5.40	%		5.75	%		23,886,616		21,600,000
Units A & B, Ripple Road		2		GBP		sq ft		63,919		0.00	%		3.74		3.74		3.74		3.74		862,906		862,906		862,906		894,866		19,170,000		4.22	%		4.35	%		4.37	%		20,463,307		19,170,000
Jutsums Lane		3		GBP		sq ft		57,891		0.00	%		8.26		8.26		8.26		8.26		329,250		329,250		329,250		410,000		6,970,000		4.43	%		5.35	%		5.52	%		7,428,191		6,970,000
Kingston Road MV		4		GBP		sq ft		17,405		0.00	%		7.51		7.22		7.51		7.22		155,400		155,400		155,400		234,615		3,755,000		3.84	%		5.65	%		5.80	%		4,047,403		3,755,000
Endeavour Way MV		5		GBP		sq ft		21,383		0.00	%		7.92		8.78		7.92		8.78		205,000		205,000		205,000		299,362		5,800,000		3.26	%		4.50	%		4.76	%		6,284,797		5,800,000
Veridion Way		6		GBP		sq ft		16,553		0.00	%		7.24		7.27		4.74		4.39		165,753		165,753		165,753		215,200		3,650,000		4.26	%		5.25	%		5.53	%		3,888,899		3,650,000
Ripple Road (CdP)		7		GBP		sq ft		25,351		0.00	%		19.30		19.30		9.30		9.30		388,070		388,070		388,070		388,124		7,775,000		4.68	%		4.79	%		4.68	%		8,292,094		7,775,000
Hubert Road MV		8		GBP		sq ft		43,203		0.00	%		5.43		5.87		2.32		2.38		246,964		246,964		366,916		432,030		7,720,000		2.97	%		4.97	%		5.20	%		8,308,815		7,720,000
Seacroft Ind & Trade Centre MV		9		GBP		sq ft		114,817		12.21	%		4.46		4.33		3.19		3.23		520,334		520,334		520,334		687,700		9,400,000		4.92	%		6.20	%		6.50	%		10,577,898		9,400,000
Verney Road MV		10		GBP		sq ft		9,855		0.00	%		1.63		1.63		1.63		1.63		160,000		160,000		160,000		220,000		4,600,000		3.24	%		4.20	%		4.45	%		4,939,084		4,600,000
Yeats Close		11		GBP		sq ft		43,620		0.00	%		11.09		11.09		11.09		11.09		614,212		614,212		614,212		654,300		16,570,000		3.47	%		3.75	%		3.70	%		17,687,812		16,570,000
Orpen Park - MV		12		GBP		sq ft		79,858		0.00	%		6.18		6.17		5.68		5.60		573,343		573,343		573,343		657,920		9,600,000		5.60	%		6.25	%		6.42	%		10,242,326		9,600,000
Schooner Park		13		GBP		sq ft		29,488		11.25	%		4.45		4.46		2.21		2.15		326,570		326,570		326,570		405,500		6,740,000		4.53	%		5.47	%		5.63	%		7,204,102		6,740,000
18-21 Padgets Lane		14		GBP		sq ft		77,204		0.00	%		8.23		8.23		8.23		8.23		350,000		350,000		350,000		386,020		5,710,000		5.75	%		6.46	%		6.34	%		6,087,746		5,710,000
Tewin Court Industrial Estate		15		GBP		sq ft		87,990		5.14	%		3.99		3.98		3.99		3.98		646,625		646,625		646,625		879,900		10,000,000		6.08	%		7.74	%		8.27	%		10,643,017		10,000,000
Empress Works MV		16		GBP		sq ft		127,399		0.00	%		8.12		8.12		3.26		3.26		791,524		791,524		791,524		799,715		11,500,000		6.45	%		6.51	%		6.52	%		12,271,564		11,500,000
26-27 Mark Road		17		GBP		sq ft		21,004		0.00	%		0.38		0.38		0.38		0.38		150,000		150,000		150,000		257,299		3,725,000		3.74	%		6.01	%		6.41	%		4,012,524		3,725,000
Unit 2, Interplex - MV		18		GBP		sq ft		52,861		100.00	%		—		—		—		—		-117,760		0		0		343,600		4,500,000		-2.43	%		6.01	%		7.09	%		4,846,997		4,500,000
Mid-Point		19		GBP		sq ft		65,250		100.00	%		—		—		—		—		-456,750		0		0		913,500		15,800,000		-2.67	%		4.74	%		5.34	%		17,090,933		15,800,000
Interchange Park		20		GBP		sq ft		184,646		0.00	%		19.76		19.76		9.75		9.75		1,107,876		1,107,876		1,107,876		1,107,876		15,970,000		6.50	%		6.50	%		6.50	%		17,044,246		15,970,000
Hawkers Yard		21		GBP		sq ft		47,104		100.00	%		—		—		—		—		0		0		0		785,400		14,370,000		0.00	%		4.57	%		2.67	%		15,575,168		14,370,000
Unit 1, Sheldon Way MV		22		GBP		sq ft		19,275		0.00	%		4.01		4.01		2.01		2.01		163,829		163,829		163,829		168,700		2,800,000		5.50	%		5.51	%		5.66	%		2,978,707		2,800,000
Coward Industrial Est		23		GBP		sq ft		116,061		0.00	%		0.49		0.37		0.49		0.37		917,388		917,388		917,388		970,916		11,400,000		6.69	%		6.63	%		7.08	%		13,714,929		11,400,000
DSV, 1306 Stonehouse Lane		24		GBP		sq ft		137,994		0.00	%		9.75		9.75		9.75		9.75		1,939,892		1,939,892		1,939,892		1,939,900		36,500,000		4.97	%		4.98	%		4.97	%		39,020,685		36,500,000
Units 1-8 Hambridge Lane		25		GBP		sq ft		65,706		0.00	%		8.00		7.94		3.18		3.13		480,937		480,937		480,937		591,400		9,330,000		4.83	%		5.75	%		5.94	%		9,963,537		9,330,000
2/3/4/8 South Gyle Industrial		26		GBP		sq ft		39,375		27.30	%		5.33		5.47		3.63		3.45		173,442		198,555		198,555		327,500		4,900,000		3.27	%		5.93	%		6.18	%		5,297,344		4,900,000
1-6 Southpoint IE MV		27		GBP		sq ft		143,701		0.00	%		4.59		4.59		3.72		3.72		608,915		608,915		608,915		740,576		8,660,000		6.56	%		7.64	%		7.98	%		9,284,755		8,660,000
Britonwood Trading Estate		28		GBP		sq ft		213,259		9.12	%		3.09		2.87		1.77		1.69		672,515		672,516		672,516		924,702		10,600,000		5.69	%		7.24	%		7.82	%		11,821,552		10,600,000
1-21 Grosvenor Grange Business		29		GBP		sq ft		87,941		0.00	%		2.95		3.07		1.90		1.99		458,638		458,638		458,638		527,644		7,980,000		5.37	%		6.00	%		6.18	%		8,535,939		7,980,000
27 Oakwell Way MV		30		GBP		sq ft		110,614		0.00	%		4.67		4.67		4.67		4.67		248,882		248,882		248,882		608,400		8,630,000		2.69	%		6.23	%		6.58	%		9,240,932		8,630,000
1 Elmsall Way, South Elmsal MV		31		GBP		sq ft		64,929		0.00	%		5.21		5.21		5.21		5.21		259,224		259,224		259,224		324,600		5,550,000		4.36	%		5.33	%		5.46	%		5,941,881		5,550,000
Unit 1 Wooburn Industrial Park		32		GBP		sq ft		31,947		0.00	%		6.67		6.67		6.67		6.67		271,550		271,550		271,550		383,364		6,900,000		3.69	%		5.00	%		5.20	%		7,366,480		6,900,000
61/65/69 Millmarsh Lane		33		GBP		sq ft		50,676		0.00	%		3.45		3.74		3.45		3.74		422,905		422,905		422,905		582,800		11,000,000		3.59	%		4.92	%		4.95	%		11,766,982		11,000,000
Portland Commercial Estate		34		GBP		sq ft		90,517		24.52	%		3.97		3.96		3.97		3.96		533,843		533,843		533,843		1,086,205		19,900,000		2.50	%		4.79	%		5.09	%		21,340,123		19,900,000
Letchworth Industrial Estate		35		GBP		sq ft		90,302		0.00	%		6.02		5.98		5.13		5.13		679,995		679,995		679,995		714,867		14,100,000		4.53	%		4.73	%		4.77	%		14,995,202		14,100,000
Juniper Park, Southfields MV		36		GBP		sq ft		277,610		11.90	%		4.20		4.21		3.00		2.97		1,650,496		1,655,974		1,655,974		2,485,227		32,000,000		4.70	%		6.50	%		7.07	%		35,130,744		32,000,000
DSV, Kingsbury Link		38		GBP		sq ft		213,868		0.00	%		3.27		3.27		3.27		3.27		1,225,000		1,225,000		1,225,000		1,185,000		18,750,000		6.12	%		5.75	%		5.92	%		20,019,990		18,750,000
Titan House, Kingsbury Link		39		GBP		sq ft		89,408		0.00	%		4.71		4.71		2.71		2.71		562,267		562,272		562,272		514,100		8,100,000		6.51	%		5.75	%		5.95	%		8,641,048		8,100,000
TOTAL				GBP		sq m		293,799		11.20	%		6.22		6.49		4.81		4.96		19,299,271		19,904,378		20,102,468		26,373,228		422,025,000		4.23	%		5.56	%		5.39	%		455,884,369		422,025,000
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12

UNITED IV PORTFOLIO

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DAC

DATE OF VALUATION: 30 SEPTEMBER 2020

SOURCES OF INFORMATION AND SCOPE OF WORKS

Sources of Information	We have carried out our work based upon information supplied to us by MSeven, as set out within this report, which we have assumed to be correct and comprehensive.
	•   United_IV_Asset_List_for_Bidding_20200826_0932071331f6 dated 26 August 2020
	•   United IV asset list – undated
	•   Datatape (v36) (tenancy schedule) - undated
	•   United IV – updated asset list v 2_ACQUISITION DATE RENT COLLECTIONS
	•   Collections Template for United – M7 v2 – undated
	•   Schedule of Top Ups (Incentives and RGs) dated 06.10.2020
	We have also been provided with access to a Herbert Smith Freehills Data Site containing amongst other things;
	•   Technical Due Diligence report prepared by ARCADIS (various dates)
	•   Phase 1 Environmental Summary carried out by Nova Ambiente (various dates)
	•   Draft Certificates of Title
The Properties	Our report contains a brief summary of the individual Property details on which our Valuation has been based.
Inspection	The Properties were internally inspected by a team of MRICS, RICS Registered Valuers between 17 September 2020 and 7 October 2020.
Areas	We have not measured the Properties but have relied upon the floor areas provided to us by MSeven, as set out in this report, which we have assumed to be correct and comprehensive. We have been advised that these areas have been calculated using the Gross Internal Area (GIA) measurement methodology as set out in the RICS Code of measuring practice (6th edition).
Environmental Matters	We have been provided with copies of environmental reports prepared by Nova Ambiente (various dates).
	We have not carried out any investigations into the past or present uses of the Properties, nor of any neighbouring land, in order to establish whether there is any potential for contamination and have therefore assumed that none exists.
Services and Amenities	We understand that all main services including water, drainage, electricity and telephone are available to the Properties. None of the services have been tested by us.
Repair and Condition	We have not carried out building surveys, tested services, made independent site investigations, inspected woodwork, exposed parts of the structure which were covered, unexposed or inaccessible, nor arranged for any investigations to be

VALUATION REPORT 13

UNITED IV PORTFOLIO

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DAC

DATE OF VALUATION: 30 SEPTEMBER 2020

	carried out to determine whether or not any deleterious or hazardous materials or techniques have been used, or are present, in any part of the Properties. We are unable, therefore, to give any assurance that the Properties are free from defect.
	We have seen copies of Technical Due Diligence Reports carried out by ARCADIS (various dates).
Town Planning	We have not undertaken planning enquiries.
Titles, Tenures and Lettings	Details of title/tenure under which the Properties are held and of lettings to which it is subject are as supplied to us. We have not generally examined nor had access to all the deeds, leases or other documents relating thereto. Where information from deeds, leases or other documents is recorded in this report, it represents our understanding of the relevant documents. We should emphasise, however, that the interpretation of the documents of title (including relevant deeds, leases and planning consents) is the responsibility of your legal adviser.
	We have not conducted credit enquiries on the financial status of any tenants. We have, however, reflected our general understanding of purchasers’ likely perceptions of the financial status of tenants.

VALUATION REPORT 14

UNITED IV PORTFOLIO

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DAC

DATE OF VALUATION: 30 SEPTEMBER 2020

VALUATION ASSUMPTIONS

Capital Values	The Valuation has been prepared on the basis of “Market Value”, which is defined in the Red Book 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.”
	The Valuation represents the figure that would appear in a hypothetical contract of sale at the Valuation Date. No adjustment has been made to this figure for taxation which might arise in the event of a disposal or costs related to any other event.
	No account has been taken of any inter-company leases or arrangements, nor of any mortgages, debentures or other charge.
	No account has been taken of the availability or otherwise of capital-based Government or European Community grants.
Rental Values	Unless stated otherwise rental values indicated in our report are those which have been adopted by us as appropriate in assessing the capital value and are not necessarily appropriate for other purposes, nor do they necessarily accord with the definition of Market Rent in the Red Book, which is as follows:
	“The estimated amount for which an interest in real property should be leased on the Valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.”.
The Properties	Where appropriate we have regarded the shop fronts of retail and showroom accommodation as forming an integral part of the building.
	Landlord’s fixtures such as lifts, escalators, central heating and other normal service installations have been treated as an integral part of the building and are included within our Valuations.
	Process plant and machinery, tenants’ fixtures and specialist trade fittings have been excluded from our Valuations.
	All measurements, areas and ages quoted in our report are approximate.
Environmental Matters	In the absence of any information to the contrary, we have assumed that: a) the Properties are not contaminated and are not adversely affected by any existing or proposed environmental law; b) any processes which are carried out on the Properties which are regulated by environmental legislation are properly licensed by the appropriate authorities; c) in England and Wales, the properties possess current Energy Performance Certificates (EPCs) as required under the Government’s Energy Performance of Buildings Directive – and that they have an energy efficient standard of ‘E’, or better. We would draw your attention to the fact that under the Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015 it became unlawful for landlords to rent out a business premise from 1st April 2018 – unless

VALUATION REPORT 15

UNITED IV PORTFOLIO

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DAC

DATE OF VALUATION: 30 SEPTEMBER 2020

	the site has reached a minimum EPC rating of an ‘E’, or secured a relevant exemption. In Scotland, we have assumed that the Properties possess current EPCs as required under the Scottish Government’s Energy Performance of Buildings (Scotland) Regulations – and that they meet energy standards equivalent to those introduced by the 2002 building regulations. We would draw your attention to the fact the Assessment of Energy Performance of Non-Domestic Buildings (Scotland) Regulations 2016 came into force on 1st September 2016. From this date, building owners are required to commission an EPC and Action Plan for sale or new rental of non-domestic buildings bigger than 1,000 sq m that do not meet 2002 building regulations energy standards. Action Plans contain building improvement measures that must be implemented within 3.5 years, subject to certain exemptions;
	d) the Properties are either not subject to flooding risk or, if they are, that sufficient flood defences are in place and that appropriate building insurance could be obtained at a cost that would not materially affect the capital value; and
	e) invasive species such as Japanese Knotweed are not present on the Properties.
	High voltage electrical supply equipment may exist within, or in close proximity of, the Properties. The National Radiological Protection Board (NRPB) has advised that there may be a risk, in specified circumstances, to the health of certain categories of people. Public perception may, therefore, affect marketability and future value of the Properties. Our Valuation reflects our current understanding of the market and we have not made a discount to reflect the presence of this equipment.
Repair and Condition	In the absence of any information to the contrary, we have assumed that:
	a) there are no abnormal ground conditions, nor archaeological remains, present which might adversely affect the current or future occupation, development or value of the Properties;
	b) the Properties are free from rot, infestation, structural or latent defect;
	c) no currently known deleterious or hazardous materials or suspect techniques have been used in the construction of, or subsequent alterations or additions to, the Properties; and
	d) the services, and any associated controls or software, are in working order and free from defect.
	We have otherwise had regard to the age and apparent general condition of the Properties. Comments made in the property details do not purport to express an opinion about, or advise upon, the condition of uninspected parts and should not be taken as making an implied representation or statement about such parts.
Title, Tenure, Lettings, Planning, Taxation and Statutory & Local Authority requirements	Unless stated otherwise within this report, and in the absence of any information to the contrary, we have assumed that: a) the Properties possess a good and marketable title free from any onerous or hampering restrictions or conditions; b) the buildings have been erected either prior to planning control, or in accordance with planning permissions, and have the benefit of permanent planning consents or existing use rights for their current use;

VALUATION REPORT 16

UNITED IV PORTFOLIO

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DAC

DATE OF VALUATION: 30 SEPTEMBER 2020

c) the Properties are not adversely affected by town planning or road proposals;

d) the buildings comply with all statutory and local authority requirements including building, fire and health and safety regulations, and that a fire risk assessment and emergency plan are in place;

e) only minor or inconsequential costs will be incurred if any modifications or alterations are necessary in order for occupiers of the properties to comply with the provisions of the Disability Discrimination Act 1995 (in Northern Ireland) or the Equality Act 2010 (in the rest of the UK);

f) all rent reviews are upward only and are to be assessed by reference to full current market rents;

g) there are no tenant’s improvements that will materially affect our opinion of the rent that would be obtained on review or renewal;

h) tenants will meet their obligations under their leases, and are responsible for insurance, payment of business rates, and all repairs, whether directly or by means of a service charge;

i) there are no user restrictions or other restrictive covenants in leases which would adversely affect value;

j) where more than 50% of the floorspace of the Properties are in residential use, the Landlord and Tenant Act 1987 (the “Act”) gives certain rights to defined residential tenants to acquire the freehold/head leasehold interest in the properties. Where this is applicable, we have assumed that necessary notices have been given to the residential tenants under the provisions of the Act, and that such tenants have elected not to acquire the freehold/head leasehold interest. Disposal on the open market is therefore unrestricted;

k) where appropriate, permission to assign the interest being valued herein would not be withheld by the landlord where required;

l) vacant possession can be given of all accommodation which is unlet or is let on a service occupancy; and

m) Land Transfer Tax (or the local equivalent) will apply at the rate currently applicable. In the UK, Stamp Duty Land Tax (SDLT) in England and Northern Ireland, Land and Buildings Transaction Tax (LABTT) in Scotland or Land Transaction Tax (LTT) in Wales, will apply at the rate currently applicable.

VALUATION REPORT 17

PART II

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY 18

BANK OF AMERICA MERRILL LYNCH

United IV Portfolio

DATE OF VALUATION: 30 September 2020

United IV Portfolio - Executive Summary

THE PORTFOLIO

Geographical Distribution

• The United IV Portfolio comprises some 38 industrial assets.

• The portfolio has a significant weighting towards London and the South East (66% by no. of assets and 73% by Market Value).

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BANK OF AMERICA MERRILL LYNCH

United IV Portfolio

DATE OF VALUATION: 30 September 2020

The below chart outlines the geographical distribution by Market Value.

Region	No. of Assets	Market Value		% of Market Value pf Portfolio
London / SE	25	£	308,145,000		73.02	%
Scotland	2	£	13,560,000		3.21	%
North East	3	£	23,580,000		5.59	%
North West	3	£	30,080,000		7.13	%
South West & Wales	2	£	14,100,000		3.34	%
Midlands	3	£	32,560,000		7.71	%
	38	£	422,025,000		100.00	%

There is a significant weighting towards London / SE. The split within this between Greater London and South East is as follows;

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BANK OF AMERICA MERRILL LYNCH

United IV Portfolio

DATE OF VALUATION: 30 September 2020

Region	No. of Assets		Market Value		% of London / SE			% of Market Value pf Portfolio
Greater London		13	£	168,845,000		54.79	%		40.00	%
South East		12	£	139,300,000		45.21	%		33.00	%
		25	£	308,145,000		100	%		73.00	%

• The portfolio comprises some 293,799 sq m (3,162,424 sq ft) of industrial accommodation.

• Some further pertinent characteristics of the portfolio are as follows;

Portfolio Analysis
No. of assets	38
Weighted Average Unexpired Lease Term (WAULT) – to breaks by passing rent	4.96 years
Weighted Average Unexpired Lease Term (WAULT) – to expiry by passing rent	6.49 years
Vacancy by Market Rent	11.20	%
Vacancy by Floor Area	8.25	%
Under Rented**	14.17	%

** inclusive of rent-free periods but excluding stepped rents.

Use

The portfolio comprises 100% industrial accommodation albeit with the below composition;

Asset Type	No. of Assets		Market Value		% of Market Value			Net Income		% of Net Income
Multi-let		21	£	249,805,000		59.19	%	£	10,784,073		56	%
Single Let		16	£	172,220,000		40.81	%	£	8,515,198		44	%
TOTAL		38	£	422,025,000		100	%	£	19,299,271		100	%

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BANK OF AMERICA MERRILL LYNCH

United IV Portfolio

DATE OF VALUATION: 30 September 2020

Tenure

The portfolio is also split in terms of tenure and made up of 28 Freehold assets, 2 Heritable (Scottish Freehold) 7 assets held on Long Leases and 1 Mixed Tenure assets. The exact detail of these leaseholds is detailed within respective reports. The below chart shows the distribution by asset number.

The below table summaries the Freehold, Long Leasehold (LLH) and Mixed Tenure exposure within the portfolio in terms of asset number and value in addition to the level of Ground Rent payable, which nets off rent receivable.

Asset Type	No. of Assets		Market Value		% of Portfolio Market Value			Ground Rent (Pay Away)
Freehold		28	£	336,565,000		79.75	%		—
Heritable (Scottish Freehold)		2	£	13,560,000		3.21	%		—
Leasehold		7	£	57,530,000		13.63	%	£	6
Mixed (FH & LH)		1	£	14,370,000		3.41	%	£	29,000	*
TOTAL		38	£	422,025,000		100	%	£	29,006

* Currently in rent free until 25/03/2021

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BANK OF AMERICA MERRILL LYNCH

United IV Portfolio

DATE OF VALUATION: 30 September 2020

Top 10 Assets by Market Value

Asset No.	Address	Town	Region	Use	Tenure	Market Value		% of Portfolio Market Value
24	Stonehouse Lane	Purfleet	London / SE	Industrial	FH	£	36,500,000		8.65	%
36	Juniper Park	Basildon	London / SE	Industrial	FH	£	32,000,000		7.58	%
1	Sands 10 IE	High Wycombe	London / SE	Industrial	FH	£	21,600,000		5.11	%
34	Portland CE	Barking	London / SE	Industrial	FH	£	19,900,000		4.72	%
2	Units A&B, Ripple	Barking	London / SE	Industrial	FH	£	19,170,000		4.54	%
38	DSV, Kingsbury Link	Tamworth	Midlands	Industrial	FH	£	18,750,000		4.44	%
11	Yeats Close	Wembley	London / SE	Industrial	FH	£	16,570,000		3.93	%
20	Interchange Park	Newton Pagnell	London / SE	Industrial	FH	£	15,970,000		3.78	%
19	Mid-Point	Enfield	London / SE	Industrial	FH	£	15,800,000		3.74	%
21	Hawkers Yard	Ruislip	London / SE	Industrial	Mixed	£	14,370,000		3.41	%
TOTAL						£	210,630,000		50.00	%

Tenancies

The portfolio is let to a total of 184 tenants, ranging from local covenants to more recognised national / international multiples, generating the following income profile;

•   Total Gross Income:	£19,904,378 per annum (day one)
•   Total Net Income:	£19,299,271 per annum (day one)

As part of our valuation we make a deduction for the ground rents payable for the Long Leasehold properties and any running costs associated with managing the portfolio such as exposure to empty business rates which are deducted as revenue items. This deduction allows us to establish the net rent i.e. the rent your Borrower will receive. The below chart highlights the net income over the next 5 years.

23

BANK OF AMERICA MERRILL LYNCH

United IV Portfolio

DATE OF VALUATION: 30 September 2020

There is an average of almost 4.84 tenants per asset demonstrating a weighting towards multi-let industrial. As highlighted earlier the WAULT to break is 4.96 years and to expiry 6.49 years. The below chart, depicting the ‘Rent Expiry Profile’ clearly outlines this income profile.

24

BANK OF AMERICA MERRILL LYNCH

United IV Portfolio

DATE OF VALUATION: 30 September 2020

THE VALUATION

Market Value

The aggregate portfolio Market Value as at 30 September 2020 is;

£422,025,000 (FOUR HUNDRED AND TWENTY TWO MILLION AND TWENlY FIVE THOUSAND POUNDS) exclusive of VAT

Net Initial Yield	4.23%
Equivalent Yield	5.56%
Reversionary Yield	5.78% (04/05/2033)

Reflecting a capital value of £1,436.49 sq m (£133.45 sq ft) overall.

This represents an average lot size of just under £11.1M.

Market Value on the Special Assumption of Vacant Possession

The aggregate portfolio Market Value on the Special Assumption of Vacant Possession as at 30 September 2020 is;

£349,140,000 (THREE HUNDRED AND FORTY NINE MILLION ONE HUNDRED AND FORTY THOUSAND POUNDS) exclusive of VAT

Net Initial Yield	-0.48%
Equivalent Yield	6.20%
Reversionary Yield	6.71% (04/05/2033)

Reflecting a capital value of £1,188.40 sq m (£110.40 sq ft) overall.

This represents an average vacant lot size of just under £9.188M.

The portfolio Vacant Possession Value represents approximately 83% of the Market Value, reflecting a sensible ratio.

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BANK OF AMERICA MERRILL LYNCH

United IV Portfolio

DATE OF VALUATION: 30 September 2020

MARKET RENT

The aggregate portfolio Market Rent as at 30 September 2020 is;

£26,373,228 (TWENTY SIX MILLION THREE HUNDRED AND SEVENTY THREE THOUSAND TWO HUNDRED AND TWENTY EIGHT POUNDS) per annum.

NOTE: The Market Rent within our Vacant Possession valuation is £410,000 lower than the above. The reason being our vacant passion value for Jutsums Lane, Romford reverts to land value.

Portfolio Value

You have also asked us to consider the value should the Portfolio transact as a whole. Portfolio and platform trades have been increasingly common in the market place in recent years, for this asset class in particular. Whether a portfolio holds a premium to individual asset value or not, is specific to individual purchasers. It is very subjective, not something readily evidenced as all purchasers will interpret separately, therefore it is very difficult to quantify. That said, when a portfolio does trade as a whole; it is usually as a corporate structure which would benefit from reduced transaction costs, no asset level stamp duty although other costs are incurred.

We are confident that if the entire portfolio were introduced to the market as a whole there would be a significant level of interest in it, with potential buyers being from different pools of equity to those interested in individual assets. We believe any such acquisition would be acquired within a Special Purpose Vehicle (SPV).

On this basis we believe the United IV Portfolio has a Portfolio Value of £442,753,143

26

BANK OF AMERICA MERRILL LYNCH

United IV Portfolio

DATE OF VALUATION: 30 September 2020

VALUATION APPROACH

Market Value

We have valued the properties adopting the Investment Method of valuation. We have modelled the cash flow of each individual asset based on the tenancy data provided to us by the Borrower (Blackstone). Where units ore vacant we have mode allowance for holding costs that ore being incurred over the “Current Void” i.e. Business Rates and non-recoverable service charge, where appropriate. These costs have been reflected as revenue items and are deducted from the Gross Rent to arrive at the Net Rent. These costs are deducted over the assumed period of vacancy which we have adopted based on our view of the time it will take to secure a new letting. The void periods will very unit by unit and asset by asset reflecting the quality of the property, location and local market demand characteristics.

Where there are upcoming lease events that could lead to vacancy i.e. tenant break options or lease expiries, we have adopted “Expiry Voids” where appropriate within our cash flow to reflect the fact that units may become vacant and non-income producing. Where units are currently vacant we allow for marketing voids, followed by rent free periods. The assumed void periods will vary unit by unit and asset by asset reflecting the quality of the property, location and local market demand characteristics. Furthermore, it is unlikely that every tenant will activate every break option and not every tenant will vacate at lease expiry. We have, therefore, used our knowledge and expertise to form a view as to the likelihood of expiry voids being incurred and the length of the re-letting period or the likely period a tenant would be granted for renewing the lease.

In addition, we have also reflected letting and legal fees that will be incurred on new lettings, on current voids and assumed re-lettings following an expiry void. In line with market practice letting costs have been reflected at 15% of ERV. Capital Expenditure is deducted as a Capital Cost from the Gross Valuation of each asset.

Where assets are held under leasehold tenure our valuations reflect the payment of any ‘ground rent’.

We have capitalised the resultant cash flow at an asset level by applying an appropriate yield that has been selected to reflect the individual characteristics of each property and has been primarily derived using comparable recent market transactions on arm’s length terms. The net value of each asset reflects the payment of Stamp Duty Land Tax (SDLT) at the appropriate rate.

We have valued the portfolio on an asset by asset basis, having regard to their individual qualities.

27

BANK OF AMERICA MERRILL LYNCH

United IV Portfolio

DATE OF VALUATION: 30 September 2020

Rental Guarantees

This portfolio has been acquired during the course of 2020 in its entirety on a piecemeal basis with an aggregate purchase price of £421,571,000 (inclusive of rental guarantees). As part of these acquisitions’ rental guarantees were included on 9 assets totalling some £1,300,355. The Bonk have asked us to reflect the actual day 1 income and as such we have not built in these rental guarantees within our appraisal.

In order to then complete a like for like comparison we have deducted the rental guarantees from the aggregate purchase price to ascertain the Net Aggregate Purchase Price (exclusive of rental guarantees). We calculate this to be £420,270,645

Net Aggregate Purchase Price v Market Value

Our reported aggregate Market Value for the United IV Portfolio is £422,025,000 which is £1,754,355 (+0.42%) ahead of the purchase price on a like for like basis. The principal reason for this being that some assets were acquired towards the beginning of the year with the wider industrial market having improved since purchase to which we have reflected in our valuation.

Market Value on the Special Assumption of Vacant Possession

We have similarly modelled anticipated cash flows allowing for anticipated voids and associated costs. In addition, we have considered the rate per sq m (per sq ft) for individual units and these have been benchmarked against comparable vacant possession sales rates.

28

BANK OF AMERICA MERRILL LYNCH

United IV Portfolio

DATE OF VALUATION: 30 September 2020

SUITABILITY FOR LOAN SECURITY PURPOSES

SWOT Analysis

Strengths	Weaknesses
•   For a portfolio of this size it is well let with a vacancy rate of only 8.25% by floor area. •   Of the Market Value over 92% is derived from Freehold assets. •   Of the Market Value 100% is derived from industrial assets.	•   To achieve some of the reversionary rental values within our valuations capital expenditure is required. •   Term certain income to breaks/expiries of only 4.96 years, albeit typical of such a multi-let portfolio.
Opportunities	Threats
•   Generally, re-gear leases for longer term. •   Capture some of the reversion when completing lease re-gears / renewals. •   Negotiate removal of break options •   Engage with tenants at an early stage to ensure repairing obligations are complied with.	•   Market deterioration. •   Impacts of COVID-19 on the economy and wider Real Estate Market.

We would refer you to each individual report for a SWOT analysis more specific to each property.

Marketability

We have commented above and within the individual property reports on marketability and the impact that the Covid-19 pandemic is currently having on the property investment market. However, in general, on an individual basis, we anticipate there would be good demand for the assets, given the industrial sector is still sought after by a variety of purchasers at present.

It is anticipated that the assets could be sold within a 6 to 12 month period. Potential purchasers are likely to include:

• Overseas investors for the larger assets.

• Institutions.

• Property companies / REITS.

• Private investors – for the smaller lot sizes.

If a sale of the portfolio as a whole was required it is anticipated that this could take longer to achieve, in order to fully market it, allow prospective purchasers to undertake their due diligence and complete a purchase. A disposal period in the order of 9 to 12 months is considered reasonable.

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BANK OF AMERICA MERRILL LYNCH

United IV Portfolio

DATE OF VALUATION: 30 September 2020

Purchasers are likely to include:

• Opportunity funds.

• Listed vehicles.

• Institutions.

Conclusions

The subject portfolio comprises 100% industrial stock with a significant weighting towards London and the wider south east (66% by no. of assets and 73% by Market Value). This sector has outperformed other sectors over the last 12-18 months end of the core sectors it is industrial that has shown the greatest resilience amidst the COVID-19 backdrop.

The portfolio provides opportunities to add value by active asset management to reduce voids, increase the WAULT and increase rents. Such investments, however, can be highly management intensive and success depends on the efficient management of tenant relationships and the continuing programme of new lettings, lease renewals and rent reviews.

We have not been provided with full visibility of the loon terms but understand that the senior debt facility is to be at a 60% Loan to Value (LTV) ratio.

Overall in consideration of the portfolio fundamentals and proposed LTV ratio, we are of the opinion the subject portfolio provides suitable security for lending purposes at our opinion of Market Value.

31

PART III

MARKET COMMENTARY

MARKET COMMENTARY 32

MARKET COMMENTARY

World Economic Overview (September 2020)

Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. In 2021 global growth is projected at 5.4 percent. Overall, this would leave 2021 GDP some 6¹⁄₂ percentage points lower than in the pre-COVID-19 projections of January 2020. The adverse impact on low-income households is particularly acute, imperilling the significant progress made in reducing extreme poverty in the world since the 1990s.¹

Economic data available at the time of the April 2020 WEO forecast indicated an unprecedented decline in global activeity due to the COVID-19 pandemic. Data released since then suggest even deeper downturns than previously projected for several economies.

Since March 2020, GDP in the OECD area has fallen by -9.8% in the second quarter of 2020 which is the largest drop recorded for OECD area. For comparison, the fall was -2.3% in 2009 at the height of the financial crisis.

GDP fell most dramatically in the UK which recorded a fall of -20.4%. France which implemented stringent lockdown measures witnessed a decline of -13.8% after a drop of -5.9% in the previous quarter. GDP also fell markedly in Italy (-12.4%), Canada (-12.0%) and Germany (-9.7%). In comparison, the US where lockdown measures were slightly delayed the GDP contracted by -9.5% and in Japan where measures were less stringent the GDP contracted by -7.8%.

The second quarter of 2020 saw a year on year GDP growth for the OECD area of -10.9% in comparison with -0.9% in the previous quarter. Among the Major Seven economies, the US recorded an annual growth of –9.5% whilst the UK had the most marked fall at -21.7%.²

In most recessions consumers dig into their savings or rely on social safety nets and family support to smooth spending, and consumptions is generally less affected than investment. However in the case of COVID-19, consumption and services output have also dropped markedly. The pattern reflects a unique combination of factors such as social distancing, lockdowns, steep income losses and weaker consumer confidence. Firms have also cut back on investment when faced with precipitous demand declines, supply interruptions, and uncertain future earnings prospects. Thus, there is a broad-based aggregate demand shock, compounding near-term supply disruptions due to lockdowns.

This steep decline in activity comes with a catastrophic hit to the global labour maket. Some countries (notably in Europe) have contained the fallout with effective short-term work schemes. Nonetheless, the global decline in work hours in Q2 2020 compared to Q4 2019 was equivalent to the loss of 495 million full-time jobs. Working-hour losses are anticipated to remain high in the third quarter of 2020 at 12.1% which is the equivalent of 345 million jobs. The impact of these losses in working hours is having a susbantial effect on labour income with estimates suggesting a global decline of 10.7% during the first three quarters of 2020.³

¹  IMF (2020) World Economic Outlook, June 2020: A Crisis Like No Other, An Uncertain Recovery Available:

https://www.imf.org/en/Publications/WEO/Issues/2020/06/24/WEOUpdateJune2020 (Accessed 28th June 2020).

²  GDP Growth – Second Quarter of 2020, OECD Avalailable: https://www.oecd.org/sdd/na/gdp-growth-second-quarter-2020-oecd.htm (Accessed 24th September 2020).

³  International Labour Organization Monitor: COVID-19 and the world of work. Sixth edition. Updated estimates and analysis. Available: hhttp://www.ilo.org/wcmsp5/groups/public/—dgreports/—dcomm/documents/briefingnote/wcms_755910.pdf (Accessed 24th September 2020)

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Labour market disruptions have been severe and have continued in the third quarter of 2020 and is likely to persist into the final quarter of the year. Fiscal stimulus has not been evenly distributed worldwide when viewed in conjunction with the scale of labour market disruptions. The estimated fiscal stimiulus gap is approximately $982 billion in low-income and lower-middle-income countries.

More than two-thirds of governments across the world have scaled up their fiscal support since April to mitigate the economic fallout from the pandemic and the stringent lockdowns as growth is revised further down relative to the April 2020 World Economic Outlook. The total value of published global fiscal stimulus packages is around $9.6 trillion, the equivalent of 11% of global GDP in 2019. The proportion of this cost attributed to government expenditure and tax relief, the ‘above-the-line’ measures amounts to $7.08 trillion. These measures have the most immediate impact on economic activity.

Looking forward, the main ways in which fiscal policy can mitigate the consequences of the pandemic include; controlling falls in consumption, preventing business closures, mitigating decreases in investment, increasing economic activity through direct government expenditure.⁴

Global Forecast

As per the IMF graph below, growth continues to decline from the previous outlook given in April. The global economy, including emerging markets, are both showing a decrease from 2019 to 2020 with economies projected to grow in 2021.

⁴  International Labour Organization Monitor: COVID-19 and the world of work. Sixth edition. Updated estimates and analysis. Available: hhttp://www.ilo.org/wcmsp5/groups/public/—dgreports/—dcomm/documents/briefingnote/wcms_755910.pdf (Accessed 24th September 2020)

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UK Economic Overview (September 2020)

In line with the overall global economy, UK economic growth is projected to contract in 2020 with 2021 projected to see a return to growth. Real GDP grew by 1.4% in 2019 and is projected to fall by -6.5% in 2020 and growing by 4% in 2021.

Monthly GDP continued to grow by 6.6% in July 2020 following the government’s move to lift more restrictions. This comes following GDP growth of 8.7% and 2.4% in June and May respectively after what was a record fall of 20.0% in April. July GDP is therefore 18.6% higher than its April 2020 low, yet 11.7% below the levels seen in February 2020, before the full impact of the coronavirus pandemic.⁵

The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 0.5% in August 2020, down from 1.1% in July 2020. This has largely been accredited to the Eat Out to Help Out Scheme, with reduced F&B prices contributing 0.44% to the change between July and August. The Consumer Prices Index (CPI) 12-month rate was 0.2% in August 2020, down from 1.0% in July.⁶

The Bank of England cut interest rates in March 2020 to a record low of 0.1%, where it remains as at the end of June 2020. This follows an initial reduction to 0.25% falling from 0.75%.

For the fourth consecutive month, retail sales volumes rose in August, up 0.8% compared with July. More significantly, this demonstrates an increase of 4.0% when compared with February’s pre-pandemic level. The spread of this growth was inconsistent across sub-sectors as non-store retailing volumes were 38.9% above February, while clothing stores were still 15.9% below February’s pre-pandemic levels. Online retail sales were down 2.5% from August to July, however significant online growth during the pandemic means sales were still 46.8% up February’s pre-pandemic levels.⁷

It is estimated that the number of employees in the UK on payrolls was down around 695,000 from March for August. Meanwhile, the number of people estimated to be temporarily away from work (including furloughed workers) has fallen, despite being more than 5 million in July 2020. Of these, over 2.5 million have been away from work for three months or more. The number of people away from work as a direct result of the pandemic and receiving no pay in July 2020 was approximately 250,000.⁸

As of 24^th September 2020, 10-year UK gilt rates are at 0.213% - a fall of 61.06% on the same period last year.⁹

⁵  Office for National Statistics GDP monthly estimate, UK: July 2020 Available:

https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/july2020 (Accessed 24th Sept 2020

⁶  Office for National Statistics Consumer price inflation, UK: August 2020, UK: July 2020 Available:

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/august2020 (Accessed 24th Sept 2020)

⁷  Office for National Statistics Retail sales, Great Britain: August 2020, Available:

https://www.ons.gov.uk/businessindustryandtrade/retailindustry/bulletins/retailsales/august2020 (Accessed 24th Sept 2020)

⁸  Office for National Statistics, Labour market overview, UK: September 2020, Available:

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/septem ber2020 (Accessed 24th Sept 2020)

⁹  Financial Times, Bonds https://markets.ft.com/data/bonds/tearsheet/summary?s=UK10YG (Accessed 24th Sept 2020)

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Industrial Market Commentary

Occupational Market Commentary

London & South East Industrial Market

London’s established industrial markets are underpinned by their access to the main arterial road routes inside the M25 and the M25 itself. These are the M4, the A40, the A1, the A12, the A13 and the A2, which are all linked together on either side of the Thames by the South Circular, the A205 and the North Circular, the A406.

The levels of demand for Industrial land inside the M25 is hardly surprising, given that, apart from excellent communication links, the area enjoys a broad occupier base, access to a highly skilled labour market, proximity to Central London and a sophisticated consumer market of in excess of 8 million people. These high levels of tenant demand, and the impact that that has on rents, is expected to continue.

When we talk about ‘industrial’ property, it is something of a misnomer across the UK, and London is no exception – the manufacturing sector has been dialled back and industrial property these days is dominated by assembly, storage and distribution functions, with manufacturing taking a back seat.

Rental and capital growth within London industrial markets is being driven by a persistent supply/demand imbalance, whereby much of London’s industrial stock has been converted to higher-value uses, including residential, leading to significant reductions in supply. From 2010 – 2015, we understand that a total of 528 hectares (ha), or 7.1%, of London’s industrial land was released to non-industrial uses, such as housing. This is equivalent to 106ha that has been lost every year. This is around three times greater than the targeted release of land as established in the Greater London Authority’s (GLA) (2012) Supplementary Planning Guidance – Land for Industry and Transport of 37ha per annum. (Source: Segro, Keep London Working).

Sadiq Khan’s Housing Strategy released in May 2018 further underpinned his directive to provide 65,000 new homes in London per year during his tenure will only exacerbate pressure for the conversion of industrial accommodation and further exacerbate the current acute supply issues. Coupled with this, following the Government’s recent decision to expand Heathrow Airport by adding a third runway (in addition to reducing precious land supply) we only foresee increased requirements for industrial space - in the West London market in particular.

As the supply of industrial land in Greater London continues to decline, take up levels are also falling, and as this scenario plays out, the most accessible locations in London are becoming increasingly important in supporting the economy and industrial businesses in London and Wider South East. London’s industrial centres benefit from access to a large workforce, and there is an expanding pool of businesses attempting to locate in strategic inner-London locations.

The depth and quality of market data in the M25 industrial markets depends heavily on the presence of institutional investment grade (prime) industrial properties in those areas. So major markets such as Enfield, Dartford, Croydon, Heathrow and Park Royal, provide more transactional benchmarks that can form the basis of our analysis than other markets which might be ‘thinner’ in terms of evidence. There is also a high presence of owner-occupiers, whose properties form a crucial part of their day to day business activities, and thus these properties are not regularly transacted.

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Yorkshire and North East Industrial Market

The Yorkshire & North East region of the UK is of significant geographic size, with a multitude of major urban centres between more rural stretches, and the industrial market for multi-let estates reflects this variety.

Newcastle is the dominant commercial centre in the North East and comprises a number of other towns and cities in the Tyne & Wear Region. It is less attractive for distribution occupiers and is dominated by light industrial uses, but there are some distribution occupiers favouring the motorway corridor between Washington and Durham. Within Newcastle itself, Team Valley Trading Estate in Gateshead is regarded as the premier industrial and trade counter location in the area, with a range of modern and second-hand industrial accommodation of varying sizes.

The Teesside area is dominated by Middlesbrough, Stockton and Hartlepool, along the River Tees, and was an industrial powerhouse that has seen a contraction of industrial employment over recent decades. Port operations continue, but the region has diversified to other sectors. Distribution is less of a factor, with the exception of the western end of the A66, where it meets the A1 near Darlington.

Leeds is the dominant commercial centre in Yorkshire, situated at the junctions of the M1, M62 and A1. Historically, the main concentrations of industrial and warehouse stock have been found along the River Aire and the Liverpool-Leeds Canal. This area spans from Kirkstall, in the north-west of the city, to Cross Green and Stourton in the south-east. Much of the industrial stock close to the city centre has been redeveloped or converted to alternative uses, although there are still several industrial estates close to the city centre, which include Kirkstall Road Industrial Estate, Maybrook Industrial Park and South Leeds Business Park in Hunslet. There are many edge of city centre estates as well as ones located around the Outer Ring Road. The focus of recent development in Leeds has been in the Cross Green area of the city, close to Junction 45 of the M1.

Bradford is dominated by nearby Leeds, but industrial occupiers consider Euroway the most desirable industrial accommodation in Bradford, benefiting from good transport links to the wider national motorway network via the M606. Land supply for larger floorplate warehousing is limited in Bradford, particularly to the west along the M62 corridor into the Pennines. More secondary towns in West Yorkshire include Halifax and Huddersfield.

Wakefield, and Normanton in particular, is one of the premier industrial and distribution locations in the North of England, but smaller industrial estates along the M62 and M1 corridors also thrive due to the proximity to Leeds and the roadway connections.

Situated at the eastern end of the M62 motorway corridor on the River Humber is Hull. The city’s industrial property market is more dominated by traditional manufacturing users rather than distribution facilities, which are further inland. Hull has benefitted from investment in off-shore wind power generation, with Siemens now located in Hull to service their North Sea operations. The industrial estates in Hull are located in three principal locations; along the A63 to the west of the city centre (benefitting from roadway links to the M62), along the A63 to the east of the city centre (in close proximity to the port) and at Sutton Fields to the north of the city centre and along the River Hull.

Doncaster is now an established distribution location through proximity to the major road network (M1, M18 and A1) as well as through intermodal railway-connected hubs at Doncaster iPort and Doncaster Europort, but the town continues to enjoy healthy demand from industrial and light industrial occupiers, with a particular focus on the railway industry.

Together with nearby Rotherham, Sheffield dominates as the South Yorkshire industrial centre of employment. Distribution uses are also prevalent here, but the corridor between the two centres, along the River Don, is home to a multitude of estates of varying sizes.

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In terms of take-up, the Yorkshire and North East industrial property market is dominated by the distribution sector, which has seen more than double all of last year’s take-up in the first half of 2020 alone and almost matching the regions’ record year (2018) within only six months. Take-up was 6.6m sq ft in the logistics occupier market alone in the first half of 2020.

However, once the distribution sector is taken out of the analysis, take-up is less meteoric. Multi-let industrial estates, as a whole, tend to offer smaller units that are occupied by traditional light industrial occupiers and these businesses in Yorkshire and the North East have been affected by the Covid-19 pandemic just as much as everywhere else.

Availability of accommodation within multi-let estates is mixed across the region, however, overall a downward trend on availability for the last 10 years or so is in evidence, which has exerted upwards pressure on rents. This has been a function not only of sustained occupier demand but a slow supply of new stock to the market. In some markets throughout the region the proportion of new stock (aged five years or younger) doesn’t even account for 1% of total stock.

Rents have reflected this downward trend in availability by rising, with prime rents on multi-let estates in locations such as Leeds now in excess of £6.75 per sq ft (and into double figures for the smallest units). In more secondary markets and across older estates the average rent can be significantly lower, but around £5.25 per sq ft should be viewed as the regional average in prime rents across estates with good road transport links and in average to good condition. These rents have been largely stable over the last two to three years, however Covid-19’s effect on occupier business plans and tenant demand is yet to crystallise in any new rental tones. Across the distribution sector demand has been sustained and even risen on the back of increases in eCommerce during lockdown, however the same is unlikely to be the case for the typical occupiers of multi-let estates. That being said, occupational markets are still considered strong, but there are signs of occupier space coming to the market in some of the region’s towns and cities.

In terms of recent investment activity, Seacroft Trade Park, a multi-let estate in the Seacroft area of Leeds, comprising units ranging between 4,315 and 16,649 sq ft in size, let at a rent of £624,610 per annum (£5.44 per sq ft on average) with an unexpired term certain of 3.42 years (to breaks) and subject to two vacancies (but one unit under offer at £6.00 per sq ft) was purchased by Blackstone in June 2020 for a net initial yield of 6.23%. This is considered a secondary estate within the context of Leeds, being situated in the Seacroft area of the city and not having the most favourable transport links.

Other investment activity in multi-let estates in Yorkshire & the North East relates to transactions that date from late 2019 or that are part of larger portfolio transactions.

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North West Industrial Market

The North West is one of the most successful and dynamic regions in the UK and benefits from excellent proximity to growing markets, a rising population of over 7 million people and continued investment into the region’s infrastructure. Large projects such as Liverpool 2, The Mersey Gateway Project and the proposed new Terminal 1 at Manchester Airport will only drive economic development.

The North West provides a number of established industrial locations with the prime locations being located close to the M6 motorway, namely Warrington, Haydock and Birchwood. These locations also benefit from being located approximately a 4-hour drive from Glasgow and Edinburgh, making it a popular location for operators transporting goods south from Scotland. Warrington and Birchwood have historically always been popular industrial locations due to their strong links to the national and regional motorway networks and with the Mountpark Omega development just off junction 8 of M62, Warrington is now the premier distribution location in the North West. The areas of Birchwood and Haydock historically provided smaller scale industrial accommodation, including many multi-let estates, however the latter has also developed into a strong distribution location with the likes of Amazon and Kellogg’s recently taking large new-build units there. Recent lettings at Haydock reflect £67.28 - £67.82 per sq m (£6.25 - £6.30 per sq ft) and at Omega, £72.66 - £74.81 per sq m (£6.75 - £6.95 per sq ft).

The other dominant industrial location in the region is Trafford Park, situated on the outskirts of Manchester city centre. Trafford Park has by far the largest concentration of manufacturing and warehouse space covering over 1,200 acres and is particularly popular with firms from the manufacturing and engineering sector, with demand mainly concentrated in small to medium sized units across a number of multi-let estates. Whilst not a major distribution location due to urban congestion, a number of logistics warehouses do exist for occupiers including Adidas, Amazon and XPO Logistics. Due to the lack of development within the estate there is a shortage of good quality second-hand and new build accommodation. This has resulted in significant rental growth across all size bands however particularly in units of less than 4,645 sq m (50,000 sq ft); on some good quality secondary estates there has been an increase in headline rents from £56.51 per sq m (£5.25 per sq ft) to £69.97 per sq m (£6.50 per sq ft) within the last 18-24 months, with good quality smaller units often exceeding £75.35 per sq m (£7.00 per sq ft).

Other notable, but considered more secondary, industrial locations in the North West include Heywood, Crewe, Wythenshawe, Runcorn, Knowsley, Walton Summit, Winsford and Middlewich. Rents in these locations vary considerably due to the variety of accommodation offered, both in size and quality. These locations generally provide older specification units interspersed with more modern accommodation.

Following the positive start to the year seen in Q1 2020, take-up for Q2 in the North West fell by 58% to 0.3 million sq ft. Nonetheless, the H1 accumulative total of 0.9 million sq ft is higher than H1 2019. Within these H1 figures is the significant letting of 48,772.5 sq m (525,000 sq ft) to Kellogg’s at Haydock 525, however there were also a number of deals concluded for units below 9,290 sq m (100,000 sq ft). It should also be noted that approximately 30% of the space transacted in H1 2020 was for short-term deals of up to one year. A very positive note however is the amount of floor space under offer, which should lead to healthy take-up levels during the remainder of the year.

Strong occupational take-up across the North West, particularly on multi-let estates, is resulting in reduced levels of availability, increased rental growth and reduced incentive packages for tenants. Available space in the North West totalled 3 million sq ft at the end of Q2 2020, a slight drop of 6% in comparison to the previous quarter. The available space for the region is predominantly made up of an almost even split between second-hand space and new completed developments.

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Midlands Industrial Market

The Midlands industrial market is one of the largest in the UK, both in terms of employment and volume of stock. The markets strength lies in its central location nationally and the excellent transport infrastructure, which provides unrivalled access to the whole country. This has attracted a broad range of occupiers looking to establish a base in the region.

Demand in the industrial sector in the Midlands has been driven by a wide range of sectors and uses. The main areas of growth have been within the automotive industry, with Jaguar Land Rover expanding its footprint. Whilst Jaguar Land Rover has announced significant job losses over the last year they have continued to invest in new production and logistics accommodation in the region. Manufacturing remains central to the success of the West Midlands particularly, with the sector accounting for 16% of the region’s economy, well above the national average (Make UK).

The West Midlands is the centre of transport innovation in the UK, leading the smart, low carbon movement of people and goods. It will build on the UK Battery Industrialisation Centre to consolidate its role as a battery research, development (R&D) and manufacturing hub. By combining the opportunities of 5G, the Future Mobility Zone, High Speed 2 and the Commonwealth Games, it will also create a more connected region. The UK Battery Industrialisation Centre located in Coventry will be completed later this year. This follows on from JLR’s investment in electrification in the region with electric drive units to be built at its factory in Wolverhampton and a new battery assembly centre at Hams Hall in Birmingham.

The West Midlands has a significant automotive and aerospace presence. Sectors which have been adversely affected by the Covid crisis. Businesses affected included Rolls Royce; Meggit Aerospace, which has a large-scale operation in Coventry; and Jaguar Land Rover.

Occupational demand for industrial units in the Midlands has been very strong recently. Developers have been focussing on the ‘big box’ market and there has been virtually no new development of smaller industrial units. This coupled with strong demand has led to meaningful rental growth over the last couple of years. This in-balance in the market has resulted in a reduction in void periods and a lessening of incentive packages granted to tenants. We would, however, strike a note of caution that, certainly, in the short term cashflows have been impacted by Covid 19. There is increasing evidence of rent holidays and flexible payment plans to help businesses through the crisis.

According to Promis take up of units under 100,000 sq ft in 2019 was 1,470,000 sq ft for the West Midlands a decrease of 24.18% from 2018 and 1,564,000 sq ft for the East Midlands an increase of 1.75% from 2018. All industrial availability in the West Midlands stood at 9,520,000 sq ft as at Q2 2020 an increase of 8.54% from the end of 2019 and the East Midlands stood at 3,310,000 sq ft at Q2 2020 a 17.89% reduction. Agents are currently reporting reducing levels of availability in the last few months in the mid box market, particularly in the more prime locations.

The largest industrial market in the Midlands is that of the greater Birmingham area, which according to Promis had an industrial stock of 70.7 million sq ft as at 2018. This ranks Birmingham as the largest in terms of floorspace of the Industrial PROMIS centres. Being a large industrial centre within the UK, Birmingham benefits from a large amount of industrial and warehousing stock. The geographical location of the city also grants access to a wide range of labour supply, and the city is also served by the M6, M5 and M42 motorways.

According to PROMIS estimated take up in Birmingham increased by 23% in 2019 to 2,157,000 sq ft, being 6.0% above the five year average. Big Sheds (units over 100,000 sq ft) account for 46% of 2019 of all take up. Within the standard industrial market units in the size bracket 50,000 to 100,000 sq ft have seen the most activity over the past five years (to Q1 2020), accounting for 19% of all space.

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Key deals in 2020 include Network Rail taking two units at Vespa Point in Coventry totalling 53,000 sq ft; Peugeot taking 54,913 sq ft at Bromford Gate in Birmingham and Gymshark taking 56,888 sq ft at Connexion at Blyth Valley Park, Solihull.

Prime rents for mid box units are currently in the region of £8.00 per sq ft for prime locations such as Solihull and Leamington Spa. Incentives, which started to increase at the start of the Covid crisis, have now reduced.

The vacancy rate in Birmingham as at the end of 2019 stood at 4.065m sq ft, compared to the five-year average of 4.992m sq ft. Availability increased in 2019 following several years of decline due to the release of a number of larger schemes (Promis).

According to Promis there is 1,047,000 sq ft under construction in Birmingham, however this is in just one scheme at Jaguar Land Rover’s Logistics Operations Centre in Solihull.

Generally vacancy level on multi-let industrial estates remain low in the Midlands with smaller units subject to minimal void periods and rent incentives. On estates with smaller units rental growth is still evident as landlord’s are able to drive rents up given the limited availability. On these smaller estates the Covid crisis has created some cash flow issues for smaller businesses but generally landlords have been understanding and agreed to flexible rental payments or rent free periods in return for regeared leases.

South West Industrial Market

Significant industrial accommodation in Bristol is broadly concentrated across the two separate areas of Avonmouth and Filton. Avonmouth is situated north west of the city centre, bounded by the River Severn and the M49. Filton is located immediately north of Bristol, benefitting from efficient access to the M32, M4 and M5 motorways via the A38. It should be noted that, whilst both areas contain a wide scope of substantial industrial space, the bulk of development in recent years has been focused in Avonmouth. There are also a handful of additional industrial locations dispersed across the wider market area, however, these developments invariably involve smaller concentrations of space, and as such, tend to attract local occupiers.

The overall number of transactions fell from 173 in 2018 to 154 in 2019 with approximately 65% of disposals involving property below 10,000 sq ft. Take-up was again constrained due to limited immediately available space in the city’s core industrial and logistics locations.

Across the South West, there was a total of 278,614 sq ft transactions across 27 deals in the second quarter of 2020, which mainly consisted of deals in the smaller size range, with only a handful of deals over 30,000 sq ft. This is down on the statistics for Q2 2019, but this is probably as expected given travel restrictions etc imposed upon the market due to COVID-19.

This puts takes total take-up for H2 2020 at 621,354 sq ft and 7.53 acres of land sold or let across 63 transactions.

Just to give a comparison, take-up for H1 2019 equated to 660,553 sq ft across 68 transactions, and is therefore only slightly behind last year, despite the lockdown restrictions that the market has faced over the last few months. Hopefully, there will be a more fruitful second half of the year as companies start to regain confidence to commit to leases / acquisitions.

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As with other large industrial markets, Bristol attracts a wide range of rents across a broad spectrum of ages and qualities of unit. The prime rental level increased over 2019 to stand at £8.50 psf. The most notable deal completed at this rental value was agreed in Q3 2019, when Huboo Technologies agreed to take 34,000 sq ft at a new unit at Vertex Park, Emersons Green, Bristol. Whilst several deals were agreed above this prime rent, such as a 13,500 sq ft deal at the More+ scheme, the majority of these were on particularly small units, trade counter style space with a retail component, or units with a substantial office element, and as such were not considered representative of a typical standard industrial unit.

* IAS Western Branch Take-Up Statistics

Industrial Investment Market Commentary

Market Snapshot

In 2020, the industrial market has proven itself to be a highly resilient sector as it continues to perform positively in the current uncertain climate.

Following a strong 2018 which demonstrated continued yield compression, growth stabilised in 2019 with yields holding position throughout the year across all industrial categories. While this trend looked set to continue into 2020, there was significant turbulence across all sectors as a result of COVID-19. While all other sectors have struggled however, the industrial sector has maintained strong rent collection figures and occupational interest throughout the year and a notable increase in investment activity has been seen from June onwards which has actually strengthened prime yields.

For roughly six weeks in Q2, the investment market adopted a wait and see approach. As lockdown measures eased however, investors quickly shifted their focus towards the sector, with H1 volumes ending down just 7.2% on H1 2019. Fierce competition emerged for all launchings, with funds looking to increase their exposure to the sector.

As at September 2020, it has been a busy month for both the occupational and investment market and this is expected to be the trend for the rest of the year. September saw the launch of big portfolios from established logistics investors looking to cash-in on private equity and sovereign funds interest, with the intent to redeploy the capital within the same sector. CBRE’s preliminary stats show that in September, 6.6m sq ft of industrial stock has come to the market, across 14 opportunities with a total value £398 million (excluding Mountpark portfolio which is circa £500m). We have seen over 7m sq ft transact in September across 22 deals with a total value of circa £655m. Pricing continues to be very competitive which is causing downward pressure on yields and we are likely to continue to see a shift throughout the year. Developers also pushed for second phases on their logistics parks in September, selling the first BTS units in order to fund the second wave containing speculative schemes.

Activity continues to be led by off-market transactions but in terms of what has come to the market, this has been dominated by multi-let sales with six new sales launching in August.

It is of note however that, while the virus outbreak has accelerated the move towards online retailing which has benefited most of the sector, it has also accelerated the polarisation of investor demand towards the prime end of the market. This is a result of occupier demand for secondary units primarily coming from local, weaker covenants who are more at risk of default in the current climate.

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Multi-Let Transaction Volumes
	Q2 20		Q3 20		% Change
Q2 20 v Q3 20	£	318.85M	£	325.58M		+2	%
	Q3 19		Q3 20		% Change
Q3 19 v Q3 20	£	178.03M	£	325.79M		+83	%
	YTD 19		YTD 20		% Change
YTD 19 v YTD 20	£	696.9M	£	893.7M		+28	%

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Some General Industrial Market Themes

We have witnessed significantly increased investment demand for multi-let industrial estates in recent years. A growing number of investors who have never historically invested in this area, have been suddenly drawn to the sector.

As an asset class, multi-let industrial tends to produce consistent income yields in comparison to other property sectors. The income is typically highly diversified as a result of multiple units and a granular occupier base. These characteristics are maintained and enhanced further through proactive asset management. This income diversity has also increased as a result of the continued broadening of the occupier base over recent years.

The occupational side continues to have a very favourable long-term supply/demand imbalance and is the lowest cost space in the commercial real estate market. The sector benefits from a very wide tenant mix of modern industrial users ranging from online retailing, urban logistics, and high value design and specialist manufacturing/engineering. Other fundamental factors which are attracting investors to the multi-let and ‘last mile’ logistics market are highlighted below:

• Risk Curve

By their ‘multi-let’ nature, industrial estates provide a diversified income stream, with little concentration on single covenant risk. Therefore, purchasing an estate is seen to be much lower down on the risk curve than purchasing a larger distribution unit let to one single occupier.

• The Changing Face of Retail

Online retail sales within the UK accounted for 15.1% of all retail spending during 2016 and are estimated to grow to 24% over the next 5-7 years, we have already witnessed this touching 18% in 2019. To put this in perspective, penetration in the US is circa 14% (2018) and Germany is estimated to be 8.8% this year (Germany ecommerce 2019). It is estimated that in order to keep up with the forecast for growing demand 18 million sq ft of logistics space needs to be built annually. Investors are therefore targeting large conurbations and their satellite towns in anticipation of this forecast growth, most notably in London. As a result, demand for such locations from the industrial market will only increase.

• Low Obsolescence Costs

Refurbishment costs typically cost between £1 and £10 per square foot for small estates, which is nominal compared with other use classes such as offices and retail.

• Low Estate Costs

Service charge and estate management costs are low compared with say offices, these can typically range between £0.50 per sq ft up to £3.00 per sq ft depending on location etc.

• Restricted Land Supply

For instance, large higher value development projects are taking up industrial land across the South East. Given Sadiq Khan’s directive to provide 90,000 new homes in London, industrial land has and continues to be rapidly eroded to higher value uses. The GLA have deemed it acceptable that 36 hectares per annum of industrial use land can be developed for alternative uses however; the current rate of erosion is 120 hectares per annum. This is not a phenomenon restricted to the South East but is occurring in all of the major conurbations across the UK.

• Rental Growth in Secondary Stock

Forced out by alternative use development, occupiers are relocating to a limited number of established locations where supply is short and competition for units intense. As a consequence of this landlord friendly dynamic, investors are seeing secondary stock in these locations as reversionary.

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• Multiple Exit Strategies

Very high land values (influenced in part by occupational demand and part by the Government’s desire to resolve the ‘housing crisis’ using brownfield sites) are enabling investors to underwrite based on rental income and land value alone. This enables them to consider conversions to alternative higher value uses, while retaining the viable alternative of the current industrial use.

Last Mile Logistics

The ‘urban logistics’ phenomena is driven by the demand from households to have parcels delivered to their door in the quickest possible time. This has resulted in logistics operators changing their delivery mindset, rather than servicing this demand from one large regional distribution shed, they now have additional smaller hubs closer to the end consumer, which are serviced from the large regional shed. This is becoming commonly known as ‘last mile logistics’.

The most expensive part of the supply chain is the transport costs, which has helped to assist these distributors to opt for closer-in warehouses where rent is a small proportion of the transport cost it replaces. This has driven up occupational demand on industrial estates close or in the centre of towns and cities to be able to service this end consumer. This surge in take up has gone hand in hand with rental values. In addition to this strong demand from logistics operators there are more traditional occupiers such as manufacturers who are also expanding, similarly driving rental growth performance for industrial estate owners.

The internet has helped to facilitate smaller companies establishing themselves, which in turn has been driving occupational demand. In a lot of cases these independent companies can acquire space in an industrial estate off a low base rent, particularly compared to other asset classes such as offices. These independent operators are not as focused on the rent per sq ft, which an investor or more savvy national firm may be, but the simple mantra of ‘can my business afford the weekly rent ’. This has further helped landlords to drive forward the rental tone of their estates by establishing provable ERV’s and then capturing this at the next lease event (rent review or lease expiry) of tenants on the estate or seeking to acquire space in the estate.

It is definitely evident that Brexit and the UK General Election has had an impact on the market, with transaction volumes at one point in 2019 predicted to be circa 25% down overall on 2018. Currently the industrial market is being driven by distribution sheds, whereas 2018 was characterised by the lack of distribution transactions but buoyed by the industrial estate and portfolio market. Overall, CBRE estimates that industrial volumes are currently trading at 16% down on the 5-year average.

The depth of the market is thinner than it was earlier in the year but it is evident pricing is still being achieved as there is still a lack of stock helping to hold up values. There are a number of investors who are seeking to sell their retail stock due to the turmoil being seen in that market, with value drops, consumers moving away from the high street, rental value decreases, large vacancies and CVA’s to name but a few issues. This has resulted in investors focusing on the retail areas of their portfolios and ‘holding’ the more resilient and best performing asset classes within their portfolios, which category industrial estates would fall into. Consideration should be given to the need for replenishing sold stock, if an industrial estate is sold then most funds need to recycle that capital and to do this with a significant lack of availability in the investment market is hard, so investors are again opting not to sell.

Active purchasers in addition to Blackstone & M7 include similar types of investors, such as Starwood Capital, Warehouse REIT, Westbrook Partners and institutional investors (DTZ IM, M&G, Columbia Threadneedle, Royal London etc).

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Investment Yields

UK property investment yields for industrial properties have either improved or remained stable across most subsectors over the last year.

For context, CBRE’s opinion on prime industrial yields is tabled below. Broadly, industrial sector yields have stabilised as rental value increase overtakes as a driver for growth. Investor demand has been particularly strong for London and South-East assets.

	Sept 19(%)		Dec 19(%)		Mar 20(%)		June 20(%)		Sep 20(%)		Trend
INDUSTRIAL
Prime Distribution		4.50		4.50		4.50		4.50		4.25		Stronger
Prime Estate (GL exHTW)		4.00		4.00		4.00		4.00		4.00		Stronger
Prime Estate (Ex GreaterLondon)		4.50		4.50		4.50		4.50		4.25		Stronger
Good Secondary		5.50		5.50		5.50		5.65		5.50		Stable
Secondary Estate		6.50		6.50		6.50		6.75		6.75		Weaker

Note - Prime yields refer to the equivalent yield for a prime (well specified, well located and rack rented) property let to financially strong tenants, but not Govt, on a lease with 15 years unexpired and open market rent reviews.

Investment Transactions

There have been a number of recent portfolios of industrial estates on the market.

Saint Portfolio

• 2 multi let and 3 single let industrial estates across Northampton with a mixture of 4 freeholds and 1 long leasehold

• 130,619 sq ft

• Locations are Brackmills, Moulton Park, North Portway Close and Pondwood Close

• Let to 11 tenants with 0% vacancy across the portfolio

• WAULT: 4.75 years

• Current rent: £789,368 pa (£6.04 psf pa)

• Vendor: Cording Capital

• Status: Sold to Chancery Gate at £10,400,000 (£80 psf) 7.11% NIY (July 2020)

Glencoe Portfolio

• Four multi-let industrial estates and one solus retail warehouse asset held freehold

• 175,757 sq ft

• 20 units with 0% vacancy

• WAULT: 14.6 years WAUTC: 9.7 years

• Current rent: £2,504,400 pa (£14 psf)

• Vendor: Travis Perkins

• Quoting Price: £44,700,000 (£254 psf) 5.25% NIY

• Status: Under offer, pricing confidential but anticipated to be at quoting (September 2020)

Platform Portfolio

• 22 assets and 2 parcels of land measuring c.31 acres, all held freehold

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• 46% located within the ‘Golden Triangle’

• 4,256,037 sq ft

• Current rent: £24,992,350 pa (£5.87 psf)

• 73% income to 5A1/5A2 covenants

• WAULT 5.94 years, 5.17 years to breaks

• Date to market: July 2020

• Vendor: Prologis

• Quoting price: £435,000,000 (£102 psf) 5.38% NIY

• Status: Under Offer confidentially (October 2020)

Lunar Portfolio

• 7 Freeholds and 1 Leasehold at a peppercorn

• 497,715 sq ft

• Reversionary portfolio of 8 multi-let industrial estates across the UK

• WAULT: 4.60 years WAUTC: 2.90 years

• Let to 78 tenants across 96 units with a vacancy rate of 4.5%

• Current rent: £2,866,433 pa (£5.75 psf)

• Date to market: September 2020

• Vendor: IPIF

• Quoting Price: £40,000,000 (£80 psf) 6.70% NIY

• Status: Available (October 2020)

The Turbine Portfolio

• Consists of Cathedral Industrial Estate, Guildford (95,000 sq ft); Northumberland Court, Chelmsford (63,000 sq ft); and Cowley Business Park, Oxford (37,000 sq ft)

• 193,416 sq ft in total

• WAULT: 3.7 years.

• Vendor: CBRE Gi

• Quoting £33,900,000 (4.91% NIY)

• Savills Investment Management purchased in January 2020 for £38,350,000 which reflects a net initial yield of 4.35% and a capital value of £198 per sq ft

The Libra portfolio

• Five multi-let industrial estates across the south east, south west and north east.

• The specific locations are Banbury, Stevenage, Redhill, Bristol and Doncaster.

• Fully let

• WAULT: 3 years.

• Vendor: DTZ Investment Management

• Quoting price of £42,130,000, reflecting £135 per sq ft and 5.18% net initial yield.

• Doncaster was sold to an individual investor, so dropped out of the portfolio.

• Remaining four industrial estates sold in October 2019 ahead of quoting to M&G.

• The portfolio was more attractive without the Doncaster asset, partly because it had a vacant unit (previously occupied by Carpetright) within it, which was the only vacancy across the portfolio, and also to provide a more south east bias.

• The portfolio sold for circa £36,000,000 reflecting £139 per sq ft and 4.80% net initial yield.

Meridian Portfolio

• Five freeholds and one long leasehold.

• 173,019 sq ft

• 6 multi-let estates with a total of 64 units, located to the North and East of Central London

• Let to 48 tenants with 10 vacant

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• WAUTC: 4.13 years, WAULT: 5.41 years

• Current rent: £2,043,055 pa (£11.81 psf pa)

• Date to market: May 2019

• Vendor: Newable Property

• Quoting Price: £40,000,000 (£231 psf) 4.78% NIY

• Status: Sold to M7 at £44,500,000 (£257psf) 4.30% NIY (September 2019)

Spear Portfolio

• 27 Freeholds, 2 long leasehold

• 622,835 sq ft

• 29 multi-let industrial assets, located across the UK

• 14% Vacancy

• WAUTC: 2.25 years, WAULT: 2.8 years

• Current rent: £1,988,959 pa (£3.68 psf pa)

• Date to market: February 2019

• Vendor: M7 Real Estate

• Quoting Price: £22,000,000 (£35 psf) 8.47% NIY

• Status: Under offer, details to be confirmed (November 2019)

Project Spear

• This portfolio consists of 10 industrial estates spread evenly across the UK. The estates are all on the edge or close to towns or cities.

• The total floor area extends to 159,698 sq m (1,718,985 sq ft).

• Seven of the properties are held with Freehold title.

• The portfolio is widespread across the United Kingdom with four estates within the wider South East, one in the West Midlands, two in the North East, one in the North East, one in North-central and one in Scotland.

• Vacancy accounts for 4.7%

• In total there are 128 tenants across the portfolio producing a total gross income of £10,621,327 per annum.

• The weighted average term certain is 3.85 years and the weighted average lease to expiry is 5.62 years.

• Sold by Barings Real Estate to Starwood Capital (December 2019).

• Purchase price c. £200,000,000. NIY 4.97%. (£116.35 per sq ft).

Quail Portfolio

• 6 single let industrial properties and one multi-let

• GIA 482,013 sq ft

• WAULT 3.4 years

• Fully let

• Vendor Paloma Capital

• Purchaser Urban Logistics

• Price £31.9M, NIY 6.87%/ RY 7.07%

• Date : April 2020

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PART IV

BIG BOX MARKET COMMENTARY

2020 Q2

BIG BOX MARKET COMMENTARY 49

PAGE 1

OCCUPATIONAL MARKET COMMENTARY

Overview of the Logistics Market

Background

The modern distribution unit has changed considerably over the last 20 years with the logistics and distribution sector becoming a vital part of the UK economy. Over the past decade in particular the sector has evolved to become more specialised with distribution units being bespoke to occupier needs and hence moving away from a previously close association with traditional industrial/manufacturing buildings.

As the needs of the occupier have evolved, so have the characteristics of a distribution unit. Listed below are the features that are typically associated with a high quality, modern unit. Not all distribution units will incorporate every feature listed below but the majority will benefit from a large proportion:

• In excess of 9,290 sq m (100,000 sq ft). The largest units are in excess of 1m sq ft.

• Eaves height in excess of 12 metres (39 ft).

• Secure, level site.

• Building to site coverage of 40% to 50%.

• Minimum yard depth of 40 metres with 360^O circulation around the building.

• Separate in and out access points for HGVs, typically via a Gatehouse. Access to car parking by a separate entrance.

• Warehouse floor loading a minimum of 50kN/M².

• Office content of 3% to 7.5%. The larger units will have a lower ratio.

• 1 dock or level access door per 10,000 sq ft. Many modern buildings are cross-docked.

• Good car parking provisions for employees and visitors. One space per 1,000 sq ft.

• HGV spaces of typically one space per 3,000 sq ft. This is entirely dependent on the tenant’s individual needs.

• Sprinkler system.

• The larger units will have a Vehicle Maintenance Unit (VMU), Fork Lift Battery Charging Stations and on-site refuelling.

• Excellent communication links with one or a combination of road, ports, rail and air.

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Key UK Locations

The modern UK Logistics network has developed around two principal modes of transport: ports and roads. A significant quantity of freight is transported by rail but in comparison to road transport, volumes remain low. With many of the country’s major container ports located on the North Sea coast, important east/west trunk roads allow goods to be transported to the centre of the country, where the UK motorway network is most heavily concentrated. This is also traditionally the optimum location for servicing the majority of the UK population.

Due to these factors, the Midlands has the greatest concentration of logistics operations, although the traditional dominance of the ‘hub and spoke’ model is being challenged by port-centric solutions and the demand for ‘gateway’ or ‘last mile’ distribution centres close to large conurbations. In addition, legislation such as the European Working Time Directive has limited driver hours, meaning warehouses need to be more evenly spread around the country. This has been to the benefit of locations in Scotland. However, changes to legislation as Great Britain negotiates an exit from the European Union have the potential to challenge this dynamic.

Key logistics clusters around the UK include:

• South East: close proximity to London and its associated ports, together with a high concentration of road and rail services. Logistics use clusters around the M25 Motorway, in particular around Dartford, Dagenham, Enfield and Heathrow.

• The Midlands benefits from an optimum location and is also the focal point for a number of nationally important motorways and trunk roads. The region also includes a number of important parks including Daventry International Rail Freight Interchange (DIRFT) and Magna Park. It is estimated that over 90% of the UK’s population live within a four-hour drive from the

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so-called ‘Golden Triangle’ in the Midlands. The Golden Triangle (shown on the map above) is the prime distribution and logistics location in the UK. It is the area that historically was the most sought after by occupational tenants. Operators that have national exposure will inevitably have a strong representation in the Golden Triangle.

• In Yorkshire there is an important cluster in South and West Yorkshire in the area between Leeds, Sheffield and Doncaster. Also links through to the ports around the Humber estuary, including Grimsby, Immingham and Hull.

• The North West provides a larger and growing cluster around Greater Manchester and Merseyside in locations such as Widnes, Runcorn and Chorley. The M6 and M62 provide connections to other parts of the country, and there are important maritime links with the Port of Liverpool, which itself has ambitious expansion plans. Increasingly, the North West is being preferred by occupiers seeking a single northern hub.

This traditional geography of logistics in the UK has developed around the motorway network, by which the vast majority of goods are transported across the country. Increasingly, multi-modal options are being considered, specifically locations with rail freight capabilities. Economies of scale are crucial in this respect, and as a result occupiers of Big Box units are the principal users of rail. Greater use of rail can assist in cost savings for businesses, particularly when transporting over long distances, as one freight service can be the equivalent to 60 HGVs.

In terms of the locations of the larger distribution units of over 500,000 sq ft, they exhibit a classic UK pattern sometimes referred to as the ‘reverse Z’. In the south of England, the predominant axis is along the Thames Valley and M4 corridor with clusters to the east of London on either side of the Dartford crossing, and additional hubs in Reading, Swindon and on either side of the Severn Estuary (Avonmouth and Magor). In northern England there is a strong axis along the M62 and M18 corridors, with clusters around Liverpool, Warrington, Sheffield and Doncaster. Finally, there is the north west/south east axis through the Midlands following the M1 and M6, with the greatest concentration within the Golden Triangle around the M6/M1/M42. Additionally, deals of this size do take place in Scotland, primarily along the M8 between Glasgow and Edinburgh; however, since 2006 only two deals have taken place of over 500,000 sq ft, including a unit in excess of 92,900 sq m (1m sq ft) for Amazon in Dunfermline.

Take Up

Demand was strong in 2019 with full year take-up of 25.38m sq ft, above the 10-year average. Despite wider uncertainties, more and more consumers are electing to shop online or operate click and collect models and this will prove attractive to retailers and occupiers reliant on road haulage. Demand has now been particularly strong for a number of years, and only suffered a short period of sub-trend demand during the depths of the recession in 2009. Over the past 14 years annual average take-up has totalled approximately 21.5 million sq ft for units in excess of 100,000 sq ft.    

Q2 2020 occupational stats are very positive, given the overarching uncertainty following the Covid-19 pandemic. Occupationally the UK logistics market has recorded the highest quarterly take-up figures on record for Q2 2020, achieving total take-up of 12.78m sq ft compared to 7.83m sq ft in Q2 2019. A total of 36 deals completed during Q2 2020, a 33% increase compared to Q2 2019 which saw 27 deals close. The average unit size was larger at 355,133 sq ft, compared to 278,658 sq ft in Q2 2019.

The H1 total take-up for the first half of 2020 stands at 19.04m sq ft. This is 44.1% higher than H1 2019 and 4.8% higher than the previous record in H1 2018.

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We have seen a direct reaction to Covid-19 from occupiers with many currently seeking short term space and reassessing their supply chains as a result of an increase in online consumer demand and the acceleration of the trend which is predicted to continue. As a result, there has been much speculation about this increase in short term requirements forming the lion share of recent take up.

In Q2, deals for 12-month lease terms or less accounted for 22.2% by number of deals and 15.5% by floor space. This is not an insignificant amount but demonstrates that the majority of the strong take up numbers have been generated from institutional terms.

The positive occupaitonal trend is likely to continue as online sales in the UK keep growing: according to the Office of National Statistics. Internet sales as a blended percentage of total retail sales in 2019 stood at 19.2%. This compares to 18.0% for 2018, 16.3% in 2017 and 14.7% in 2016.

So far in 2020, Online Retail has taken 40% of all space, followed by Third Party Logistics (3PLs) with 17%. By comparison, the most active sector in 2019 was 3PLs with 22.7% of overall take-up, slightly ahead of the online retailers. With the UK’s shoppers seemingly embracing online platforms as part of their everyday lives in ever greater numbers it can be expected that the resultant demand for warehouse space will markedly increase. Food retailers increased their share of take up from 6% to 11% while the Motor Industry saw take up fall significatnyl from 13% to 1%.

One of the major trends of the market during 2016-2018 was the increasing size of warehouses. This was not the case in 2019, with the average deal size falling to 279,830 sq ft from 311,608 sq ft the previous year. XXL warehouses (those over 500,000 sq ft) represented 36.5% of the floorspace taken, however, in number of deals, units between 100,000 and 300,000 sq ft still counted for 72% of the total transactions. In 2020 the trend appears to be continuing with the average building size rising to 387,965 sq ft.

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Regionally, take-up in in H1 2020 saw a superb performance from Yorkshire and the North-East; accounting for 34.9% against 11.6% for the whole of 2019. The East Midlands continue to account for a high share at 33.9%, although this is slightly less that from 2019. The South East has also performed a little less strongly so far this year with a 23.4% share, below their historical average. The share of take-up in the West Midlands is significantly down at 1.4% - by comparison in 2019 this figure was 17.1%. The South West and Scotland continue to see low shares of activity.

One key feature of demand in the past few years has been the emergence of new locations, traditionally seen as more secondary. These locations have come to the fore due to the limited supply in many traditional prime areas and labour shortages. For example, in the South East, the lack of supply to the west of London has led to occupiers considering alternative locations elsewhere around the M25.

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In Yorkshire, there has been a shift on the main centre of gravity, from a traditional focus on the M62 corridor and locations close to Wakefield, to the new space being developed closer to Doncaster at iPort. In both cases, the shifts are down to the uneven distribution of available warehousing across each regional market.

This is arguably a feature of an undersupplied market, rather than a wholesale geographic shift in occupier choice. However, it is likely that there will be more shifts of this kind going forward in other regions, as new sites take time to be brought forward and labour supply in key locations is absorbed as occupiers acquire new space.

In terms of occupiers’ preferences, H1 2020 has continued the trend towards new build space, with 15.92m sq ft, 82.7% of total take-up, comprising of new build units. Of this 15.92m sq ft of new build space, 79.3% was D&B, reflecting the increasingly complex nature of occupier requirements, and 20.7% of this was take-up of speculative units. The remaining 3.74m sq ft of take-up, 20.2% of total take-up, was second hand space. 2018 saw this figure rise to a record 84%, which compares to a previous peak of 79% in 2014, which also coincides with the lowest amount of ready to occupy stock. Stock levels increased as the market delivered speculative space in the majority of core regions following a development freeze in the downturn.

      

At the end of 2019, new ready to occupy stock totalled 11.48m sq ft, the highest level since 2010 (13.99m sq ft). This is due to the large amount of speculative space that has started being delivered to the market as a result of development in recent years. Nevertheless, requirements for XXL

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warehouses, particularly those of over 500,000 sq ft are almost exclusively being secured through pre-let development, although Logicor secured a tenant on their refurbished Sheffield 615 unit and Gazeley on their spec-built Altitude unit in Magna Park.

A clear trend during 2018 and 2019 has been the growing size of requirements. This trend has encouraged developers to start building speculative XXL schemes again. In 2019 500,000 sq ft + speculative developments were started by Panattoni in Castle Donnington, by IM Properties in Hinkley, by Bericote in St Helens and by Prologis at DIRFT. Developers are also exploring different building designs to solve restrictive industrial land availability issues in the UK’s urban areas.

The retailers and contract led third party logistics providers (3PLs) are increasingly occupying larger units in excess of 350,000 sq ft. A 3PL is an occupier such as DHL, Norbert Dentressangle, Geopost and Kuehne & Nagel who provide services to the main retailers, entering directly in to contracts with them and delivering products directly to the customer. The contracts are typically five or ten years in length, and this will dictate the length of lease that a 3PL will take on a distribution unit. This is an attractive option to retailers who do not have the scale or expertise to operate a logistics service in -house.

In 2020 the % of take up dominated by larger units has increased significantly with 11 deals already completed by the half year mark, bringing the average deal size up to 422,834 sq ft.

  

The ‘Big Box’ market (500,000 sq ft +) forms an important and increasingly large proportion of the overall logistics market. CBRE Limited’s Research Department have undertaken some high-level modelling of logistics take-up based on future projections in UK GDP and manufacturing output. This shows that demand within the sector has the potential to grow as we see further strength emerge from the retailers, 3PLs and the manufacturing sector (car industry). CBRE’s forecast suggests that this growth is likely to be across a range of building sizes.

With the increased demand for large logistics units, we have also seen an upturn in the amount of space acquired through D&B solutions. The market for D&B has formed an increasing proportion of take-up of new warehouse space, with in excess of 60% of new space in units of 9,290 sq m

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(100,000 sq ft) and above acquired in this manner every year since 2012. This figure currently stands at 66%, after a peak in 2018 of 84% and has trended in line with new, speculative stock being brought to market. Since 2008, existing second-hand buildings have gradually been acquired by occupiers to the extent that key regions had almost zero supply remaining. This has been rectified somewhat by resurgence in speculative development in the 100,000 sq ft to 300,000 sq ft.

For the larger units over 500,000 sq ft occupiers were almost totally reliant on acquiring space through Design & Build, although more recently several speculative schemes have come to market.

Supply

Supply levels for logistics property peaked in 2009 following a spate of speculative development in the run up to the economic downturn. 2014 saw the re-emergence of speculative development across the country. The volume of speculative space now being delivered, is such that supply levels have begun to rise, from the cyclical low in 2014. However, developers have focused their efforts on the very best distribution locations across the UK. As a result, we are seeing newly delivered stock being quickly snapped up by occupiers, with very little stock being available for more than six months.

Big Box logistic availability at the end of Q2 2020 was 26.3m sq ft, compared to 30m sq ft at the end of Q2 2019.

Currently the level of supply is 4.4%, lower than at the end of 2018 with 27.1m sq ft of logistics Grade A space available, although this is still above the 10-year average. Of that total, the majority of space is second-hand with the rest comprising of completed speculative units or early marketed units (with physical completion within the next 12 months). Nonetheless, demand remains healthy with only the poorest located buildings remaining vacant for a meaningful period of time

The planning process for development of logistics units can be lengthy, particularly for units in excess of 500,000 sq ft. Developments on this scale have associated issues such as HGV movements, meaning that the ability to win full planning permission for new schemes can take considerable time, particularly if the plans are sent for judicial review. As such, there are significant planning constraints on the development of new facilities of this size, contributing to the scarcity of product across the UK. We expect this to put a positive pressure on rental growth. The ability to obtain planning consent for mid-sized, of between 200,000 sq ft to 300,000 sq ft is a more simplified process but nonetheless does take time. As such, with the currently strong levels of occupational demand there is an imbalance with supply levels constrained.

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To meet the low levels of available supply currently available, construction levels are increasing. Looking forward, 25.3m sq ft is now under construction, 3.70m sq ft of which is speculative developments and 21.6m sq ft is design and build units. This compares to 17.5m sq ft at this point in 2019 anf 21.2m sq ft in 2018.

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The Rise of E-Commerce

Over the past decade there has been a rapid shift in consumer retailing trends with e-commerce, or ‘e-tail’ becoming very prominent in the UK and having a huge impact upon the direction of the retail sector. This changing face of retail has had a substantial impact upon the distribution sector. Whereas retailers formerly required warehouse space to store and deliver stock to their shops, there is an increasingly growing requirement for large distribution warehouses to be capable of delivering products to consumers throughout the UK. The ability for consumers to place orders directly from their smartphones or other internet connected devices requires the retailers to react quickly and efficiently.

E-commerce is here to stay with the retailers reacting to consumer demand by incurring considerable capital outlay in expanding and perfecting their online platforms. The consumer driven, seismic shift in the retail sector focus indicates that the positive effect on the logistics sector is not merely short term but looks set to continue into the long term.

The continued shift from the high street towards e-commerce is creating a growing demand for distribution space within the UK. Internet sales as a blended percentage of total retail sales in 2019 stood at 19.2%, according to the ONS, and this compares to 18.0% for 2018, 16.3% in 2017 and 14.7% in 2016 and forecasts are predicting this figure to rise to around 22% by 2020. This staggering increase to almost a quarter of all retail sales conducted over the internet illustrates that there is an optimistic future for the logistics sector, with demand due to outweigh supply in both the investment and occupational markets.

The graph above shows the UK has the largest proportion of retail sales conducted online in Europe and is expected to continue this into 2022.

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In order to compete and gain the upper hand in the e-commerce market, where location of the nearest store is no longer a factor, retailers are seeking to deliver the product to the consumer’s doorstep in the shortest time possible. This is leading to the retailers increasingly investing in high-tech picking technology, which is often bespoke and can cost multiple times the original build cost of the distribution unit itself. This technology allows retailers to stock and deliver products more effectively and efficiently. However, there is another positive side-effect for investors arising from occupiers investing in the picking technology: with retailers willing to make such an investment, the prospects that they will seek to enter into a long-term lease to protect the significant capital outlay is strong.

The logistics industry is also alert to potential disruptors that could change consumer and suppliers’ behaviour, some of them with predicted fast adoption paths.

Rental Levels

In 2018 there was significant rental growth in logistics sector, with some areas such as the South East and London area where there is scarcity of supply and high levels of competition for sites from other land uses pushing up rental levels significantly. In 2019 and into 2020, rents remained strong but stable with rental growth slowing down.

The above shows that there has been strong rental growth across the UK and most prominently in England. The largest increase from 2015 to 2019 is in the South East and South West at 12.5% and 17.9% respectively. However, rental growth has been prevalent across all English regions.

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South East

Take-up achieved record levels in the South East with 6.28m sq ft in 2019, exceeding the previous record set in 2018 of 5.97m sq ft.

In 2020 a very strong Q2 followed a quiet Q1, which overall propelled South East take-up for the first six months of 2020 to nearly 4.5m sq ft, slightly above H1 2019. Take-up in H1 is greater than for the whole years of 2011 – 2015 inclusive.

Nine deals were signed in Q2 2020, with online retailers were the most active in the region.

    

In line with the national trend, build to suit schemes have been the favourable option in the South East for a number of years. In 2020 take-up has been increasingly driven by speculative and build-to-suit, showing a clear occupier preference for new build, while take up of second-hand space down on the year.

In 2019 secondhand space (1.33m sq ft) represented 21% of the take-up whilst the share for speculatively constructed buildings was 37% (2.30m sq ft), more than four times 2018 levels. Speculative take-up increased substantially during 2019 as there had been a recent rise of such schemes being undertaken and more are due for completion during the coming year.

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Availability levels have been around 6m sq ft for the last three years, some way above the ten-year average. 88% of available space is split evenly between second-hand and newly completed speculative units.

A significant amount of available stock comprises recently completed speculative developments coming onto the market in 2019. Some of the most significant of these schemes include 340,000 sq ft at Panattoni Park in Luton, 220,000 sq ft at Griffen Park in Milton Keynes, Jaynic’s SP206 in Bury St Edmunds, 267,000 sq ft at Baytree’s Unit A in Dunstable, Albion Land’s Unit 1A in Bicester and Panattoni’s Basildon 115.

Rents are stable and prime levels remain at £16.00 per sq ft, which is being achieved in central London. That said, in London rent is of moderate significance to occupiers whose more pressing concerns are related to transport connectivity and the availability of labour. Rents outside of London are at a discount to this figure.

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South West

Take up continues to be low in the South West, with just one notable deal in the first half of the year. This follows on from significantly reduced activity during 2019, with only two deals completed; a 151,000 sq ft Grade A unit at St Modwen Park, Access 18 to Ocado and a 149,000 sq ft second-hand unit at Groundwell Industrial Estate to Oak Furniture Land.

This decrease in take-up is mainly due to a lack of new units and a lack of online retailers’ activity, which had enlarged the region’s figures in the previous years with their XXL warehouses transactions. The long-term annual average is now positioned at just over 1.4m sq ft.

The South West has, however, seen a number of logistics deals for mid and smaller box sizes of sub 100,000 sq ft so do not meet the size criteria for this big box market summary.

    

In 2019 and into 2020, there has been a lack of interest for some of the second-hand available warehouses. The market is demanding higher specification accommodation, with large requirements still circulating that cannot be satisfied with the current available stock. Recently completed developments in 2019 aiming to meet the demand for new stock include Canmoor’s “Ignition” 7-unit mid-box scheme with DHL taking an 84,950 sq ft unit and Trebor and Hillwood’s 78,750 sq ft “Trinity Park” now available.

Current supply across the South West and South Wales region for the ‘Big Box’ units currently stands at 1.4m sq ft, which is broadly in line with the combined take-up amount for 2018 and 2019, and the years take-up achieved in 2017. Much of the availability is heavily weighted by four legacy distribution centre buildings in the way of WA248 and WA316 Western Approach, Avonmouth, Bristol (248,127 and 316,128 sq ft respectively); Titan, Great Western Business Park, Yate (255,686 sq ft); and Cribbs Causeway Distribution Centre, Cribbs Causeway, Bristol (423,202 sq ft). These all date from the 1980s, 1990s and early 2000s, and it may be argued that many of these legacy buildings do not meet with some modern occupier requirements, and thus the market for this product is more limited.

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The supply situation improving during 2020 with further speculative build schemes expected to reach completion. Trebor Developments / Barwood Capital completed on a 154,265 sq ft speculative scheme at Portside Park, Avonmouth, Bristol in May 2020, albeit the largest unit available will be 88,300 sq ft and the units on offer range from 15,000 sq ft upwards. Trebor Developments will then roll on to their Central Approach scheme (Trebor Developments / Hillwood Capital) where 250,000 sq ft will practically complete in Q3 2021, with a single speculative unit being in excess of 100,000 sq ft, in the way of Unit 2 (113,000 sq ft). The other 140,000 sq ft unit is subject to pre-let negotiations.

These two forthcoming schemes reflect the majority of recent speculative development in the Greater Bristol area, and South West region as a whole, being primarily for smaller detached speculative units of 20,000 sq ft to 40,000 sq ft and “mid-box” logistics units of 40,000 to 100,000 sq ft, with comparatively limited speculative development of units above 100,000 sq ft. The exceptions to this rule in Greater Bristol, have been Horizon 38, Filton, North Bristol (115,500 sq ft, now let to Apec Braking), St Modwen Park, Access 18, Avonmouth, Bristol (151,330 sq ft, now let to Ocado), Junction One, Central Park, Avonmouth, Bristol (139,061 sq ft, now let to Bart Ingredients), and Western 105, Western Approach, Avonmouth, Bristol (106,890 sq ft, currently vacant 18 months post-practical completion). Quoting rent on Western 105 are £7.25 per sq ft and £6.95 per sq ft respectively.

Further afield within the region, it is a similar story with limited speculative development of units above 100,000 sq ft forthcoming. Trebor Developments / Hillwood Capital will practically complete on 78,750 sq ft at Trinity Park, Hillmead, Swindon in April 2020, while Revelan will practically complete on 100,000 sq ft at Radway Point 2, Stratton St Margaret, Swindon, both quoting in the region of £7.50 per sq ft. St Modwen have recently commenced construction of 106,200 sq ft at St Modwen Park, Chippenham Gateway, Chippenham which will be available from Q3 2020, and they continue their speculative mid-box roll out at both St Modwen Park, Access 18, Avonmouth (two further units of 26,854 sq ft and 38,452 sq ft proposed to commence in 2020), and St Modwen Park, Quedgeley East, Gloucester (three units of 44,860 sq ft, 56,262 sq ft, and 73,597 sq ft recently practically completed). They also plan to progress the speculative development of two new units at St Modwen Park, Llanwern, Newport, in Q2 2020, comprising 29,550 sq ft and 99,950 sq ft respectively. Quoting rents are in the order of £5.95 per sq ft.

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Aside from Portside Park and Central Approach, there is currently no additional speculative development of “mid-box” logistics units of 40,000 sq ft to 100,000 sq ft, albeit it is likely that Barberry Developments will roll on to Phase 2 of More+ Central Park, Avonmouth, Bristol once Phase 1 is fully let, with availability of any additional units likely to be in 2021 at the earliest. Prime rents for logistics units of 100,000 sq ft and above in the region have now achieved £7.35 per sq ft which is evidenced by the Bart Ingredients transaction at Junction One, Central Park in July 2020. A new 15-year lease was signed on this 140,000 sq ft speculatively constructed unit; the first significant speculatively constructed unit in the current wave of speculative development across Bristol. The next significant (100,000 sq ft or above) speculatively constructed unit deals in Greater Bristol were the 115,000 sq ft at Horizon 38, North Bristol let to Apec Braking in 2018 at a rent equating to £7.25 per sq ft, the 151,330 sq ft at St Modwen Park, Access 18, Avonmouth, Bristol, which was recently subject to a new 17 year lease to Ocado at a rent equating to £6.50 per sq ft.

Prime rents for “mid-box” logistics units of 40,000 sq ft to 100,000 sq ft are reaching £7.75 per sq ft, with two examples of lettings of even second-hand units of circa 45,000 to 55,000 sq ft reaching £6.95 per sq ft.

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Midlands

The Midlands finished 2018 setting a new record for take-up on any region of the UK, totaling 13.98m sq ft and 2019 was another outstanding year with take-up of 13.73m sq ft. The new annual long-term average has risen to 8.92M sq ft. Dynamics in the East and in the West have started to follow completely different paths; during 2019 and the East Midlands amply outperformed the West with 9.39m sq ft and 4.35m sq ft respectively and in 2020 this trend has become more pronounced.

In the East Midlands Q2 take-up was 70% higher than the previous quarter at 4m sq ft, the highest quarterly figure seen in the region in over two years, many of the deals were either 3PL or retail sectors.

In the West Midlands, however, there wasn’t a single deal in Q1 and just two in Q2 s with an aggregate floor area of 0.26M sq ft. This is broadly in line with Q2 2019. The region has suffered considerably from the lockdown and social distancing restrictions from COVID-19. The region’s warehousing is heavily focused on manufacturing and the automotive industries where assembly lines were closed for a period of time. It is anticipated that the West Midlands will have an improved second half to the year.

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In the East Midlands, available space remained stable at nearly 5.8m sq ft in Q2 2020. 52% of the available space comprises newly completed speculative units. Meanwhile in the West Midlands availability has dropped slightly by 8%, though remains above the 10-year average.

Despite a vast majority of the available units being ready to satisfy requirements in the 100,000 to 200,000 sq ft range, the Midlands offers solutions to all sidebands including an ex-Toys “R” Us secondhand unit of 666,044 sq ft at Cross Point Business Park in Coventry. IM Properties, Prologis and Panattoni have started each speculative units over 500,000 sq ft trying to capture the rising XXL demand.

Rents remained strong in the Midlands, with units of around 120,000 sq ft in prime locations quoting £6.80 in the East Midland and £6.75 per sq ft in the West Midlands.

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North West

The North West has had slow start of the year, following a strong finish in Q4 2019. Nonetheless, the H1 accumulative total of 0.9m sq ft is higher than H1 2019.

Similar to the South West, a number of deals were concluded for units below 100,000 sq ft. A very positive note is the floor space under offer which should lead to healthy take-up levels during the remainder of the year.

Take-up for units which had been previously occupied counted for approximately half of total take-up, with the other half comprising of design and build units. One deal of note was The Hut Group Ltd pre-letting 247,000 sq ft in the logistics hub at Manchester Airport which is due to be completed in H2 2020. Despite the increase in available completed speculative units, occupiers have not taken speculatively built space during 2019.

Supply has fallen since 2018 and 2019 from 4m sq ft to 3m sq ft. Speculative developments will help covering the circulating requirements, but key logistics locations are still undersupplied on grade A units. In Trafford Park, for example, only one big box grade A unit of 208,000 sq ft is available.

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2019 saw upward pressure on rental values, with prime rents in the region getting to £7.00 per sq up from £6.75 per sq ft at the end of 2018.

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Yorkshire & North East

A record strong first half of the year shown by take-up for Yorkshire and the North East, totalling 6.6m sq ft, more than double that of the whole of 2019. H1 take-up is only 90,000 sq ft less than for the whole of 2018, the region’s record year.

The online retail sector was responsible for a large proportion of this high level of take up in H1 with some exceptionally large warehouse requirements being satisfied. The region is attractive to warehouse occupiers as the demographics provide for greater labour availability compared to some of the UK’s other regions.

Available logistics space at the end of Q2 remained at 3.7m sq ft. 59% of these units were new (speculative under construction and speculative completed). Much needed speculative developments completed in 2019, resulting in over 1 million sq ft of new completed logistics space.

Big box prime rents are currently at £6.00 per sq ft at Wakefield, up from £5.75 per sq ft at the end of 2018. New speculative schemes in the area are expected to put pressure on rents in that submarket, potentially moving rents on further.

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INVESTMENT MARKET COMMENTARY

Distribution - Investment Market Overview

The first half of 2020 has been characterized by the Covid-19 pandemic and quarantine measures. As we head into the second half of the year, we are increasingly seeing more positive activity coming back to the market both in terms of deals completing and new stock.

The Investment market for logistics had slowed in 2019, following two record breaking years, with investment volumes of just under £5bn; 27% less than in 2018. Both multi lets and portfolio volumes were down, with distribution single assets showing a minor increase. The fall in investment volumes was due primarily to a lack of available investable product, as investors hold their assets given the high levels of recent rental growth and robust pricing.

Industrial was the strongest performing sector for the fourth year running in 2019, according to the CBRE Monthly Index. Industrial sector total returns reached 7.6% in 2019, 2.5% of which came from capital growth and 3.1% from rental growth, according to the CBRE Monthly Index. Total returns for ‘All Property’ by comparison were 2.2%.

Notably Perivale Park has completed to Segro at the pre lockdown agreed price, which will be one of the years flagship deals. Capital Industrial have also purchased HR Owen in Park Royal, sold by Eskmuir Properties, following a very competitive process for a 2.85% net initial yield reflecting a purchase price of £15.3m / £358 per sq ft. Prologis have launched the Platform Portfolio, set to be the largest logistics portfolio sale in the UK to date. Most of the assets in the portfolio were under the ownership of the Liberty Property Trust prior to Prologis acquiring Liberty in February this year. The portfolio is made up of 22 standing assets totaling 4.2m sq ft and 2 development sites extending to 31 acres. The quoting price is £436m / 5.38% NIY. We understand that there is a great deal of interest from all over the world, with the process now under way and bids expected for August. There has been much talk around the weight of overseas money seeking to enter the UK sector with scale and this unique offering will confirm the international sentiment for the sector and their capability to transact on such a platform.

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Focusing on distribution / single-let assets by region; 2020 has shown an increasingly clear trend of investor preference for assets located in the South East, up to 45% of the total volume transacted corresponded to units in the South East and London. Together, South East and East Midlands regions attracted almost three quarters of total investment volumes on distribution assets. The North West, Scotland, The West Midlands and the South West accounted for less than 15% together.

If we analyse those distribution sales by purchaser, two groups, UK Institutions and REITS, who had made relatively few purchases in 2019, stand out; with 31% and 42% respectively. UK Property Companies, by contrast to 209, when they were responsible for 34% of purchasers have only been responsible for 2% in 2020 so far.

There continues to be strong demand for prime assets; those that are well-located, well-specified warehouses and let for 15-years to good covenants, as demonstrated by the following three key transactions; Alpha LSG in Airport City Manchester that sold at 4.20% NIY, Deta Electrical in Luton at 4.30% NIY and Eddie Stobart in Northampton that sold to Gazeley at 4.50% NIY.

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Due to the continued uncertain economic and political backdrop, investors are exercising caution where the asset is more secondary or the unexpired term is shorter, with pricing appearing to be moving out for certain assets. As investors are looking for prime assets with long secured income to a good tenant covenant, in a good location and a good quality building, properties that are coming to market that do not meet all of these criteria are either struggling to sell or are trading below asking. An example of this is John Lewis, Brackmills Industrial Estate, Northampton which despite being situated in a prime location, due to the secondary nature of the building, concerns over John Lewis as a covenant and let with only five years unexpired, sold below the asking price at 5.90% NIY.

At the other end of the spectrum, demand appears to be increasing for prime assets with 20-years unexpired on their leases; both B&M Bedford and DHL Manton Wood, each newly-built warehouses let on new index-linked leases with 20-years unexpired sold at yields around 4.25%, following very strong bidding.

Covenant strength is considered to be key in the ten year-income bracket; where investors view the covenant to be good, pricing is strong; as demonstrated by Royal Mail in Northampton which sold to Royal London at 4.40% NIY, Puma in Glasshoughton which sold at 4.60% and Walkers in Coventry which, despite being a more secondary building (1989-built), sold at 4.90%.

The total transaction volume for Q2 2020 was £775m which is 7.00% up on Q2 2019 volumes which stood at £724m. Transactional volumes for H1 2020 are slightly ahead of H1 2019 (standing at £2.13bn versus £2.12bn. Distribution volumes for H1 are down 5.00% on 2019 at £831m vs £875m. Multi-let volumes are up by 9% on 2019 volumes at £567m versus £518m. Portfolio transactions are 1% ahead of H1 2019 volumes standing at £736m versus £731m.

It should be noted that where the monetary values between both years are similar, the number of deals are down. In H1 2019 there were 106 deals compared to 59 deals this year. This year £1.2bn of transactions has been accounted for in 6 deals, Perivale Park (£200m), Neovia Logistics – Leicester (£100m), Next – South Elmsall (£120m), Cara Portfolio (£120m), B&M Bargains – Bedford (£150m) and the Hansteen Portfolio (£500m).

Despite the slight softening of sentiment for secondary assets, pricing has broadly remained stable since September 2017, with prime distribution yields holding at 4.50%. This is supported by the CBRE Prime Yields, shown below:

EQUIVALENT YIELDS
	Jun-16			Jun-17			Jun-18			Jun-19			Jun-20			Trend
Prime Distribution		5.00	%		4.85	%		4.50	%		4.50	%		4.50	%	Stable

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Forward Funding

With the constraints of supply in both the occupational and investment markets, purchasers have sought out alternative ways to secure long term income from established covenants. By leveraging relationships with developers and existing land owners, investors such as Tritax and Alpha Capital have entered in to arrangements whereby they ‘forward fund’ design and build units with a pre-let in place. Effectively paying the Net Development Value of the finished building, investors are able to secure ownership of a completed asset after a period of construction. It also has the advantage of removing future stock from a market seeing yield compression for a price reflective of today’s position rather than an uncertain future one.

A potential drawback to a forward funding arrangement is the delay through construction and rent free periods before a property becomes income producing. A 12 month build followed by the same in rent free will undoubtedly impact the income stream which has prompted purchasers to negotiate a series of payments from the developer, effectively providing an unbroken cashflow until rent is paid by the tenant.

The logistics market remained attractive for investors following the result of the referendum. Long term income to strong covenants in a market with lack of supply has seen stability in yields and several bidders when stock has become available. Of all the markets it has arguably been the most robust in terms of both sentiment and evidence. Due to the strength of demand for long income as investors seek the best assets in the best locations, we are beginning to see downward pressure on yields.

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PART V LETTER OF INSTRUCTION

Award Confirmation Graham Hughes MRICS on behalf of CBRE Limited is hereby authorized to perform the following Statement of Work (SOW) as further defined herein, execution of which must comply with all terms and conditions of this Order and master service agreement(s) CW973025, CW1467282. Vendor acknowledges that this confirmation letter is a summary of select contract terms and conditions, which is provided for convenience. To view the complete agreement electronically accepted by Vendor, refer to Bank of America’s Commercial Valuation Services Information Management System. Supplier: Statement of Work VSIMS ID: 20-003695-APR-001 Service Requested: Appraisal (Order) Project Description: United IV;Portfolio of 39 Assets Located Across the UK,EN,London,GBR Portfolio of 39 Assets Located Across the UK,EN,London,GBR Borrower / Client: Blackstone Sourcing Manager: Wayne Miller(813-968-7283) Contract Amendments (original terms remain in force except where expressly modified) Date Amended Revised Due Date Revised Fee Revised Statement of Work 10/09/2020 10/16/2020 GBP 103,000 Revised to correct extended delivery date. 10/01/2020 09/16/2020 GBP 103,000 Revised delivery date due to data and inspection delays. 09/10/2020 09/30/2020 GBP 103,000 Revised assignment and fee to drop two assets Original Terms Award Date Delivery Due Date Fee Delivery Performance 09/09/2020 09/30/2020 GBP 108,000 All deliveries due by 6 PM local time unless otherwise specified. Time is of the essence. Review of all attachments and initial communication with identified project or property contacts must occur within five days of engagement. Liquidated damages may be assessed if the Statement of Work (SOW), including the delivery of all reports and requested data, is incomplete by the listed due date. Damages will be assessed at a rate of 5% of the negotiated fee for each day (cumulative) the SOW remains incomplete. Damages will not be imposed for delays resulting from circumstances beyond the appraiser’s control if timely notice is provided; such circumstances to be judged for their validity solely by the Sourcing Manager. Individual standalone reports to be provided for each listed property unless instructed otherwise in this agreement. Service Definition Product: International ; Appraisal Certification: Contracted Appraiser Must Sign # CUR Premise Interest Allocations GBP Market Value As-Is Freehold Real Estate 1 Asset value GBP Market Value Other Freehold Real Estate 2 Portfolio value, including a portfolio premium (if applicable) GBP Market Value Other Freehold Real Estate 3 ERV 4 GBP Replacement Cost Value As-Is Not Applicable Real Estate a/k/a Indicative Reinstatement Cost 5 GBP Hypothetical Value Other Freehold Real Estate Vacant possession value Policies, Procedures, Other Terms and Conditions 1. SCOPE OF WORK: Include current physical inspection and valuation of all assets. Investigate and report a land size and year built for each property valued. Deliverable to include a single valuation report with market analyses and comparable evidence supporting the individual site/location valuations. A summary spreadsheet of data and results is also requested. Standard liability cap to apply and contracted valuer must sign. DRAFT VALUATION FIGURES ARE REQUESTED IN 2 WEEKS. 2. APPRAISAL PROPERTY INSPECTIONS: Vendor’s intended scope of inspection must be specified with the bid proposal. In the event a complete inspection is not possible, the proposal must indicate how a credible report will be produced. Changes to assignment conditions, including alterations to the approved inspection process, must be escalated to the CVS Sourcing Manager and approved prior to execution. Refer to the attached Appraisal Inspection Guidance document for information detailing acceptable alternate inspection practices. 3. ARGUS: Submission of the Argus data file is required when Argus-based DCF analysis is part of the appraisal. Please ensure that the Argus file submitted is compatible with Argus AE version 12.0. 4. CERTIFICATION LANGUAGE: The valuation must include the EMEA-APAC Certification Language in the attached reference document (altered as relevant for prior services and to name those who provided signification valuation assistance). 5. OTHER REQUIREMENTS: Appraisal reports must include: 1) Remaining economic life ----- 2) Exposure time ----- 3) Marketing time ----- 4) Identification and support of the most probable buyer (investor or owner-user). If the most probable buyer is an investor, the valuation should include appropriate deductions and discounts for vacant, owner-occupied and owner-affiliate-occupied space (treat as vacant and available for lease). ----- 5) The Cost Approach should be employed for proposed construction, new construction (24 months old or less) or gut renovation unless waived by Commercial Appraisal Services (CAS). ----- 6) Reappraisals must explain differences in value for assignments completed for Bank of America within the last two years. ----- 7) Review CAS Valuation Requirements prior to beginning an assignment and CAS Assignment Reminders prior to submitting assignment results. 6. RELIANCE LANGUAGE: Include the following language in the Letter of Transmittal and the Intended Use Section of the report: “This report may be relied upon by Bank of America Merrill Lynch International DAC and its affiliates, successors and/or assigns; the selected Facility Agent, its successors and/or assigns; and the selected Security Agent, its successors and/or assigns, in connection with their respective consideration of the extension of credit related to the property and/or the beneficial ownership thereof (the “Loan Financing”). This information also may be relied upon by any actual or prospective purchaser, co-lender, participant, investor, transferee, assignee and servicer of the Loan Financing, any arranger of the Loan Financing and their assigns, any actual or prospective investor (including agents and advisors) in any securities evidencing a beneficial interest in, or backed by, the Loan Financing, any rating agencies actually or prospectively rating any such securities, any indenture trustee and any institutional provider(s) from time to time of any liquidity facility or credit support for such Loan Financing (together the “Beneficiaries”). A Beneficiary shall be permitted to rely on the report only on the condition that it acknowledges that the valuers shall not be liable to the Beneficiary for any special, indirect or consequential, damages and that the valuers’ total aggregate liability to all lenders, agents, Beneficiaries and any other third party who seeks to rely on the report (the “Aggregate Cap”) shall be limited to a sum not to exceed the lesser of 25% of the market value or twenty million pounds (20,000,000 GBP). Reliance by the Beneficiaries and any other third parties on the report shall constitute deemed acceptance of the above provisions in this paragraph and that any matters or disputes arising as a result shall be governed by English law and subject to the exclusive jurisdiction of the English courts. This report may be disclosed, without reliance, to any rating agency in connection with a Securitization.”

Documents (document content must be downloaded from VSIMS) SOW-specific Reference Documents 1. EMEA-APAC_CERTIFICATION_LANGUAGE_09012017_082842.docx 2. EMEA-APAC_VALUATION_REQUIREMENTS_09012017_083254.pdf Project-specific Documents 1. Miscellaneous (APR) Revised_United_IV_Asset_List_20200910_20200910_112837810129.xlsx Addressee and Distribution Instructions Report Distribution Name Address Comments Addressee and Intended User Wayne R. Miller, FRICS, MAI, AI-GRS Senior Vice President Bank of America Merrill Lynch International DAC | 2 King Edward St | London | EC1A 1HQ wayne.r.miller@bofa.com Global Project Contact(s) (optional contacts listed where applicable) N/A Prop# Property Description 001 Portfolio of 39 Assets Located Across the UK (Site Owner:Blackstone) Property Type:Industrial Warehouse-Distribution Warehouse; Tax Parcel ID(s): Multiple Contact(s): Amar Majithia Blackstone Amar.Majithia@blackstone.com +44 7826 657 793 77

PART VI PROPERTY REPORTS PROPERTY REPORTS 78d

PROPERTY ID: 1 - Sands 10 Industrial Estate ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL VALUATION METRICS (currency -GBP) Metric Value Market Value 21,600,000 Market Value (per sq ft) 163 Net Initial Yield 4.39 % Reversionary Yield 5.75 % Equivalent Yield 5.40 % Gross Income (p.a.) 1,010,236 Gross Income (p.a.) (per sq ft) 8 *Adj. Gross Income 1,088,374 Adj. Gross Income (per sq ft) 8 Net Income (p.a.) 1,010,236 Net Income (p.a.) (per sq ft) 8 Gross Rental Value 1,324,400 Gross Rental Value (per sq ft) 10 Capital Expenditure -849,470 Transaction Costs 6.75 % Over / Under Rented -17.82 % Metric Value Total Area (sq ft) 132,440 WAULT to Break by Rent 5.48 WAULT to Break by ERV 5.00 WAULT to Expiry by Rent 5.48 WAULT to Expiry by ERV Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Origin Frames Limited 7.06 7.06 75,720 686,774 757,200 63.1% Shawston International 0.42 0.42 27,783 167,400 277,830 15.4% Chelton Limited 1.95 6.95 15,822 142,200 158,220 13.1% Ryder Limited 0.44 0.44 13,115 92,000 131,150 8.5% - — — — — — — Other —— — — — — Vacant n/a n/a — n/a — n/a Total 4.40 5.00 132,440 1,088,374 1,324,400 100.0% 5.00 Percentage of Vacancy (Area) 0.00 % Percentage of Vacancy (ERV) 0.00 % Number of Tenants 9 Tenure Freehold Expiry Voids (months) 6 * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT 79

PROPERTY ID: 1 - Sands 10 Industrial Estate ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Lease Lengths Group by Split at (yrs) 1 3 6 9 0.00% 23.83% 0.00% 0.00% 0.00% 0.00% 0.00% 59.46% 0.00% 16.70% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Gross Rent Year RENT EXPIRY PROFILE 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% By Area, to break By Area, to expiry LEASE LENGTHS GROUPED ... Vacant < 1yr 1-3 yrs 3-6 yrs 6-9 yrs > 9 yrs

PROPERTY REPORT SANDS 10 INDUSTRIAL ESTATE, HILLBOTTOM ROAD, HIGH WYCOMBE, HP12 4HS INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: CLARE CLARKE MRICS 06/10/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES • Freehold. • Units 8-10 require roof repairs and would be expected to need refurbishment prior to re-letting. • Fully let with WAULT of 5.48 years. • Good location, close to town centre and in close proximity to M40. OPPORTUNITIES THREATS • Undertake improvements to Units 8-10 to maximise future rental income. • Negative economic impact due to Covid-19 pandemic. • Origin Frames may wish to continue their expansion within the property if other units fall vacant LOCATION & SITUATION LOCATION & SITUATION Sands 10 Industrial Estate forms part of an established industrial park located on the outskirts of High Wycombe. High Wycombe is a prosperous market town within the London commuter belt, located in Buckinghamshire. The park is located circa 2 miles to the west of the town centre, and benefits from good wider transport connections, with junction 4 of the M40 circa 2 miles to the south. The nearest public transport connection is High Wycombe train station, located 2.5 miles to the east. The Sands 10 Estate occupies a rectangular site on the southern side of the Sands Industrial Estate. Surrounding uses are predominantly industrial, and the adjacent occupier is Wycombe Wanderers Football Club. PROPERTY DESCRIPTION DESCRIPTION The property comprises 10 light industrial units, used for warehousing and manufacturing. There are three back-to-back terraced units (Units 1-4, Units 5-7, and Units 8-10). Units 5-7 front Hillbottom Road, on the north side of the site. Units 5-7 have limited car parking

and loading areas fronting the road, while Units 1-4 and Units 8-10 have larger parking and loading areas. The property is understood to date originally from the 1970s, albeit has been altered and refurbished more recently. Units 1-7 were refurbished in 2012 and are of a good standard. Units 8-10 are more dated and will require refurbishment were they to fall vacant. All units have one or two roller shutter doors and painted concrete floors. Each unit has ancillary office accommodation at ground and first floor level. BUILDING AGE Originally 1970s (refurbished 2012). SITE AREA 6.9 acres (2.79 hectares) ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR / UNIT USE SQ M SQ FT Unit 1 Industrial 1,013.5 10,909 Unit 2 Industrial 764.1 8,225 Unit 3 Industrial 1,033.6 11,126 Unit 4 Industrial 1,129.4 12,157 Unit 5 Industrial 1,666.8 17,941 Unit 6 Industrial 1,469.9 15,822 Unit 7 Industrial 1,427.2 15,362 Unit 8&9 Industrial 2,581.1 27,783 Unit 10 Industrial 1,218.4 13,115 TOTAL 12,304 132,440 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated March 2020. The report concludes that the property is generally structurally sound, and that Units 1-7 have been refurbished/upgraded to a reasonable standard to provide modern accommodation. However, Units 8-10 have not been similarly refurbished, and refurbishment would be required when these fall vacant. In particular, the roofs on these units are not currently watertight and require repair. The report also notes that a CCTV survey of the underground drainage system confirmed the need for repairs to drainage pipework and a new petrol interceptor. We have applied explicit costs for the works deemed as being required in the immediate term. This comprise £250,000 for the underground drainage works, and a total of £490,000 for refurbishment of Units 8-10 on lease expiry. Overall, the asset appeared to be in a reasonable state of repair at the time of inspection.

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 ENVIRONMENTAL CONSIDERATIONS We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Ltd dated March 2020. The report notes that asbestos debris has been identified in Unit 6 (above ceiling voids). However, it states that removal works have been scheduled. The report concludes that the level of environmental risk associated with the site is assessed to be acceptably low for the current use. TENURE We have been provided with a Certificate on Title prepared by Herbert Smith Freehills LLP The report confirms that the property is held freehold under title number BM2245523. The report confirms that the property’s existing use is as a Multi-let industrial estate comprising industrial, storage and distribution and ancillary offices. The report notes a number of rights and encumbrances, none of which would be considered to materially affect value. The report notes that one of the occupiers, Origin Frames Ltd, has an option over Unit 6 to take a lease of the unit if it becomes vacant before March 2027. VALUATION CONSIDERATIONS MARKETABILITY AND POTENTIAL PURCHASERS There has been continued strength in investor sentiment in the industrial and logistics sector over the last few years. Consequently, purchaser demand would be expected to be high and include a wide range of investors from local to national property companies. We consider a sale would be achievable within a 6-12 month marketing period. MARKETING PERIOD We are of the opinion that 6 to 12 months should be allowed to find a willing buyer. EXPOSURE PERIOD 6-12 months. CURRENT VOID PERIODS N/A. The property is fully let, but if units were to vacant we would expect a void period in the order of 6 months. COSTS AND ADJUSTMENTS The property is fully let on FRI leases. We have reflected capex of £250,000 for the underground drainage works which the landlord would be liable for, and a total of £490,000 for refurbishment of Units 8-10 on lease expiry. 82

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 OPINION OF MARKET RENT In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; OCCUPATIONAL EVIDENCE & COMPARISON Property Address Use Date Area (Sq Ft) Tenant Lease Length (years) Break Rent £ pa (sq ft) Unit 2, Sands 10 Industrial Estate (Subject property) Industrial Nov-19 8,225 Origin Frames Ltd 10 years - £9.50 19 Gomm Place, High Wycombe Industrial Aug-20 6,114 Toolstation Ltd 10 years - £12.50 Unit 3, Tannery Road Industrial Estate, High Wycombe Industrial Jul-20 9,400 Unknown 10 years - £10.96 Wakefield Building, Gomm Road, High Wycombe Industrial Jul-20 9,530 Private Individual 10 years - £10.81 Cressex Business Park, High Wycombe Industrial Jun-20 23,569 Care UK Clinical Services 10 years - £12.00 Comparison to Subject Comparable 1: Most recent letting within the subject property. Provides best evidence of ERVs applicable to the property, albeit some rental growth may have been seen since this transaction. Comparable 2: Superior location, established industrial/out of town retail location. Comparable 3: Marginally superior in terms of quality. Comparable 4: Inferior building, but in superior location. Comparable 5: Superior specification, larger distribution warehouse. Taking the above transactions into consideration, we have adopted the following Market Rent; - Units 1-10: Headline ERV £10.00 per sq ft. OPINION OF YIELD In formulating our opinion of Market Value we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; 83

INVESTMENT EVIDENCE & COMPARISON Property Address Date Area (Sq Ft) WAULT (Years) Passing Rent £ pa Purchase Price £ (NIY) Comments Hubert Road, Brentwood Aug-20 43,203 8.67 £246,964 £7.72M (4.4%) Centro, Hemel Hempstead Jul-20 62,984 9.5 £678,840 £14.9M (4.27%) Viper Industrial Estate, Romford U/O 43,419 7.84 £437,531 £9.125M (4.5%) Bids understood to be ahead of quoting price of £9.125m. Comparison to Subject Comparable 1: Longer unexpired term, smaller lot size. Comparable 2: Longer unexpired term, comparable location. Comparable 3: Comparable location and characteristics. Taking the above transactions into consideration, we have adopted the following capitalisation rates; - Unit 1-10: 5.40% Equivalent Yield applied, resulting in a NIY of 4.40% VALUATION METHODOLOGY: In arriving at our opinion of Market Value we have had regard to the market evidence above in comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE • 6 units let to one tenant until 2029, one unit let until 2027, three units (older specification) let to two tenants until May 2021. WAULT 5.48 years. • Passing rent £1,088,374 pa (reduced to £1,010,236 until June 2021 due to current rent free period on one unit). • Total ERV of £1,324,400 pa (£10.00 per sq ft). • On the leases expiring in May 2021 (units 8-10), 6 months expiry void and 6 months rent free applied. • In terms of costs the Building Survey states that £250,000 of drainage repair works are required which the landlord would be liable for. This cost has been deducted in the valuation. • On Units 8-10 which have the 2021 lease expiries the Building Survey states that these are the most dated units and would require refurbishment prior to re-letting, at a total cost of £490,000. This cost is reflected in the valuation, along with void costs and re-letting fees for this unit. • Equivalent yield of 5.40% applied. £21,600,000 (Twenty One Million Six Hundred Thousand Pounds) exclusive of VAT
Net Initial Yield 4.39 % Equivalent Yield 5.40 % Reversionary Yield (12/12/2029) 5.75 %
Reflecting a capital value per sq ft of £1,754 per sq m (£163 per sq ft).

VALUATION METHODOLOGY: VACANT POSSESSION VALUE In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the following inputs and rationale; • We have assumed the property is vacant and non-income producing. • We have applied a Headline Market Rent as detailed above, which reflects a total of £1,324,400 per annum. • We have applied a 6 month letting void on each unit. We have applied a 6 month rent free on each unit. • Empty rates are deducted for the marketing void, and also letting fees based on 15% of Market Rent. • The capex for drainage repair works at £250,000 is reflected, along with the £490,000 refurbishment cost for Units 8-10. • We have applied an equivalent yield of 6.00%. £18,400,000 (Eighteen Million Four Hundred Thousand Pounds) exclusive of VAT Equivalent Yield 6.00 % Reversionary Yield 6.76 % Reflecting a capital value per sq ft of £1,496 per sq m (£138.93 per sq ft). ESTIMATED REINSTATEMENT COST ASSESSMENT (RCA) The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. We have been provided with a report by Arcadis dated 11 February 2020 which estimates that the reinstatement cost for the building for loan security purposes would be £12,420,000 on a day one basis including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years, subject to the required repairs being completed.

PROPERTY ID:	2 - Units A & B, Ripple Road
ON BEHALF OF:	BAML
VALUATION DATE:	30-Sep-2020	FINAL

VALUATION METRICS	(currency - GBP)			KEY FACTS
Metric	Value			Metric	Value
Market Value		19,170,000		Total Area (sq ft)		63,919
Market Value (per sq ft)		300		WAULT to Break by Rent		3.74
Net Initial Yield		4.22	%	WAULT to Break by ERV		3.74
Reversionary Yield		4.37	%	WAULT to Expiry by Rent		3.74
Equivalent Yield		4.35	%	WAULT to Expiry by ERV		3.74
Gross Income (p.a.)		862,906		Percentage of Vacancy (Area)		0.00	%
Gross Income (p.a.) (per sq ft)		13		Percentage of Vacancy (ERV)		0.00	%
*Adj. Gross Income		862,906		Number of Tenants		2
Adj. Gross Income (per sq ft)		13		Tenure		Freehold
Net Income (p.a.)		862,906		Expiry Voids (months)		—
Net Income (p.a.) (per sq ft)		13
Gross Rental Value		894,866
Gross Rental Value (per sq ft)		14
Capital Expenditure		0
Transaction Costs		6.75	%
Over / Under Rented		-3.57	%

* Adjusted Gross Income equates to the Gross Income excluding any rent free periods

LEASES RANKED BY RENT

Tenant Name	Term to Break		Term to Expiry		Area (sq ft)		Rent		ERV		% of rent
St Gobain Building Distribution Lim		3.74		3.74		63,919		862,906		894,866		100.0	%
-		—		—		—		—		—
-		—		—		—		—		—
-		—		—		—		—		—
-		—		—		—		—		—
Other		—		—		—		—		—		—
Vacant		n/a		n/a		—		n/a		—		n/a
Total		3.74		3.74		63,919		862,906		894,866		100.0	%

87

PROPERTY ID:	2 - Units A & B, Ripple Road
ON BEHALF OF:	BAML
VALUATION DATE:	30-Sep-2020	FINAL

88

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

PROPERTY REPORT

UNITS A & B RIPPLE ROAD, BARKING, IG11 0SY

INSPECTED BY:	INSPECTION DATE:		VALUATION DATE:		PROPERTY TYPE:
NICK HEWITT MRICS		23/09/2020		30/09/2020		INDUSTRIAL

KEY VALUATION FACTORS

STRENGTHS	WEAKNESSES
•  Located in close proximity to Central London.	•  Shared yard with single access.
•  Established industrial location
OPPORTUNITIES	THREATS
•  Re-gear the lease and capture the reversion to Market Rent.	•  Market deterioration due to Covid-19.

LOCATION & SITUATION

LOCATION & SITUATION Barking is a major commercial and industrial centre, located approximately 9 miles to the east of central London. The town benefits from excellent road links, with easy access to the A13 providing access to Central London to the West and the M25 (Junction 30) to the east.   Barking mainline railway station and underground (District and Hammersmith & City lines) provide a regular service to London Fenchurch Street with a journey time of approximately 14 minutes. London City Airport is located 5.5 miles to the South West.   The property is situated on Ripple Road, in the immediate proximity to the A13, accessible from the westbound carriageway.

PROPERTY DESCRIPTION

DESCRIPTION The property consists of two modern detached units, constructed in 2004 and providing 63,919 sq ft of accommodation. The units are occupied by two separate brands of the tenant, each with trade counter sections.   The units benefit from a steel portal frame construction with 8 metre clear internal eaves height. Unit A has two level access loading doors and Unit B benefits from seven level access loading doors.   The units have a shared yard to the rear of the property.

89

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

BUILDING AGE	Constructed in 2004
SITE AREA	3.8 acres (1.54 ha).
ACCOMMODATION	As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area basis (GIA).

FLOOR / UNIT	USE		SQ M		SQ FT
Units A & B		Warehouse		5,938		63,919
TOTAL				5,938		63,919

DUE DILIGENCE

STATE OF REPAIR	CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated 31st March 2020. The report outlines that both units A & B are in reasonable condition for their age showing some signs of wear and tear but providing suitable accommodation for the tenants requirement. In addition, the tenant is in occupation under an FRI lease therefore all repair and refurbishments works will fall to the tenant. The asset appeared to be in a reasonable state of repair at the time of inspection.
ENVIRONMENTAL CONSIDERATIONS	We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value.
	We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists.
	We have been provided with a Phase 1 Environmental site assessment carried out by Ambiente Ltd dated January 2020. Within it, a former report confirms the contamination identified on site was not considered to represent a significant risk to site users.
	In addition, the majority of the site lies within Flood Zone 1 representing land with less than 1 in 1000 annual probability of flooding. Although small parts of the buildings, the site boundaries are classified as being within Flood Zone 3 with a 1 in 200 or greater annual probability of tidal flooding. The site benefits from the Thames Tidal Defences (TTD) which protect against direct tidal flooding from the River Thames.
TENURE	We understand the property is held freehold. We have been provided with an unsigned and draft certificate of title prepared by Herbert Smith Freehills LLP which confirms the property had a good and marketable title.

90

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

VALUATION CONSIDERATIONS

MARKETABILITY AND POTENTIAL PURCHASERS	Should this property be brought to the market, we believe there would be a significant level of interest in the asset and would likely sell to a wider variety of investors including, Prop Co’s, REITS and Pension Funds.
MARKETING PERIOD	We are of the opinion that 6-12 months should be allowed to find a willing buyer.
EXPOSURE PERIOD	6 – 12 months.
CURRENT VOID PERIODS	None.
COSTS AND ADJUSTMENTS	None.
OPINION OF MARKET RENT	In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions;

91

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

OCCUPATIONAL EVIDENCE & COMPARISON

Property Address	Use	Date	Area (Sq Ft)	Tenant	Lease Length (years)	Break	Rent £ pa (sq ft)
Unit 19, Alpine Way, Barking	Warehouse	April 2019	18,000	Ministry of Housing	10	-	£14.75
IO Centre, Unit 3	Warehouse	July 2020	6,699	Mastercrate Limited	10	5 years	£12.24
Unit 1, Segro Park, Rainham	Warehouse	April 2019	57,520	Babcock Ltd	12.5	-	£10.25
Unit 1C North Crescent, Canning Town	Warehouse	April 2019	9,426	The Appliance Centre	10	-	£18.00
Unit 9 Gemini Business Park, Beckton	Warehouse	February 2018	20,000	Unknown	10	-	£13.50

Comparison to Subject

Comparable 1: Superior location and recently refurbished. Superior property.

Comparable 2: Inferior location to subject property.

Comparable 3: Modern unit in inferior location.

Comparable 4: Superior location which is reflective of the higher rate per sq ft.

Comparable 5: Refurbished and located in established industrial location.

Taking the above transactions into consideration, we have adopted the following Market Rent;

- Unit A: £14.00 sq ft headline

- Unit B: £14.00 sq ft headline

Additionally, we have spoken with the acting rent review surveyor at Glenny for the outstanding rent review for June 2019. We have been advised they are aiming to settle the rent review at a minimum of £13.50 per sq ft. For the purposes of this valuation, we have assumed the June 2019 Rent Review has settled at £13.50 per sq ft.

The table above details a comparable in Canning Town let off £18.00 per sq ft. We have spoken with in house agents who have advised that Canning Town is its own micro market and not comparable with Barking. The Barking Industrial area does not command the same rental levels.

OPINION OF YIELD In formulating our opinion of Market Value we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions;

92

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

INVESTMENT EVIDENCE & COMPARISON

Property Address	Date	Area (Sq Ft)	WAULT (Years)	Passing Rent £ pa	Purchase Price £ (NIY)			Comments
Subject property	April 2020	63,919	4.24	£630,695	£	19m (3.11	%)
DHL, Barking	April 2019	114,981	2.00	£841,661	£	24.26 (3.25	%)	Bought by Valor Real Estate Partners.
IO Centre, Barking	U/O	25,676	7.73	£297,073		*3.75	%	*We understand the property is currently under offer at 3.75%
Unit B, Circular 13, Gascoigne Road, Barking	December 2019	38,929	2.5	£454,000	£	11.66 (3.65	%)

Comparison to Subject

Comparable 1: subject property is its strongest evidence.

Comparable 2: Larger unit and shorter unexpired term.

Comparable 3: Smaller unit and less reversionary to subject property as recently let two units.

Comparable 4: Shorter unexpired term.

Taking the above transactions into consideration, we have adopted the following capitalisation rates;

- Unit A: 3.11% Net Initial Yield

- Unit B: 3.11% Net Initial Yield

VALUATION METHODOLOGY: MARKET VALUE	In arriving at our opinion of Market Value we have had regard to the market evidence above in comparison to the subject property. We have adopted the following inputs and rationale;
	•  Passing Rent £630,695 which equates to £9.87 per sq ft. However, we have assumed the outstanding rent review is settled at £13.50 for this valuation which equals £862,906 per annum.
	•  Market Rent £894,866 which equates to £14.00 per sq ft.
	•  We have capitalised the proposed settled rent review rent at an Equivalent Yield of 4.35%. This produces a rounded market value of:
	£19,170,000 (Nineteen Million One Hundred and Seventy Thousand Pounds) exclusive of VAT

Net Initial Yield	4.22	%
Equivalent Yield	4.35	%
Reversionary Yield	4.37	%

Reflecting a capital value £3,229.29 per sq m (£300.00 per sq ft).

93

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

VALUATION METHODOLOGY: VACANT POSSESSION VALUE	In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the following inputs and rationale;
	•  We have assumed the property is vacant and non-income producing.
	•  We have assumed a Market Rent £894,866 which equates to £14.00 per sq ft..
	•  We have applied a 6 month letting void and a 6 month rent free on each unit.
	•  We have also deducted Legal and Letting fees of 15% of Market Rent as a capital cost.
	•  We have applied an equivalent yield of 5.00%. This produces a rounded value of:
	£15,720,000 (Fifteen Million Seven Hundred and Twenty Thousand Pounds) exclusive of VAT

Equivalent Yield	5.00	%
Reversionary Yield	5.25	%

	Reflecting a capital value £2,648.02 per sq m (£246.00 per sq ft).
ESTIMATED REINSTATEMENT COST ASSESSMENT (RCA)	We have been provided with a Reinstatement Cost Assessment prepared by Arcadis dated February 2020. Total Reinstatement Costs Equal £6,661,000 with a re-construction period of 30 weeks.
REMAINING ECONOMIC LIFE	We are of the opinion that the subject property has a remaining economic life of 25 years.

94

PROPERTY ID: ON BEHALF OF: VALUATION DATE: 3 - Jutsums Lane BAML 30-Sep-2020 FINAL

VALUATION METRICS	(currency - GBP)
Metric	Value
Market Value		6,970,000
Market Value (per sq ft)		120
Net Initial Yield		4.43	%
Reversionary Yield		5.52	%
Equivalent Yield		5.35	%
Gross Income (p.a.)		329,250
Gross Income (p.a.) (per sq ft)		6
*Adj. Gross Income		329,250
Adj. Gross Income (per sq ft)		6
Net Income (p.a.)		329,250
Net Income (p.a.) (per sq ft)		6
Gross Rental Value		410,000
Gross Rental Value (per sq ft)		7
Capital Expenditure		0
Transaction Costs		6.65	%
Over / Under Rented		-19.70	%

KEY FACTS

Metric	Value
Total Area (sq ft)		57,891
WAULT to Break by Rent		8.26
WAULT to Break by ERV		8.26
WAULT to Expiry by Rent		8.26
WAULT to Expiry by ERV		8.26
Percentage of Vacancy (Area)		0.00	%
Percentage of Vacancy (ERV)		0.00	%
Number of Tenants		1
Tenure		Freehold
Expiry Voids (months)		—

* Adjusted Gross Income equates to the Gross Income excluding any rent free periods

LEASES RANKED BY RENT

Tenant Name	Term to Break		Term to Expiry		Area (sq ft)		Rent		ERV		% of rent
ALLEN FORD (UK) LIMITED		8.26		8.26		57,891		329,250		410,000		100.0	%
—		—		—		—		—		—		—
—		—		—		—		—		—		—
—		—		—		—		—		—		—
—		—		—		—		—		—		—
Other		—		—		—		—		—		—
Vacant		n/a		n/a				n/a		—		n/a
Total		8.26		8.26		57,891		329,250		410,000		100.0	%

95

PROPERTY ID: ON BEHALF OF: VALUATION DATE: 3 - Jutsums Lane BAML 30-Sep-2020 FINAL

96

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

PROPERTY REPORT

ALLEN FORD, JUTSUMS LANE, ROMFORD RM7 0ER

INSPECTED BY:	INSPECTION DATE:	VALUATION DATE:	PROPERTY TYPE:
KATHY O’REILLY MRICS	28/09/2019	30/09/2019	INDUSTRIAL

KEY VALUATION FACTORS

STRENGTHS	WEAKNESSES
•  Freehold. •  Let to a good covenant strength tenant with unexpired term certain of over 8 years •  The Tenant has an Experian Delphi Score of 100 and is considered Very Low Risk. •  The property is strategically located 1 km (0.6 miles) south of the Al2, which provides direct access to the M25 motorway and Central London. •  Romford will benefit from the arrival of Crossrail at Romford and Chadwell Heath station in 2022.	•  Some of the buildings are dated and in need of refurbishment and modernisation but are well suited to existing use and tenant. •  Irregular configuration of industrial units, which will have a negative effect on time to re-let should the property become vacant. •  Access to the property is convoluted.
OPPORTUNITIES	THREATS
•  Refurbish/reconfigure the units to attract higher rents	•  BREXIT uncertainty/impact on the motor trade
•  Improve access	•  Prolonged economic recession due to Covid-19

LOCATION & SITUATION

LOCATION & SITUATION	•   The subject property is located in Romford, 25.7 km (16.0 miles) north east of Central London and 29.0 km (18.0 miles) south west of Chelmsford.
	•   The asset benefits from strong road links, with the nearby Al2, 1.0 km (0.6 miles) to the north which provides dual carriage way access to the M25 and Central London.
	•   Junction 28 of the M25 is within 8.0 km (5.0 miles) of the property and provides direct access to the national motorway network.
	•   The nearest rail link is Romford, which is located on the Greater Anglia line with train services into Central London providing journey times of approximately 18 minutes.
	•   Jutsums Lane is an industrial site located between Chadwell Heath and Romford in the London Borough of Havering.
	•   Romford is principally a residential area however there is also a mix of office and industrial warehouse units and a good retail offering in the town centre.
	•   Romford will benefit from Crossrail in 2022.
	•   Some of the surrounding land is within the Green Belt.

PROPERTY DESCRIPTION

DESCRIPTION	•   The Property comprises three buildings of mixed industrial and office use in an interlinked format with multiple access points.
	•   The site is configured on an irregular ‘T’ shaped site that extends to approximately 0.93 ha (2.30 acres).

97

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

	•   Access to the site is convoluted. •   There are two accesses off Jutsums Road; to the left of the subject building and to the left of the Bakery which is next door. These will both comfortably accommodate a single vehicle width. •   The Property is of predominantly steel or concrete framed construction with a mix of brickwork and profile steel sheeting outer-skins under a corrugated asbestos roof. All the units have concrete screed floors and loading doors. We detail the specific specifications of each unit below: Front building – Service Centre/Parts Centre •   Part single/part double glazed windows. •   3 automatic roller shutters. •   Tenant racking and temporary mezzanine. •   Internal partitioned office. •   Fluorescent strip lighting. Middle building – Reception/Office •   Double glazed windows. •   Carpet covered flooring. •   Ground floor office/reception area and WCs. •   First floor offices (dated). Rear building – Warehouse •   Pendulum strip lighting with some halogen lighting. •   Corrugated asbestos roof with skylights. •   Ground floor repair workshop. •   Permanent mezzanine which is used for car washing after the repair works on the ground floor. •   Internal partitioned offices. •   There is a single vehicle width ramp from the yard area which goes up to the mezzanine floor. Yard •   Level part tarmac and part gravel used for car parking.
BUILDING AGE	Unknown but thought to date from 1950.
SITE AREA	0.93 ha (2.30 acres)
ACCOMMODATION	As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. We have obtained a breakdown of the floor areas from our previous involvement with the property.

FLOOR / UNIT	USE	SQ M		SO FT
Warehouse	Industrial		3680.7		39,620
Mezzanine/First Floor	Industrial		1582.9		17,039
Offices	Industrial		114.5		1,232
TOTAL			5378.1		57,891
Surplus Yard	Industrial		1858		20,000

98

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

DUE DILIGENCE

STATE OF REPAIR

CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated March 2020. The report does not identify any high priority works as being required. Medium and Low priority works totalling £54,000 are recommended in the medium term (6-10 years). We have not applied explicit costs for these items which are the tenant’s responsibility. Arcadis conclude that the buildings are of considerable age and there are numerous small areas which could be repaired, refurbished or redecorated, but the buildings are structurally sound, free from major damage and any water penetration and are suitable for the use of the current occupier. Ongoing repairs and maintenance are the responsibility of the tenant under their current lease. There will only be major refurbishment works required, such as new roofs, service installations, hardstanding areas, if the tenant vacated at lease end and a different type of tenant or occupation was required. The dated and original structures and finishes are maintained, albeit at a level to suit the existing tenant and, if continued, should exceed the Capex period.

ENVIRONMENTAL CONSIDERATIONS

We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Dela-Simons dated January 2020. Historically the Site appears to have been associated with a cluster of buildings in the southeast from the early 1870s. By 1938, further buildings were present in the southeast, which were noted to be a piggery between 1960 and 1972. Also, by 1960, a works had been developed in the north-east, and by 1971, additional works buildings were present in the north-west and south-west of the Site and the underground petrol tank had been installed enclosed with concrete. By the 1990s, part of the Site appears to have been used as an asbestos waste transfer station and the underground petrol tank was decommissioned. The buildings in the southern portion of the Site were gradually cleared between 2006 and 2013. Historical works, and current scrap metal yard, electricity transformer station and landfills are considered to represent potential off-Site sources of contamination. Historical works, and current scrap metal yard, electricity transformer station and landfills are considered to represent potential off-Site sources of contamination. Delta-Simons has completed a risk assessment based upon available information. Potential sources of contamination have been identified associated with the current and historical land use of the Site and surrounding historical and current land uses. Whilst the presence of contamination is possible, it is considered that the risk of significant possible contaminant linkages in the context of the Site remaining in its current use is low to moderate. On the basis of available information, Delta-Simons considers that with regard to potential land contamination issues and associated environmental liabilities, in its current use, the Site represents an overall investment opportunity with a Low to Moderate risk. Based on the information reviewed, the Site is not located within an area considered to be of a significantly elevated risk of flooding.

99

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

TENURE We have been provided with a copy of the draft Certificate of Title prepared by Herbert Smith Freehills LLP and dated 21 September 2020.   The property is held Freehold under Title No’s. EX49685. EX98061, NGL46613 and NGL155713.   The part of the property held under Title No.’s NGL46613 and NGL155713 have the benefit of rights of way over adjoining land. Details are limited and the right does not refer to any documents. The Seller believes that the access is a full vehicle width and that the right is used to access the parts of the property held under the two Title No.’s above. The land held under these Titles is subject to Right of Way. No documentation is referred to under which the rights are granted and Title indemnity insurance is in place.   The Company has not confirmed the location of each intended access point to the Property but has confirmed to your lawyers that it believes the access arrangements are sufficient for the Existing Use.   Your Solicitors are satisfied based on the plan appended to the Local Authority Highways search that the Property abuts a highway maintainable at public expense at a point where access is obtained or if not, has all necessary rights of access to and from the nearest highway maintainable at public expense.   There are a number of planning consents affecting the property:   •   Pl 240.06 (16-08-06): Change of use from storage and distribution to vehicle storage.   •   Pl 860.02 (16-04-03): Conversion of existing overflow car park to commercial vehicle sales including sales buildings and covered display centre.   •   P0795.02 (04-06-03): Conversion of existing overflow car park to commercial vehicle sales (transits) including sales building and covered display centre.   •   A0013.99 (12-03-99): Building and freestanding signage.   •   P0717.98 (07-08-98): Single storey rear extension and elevational changes to building.   The Company has confirmed that it has not received an enforcement notice in respect of the Existing Use from the local planning authority.   Based on historic leases dated 31 December 2003 and 13 February 20091, it would appear that the Existing Use has been carried out for at least 10 years however we cannot confirm. The Local Search also reveals historical planning permissions for vehicle repair workshops dating back to the 1950’s however as these are historic we have not been able to obtain these permissions.   A number of the historic Planning Consents are subject to conditions??/?/?

¹  HSF Property to confirm these are the correct lease dates before finalising.

100

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

The Property has a history of Being used for the storage and transfer of waste (including use as an asbestos transfer station).

There is potential for Chancel repair liability and indemnity insurance has been put in place.

VALUATION CONSIDERATIONS

MARKETABILITY AND POTENTIAL PURCHASERS	The Greater London industrial market continues to outperform the wider market and remains very attractive to investors. Market strength is under pined by severely restricted supply of existing/pipeline stock and available land for development. Robust occupier demand is driven by a lack of supply and the rise of ecommerce and last mile logistics leading to significant rental growth. The asset is well let to a good covenant tenant with 8+ years remining the lease. The buildings are dated but are well suited to the current tenant’s use as well as other similar businesses. There is potential to improve/reconfigure the units in order to achieve higher rents. In addition, the location of the property is such that it would appeal to wide range of occupiers including last mile logistics providers. For these reasons the property would attract strong interest from a range of investors in the current market.
MARKETING PERIOD	We are of the opinion that 6 to 9 months should be allowed to find a willing buyer.
EXPOSURE PERIOD	12 Months
CURRENT VOID PERIODS	6 – 12 months
COSTS AND ADJUSTMENTS	We have not applied any costs in our valuation
OPINION OF MARKET RENT	In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions;

101

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

OCCUPATIONAL EVIDENCE & COMPARISON	Property Address	Use	Date	Area (Sq Ft)		Tenant	Lease Length (years)		Break		Rent £ pa (sq ft)
	Unit 2, Viper Industrial Estate, Romford	Storage	11/2019		12,952	AllType Roofing supplies (Group) Limited		10 years		Year 5	Stepped: Years 1&2 £130,000 Years 3&4 £140,000 Year 5 £150,000 (£10.65 per sq ft average)
	Unit 1, Segro Park Rainham, Rainham, RM13 8GJ	Storage	04/2019		57,520	Babcock Control Services Limited		12 years		Year 8	£589,580 per annum reflecting £10.25 per sq ft. 6 months rent free.
	Unit 2, The IO Centre, Barking	Chilled storage of food products	03/2020		10,411	Soonfung Limited		15 years		Year 10	Rent £120,000 pa reflecting £12.25 per sq ft. Tenants repairing obligations limited by a schedule of condition.
	Chaucer House, 12 Viking Way, Erith, Kent DA8 1EW	Storage	TBC		35,629	Mapeley Steps Limited		Lease for a term expiring 2 April 2021			£320,664 pa (£9.00 per sq ft).
	Comparison to Subject Comparable 1: Smaller and newer unit. Indicative of the current upper range of rents in the locality. Comparable 2: Similar size unit but brand new. Comparable 3: Newer, smaller unit which is closer to Central London Comparable 4: Smaller 1990s unit located a similar distance from Central London. New units in this location are available at £10.50 per sq ft. Short term letting and although a dated building superior specification to the subject. Taking the above transactions into consideration and discussions with letting agents, we have adopted the following Market Rent;

102

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

FLOOR / UNIT	SQ M		SQ FT		ERV £ SQ FT
Warehouse		3680.7		39,620	£	7.50	£	297,150
Mezzanine/First Floor		1582.9		17,039	£	3.75	£	63,896
Offices		114.5		1,232	£	7.50	£	9,240
Surplus Yard		1858		20,000	£	2.00	£	40,000
TOTAL							£	410,286
						Say	£ £	410,000 7.08 psf overall

	•   Overall: £76.21 per sq m (£7.08 per sq ft) headline
OPINION OF YIELD	In formulating our opinion of Market Value we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions;
INVESTMENT EVIDENCE & COMPARISON	Property Address	Date	Area (Sq Ft)	WAU LT (Years)			Passing Rent £ pa		Purchase Price £ (NIY)	Comments
	Viper Industrial Estate, Ashton Road, Romford RM3 8UD	09/2020	43,419		7.84 (9.55	)	£	473,531	£9.115M (4.50%) Asking £15.325	Terrace of three modern industrial units constructed in 2015. Understood to be under offer at ahead of asking.
	HR Owen, Park Royal	07/2020	42,722		2.80		£	465,000	M(2.84%)	£299 psf CV
	Units A & B, Ripple Road, Barking	04/2020	63,981		4.25		£	630,395	£19M (3.11%)	£297 psf CV
	Chaucer House, 12 Viking Way, Erith, Kent DA8 1EW	Available	35,629		1.0		£	320,664	£5,850,000 Asking (5.09% NIY)	To be let on a one year lease to Mapeley Steps Limited. Asking price reflects £164 per sq ft.
	Comparison to Subject Comparable 1: Located close to the subject in Romford. Similar unexpired term but multi-let. Comparable 2: Similar user to the subject tenant but located in Park Royal considered the prime industrial area of London. Comparable 3: Pair of units built in 2004 and let to Saint Gobain Building Distribution Limited a “very low risk” covenant based on Experian assessment. 2019rent review is outstanding and is open market but based on 1.14% of hypothetical 25,000 sq ft unit. Situated to the East of London but on the Al 3. Comparable 4: Similar distance from Central London but on south side of River Thames. Dated 1990s unit.

103

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

	Taking the above transactions into consideration, we have adopted the following capitalisation rate; •   Overall: 5.35% Equivalent Yield
VALUATION METHODOLOGY: MARKET VALUE	In arriving at our opinion of Market Value we have had regard to the market evidence above in comparison to the subject property. We have adopted the following inputs and rationale;
	•   Passing Rent £329, 250 pa which equates to £5.69 per sq ft •   Market Rent £410,000 which equates to £7.08 per sq ft. •   We have capitalised the passing rent at Equivalent Yield of 5.35%. This produces a rounded market value of: £6,970,000 (Six Million Nine Hundred and Seventy Thousand Pounds) exclusive of VAT

Net Initial Yield	4.43%
Equivalent Yield	5.35%
Reversionary Yield (31/12/2023)	5.52%

	Reflecting a capital value of £1,295.97 per sq m (£120.40 per sq ft).
VALUATION METHODOLOGY: VACANT POSSESSION VALUE	In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the following inputs and rationale;
	•   The buildings are dated and although well suited to the current tenant use they will have limited appeal to alternative occupiers outside of the motor trade. •   In the event that the property became vacant we consider that it is likely the site would be cleared and redeveloped to provide modern industrial units that would have greater appeal and realise a higher level of rent. •   In the absence of a definitive scheme we have run an indicative development appraisal based on assumptions in order to ascertain the likely land value •   We have assumed: Site clearance £500,000 Other fees and costs of £300,000 and 10% contingency Two 30,000 sq ft units with build costs of £68.50 per sq ft Units let at £11.00 per sq ft with six months rent free capitalised at 4.50% Profit on cost of 15% and finance at 5.50% •   This results in a land value of £4,345,000 which equates to c. £1.89m/per acre. •   We consider that this is in line with land values in the area but acknowledge that development appraisals are very sensitive to the inputs and assumptions made. This is illustrated by the sensitivity below which flexes build costs and rental inputs. A more robust valuation would be derived by modelling a considered and well researched scheme.

104

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

Table of Land Cost and IRR%
Construction: Rate pf2
Rent: Rate pf2	-5.00  63.50	pf2  pf2	-2.50  66.00	pf2  pf2	0.00  68.50	pf2  pf2	+2.50  71.00	pf2  pf2	+5.00  73.50	pf2  pf2
-1.00 pf2 10.00 pf2	-£3.814,765 14.1886	%	-£3,667,179 14.4087	%	-£3.519.593 14.6409	%	-£3,372,006 14.8861	%	-£3,224,420 15.1457	%
-0.50 pf2 10.50 pf2	-£4,227,806 13.9038	%	-£4.080,217 14.0989	%	-£3,932,631 14.3037	%	-£3,785,045 14.5190	%	-£3,637,458 14.7457	%
0.00 pf2 11.00 pf2	-£4.640,845 13.6614	%	-£4.493.259 13.8362	%	-£4.345.668 14.0191	%	-£4.198.082 14.2105	%	-£4.050.496 14.4112	%
+0.50 pf2 11.50 pf2	-£5.053.884 13.4525	%	-£4,906,297 13.6106	%	-£4,758,711 13.7755	%	-£4.611,124 13.9475	%	-£4,463,534 14.1272	%
+1.00 pf2 12.00 pf2	-£5,466,923 13.2706	%	-£5,319,336 13.4148	%	-£5,171,750 13.5647	%	-£5,024,163 13.7206	%	-£4,876,576 13.8830	%

£4,345,000 (Four Million Three Hundred and Forty Five Thousand Pounds) exclusive of VAT

ESTIMATED REINSTATEMENT COST ASSESSMENT (RCA) REMAINING ECONOMIC LIFE

The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. Arcadis has provided an indicative reinstatement cost for the building in the sum of £5,766,000. We are of the opinion that the subject property has a remaining economic life of 15 years but that value could be enhanced by redeveloping the site to provide modern, well configured industrial units.

105

PROPERTY ID: ON BEHALF OF: VALUATION DATE: 4 - Kingston Road MV BAML 30-Sep-2020 FINAL

VALUATION METRICS	(currency - GBP)
Metric	Value
Market Value		3,755,000
Market Value (per sq ft)		216
Net Initial Yield		3.84	%
Reversionary Yield		5.80	%
Equivalent Yield		5.65	%
Gross Income (p.a.)		155,400
Gross Income (p.a.) (per sq ft)		9
*Adj. Gross Income		155,400
Adj. Gross Income (per sq ft)		9
Net Income (p.a.)		155,400
Net Income (p.a.) (per sq ft)		9
Gross Rental Value		234,615
Gross Rental Value (per sq ft)		13
Capital Expenditure		-47,192
Transaction Costs		6.52	%
Over / Under Rented		-33.76	%

KEY FACTS

Metric	Value
Total Area (sq ft)		17,405
WAULT to Break by Rent		7.22
WAULT to Break by ERV		7.51
WAULT to Expiry by Rent		7.22
WAULT to Expiry by ERV		7.51
Percentage of Vacancy (Area)		0.00	%
Percentage of Vacancy (ERV)		0.00	%
Number of Tenants		2
Tenure		Freehold
Expiry Voids (months)		6

* Adjusted Gross Income equates to the Gross Income excluding any rent free periods

LEASES RANKED BY RENT

Tenant Name	Term to Break		Term to Expiry		Area (sq ft)		Rent		ERV		% of rent
DENNYS UNIFORMS LIMITED		8.09		8.09		15,735		125,670		204,555		80.9	%
SATMAP SYSTEMS LIMITED		3.53		3.53		1,670		29,730		30,060		19.1	%
—		—		—		—		—		—
—		—		—		—		—		—
—		—		—		—		—		—
Other		—		—		—		—		—		—
Vacant		n/a		n/a		—		n/a		—		n/a
Total		7.51		7.51		17,405		155,400		234,615		100.0	%

106

PROPERTY ID: ON BEHALF OF: VALUATION DATE: 4 - Kingston Road MV BAML 30-Sep-2020 FINAL

107

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

PROPERTY REPORT

128 KINGSTON ROAD, LEATHERHEAD, KT22 7PU

INSPECTED BY:	INSPECTION DATE:	VALUATION DATE:	PROPERTY TYPE:
JOHN O’NEILL MRICS & MAX MASINI ASSOC. RICS	18/09/2020	30/09/2020	INDUSTRIAL

KEY VALUATION FACTORS

STRENGTHS	WEAKNESSES
•   Well located at 1.61 km (1.0 mile) west of the M25 Junction 9 and walking distance from Leatherhead railway station. Both Gatwick and Heathrow airports are also located within an hour’s drive. •   Occupier and investor demand for industrial property in the south-east region is strong. •   A mixed-use asset the comprising a B2 / B8 industrial unit as well as a Bl office unit. •   Very limited amount of similar properties in the area.	•   Poor access from Kingston Road. •   The property is located in a small industrial location in Leatherhead. •   Small yard area limiting potential occupiers.
OPPORTUNITIES	THREATS
•   Demolish the office and provide a better access/turning area for the warehouse accommodation.	•   Occupier demand weakens and there is an impact on the cashflow.
	•   Potentially coming towards the top of the property cycle which could see a fall in value.
	•   Uncertainty remains over the ongoing COVID- 19 pandemic.

LOCATION & SITUATION

LOCATION & SITUATION	Leatherhead is in the centre of the county of Surrey in the south east of England. It is situated in the Mole Valley district and is served by Leatherhead railway station providing good transport links to London Waterloo and London Victoria with a journey time of approximately 40 minutes.
	Leatherhead benefits from good road links, the main road that connects to London is the A24 which runs directly through the town centre. Junction 9 of the M25 motorway is to the immediate north-east bordering the town’s north-east boundary.
	Gatwick is a 30-minute drive and Heathrow is a 40-minute drive.

108

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

	Leatherhead is located 36.2 km (22.5 miles) to the south west of Central London.
	The subject property is situated in the centre of Leatherhead walking distance from Leatherhead railway station.
	This subject is in a small industrial location in Leatherhead, with a combination of traditional industrial, warehouse storage and car dealerships/manufacturers.
	It is also within a mixed-use location including residential precinct in the near vicinity.
	Kingston Road has direct access to the A245 which leads to Junction 9 of the M25 providing excellent links to Central London and the national motorway network.
PROPERTY DESCRIPTION
DESCRIPTION	The subject property is a single let warehouse and a separate two storey single let office block.
	The warehouse is 1,461.81 sq m (15,735 sq ft) and the office area over two floors is 155.14 sq m (1,670 sq ft).
‘	The property is configured on an irregular shaped site that extends to approximately 0.35 ha (0.86 acres) giving a site coverage ratio of 43%.
	Both properties share the same access road and have a right of way to access the public freeway, Kingston Road.
	The industrial building is of steel framed construction with a mix of brickwork and profile steel sheet cladding to the warehouse section of the building.
	There are two loading bays, both at ground floor level.
	The office accommodation within the industrial unit occupied by Denny’s Uniforms Ltd comprises 15% of the total area and is located to the front of the unit over ground and first floor. The offices are accessed from a full height atrium reception area. The space is generally open plan with a number of cellular offices created by demountable partitioning. The space has suspended ceilings incorporating recessed modular lighting units. There are solid floors with a carpet tile/vinyl finish and perimeter trunking as well as A/C in each office. The offices incorporate Male and Female WC’s.
	There is also a small trade counter area to the front of the unit.
	Internally the property has perimeter trunking and concrete ceilings.
BUILDING AGE	Built c. l975 (c.45 years)
SITE AREA	0.35 ha (0.86 acres)
ACCOMMODATION	As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis.

109

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

FLOOR / UNIT	USE	SQ M		SQ FT
Industrial and integrated office	Industrial		1,461.92		15,735
Standalone two storey office	Office		155.14		1,670
TOTAL			1,616.97		17,405

DUE DILIGENCE

STATE OF REPAIR

CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated February 2020. The report concluded that no major defects were found and that there are no significant costs expected over the Capex period. The only expenditure documented is for the replacement of the existing comfort cooling systems upon expiry. The estimate for this is £12,000 which we have built into our valuation. The asset appeared to be in a reasonable state of repair at the time of inspection.

ENVIRONMENTAL CONSIDERATIONS

We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have reviewed and summarised the Phase 1 Environmental Assessment Report carried out by Delta Simmons Environmental Consultants Ltd, dated June 2019. The key survey findings highlight the following: •   The site is considered to be of low to moderate environmental sensitivity given the presence of the Secondary Undifferentiated A Aquifers, the significant thickness of the underlying London Clay protecting the Principal Aquifer, the nature of the local surface waters, and the surrounding light industrial, / commercial area. •   There is considered to be limited potential for current on-site activities to result in land contamination. •   Soil and groundwater contamination have been confirmed to be present associated with the historical use of the site. The overall risks to human health are considered to be low to moderate •   Given the limited scope of the available ground investigation data, it is recommended a ground investigation is conducted to verify the Conceptual Site Model and refine potential remediation/ mitigation requirements. However, it was noted that any further intrusive investigations of the site are not required in its current state for due diligence purposes. •   Overall the site has a low to moderate risk of any potential land contamination and associated environmental liabilities, which is more applicable should the Property undergo significant redevelopment.

110

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

	Having consulted the Environment Agency’s indicative flooding data, the subject property is located in Flood Zone 1 which suggests the development has a low risk of flooding. The flood search shows the property as having a less than 1 in 1,000 annual probability of river sea flooding.
TENURE	We have been provided a draft report on title prepared by Herbert Smith Freehills (undated). We are of the opinion that there are no encumbrances, easements, restrictions, outgoings or conditions that are likely to have an adverse effect on the value of the property and we have assumed that a good and marketable title is held.
VALUATION CONSIDERATIONS
MARKETABILITY AND POTENTIAL PURCHASERS	Since the outbreak of Coronavirus in March this year, there has been a decline in investor sentiment across all sectors. The industrial sector has however, proved to be the most resilient, with strong rent collection levels throughout the year, and a notable increase in investment activity shown from June onwards. In the current market, investors are seeking prime assets that are well-located, with a strong covenant and good building quality. The subject property provides secondary industrial accommodation in a prime location, let to a reasonable covenant with 5 years unexpired term, providing good security of income to any potential investor. As such, we would expect good investor demand, with interest largely from small property companies and private investors. We consider a sale would be achievable within a 6-9-month marketing period.
MARKETING PERIOD	We are of the opinion that 6 to 12 months should be allowed to find a willing buyer.
EXPOSURE PERIOD	12 - 24 months.
CURRENT VOID PERIODS	6 - 12 months
COSTS AND ADJUSTMENTS	£12,000 capex to repair roof as noted in Arcadis report.
OPINION OF MARKET RENT	We have analysed the below evidence and spoken with local agents to form our opinion of ERV. The property is not located in an established industrial area so there is a dearth of comparable evidence within the vicinity. We have therefore, widened our search parameters to other towns in similar positions around the M25.
	Industrial

111

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

Property Address

Use

Date

Area (Sq Ft)

Tenant

Lease Length (years)

Break

Rennt £ pa (sq ft)

Unit 4 Orchard Business Park, Woking, GU21 5RZ

Industrial

13/08/2020

7,225

Private Individual

10

N/A

£

101,150 (£14.00

)

Henley Business Park, Guildford, GU3 2DX

Industrial

25/06/2020

12,448

The Fish Society

10

N/A

£

143,152 (£11.50

)

Barwell Business Park, Leatherhead Road, Chessington, KT9 2NY

Industrial

03/09/2020

11,672

E.T.S Portsmouth

10

N/A

£

151,852 (£13.01

)

Unit 8, Leatherhead Trade Park, Station Road, KT22 7AG

Industrial

Under Offer

5,795

N/A

N/A

N/A

£

86,925 (£15.00

)

Unit 12, Wells Point, Gatton Park Business Centre, Redhill, 3AS

Industrial

Available

7,045

N/A

N/A

N/A

£

293,633 (£13.95

)

OCCUPATIONAL EVIDENCE & COMPARISON Comparison to Subject   Comparable 1: This deal completed post COVID-19 in August 2020 making it especially relevant considering the ongoing uncertainty. The property is in a comparable location but is of a superior specification. It is also smaller than the subject so the effects of quantum may inflate the rental value. On this basis we would expect the subject property to achieve a weaker rate than this.   Comparable 2: This property is located in an inferior location further from Central London and road networks. It is slightly smaller than the subject property. We are of the opinion that the subject property would achieve a stronger rate than this.   Comparable 3: This comparable is in a similar location and of a similar specification. It is slightly smaller than the subject property. We are of the opinion that the subject property would achieve a similar rate to this.   Comparable 4: This property is comparable in location and specification. It is significantly smaller than the subject property meaning the effects of quantum will likely inflate the rental value. Because of this we would expect the subject property to let at a lower rate than this.   Comparable 5: This property is currently on the market. It is comparable in location but of a higher specification. We are therefore of the opinion that the subject property would achieve a slightly weaker rate than this.

112

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

Office

Property Address	Use	Date	Area (Sq Ft)		Tenant	Lease Length (years)		Break		Rent £ pa (sq ft)
Subject Property	Office	12/04/2019		1,670	SatMap Systems		5		N/A	£	29,730 (£17.80	)
321 Kingston Road, Leatherhead	Office	04/09/2020		1,366	Private Individual		5		N/A	£	28,500 (£20.86	)
The Axis Centre, Cleeve Road, Leatherhead	Office	28/05/2020		1,704	Private Individual		5		N/A	£	36,000 (£21.13	)
Manor House, Church Street, Leatherhead	Office	10/12/2019		1,049	Private Individual		2		N/A	£	18,882 (£18.00	)

Comparable 1: We are of the opinion that the subject property forms the strongest evidence for ERV.

Comparable 2: This property is in a similar location and of a similar size to the subject. It is of a superior specification. On this basis we would expect the achieve a slightly weaker rate than this.

Comparable 3: This property is located in an established business centre but is comparable in its location. It is of a slightly superior specification Comparable on this basis we would expect to achieve a slightly weaker rate than this.

Comparable 4: This property offers a multitude of small units on short terms similar to a serviced office style. It is comparable in its location but of a superior specification. We are of the opinion that the subject property would achieve similar levels to this.

Taking the above transactions into consideration, we have adopted the following Market Rent;

•   Industrial and Integrated Office: £13.00 per sq ft headline

•   Standalone Office Building: £18.00 per sq ft headline

OPINION OF YIELD The range of evidence below is between 3.75% - 5.73% EY.   In formulating our opinion of Equivalent Yield we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions;

113

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

Property Address	Date	Area (sq Ft)		WAULT (years)		Passing Rant £ pa		Purchase Price £ (NIY)			Comments
Hubert Road, Brentwood	August 2020		43,203		8.67	£	246,964	£	7,720,000 (4.55	%)	•  Stronger location •  Larger than subject •  Similar WAULT •  Two tenants
Perivale Park, Perivale	June 2020		578,357		5.76	£	6,756,39 1	£	202,500,000 (3.75	%)	•  Stronger location •  Much larger site •  32 units let to 24 tenants
Mills Road Industrial Estate, Aylesford	November 2019		57,016		5.10	£	483,040	£	8,242,102 (5.73	%)	•  Slightly stronger location •  Similar specification •  5 tenants, one vacancy

	Comparison to Subject
INVESTMENT EVIDENCE & COMPARISON	Comparable 1: This property was purchased by M7 in August 2020 and is fully let to two tenants with a WAULT of 8.67 years. It has a similar remaining term to expiry. The unit is in a stronger location. We are of the opinion that the subject property would achieve a weaker EY than this property.
	Comparable 2: This property was purchased by Segro in June 2020. It comprises 32 units ranging from 4,672 – 69,422 sq ft let to 24 tenants with a WAULT of 5.75 years. It is a considerably larger scheme than the subject. It is in a stronger location and of a higher specification with better access. On this basis we expect the subject property to achieve a weaker rate than this.
	Comparable 3: This property was purchased by L&G in November 2019. It comprises 8 industrial units from 7,453 – 14,157 sq ft let to 5 tenants with one unit vacant with a WAULT of 5.1 years. It is a larger scheme in a comparable albeit slightly preferable location. On this basis we are of the opinion that the subject property would achieve a yield close to this level.
	Taking the above transactions into consideration, we have adopted the following capitalisation rates;
	•   Industrial Building & Office: 5.85% EY

VALUATION METHODOLOGY: MARKET VALUE	In arriving at our opinion of Market Value we have had regard to the market evidence above in comparison to the subject property. We have adopted the following inputs and rationale;
	•   A headline market rent of £234,615 per annum (reflecting £13.00 per sq ft for the Industrial and £18.00 per sq ft for the Office Building) •   5.85% Equivalent Yield Applied £3,755,000 (Three Million Seven Hundred and Fifty-Five Thousand Pounds) exclusive of VAT

Net Initial Yield	3.84	%
Equivalent Yield	5.65	%
Reversionary Yield	5.80	%

114

PROJECT NAME:	UNITED IV
ON BEHALF OF:	BANK OF AMERICA MERRILL LYNCH
VALUATION DATE:	30/09/2020

	Reflecting a capital value per sq ft of £2,322.22 per sq m (£215.74 per sq ft).
VALUATION METHODOLOGY: VACANT POSSESSION VALUE	In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the following inputs and rationale; •   We have assumed the property is vacant and non-income producing.
	•   We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £234,615 per annum.
	•   We have assumed a 5-year term certain and have applied a 6-month void period and 3 month rent free to both the office and industrial elements.
	•   We have applied £12,000 Capex
	•   Empty rates are deducted for the marketing void, deferred 3 months for rates relief, and also letting fees based on 15% of Market Rent.
	•   We have applied an equivalent yield of 6.60%.
	£2,995,000 (Two Million Nine Hundred and Ninety-Five Thousand Pounds) exclusive of VAT

Equivalent Yield	6.60	%
Reversionary Yield	7.17	%

	Reflecting a capital value per sq ft of £1,852.26 per sq m (£172.08 per sq ft).
ESTIMATED REINSTATEMENT COST ASSESSMENT (RCA)	The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. We have been provided with a report by Arcadis dated 29 February 2020 which estimates that the reinstatement cost for the building for loan security purposes would be £2,519,000 on a day one basis including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out.
REMAINING ECONOMIC LIFE	We are of the opinion that the subject property has a remaining economic life of 25 years.

115

PROPERTY ID:	5 - Endeavour Way MV
ON BEHALF OF:	BAML
VALUATION DATE:	30-Sep-2020	FINAL

VALUATION METRICS	(currency -GBP)			KEY FACTS
Metric	Value			Metric	Value
Market Value		5,800,000		Total Area (sq ft)		21,383
Market Value (per sq ft)		271		WAULT to Break by Rent		8.78
Net Initial Yield		3.26	%	WAULT to Break by ERV		7.92
Reversionary Yield		4.76	%	WAULT to Expiry by Rent		8.78
Equivalent Yield		4.50	%	WAULT to Expiry by ERV		7.92
Gross Income (p.a.)		205,000		Percentage of Vacancy (Area)		0.00	%
Gross Income (p.a.) (per sq ft)		10		Percentage of Vacancy (ERV)		0.00	%
*Adj. Gross Income		205,000		Number of Tenants		2
Adj. Gross Income (per sq ft)		10		Tenure		Freehold
Net Income (p.a.)		205,000		Expiry Voids (months)		—
Net Income (p.a.) (per sq ft)		10
Gross Rental Value		299,362
Gross Rental Value (per sq ft)		14
Capital Expenditure		-94,904
Transaction Costs		6.62	%
Over / Under Rented		-31.52	%

* Adjusted Gross Income equates to the Gross Income excluding any rent free periods

LEASES RANKED BY RENT

Tenant Name	Term to Break		Term to Expiry		Area (sq ft)		Rent		ERV		% of rent
HYDRO CLEANSING LIMITED		4.64		4.64		13,111		105,000		183,554		51.2	%
LEADER TRUCKS LIMITED		13.12		13.12		8,272		100,000		115,808		48.8	%
—		—		—		—		—		—		—
—		—		—		—		—		—		—
—		—		—		—		—		—		—
Other		—		—		—		—		—		—
Vacant		n/a		n/a		—		n/a		—		n/a
Total		7.92		7.92		21,383		205,000		299,362		100.0	%

Printed 01/02/2021 13:23 116

PROPERTY ID:	5 - Endeavour Way MV
ON BEHALF OF:	BAML
VALUATION DATE:	30-Sep-2020	FINAL

Printed 01/02/2021 13:23 117

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

PROPERTY REPORT

UNITS 1,2 & 3 ENDEAVOUR WAY, CROYDON, CRO 4TR

INSPECTED BY:	INSPECTION DATE:	VALUATION DATE:	PROPERTY TYPE:
JOHN O’NEILL MRICS & MAX MASINI ASSOC. RICS	18/09/2020	30/09/2020	INDUSTRIAL

KEY VALUATION FACTORS

STRENGTHS	WEAKNESSES
•   Croydon is strategically located for Central London and the M25. •   Demand for multi-let industrial property remains buoyant, particularly those with asset management opportunities and those situated in the South East. The Property is located within Greater London, of particular interest to investors seeking Industrial Estates at the current time.	•   Capital expenditure is required. •   The buildings are older than other properties within the market. •   Limited yard space which may reduce the number of potential occupiers.
OPPORTUNITIES	THREATS
•   Realise the reversion on the Hydro Cleansing unit at break/lease expiry.	•   Occupier demand weakens and there is an impact on the cashflow. •   Potentially coming towards the top of the property cycle which could see a fall in value. •   Uncertainty remains over the ongoing COVID- 19 pandemic.

LOCATION & SITUATION

LOCATION & SITUATION	Croydon is a large town and London Borough in south London 15.3 km (9.5 miles) south of Central London.
	East Croydon is a major hub of the national railway transport system, with frequent fast services to Central London, Brighton and the south coast. Journey times are approximately 15 minutes to London Blackfriars, London Bridge and London Victoria as well as London Gatwick Airport. There are also services from West Croydon and South Croydon railway stations and the town is unique in Greater London for its tramline light rail system.
	Croydon is 18.4 miles (29.6 km) north of London Gatwick Airport which is a circa 30 minute drive and 24.9 miles (40.07 km) south-east of Heathrow Airport although this is more easily accessed from the M25 increasing the distance to 44.5 miles (71.62 km).

118

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

Croydon benefits from a good road network with Junction 7 of the M25 lying 10.2 miles (16.42 km) south where the M23 leading to the south coast is also accessed.

The subject property is situated in an established industrial estate on Endeavour Way, off Beddington Farm Road which connects to Coomber Way and Ampere Way which is to the west of the Purley Way (A23).

The site is approximately 8 miles (12.87 km) north of the M23, which in turn provides swift access to Junction 7 of the M25 and the wider national motorway network.

Therapia Lane Tramlink Stop is within easy walking distance linking the property to East Croydon and Wimbledon mainline stations as well as providing access to Beckenham to the east.

PROPERTY DESCRIPTION

DESCRIPTION	The subject property comprises five industrial units situated within a terrace of seven units. Two units, 4&5, are not within the ownership of the Borrower and do not form part of this valuation. Units 1-2 have been knocked into one unit, and 3 is a single unit. Units 6-7 have also been knocked into one unit.
	Construction is of steel portal framed with concrete infill block walls and profile metal sheet cladding. The roof is pitched and profiled with asbestos cement sheets incorporating single skin GRP roof lights.
	The specification of the units includes solid concrete flooring, sky lights, and steel roller shutter doors to the front of each unit with an additional door on the west flank of unit 1-2.
	Units 1-2 includes two storey office accommodation with stair access between the floors, providing WCs, kitchen, offices and ground floor level and training rooms at first floor level. The specification is typical for these types of offices; carpet floor tiles, painted plaster walls, suspended ceilings incorporating fluorescent lighting.
	Units 3 and 6-7 have single storey ancillary accommodation providing offices and WC facilities. Finishes include textured ceilings, surface mounted lighting, painted plaster walls and carpet floor tiles.
	External areas to each unit include a self-contained yard to the front, predominantly surfaced with concrete. A small car parking area is provided to unit 6-7 enclosed by steel palisade fencing, gates and masonry walls.
BUILDING AGE	c. l980 (c. 40 years)
SITE AREA	0.4 ha (0.98 acres)
ACCOMMODATION	As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis.

119

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

FLOOR / UNIT	USE		SQ M		SQ FT
1,2,3		Industrial		1,224.80		13,111
6,7		Industrial		768.50		8,272
TOTAL				1,993.30		21,383

DUE DILIGENCE

STATE OF REPAIR

CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated March 2020. The report concluded the following: •   The building is in a generally sound order throughout and is suitable for its current purpose. •   Some services have a limited remaining service life and works will be required to replace plant as it ages, but these costs should fall to the tenant. The key survey findings highlight low to medium risk items. Works that are required in the short (2-5 years) term repairs, classed as medium risk. The total cost for these works is estimated at £50,000 and are summarised as: The replacement of degraded skylight panels to main warehouse roof. There is one low risk (5-10 years) term repair, classed a low risk item. The total cost for the work has not been costed due to the cost expected to be below the project threshold. These works are summarised as: Minor works to electrical infrastructure, lighting, ventilation, plumbing and drainage. The asset appeared to be in a reasonable state of repair at the time of inspection.

ENVIRONMENTAL CONSIDERATIONS

We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have reviewed and summarised the Phase 1 Environmental Assessment Report carried out by Delta Simmons Environmental Consultants Ltd, dated August 2017. The key survey findings highlight the following: •   The site is considered to be of low to moderate environmental sensitivity given the presence of the Secondary Undifferentiated A Aquifers over Unproductive Strata below the site, the nearest surface water feature, the absence of the ecological receptors and the industrial use of the surrounding area. •   Evidence of oil was noted on inspection; however, this is the tenants’ responsibility. Moreover, given the predominant presence of the hardstanding, the oils are unlikely to have caused any contamination. •   The risk of significant possible pollutant linkages existing in the context of the site remaining in its current use is low to site users and off-site receptors.

120

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

•   Given that there is currently oil on site, it would be prudent to undertake an intrusive land investigation in the future, should any of the tenants vacate. •   Overall the site has a low to moderate risk of any potential land contamination and associated environmental liabilities. Having consulted the Environment Agency’s indicative flooding data, the subject property is located in Flood Zone 1 which suggests the development has a low risk of flooding. The flood search shows the property as having a less than 1 in 1,000 annual probability of river sea flooding.

TENURE

We have been provided a draft report on title prepared by Herbert Smith Freehills. We are of the opinion that there are no encumbrances, easements, restrictions, outgoings or conditions that are likely to have an adverse effect on the value of the property and we have assumed that a good and marketable title is held.

VALUATION CONSIDERATIONS

MARKETABILITY AND POTENTIAL PURCHASERS	Since the outbreak of Coronavirus in March this year, there has been a decline in investor sentiment across all sectors. The industrial sector has however, proved to be the most resilient, with strong rent collection levels throughout the year, and a notable increase in investment activity shown from June onwards. In the current market, investors are seeking prime assets that are well-located, with a strong covenant and good building quality. The subject property provides secondary industrial accommodation in a prime location, let to a reasonable covenant with 5 years unexpired term, providing good security of income to any potential investor. As such, we would expect good investor demand, with interest largely from small property companies and private investors. We consider a sale would be achievable within a 6-9-month marketing period.
MARKETING PERIOD	We are of the opinion that 6 to 12 months should be allowed to find a willing buyer.
EXPOSURE PERIOD	12 - 24 months.
CURRENT VOID PERIODS	6 – 12 months
COSTS AND ADJUSTMENTS	£50,000 capex to repair roof as noted in Arcadis report.
OPINION OF MARKET RENT	According to PROMIS market data prime rents in Croydon currently stand at £13.00 per sq ft. We expect there to be some levels of downward pressure due to the COVID-19 pandemic. Croydon is a strong industrial location with access into the national road network, public transport hubs and quick access to central London In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions;

121

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

	Property Address	Use	Date	Area (Sq Ft)	Tenant	Lease Length (years)	Break	Rent £ pa (sq ft)
	Unit 7, Beddington Trading Park, Croydon, CR0 4TT	Industrial	28/01/2020	9,247	Chelsea Timer Merchants	10	N/A		127,146.25 (13.75	)
	69 Imperial Way, Silverwing Industrial Estate, Horatius Way, Croydon, CR0 4RR	Industrial	03/10/2019	23,520	Private Individual	10	N/A		236,259 (10.05	)
	Unit 4 Beddington Trading Park, Croydon, CR0 4TT	Industrial	24/07/2019	20,891	Private Individual	10	N/A		266,360 (12.75	)
	Nelson Trading Estate, The Path, London, SW19 3BL	Industrial	05/02/2019	17,439	Forever Young Ltd	5	N/A		212,407 (12.18	)
OCCUPATIONAL EVIDENCE & COMPARISON	Comparison to Subject
	Comparable 1: This comparable is located within a close proximity to the subject property. It is of a similar specification but is smaller than the subject. We are of the opinion that the subject property will achieve a similar rate to this.
	Comparable 2: This property it in an inferior location but is of a comparable size and specification. On this basis we would expect the subject unit to achieve a higher rate than this.
	Comparable 3: This comparable is located in a close proximity to the subject. It is of a similar size and specification. This deal is now over a year old so on this basis we would expect the subject property to achieve a greater rate than this comparable.
	Comparable 4: This property is in a slightly off pitch location – inferior to that of the subject property. It is slightly smaller than the subject but of a comparable specification. On this basis we would expect the subject property to achieve a stronger rate than this.
	Taking the above transactions into consideration, we have adopted the following Market Rent;
	•   Unit 1&2, 3, 6&7: £14.00 sq ft headline
OPINION OF YIELD	The range of evidence below demonstrates a yield range between 3.75% - 5.73%. Due to the strong location of this asset we would expect it to achieve towards the sharper end of this range. We believe it will have softened slightly since it last transacted due to the impacts of the COVID-19 pandemic. In formulating our opinion of Yield, we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions;

122

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

Property Address	Date	Area (Sq Ft)	WAULT (Years)	Passing Rent £ pa	Purchase Price £ (EY)	Comments
Endeavour Way, Croydon, CR0	April 2020	21,456	8.90	£205,276	£5,618,000	Subject Property
Hubert Road, Brentwood	August 2020	43,203	8.67	£246,964	£7,720,000 (4.55%)	Comparable location Larger than subject Similar WAULT Two tenants
Perivale Park, Perivale	June 2020	578,357	5.76	£6,756,391	£202,500,000 (3.75%)	Similar location Much larger site 32 units let to 24 tenants
Mills Road Industrial Estate, Aylesford	November 2019	57,016	5.10	£483,040	£8,242,102 (5.73%)	Comparable location Similar specification 5 tenants, one vacancy

	Comparison to Subject
INVESTMENT EVIDENCE & COMPARISON	Comparable 1: This is the sale of the subject property which provides the most useful evidence for what the asset would likely achieve if put for sale on the open market at the valuation date.
	Comparable 2: This property was purchased by M7 in August 2020 and is fully let to two tenants with a WAULT of 8.67 years. It has a very similar remaining term to expiry. The unit is in a comparable location. We are of the opinion that the subject property would achieve a similar EY.
	Comparable 3: This property was purchased by Segro in June 2020. It comprises 32 units ranging from 4,672 – 69,422 sq ft let to 24 tenants with a WAULT of 5.75 years. It is a considerably larger scheme than the subject. It is in a comparable location but of a higher specification and has better access. On this basis we expect the subject property to achieve a weaker rate than this.
	Comparable 4: This property was purchased by L&G in November 2019. It comprises 8 industrial units from 7,453 – 14,157 sq ft let to 5 tenants with one unit vacant with a WAULT of 5.1 years. It is a larger scheme in an inferior location. On this basis we are of the opinion that the subject property would achieve a sharper rate than this.
	Taking the above transactions into consideration, we have adopted a 4.50% Equivalent Yield as the capitalisation rate.
VALUATION METHODOLOGY: MARKET VALUE	In arriving at our opinion of Market Value we have had regard to the market evidence above in comparison to the subject property. We have adopted the following inputs and rationale; •   A headline market rent of £299,362 per annum (reflecting £14.00 per sq ft)
	•   4.50% Equivalent Yield Applied
	£5,800,000 (Five Million Eight Hundred Thousand Pounds) exclusive of VAT

Net Initial Yield	3.26%
Equivalent Yield	4.50%
Reversionary Yield	4.76%

Reflecting a capital value per sq ft of £2,919.63 per sq m (£271.24 per sq ft).

123

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

VALUATION METHODOLOGY: VACANT POSSESSION VALUE	In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the following inputs and rationale; •   We have assumed the property is vacant and non-income producing.
	•   We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £299,362 per annum.
	•   We have applied 6 months void and 3 months’ rent free to all units.
	•   We have applied £50,000 capital expenditure.
	•   Empty rates are deducted for the marketing void, deferred 3 months for rates relief, and also letting fees based on 15% of Market Rent.
	•   We have applied an equivalent yield of 5.36%.
	£4,970,000 (Four Million Nine Hundred and Seventy Thousand Pounds) exclusive of VAT

Equivalent Yield	5.36	%
Reversionary Yield	5.40	%

	Reflecting a capital value per sq ft of £2,229.96 per sq m (£207.17 per sq ft).
ESTIMATED REINSTATEMENT COST ASSESSMENT (RCA)	The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. We have been provided with a report by Arcadis dated 29 February 2020 which estimates that the reinstatement cost for the building for loan security purposes would be £3,245,000 on a day one basis including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out.
REMAINING ECONOMIC LIFE	We are of the opinion that the subject property has a remaining economic life of 25 years.

124

PROPERTY ID:	6 - Veridion Way
ON BEHALF OF:	BAML
VALUATION DATE:	30-Sep-2020	FINAL

VALUATION METRICS		(currency - GBP)
Metric	Value
Market Value		3,650,000
Market Value (per sq ft)		221
Net Initial Yield		4.26	%
Reversionary Yield		5.53	%
Equivalent Yield		5.25	%
Gross Income (p.a.)		165,753
Gross Income (p.a.) (per sq ft)		10
*Adj. Gross Income		165,753
Adj. Gross Income (per sq ft)		10
Net Income (p.a.)		165,753
Net Income (p.a.) (per sq ft)		10
Gross Rental Value		215,200
Gross Rental Value (per sq ft)		13
Capital Expenditure		0
Transaction Costs		6.51	%
Over / Under Rented		-22.98	%

KEY FACTS
Metric	Value
Total Area (sq ft)		16,553
WAULT to Break by Rent		4.39
WAULT to Break by ERV		4.74
WAULT to Expiry by Rent		7.27
WAULT to Expiry by ERV		7.24
Percentage of Vacancy (Area)		0.00	%
Percentage of Vacancy (ERV)		0.00	%
Number of Tenants		2
Tenure		Long Leasehold
Expiry Voids (months)		—

* Adjusted Gross Income equates to the Gross Income excluding any rent free periods

LEASES RANKED BY RENT
Tenant Name	Term to Break		Term to Expiry		Area (sq ft)		Rent		ERV		% of rent
DB WHOLESALE & DISTRIBUTION LIMITED		2.47		7.48		8,243		95,450		107,200		57.6	%
BLL HOLDINGS LIMITED		7.00		7.00		8,310		70,303		108,000		42.4	%
—		—		—		—		—		—
—		—		—		—		—		—
—		—		—		—		—		—
Other		—		—		—		—		—		—
Vacant		n/a		n/a		—		n/a		—		n/a
Total		4.74		7.24		16,553		165,753		215,200		100.0	%

125

PROPERTY ID:	6 - Veridion Way
ON BEHALF OF:	BAML
VALUATION DATE:	30-Sep-2020	FINAL

126

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

PROPERTY REPORT

UNITS 6 & 8 VERIDION WAY, ERITH DA18 4AL

INSPECTED BY:	INSPECTION DATE:	VALUATION DATE:	PROPERTY TYPE:
ANTHONY WILSON-O’NEILL MRICS	17/09/2020	30/09/2020	INDUSTRIAL

KEY VALUATION FACTORS

STRENGTHS

WEAKNESSES

•   Modern units with a good specification. •   Good configuration with a 51% site coverage. •   Demand for multi-let industrial property is strong, particularly those with asset management opportunities and those situated in the South East. The Property is located within Greater London which are of interest to investors seeking Industrial Estates at the current time. •   Limited amount of capex required. •   WAULT of 7.27 years (WAULTC 4.39 years). •   Fixed increases within the tenant’s leases.

•   The property is held on a long leasehold, and although it’s a virtual freehold (999 year lease), some investors will view this negatively.

OPPORTUNITIES	THREATS
•   Unit 8 is currently at a passing rent at £8.47 per sq ft and is highly reversionary.	•   None

LOCATION & SITUATION

LOCATION & SITUATION East Thamesmead is on the edge of Erith. Erith falls just within the Greater London Borough of Bexley on the South Bank of the River Thames and on the edge of the northern Kent border. The town is approximately 5.8 km (3.6 miles) north west of Dartford, 22 km (14 miles) east of Central London and 44 km (27 miles) north west of Maidstone.   The town lies approximately 6.45 km (4 miles) east of Junction 1a of the M25 Motorway and the QE2 Bridge. It is located within the Thames gateway area and nearby industrial locations include Purfleet and Dartford. Tilbury Docks, a major international freight terminal, is 16 km (10 miles) to the south east.   Erith benefits from a good road network with Junction 3 of the M20 lying 19.3 km (12 miles) to the south via the M25 link providing access to Dover and the Channel Tunnel.

127

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

	Erith is well placed on the rail network benefitting from direct services to London Bridge and London Cannon Street Stations with a fastest journey time of 34 minutes.
	In addition, air transport is provided at London City Airport, approximately 9 km (6 miles) to the north-west while Gatwick, Heathrow, Luton and Stansted Airports are easily accessible via the M25 Motorway.
	Erith is situated in West Kent within the M25 between Crayford and Belvedere and is on the border of South East London.
	Veridion Way is accessed via Waldrist Way off Yarnton Way which is accessed directly from the A2016 Eastern Way. The M25 junction 1 a is within 6.4 km (4 miles) and other main routes include the A206, A207 and A2.
	Belvedere station is approximately 2.4 km (1.5 miles) via Yarnton Way via car or within 0.7 km (0.4 miles) by foot.
PROPERTY DESCRIPTION
DESCRIPTION	The subject property comprises two industrial units, built in 2008 and provides typical accommodation for small businesses.
	Construction is of steel portal framed with concrete infill block walls and profile metal sheet cladding. The roof is pitched and covered with profile metal sheeting. Generally, the exterior of the units presents in a good manner as they are only 10 years old.
	The specification of the units includes solid concrete floor, sky lights, a WC, kitchenette facilities, (heated) roller shutter doors to the rear and pedestrian doors to the front. The majority of units had overhanging lights whilst beneath the mezzanines was fluorescent strip lighting.
	Some of the units benefitted from gas warm air blowers (although there is a possibility these may have been tenant improvements). Fire exits are found to the rear and front of the units.
	The property is currently configured as two units, extending to 769.9 sq m (8,287 sq ft) and 776.8 sq m (8,362 sq ft). The units are square in shape.
	The mezzanines were installed by the tenant themselves. Typically, the mezzanines were used for storage and/or as office space and were presented well.
BUILDING AGE	2008
SITE AREA	0.30 ha (0.75 acres).
ACCOMMODATION	As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis.

FLOOR / UNIT	USE	SQ M		SQ FT
6	Industrial / office		769.9		8,243
8	Industrial / office		777		8,310
TOTAL			1,546.9		16,553

128

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

DUE DILIGENCE

STATE OF REPAIR	CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence report prepared by Arcadis dated 20 March 2020. The report concludes that the property is in good condition and there are no significant defects or concerns with the Property. The Property appeared to be in a reasonable state of repair at the time of inspection.
ENVIRONMENTAL CONSIDERATIONS	We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Ltd dated August 2017. The report considers there to be limited potential for current on-Site activities to result in land contamination. The level of contamination risk from on site or surrounding use is considered to be acceptably low for the current use. In addition, the report confirms the site is located in an area considered to have a low potential risk of flooding.
TENURE	We have been provided with a Certificate of Title prepared by Herbert Smith Freehills dated 2020. The property is held leasehold, under two title numbers: Unit 6 - SGL737066 Unit 8 – SGL737067 The headlease for Unit 6 is for a term of 999 years from 31 May 2011, subject to a peppercorn rent. The headlease for Unit 8 is for a term of 999 years from 31 May 2011, subject to a peppercorn rent.

VALUATION CONSIDERATIONS

MARKETABILITY AND POTENTIAL PURCHASERS

The Property offers strong underlying fundamentals and is situated in an established industrial location. The property is of good specification and quality whilst benefiting from an attractive term to lease expiry for units of this nature. The lot size is favourable, and we would anticipate the investment market would be keen to acquire the buildings in the open market. We are of the opinion the typical purchasers of this type of property would be Prop Co’s, REITS and Pension Funds.

MARKETING PERIOD

We are of the opinion that 6 to 12 months should be allowed to find a willing buyer.

129

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

EXPOSURE PERIOD	6 - 12 months.
CURRENT VOID PERIODS	None
COSTS AND ADJUSTMENTS	None
OPINION OF MARKET RENT	In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions;

Property Address

Use

Date

Area (Sq Ft)

Tenant

Lease Length (years)

Break

Rent £ pa (sq ft)

Unit 6 Bilton Road Industrial Estate, Erith

Warehouse

Aug 20

16,968

Hemres

10

None

£

10.00

Unit 8, Northend Trading Estate, Erith

Warehouse

July 20

1,446

Grosik Online

5

2 year (LL)

£

12.10

Acorn Industrial Park, Dartford,

Warehouse

May 20

4,439

RSH Audio Ltd

10

None

£

11.26

Unit 2 Horizon Business Centre, ERITH

Warehouse

Sep 19

2,468

Remote Pharma Solutions

5

None

£

11.65

OCCUPATIONAL EVIDENCE & COMPARISON

Comparison to Subject Comparable 1: Poor specification and larger compared to the subject property. Clear height of 3.5m. The subject property is a more desirable unit. Comparable 2: Older and inferior unit compared to the subject property. The subject property is a more desirable unit. Comparable 3: Located in Dartford which is close to Erith. This unit is poorer in specification and age. Comparable 4: Older unit however benefits from 6.4m clear internal height. Rental levels have increased significantly since this transaction. Taking the above transactions into consideration, we have adopted the following Market Rent; •   Unit 6: £13.00 sq ft headline •   Unit 8: £13.00 sq ft headline •

OPINION OF YIELD

In formulating our opinion of Market Value we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions;

130

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

Property Address	Date		Area (Sq Ft)		WAULT (Years)		Passing Rent £ pa		Purchase Price £ (NIY)	Comments
Subject Property		April 20		16,649		7.27		165,753	£3.6M (4.31%)	£216.23psf. Subject property
Quarry Wood Industrial Estate		July 20		458,000		2.19	£	2,310,000	£38.05 (5.69%)	83.00psf. 15 tenants, 16 acre site.
Schooner Park, Dartford DA2 6QP		June 20		29,488		4.96	£	377,560	£6.475 (5.46%)	£219.58psf. Passing rent inc unit 19.
Kencot Close Business Park, Erith DAI 8 4AB		Dec 19		35,997		n/k	£	437,892	£8.75 (4.69%)	£243psf. Multi let estate with 28 units.

INVESTMENT EVIDENCE & COMPARISON	Comparison to Subject
	Comparable 1: Best evidence as sold five months prior to valuation date.
	Comparable 2: Located in an inferior location, subject property is more desirable.
	Comparable 3: Comparable estate located in Dartford, also reversionary similar to subject property.
	Comparable 4: Located very close to subject property, we would expect a similar yield however this sale is slightly dated.
	Taking the above transactions into consideration, we have adopted the following capitalisation rates;
	•   Unit 6: 5.25% Equivalent Yield •   Unit 8: 5.25% Equivalent Yield

VALUATION METHODOLOGY: MARKET VALUE	In arriving at our opinion of Market Value we have had regard to the market evidence above in comparison to the subject property. We have adopted the following inputs and rationale;
	•   Two industrial buildings built in 2007, let to two separate tenants with an unexpired term of 7.27 years. •   Market rent of £13.00 per sq ft applied which produces a gross rental value of £215,200. •   No holding costs or void periods applicable. •   Applied 5.25% Equivalent Yield to both units.
	£3,650,000 (Three Million Six Hundred and Fifty Thousand Pounds) exclusive of VAT

Net Initial Yield	4.26	%
Equivalent Yield	5.25	%
Reversionary Yield	5.53	%

VALUATION METHODOLOGY: VACANT POSSESSION VALUE	Reflecting a capital value of £2,373.44 per sq m (£220.50 per sq ft). In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the following inputs and rationale;
	•   We have assumed the property is vacant and non-income producing.
	•   We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £215,200 per annum.

131

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

•   We have applied a 9-month letting void on each unit. We have applied a 6 month rent free on the both units assuming a 5-year term certain.

•   Empty rates are deducted for the marketing void, deferred 6 months for rates relief, and also letting fees based on 15% of Market Rent.

•   We have applied an equivalent yield of 6.25% on both units.

£2,950,000 (Two Million Nine Hundred and Fifty Thousand Pounds) exclusive of VAT

Equivalent Yield	6.24	%
Reversionary Yield	6.80	%

	Reflecting a capital value of £1,918.34 per sq m (£178.22 per sq ft).
ESTIMATED REINSTATEMENT COST ASSESSMENT (RCA)	The property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment (RCA). We have been provided with an RCA by Arcadis and dated 13 March 2020 which estimates a total day one reinstatement cost of £2,904,000 excluding VAT and inflation.
REMAINING ECONOMIC LIFE	We are of the opinion that the subject property has a remaining economic life of 25 years.

132

PROPERTY ID:	7 - Ripple Road (CdP)
ON BEHALF OF:	BAML
VALUATION DATE:	30-Sep-2020

VALUATION METRICS		(currency - GBP)
Metrics	Value
Market Value		7,775,000
Market Value (per sq ft)		307
Net Initial Yield		4.68	%
Reversionary Yield		4.68	%
Equivalent Yield		4.79	%
Gross Income (p.a.)		388,070
Gross Income (p.a.) (per sq ft)		15
*Adj. Gross Income		388,070
Adj. Gross Income (per sq ft)		15
Net Income (p.a.)		388,070
Net Income (p.a.) (per sq ft)		15
Gross Rental Value		388,124
Gross Rental Value (per sq ft)		15
Capital Expenditure		0
Transaction Costs		6.66	%
Over / Under Rented		-0.01	%

KEY FACTS
Metrics	Value
Total Area (sq ft)		25,351
WAULT to Break by Rent		9.30
WAULT to Break by ERV		9.30
WAULT to Expiry by Rent		19.30
WAULT to Expiry by ERV		19.30
Percentage of Vacancy (Area)		0.00	%
Percentage of Vacancy (ERV)		0.00	%
Number of Tenants		1
Tenure		Freehold
Expiry Voids (months)		—

* Adjusted Gross Income equates to the Gross Income excluding any rent free periods

LEASES RANKED BY RENT

Tenant Name	Term to Break		Term to Expiry		Area (sq ft)		Rent		ERV		% of rent
ARRIVA LONDON NORTH LIMITED		9.30		19.30		25,351		388,070		388,124		100.0	%
—		—		—		—		—		—
—		—		—		—		—		—
—		—		—		—		—		—
—		—		—		—		—		—
Other		—		—		—		—		—		—
Vacant		n/a		n/a		—		n/a		—		n/a
Total		9.30		19.30		25,351		388,070		388,124		100.0	%

133

PROPERTY ID:	7 - Ripple Road (CdP)
ON BEHALF OF:	BAML
VALUATION DATE:	30-Sep-2020	FINAL

134

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

PROPERTY REPORT

ARRIVA, RIPPLE ROAD, BARKING, IG11 0ST

INSPECTED BY:	INSPECTION DATE:	VALUATION DATE:	PROPERTY TYPE:
NICK HEWITT MRICS	23/09/2020	30/09/2020	INDUSTRIAL

KEY VALUATION FACTORS

STRENGTHS	WEAKNESSES
•  Located in close proximity to Central London. •  Established industrial location	•  Dated property.
OPPORTUNITIES	THREATS
•  Ensure tenant remains in occupation beyond 2030 break.	•  Market deterioration due to Covid-19.

LOCATION & SITUATION

LOCATION & SITUATION	Barking is a major commercial and industrial centre, located approximately 9 miles to the east of central London. The town benefits from excellent road links, with easy access to the A13 providing access to Central London to the West and the M25 (Junction 30) to the east.
	Barking mainline railway station and underground (District and Hammersmith & City lines) provide a regular service to London Fenchurch Street with a journey time of approximately 14 minutes. London City Airport is located 5.5 miles to the South West.
	The property is situated on Ripple Road, in the immediate proximity to the A13, accessible from the westbound carriageway.
PROPERTY DESCRIPTION
DESCRIPTION	The workshop is a high bay industrial building based around a steel portal frame. There is internal office accommodation on the first floor.
	There is a separate canteen building which is made from brick block construction and a separate vehicle repair unit. The yard is to the rear of the property whilst staff and visitor parking is to the front of the property.
BUILDING AGE	1975

135

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

SITE AREA	Approximately 1.8 acres (0.73 ha)
ACCOMMODATION	As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area basis (GIA).

FLOOR / UNIT	USE	SQ M		SO FT
Warehouse	Warehouse		5,938		25,351
TOTAL			5,938		25,351

DUE DILIGENCE

STATE OF REPAIR

CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated 20th March 2020. The report outlines that both units A & B are in reasonable condition for their age showing some signs of wear and tear but providing suitable accommodation for the tenants requirement. In addition, the tenant is in occupation under an FRI lease therefore all repair and refurbishments works will fall to the tenant. The report notes that the landlord will need to carry out repairs to outstanding remedial works at lease end, however the costs are expected to fall below the level of materiality.

ENVIRONMENTAL CONSIDERATIONS

We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Technical Due Diligence report prepared by Arcadis dated 2nd March 2020. The report highlights that there are asbestos containing materials on the sight which require careful maintenance, the responsibility for which falls on the current tenant. The report also outlined the presence of Japanese knotweed. It is understood that the current tenant has commenced works for the removal of the vegetation which is expected to last several years. Additionally we have been provided with a Phase 1 Environmental Assessment prepared by Delta Simmons dated September 2019. The report summarises “On the basis of available information, Delta-Simons considers that with regard to potential soil and groundwater contamination issues and associated environmental liabilities, the Site represents an investment opportunity with a Low to Moderate overall risk status in the context of its ongoing use and obtaining an environmental insurance policy.” No further works are required for land contamination purposes for continued use. We have also been provided with a report prepared by Ambiente Group Uk Ltd dated March 2020 which classifies the environmental risk of the site to be low to moderate.

136

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

TENURE We understand the property is held freehold.   We have been provided with an unsigned certificate of title prepared by Herbert Smith Freehills LLP which confirms the property had a good and marketable title.

VALUATION CONSIDERATIONS

MARKETABILITY AND POTENTIAL PURCHASERS	Should this property be brought to the market, we believe there would be a significant level of interest in the asset and would like sell to a wider variety of investors including, Prop Co’s, REITS and Pension Funds.
MARKETING PERIOD	We are of the opinion that 6-12 months should be allowed to find a willing buyer.
EXPOSURE PERIOD	6 – 12 months.
CURRENT VOID PERIODS	None.
COSTS AND ADJUSTMENTS	None.
OPINION OF MARKET RENT	In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions;

137

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

Property Address	Use		Date	Area (Sq Ft)		Tenant	Lease Length (years)		Break		Rent £ pa (sq ft)
Arriva, Barking Ripple Road		Warehouse	January 2020		25,351	Arriva		20		10	£	15.31
Unit 19, Alpine Way, Barking		Warehouse	April 2019		18,000	Ministry of Housing		10		—	£	14.75
Unit 1, Segro Park, Rainham		Warehouse	April 2019		57,520	Babcock Ltd		12.5		—	£	10.25
Unit 9 Gemini Business Park, Beckton		Warehouse	February 2018		20,000	Unknown		10		—	£	13.50

OCCUPATIONAL EVIDENCE & COMPARISON	Comparison to Subject
	Comparable 1: Subject property own best evidence.
	Comparable 2: Trade counter property which is reflective in high rent.
	Comparable 3: Modern unit but inferior location.
	Comparable 4: Refurbished and located in established industrial location.
	Taking the above transactions into consideration, we have adopted the following Market Rent;
	•   £15.31 per sq ft headline
	The property has a low site coverage of 32% and therefore we have analysed the passing rent as follows using our own assumptions:
	The overall site area is approximately 78,000 sq ft. Assuming a usual site cover of 40%, and a warehouse market rent of £11 per sq ft, this equlas a rent of £344,612. The remaining £43,458 (which totals the passing rent of £388,070) can therefore be attributed to the remainder of the space of approximately 47,000 sq ft. This area breaks back to £0.92 per sq ft.
	We believe the passing rent on the property is reflective of a higher rate per sq ft because of the low site coverage.
OPINION OF YIELD	In formulating our opinion of Market Value we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions;

138

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

Property Address	Date	Area (Sq Ft)		WAULT (Years)		Passing Rent £ pa		Purchase Price £ (NIY)			Comments
Subject property	April 2020		63,919		4.24	£	630,695	£	7.75m
DHL, Barking	April 2019		114,981		2.00	£	841,661	£	24.26m (3.25	%)	Bought by Valor Real Estate Partners.
IO Centre, Barking	U/O		25,676		7.73	£	297,073		*3.75	%	*We understand the property is currently under offer at 3.75%

INVESTMENT EVIDENCE & COMPARISON	Comparison to Subject
	Comparable 1: the subject property is its own best evidence.
	Comparable 2: Superior quality building.
	Comparable 3: Recently refurbished, superior quality building.
	Taking the above transactions into consideration, we have adopted the following capitalisation rates;
	•   Subject Property: 4.68% Net Initial Yield
VALUATION METHODOLOGY: MARKET VALUE	In arriving at our opinion of Market Value we have had regard to the market evidence above in comparison to the subject property. We have adopted the following inputs and rationale; •   Passing rent of £388,070 which equates to £15.31
	•   Market Rent of £316,887 which equates to £12.50 per sq ft
	•   We have capitalised the passing rent at a Net Initial yield of 4.68% which produces a rounded value of:
	£7,775,000 (Seven Million Seven Hundred and Seventy Five Thousand Pounds) exclusive of VAT

Net Initial Yield	4.68	%
Equivalent Yield	4.79	%
Reversionary Yield	4.68	%

Reflecting a capital value of £3,304.64 per sq m (£307.00 per sq ft).

VALUATION METHODOLOGY:	In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the following inputs and rationale;
VACANT POSSESSION VALUE	•   We have assumed the property is vacant and non-income producing. •   Market Rent of £316,887 which equates to £15.31 per sq ft •   We have applied a 6 month letting void and a 6 month. •   We have deducted legal and letting fees at 15% of Market Rent as capital cost from the Gross Market Value •   We have applied an equivalent yield of 5.00% which produces a rounded market value of:
	£6,820,000 (Six Million Eight Hundred and Twenty Thousand Pounds) exclusive of VAT

139

PROJECT NAME: ON BEHALF OF: VALUATION DATE: UNITED IV BANK OF AMERICA MERRILL LYNCH 30/09/2020

Equivalent Yield	5.00%
Reversionary Yield	5.25%

	Reflecting a capital value of £2,895.60 per sq m (£269.00 per sq ft).
ESTIMATED REINSTATEMENT COST ASSESSMENT (RCA)	The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. We have been provided with a report by Arcadis dated 29 February 2020 which estimates that the reinstatement cost for the building for loan security purposes would be £2,935,000 on a day one basis including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out.
REMAINING ECONOMIC LIFE	We are of the opinion that the subject property has a remaining economic life of 25 years.

140

PROPERTY ID:	8 - Hubert Road MV
ON BEHALF OF:	BAML
VALUATION DATE:	30-Sep-2020	FINAL

VALUATION METRICS		(currency - GBP)
Metric	Value
Market Value		7,720,000
Market Value (per sq ft)		179
Net Initial Yield		2.97	%
Reversionary Yield		5.20	%
Equivalent Yield		4.97	%
Gross Income (p.a.)		246,964
Gross Income (p.a.) (per sq ft)		6
*Adj. Gross Income		366,916
Adj. Gross Income (per sq ft)		8
Net Income (p.a.)		246,964
Net Income (p.a.) (per sq ft)		6
Gross Rental Value		432,030
Gross Rental Value (per sq ft)		10
Capital Expenditure		-82,895
Transaction Costs		6.66	%
Over / Under Rented		-15.07	%

KEY FACTS
Metric	Value
Total Area (sq ft)		43,203
WAULT to Break by Rent		2.38
WAULT to Break by ERV		2.32
WAULT to Expiry by Rent		5.87
WAULT to Expiry by ERV		5.43
Percentage of Vacancy (Area)		0.00	%
Percentage of Vacancy (ERV)		0.00	%
Number of Tenants		3
Tenure		Freehold
Expiry Voids (months)		6

* Adjusted Gross Income equates to the Gross Income excluding any rent free periods

LEASES RANKED BY RENT
Tenant Name	Term to Break		Term to Expiry		Area (sq ft)		Rent		ERV		% of rent
Careco (UK) Ltd		1.32		3.62		29,875		246,964		298,750		67.3	%
J C Buck Limited		4.59		9.49		13,328		119,952		133,280		32.7	%
—		—		—		—		—
—		—		—		—		—
—		—		—		—		—
Other		—		—		—		—				—
Vacant		n/a		n/a		—		n/a				n/a
Total		2.32		5.43		43,203		366,916		432,030		100.0	%

141

PROPERTY ID:	8 - Hubert Road MV
ON BEHALF OF:	BAML
VALUATION DATE:	30-Sep-2020	FINAL

142

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION DATE: 30/09/2020 PROPERTY REPORT UNITS B1-B3, HUBERT ROAD, BRENTWOOD, CM14 4JE INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: KATHY O’REILLY MRICS 28/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– 100% let to tenants that would be considered to Japanese Knotweed has been detected on site â– be very low risk in terms of covenant strength. and will require ongoing monitoring. â– Three modern industrial units located on a â– Even though the property is 100%; let off a WAULT dedicated industrial estate. of 5.87 Years, its term certain is 2.38 years due to break options on the CareCo units in January â– Brentwood is an affluent commuter town with 2022. good connections to London. OPPORTUNITIES THREATS â– The units would be readily marketable in the event â– Competition from industrial developments in the of vacancy. surrounding catchment. Threat of wider deterioration of the industrial â– market. â– Global Economic uncertainty from Covid-19. LOCATION & SITUATION LOCATION & Brentwood is located within Essex in the East of England. Strategically located 20 miles East of Central SITUATION London and adjacent to the M25 it forms part of the London commuter belt. The town benefits from excellent road links, the South West of Brentford is connected to junction 28 of the M25. This provides access to the Ml motorway and the North in 26.5 miles and the M20 to Dover in under 18 miles. Brentwood is located on the Great Eastern railway line, with journey times to London Liverpool Street station taking approximately 40 minutes. London City Airport is located 13.5 miles to the South West. The property is situated on Hubert Road, within an industrial area of central Brentwood. Brentwood railway station is less than a mile to the East and the Al 023 is just 200 metres North, this provides direct access to the M25.

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 DESCRIPTION The property on Hubert Road comprises a terrace of 3 similar units comprising of a steel portal frame construction. Each unit has a two-story section of office at the front of the unit and staff accommodation with the remainder of the unit being warehouse facilities currently used for storage and distribution. The premises benefits from concreted roadways with tarmac sections. The main structure of the property is of traditional steel portal framed construction. The roof to the property comprises profiled metal sheeting. The external elevations of the warehouse section of the property are formed of a combination of brickwork and profiled metal cladding. Lighting to the warehouse areas are generally comprised of fluorescent and LED fittings. Heating to the warehouse is provided by suspended gas fired air distribution heaters. BUILDING AGE Built 2000 c. 20 years old SITE AREA 0.656 hectares (1.62 acres) As instructed, we have relied upon floor areas within the tenancy schedule provided by the PROPERTY Borrower, which we have assumed to have been calculated in accordance with the RICS Code DESCRIPTION of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. 1 FLOOR/UNIT SQFT USE SQM Unit Bl Industrial Unit 1238.22 13,328 Unit B2 Industrial Unit 1280.50 13,783 Unit B3 Industrial Unit 1495.01 16,092 TOTAL 4013.73 43,203 DUE DILIGENCE ACCOMMODATION STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated April 2020. We have applied explicit costs for the works deemed as being required in the immediate term and have applied a cost as an allowance for an annual sinking fund/ongoing maintenance. The asset appeared to be in a reasonable state of repair at the time of inspection. Some Fire and Life Safety Installations as well as external walls require attention. PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. 144 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Ltd dated April 2020. The report makes clear that Japanese Knotweed is currently being managed along the western and southern boundaries of the site, with further visits scheduled annually until September 2022. It is understood that the Seller stated that there is no insurance-backed guarantee in place. Japanese Knotweed has also been identified on the off-site premises adjacent to the south, with the adjoining owners (National Rail) confirming they will treat the JK over the next five years. Ambiente commissioned a specialist contractor (Japanese Knotweed Ltd) to undertake a site walkover to provide a quote for a comprehensive Japanese Knotweed eradication programme (including insurance-backed guarantee). The proposed scope of works includes Full Excavation and Cart-Away to Landfill (with installation of Vertical Root Barriers) where possible (in the area of the car park in the south of the property) and then a programme of systemic herbicide applications providing long term control in the area where Excavation is not possible (in the west of the site to the rear of the units). Japanese Knotweed Ltd has provided the cost of a 5 year herbicide treatment and monitoring programme at a cost of £1090, which we have reflected in our valuation approach as a Capex Item. The Ambient Report concludes that “The level of environmental risk associated with the site is assessed to be acceptably low for the current use and no further environmental investigation or assessment is considered necessary prior to acquisition.” And that no significant issues have been identified in relation to the current site use. TENURE We understand the property is held freehold under title number EXI 98839. We have assumed there are no unduly onerous conditions or encumbrances affecting value. The site area of the freehold extends to 1.62 Acres. We have been provided with a copy of the Draft Certificate of Title prepared by Herbert Smith Freehills LLP (HSF LLP), dated unspecified, 2020. The Certificate states that, subject to the matters referred to in it, in the opinion of HSF LLP the Company has good and marketable title to the property. We have reviewed the Certificate of Title and can confirm that there is nothing therein that in our view would adversely impact on our valuation. VALUATION CONSIDERATIONS MARKETABILITY On the basis that the scheme is fully occupied, there would be significant interest from AND POTENTIAL investors given the current level of tenant demand in the marketplace. PURCHASERS The 3 units are let to 2 tenants considered to be ‘Very Low Risk’ in terms of covenant strength and on this basis, there is likely to be significant investor interest from a range of purchasers including property companies and selected institutions. The lot size of the subject property puts it within reach of private and institutional investors. MARKETING PERIOD We are of the opinion that 12 months should be allowed to find a willing buyer. EXPOSURE PERIOD 9 months. 145

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 CURRENT VOID 6 months PERIODS COSTS AND ADJUSTMENTS We have applied expiry voids of 6 months to all of the units and assumed renewal incentives in the form of a 3-month rent free period. We have applied empty rates for the duration the void periods. Empty rates have been calculated on the basis of .512 p per pound of rateable value of the units, incurred quarterly until the end of the void period. We have reflected one off capital expenditure items for the Japanese Knotweed herbicide and monitoring programme (£1,090) and landlords repair works of £17,000. We have assumed Letting and Legal fees at 15% of the market rent for each unit. OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; 146 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Lease Property Area (Sq Rent £ pa Use Date Tenant Length Break Address Ft) (sq ft) (years) Unit Bl, Hubert Road Industria JC Buck £119,952 Brentwood 1 April 2020 13,328 Limited 10 1/5/2025 (£9.00) Unit B2, Hubert Road, Industria December CareCo 7 years 1 23/01/20 £137,830 Brentwood 1 2019 13783 (UK) Ltd month 22 (£10.00) Stepped: Years 1&2 £130,000 Years 3&4 £140,000 All Type Year 5 Unit 2, Viper Roofing £150,000 Industrial supplies (£10.65 per Estate, (Group) sq ft Romford Storage 11/2019 12,952 Limited 10 years Year 5 average) £589,580 per annum Unit 1, Segro reflecting Park Babcock £10.25 per Rainham, Control sq ft. 6 Rainham, RM Services months rent 13 8GJ Storage 04/2019 57,520 Limited 12 years Year 8 free. Comparison to Subject Comparable 1: The most recent letting in the subject - marginally behind the balance of evidence. Comparable 2: Unit B2 of the subject property - considered to be indicative of ERV. Comparable 3: New scheme in Romford -marginally smaller unit. Comparable 4: Larger Units in terms of quantum, modern specification, superior. Taking the above transactions into consideration, we have adopted the following Market Rent; - Units Bl-B3: £10.00 sq ft headline OPINION OF In formulating our opinion of Market Value we have researched the local market and where YIELD appropriate spoken with in house agency teams. We have had regard to the following transactions; 147 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION DATE: 30/09/2020 WAULT Passinq Rent £ Property Address Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) Units Bl -B3 Hubert Road, £7,720,000 Brentwood 8/2020 43,203 5.9 £246,964 (4.40%) The subject property Terrace of three modern industrial units constructed Viper Industrial in 2015. Understood to be Estate, Ashton £9,115,000 under offer at £13.43M Road, Romford 7.84 (4.50%) 3.30% NIY ahead of RM3 8UD 09/2020 43,419 (9.55) £473,531 Asking quoting. 2 Industrial Warehouses, 62& 75 - Boxset, 12m eaves and 5 dock Basildon June 2020 136,576 n/a n/a £19,540,000 level loading doors Units A & B, Ripple £19,000,000 Road, Barking 04/2020 63,981 4.25 £630,395 (3.11%) £297 psf capital value Comparison to Subject Comparable 1: This is the sale of the subject property which provides the most useful evidence for what the asset would likely achieve if put for sale on the open market at the valuation date. Comparable 2: Under offer apparently ahead of asking - indicates the depth of demand for modern well let industrial premises. Comparable 3: Sold with vacant possession. The site was bought and developed by Wrenbridge in 2018. Sold to Legal & General UK. Comparable 4: Pair of units built in 2004 and let to Saint Gobain Building Distribution Limited a “very low risk” covenant based on Experian assessment. 2019rent review is outstanding and is open market but based on 1.14% of hypothetical 25,000 sq ft unit. Situated to the East of London but on the Al 3. Taking the above transactions into consideration, we have adopted the following capitalisation rates; - Units B1-B3 : 4.97% Equivalent Yield. VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– The property is held freehold. â– The investment is a multi-let industrial business park comprising 3 units. â– Our opinion of ERV is £432,030 per annum. â– We have applied expiry voids of 6 months and rent-free periods of 3 months. We have applied empty rates for the duration of the void periods. We have reflected the short-term capex of £1 7,000 for short term repairs. We have reflected £1,090 for Japanese Knotweed treatment and monitoring. We have applied a capitalisation rate of 4.97%. We are aware that the subject property sold in April 2020 £7,720,000, which we consider to be in line with market indicators. After the deduction of purchasers’ costs, our opinion of the property is £7,720,000 exclusive of VAT. This gives a Capital Value of £178.49 per sq ft. 148

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 £7,720,000 (Seven Million Seven Hundred and Twenty Thousand Pounds) exclusive of VAT Net Initial Yield 2.97% Equivalent Yield 4.97% Reversionary Yield (01/05/2025) 5.19% Reflecting a capital value per sq ft of £1,921.24 per sq m (£178.49 per sq ft). VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting METHODOLOGY: the following inputs and rationale; VACANT â– We have made the Special Assumption that the property is vacant at the valuation date. POSSESSION VALUE â– The property is held freehold. â– Our opinion of ERV is £432,030 per annum. â– We have applied a marketing period of 6 months and a rent-free period of 3 months to all units assuming leases of five years term certain. â– We have applied empty rates for the duration the void periods. â– We have assumed Letting and Legal fees at 15% of the market rent for each unit. â– We have reflected the short term capex of £1 7,000 for short term repairs. â– We have reflected £1,090 for Japanese Knotweed treatment and monitoring. â–We have capitalised the income at an equivalent yield of 6.00%. â– We have applied standard purchasers’ costs. £6,200,000 (Six Million Two Hundred Thousand Pounds) exclusive of VAT Equivalent Yield 6.02% Reversionary Yield 6.37% Reflecting a capital value per sq ft of £1,544.73 per sq m (£143.51 per sq ft). The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor ESTIMATED have we carried out a full Reinstatement Cost Assessment. For indicative purposes only, we REINSTATEMENT estimate that the reinstatement cost for the building for loan security purposes would be COST £2,800,000 on a day one basis including fees but excluding VAT and inflation. These figures ASSESSMENT should be compared with the current sum insured and if a material discrepancy exists we suggest (RCA) that a full Reinstatement Cost Assessment is carried out. We are of the opinion that the subject property has a remaining economic life of 25 years. REMAINING ECONOMIC LIFE 149 CBRE

PROPERTY ID: 9 - Seacroft Ind & Trade Centre MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Seacroft Ind & Trade Centre MV - Coal Road, Leeds, LS14 2AQ, United Kingdom North Sea 03 Glasgowo °Edinburgh T United Kingdom . Isle of Man Manchester Whinmoor o Dublin Ireland ® Birmingham o Amsterdam ® Netherlands London s Brussels Cologne ® ° Belgium Tesco Extra V A s SWARCLIFFE Go: gle Map data 62021 GeoBas is-DE/BKG (<82009), Google Google SEACROFT Map data ©2021 VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 9,400,000 Total Area (sq ft) 114,817 Market Value (per sq ft) 82 WAULT to Break by Rent 3.23 Net Initial Yield 4.92% WAULT to Break by ERV 3.19 Reversionary Yield 6.50% WAULT to Expiry by Rent 4.33 Equivalent Yield 6.20% WAULT to Expiry by ERV 4.46 Gross Income (p.a.) 520,334 Percentage of Vacancy (Area) 12.56% Gross Income (p.a.) (per sq ft) 5 Percentage of Vacancy (ERV) 12.21% *Adj. Gross Income 520,334 Number of Tenants 12 Adj. Gross Income (per sq ft) 5 Tenure Freehold Net Income (p.a.) 520,334 Expiry Voids (months) 3 to 12 Net Income (p.a.) (per sq ft) 5 Gross Rental Value 687,700 Gross Rental Value (per sq ft) 6 Capital Expenditure -551,421 Transaction Costs 6.69% Over / Under Rented -13.81% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Travis Perkins (Properties) Ltd 1.97 1.97n 16,649 c 97,000 â–¡ 104,100 c 18.6% Royal Mail Group Ltd 2.75 2.75n 16,046 â–¡ 76,219 â–¡ 92,300El 14.6% Howden Joinery Properties Ltd 8.06 8.06D 10,799 â–¡ 56,700 I 62,100â–¡ 10.9% L&G Utilities Ltd 1.09 3.09D 9,693 â–¡ 53,312 58,200â–¡ 10.2% Screwfix Direct Ltd 3.83 3.83n 6,615â–¡ 43,082 n 41,300â–8.3% Other 3.03 5.68 40,599 194,021 245,700 37.3% Vacant n/a n/a 14,416 n/aâ–¡ 84,000 n/a Total 3.19 4.46 114,817 520,334 687,700 100.0% Printed 01/02/2021 13:23 150

PROPERTY ID: 9 - Seacroft Ind & Trade Centre MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 140,000 120,000 +- * 100,000 c aj 80,000 oi U1 60,000 O 40,000 O 20,000 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â–> 9 yrs Printed 01/02/2021 13:23 151 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT SEACROFT INDUSTRIAL & TRADE CENTRE, COAL ROAD, LEEDS LS14 2AQ â– Good industrial and trade counter location in North Two vacant units incurring ongoing hold costs. East Leeds. Somewhat dated units and £351,000 of non- â– Directly accessed via A6120 Leeds Outer Ring Road. recoverable costs identified. â– Generally well let with relatively strong tenancy Vacant units need additional refurbishment works to profile. make them more attractive to potential tenants. â– WAULTB - 3.23 years and WAULTE - 4.33 years. OPPORTUNITIES THREATS Refurbish and let vacant units. Vacant units remaining empty for a prolonged period with ongoing hold costs incurred. Undertake repairs and refurbishment programme to increase longevity of investment and Further tenant vacancies at lease expiries or on potentially enhance value. breaks. Further deterioration of fabric which will deter tenants from taking the space and potentially increase future repair costs required. INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: MICHAEL PORTER FRICS 22/09/2020 30/09/2020 INDUSTRIAL & TRADE COUNTER ESTATE KEY VALUATION FACTORS STRENGTHS WEAKNESSES LOCATION & SITUATION LOCATION & SITUATION The property is located in Seacroft, a North East suburb of Leeds, approximately 9.6 km (6 miles) distance from the city centre. It is accessed directly via the A6120 Leeds Outer Ring Road, which leads to the A64 and A58. The surrounding area accommodates a mixture of uses including residential, industrial and offices. It is situated at the entrance to the larger Coal Road Industrial Estate with occupiers including: â–Sweet Squared 152 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Unilever Ecco Safety Group Concept Group Colour Display Komori Ceramica Impex PROPERTY DESCRIPTION The property comprises a mixed industrial and trade counter estate incorporating 14 units developed at stages from the 1960s to the 1980s. They are formed in a mixture of terraces, semi-detached and detached units, principally constructed with: â– Steel portal frames DESCRIPTION â– Brick / block and some partial profile metal sheet clad walls â– Mainly pitched corrugated asbestos sheet roofing with some including profile metal sheets instead â– Roller shutter doors and powder coated alloy framed windows â–Eaves heights circa 4.5 to 6 metres Single or two storey relatively basic offices are incorporated with the exception of Unit 1A1 (Enterprise) which are of superior quality to the others, including heating / cooling cassettes within. There are a mixture of tarmacadam and concrete surfaced hardstanding, circulation and car parking areas. Some units incorporate individual palisade fenced and gated areas. 1960s to 1980s. Approximately 2.65 hectares (6.54 acres) BUILDING AGE As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. SITE AREA UNIT USE SQ M SQ FT A Industrial 536.32 5,773 ACCOMMODATION B Industrial 454.76 4,895 E Trade Counter 428.28 4,610 Industrial 640.84 F 6,898 G Industrial 544.04 5,856 H Industrial 900.50 9,693 1A1 Trade Counter 766.63 8,252 1A2 Trade Counter 614.55 6,615 1B Trade Counter 1,546.73 16,649 1C Warehouse 1,490.71 16,046 2B1 Trade Counter 437.11 4,705 2B2 Trade Counter 400.87 4,315 2C2 Trade Counter 1,003.25 10,799 2A2 Trade Counter 902.17 9,711 TOTAL 10,666.76 114,817 153 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence Report prepared by Arcadis, dated 8 June 2020, reference: UK10019829. Their conclusions and recommendations state: “The buildings and site overall is in satisfactory condition considering the age of the units. There is a good tenant rate currently but some capex may be required to repair / improve some of the units which will become vacant within the report period. In regard to the building services installations they are generally in good condition, with some remedial repairs to lighting, heating and domestic water systems required which will be the responsibility of the tenant to resolve under the terms of their lease. It is anticipated that some minor repairs / replacements of lighting and heating systems may be required at lease end, to bring them to a lettable standard”. In their risk schedule and capex they note that some £351,000 of works is likely to be required within the next ten years. These are categorised as low to medium risk works. We have spoken to the letting agents of vacant units 2B1 and 2A. They have stated that both will require refurbishment works to attract tenants and they are aware that Savills are being appointed to cost and make recommendations in this respect. In advance of receiving such we have assumed a refurbishment at a cost of £107.64 per sq m (£10.00 per sq ft). Unit 2B1 - £47,000 Unit 2A - £97,100 Total - £144,100 ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary prepared by Nova Ambiente dated April 2020 - Project Number: BX064. It concludes that the level of environmental risk associated with the site is assessed to be acceptably low for the current use and no further environmental investigations or assessment is considered necessary prior to acquisition. TENURE We have been provided with a draft Certificate of Title, prepared by Herbert Smith Freehills. The property is held Freehold under Title Number WYK 439934. They state that there does appear to be strips of land between the boundary of the Property and the edge of the adopted highway. In addition there is the potential for a chancel repair liability. There are indemnity policies in place in respect of these proposed issues: 154 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 â–Defective Title Indemnity â– 16 March 201 2 â– Being unable to continue access to and from the Property, for the current industrial use, with and without vehicles, over the areas shown coloured blue on the plan annexed to the policy because of insufficient legal right to do so. â– Insured being unable to use, maintain or repair services connected to the Property existing at the date of the policy for the current industrial use in the manner previously exercised because of insufficient legal right to do so. â– Limit of Indemnity £6,500,000. â– We recommend this sum is increased to our opinion of market value. â– Chancel Repair Liability â– 10 February 2016 â– Amount payable in the event that a parish church demands a contribution towards the cost of the repair of the church chancel. â–Legal fees. â– Difference in value of the Property immediately before and immediately after the claim for the chancel repair contribution. â– £1,000,000 limit. Please note that we have not been supplied with any Title Plans and have assumed that our understanding of the extent of the Property is included within this Title. VALUATION CONSIDERATIONS MARKETABILITY Multi-let trade counter and industrial investments are currently one of the most sought after products AND POTENTIAL by investors keen to acquire assets in strong locations where tenant retention and attraction is good. PURCHASERS Reflecting its good location and relatively good tenancy profile we anticipate that it would prove attractive to a mixture of REITS, property companies, certain funds and private investors. MARKETING PERIOD We are of the opinion that 6 to 9 months should be allowed to find a willing buyer. EXPOSURE PERIOD 6 - 9 months. CURRENT VOID 9 - 18 months on the vacant units PERIODS COSTS AND CAPEX estate £351,000 ADJUSTMENTS Unit 2B1 £47,000 Unit 2A £97,100 Total £495,100 155 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 We have also allowed for letting fees in respect of the vacant units and empty rates during the marketing period. OPINION OF In formulating our opinion of Market Rent we have researched the local market and where appropriate MARKET RENT spoken with in house agency teams and the letting agent of the vacant units, Knight Frank. We have had regard to the following transactions; Lease Property Area (Sq Rent £ pa Use Date Tenant Length Break Address Ft) (years) (sq ft) Seacroft Vintage Kilo £41,390 Industrial & Trade Industrial 9/2020 6,898 5 3 years Limited (£6.00) Centre, Coal Road, Leeds Units 9-11 City Plumbing £49,950 Roundhay Trade Trade Counter 02/2020 5,550 10 5 years Supplies (Travis (£9.00) Park, Perkins) Howden Unit D Copley Hill Joinery Industrial Estate, £76,350 Trade Counter 06/2019 13,774 Properties 10 5 years Leeds Limited (£5.54) Z Unit F1 Copley Hill £39,910 Trade Counter UK Analytical o Industrial Estate, 01/2020 5,505 5 N/A <n Ltd (£5.98) Leeds E <t Comparison to Subject Q 2 . O Comparable 1: Open market letting - subject property at the rear of the estate. w ojS L Comparable 2: Open market letting - superior purpose built trade counter estate. 7.5 months rent free. U w Comparable 3: Lease renewal - similar age trade counter unit L Z Open market letting - similar age trade counter unit. 6 months at 50% rent. Comparable 4: Q U Taking the above transactions into consideration, we have adopted the following Market Rent; > L U - Front Units: £6.25 per sq ft headline - Rear Units: < 7,500 sq ft £6.00 per sq ft headline o Z Rear Units: > 7,500 sq ft £5.75 per sq ft headline p <t 3 Q . w w In formulating our opinion of Market Value we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; OPINION OF YIELD 156 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 l Property Address WAULT Passing Rent £ Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) Seacroft Industrial & Trade Centre, 4.33 £520,334 £9,540,000 Coal Road, Leeds 09/2020 114,817 (4.05) pa (4.85%) £83.09 per sq ft. Wheatley Hall Trade Park, 4.6 £457,910 £6,075,000 Doncaster 09/2019 49,303 (3.6) Pa (7.1%) £123.21 per sq ft Bowthorpe Industrial Estate, £1,116,119 £19,606,000 Norwich 07/2020 253,284 3.49 pa (6.35%) £77.38 per sq ft Z Units A&B, Gilcar £305,000 £5,200,000 o Way, Normanton 09/2020 63,377 3.65 Pa (5.5%) £82.00 per sq ft <n a <t Comparison to Subject Q. Comparable 1: Subject property - recently sold by Hermes. Price includes rental top ups on the two vacant units which 2 O equate to approximately £150,000. w ojS L U Comparable 2: Prominent position but secondary location to the subject property w Z L Comparable 3: 76 units - mixture of trade and industrial. Considered to be of similar quality Comparable 4: 2 high U Q quality units. Considered to be superior to the subject property Taking the above transactions into consideration, we have > L U adopted the following capitalisation rates; I- - Let Units: 6.00% Z L U - Vacant Units: 7.00% 2 > Z VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above METHODOLOGY: in comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Current gross income £520,334 per annum. â– Market headline rent £687,700 per annum. â–Where there are lease expiries or tenant breaks within the next three years we have allowed for between 3 to 12 months post event voids. â– For the two vacant units we have allowed for 15 months letting voids and 6 months rent free. â– Empty rates have been deducted for the marketing voids and letting fees based on 15% of headline market rent. â– We have allowed for total CAPEX of £495,100 per annum for general repairs and also refurbishment of the vacant units. â– An equivalent yield of 6.10% is applied to the let units and 7.00% to the vacant parts. £9,400,000 (Nine Million Four Hundred Thousand Pounds) exclusive of VAT Net Initial Yield Equivalent Yield Reversionary Yield 4.92% 6.20% Reflecting a capital value per sq ft of 6.50% £881.25 per sq m (£81.87 per sq ft). 157 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 The property was recently acquired as part of a portfolio at an apportioned price of £9,540,000. The price reflected top ups in respect of the two vacant units for rent, empty rates and service charge which totals £151,366.76. We have not reflected the top ups as a future purchaser and also the bank as mortgagee in possession may not benefit from these. VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the METHODOLOGY: following inputs and rationale; VACANT POSSESSION VALUE â– We have assumed the property is vacant and non-income producing. â–We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £687,700 per annum. â– We have allowed for between 15 to 18 months letting voids followed by 6 months rent free. â– Empty rates are deducted for the marketing void and also letting fees based on 15% of Market Rent. â– We have applied an equivalent yield of 7.00%. £7,230,000 (Seven Million Two Hundred and Thirty Thousand Pounds) exclusive of VAT Equivalent Yield 7.00% Reversionary Yield 7.92% Reflecting a capital value per sq ft of £677.81 per sq m (£62.97 per sq ft). ESTIMATED REINSTATEMENT The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we COST ASSESSMENT carried out a full Reinstatement Cost Assessment. We have been provided with an RCA Summary (RCA) prepared by Arcadis dated 13 March 2020 in the sum of £9,682,000 on a day one basis including fees but excluding VAT and inflation. This figure should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 20 to 25 years. 158 C

PROPERTY ID: 10 - Verney Road MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Verney Road MV - 34-36, Verney Road, London (Bermondsey), SE16 3DH, United Kingdom VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 4,600,000 Total Area (sq ft) 9,855 Market Value (per sq ft) 467 WAULT to Break by Rent 1.63 Net Initial Yield 3.24% WAULT to Break by ERV 1.63 Reversionary Yield 4.45% WAULT to Expiry by Rent 1.63 Equivalent Yield 4.20% WAULT to Expiry by ERV 1.63 Gross Income (p.a.) 160,000 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 16 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 160,000 Number of Tenants 1 Adj. Gross Income (per sq ft) 16 Tenure Freehold Net Income (p.a.) 160,000Expiry Voids (months) 6 Net Income (p.a.) (per sq ft) 16 Gross Rental Value 220,000 Gross Rental Value (per sq ft) 22 Capital Expenditure -33,000 Transaction Costs 6.57% Over / Under Rented -27.27% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Bliss Travel Limited 1.63 1.63 9,855 160,000 220,000 100.0% - - - - - - - - Other - -Vacant n/a n/a n/a n/a Total 1.63 1.63 9,855 160,000 220,000 100.0% Printed 01/02/2021 13:23 159

PROPERTY ID: 10 - Verney Road MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 200,000 100.00% 150,000 CC <D . 100,000 i/l o 50,000 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0. 0. 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 00% 00% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... By Area, to break â– < 1yr â– 1-3 yrs By Area, to expiry â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:23 160 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION DATE: 30/09/2020 PROPERTY REPORT 34-36 VERNEY ROAD, BERMONDSEY, LONDON INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: CHRISTIAN HATT MRICS 18/09/2019 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES Located in close proximity to Central London. The unit requires maintenance albeit the property is let on an FRI lease. Greater London industrial investments are highly sought after at the current time. Short income with only 1.7 years to lease expiry. Considered to be approximately 38% reversionary. Mixed use industrial and residential location providing many occupiers with proximity to their markets. OPPORTUNITIES Extend the lease and capture the reversion in the THREATS short term. Single let with 1.7 years to expiry so there is a risk Refurbish the unit at expiry. of 100% vacancy in the short term. Market deterioration due to Covid-19, albeit the Re-let the unit on a long-term lease and/or to a industrial market has proven to be resilient tenant providing a stronger covenant if the current throughout 2020. tenant vacates. LOCATION & SITUATION LOCATION & Located in Bermondsey, within the London Borough of Southwark. The subject property is SITUATION situated approximately 2.2 miles south east of Central London. The Property is situated on Verney Road, approximately 350m north east of the A2 (Old Kent Road), an arterial road connecting south east London to the M2. The property is situated in a mixed-use area comprising light industrial, retail warehousing and residential uses (a combination of chimney pots and social housing). PROPERTY DESCRIPTION DESCRIPTION The property comprises an industrial premise at the end of a terrace and extending to 915.5 sq m (9,855 sq ft). The front corner of the building is office and staff accommodation 161

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 over two storeys with the rest comprising warehouse facilities which are used for vehicle maintenance. The main structure of the unit is of traditional steel portal framed construction. The roof to the property comprises a profiled metal roof system with lining panels internally. The property benefits from a clear eaves height of 5.5 metres. The external elevations of the property are formed of cavity faced brickwork. The unit is provided with a single metal roller shutter loading bay door. The building is situated to the rear of the site. The yard to the front of the unit measures approximately 26 metres. BUILDING AGE 1980 SITE AREA 0.15 ha (0.38 acres) ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. 1 UNIT SQFT USE SQM 34-36 Verney Road Industrial 915.6 9,855 TOTAL 915.6 9,855 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence report prepared by Arcadis dated 23 March 2020. The report concludes that the property is in a poor state of repair however the required remedial work falls within the tenant’s repairing obligations under the FRI lease which is in place. The asset appeared to be in an average state of repair at the time of inspection in line with the Arcadis report. As the repairs are either the tenant’s responsibility or would be covered by dilapidations if they vacate at expiry, we have not factored in any explicit capital expenditure within our valuation. ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Report carried out by Ambiente Group UK Ltd dated April 2020. The report concludes that although the site is not registered as contaminated land by the local authority, there is the potential for residual contamination to be present due to its long-term industrial use. The level of environmental risk is however considered to be acceptably low for the current use. 162 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 TENURE We have been provided with a draft Certificate of Title prepared by Herbert Smith FreehilIs LLP. The property is held Freehold under Titles TGL21 7061 and TGL246036. There are three incumbrances relating to the subject property: - A 1919 transfer contains a restrictive covenant preventing the use of the Property for the purpose of the manufacture of glue size or gelatine. An indemnity policy is in place to cover this risk. - A 1973 transfer relating to the rights of light and air in relation to the adjoining property. An indemnity policy is in place to cover this risk. - A 1997 transfer relating to rights of passage of services and the right to erect a party wall or fence on the boundary line. We do not believe the above have a material impact on the value of the property. VALUATION CONSIDERATIONS MARKETABILITY There is significant demand for industrial properties within Greater London at the current time. AND POTENTIAL Although the subject property provides reasonably short income (1.7 years to expiry) this offers PURCHASERS potential purchasers the opportunity to drive rental growth in the short term. We are therefore of the opinion that the property would appeal to a wide variety of property companies, industrial focussed REITS and private equity capital. We consider a sale would be achievable within a 9-12 month marketing period. MARKETING PERIOD We are of the opinion that 9-12 months should be allowed to find a willing buyer. EXPOSURE PERIOD 9-12 months CURRENT VOID None. PERIODS COSTS AND Holding costs during expiry void period: empty rates and legal and letting fees at 15% of Market ADJUSTMENTS Rent. OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; 163

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Lease Property Area (Sq Rent £ pa Use Date Tenant Length Break Address Ft) (sq ft) (years) Light Industrial/ Unit 4 Bermondsey Trade Trading Estate, 5 year term Counter £145,000 pa Bermondsey Under Offer 5,355 Undisclosed certain Undisclosed (£27.00 psf) Light Netwise £173,500 pa Unit 6 Data Point, - Industrial Hosting Ltd (£23.00 psf) Canning Town April 2020 7,538 15 years June 2019 Romax (Currently Marketing & available for Distribution Ltd Unit 2 City Cross, Light assignment) £178,500 pa Greenwich industrial 8,905 5 years Year 4 (£20.00 psf) Unit 2 Admiral Hyson Industrial Estate, Light August SME Network £106,000 pa Bermondsey industrial 2019 5,294 Ltd 2 years (£20.00 psf) COMPARISON Comparison to Subject & Comparable 1: Smaller unit, refurbished accommodation, superior location on an established trading park. Comparable 2: Smaller unit, refurbished accommodation, inferior location further from Central London. EVIDENCE Comparable 3: Similar size, similar quality accommodation, inferior location. Comparable 4: Smaller unit, similar quality accommodation, inferior location further from the A2 (Old Kent Road). Taking the above transactions into consideration, we have applied a rate of £242.20 per sq m (£22.50 per sq ft) PATIONAL to the subject property which produces a rounded Market Rent of £220,000 per annum. OCCU OPINION OF In formulating our opinion of Market Value we have researched the local market and where YIELD appropriate spoken with in house agency teams. We have had regard to the following transactions; 164 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION DATE: 30/09/2020 Property Address Date Area (Sq WAULT Passinq Rent £ Comments Ft) (Years) pa Purchase Price £ (NIY) Sold post-Covid above the £465,000 £15.3m (2.85% quoting price of £12.45m / HR Owen, Park Royal July 2020 42,722 2.8 (£11.00 psf) NIY) 3.50% NIY. Quoting £5.85m (5.09% Currently under offer at an Chaucer House, Erith Under Offer £320,664 NIY) undisclosed price. 35,629 1.0 (£9.00 psf) Hubert Road, £7.72m (4.40% Sold post-Covid. Three units Brentwood £246,964 NIY) Aug 2020 43,203 8.7 (£5.72 psf) fully let to two tenants. Fully let to three tenants. Currently under offer ahead of IO Centre, Under 7.33 to £297,073 £7.42m the quoting price Barking Offer 25,676 breaks (£11.57 psf) (3.75% NIY) of £6.2m 7 4.50% NIY. Comparison to Subject Comparable 1: Larger lot size. Superior building located in a well-established industrial location. Prime rents in Park Royal currently at £18.00 - 18.50 per sq ft for similar sized units. We would expect the subject to achieve a higher yield profile. Comparable 2: Larger lot size. Inferior location and shorter income than the subject property. We would expect the subject to achieve stronger pricing. Comparable 3: Larger lot size, multi-let investment. Inferior location to the subject with less reversionary potential. We have applied a stronger NIY. Comparable 4: Larger lot size, multi-let investment. Inferior location to the subject with less reversionary potential or ability to capture the reversion in the short term. We have adopted a stronger NIY. Taking the above transactions into consideration, we have adopted a NIY of 3.25% which results in an EY of 4.20%. VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Passing rent of £160,000 pa reflects £16.25 per sq ft. â– 1.6 years to expiry. â–We have included a 6 month expiry void. We have deducted holding costs during the void period consisting empty rates and a legal and letting fee at 15% of Market Rent. â– We have applied a Market Rent of £220,000 pa which reflects £22.50 per sq ft (rounded). â– We have assumed that a 6 month rent free period will be required to secure a lease with a 5 year term certain. â– We have capitalised the income at a NIY of 3.25% with consideration of the EY at 4.20%. This results in the following Market Value and yield profile: 165

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 £4,600,000 (Four MillionSix Hundred Thousand Pounds) exclusive of VAT Net Initial Yield 3.24% Equivalent Yield 4.20% Reversionary Yield (18/05/2023) 4.45% Reflecting a capital value per sq ft of £5,024.27 per sq m (£466.77 per sq ft). In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting VALUATION the following inputs and rationale; METHODOLOGY: VACANT â– We have assumed the property is vacant and non-income producing. POSSESSION VALUE â– We have included a 6 month current void. We have deducted holding costs during the void period consisting empty rates and a legal and letting fee at 15% of Market Rent. â– We have applied a Market Rent of £220,000 pa which reflects £22.50 per sq ft (rounded). â– We have assumed that a 6 month rent free period will be required to secure a lease with a 5 year term certain. â– We have capitalised the income at an EY of 5.00% with consideration of the capital value per sq ft. â–This results in the following: £3,875,000 (Three Million Eight Hundred and Seventy-Five Thousand Pounds) exclusive of VAT Equivalent Yield 5.01% Reversionary Yield 5.27% Reflecting a capital value per sq ft of £4,232.37 per sq m (£393.20 per sq ft). The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. We have been provided with a Reinstatement Cost Assessment prepared by Arcadis dated ESTIMATED February 2020. The report shows a reinstatement cost of £1,146,400 on a day one basis. REINSTATEMENT COST We are of the opinion that the subject property has a remaining economic life of approximately 20 ASSESSMENT years. (RCA) REMAINING ECONOMIC LIFE 166 CBRE

PROPERTY ID: 11 - Yeats Close ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Yeats Close - Wembley, NW10 0BN, United Kingdom United “ ‘w Kingdom Isle of Man \ Dublin Manchester Hamburgo Ireland Birmingham Amsterdam O ® t Loloon ® ° Belgium 15? /€ Luxembourg Paris ® L Go: gle Map data ©2021 GeoBasis-DE-’BKG (©2009), Google, Inst. Geogr. Nacional VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 16,570,000 Total Area (sq ft) 43,620 Market Value (per sq ft) 380 WAULT to Break by Rent 11.09 Net Initial Yield 3.47% WAULT to Break by ERV 11.09 Reversionary Yield 3.70% WAULT to Expiry by Rent 11.09 Equivalent Yield 3.75% WAULT to Expiry by ERV 11.09 Gross Income (p.a.) 614,212 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 14 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 614,212 Number of Tenants 1 Adj. Gross Income (per sq ft) 14 Tenure Freehold Net Income (p.a.) 614,212 Expiry Voids (months) - Net Income (p.a.) (per sq ft) 14 Gross Rental Value 654,300 Gross Rental Value (per sq ft) 15 Capital Expenditure 0 Transaction Costs 6.74% Over / Under Rented -6.13% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Selco Trade Centres Limited 11.09 11.09 43,620 614,212 654,300 100.0% - - - - - - - - Other - -Vacant n/a n/a n/a - n/a Total 11.09 11.09 43,620 614,212 654,300 100.0% Printed 01/02/2021 13:23 167

PROPERTY ID: 11 - Yeats Close ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 700,000 100.00% 600,000 500,000 c aj 400,000 oi l/l 300,000 (/I o 200,000 100,000 o 0 0.00% 0. 0.00% 0 .00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 00% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â–3-6 yrs â– 6-9 yrs â–> 9 yrs Printed 01/02/2021 13:23 168

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT SELCO, 150 YEATS CLOSE, WEMBLEY, NW10 0BN INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: KAYE KOUMI MRICS 17/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES Well-located just west of the B4557, with strategic Tailored predominantly to Trade Counter tenants. prominence to the A406 On expiry of the existing lease, there will be competition from better located warehouse units in Long unexpired term of 11.09 years remaining, with nearby Park Royal income secured against a strong covenant Modern industrial warehouse accommodation with two-storey office accommodation, built in 2016 OPPORTUNITIES THREATS Secure a lease renewal with the tenant after expiry High competition from developments located in neighbouring prime industrial hub, Park Royal Uncertainty surrounding Brexit and COVID-19 could cause delays in decision making by occupiers and investors. LOCATION & SITUATION LOCATION & SITUATION The Property is located in Wembley, within the London Borough of Brent. It lies directly to the west of the B4557 and Yeats Close roundabout, and is well-located with strategic prominence to the A406, which is located just 75m to the north. The site is approximately 325m south-west of Neasden London Underground Station, and benefits from good connectivity to the wider Motorway network. PROPERTY DESCRIPTION DESCRIPTION The Property comprises a single purpose-built warehouse/logistics building constructed in 2016 with a two-storey office section in the east. The detached warehouse is to the northwest of the site, with a goods-in/timber storage yard and a staff and customer car park situated to the south-east of the warehouse. The site is bordered by palisade fencing as well as wooden fencing panels. The warehouse comprises trade counter and staff ancillary accommodation at the ground floor with first floor storage, offices and staff facilities including a staff canteen. The warehouse is steel framed, with elevations weathered with insulated built-up profiled steel 169 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 cladding, composite cladding panels and an aluminium framed curtain wall system. The ground floor trade counter unit has roof lights as well as suspended strip lighting, with polished concrete floors. There are two electric shutter loading doors. The office accommodation has suspended ceilings with inset lighting, and raised floors with laminate floor coverings. Air-conditioning units provide heating and cooling to the office and welfare accommodation block, while the warehouse has suspended heater blowers. BUILDING AGE 2016 SITE AREA 1.00 ha (2.47 acres) As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring ACCOMMODATION Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR / UNIT USE SQ M SQ FT 4,052.30 43,620 Selco, 150 Yeats Close Warehouse TOTAL 4,052.30 43,620 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence Desktop Review report prepared by Arcadis dated March 2020, and a Vendor’s Technical Due Diligence Report prepared by TFT. It has been recommended that the Landlord confirms the risk of the insulated metal composite panel cladding to the facade fire strategy with insurers as a precautionary measure. No other major issues were identified. The asset appeared to be in a good state of repair at the time of inspection. ENVIRONMENTAL CONSIDERATIONS We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Ltd dated March 2020. The report identifies that the site was formerly occupied by allotments and tennis courts, and more recently a traveller site in 2002. No contamination for a commercial end use has been identified. Japanese Knotweed was previously present on-site in 2014 although this has since been treated/excavated, with a Certificate of Completion and Guarantee for 10 years having been provided in October 2017. The site is not located within an area considered to be of a significantly elevated risk of flooding, and there have been no flooding issues reported by the occupier. Overall, the site represents low risk. 170 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 TENURE We have been provided with a [Draft] Certificate of Title prepared by Herbert Smith Freehills LLP, dated September 2020. The property is held Freehold under Title Number NGL763207. We have reviewed a Legal Overview report prepared by Osborne Clarke which highlights the following; There are ongoing issues between the occupational tenant (Selco) and the adjacent neighbours which is a traveller site. The issues have been ongoing since the tenant took occupation in 2016 and have involved the council and the police. The latest correspondence provided is an e-mail from Selco to the police dated 17 February 2020 outlining the issue. The Company and Selco were in direct contact by a telephone call on 18 March 2020 in which Selco confirmed that they have not received a response to their e-mail dated 17 February 2020 to the police. A further update is awaited. VALUATION CONSIDERATIONS MARKETABILITY Since the outbreak of Coronavirus in March this year, there has been a decline in investor sentiment AND POTENTIAL across all sectors. The industrial sector has however, proved to be the most resilient, with strong rent PURCHASERS collection levels throughout the year, and a notable increase in investment activity shown from June onwards. In the current market, investors are seeking prime assets that are well-located, with a strong covenant and good building quality. The subject property provides modern warehouse accommodation, let to a strong covenant with a long unexpired term, providing good security of income to any potential investor. As such, we would expect good investor demand, with interest largely from small property companies and private investors. We consider a sale would be achievable within a 6-9-month marketing period. MARKETING PERIOD We are of the opinion that 6 - 9 months should be allowed to find a willing buyer. EXPOSURE PERIOD 6 - 9 months. CURRENT VOID None PERIODS COSTS AND Given the long unexpired term, we have not reflected any expiry assumptions including holding costs. ADJUSTMENTS OPINION OF MARKET RENT In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; 171 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Area (Sq Lease Rent £ pa Property Address Use Date Tenant engt (s Ft) L h Break q ft) (years) Available by Integer, Oliver £830,000 Industrial Sep-20 61,921 way of 2 years - Road, Park (£13.40) Royal assignment Unit A, SEGRO Park, William £885,390 Industrial Sep-20 53,660 Jackson Food 10 years - Greenford (£16.50) Group Unit 74 Capitol Way, Capitol Industrial Park, NW9 Cerkini & 1 year 9 months - £85,000 Industrial Aug-20 5,530 Co Ltd (£15.37) Harp View Business Park, JVC House, Priestley Way, Dollis £1,650,382 Park Royal Mail Industrial Oct-19 98,237 Group Ltd 1 year - (£16.80) Comparison to Subject Comparable 1: This property comprises a modern self-contained detached warehouse of a similar specification to the subject property. There are high-quality two-storey offices, three level and three dock level electric access doors, and a gated, self-contained yard. It forms part of the Oliver Business Park, located within close proximity to the North Circular road. The unit was assigned for the remaining two-year term at a low passing rent. If this were an open market letting, the unit would have achieved an uplift in rent, and equally we would expect the subject property to achieve a higher rental value. Comparable 2: This comparable comprises a newly built, semi-detached industrial warehouse on the newly improved SEGRO industrial estate in Greenford. This unit is one of three new warehouses, which each benefit from sustainability features including being carbon neutral and targeting BREEAM Excellent. The unit is of steel construction with profiled steel elevations, four level access loading doors, 3 dock loading doors, and a large service yard benefitting from 48 parking spaces and electric vehicle charging docks. We would expect the achievable Market Rent for the subject property to be at a slight discount to this. o z Comparable 3: <n E This property comprises a significantly smaller industrial warehouse located off the Edgware Road in North London. The Q <t. unit is located within an industrial estate arranged in a terrace of warehouses, sitting between Screwfix and Toolstation. 2 The building is of steel portal frame with a two-storey office, roller shutter door and service yard area. It was assigned for w O the remaining two-year term, at a low rental value of £15.37. The unit is of an inferior quality and specification to the subject ojS property and although assigned off a low rent, if it were let on the open market, there would be a premium to account for L U quantum. Z w Comparable 4: U L This property comprises a significantly larger industrial warehouse, now used as a Royal Mail sorting depot. It occupies a similar location in North West London, well positioned just off the North Circular road, although the building is of brick Z construction with a brick facade, and is of an inferior specification to the subject property. We would expect the unit at 150 o Yeats Close to let at a slightly lower rent to this, although consideration must be taken to account for the difference in size Q. between the two units. 3 w Taking the above transactions into consideration, we have adopted a Headline Market Rent of £15.00 per sq ft. O w 172 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 OPINION OF YIELD In formulating our opinion of Market Value we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; 173 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Property Address Date Area (Sq WAULT Passing Rent £ Comments Ft) (Years) pa Purchase Price £ (NIY) 1980s warehouse let to HR Owen Plc sold to Capital Industrial reflecting HR Owen, Park £465,000 £15,300,000 a capital value of £358 Royal Jul-20 42,722 2.80 (£11.02) (2.85%) psf (Subject Property) Sold to Blackstone Selco, 150 Yeats £614,212 £16,100,000 reflecting a capital value Close, Wembley Mar-20 43,620 11.60 (£12.33) (3.57%) of £369 psf Distribution warehouse let to Cannon Hygiene Ltd on a license from OCS Group Ltd, expiring January 2021, with a Sovereign House, mutual break option in Unit 2 Sovereign 1.42 £182,910 £4,550,000 January 2020. Bought by Park, NW10 Aug-19 18,471 (0.42) (£9.90) (4.02%) Marchmont IM Ltd. 1998 build distribution warehouse let to Matthew Clark Bibendum Ltd, sold to Prologis reflecting a Matthew Clark, 12 capital value of £436 psf Central Way, Park £1,190,000 £34,500,000 disregarding development Royal Feb-19 78,619 4.16 (£15.00) (3.19%) potential Comparison to Subject Comparable 1: This comparable comprises three industrial units, let in its entirety to HR Owen luxury vehicle dealership. The property is well positioned in London’s prime industrial location, Park Royal, which benefits from convenient access to the A40 and A406. The asset is of steel portal frame construction, built in the 1980s. Although this comparable is of an inferior specification to the subject property and has a significantly shorter unexpired term of 2.80 years, it benefits from a superior industrial location and a greater underlying land value given its prime location, in comparison to Wembley. It is also considered highly reversionary, with a Market Rent of approximately £20 per sq ft and offers the prospect of letting the units as three individual assets, or as a whole. As such, we would expect the subject property to trade at a discount to this. Comparable 2: This is the sale of the subject property which provides the most useful evidence for what the asset would likely achieve if put for sale on the open market at the valuation date. Comparable 3: z <t o Q . <n E 2 O w Sovereign House comprises a modern, semi-detached warehouse/logistics unit due to be refurbished, located in the ojS heart of Park Royal. The unit is of steel construction with brick and aluminium framed curtain wall system across the LU w Z LU Q external facade. It benefits from a large secure yard and car parking, as well as two level access electric loading doors. > The unit is let to Cannon Hygiene Ltd on a license from OCS Group Ltd, with 1.42 remaining to expiry, and 0.42 years LU I- Z LU to break. This asset is of a similar specification to the subject property, and despite its short term certain, it benefits 2 from a prime location, and its highly reversionary nature. We would expect the subject asset to trade at a similar level </) LU to this. > z Comparable 4: This comparable comprises a three-storey, 1998-built distribution warehouse located within the prime industrial hub of Park Royal. The unit is let to national drinks wholesaler Matthew Clark, with an unexpired term of 4.16 years remaining. The unit is of steel construction with part-brick, part-glazed, part-profiled steel sheet cladding facade. The asset benefits from a secure storage yard and the site is bound by palisade fencing. Although this comparable is of an inferior specification to the subject property, with a shorter 174 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 unexpired term, it boasts a prime location in the heart of Park Royal, and as such, we would expect the subject property to trade at discount to this. Taking the above transactions into consideration, we have adopted an Equivalent Yield of 3.75%. VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– A headline Market Rent of £654,300 per annum (reflecting £15.00 per sq ft) although the subject property reverts to 110% of this rental value at Rent Review (as per lease terms) â– Equivalent Yield of 3.75% applied £16,570,000 (Sixteen Million Five Hundred and Seventy Thousand Pounds) exclusive of VAT Net Initial Yield 3.47% Equivalent Yield 3.75% Reversionary Yield (01/11/2021)* 4.07% *This reflects the 110% gearing mechanism at review Reflecting a capital value per sq ft of £4,089.47 per sq m (£379.91 per sq ft). VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the METHODOLOGY: following inputs and rationale; VACANT POSSESSION VALUE â– We have assumed the property is vacant and non-income producing. â– We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £654,300 per annum. â– We have applied a 9-month letting void and have assumed a new 10-year term with an initial 6 months’ rent-free incentive. â– Empty rates are deducted for the marketing void, and also letting fees based on 15% of Market Rent. â– We have applied an equivalent yield of 4.50%. £12,800,000 (Twelve Million Eight Hundred Thousand Pounds) exclusive of VAT Equivalent Yield 4.50% Reversionary Yield 4.76% Reflecting a capital value per sq ft of £3,158.56 per sq m (£293.44 per sq ft). ESTIMATED The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we REINSTATEMENT carried out a full Reinstatement Cost Assessment. We have been provided with a Reinstatement Cost COST ASSESSMENT Assessment prepared by Arcadis dated March 2020 which estimates that the reinstatement cost for (RCA) the building for loan security purposes would be £4,931,600 on a day one basis including fees but excluding VAT and inflation. REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 175 C

PROPERTY ID: 12 - Orpen Park - MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Orpen Park - MV - Bristol, BS32 4QD, United Kingdom United Kingdom Isle of Man Dublin Manchester o Ireland ® Birmingham •° Amsterdam â–¼ London © © Netherlands Brussels Belgium Luxembourg * Go: :gle Map data ©2021 GeoBasts-DE/BKG (©2009), Google, Inst. Geogr. National VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 9,600,000 Total Area (sq ft) 79,858 Market Value (per sq ft) 120 WAULT to Break by Rent 5.60 Net Initial Yield 5.60% WAULT to Break by ERV 5.68 Reversionary Yield 6.42% WAULT to Expiry by Rent 6.17 Equivalent Yield 6.25% WAULT to Expiry by ERV 6.18 Gross Income (p.a.) 573,343 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 7 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 573,343 Number of Tenants 7 Adj. Gross Income (per sq ft) 7 Tenure Freehold Net Income (p.a.) 573,343Expiry Voids (months) - Net Income (p.a.) (per sq ft) 7 Gross Rental Value 657,920 Gross Rental Value (per sq ft) 8 Capital Expenditure 0 Transaction Costs 6.69% Over / Under Rented -12.86% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Are (sq ft) Rent ERV % of rent Pentagon Sport (South) Ltd 9.01 9.01n 13,566 C 111,920 â–¡ 111,920EJ 19.5% Bristol Fluid Systems Technologies 8.87 8.87â–¡ 18,132 c 104,000 EZI 145,100EJ 18.1% Furniture Village Ltd 3.96 3.96c 16,828 c 103,000 C 134,600C 18.0% Riverford Organic Farmers Ltd 4.48 9.49n 7,808 D 65,695â–¡ 66,400D 11.5% VPS (UK) Ltd 3.23 3.23D 7,774 â–¡ 63,277â–¡ 66,100â–¡ 11.0% Other 2.97 2.97El 15,750 EZI 125,451 EZI 133,800El 21.9% Vacant n/a n/a - n/a - n/a Total 5.68 6.18 79,858 573,343 657,920 100.0% Printed 01/02/2021 13:23 176

PROPERTY ID: 12 - Orpen Park - MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs By Area, to break â– 3-6 yrs â– 6-9 yrs By Area, to expiry â– > 9 yrs Printed 01/02/2021 13:23 177 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT ORPEN PARK, ALMONDSBURY, BRISTOL, BS32 4QD INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: ROBERT MORAN 18/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– Prime multi-let industrial estate in north Bristol. Overhead power lines are present above the â– site with a pylon situated in the landscaped area to the â– Fully let and income producing on FRI leases. north east of Unit 5. Freehold tenure. â– â– Future redevelopment / reconfiguration of the AWULT of 5.60 years to earliest termination. estate is severely restricted because of the â– Strong tenant mix including Rico Logistics and Furniture presence of the pylon and overhead power lines. â– Village. â– Flexible unit sizes ranging from 7,774 sq ft to 18,132 sq ft. OPPORTUNITIES THREATS â– Drive rental growth against current nil vacancy â– Tenant in Unit 2 triggers their March 2025 rate and consistent occupier demand. break option. â– Continue to drive tenant retention and limited â– The pylon and overhead power lines will affect refurbishment capex. the property’s marketability. â–Heightened market uncertainty caused by the COVID-19 pandemic. LOCATION & SITUATION LOCATION & SITUATION Bristol is the regional and business capital of the South West of England. Orpen Park forms part of a well-established, mixed-use commercial area and is located in north Bristol, adjacent to the M4 and M5 motorway interchange. Motorway access is gained at junction 16 of the M5, which is located a short distance to the west via the A38, which also links the property to Bristol city centre, approximately 7 miles to the south. PROPERTY DESCRIPTION DESCRIPTION Orpen Park was built in 1988 and comprises seven industrial units of steel portal frame construction, which are arranged as a terrace of four units and three detached units. Each unit has a concrete floor and elevations clad with powder coated metal cladding to the front, side and rear. Loading doors are composite roller shutters and the pedestrian doors 178 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 / fenestration are either uPVC single or double glazed. Internally, the units are open plan with an ancillary space of blockwork construction, which is split over two floors and typically provides an entrance hall, ground floor WCs and first floor offices. Each of the tenants has adapted the space to suit their own design and specifications including changing layouts using lightweight stud or glass partition and/or adding further ancillary space and mezzanine structures. Externally, the circulation roads are tarmacadam surfaced with walkways being either tarmacadam surfaced or laid with paving slabs. Overhead power lines are present above the site with a pylon situated in the landscaped area to the north east of Unit 5, which is let to Furniture Village. 1988. BUILDING AGE 1.85 hectares (4.56 acres). SITE AREA As instructed, we have relied upon the floor areas within the tenancy schedule provided by the ACCOMMODATION Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. UNIT USE SQ M SQ FT 7,851 1 Industrial 729 2 Industrial 725 7,808 3 Industrial 722 7,774 4 Industrial 734 7,899 5 Industrial 1,563 16,828 6 Industrial 1,260 13,566 7 Industrial 1,685 18,132 TOTAL 7,418 79,858 We understand that the site area extends to 1.85 hectares (4.57 acres) thus providing a site coverage of approximately 39%. DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence report prepared by Arcadis and dated 9 April 2020. According to the report, the property, which was built circa 30 years ago, is in good condition with no structural issues identified. All seven units are let on full repairing and insuring (FRI) terms and therefore the tenants are responsible for the repairs to the units, with the tenants of Units 5, 6 and 7 being responsible for their associated service yards. In their ‘Risk Schedule and Capex’, Arcadis has not identified any high (requiring urgent attention / clarification) or medium (potentially serious issue / non-compliance with statutory requirements) risk items within the next 10 years, but they have identified a couple of low risk items (issue that could arise or impact on the property but is not of significant 179 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 concern) amounting to £10,000 each for your Borrower (£20k in total over the next 5 years). One immediate item (year 1) of £10,000 refers to a provisional sum for replacing the boiler in Unit 6, and should the tenant not action this, it would be your Borrower’s responsibility to replace the boiler at lease end in order to maintain the unit’s ongoing lettability. We have decided not to reflect this nominal, immediate capex sum of £10,000 in our valuation because it is categorised as a low risk by Arcadis and is therefore deemed to be of little significant concern. Also, the existing lease at Unit 6 does not expire until September 2029. The other low risk item of £10,000 highlighted by Arcadis refers to a potential replacement programme to deal with the maintenance of the external facilities, and namely the replacement of dated welded mesh fencing. As this item amount is insignificant and earmarked for expenditure in years 2-5, we have decided not to reflect it in our valuation. ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigations into past uses, either of the property or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Report carried out by Ambiente Group UK Ltd and dated 13 May 2020. It confirms that overhead power lines are present above the site, with a pylon present in the landscaped area to the north east of Unit 5. The report concludes that the level of environmental risk associated with the site is assessed to be acceptably low for the current use and no further environmental investigation or assessment is considered necessary prior to acquisition. Consequently, this may reduce the property’s demand and marketability from tenants and / or prospective investors. TENURE We have been provided with a ‘Draft 1 Certificate of Title’ prepared by Herbert Smith Freehills LLP and dated 25 September 2020. The CoT confirms that the property is held freehold under registered title number AV160158. Herbert Smith Freehills LLP has confirmed in their opinion that the property offers a good and marketable title and therefore, they do not see any reason why your Borrower should not be the registered proprietor of the property with absolute title. VALUATION CONSIDERATIONS MARKETABILITY AND POTENTIAL Demand for good quality, well-let industrial investments across Bristol and the South West region is PURCHASERS currently strong and supply limited. Across the region, occupier demand has been robust and coupled with an undersupply of accommodation, there has been evidence of rental value growth, which is consequently fuelling strong investor interest. We consider that the subject property would appeal to high net worth private investors, property companies and institutional funds. MARKETING PERIOD We are of the opinion that 6-12 months should be allowed to find a willing buyer. EXPOSURE PERIOD 6-12 months. 180 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 CURRENT VOID 6-9 months. PERIODS COSTS AND None. ADJUSTMENTS OPINION OF In formulating our opinion of Market Rent, we have researched the local market and where appropriate MARKET RENT spoken with our in-house agency teams. We have had regard to the following transactions: Property Use Date Area (Sq Tenant Lease Break Rent £ pa (Sq Address Ft) Length Ft) (Years) Riverford Industrial Apr 20 7,808 10 Year 5 Unit 2, Orpen Park Organic £65,695 pa Farmers Ltd (£8.41 psf) Unit 6, Orpen Park Industrial Oct 19 13,566 Pentagon Sport 10 N/A £111,920 pa (£8.25 (South) Ltd Psf) Unit 3, Orpen Park £63,277 pa Z Industrial Dec 18 7,774 VPS (UK) Ltd 5 N/A (£8.14 psf) o Unit 4, Orpen Park Rico Logistics Ltd £62,805 pa <n Industrial Dec 18 7,899 5 N/A (£7.95 psf) <t E Q. Comparison to Subject 2 O Comparable 1: This forms part of the subject property. w ojS L Comparable 2: This forms part of the subject property. U w Comparable 3: This forms part of the subject property. ZL Comparable 4: This forms part of the subject property. U Taking the above transactions into consideration, we have adopted the following headline ERV groups: Z • Units 1 -4 (all sub 8,000 sq ft) - £8.50 psf o • Unit 6 (13,566 sq ft) - £8.25 psf Q. 3 w • Units 5 & 7 (16,828 sq ft to 18,132 sq ft) - £8.00 psf O w This produces a total Market Rent of £657,920 pa reflecting £8.24 psf overall. OPINION OF In formulating our opinion of Market Value, we have researched the local market and where YIELD appropriate spoken with our in-house agency teams. We have had regard to the following transactions: 181 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Area (Sq Ft) WAULT Passing Rent pa Purchase Price Property > Address Date (Years) (NIY) Comments Units 1-7, Orpen May 20 79,858 5.60 £573,343 pa £9.6m This is the subject property Park, Bristol (5.59%) which was acquired by your Borrower. All 10 units are fully let & the vendor has secured planning Nursteed permission for the Trading £3.460m Estate, Nov 19 41,685 Unknown £237,500 pa development of 17 small units Devizes, (6.45%) Wiltshire on a 1 .06 acre yard to the rear of Units 1 -4. Units 1-8, £5.870m Fully let to 5 tenants & held z Wilverley Trading Estate, Sep 19 62,307 2.70 £352,925 pa o (5.64%) freehold. Sold as part of a Bristol <n E national portfolio. Units South D1-D6, 6 interconnecting terrace units <t Q. Industrial Marston & a secure £3.830m 2 Estate, U/O 41,001 4.80 £265,255 pa Swindon (6.50%) compound. Fully let to two w O tenants. ojS U L Comparison to Subject w Comparable 1 : This is the subject property which provides us with the best evidence. Z L U Comparable 2: Devizes is a weaker industrial location compared to Bristol. Q > Comparable 3: Strong reversionary income potential and more of a trade counter estate. U L Comparable 4: Less diversified income as the property is only let to two tenants. I- Z L Taking the above transactions into consideration, we have adopted the following capitalisation rate: • 6.25% EY In arriving at our opinion of Market Value, we have had regard to the market evidence above in comparison to the subject property. We have adopted the comparable and investment methods of valuation together with the following inputs and rationale: VALUATION Freehold tenure. â– METHODOLOGY: MARKET VALUE â– Fully let and income producing at a total passing rent of £573,343 pa reflecting £7.18 psf overall. â– WAULTC of 5.60 years. â– Headline Market Rent of £657,920 pa. â– We have capitalised the total passing rent into perpetuity at 5.5% NIY. The choice of yield reflects the comparables detailed above including the acquisition of the subject property by your Borrower in May 2020 for £9,600,000. â– This produces a gross value of £10,242,326 from which purchaser’s costs of 6.69% (SDLT, agent and legal fees) are deducted. The net rounded value is £9,600,000. â–Our opinion of Market Value is the same as the recently completed purchase price. £9,600,000 (Nine Million Six Hundred Thousand Pounds) exclusive of VAT Net Initial Yield 5.60% Equivalent Yield 6.25% 182 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Reversionary Yield 6.42% Reflecting a capital value of £120.21 psf. VALUATION In arriving at our opinion of Vacant Possession Value, we have had regard to the market adopting the METHODOLOGY: following inputs and rationale: VACANT POSSESSION VALUE â– We have assumed that the property is vacant and non-income producing. â– We have applied a headline Market Rent as per the breakdown detailed above, which reflects a total of £657,920 pa. â– We have applied an average 15 month letting void across the estate together with an average rent free incentive of 6 months. â– Empty rates are deducted during the marketing void, as well as, letting fees based on 15% of Market Rent and an assumed void service charge at £0.25 psf. â– We have applied an Equivalent Yield of 7.00%. £7,400,000 (Seven Million Four Hundred Thousand Pounds) exclusive of VAT Net Initial Yield -3.36% Equivalent Yield 7.04% Reversionary Yield 8.23% Reflecting a capital value of £92.66 psf. The property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we ESTIMATED carried out a full Reinstatement Cost Assessment (RCA). We have been provided with an RCA by REINSTATEMENT COST ASSESSMENT Arcadis and dated 14 March 2020 which estimates a total day one reinstatement cost of £9,399,000 (RCA) excluding VAT and inflation. REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 183 C

PROPERTY ID: 13 - Schooner Park ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Schooner Park - Dartford, DA2 6QP, United Kingdom VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 6,740,000 Total Area (sq ft) 29,488 Market Value (per sq ft) 229 WAULT to Break by Rent 2.15 Net Initial Yield 4.53% WAULT to Break by ERV 2.21 Reversionary Yield 5.63% WAULT to Expiry by Rent 4.46 Equivalent Yield 5.47% WAULT to Expiry by ERV 4.45 Gross Income (p.a.) 326,570 Percentage of Vacancy (Area) 11.90% Gross Income (p.a.) (per sq ft) 11 Percentage of Vacancy (ERV) 11.25% *Adj. Gross Income 326,570 Number of Tenants 8 Adj. Gross Income (per sq ft) 11 Tenure Freehold Net Income (p.a.) 326,570 Expiry Voids (months) 12 Net Income (p.a.) (per sq ft) 11 Gross Rental Value 405,500 Gross Rental Value (per sq ft) 14 Capital Expenditure -13,605 Transaction Costs 6.64% Over / Under Rented -9.26% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Are (sq ft) Rent ERV % of rent Jones FM LLP 1.27 3.27n 4,582 C 57,500 â–¡ 59,600 c 17.6% Licata Building Systems Ltd 3.73 8.73K 4,271 C 53,010 â–¡ 55,500 c 16.2% Alimak Group UK Ltd 0.21 0.21D 2,111 â–¡ 46,000 â–¡ 49,600 â–¡ 14.1% Media Share Ltd, t/a ER s 2.64 2.64D 3,535 â–¡ 45,000 â–¡ 46,000 â–¡ 13.8% Eltham Welding Supplies Ltd 4.97 4.97D 4,365 â–¡ 43,260 â–¡ 56,700 â–¡ 13.2% Other 1.07 5.49â–¡ 7,114 EZI 81,800 EZI 92,500 EZI 25.0% Vacant n/a n/aD 3,510 n/aâ–¡ 45,600 n/a Total 2.21 4.45 29,488 326,570 405,500 100.0% Printed 01/02/2021 13:24 184

PROPERTY ID: 13 - Schooner Park ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 70,000 60,000 50,000 40,000 30,000 o 20,000 10,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â– 3-6 yrs â–6-9 yrs â– > 9 yrs Printed 01/02/2021 13:24 185

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT SCHOONER PARK, CROSSWAYS BUSINESS PARK, DARTFORD DA2 6QP INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: ANTHONY WILSON-O’NEILL 17/09/2020 30/09/2020 INDUSTRIAL MRICS KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– ... Modern units with a good . specification .,. ±. . â– Unit 11 is vacant and not producing income ° . â– Good unit configuration with first floor open plan offices in majority of units. â– Demand for multi-let industrial property is strong, particularly those with asset management opportunities and those situated in the South East. The Property is located within Greater London which are of interest to investors seeking Industrial Estates at the current time. â–Limited amount of capex required. â–WAULT of 4.46 years. OPPORTUNITIES THREATS â– The estate is reversionary with majority of units currently There are several upcoming tenant break options let below market rent. in the next 2 years. WAULTC of 2.15 years. â– Remove break clauses where possible. â– Let Unit 11 at market rent to set precedent for further deals. LOCATION & SITUATION LOCATION & Dartford is a highly strategic, core South East industrial location. Dartford lies just to the south of the SITUATION Queen Elizabeth II Bridge (The Dartford Crossing) and lies adjacent to Junction 1A of the M25. The Property benefits from excellent access to Central London (via the A2), the M25, the M20, M2 and the North and South Circular roads. Dartford will directly benefit from one of Europe’s largest infrastructure projects: the £6bn Lower Thames Crossing. It is scheduled to open in 2027 and will create three new junctions on the M25 between 186 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 junctions 29 and 30; as well as a new tunnel crossing under the River Thames east of Gravesend and Tilbury, comprising 3 lanes in each direction. Schooner Park forms part of the Crossways Business Park, which is a well-established commercial park comprising 300 acres. Crossways Business Park lies immediately adjacent to Junction 1A of the M25. Schooner Park lies at the south west part of Crossways Business Park. It benefits from excellent access to the M25/A282 via the A206 and Anchor Boulevard, being less than one mile from the junction PROPERTY DESCRIPTION The estate is a modern, highly specified multi-let industrial estate. The development of Schooner Park was completed by Frogmore in 2009. Schooner Park comprises 24 units arranged in 6 terraces, and one standalone unit. The Property incorporates 9 of these units; with unit sizes ranging from approximately 1,700 sq ft to 4,600 sq ft (GEA) and totals approximately 29,490 sq ft (GEA). The units have steel portal frames and have facades comprising profiled metal sheeting and full height facing brick work. The roofs are single pitched with 10% roof lighting. Internally there is block work to a height of approximately 2m and a solid concrete floor, finished with a power float coating with a loading capacity of 30 kN/sqm. Minimum eaves heights range between 5.52m and 6.54m across the units. Each unit has one electrically operated loading door and car parking ranging between 3 and 7 spaces per unit. The majority of the units have 1st floor open plan office accommodation with perimeter trunking, double glazed aluminium windows, acoustic tiling, recessed lighting, suspended ceilings, carpeted floors, VRV heating/cooling, kitchenettes and WC. BUILDING AGE 2009 Located within wider estate which extends to 1.5 hectares (3.7 acres). SITE AREA ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. UNIT USE SQM SQFT 1 Industrial / office 406 4,365 3 Industrial / office 426 4,582 4 Industrial / office 397 4,271 6 Industrial / office 159 1,713 8 Industrial / office 179 1,930 10 Industrial / office 322 3,471 11 Industrial / office 326 3,510 13 Industrial / office 328 3,535 19 Industrial / office 196 2,111 TOTAL 2,740 29,488 CBRE 187

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence report prepared by Arcadis dated 26 March 2020. The report concludes that the property is in good condition and the surrounding land is kept in a good condition together with the remaining units within the estate. It does however note the damage to the wall of Unit 4. The asset appeared to be in a reasonable state of repair at the time of inspection. ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Ltd dated July 2019. The report considers there to be limited potential for current on-Site activities to result in land contamination. The level of contamination risk is however considered to be acceptably low for the current use. In addition, the report confirms the site is not located within an area considered to be of a significantly elevated risk of flooding. TENURE The Property is held freehold. We have been provided with a Certificate of Title prepared by Herbert Smith Freehills. Registered title number: TT52364 (in relation to Units 1,3, 4, 6, 8, 10, 11 and 13 Schooner Park) and TT64005 (in relation to Unit 19 Schooner Park). VALUATION CONSIDERATIONS MARKETABILITY The Property offers strong underlying fundamentals and is situated in an established industrial AND POTENTIAL location. The property is of good specification and quality whilst benefiting from an attractive PURCHASERS term to lease expiry for units of this nature. Should this property be brought to the market, we believe there would be a significant level of interest in the asset and would likely sell to a wider variety of investors including, Prop Co’s, REITS and Pension Funds. MARKETING We are of the opinion that 6 to 12 months should be allowed to find a willing buyer. PERIOD EXPOSURE PERIOD 6-12 months. CURRENT VOID None PERIODS 188

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 COSTS AND None ADJUSTMENTS OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; Property Area (Sq Lease Rent £ pa Use Date Tenant Break Address Ft) Length (sqft) (years) Acorn Industrial Park, Dartford, Warehouse May 20 4,439 RSH Audio Ltd 10 None £11.26 Crayside Industrial Esate, C rayford Screaming Colour Warehouse Feb 20 6,042 Ltd 10 None £11.00 Unit 4, Schooner Licata Park Warehouse Jun 19 4,271 Building Systems 10 Year 5 £12.41 Unit 13, Schooner Media Share Park Ltd Warehouse May 19 3,535 4 None £12.73 Comparison to Subject Comparable 1: Inferior location as subject is closer to A282 road. Comparable 2: Inferior location as subject is closer to A282 road. Comparable 3: Subject property, best evidence however rental levels have increased since this transaction. Comparable 4: Subject property, best evidence however rental levels have increased since this transaction. Taking the above transactions into consideration, we have adopted the following Market Rent; - Unit 1-13: £13.00 sq ft headline - Unit 19: £23.50 sq ft headline OPINION OF In formulating our opinion of Market Value we have researched the local market and where YIELD appropriate spoken with in house agency teams. We have had regard to the following transactions; 189 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Property Address Date Area (Sq WAULT Passinq Rent £ Comments Ft) (Years) pa Purchase Price £ (NIY) £219.58psf. Passing rent inc unit £6.475 Subject Property June 20 29,488 4.96 £377,560 (5.46%) 19. Quarry Wood Industrial £38.05 Estate July 20 458,000 2.19 £2,310,000 (5.69%) 83.00psf. 15 tenants, 16 acre site. Unit 6&8 Veridion £3.6M Way, Erith April 20 16,649 7.27 165,753 (4.31%) £216.23psf. Subject property Kencot Close Business Park, Erith DAI 8 4AB £243psf. Multi let estate with 28 £8.75 Dec 19 35,997 n/k £437,892 (4.69%) units. Comparison to Subject Comparable 1: Best evidence as sold five months prior to valuation date. Comparable 2: Located in an inferior location, subject property is more desirable. Comparable 3: Comparable estate located in Erith, also reversionary similar to subject property. c8 Comparable 4: Multi let estate located in Erith, we would expect a similar yield however this sale is slightly date dated. Taking the above transactions into consideration, we have adopted the following capitalisation rates; - Over 2.5 years income: 5.25% Equivalent Yield - Under 2.5 years income: 5.50% Equivalent Yield – Vacant :    6.25% Equivalent Yield VALUAION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â–Multi-let estate comprising of 9 units, one vacant â– Located in Dartford with good access to M25. â– Purchased for £6,475,000 (includes £822,000 for Unit 19) in April 2020 which equates to Net Initial Yield of 4.72%. â– Passing rent of £326,570 (£11.07 per sq ft) and market rent around £13.00 per sq ft (deals within estate in 2019 @ £12.50 - £12.75 per sq ft). â– 3.88 years term certain. â–Applied letting fees and holding costs where appropriate. â– Applied Equivalent Yield of 5.25% to income 2.5 years +, 5.5% to less than 2.5 years and 6.25% to the vacant unit. Blended Equivalent Yield of 5.47% and Net Initial Yield of 4.53%. â– Slightly higher than purchase price however the CBRE Benchmark yields for prime estate have sharpened by 25 bps since the purchase date (April 2020) which 1 think justifies the increase. 190 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020    £6,740,000 (Six Million Seven Hundred and Forty Thousand Pounds) exclusive of VAT Net Initial Yield 4.53% Equivalent Yield 5.47% Reversionary Yield (18/09/2025) 5.63% Reflecting a capital value of £2,460.30 per sq m (£228.57 per sq ft).    VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting METHODOLOGY: the following inputs and rationale;    VACANT    POSSESSION â– We have assumed the property is vacant and non-income producing. VALUE â– We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £405,500 per annum.    â– We have applied a 9-month letting void on each unit. We have applied a 6 month rent free on the units assuming a 5 year term certain. â– Empty rates are deducted for the marketing void, deferred 6 months for rates relief, and also letting fees based on 15% of Market Rent. â– We have applied an equivalent yield of 6.25%. £5,590,000 (Five Million Five Hundred and Ninety Thousand Pounds) exclusive of VAT Equivalent Yield 6.25% Reversionary Yield 6.73% Reflecting a capital value of £2,041 per sq m (£189.64 per sq ft).    ESTIMATED The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor REINSTATEMENT have we carried out a full Reinstatement Cost Assessment. We have been provided with a report COST by Arcadis dated 13 March 2020 which estimates that the reinstatement cost for the building for ASSESSMENT loan security purposes would be £4,436,000 on a day one basis including fees but excluding VAT (RCA) and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. We are of the opinion that the subject property has a remaining economic life of 25 years.    REMAINING ECONOMIC LIFE 191 CBRE

PROPERTY ID: 14 - 18-21 Padgets Lane ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL 18-21 Padgets Lane - Redditch, B98 0RB, United Kingdom Glasgowo °Edinburgh MOONS MOAT NORTH INDUSTRIAL E United Kingdom ESTATE    of J Isle Man ublin Manchester Birn^^ham Amsterdam , MOONS ***3 MOAT SOUTH* London Arrow Valley Q Country Park â–¼ Belgium I-J7 /€ Luxembourg Paris ® 2 WINYATES WEST Go: gle Map data ©2021 GeoBasis-DE/BKG (©2009), Google, Inst. Geogr. Nacional Got gle Map data ©2021 VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 5,710,000 Total Area (sq ft) 77,204 Market Value (per sq ft) 74 WAULT to Break by Rent 8.23 Net Initial Yield 5.75% WAULT to Break by ERV 8.23 Reversionary Yield 6.34% WAULT to Expiry by Rent 8.23 Equivalent Yield 6.46% WAULT to Expiry by ERV 8.23 Gross Income (p.a.) 350,000 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 5 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 350,000 Number of Tenants 1 Adj. Gross Income (per sq ft) 5 Tenure Freehold Net Income (p.a.) 350,000 Expiry Voids (months) - Net Income (p.a.) (per sq ft) 5 Gross Rental Value 386,020 Gross Rental Value (per sq ft) 5 Capital Expenditure 0 Transaction Costs 6.62% Over / Under Rented -9.33% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Cassellie Limited 8.23 8.23 77,204 350,000 386,020 100.0% - -                - -                - -                - -                Other -    -Vacant n/a n/a n/a n/a Total 8.23 8.23 77,204 350,000 386,020 100.0% Printed 01/02/2021 13:24 192 CBRE

PROPERTY ID: 14 - 18-21 Padgets Lane ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE    Year â– Vacant    LEASE LENGTHS GROUPED ...    â– < 1yr    â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:24 193 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION    DATE: 30/09/2020 PROPERTY REPORT UNITS 18-21 PADGETS LANE, SOUTH MOONS MOAT, REDDITCH INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: RICH LOCATION RD CONNOLLY & 17/09/2020 30/09/2020 INDUSTRIAL MRICS SITUATION KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– Established industrial location â– The property is subject to two Schedules of    Conditions limiting the tenants repairing obligation. â– Fully let to a single tenant    Lease term certain of just over 8 years â– â– Whilst refurbished, there are certain items of Units can be sub-divided disrepair (not covered by the tenants repairing â– obligations).    The building survey highlights potential capex of â– £700,000 in years 6-10. â– Uncertain covenant strength of the tenant and guarantor.    OPPORTUNITIES THREATS â–Potential improvement in covenant strength of â–Tenant / guarantor default tenant â– Capex requirement, in particular in respect of â–Potential rental growth in the medium / long the roof term.    â– Weakening in the industrial occupational and investment markets. LOCATION & SITUATION Redditch is a new town within Worcestershire and is located 14 miles south of Birmingham, 15 miles west of Coventry and 100 miles north west of London. Redditch has strong motorway connections with the town centre lying approximately 4 miles south of Junctions 2 and 3 of the M42 motorway. The M42 also provides links to the Ml, M6 and M6 Toll road to the north, the M40 to the east and the M5 to the west. South Moons Moat Industrial Estate is situated approximately 2.5 miles east of Redditch town centre and approximately 3.5 miles from Junction 3 of the M42 which is accessed via the A435 dual carriageway. The property is located on Padgets Lane which has direct access to the A4023 Coventry Highway which links to the A435 circa 1 mile to the east.    194

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION DATE: 30/09/2020 The property is situated in an established industrial area and the adjacent South Moons Industrial Estate (Units 1 to 17) is also owned by the Borrower. PROPERTY DESCRIPTION The property comprises two industrial which we estimate were constructed in the late 1970s I early 1980s. There are also smaller extensions to the units which appear slightly more modern. The units are of steel frame construction and externally the elevations have low level brickwork with profile metal cladding above. The main roofs are of low-pitched metal deck construction with a mineral felt covering and north roof lights. Units 18/19 have a broadly ‘L’ shaped configuration with the accommodation providing first floor offices to the front of Unit 18. The offices have a specification including suspended ceilings, recessed lights, generally double-glazed windows and air conditioning cassettes. The warehouse has a basic specification including concrete floor, new LED lighting and three level access loading doors. There is also a small steel portal frame additional unit/extension on the south west corner with fully clad elevations and a clad pitched roof. The additional unit has single level access loading door. Units 20/21 are of a similar construction but have a more linear configuration with additional steel portal frame accommodation at either end of unit. The warehouse space has a similar specification with two level access doors with a further door on each of the extensions. To the rear of the warehouse are WC facilities. The front (west facing) section of this unit comprises two storey office accommodation. Externally, the units have a shared yard area with gated entrance. Car parking is provided to the south of Unit 18 and to the west of Units 20/21. BUILDING AGE We estimate that the property was constructed in the late 1970s / early 1980s. SITE AREA Based on the assumed boundaries, the site area extends to approximately 1.34 hectares (3.31 acres). ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. 1 FLOOR/UNIT SQ FT USE SQM Units 18 & 19 Industrial 3,655.99 39,354 Unit 20 Industrial 1,782.57 19,188 Unit 21 Industrial 1,733.70 18,662 TOTAL 7,172.26 77,204 195    

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION    DATE: 30/09/2020 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence report prepared by Arcadis dated 26 May 2020 and referenced UK 10019829. The report states that the building is generally in a good condition from a structure and fabric perspective. However, it does highlight the following points: â– The Landlord undertook refurbishment works in 2018 which we understand to have included internal strip out and basic shell and core refurbishment works, new WCs, new external cladding and repair works top the yard, drainage and roof. â– The low pitched felt roof coverings to the main buildings have been patched and are showing signs of blistering with a number of reported / evident leaks internally. There is a 3 year rectification period for the Landlord’s works and therefore there will be some ongoing liability for the Landlord until 2021 (3 years from 2018). After this period, the tenant will be liable, however, a Schedule of Condition states that the tenant is only to keep the roof wind and watertight. â– Cut edge corrosion was noted to the profile metal cladding roofs to the extension of both buildings. The tenant has no liability for these items. â– rainwater downpipes to the extensions discharge directly onto the hardstanding I grassed area and no gullies I drainage are provided. â– The brick facades at the lower level have isolated areas of damage with areas of poor pointing, cracking and staining. â–Minor cracking and impact damage was noted to the internal walls to the warehouse together with minor deterioration and cracking to the concrete floors. The uneven / poor floor finish is generally noted in the Schedule of Condition. It is unclear whether the installation of racking has contributed to the more recent cracking and therefore it is recommended that this is monitored over the next 12 months. â– Where old walls / floors have been removed within the warehouse as part of the Landlord’s works, the finish is generally poor with sections of redundant pipework and old boarding still visible. â– The recently applied paint finish to the warehouse floor within Unit 20/21 is flaking in large areas. This should be raised with the contractor and rectified. The property is let to Cassellie Limited on a full repairing and insuring occupational lease, however, as stated above, the repairing obligations are limited by way of two Schedules of Condition. Having regard to this, the report highlights the following risk and Landlord capex considerations: ITEM RISK 2-5 YRS 6-10 YRS TOTAL IMMEDIATE £ £ £ £ Roofs Medium - - 550,000 550,000 Cut Edge Corrosion Low - - 10,000 10,000 Maintenance/Repairs Low - - 125,000 125,000 MEP Installations Low - - 15,000 15,000 TOTAL    700,000 700,000 196

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 The capex approach is based on a business strategy of maximising the serviceable life of the key building elements and adopting a “repair” rather than a replacement approach. Having regard to the timescale of the capex, we have not made any explicit deductions within the valuation. ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with an Environmental Data Gap Review carried out by Ambiente Ltd dated November 2019. The report is in respect of the whole South Moons Industrial Estate which includes the subject units. The report highlights the following: â– The estate was developed into its current configuration in the late 1970s. â– The report refers to a previous Phase 1 Environmental Audit Report prepared by Paragon dated September 2019 which states “no significant issues of environmental concern were highlighted from the current use of the site”. â– There is also a former Sitecheck Combined Report prepared by Landmark Information Group dated July 2019 which states “no significant contamination linkage has been identified and any liabilities from contaminated land are unlikely”. No further action is required. The overall opinion was that the land ‘passed’. â– There is a low to medium risk of fluvial flooding (flooding from rivers) and a medium risk of flooding from pluvial sources (surface water flooding). Overall, the report concludes that based on the continued commercial use of the site, there is a low to medium risk with regard environmental liability. TENURE We have been provided with a draft Certificate of Title dated 6 October 2020 in respect of Units 18-21 Padgets Lane Redditch. The property is held freehold on three registered titles: â– WR41152-Plan 1 â–HW175335-Plan 2 being Unit 18 â– HW75404 - Plan 3 being Units 20 and 21 The property is subject to several incumbrances and we would highlight the following: â– WR41152 - There are unknown matters from a 1969 Conveyance. We understand that the Borrower has an appropriate indemnity policy place. â–WR41152 - There are various rights benefiting the CNT land including access to enter part of the property to access service media. â–WR41152 - The property is subject to restrictive covenants for the benefit of adjoining land. These include not to use Property A other than for a service yard for the adjoining premises (18 21 Padget Lane) and not to cause any annoyance, nuisance to the adjoining land. 197

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 â–WR41152 - there is an obligation to pay a proportion of cost in respect of foul or surface water drainage. The seller has confirmed that there has been no notice or demand for payment. â– HW175335 - The 1994 Transfer also reserves to the tenants of Unit 1-17 Padgets Lane to use the part of the Property coloured yellow, subject to paying a far proportion of the costs for maintenance etc. The seller has confirmed no demands have been received. â– HW175335 - Pursuant of a 1994 Transfer, there are rights benefiting the CNT land including access over the access road hatched black on Plan 4. â– HW75404 - The property is subject to various rights benefiting the CNT land. â– There is a public footpath on the property to the west of the Units 20 and 21. We must highlight that we have not been provided with Copies of the Plans referred to in the Certificate of Title. Tenancies The property is let on a single lease to Cassellie Limited with a guarantee from Mobility Group Topco Limited. The lease is for a term commencing 20 December 2018 and expiring 19 December 2028 and therefore has an unexpired term certain of 8.25 years. The contracted passing rent is £350,000 per annum and the lease provides the following fixed increases: â– £400,000 per annum - From 20 December 2021 â– £425,000 per annum - From 20 December 2023 We would highlight that the Vendor is topping up the rent to £400,000 per annum for the purchase. The lease does not provide any further rent reviews. The lease provides full repairing and insuring obligations on the tenant, however, the repairing obligations are limited by way of two Schedules of Condition. One Schedule of Condition is solely in respect of the roof and effectively requires the tenant to keep the roof wind and watertight. The lease provides that the tenant must carry out certain ‘Tenant Works’ as provided within the Agreement for Lease. On completion of the works the tenant will procure an addendum to the Schedule of Condition to include those items which comprise ‘Tenant Works’. We have not been provided with a copy of the Agreement for Lease or whether the Schedule of Condition has been updated and therefore we would recommend that the Bank’s legal advisors confirm this. 198

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION CONSIDERATIONS MARKETABILITY Whilst the industrial sector remains the most resilient, there are one or two factors in respect of AND POTENTIAL the subject property which we consider will impact on marketability and value. There will be PURCHASERS greater scrutiny over the covenant strength of the tenant and guarantor due to the uncertainty in the economy. Coupled with this, the reduced repairing obligations, in particular regarding the roof, may deter some purchasers. Overall we consider that the majority of demand would stem from local or regional propose or private investors. We would highlight that the Borrower owns the adjacent industrial estate and would therefore be considered a Special Purchaser. MARKETING PERIOD We are of the opinion that 3 to 6 months should be allowed to find a willing buyer. EXPOSURE PERIOD 6 months. CURRENT VOID 6-12 months PERIODS COSTS AND The property is fully let on a single lease and therefore there are currently no holding or running ADJUSTMENTS costs. OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; 199 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Area Lease Rent £ pa Property Address Use Date Tenant Break (Sq- Ft) Length (sq ft) (years) 29 Heming Road Industrial 10/2020 84,343 On Market - - Q £435,000 Redditch                (£5.15) Velocity 42 Distribution 10/2019 93,720 Avon Freight 15 - £585,750 Redditch                (£6.25)    9 & 13 Hund End Industrial 06/2019 23,139 Microteam 10 - £116,000 Ind Est Redditch                (£5.00) Subject Property Industrial 12/2018 77,204 Cassel lie Ltd -    10 £397,500    (£5.15) Comparison to Subject Comparable 1: The comparable comprises a two bay warehouse with extensions and extends to 70,836 sq ft with a further 13,480 sq ft of canopies. The warehouse has eaves of over 6.7m and has eight level access loading doors. The property is currently on the market quoting £435,000 per annum which equates to broadly £5.50 per sq ft with half rate on the canopy. Whilst this unit hasn’t transacted, we would make a downward adjustment to the quoting rent.    Comparable 2: The comparable comprises a new distribution unit and would be considered the prime headline rent in Redditch. We would make a downward adjustment to the evidence.    COMPARISON Comparable 3: The comparable comprises an established industrial unit. The comparable is smaller but is & situated in an inferior location. We consider that the subject property would command a broadly similar rent.    Comparable 4: The subject property was openly marketed and let in December 2018. The unit was let on a 10 year lease with a stepped rent of £350,000 per annum (£4.53 per sq ft) increasing to £400,000 per annum (£5.18 per sq ft) and then £425,000 per annum (£.50 per sq ft). The average rent over the term is £397,500 per annum EVIDENCE (£5.15 per sq ft).    Taking the above transactions into consideration, we have adopted the following Market Rent; PATIONAL - £386,020 which equates to £5.00 sq ft headline    OCCU OPINION OF In formulating our opinion of Market Value we have researched the local market and where YIELD appropriate spoken with in house agency teams. We have had regard to the following transactions; 200 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION    DATE: 30/09/2020 WAULT Property Address Date Area (Sq Ft) Passinq Rent £ pa Comments (Years) Purchase Price £ (NIY) Pattonair Unit, Derby 09/2020 75,543 10.00 £435,000 £6.8M (6.00%) 20 yrs BO yr 10. 5 yearly RPI (l%-3%). Interest at 6.00% NIY Dennis Eagle Unit, 09/2020 133,732 9.50 £351,600 UOE12.5M Unit built 1980s used as Leamington Spa (5.41%) HQ. Rack rented Barson Global Logistics, 09/2020 51,600 10 B/O £492,755 Unit built 2006. Adjacent to the £8.2M M6 Coventry YR 5 (5.80%) 03/2020 51,600 11.83 £351,600 Aquapak £5.5M Unit built 201 7. 5 yearly Polymers, Rubery (6.00%) RPI increases (3%-5%) Comparison to Subject Comparable 1: Unit constructed 2007 with 10m eaves. The comparable would be considered to occupy a similar location to Redditch, however, the comparable property is superior. The tenant covenant of the comparable is also superior. Whilst the comparable has not yet transacted, we would make an outward adjustment to the interest. Comparable 2: Leamington would be considered a superior location and the comparable would also be considered a superior unit and covenant. We would make an outward adjustment to the evidence. Comparable 3: The comparable is situated on Prologis Park in Coventry and is therefore a far superior location. The comparable is also a superior, more modern asset. We would make an outward adjustment to the evidence. Comparable 4: Whilst Rubery would be considered a slightly inferior location to Redditch, the comparable is a superior, more modern asset let for a longer unexpired term. The guarantor on the comparable would be considered superior when compared to the tenant and guarantor covenant on the subject property. We would make an outward adjustment to the evidence. Taking the above transactions into consideration, we have adopted the following capitalisation rates; - 5.75% Net Initial Yield VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– We have reflected the tenancy information provided. We understand that the property is being acquired off a topped up rent of £400,000 per annum however the current rent is £350,000. We have adopted a headline Market Rent of £386,020 per annum. Having regard to the nature of the property, the income and covenant strength together with the available evidence, we have targeted a net initial yield of 5.75%. This approach results in a capital value of £5,709,966 after the deduction of purchasers costs. £5,710,000 (Five Million Seven Hundred and Ten Thousand Pounds) exclusive of VAT Net Initial Yield 5.75% Key Running Yield (20/12/2020) 6.57% Equivalent Yield 6.46% Reversionary Yield (20/10/2028) 201

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020    Reflecting a capital value per sq ft of £796.11 per sq m (£73.96 per sq ft).    VALUATION    METHODOLOGY: In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the following inputs and rationale; VACANT    POSSESSION â– We have assumed the property is vacant and non-income producing.    VALUE â– We have applied a Headline Market Rent as detailed above, which reflects a total of £386,020 per annum.    â– We have applied a 12-month letting void on the unit together with 9 months rent free period.    â– Empty rates are deducted for the marketing void, deferred 3 months for rates relief, and also letting fees based on 15% of Market Rent.    â– We have applied an equivalent yield of 7.50%%.    £4,125,000 (Four Million One Hundred and Twenty Five Thousand Pounds) exclusive of VAT Equivalent Yield 7.50% Reversionary Yield 8.66%    Reflecting a capital value per sq ft of £575.12 per sq m (£53.43 per sq ft). The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor ESTIMATED have we carried out a full Reinstatement Cost Assessment. For indicative purposes only, we REINSTATEMENT estimate that the reinstatement cost for the building for loan security purposes would be COST £4,900,000 on a day one basis including fees but excluding VAT and inflation. These figures ASSESSMENT should be compared with the current sum insured and if a material discrepancy exists we suggest (RCA) that a full Reinstatement Cost Assessment is carried out. REMAINING We are of the opinion that the subject property has a remaining economic life of 25 years    ECONOMIC LIFE assuming on going planned maintenance. 202 CBRE

PROPERTY ID: 15 - Tewin Court Industrial Estate ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Tewin Court Industrial Estate - Welwyn Garden City, AL7 1AU, United Kingdom    United    Kingdom    Isle of Man                Dublin Manchester    Hamburgo Ireland                Birminqharr^ Amsterdam    ° â–¼ ®    Lomon Netherlands    ® Brussels Cologne    • , ° Belgium    Luxembourg    Paris    ® (    Goggle    Map data ©2021 GeoBasts-D&‘BKG (©2009), Google, Inst. Geogr. National    VALUATION METRICS (currency - GBP) KEY FACTS    \ Metric Value Metric Value    Market Value 10,000,000 Total Area (sq ft) 87,990 Market Value (per sq ft) 114 WAULT to Break by Rent 3.98 Net Initial Yield 6.08% WAULT to Break by ERV 3.99 Reversionary Yield 8.27% WAULT to Expiry by Rent 3.98 Equivalent Yield 7.74% WAULT to Expiry by ERV 3.99 Gross Income (p.a.) 646,625 Percentage of Vacancy (Area) 5.14% Gross Income (p.a.) (per sq ft) 7 Percentage of Vacancy (ERV) 5.14% *Adj. Gross Income 646,625 Number of Tenants 18 Adj. Gross Income (per sq ft) 7 Tenure Freehold Net Income (p.a.) 646,625 Expiry Voids (months) 6 Net Income (p.a.) (per sq ft) 7 Gross Rental Value 879,900 Gross Rental Value (per sq ft) 10 Capital Expenditure -11,040 Transaction Costs 6.70% Over / Under Rented -22.53%    * Adjusted Gross Income equates to the Gross Income excluding any rent free periods    LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Unicut Precision Limited 3.25 3.25â–¡ 21,013 KU 172,143 EZI 210,130â– ZZI 26.6% Amerco Electrical Distributiors Ltd 4.02 4.02D 9,875 C 80,759â–¡ 98,750â–¡ 12.5% Hallgrove Garage Limited 4.26 4.26D 6,790 â–¡ 60,309D 67,900â–¡ 9.3% Metro Fixings Limited 6.19 6.19D 9,223 â–¡ 57,500â–¡ 92,230â–¡ 8.9% Access Training (Wales) Limited 5.71 5.71D 7,232 50,785D 72,320 7.9% â– =â–¡ â– ZJ Other 3.33 3.33 29,333 225,129 293,330 â– I 34.8% Vacant n/a n/a1 4,524 n/an 45,240 n/a Total 3.99 3.99 87,990 646,625 879,900 100.0% Printed 01/02/2021 13:24 203 CBRE

PROPERTY ID: 15 - Tewin Court Industrial Estate ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE    300,000 250,000 38.07% +-* cc 200,000 150,000 in o 100,000 50,000 0    2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+    Year â– Vacant    LEASE LENGTHS GROUPED ...    â–< 1yr    â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:24 204 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT TEWIN COURT, WELWYN GARDEN CTIY, AL7 1AU INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: BEN OWEN MRICS 18/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â–Occupational demand for units on the estate will be â– Some units are in basic or poor condition. strong given the range of attractive unit sizes and the â– Some tenants are considered to be ‘High Risk’. opportunity to combine units for tenants requiring more space. â–     Strong transportation links with London and the South East via the Al, Ml and M25 is a major draw for distribution firms amongst other occupiers. â– Recent capital expenditure into units 14 & 15. â– The industrial sector continues to perform well with a good level of occupational demand. â– Industrial yields in the south east have remained stable for the past year. â– Relatively long WAULT considering the nature of the asset (3.98 Yrs).    OPPORTUNITIES THREATS There is the opportunity for re-development in the â– â– High competition from more modern developments. medium-long term. â– Secure lettings on vacant units. â– Wider economic uncertainty may affect the decisions of occupiers and investors. LOCATION & SITUATION LOCATION & Tewin Court is an established estate of production warehouse units. The estate is located on Tewin SITUATION Road off Mundells (Al 000) which is approximately 1 mile east of Welwyn Garden City centre. Welwyn Garden City is situated approximately 25 miles north of Central London, 6 miles from J23 of the M25 and is adjacent to the Al (M) between J5 and J6. 205 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 The town also benefits from a mainline station offering a direct service into London Kings Cross in just over 30 mins. DESCRIPTION The estate comprises of 19 terraced warehouses with brick elevations under pitched roofs of steel truss construction. Typically, the units benefits from an internal clear height of 3.2m within the warehouse and ground level loading to the rear of the unit. Each unit benefits from a small ancillary office to the front along with WC’s. Loading doors range from overheard roller shutters and concertina doors. The units share external yard, loading areas and car parking. BUILDING AGE The Technical Due Diligence report produced by Arcadis dated April 2020 states the property was constructed in 1980. SITE AREA 1.862 ha (4.60 acres) As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR / UNIT TENANT SQM SOFT Access Training (Wales) Limited Unit 2 672 7,232 Unit 3 Metro Fixings Limited 857 9,223 Unit 4 Hallgrove Garage Limited 631 6,790 Unit 5 Unicut Precision Limited 573 6,164 Unit 6 Unicut Precision Limited 516 5,556 Unit 7 Unicut Precision Limited 460 4,948 Unit 8 Unicut Precision Limited 404 4,345 CBM Electrical Contractors Limited Unit 10 218 2,342 Mirage Health Group Limited Unit 11 222 2,391 Sterling Printing Company Limited Unit 12 222 2,390 Unit 13 Finetech Medical Limited 218 2,347 Unit 14 Vacant 218 2,345 Unit 15 Vacant 202 2,179 Lemsford Mill Controls Limited Unit 16 462 4,971 Amerco Electrical Distributiors Ltd Unit 17 459 4,943 Amerco Electrical Distributiors Ltd Unit 18 458 4,932 PROPERTY DESCRIPTION CBRE    PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Unit 19 The Recover Team Limited 458 4,931 Unit 20 LGA Finishing Limited 460 4,948 Unit 21 Wonderturn Limited 466 5,013 TOTAL 8,175 87.990 DUE DILIGENCE ACCOMMODATION 206

STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dates April 2020. The report states that ‘Tewin Court is estimated to have been constructed in the early 1980’s and the general condition of the units are considered to be fair’. There are no immediate cap ex issues which have been highlighted although the report suggests the use of the emergency staircase to Unit 2 is to be prohibited for safety reasons. Moreover, a maintenance plan for the external areas has been suggested however CBRE have made the assumption these liabilities will be covered by the service charge of the estate. The asset appeared to be in a reasonable state of repair at the time of inspection for its age and use.    PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a ‘Review of Phase 1&2 Environmental Assessment: Tewin Court Industrial Estate, Welwyn Garden City, AL7 1AU, UK (Rambol, 2020). The report provides the below summary: “Overall, while there is some potential for contamination arising from historic uses including factories and mixed light industrial uses, Ramboll considers that the majority of the site is of low-moderate risk in terms of the potential for contamination (if present) to pose an unacceptable risk to site users and sensitive receptors.” TENURE We understand the subject property is held Freehold. We have been provided with a draft Certificate on Title, which confirms the property is held with good and marketable title. The title confirms the property benefits from warehouse use. We do not consider there to be any further matters within the report that will adversely impact upon or opinion of Market Value. 207 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION CONSIDERATIONS MARKETABILITY There has been increasingly positive investor sentiment towards the industrial sector over the last AND POTENTIAL few years, this has not been slowed by the rise of COVID-19. Purchaser demand will likely be PURCHASERS seen from high net worth individuals, REIT’s or property investment funds. We believe the property’s existing mixed tenant pool along with strong location in the heart of industrial Welwyn Garden City would attract investors. Short conversations with our inhouse investment agents suggested there may be a long term play to redevelop the units and drive ERVs. MARKETING PERIOD We are of the opinion that 6-12 months should be allowed to find a willing buyer. EXPOSURE PERIOD Exposure Time is an estimate of how long the property would have had to be marketed in the past in order to achieve the market value (as a sale price) today. Exposure Time is backward looking. Marketing Period is forward looking. Often these estimates are the same, unless economic conditions have changed/are changing. As an example, perhaps the market was previously significantly oversupplied, and the exposure time might have been, say 24 months due to limited investor interest. But, now, if market occupancies have stabilized and investors are competing for deals, the marketing time might only be 6 months. 6-12 months. CURRENT VOID 6-12 months PERIODS COSTS AND CBRE have not been made aware of any need to apply CapEx and nothing significant was ADJUSTMENTS noticed on inspection. We have not been provided with information on service charge, however due to the multi-let nature of the asset we would assume there will be some liability for service charge shortfall on vacant units. No empty rates have been applied as we are of the impression the unit would re-let within the 6 month grace period. We have applied 15% legal and letting costs to reflect the tenants upcoming tenancy expiries within the next six months. OPINION OF MARKET RENT In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; 208 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Property Area (Sq Lease Rent £ pa Use Date Tenant Length Break Address Ft) (sq ft) (years) LGA Finishing £41,327 (£8.40 Unit 20 (Subject) Industrial Dec -19 4,948 Limited 5 N/A sq ft) Amerco Electrical Units 1 7&18 Distributiors £80,759 (£8.20 (Subject) Industrial Oct-19 9,875 Ltd 5 N/A sq ft) Hallgrove £60,309 (£8.90 Unit 4 (Subject) Industrial Oct-19 6,790 Garage Limited 5 N/A sq ft) Finetech Medical £23,303 Unit 13 (Subject) Industrial Apr-19 2,390 Limited 5 N/A (£9.70 sq ft) Comparison to Subject COMPARISON Comparable 1: This letting was made within the subject estate. & Comparable 2: This letting was made within the subject estate. Comparable 3: This letting was made within the subject estate. EVIDENCE Comparable 4: This letting was made within the subject estate. We have had conversations with the agents regarding the vacant units and they have informed us they have had offers close to the asking price. Taking the above transactions into consideration, we have adopted the following Market Rent; OCCUPATIONAL - £10.00 sq ft headline In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; 209 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 WAULT Passinq Rent £ Property Address Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) Tewin Court,                Welwyn Garden    £700,000 £10M    City (Subject) Jun-2020 87,287 2.00 (£8.00) (6.56%) N/A E-leather and                Finning,    £647,425 £11.6M    Peterborough Sep-2019 160,510 2.78 (£4.20) (6.00%) N/A Little End Road                Industrial Estate,    £214,750 £3.2M    Huntingdon Apr-2019 40,510 5.20 (£5.30) (6.30%) N/A Cosgrve Way Industrial Estate, £316,555 £4.15M Luton, Cosgrove Way Apr-2019 43,422 2.37 (£7.75) (6.69%) N/A Comparison to Subject Comparable 1: Subject Property. Comparable 2: Significantly larger than the subject but has similar characteristics. Comparable investment sentiment. Comparable 3: Similar property characteristic in an inferior location. We expect the subject to be trading stronger. Comparable 4: Slightly dated transaction but similar multi-let estate. Shorter WAULT. Taking the above transactions into consideration, we have adopted the following capitalisation rates; - 6.08% Net Initial Yield - 7.74% Equivalent Yield - 8.27% Reversionary Yield VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â–The property is held freehold. â– The investment is a multi-let industrial business park comprising 19 units. â– Our opinion of ERV is £879,900 per annum. â– We have not applied empty business rates due to the reletting period falling within the 6-month grace period. â– We have applied 6 month voids and three month rent frees on the vacant units. â– No CapEx has been applied. â– We have applied an Equivalent Yield of 7.75%. â– We are aware that the subject property sold in June 2020 for £10,000,000, which we consider to be in line with market indicators. â– After the deduction of purchasers’ costs, our opinion of the property is £10,000,000 exclusive of VAT. This gives a Capital Value of £113.65 per sq ft. £10,000,000 (Ten Million Pounds) exclusive of VAT 210 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020    Net Initial Yield 6.08% Equivalent Yield T.lAPfa Reversionary Yield 8.27%    Reflecting a capital value per sq ft of £1,223.32 per sq m (£113.65 per sq ft). VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting METHODOLOGY: the following inputs and rationale;    VACANT POSSESSION â– We have assumed the property is vacant and non-income producing.    VALUE â– We have applied a Headline Market Rent of £879,000 per annum. â– We have applied a 6-month letting void on each unit. We have applied a 3 month rent free assuming a 5 year term certain.    â– We have not applied empty rates since the re-letting period falls within the empty business rates 6 month grace period. Legal and letting fees have been applied based on 15% of Market Rent.    â– We have applied an equivalent yield of 8.25%.    £9,150,000 (Nine Million One Hundred and Fifty Thousand Pounds) exclusive of VAT Equivalent Yield 8.27% Reversionary Yield 8.76%    Reflecting a capital value per sq ft of £1,119.34 per sq m (£103.99 per sq ft). ESTIMATED The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor REINSTATEMENT have we carried out a full Reinstatement Cost Assessment. However, we have been provided COST with an RCA by Arcadis and dated 29 April 2020 which estimates that the reinstatement cost for ASSESSMENT    (RCA) the estate for loan security purposes would be £10,869,000 on a day one basis including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. REMAINING We are of the opinion that the subject property has a remaining economic life of 20 years.    ECONOMIC LIFE 211 CBRE

PROPERTY ID: 16 - Empress Works MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Empress Works MV - Penny Lane, Haydock, WA11 9DB, United Kingdom C3    North Sea Glasgowo °Edinburgh Haydock CrossO «â– <> OLD BOSTON Z TR ADI NG ESTATE United Kingdom    Isle of Man Dublin Ma^iester A580 f 1 / Ireland ® T A580    Birmingham ) NEW BOSTON    o Amsterdam    •rt.    s Netherlands London Brussels    Cologne 0A    Belgium n Lyme and    Wood    Luxembourg Map data ©2021 Go: gle Map data ©2021 GeoBasts-DE’BKG (©2009), Google Go    gle Country Park    VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 11,500,000 Total Area (sq ft) 127,399 Market Value (per sq ft) 90 WAULT to Break by Rent 3.26 Net Initial Yield 6.45% WAULT to Break by ERV 3.26 Reversionary Yield 6.52% WAULT to Expiry by Rent 8.12 Equivalent Yield 6.51% WAULT to Expiry by ERV 8.12 Gross Income (p.a.) 791,524 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 6 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 791,524 Number of Tenants 6 Adj. Gross Income (per sq ft) 6 Tenure Freehold Net Income (p.a.) 791,524 Expiry Voids (months) - Net Income (p.a.) (per sq ft) 6 Gross Rental Value 799,715 Gross Rental Value (per sq ft) 6 Capital Expenditure 0 Transaction Costs 6.71% Over / Under Rented -1.02% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Briggs Equipment Limited 1.23 11.24 52,260â– zz 310,974 313,560 â– ZZI 39.3% Enviropax Limited 5.67 5.67â– Z 32,000 â– Zl 208,000 â– Zl 208,000â– Zl 26.3% Lamboo Mobile Medical Limited 2.57 7.58n 15,000 â–¡ 95,445 â–¡ 97,500â–¡ 12.1% Gas Control Equipment Limited 5.07 5.07D 13,900 â–¡ 79,850 â–¡ 83,400â–¡ 10.1% All Round Security Consultants i 4.50 9.50n 7,4651 52,255 1 52,2551 6.6% Other 2.93 2.931 6,774 D 45,000 1 45,000D 5.7% Vacant n/a n/a - n/a - n/a Total 3.26 8.12 127,399 791,524 799,715 100.0% Printed 01/02/2021 13:24 212 CBRE

PROPERTY ID: 16 - Empress Works MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 350,000 39.29% 300,000 +- * 250,000 c aj 200,000 oi U1 150,000 O J_ O 100,000    50,000 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year LEASE LENGTHS GROUPED ... â–Vacant â– < 1yr â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:24 213 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT EMPRESS PARK, ALEXANDER HOUSE & POINT 23, HAYDOCK INDUSTRIAL ESTATE, HAYDOCK INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: ROBERT QUINN MRICS 06/10/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– Well-established industrial location, close to â–Premium rents leave minimal asset junction 23 of M6. management opportunities. â– If unit 200 break option isn’t actioned WAULT is 8.10 â– Income over hold period likely flat. years.    Good occupational demand for small-medium sized    â– industrial units. â– Freehold.    OPPORTUNITIES THREATS â– Noe apparent â–Decrease in occupational and investor demand for industrial property. â– Ongoing economic uncertainty caused by the Covid-19 pandemic. LOCATION & SITUATION LOCATION & The property is located in Haydock which forms part of the larger town of St Helens. St Helens is SITUATION located in the north west of England, approximately 40km (25 miles) west of Manchester, 19km (12 miles) east of Liverpool and 16km (10 miles) north. Haydock Industrial Estate is approximately 8km (5 miles) to the north east of the centre of St Helens and provides a substantial, established industrial area. The centre of Haydock Industrial Estate is approximately 1 km (0.7 miles) to the west of the intersection of the M6 motorway and the A580 at junction 23. The subject property comprises three separate elements being buildings known as Empress Park to the south east of Penny Lane, Alexander House which is located off Wilcock Road to the north west of Penny Lane and Point 23 which is located within the centre of Haydock Industrial Estate, approximately 1 km to the west of the remainder of the buildings, itself being located at the junction of Millfield Lane with Piele Road and Hall Wood Avenue. 214 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY DESCRIPTION DESCRIPTION The subject property extends in total to approximately 11,835.4 sq m (127,399 sq ft) and comprises three distinct elements as follows. Empress Park Empress Park comprises four warehouse buildings with 100A and 100B being attached and units 200 and 300 being standalone units. Whilst the precise nature of each unit varies, specifications are of a similar construction. The structure of each building consists of a steel portal frame with profile sheet roofing incorporating translucent roof panels and full height profiled or flat clad panel elevations. Each unit has its own perimeter mesh fence enclosing individual external areas with electronic vehicle and pedestrian gates at the entrances. Office accommodation is a combination of glazed curtain walling with some flat cladding panels and low level exposed brickwork walling. Windows are aluminium double glazed units. The specification provides raised access floor with carpet tiled covering, suspended ceiling, plaster and painted walls, varied lighting, male, female and disabled WCs, together with stairwell between floors with passenger lift within Units 100A and 300. Heating is by way of a combination of gas fired condensing boilers heating hot water radiators together with air conditioning units. Access to warehouse areas is by way of fire exit doors and electrically operated roller shutter doors, the specification of the warehouse areas including concrete flooring and varied lighting specifications depending on the occupiers’ requirements. Unit 100A originally provided an open plan industrial unit with two storey office accommodation although this has been extensively fitted out by the tenant to provide laboratory space, storage space and ancillary accommodation in two sections. It has a small tarmacadam surface car park and concrete surfaced yard area to the front elevation. Unit 100B is an irregular shaped industrial unit which benefits from four large vehicle delivery doors to the front elevation with canopy over together with small two storey office area and large concrete surfaced yard to the front and eastern elevations. Unit 200 provides a detached industrial building with two storey office accommodation to the complete length of the front elevation. The office accommodation has been extended within the industrial building at first floor level by way of mezzanine on stanchions. Warehousing is situated to the rear of the building and features one electronically operated roller shutter door leading out into concrete surfaced loading yard and car parking area to the east of the building. Unit 300 is the largest of the buildings which is rectangular in shape and features a large tarmacadam surfaced car park to the front of the unit together with substantial concrete surfaced yard to the rear. The building is regular in shape and features two storey integral offices to the front of the building with feature reception area. The warehouse is split lengthways, approximately 1/3-2/3 ratios providing separate workshop and warehousing areas. The smaller section of workshop features a 10 tonne rolling crane. The warehouse features two electrically operated roller shutter doors to the eastern elevation opening on to the rear yard. The premises are all understood to have been constructed in approximately 2015. CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Alexander House Alexander House comprises a two storey office block together with adjoining industrial unit. The office block element is two storey in height with brick and blockwork walls beneath flat roof with the elevations covered with a mix of profile composite metal cladding panels. The warehouse is of steel frame construction with brickwork elevations externally clad with steel profile cladding. Within the warehouse flooring is concrete with the roof comprising dual pitched asbestos corrugated panels incorporating translucent roof lights. Access to the warehouse is via a single electrically operated roller shutter door together with personnel door into office section. Lighting has been replaced by tenants with LED fittings. The two storey office building is used as a trade counter, showroom and office facility with ground floor providing solid floor, currently open plan, with three private offices, kitchen facility and male WC. A single stairwell leads to the first floor which provides further open plan showroom area with suspended ceiling together with two offices to the rear of the building. Externally, there is a relatively small hardstanding used for staff and customer vehicle parking and a small access area leading to the warehouse roller shutter door.    The building is understood to have been constructed in approximately 1970. Point 23 Point 23 comprises a detached warehouse building with fenced perimeter, block paved parking to southern elevation and loading yard to northern elevation. The building is of steel portal frame construction with roof and elevations comprising metal profiled panels incorporating translucent roof lights. The building features integral two storey offices to the south western corner of the building which provides reception and works ancillary facilities to the ground floor and open plan office to the first floor. The two floors are linked via staircase and personnel lift with male, female and disabled WCs to each floor. The accommodation features carpet and vinyl floor coverings to raised access floor, suspended ceilings, painted and plastered walls and LED panel lighting, aluminium double glazed windows. The warehouse is open plan with an eaves height of approximately 10m with concrete flooring and two electrically operated roller shutter doors leading to yard area. Lighting is fluorescent strip lighting with no heating to warehouse. The building is understood to have been constructed in approximately 2015. BUILDING AGE Alexander House was built in approximately 1970, the remaining buildings were constructed in approximately 2015. SITE AREA Across three separate sites the subject totals approximately 3.43 ha (8.47 acres). ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. 216

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 FLOOR / UNIT USE SQM SQ FT 100A Light Industrial 1,291.3 13,900 100B Light Industrial 1,393.5 15,000 Light Industrial 693.5 7,465 200 300 Light Industrial 4,855.0 52,260 Alexander House Trade Counter 629.3 6,774 Point 23 Light Industrial 2,972.8 32,000 TOTAL 11,835.4 127,399 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a series of technical due diligence reports prepared by Arcadis dated 1 7 July 2020. The reports conclude that Empress and Point 23 were found to be in a good condition with no major issues noted during their assessment. They did note a small number of defects, however, in the context these were considered minor and mostly a tenant’s obligation to remediate as per the terms of their leases. In terms of Empress Park, the report does note that legal clarification as to the responsibility for replacing cladding to Unit 100A together with dock leveller soak-away to Unit 300 is required. In respect of Alexander House, the Arcadis report found the building in terms of structure and fabric to be in a satisfactory condition with no major issues noted during their assessment. In terms of fire safety, no fire risk assessments were made available to the Building Surveyors however fire safety is currently the responsibility of each tenant to manage under the Regulatory Reform (Fire Safety) Order 2005. No concerns were noted regarding the management of fire safety other than the tenant of Unit 100B had blocked one of the fire escape doors with stored items. ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a series of Phase 1 Environmental Surveys carried out by Ambiente Ltd dated September 2020. The reports conclude that the level of environmental risk for all elements of the subject property is assessed to be acceptably low for the current use and no further environmental investigations or assessments are considered necessary prior to acquisition. 217 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 TENURE We have been provided with 3 undated draft Certificates of Title prepared by Herbert Smith Freehills LLP each with the same reference numbers 2336/31035729 Empress Park is noted as being held freehold under titles MS545084 and part of MS275772, the element being retained comprising a sliver of land to the south west of buildings 100a and 100b that appears to be beyond their fenced boundaries. The certificate refers to pipeline edged red, however, the provided plan is in black and white. The apparent pipeline in black appears to pass to the east of building 200 and west of 300. A further note within the certificate relates to a pipeline detailed within a 1992 Deed of Grant. The route of this easement appears to run along the eastern most boundary of the site and so be under the yard of building 300. As the subject property has been relatively recently constructed, we assume that the location of this pipeline was accommodated in the design, construction and operation of the subject property. Upon the Company’s acquisition of the Property, the Seller confirmed that the fencing on the boundary of the Property adjacent to Units 200 and 300 had not been installed in accordance with the details previously approved under Condition 15 of planning permission P/2015/0180. Under the sale contract, the Seller has covenanted to apply for a discharge of the as-built fence at the Property. The Company has retained a sum of £40,000 under the sale contract to cover the costs of any works required to ensure compliance with Condition 15, in the event that the local planning authority do not grant a discharge in respect of the as-built fencing within six months of the Company’s acquisition. If a discharge notice is granted which approves the as-built fencing, the Company will release the £40,000 to the Seller. The Company has the benefit of insurance against the risk of loss or damage arising from a judicial review claim in respect of any discharge notice granted. We have made the assumption that if any cost to the borrower occurs that either the retention or insurance policy will cover this and so we have made no specific allowance in our valuation. Alexander House is stated to be held freehold under title MS459953. Point 23 is noted as being held freehold under title MS451943. The Certificate makes note of a 6 inch white oil pipeline forming part of the pipeline running from Haydock to Stanlow in Cheshire is stated to be excluded from the registered title, however, no indication is given as to the location of this pipeline and so we cannot comment as to its impact. As the subject property has been relatively recently constructed, we assume that the location of this pipeline was accommodated in the design, construction and operation of the subject property. VALUATION CONSIDERATIONS MARKETABILITY AND POTENTIAL The industrial and logistics sector has emerged as a winner in real estate through the turmoil of PURCHASERS 2020, and attracted lots of investment demand, even from non-habitual logistics investors. Incumbents are cashing-in on the increasing investor appetite but with the idea to redeploy developing new logistics schemes. We anticipate industrials to continue to outperform other asset classes. The contrasting changing fortunes of retail and logistics will lead to repurposing of retail assets, including retail warehouse parks to urban warehousing. Total returns for the industrial and logistics sector expected to exceed the other real estate sectors, although will likely slow over the coming years. 218

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 The subject buildings form three separate sites within the established and popular Haydock Industrial Estate. The success of the estate is largely driven by its location which is by the junction of the M6 motorway with the A580 East Lancashire Road and within reach of the majority of the North West conurbations including Manchester, Preston, Warrington and Merseyside. On a national scale Haydock is conveniently located to serve as a staging point between central Scotland and the south of England with limits on HGV drive times. These factors lead to high occupancy rates at the estate and premium rents being achieved for the best quality units, although clear discounts are evident for more dated stock within the estate. Whilst the property is let with a WAULTC of 3.26 years, this is heavily impacted by the Briggs Equipment break in December 2021 which is unlikely to be actioned. If this break is removed the WAULTC would increase to 7.19 years with the WAULT at 8.12 years which shows an above average term certain for a multi-let light industrial investment. The property is let to a good tenant mix, and high occupancy levels would be expected over any hold period. The investment will appeal to a wide variety of potential purchasers including institutional investors, regional property companies and high net worth individuals. We consider a sale would be achievable within a 6 month marketing period. MARKETING PERIOD We are of the opinion that 6 months should be allowed to find a willing buyer. EXPOSURE PERIOD 6 months. CURRENT VOID There are no voids at present, however, should any tenants vacate we would anticipate a re- PERIODS letting period of 6 - 9 months. COSTS AND We are not aware of any ongoing landlord running/holding costs. ADJUSTMENTS OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; 219

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION DATE: 30/09/2020 Property Area (Sq Lease Rent £ pa Use Date Tenant Length Break Address Ft) (sq ft) (years) Unit 300 (subject) Light March 2020 7,465 All Round 10 5 7.00 industrial Security Consultants Light Feb 2020 3,725 Expert Roofing 5 3 6.50 Unit 22 Haydock industrial & Guttering Industrial Estate Light April 2019 11,661 ER Travel 10 n/a 6.00 Unit 11 k Kilbuck Industrial Services Lane, Haydock Industrial Estate Unit 100b (subject) Light April 2018 15,000 5 6.50 Lamboo Mobile 10 Industrial Medical Comparison to Subject Comparable 1: This forms part of the subject site and so provides relevant, recent evidence. With the exception of Alexander House this is smaller than the remainder of the estate and so they will be priced at a slight discount to this letting. Comparable 2: A recent letting of a neighbouring, refurbished building, albeit somewhat smaller than those at the subject. An older refurbished building will achieve a lower rent than a relatively new building such as most of those at the subject, although the smaller size will commonly lead to achieving a premium rent. On balance we would expect the buildings at the subject to achieve a similar rental level to this. Comparable 3: A recent letting of an older, and slightly inferior building relative to those comprising the subject. Kilbuck Lane is within the gated Haydock Cross estate, the security offered by this leads to the estate achieving premium rents relative to the building specifications. On balance we would expect the similar sized properties at the subject to achieve a slight premium rent. Comparable 4: A further letting at the subject site providing pertinent evidence for a mid sized unit. Taking the above transactions into consideration, we have adopted the following Market Rents;    - Unit 300: £7.00 per sq ft headline - Alexander House: £6.65 per sq ft headline - Unit 100b, Point 23: £6.50 per sq ft headline COMPARISON - Unit 100a, 200: £6.00 per sq ft headline & Unit 300 is the smallest of the units and the most prominently situated. It has recently let which provides strong evidence as to its rental value. Alexander House is of similar size but of drastically weaker specification originating in the 1970s and being a EVIDENCE combination of a small two storey office building and dated garage/warehouse, its rental value is however supported by its trade counter use. Units 100a & 100b are adjoining and very similar in specification, albeit 100a has a significantly higher office proportion which will suit less potential occupiers. These buildings are approx, twice the size of unit 300 and so we OCCUPATIONAL have applied a slight discount for 100b and a further discount to 100a due to its high office content. 220 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Unit 200 is the largest of the buildings, however, its rental value is supported by its regular layout that will be suitable for a variety of occupiers and its generous car parking and yard space. Point 23 is of similar specification and so has been priced at the same level. OPINION OF In formulating our opinion of Market Value we have researched the local market and where appropriate YIELD spoken with in house agency teams. We have had regard to the following transactions; Comparable 1: A recent transaction of the subject property, provides very strong evidence as to value. WAULT Passing Rent £ Property Address Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) Subject 09/2020 127,399 8.12 £791,524 E11.50M (6.45%) Recent off market purchase of the subject property. Knowsley Business 04/2020 119,326 5.92 £528,161 £7.90m Off market purchase, shorter Park, Knowsley (7.05%) income and slightly inferior location Coopers Point, 12/2019 56,850 2.1 £287,355 £4.20m Multi let estate, fully let. Knowsley Business (6.42%) Park, Knowsley Midpoint 18 & 10/2019 181,085 4 Not known £14.74m Approx. 20 units in total of Prosperity Court, (6.58%) varying size.    Middlewich Comparison to Subject Comparable 2: A purchase entered in to pre-covid and completed post, slightly inferior in terms of location and term, subject expected to be priced at a premium to this. Comparable 3: Multi let property likely to be asset management intensive and situated in weaker location with inferior c8 term. Likely to be reversionary which will suppress initial NIY, therefore stabilised yield would be higher. Subject expected to be priced at a premium on a stabilised basis. Comparable 4: Similar term certain to the subject but inferior location, subject expected to be priced at marginal premium to this. Taking the above transactions into consideration, we have adopted a capitalisation rate of 6.45% to the passing rental income which produces an equivalent yield of 6.38% and a capital value rate of £971.69 per sq m (£90.27 per sq ft). VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Valuation date 30 September 2020. â– Freehold. â– We have not measured the property but, in accordance with our instructions, have relied upon the areas contained within the tenancy schedule supplied by the borrower. â– The property has a total passing rent of £791,524 per annum and a WAULT to break of 3.26 years and to expiry of 8.12 years. â– We have not made allowance for any landlord’s capital expenditure within our valuation. 221 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 â–Due to the term certain we have not made any void or re-letting allowances within our valuation. â– We have applied a total headline rental value of £799,715 per annum. â– We have applied a net initial yield of 6.51% to the passing income. This provides a market value of £11,500,000 and a blended capital value of £971.69 per sq m (£90.27 per sq ft). £11,500,000 (Eleven Million Five Hundred Thousand Pounds) exclusive of VAT Net Initial Yield 6.45% Equivalent Yield 6.51% Reversionary Yield (27/04/2023) 6.52% Reflecting a capital value per sq ft of £971.69 per sq m (£90.27 per sq ft). In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting VALUATION the following inputs and rationale; METHODOLOGY: â– We have assumed the property is vacant and non-income producing. VACANT POSSESSION â– We have applied a Headline Market Rent as per the breakdown detailed above, which reflects VALUE a total of £799,715 per annum. â–We have applied letting voids on each unit ranging from 9-15 months depending on specification. We have applied tenant incentives in the form of rent free periods on lease commencement of 3-6 months assuming a 3-5 year term certain. â– Empty rates are deducted for the marketing void, deferred 6 months for rates relief, and also letting fees based on 15% of Market Rent. â– We have applied an equivalent yield of 7.65%. £8,485,000 (Eight Million Four Hundred and Eighty Five Thousand Pounds) exclusive of VAT Equivalent Yield 7.65% Reversionary Yield 8.43% Reflecting a capital value per sq ft of £716.90 per sq m (£66.60 per sq ft). The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. We have been provided with a ESTIMATED schedule of reinstatement costs prepared by Arcadis and dated 25 April 2020 which estimates REINSTATEMENT that the reinstatement cost for the buildings for loan security purposes would be £12,664,200 on COST a day one basis including fees but excluding VAT and inflation. These figures should be compared ASSESSMENT with the current sum insured and if a material discrepancy exists we suggest that a full (RCA) Reinstatement Cost Assessment is carried out. We are of the opinion that the subject property has a remaining economic life of 25 years. REMAINING ECONOMIC LIFE 222 CBRE

PROPERTY ID: 17 - 26-27 Mark Road ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL 26-27 Mark Road - Hemel Hempstead, HP2 7BN, United Kingdom VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 3,725,000 Total Area (sq ft) 21,004 Market Value (per sq ft) 177 WAULT to Break by Rent 0.38 Net Initial Yield 3.74% WAULT to Break by ERV 0.38 Reversionary Yield 6.41% WAULT to Expiry by Rent 0.38 Equivalent Yield 6.01% WAULT to Expiry by ERV 0.38 Gross Income (p.a.) 150,000 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 7 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 150,000 Number of Tenants 1 Adj. Gross Income (per sq ft) 7 Tenure Freehold Net Income (p.a.) 150,000 Expiry Voids (months) 6 Net Income (p.a.) (per sq ft) 7 Gross Rental Value 257,299 Gross Rental Value (per sq ft) 12 Capital Expenditure -38,595 Transaction Costs 6.52% Over / Under Rented -41.70% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Fenton Packaging Ltd 0.38 0.38 21,004 150,000 257,299 100.0% -                -                -                 -                Other                -Vacant n/a n/a n/a n/a Total 0.38 0.38 21,004 150,000 257,299 100.0% Printed 01/02/2021 13:24 223 CBRE

PROPERTY ID: 17 - 26-27 Mark Road ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 200,000 100.00% 150,000 <D CC. 100,000 i/l o 50,000 00% 0.00% 0.00% 0.00% 00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 00% 0.00% 0.00% 0.00% 0.00% 0.00% 0. 0.00% 0. 0. 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year LEASE LENGTHS GROUPED ... â– Vacant â– < 1yr â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:24 224 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION DATE: 30/09/2020 PROPERTY REPORT HEMEL HEMPSTEAD, 26-27 MARK ROAD, HP2 7BN INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: BEN OWEN MRICS 18/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES South East location within an established industrial Short unexpired lease term. estate. Limited yard space which may reduce the Let to a good covenant that would be attractive to number of potential occupiers. investors. The property is currently grossly under rented. Attractive lot size. The industrial sector continues to perform well with a good level of occupational demand.    OPPORTUNITIES THREATS Renegotiating the current lease. High competition from more modern developments. Short WAULTC and highly reversionary nature of the property provided asset management Wider economic uncertainty may affect the opportunities. decisions of occupiers and investors. LOCATION & SITUATION LOCATION & Hemel Hempstead within the County of Hertfordshire is situated approximately 32.0 kms (20.0 miles) SITUATION north-west of London, approximately 19.3 kms (12.0 miles) south of Luton and some 12.9 kms (8.0 miles) north of Watford. The property is located approximately 1.2 kms (2.0 miles) east of the town centre on the well-established Maylands Business Estate. Mark Road, comprising industrial and warehouse units, is approximately 2.4 kms (1.5 miles) east of Junction 8 of the Ml Motorway via Maylands Avenue and Breakspear Way. The property is situated on the west side of Mark Road opposite the junction with Cleveland Road. Occupiers within the Maylands Business Estate include Selco, Howdens, OPRO and UTC Aerospace Systems. 225

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 DESCRIPTION The property was constructed in 1993/1994 of steel portal frame construction with profiled steel cladding and a pitched corrugated roof. The warehouse area benefits from an eaves height of approximately 5.8 metres (19.0 ft) and an electronic roller shutter door. There is a reception, with two storey office space and amenities to the front of the unit. This has been fitted out to the tenants requirements. The property benefits from limited car parking to the front of the unit along with a service road and loading area to the south of the unit. This area is tarmac. BUILDING AGE The Technical Due Diligence report produced by Arcadis dated June 2020 states the property was constructed in 1993. SITE AREA 0.4075 ha (1 acre) As instructed, we have relied upon floor areas within the tenancy schedule provided by the PROPERTY Borrower, which we have assumed to have been calculated in accordance with the RICS Code DESCRIPTION of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis.    1 PROPERTY USE SQM SQFT 26-28 Mark Road Warehouse 1,666 17,933 26-28 Mark Road Office 285 3,071 TOTAL 1,951 21,004 DUE DILIGENCE ACCOMMODATION STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence Full Report prepared by Arcadis dated June 2020. The report highlights a number of minor defects which are covered within the tenants liabilities in the lease. As such, we have not applied any Capital Expenditure to the unit for the remediation of these items. The asset appeared to be in a reasonable state of repair at the time of inspection save for minor impact damage, which is considered to be normal for assets such as this.    PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Report carried out by Ambiente Ltd dated May 2020. The report identifies that while the site is not registered as contaminated land by the local authority, there is the potential for residual contamination to be present at the site due to its former long-term use as an engineering work. The report concludes 226 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 the level of environmental risk to be acceptable low for the current use and no further environmental investigation was required prior to the acquisition of the site. We would also highlight that the Legal Overview report prepared by Osborne Clarke highlights that there is an enhanced risk of clay related subsidence at the Property. We would recommend suitable indemnity insurance is put in place. TENURE We understand the subject property is held Freehold. We have been provided with a draft Certificate on Title, which confirms the property is held with good and marketable title. The title confirms the property benefits from warehouse and office use. We do not consider there to be any further matters within the report that will adversely impact upon or opinion of Market Value. The subject property is let to Fenton Packaging Limited on a lease from 15 July 2015 expiring 14 February 2021 at a rent of £150,000. VALUATION CONSIDERATIONS MARKETABILITY AND POTENTIAL There has been increasingly positive investor sentiment towards the industrial sector over the PURCHASERS last few years, this has not been slowed by the rise of COVID-19. Purchaser demand will likely be seen from high net worth individuals, REIT’s or property investment funds. We believe the property’s existing lease to a strong covenant, as well as its location within the Hemel Hempstead which provides strong access to the Ml would prove attractive to investors. Moreover, the short WAULTC of the unit would result in interest from owner occupiers. MARKETING We are of the opinion that 6-12 months should be allowed to find a willing buyer. PERIOD EXPOSURE PERIOD 6-12 months. CURRENT VOID None. At lease expiry, we anticipate a void of between 6-9 months. PERIODS CBRE have not been made aware of any need to apply CapEx and nothing significant was COSTS AND noticed on inspection. ADJUSTMENTS We have not been provided with information on service charge and we have assumed that due to the single-let nature of the property there is no service charge and thus no shortfall. No empty rates have been applied as we are of the impression the unit would re-let within the 6 month grace period. We have applied 15% legal and letting costs to reflect the tenants upcoming tenancy expiry within the next six months. 227

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020    In formulating our opinion of Market Rent we have researched the local market and where appropriate OPINION OF MARKET RENT spoken with in house agency teams. We have had regard to the following transactions; Property Area (Sq Lease Rent £ pa Use Date Tenant Break Address Ft) Length (sqft) (years) DC6 Hemel £394,800 Hempstead, (£11.71) HP2 7HY Industrial 01/10/19 33,712 Amazon lOyr 4C Blossom £177,946 Way, HP2 Redfit (£12.95) 4ZB Industrial 22/05/19 13,741 Limited lOyr 5yr DC4 Blossom Chiltern Way, HP2 Timber £181,713 4ZB Industrial 15/02/19 14,252 Supplies Ltd 5yr (£12.75) 11 Saracen Industrial Estate, HP2 UCC Coffee £45,911 7BJ Industrial 10/07/20 3,482 UK 5yr 3yr (£13.19) Comparison to Subject Comparable 1: Prologis Hemel Hempstead is a better quality and specification to the subject. Moreover, the unit is in close proximity to the Ml. DC6 has been let to Amazon for a 10 yr term certain who are classed as a 5A1 tenant and provide significant security and a strong income flow, this will allow the tenant to negotiate a softer rent. We anticipate the subject to be trading stronger. Comparable 2: 4C Blossom Way is in a similar location with similar characteristics to DC6. It is slightly smaller and in a stronger location and thus will achieve a stronger rent. Comparable 3: DC4 Blossom Way is on the same road as comparable 2. We expect DC4 to be trading slightly stronger than the subject. Comparable 4: Comparable 4 is c. 200m from the subject. This comparable is significantly smaller than the subject but it is a lesser specification. Due to quantum of the subject, we expect it to be trading weaker than this comparable. Taking the above transactions into consideration, we have adopted a Market Rent of £12.25 sq ft headline. In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; OPINION OF YIELD 228 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 WAULT Property Address Date Area (Sq Ft) Passinq Rent £ pa Comments (Years) Purchase Price £ (NIY) The property will be let to Sept - £320,000 £6.5M Mapeley Steps Limited on a Mapeley Steps - Erith 2020 35,629 1.00 (£9.00) (5.00%) lease expiring on 2 April 2021 100% let to Korea Foods Korea Foods - New May - £531,121 £12M Company Ltd until December Malden, Beverley Way 2019 50,699 1.00 (£10.47) (4.15%) 201 9. £415,458 0.50 (£9.00) The terrace is single let to AGI World Limited who have Slough Sept - £10M exercised their break option Interchange 2018 46,162 (3.90%) dated 1st November 2018 Let to Wincanton Trans European Ltd won a 20 year Wincanton - West lease, expiring June 2019 Aug - £1,178,000 E21.5M Thurrock 2018 154,397 1.00 (£7.63) (5.15%) Comparison    to Subject Due to the short WAULTC (0.38 yrs) of the subject we have had a particular focus on comparables with similar WAULTs. Comparable 1: Superior location and is anticipated to trade stronger. Comparable 2: Superior location and specification. Expected to trade stronger. s Comparable 3: Similar WAULTC and in close proximity to Heathrow. The specification is inferior to the subject. u o Expected to trade stronger than 26-27 Mark Road. 4 Comparable 4: Strong industrial location. The unit is substantially larger than the subject which is reflected in the Passing Rent. Taking the above transactions into consideration, we have adopted the following capitalisation rate: 3.74% Net Initial Yield 6.01% Equivalent Yield 6.41% Reversionary Yield VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Freehold tenure. â– Single let and income producing at a total passing rent of £150,000 pa reflecting £7.14 psf overall. â– WAULT of 0.38 years to earliest termination. While this is considered to be very short, the unit is currently passing at 58.3% of Market Rent. A short WAULT is therefore a positive and gives opportunity to achieve Market Rent in the short term. â– Headline Market Rent of £257,299 per annum. â– We have applied Legal & Letting fees based on 15% of Market Value. Empty Business Rates have not been applied due to our assumption the unit will be let within the grace period. 229 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 â–Due to the unit being significantly under-rented and having a short unexpired term, we have adopted a Term and Reversion approach applying 4.50% initial yield to term and 6% to the reversion. This reflects an Equivalent Yield of 6%. £3,725,000 (Three Million Seven Hundred and Twenty Five Thousand Pounds) exclusive of VAT Net Initial Yield 3.74% Equivalent Yield 6.01% Reversionary Yield 6.41% Reflecting a capital value per sq ft of £1,909 per sq m (£1 77.35 per sq ft). VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market METHODOLOGY: adopting the following inputs and rationale; VACANT â– We have assumed the property is vacant and non-income producing. POSSESSION VALUE â– We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £257,299 per annum. â– We have applied a 6-month letting void on each unit. We have applied a 6 month rent free assuming a 5 year term certain. â– We have not applied empty rates since the re-letting period falls within the empty business rates 6 month grace period. Legal and letting fees have been applied based on 15% of Market Rent. â– We have applied an Equivalent Yield of 5.75%. £3,900,000 (Three Million Nine Hundred Thousand Pounds) exclusive of VAT Equivalent Yield 5.75% Reversionary Yield 6.08% Reflecting a capital value per sq ft of £1,998.66 per sq m (£185.68 per sq ft). ESTIMATED REINSTATEMENT The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor COST ASSESSMENT have we carried out a full Reinstatement Cost Assessment. We have been provided with an RCA (RCA) by Arcadis dated 18 May 2020 which estimates that the reinstatement cost for the building for loan security purposes would be £2,079,100 on a day one basis including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 230

PROPERTY ID: 18 - Unit 2, Interplex - MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Unit 2, Interplex - MV - Bristol, United Kingdom United Kingdom Isle of Man Dublin Manchester o Ireland @ I Birmingham    1 Amsterdam , v London ® Netherlands • Brussels Belgium Luxembourg Go: gle Map data ©2021 GeoBasis-DE’BKG (©2009), Google, Inst. Geogr. Nacional VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 4,500,000 Total Area (sq ft) 52,861 Market Value (per sq ft) 85 WAULT to Break by Rent - Net Initial Yield -2.43% WAULT to Break by ERV - Reversionary Yield 7.09% WAULT to Expiry by Rent - Equivalent Yield 6.01% WAULT to Expiry by ERV - Gross Income (p.a.) 0 Percentage of Vacancy (Area) 100.00% Gross Income (p.a.) (per sq ft) 0 Percentage of Vacancy (ERV) 100.00% *Adj. Gross Income 0 Number of Tenants 0 Adj. Gross Income (per sq ft) 0 Tenure Freehold Net Income (p.a.) -117,760Expiry Voids (months) - Net Income (p.a.) (per sq ft) -2 Gross Rental Value 343,600 Gross Rental Value (per sq ft) 7 Capital Expenditure -51,540 Transaction Costs 6.57% Over / Under Rented - * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Other    ! -    Vacant n/a n/a 52,861 n/a 343,600 n/a Total - - 52,861 0 343,600 100.0% Printed 01/02/2021 13:24 231 CBRE

PROPERTY ID: 18 - Unit 2, Interplex - MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! RENT EXPIRY PROFILE c < D C C. i/l (/ > 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant â– < LEASE LENGTHS GROUPED ... 1yr By Area, to break By Area, to expiry â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:24 232 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT UNIT 2, INTERPLEX, ASH RIDGE ROAD, BRISTOL, BS32 4QE INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: ROBERT MORAN MRICS 18/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– Located close to the intersection of the M4 / M5 motorways. â– 100% vacant and non-income producing. â–Your Borrower is currently incurring â– Recently refurbished. irrecoverable void costs such as empty rates totalling £117,760 pa. â– Freehold tenure. Secure service yard and car parking. â–High site coverage of circa 55%. â–     â– Property has been marketed to let for a considerable period of time. OPPORTUNITIES THREATS â– Let the unit. â– Longer than anticipated marketing period. â– Offer prospective tenants a higher incentive package in order â– Heightened market uncertainty caused by the COVID-to maximise the headline rent. 19 pandemic. LOCATION & SITUATION LOCATION & SITUATION Bristol is the regional and business capital of the South West of England. The property is located close to the intersection of the M4 / M5 motorways, approximately 7 miles north of Bristol city centre and within 0.5 miles of junction 16 of the M5. The property is situated at the end of a cul-de-sac on Ash Ridge Road and adjoins a travellers’ site. PROPERTY DESCRIPTION DESCRIPTION The property comprises a single detached warehouse / logistics unit of steel portal frame construction with ground and first floor integrated office and ancillary accommodation. There are four ground floor level loading doors and the property was refurbished in 2016 including internal works and new profiled metal cladding / insultation to the roof and elevations. Externally, there is a concrete service yard and a tarmacadam car parking area. The unit has an eaves height of 7.43 metres. The incoming services comprise three-phase electricity, mains gas and mains cold water supply. Generally, the site and the building, sits at a lower level than the neighbouring buildings and the access road to the service yard has a notable slope down from the entrance gates on Ash Ridge Road.    233 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 BUILDING AGE Built in 1988 and thoroughly refurbished in 2016. SITE AREA 0.89 hectares (2.20 acres). ACCOMMODATION As instructed, we have relied upon the floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR / UNIT USE SQ M SQ FT    Unit 2, Interplex Industrial 4,911 52,861 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited external inspection for valuation purposes. We have been provided with a Technical Due Diligence report prepared by Arcadis and dated 12 June 2020. The report confirms that the building fabric is generally in good condition commensurate with the age and use of the building, reflecting the 2016 refurbishment and more recent light dilapidations works that have been carried out. Arcadis has confirmed that they do not envisage any significant maintenance or repair works being required to the building within the 10 year reporting period. ENVIRONMENTAL CONSIDERATIONS We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigations into past uses, either of the property or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Report carried out by Ambiente Group UK Ltd dated 10 July 2019. The report confirms that the site was developed in its current configuration on greenfield land in circa 1988. No significant issues have been identified in relation to the current site use. The level of environmental risk associated with the site is assessed to be acceptably low for the current use and no further environmental investigation or assessment is considered necessary prior to acquisition. The report also states the following regarding flooding; According to the Gov.UK interactive long term flood risk maps, the majority of the property is located in an area designated as having a very low risk of flooding from rivers or the sea. The chance of flooding each year is less than 1 in 1000 (0.1%). Part of the egress route along the eastern site boundary is designated as having a medium risk of flooding from rivers or sea (associated with the off-site adjacent drainage channel). The chance of flooding each year in this area is between 1% and 3.3%. The Project United IV Legal Overview Report prepared by Osborne Clarke (unsigned and undated) has highlighted that the property is at significant risk of surface water flooding. 234 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 We have not seen any details about whether your Borrower is proposing to undertake any flood mitigation works to the property and therefore our valuation assumes that appropriate building insurance can be obtained at a cost that would not materially affect our opinion of value. Should this not be the case then the Market Value of the property may materially alter and likewise our advice. TENURE We have been provided with a ‘Draft 1 Certificate of Title’ prepared by Herbert Smith Freehills LLP and dated 29 September 2020. The CoT confirms that the property is held freehold under registered title number AV164023. As at the valuation date, the property is vacant and non-income producing. Herbert Smith Freehills LLP has confirmed in their opinion that the property offers a good and marketable title and therefore, they do not see any reason why your Borrower should not be the registered proprietor of the property with absolute title. VALUATION CONSIDERATIONS MARKETABILITY AND POTENTIAL Demand for well-let industrial investments and good quality, freehold vacant possession buildings PURCHASERS across the wider Bristol region is currently strong and supply limited. Across the region, occupier demand has been robust and coupled with an undersupply of accommodation, there has been evidence of rental and capital value growth, which is consequently fuelling strong investor / owner occupier interest. We consider that the subject property would appeal to high net worth private investors, property companies and institutional funds. MARKETING PERIOD We are of the opinion that 6-12 months should be allowed to find a willing buyer. EXPOSURE PERIOD 6-12 months. CURRENT VOID 12-18 months PERIODS COSTS AND ADJUSTMENTS None as per the findings in Arcadis’ Technical Due Diligence report. OPINION OF MARKET In formulating our opinion of Market Rent, we have researched the local market and where RENT appropriate spoken with our in-house agency teams. We have had regard to the following transactions:    235 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Property Use Date Area (Sq Tenant Lease Break Rent £ pa (Sq Address Ft) Length Ft) (Years) £323,756 pa Unit 18, St Modwen Industrial Feb 20 44,656 Peugeot Cars 10 Year 5 (£7.25 psf) Park, Avonmouth Unit 6a, Bristol £318,088 pa Distribution Park, Industrial Nov 19 45,768 Greencore 10 Year 5 (£6.95 psf) Bristol Unit 5, £389,742 pa (£6.95 z Selecta Badminton Industrial Jun 19 56,078 10 Year 7 o Group psf) Road Trading <n Estate, Yate E <t Unit 1, Q. Interplex 16, Bristol £235,140 pa Industrial Nov 18 34,478 Coffetek 10 Year 5 2 (£6.82 psf) w O    Comparison to Subject ojS L U Comparable 1: This is a brand new speculatively developed unit in a stronger location. w Z Comparable 2: Higher eaves height and a slightly younger building compared to the subject property. U L Comparable 3: Similar high site coverage but the tenant was an existing Yate occupier, who did not seek accommodation outside of the area. Z Comparable 4: Adjacent unit to the subject property, but offers a better site coverage. o Taking the above transactions into consideration and having spoken to our in-house Industrial Agency colleagues, we 3 Q.    have adopted the following headline Market Rent: w w â– £6.50 psf / £343,600 pa O In formulating our opinion of Market Value with full vacant possession, we have researched the local market and where OPINION OF appropriate spoken with our in-house agency teams. We have had regard to the following VP CAPITAL VALUE transactions:    236 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Area (Sq Capital Property Address Date Tenure Capital Value Comments Ft) Value psf Unit 2, Interplex, Bristol Jul 20 52,861 FH £5,050,000 £95.53 This is the subject property. Bought by Clifton Finance / Unit 115, Burcott Road, Dec 19 54,011 LH £3,850,000 £71.28 SLX. A refurbished 1970s z Avonmouth detached warehouse unit. 6m <n o eaves height. Bought by an owner E <t 2 Q. Gulliver’s, Swift occupier. Very low site coverage O House, St Philips, Jun 19 31,166 FH £5,500,000 £176.47 of 17%. Former commercial w Bristol vehicle hire depot and yard. ojS L Future redevelopment potential. U w Unit 1 b, Bonville Bought by an owner occupier. Z L Trading Estate, Jun 1 8 10,098 FH £700,000 £69.32 Semi-detached unit occupying a U Brislington, Bristol triangular shaped site. > L Comparison to Subject Comparable 1 : This is the subject property which was openly marketed to let / for sale by Alder King. Comparable 2: Older unit and is held long leasehold from the local authority. Comparable 3: A rare, prime freehold city centre industrial site with future redevelopment potential that was acquired by an owner occupier, hence the high capital value psf, which is slightly skewed because of the very low site density. Comparable 4: Weaker micro location in Brislington compared to the subject property. In formulating our opinion of Market Value, we have researched the local market and where appropriate spoken with our in-house agency teams. We have had regard to the following investment transactions: OPINION OF YIELD 237 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Area (Sq Ft) WAULT Passing Rent pa Purchase Price Property Address Date (Years) (NIY) Comments Fully let to 7 tenants on FRI Units 1-7, Orpen terms and located in close £9.6m proximity to the Park, Bristol May 20 79,858 5.60 £573,343 pa (5.59%) subject property. Let to A-Gas (UK) Ltd until October 2033 subject to a F’rsl Jan 20 53,730 8.00 £378,977 pa break option in October 2028. Portbury, Bristol £6.2m 5 yearly rent reviews to the (5.73%) average of OMV and CPI with a 1%-4% collar & cap. Comparable 1: Multi-let industrial estate which is fully let and income producing and is Units Wilverley 1-8, Sep 19 62,307 2.70 £352,925 pa £5.870m Fully let to 5 tenants & held Estate, Bri Trading stol (5.64%) freehold. Sold as part of a national portfolio. z Units D1-D6, 6 interconnecting terrace o <n South Marston U/O 41,001 4.80 £265,255 pa £3.830m units & a secure E <t Industrial Estate, (6.50%) compound. Fully let to Swindon two tenants. Q. 2 O Comparison to Subject w in close proximity to the subject property. This estate was also acquired by your Borrower. ojS L is currently over rented due to the rent review mechanism. U Comparable 2: Single let unit offering a long unexpired term but Z w and more of a trade counter estate. Comparable 3: Strong reversionary income potential U L Q Comparable 4: Less diversified income as the property is only let to two tenants. > L Taking the above transactions into consideration, we have adopted the following capitalisation rate: U 6.01% Equivalent Yield I- â– Z L 2 U In arriving at our opinion of the property’s Market Value reflecting full vacant possession, we have adopted the investment method of valuation using the following inputs and rationale. We have also cross-checked this approach by considering </) the property’s underlying capital value on a per sq ft basis against the aforementioned VP comparables. VALUATION â– Freehold tenure. METHODOLOGY: MARKET VALUE â– 100% vacant and non-income producing. â– Headline Market Rent of £343,600 pa reflecting £6.50 psf. â– The property is in good condition following its thorough refurbishment in 2016 and therefore we have applied no capital expenditure to our valuation. â– We have applied a void period of 18 months together with a rent free incentive of 9 months. â–Empty rates are deducted during the marketing void, as well as, letting fees based on 15% of Market Rent. â– The property was acquired with full vacant possession by your Borrower in July 2020 for £5,050,000 reflecting £95 psf capital value. â– Our opinion of Market Value is below the recently completed purchase price because we consider that your Borrower has overpaid for a vacant industrial unit which has a compromised yard and high site coverage. Furthermore, it has stood 238 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 empty for almost five years without securing a tenant and it is located at the end of a cul-de-sac next to a travellers’ site. £4,500,000 (Four Million Five Hundred Thousand Pounds) exclusive of VAT NIY: -2.43% EY: 6.01% RY: 7.09% Reflecting a capital value of £85.00 psf. VALUATION In arriving at our opinion of Vacant Possession Value, we have had regard to the same inputs and METHODOLOGY: rationale as outlined in the Market Value section above. VACANT POSSESSION VALUE £4,500,000 (Four Million Five Hundred Thousand Pounds) exclusive of VAT EY: 6.01% RY: 7.09% Reflecting a capital value of £85.00 psf. ESTIMATED The property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we REINSTATEMENT carried out a full Reinstatement Cost Assessment (RCA). We have been provided with an RCA by COST ASSESSMENT (RCA) Arcadis and dated 14 May 2020 which estimates a total day one reinstatement cost of £4,732,900 excluding VAT and inflation. REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 239 C

PROPERTY ID: 19 - Mid-Point ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Mid-Point - Enfield, EN3 7UA, United Kingdom United Kingdom Isle of Man Manchester o Du Hamburgo Ireland / Birmingham Amsterdam ° 9 ® Netherlands Lorifon ® Brussels Cologne ® ° Belgium Luxembourg Paris 0 Go: gle Map data ©2021 GeoBasts-DE’BKG (©2009), Google, Inst. Geogr. Nacional VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 15,800,000 Total Area (sq ft) 65,250 Market Value (per sq ft) 242 WAULT to Break by Rent - Net Initial Yield -2.67% WAULT to Break by ERV - Reversionary Yield 5.34% WAULT to Expiry by Rent - Equivalent Yield 4.74% WAULT to Expiry by ERV - Gross Income (p.a.) 0 Percentage of Vacancy (Area) 100.00% Gross Income (p.a.) (per sq ft) 0 Percentage of Vacancy (ERV) 100.00% *Adj. Gross Income 0 Number of Tenants 0 Adj. Gross Income (per sq ft) 0 Tenure Freehold Net Income (p.a.) -456,750Expiry Voids (months) - Net Income (p.a.) (per sq ft) -7 Gross Rental Value 913,500 Gross Rental Value (per sq ft) 14 Capital Expenditure -274,050 Transaction Costs 6.73% Over / Under Rented - * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Other ! - Vacant n/a n/a 65,250 n/a 913,500 n/a Total - - 65,250 0 913,500 100.0% Printed 01/02/2021 13:24 240 CBRE

PROPERTY ID: 19 - Mid-Point ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! RENT EXPIRY PROFILE c < D C C. i/l (/ > 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant â– < LEASE LENGTHS GROUPED ... 1yr By Area, to break By Area, to expiry â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:24 241 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION DATE: 30/09/2020 PROPERTY REPORT MID-POINT, 54 JEFFREYS ROAD, ENFIELD EN3 7UA INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: JOHN O’NEILL FRICS 22/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES Good location close to central London, A406 and Been vacant for over 12 months M25. Relatively small yard areas Brand new building Good design and specification Strong occupational and investment market for warehousing in the South East. Flexible building split options OPPORTUNITIES THREATS â– Let the units to good quality tenants â–Edmonton becoming more popular location â– Achieve good letting terms â– Further yield compression in warehouse sector becoming marginal LOCATION & SITUATION LOCATION & Enfield is one of London’s largest industrial areas, with much of the market’s stock located SITUATION within the Lee Valley, adjacent to the Chingford reservoirs. Whilst previously a manufacturing base, as a result of its location and good transport links, Enfield has benefited from changing consumer behaviours and a subsequent increase in last-mile distribution, being able to service both London and the surrounding area. Enfield lies close to the intersection of the M25 (junction 25) and Al 0 dual carriageway, 13 miles north of central London. Enfield’s proximity to central and inner London has made it popular with food and drinks manufacturers. Key employers include Warburtons, Aria Foods, Coca-Cola and Greggs. Other manufacturing sub-sectors have waned in importance in recent years. Nevertheless, chemical production company Johnson Matthey operate from an extensive facility on Jeffreys Road, whilst high-tech manufacturer A-Novo employ circa 200 employees on Bilton Way. As with many outer-London centres, all the major 242

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION DATE: 30/09/2020 supermarkets have a substantial presence in the town, and retail parks have now replaced much of the well-located older industrial stock. Enfield’s industrial area has typically been defined by the M25 Motorway to the north, the River Lea to the east, the A406 North Circular Road to the south and the Al 0 Great Cambridge Road to the west. The Property forms part of the Brimsdown industrial estate 2 miles east of Enfield town centre and the Al 0 with nearby occupiers including Johnson Matthey and Amazon. The subject site fronts Jeffreys Road at its northern end. The nearest railway station is at Brimsdown 1 mile to the north with a travel time to London Liverpool Street of 23 minutes in addition to providing local services. PROPERTY DESCRIPTION The Property comprises a recently completed detached single warehouse/industrial building which has been designed to offer a flexible combination of accommodation. Currently it provides a double unit (Unit 1) and single unit (Unit 2) both of which have been fitted with ancillary first floor offices and a small mezzanine. Unit 1 could easily be subdivided in two. Clear height to eaves throughout is 30 ft (10m), and there is halogen lighting, 3 phase power and up and over loading doors. The building is constructed of steel portal frame with profiled steel elevations, concrete floors and natural light provision is via roof lights and double-glazed windows. The offices have been fitted to a good standard including lay in grid ceilings incorporating air conditioning and lighting, the floors carpeted and with power boxes whilst there are male, female and disabled WCs. Wire fencing divides separate service yards BUILDING AGE Built 2019 SITE AREA 2.06 acres (0.836 ha) ACCOMMODATION th We have relied upon floor areas provided by Hook Survey Partnership dated 29 May 2020 and referenced in the Contract of Sale, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. 243

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 UNIT USE SQM SQFT Unit 1 Ground Floor Warehouse 3,359 36,163 Unit 1 Mezzanine (offices and Offices and Stores 679 7,313 mezz) Total Unit 1 4,038 43,476 Unit 2 Ground Floor Warehouse 1,683 18,118 Unit 2 Mezzanine (offices and Offices and Stores 340 3,656 mezz) Total Unit 2 2,022 21,774 Total 6,060 65,250 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence report prepared by Arcadis dated June 2020. Given that the property was developed recently, there are only minor snagging items. ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Ltd dated June 2020. The report concludes “subject to continued current use (with no below-ground works being undertaken), the level of environmental risk associated with the subject property is assessed to be acceptably low and no further environmental investigation or assessment is considered necessary prior to acquisition.” We understand that the Property is held freehold. TENURE We have been provided with a copy of a Draft Report on Title (undated) prepared by solicitors Herbert Smith Freehills LLP in which they state that “in our opinion, the Company has a good and marketable title to the Property and is solely legally and beneficially entitled to the Property” We have also been provided with a draft (unsigned and undated) copy of a Legal Overview Report prepared by Osborne Clarke for Situs Asset Management Limited. In this it is state that “Prior to the recent development of the Property a neighbouring landowner claimed ownership of a “nib” of land on the Property. An agreement was reached allowing the nib to be cut back to facilitate development but the neighbour did not expressly give up its claim of ownership of the nib”. We have been provided with further information by the solicitors for BAML and loan servicer Situs Asset Management Limited which includes a copy of the Title plan showing the nib of land not within the freehold ownership but the scale of this plan the solicitors inform that vendor HSF have said that “the plan is not to scale and does not show the 244 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 redeveloped layout but they have confirmed that there is now 50cm between the end of the nib and the wall of the new building”. Therefore if the new building does not cover this nib then our valuation is not affected, but this could only be verified by proper scaling and measurement on site and so we would recommend insurance be entered into to cover this point. We recommend appropriate indemnity insurance is put in place. VALUATION CONSIDERATIONS MARKETABILITY There is very strong investor demand in the warehousing sector throughout the UK but AND POTENTIAL especially in the South East. PURCHASERS Purchaser demand is from financial institutions, major debt funds and major property funds. Whilst the property is vacant and to let, most investors would take the view that the void period will be short. MARKETING We are of the opinion that 6 to 12 months should be allowed to find a willing buyer. PERIOD EXPOSURE PERIOD 6-12 months. CURRENT VOID 12 months PERIODS COSTS AND We have allowed for vacant rates at 50% of Market Rent during the void period and 15% for ADJUSTMENTS letting fees on letting. OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; 245

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL VALUATION DATE: 30/09/2020 Area (Sq Lease Property Address Use Date Tenant Break Rent £ pa (sq ft) Ft) Length (years) Urban 85 ENDP Duck Lees Lane, Storage and Enfield EN3 7SR distribution 13/07/2020 85,000 Arrow XL 15 10 13.50 Paragon Centre, 32 Crown Road, Enfield, EN1 1TH Mixed industrial 28/02/2020 51,695 BCA 10 12.09 The Grid, Brancroft Way, Enfield, EN3 7PL Mixed industrial 02/01/2019 55,000 Autolus 10 12.75 Units K2-K5, Mowlem Trading Estate, Tottenham Celtic Mixed industrial 01/01/2019 25,360 Bakeries 15 10 16.00 Comparison to Subject Comparable 1: A new letting to Arrow XL achieved after 2 years of marketing. We understand some landlord remediation works took place in order to secure the letting. Unlike other lettings this was completed after the start of the COVID-19 Pandemic allowing for considerations to be made. Close proximity to subject building, a similar size as well as the consideration that the deal took place during the pandemic means this transaction is likely to be a strong reflection of what o «/ the subject building could achieve. > s Comparable 2: A new letting to BCA. Older unit. Located y/i mile north of subject property in more mixed use area. o * s Comparable 3: A new development by Royal London similar location to subject property but closer to M25. A new letting u 4 to a tenant taking space split over 4 contiguous units. A £1.00 psf discount from the quoting price possibly a result of taking 4 individual units within a single transaction. in u Comparable 4: Mowlem trading estate is more trade counter focused. As a smaller unit operating as a bakery it would be in expected to achieve a higher rent than the subject property. Q in Taking the above transactions into consideration, we have adopted the following Market Rent; - Unit 1: £14.00 sq ft headline - Unit 2: £14.00 sq ft headline OPINION OF In formulating our opinion of Market Value we have researched the local market and where YIELD appropriate spoken with in house agency teams. We have had regard to the following transactions; 246

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 WAULT Passinq Rent £ Property Address Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) Fully let to Hermes, Ingram & 1 -3 Bilton Way Enfield £34.5 Pearsons 02/12/19 130,118 3.7 £1,334,000 (3.62%) £6.2M IO, Barking 02/09/20 25,676 7.73 £297,073 (4.50%) Modern units, 3 tenants London City Bond, £ E28.76M Modern units. Lower rental tone 07/09/20 162,056 19.60 1,458,000 Thurrock (4.75%) (£9 psf), Single let Viper Industrial Estate, Under offer. 3 modern units. £10 Romford £9.1 M 43,419 7.84 £437,500 (4.50%) psf passing. Fully let. Comparison to Subject Comparable 1: Short let investment in close proximity; modern unit. Much larger lot size. Comparable 2: More secondary location, modern terrace. Fully let. Comparable 3: More secondary location. Larger lot size. Comparable 4: Fully let. More secondary location. Taking the above transactions into consideration, we have adopted the following capitalisation rates; - Unit 1: 4.75% Equivalent Yield - Unit 2: 4.75% Equivalent Yield VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Rental value taken across whole of GIA (including structural mezzanine) â– Rental value based on £14.00 psf â– We have allowed for a 12 month void and 12 month rent free period £15,800,000 (Fifteen Million Eight Hundred Thousand Pounds) exclusive of VAT Net Initial Yield -2.67% Equivalent Yield 4.75% Reversionary Yield (30/09/2022) 5.34% Reflecting a capital value per sq ft of £2,606 per sq m (£242 per sq ft). 247 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION The Property is subject to full Vacant Possession and so our valuation on this basis is the same METHODOLOGY: as Market Value above. VACANT POSSESSION VALUE £15,800,000 (Fifteen Million Eight Hundred Thousand Pounds) exclusive of VAT Net Initial Yield -2.67% Equivalent Yield 4.75% Reversionary Yield (30/09/2022) 5.34% Reflecting a capital value per sq ft of £2,606 per sq m (£242 per sq ft). ESTIMATED REINSTATEMENT The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor COST ASSESSMENT have we carried out a full Reinstatement Cost Assessment. We have been provided with an RCA (RCA) by Arcadid dated 20 May 2020 which estimates that the reinstatement cost for the building for loan security purposes would be £5,950,000 on a day one basis including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 248

PROPERTY ID: 20 - Interchange Park ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Interchange Park - Newport Pagnell, MK16 9QL, United Kingdom Glasgow °Ed|nburgh United Kingdom -- Isle of Man Dublin Manchester Ireland 8 Amsterdam H Birmingt^h ° Y London Netherlands Brussels Cologne V • ° Belgium Luxembourg Paris Go: :gle Map Sata ©2021 GeoBasis-DBBKG (©2009), Google, Inst. Geogr. Nacional VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 15,970,000 Total Area (sq ft) 184,646 Market Value (per sq ft) 86 WAULT to Break by Rent 9.75 Net Initial Yield 6.50% WAULT to Break by ERV 9.75 Reversionary Yield 6.50% WAULT to Expiry by Rent 19.76 Equivalent Yield 6.50% WAULT to Expiry by ERV 19.76 Gross Income (p.a.) 1,107,876 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 6 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 1,107,876 Number of Tenants 3 Adj. Gross Income (per sq ft) 6 Tenure Freehold Net Income (p.a.) 1,107,876 Expiry Voids (months) - Net Income (p.a.) (per sq ft) 6 Gross Rental Value 1,107,876 Gross Rental Value (per sq ft) 6 Capital Expenditure 0 Transaction Costs 6.73% Over / Under Rented 0.00% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Nampak Plastics Europe Ltd 9.75 19.76 184,646 1,107,876 1,107,876 100.0% - - - - Other -Vacant n/a n/a n/a n/a Total 9.75 19.76 184,646 1,107,876 1,107,876 100.0% Printed 01/02/2021 13:24 249

PROPERTY ID: 20 - Interchange Park ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 1,200,000 100.00% 1,000,000 c 800,000 < D C 600,000 C. i/l 400,000 (/ > 200,000 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year LEASE LENGTHS GROUPED ... â– Vacant â– < 1yr â–1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:24 250

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT INTERCHANGE PARK, NEWPORT PAGNELL, MK16 INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: BEN OWEN MRICS 18/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â–Recently let providing ten years term certain. â– Loading area and HGV turning circle could be considered tight. â– Strategically located adjacent to the Ml and in the South East where industrial and logistics demand is strong. â– Effectively self-contained units on a site with car parking and loading area. Relatively modern units. â–OPPORTUNITIES THREATS â– None at present. â– High competition from more modern developments. â–General economic uncertainty due to Covid-19 and Brexit. â–Market susceptible to change. LOCATION & SITUATION LOCATION & â– Interchange Park is located in the Borough of Milton Keynes and to the east of the town of SITUATION Newport Pagnell. The town is located approximately 4.88 km to the North East of Central Milton Keynes, is 30.36 km North of Luton (22.6 miles), 92.26km to the South East of Birmingham and 74.22km (46.12miles) from Central London. â– Interchange Park is situated on the northern side of the A509, with Jenna Way along the east of the site and North Crawley Road to the north. Interchange Park benefits from extremely strong road connections being approximately 1.4 miles North of Junction 14 of the Ml motorway with a direct link heading south along the A509. To the north of the A509 is connections with the A422, which gives a direct link to Bedford. â– Interchange Park is an established industrial estate and comprises occupiers such as Design Group UK, Royal Mail Group, CLM Fleet Management and Waterline Ltd. 251 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY DESCRIPTION DESCRIPTION â– The subject property comprises 3 units of warehouse space set towards the North Eastern corner of Interchange Park, Newport Pagnell. The subject property is effectively on a self-contained site. â– The site benefits from private access off Howard Way via an electric metal gate. HGV access is from Jenna Way directly into the loading area. â– We understand the subject units were constructed in the mid 1980’s. â– The buildings are of similar construction and comprise of steel portal frame construction clad with profiled metal panels to all elevations. There is a metal framed powder coated octagon shaped structure at ground floor level to Unit 1 providing a reception area. â– The units are currently used for production and warehouse storage with ancillary office space. Internally the units benefit from HID metal refractor lighting as well as a high density of sky lights allowing for natural light as well as concrete flooring. â– There is integral office space within Units 1 and 2 consisting of piasterwork walls with built in air-conditioning units and perimeter trunking. â– The yard extends around three of the buildings sides and is constructed from tarmac. The yard provides extensive car parking to the north and west of the site whilst there is a loading area to the east. BUILDING AGE Understood to have been constructed in the mid 1980’s with construction of the last unit in 1988. SITE AREA 3.78 ha (9.34 acres) ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR/UNIT USE SQM SOFT Unit 1 Warehouse 5,780.56 62,222 Unit 2 Warehouse 5,886.47 63,362 Unit 3 Warehouse 5,487.00 59,062 TOTAL 17,154.03 184,646 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Vendor Report prepared by Avison Young dated January 2020. The report concludes that all units are constructed and maintained to an acceptable standard and that its overall condition is commensurate with its age and use. The report does highlight some cracking to the tarmac yard. 252 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 The asset appeared to be in a reasonable state of repair at the time of inspection although signs of impact damage both internally and externally were noted. This is not considered to have any impact on value. ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Ltd dated January 2020. The report concluded that the site represented a ‘Low’ Environmental Risk from a ground contamination perspective for continued existing use. The report stated that the site is located within flood zone 1 with less than 1 in 1,000 year chance of flooding from rivers and sea. The site is in a lower probability radon area. No protective measures are necessary. The asbestos report identified potentially Asbestos Containing Materials in four locations across the site. The report highlighted a number of issues to be rectified: - Asbestos reinspection survey - Drain survey to confirm the condition of drains - Improvements to bunding in the area of fuel storage tanks - Improvements to waste management. TENURE We understand the property is held Freehold under title number BM98980. We have been provided with an undated draft Report on Title which confirms the property has good and marketable title. The title states the property has chancel repair liability. The title states the subject property is subject to a wayleave consent relating to the erection, maintenance, repair, renewal, inspection and removal of electric lines and work. We do not consider this to have an adverse impact on the valuation. All units are let on separate leases to Nampak Plastics Europle Ltd but under the same 20 year lease terms from 21 April 2020 to 28 June 2040 incorporating tenant break options on 29 June 2030. Unit 1 is at a passing rent of £373,368 per annum, Unit 2 £380,209 per annum and Unit 3 £354,299 per annum exclusive, all reflecting £6 per sq ft. The lease incorporates an RPI rent review with a cap of 4% and a collar of 1.5%. 253 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION CONSIDERATIONS MARKETABILITY There has been increasingly positive investor sentiment towards the industrial sector over the AND POTENTIAL last few years, this has not been slowed by the rise of COVID-19. Purchaser demand will likely PURCHASERS be seen from high net worth individuals, REIT’s or property investment funds. We believe the property’s existing lease to a strong covenant, as well as its location within the highly coveted ‘Golden Triangle’ and close proximity to the Ml will attract significant investor interest if brought to market. We consider a sale would be achievable within a 6-9 month marketing period. MARKETING PERIOD We are of the opinion that 6 to 9 months should be allowed to find a willing buyer. EXPOSURE PERIOD 6 to 9 months. CURRENT VOID None. PERIODS COSTS AND None. ADJUSTMENTS OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; 254

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Area (Sq Lease Length Property Address Use Date Tenant Break Rent £ pa (sqft) Ft) (years) Unit 15/16, Granby Industrial April 2020 27,931 9 - £6.00 F&F Stores Industrial Estate, Ltd Milton Keynes BLU, 1 Light Featherstone Road, May 2019 31,500 10 - £8.48 industrial Wolverton Mill, Funrise Milton InternationalL td Keynes Celeste House, General 3 Patriot Drive, April 2019 22,523 Fusion 2K Ltd 10 - £6.50 Industrial Milton Keynes 62,222 Nampak Plastics th Subject Property Industrial April 2020 20 10 year £6.00 63,362 Ltd 59,062 Comparison to Subject Comparable 1: A modern industrial unit of a similar specification to the subject building combined with a similar lease length. It would be expected the subject building would command a similar rental level to the comparable building especially given the consideration that the COVID-19 pandemic was creating severe uncertainty in the market at ON the time of letting. Comparable 2: A new-build industrial unit of high-quality specification. Superior to subject property. Comparable 3: Located nearest to the subject building in terms of geography. New build and smaller than subject COMPARIS property means a rental discount should be applied to the subject building compared to this unit. & Subject Property: The subject property let on a three separate leases to Nampak Plastics Ltd all on 20 year lease terms incorporating tenant break options at year 10 in April 2020. The passing rent for each unit reflects £6 per sq ft. EVIDENCE Taking the above transactions into consideration, we have adopted the following Market Rent; - Unit 1: £6.00 sq ft headline - Unit 2: £6.00 sq ft headline OCCUPATIONAL - Unit 3: £6.00 sq ft headline OPINION OF In formulating our opinion of Market Value we have researched the local market and where appropriate YIELD spoken with in house agency teams. We have had regard to the following transactions; 255 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Property Address Date Area (Sq WAULT Passinq Rent £ Comments Ft) (Years) pa Purchase Price £ (NIY) Nampak Plastics, 15,820,000 Newport Pagnell, July 2020 184,646 10 1,107,876 Subject property (6.50%) Milton Keynes Deta, Pannatoni 16,120,000 Has been under offer to CBRE April 2020 68,610 15 737,558 Park, Luton (4.29%) Gl since Apr-20 Charles Trywhitt, November 139,387 5.6 950,000 15,484,000 Let to a strong covenant. James Way, 2019 (5.75%) Milton Keynes Prologis Park, September Let to Barson Global Logistics 73,000 10 492,750 8,000,000 Coventry 2020 (6.75%) Comparison to Subject Comparable 1: The subject building recently transacted and is therefore the best indicator of pricing levels it would expect to achieve. Comparable 2: Let to Deta Electrical on a 15-year lease. A sharper yield would be expected here than the subject building as it is a new building in an established industrial location with very strong connectivity. c8 Comparable 3: Has a superior specification including a deeper yard and greater eaves height. Comparable 4: Let to a similar covenant strength but a smaller distribution unit and situated in the Midlands as opposed to the South East. Similar WAULT. Taking the above transactions into consideration, we have adopted the following capitalisation rates; - Unit 1: 6.50% Equivalent Yield - Unit 2: 6.50% Equivalent Yield - Unit 3: 6.50% Equivalent Yield VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Valuation date - 30 September 2020 â– Fully let and income producing with a 10 year term certain. â– All units rack rented, with a passing rent of £1,107,876 per annum reflecting £6 per sq ft. â– As the units are let with a ten year term certain, we have not allowed for any voids or holdings costs. â–Applied an Equivalent Yield of 6.50%. â– A slight increase on the purchase price in April 2020 from £15,820,000. £15,970,000 (Fifteen Million Nine Hundred and Seventy Thousand Pounds) exclusive of VAT Net Initial Yield Equivalent Yield Reversionary Yield 6.50% Reflecting a capital value per sq ft of 6.50% £930.86 per sq m (£86.48 per sq ft). 6.50% 256 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting METHODOLOGY: the following inputs and rationale; VACANT POSSESSION â– We have assumed the property is vacant and non-income producing. VALUE â– We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £1,107,876 per annum. â– We have applied a 6 month letting void on each unit. We have applied a 6 month rent free on each unit assuming a 10 year term certain. â– As we have assumed each unit will be let within 6 months, we have not allowed for empty rates. We have allowed for letting fees based on 15% of Market Rent. â– We have applied an equivalent yield of 6.75%. £14,145,000 (Fourteen Million One Hundred and Forty Five Thousand Pounds) exclusive of VAT Equivalent Yield 6.75% Reversionary Yield 7.21% Reflecting a capital value per sq ft of £818.06 per sq m (£76 per sq ft). The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor ESTIMATED have we carried out a full Reinstatement Cost Assessment. For indicative purposes only, we REINSTATEMENT estimate that the reinstatement cost for the building for loan security purposes would be COST ASSESSMENT £13,100,000 on a day one basis including fees but excluding VAT and inflation. These figures (RCA) should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. REMAINING We are of the opinion that the subject property has a remaining economic life of 25 years. ECONOMIC LIFE 257 CBRE

PROPERTY ID: 21 - Hawkers Yard ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Hawkers Yard - Ruislip, HA4 0XT, United Kingdom United Kingdom . Isle of Man Manchester o Dublin Hamburgo Ireland Birmingham Amsterdam ® LofTdon ® Netherlands Brussels , Cologne o Belgium 13? r( Luxembourg Paris ® Go: gle Map data ©2021 GeoBasis-DE/BKG (©2009), Google, Inst. Geogr. Nacional VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 14,370,000 Total Area (sq ft) 47,104 Market Value (per sq ft) 305 WAULT to Break by Rent - Net Initial Yield 0.00% WAULT to Break by ERV - Reversionary Yield 2.67% WAULT to Expiry by Rent - Equivalent Yield 4.57% WAULT to Expiry by ERV - Gross Income (p.a.) 0 Percentage of Vacancy (Area) 100.00% Gross Income (p.a.) (per sq ft) 0 Percentage of Vacancy (ERV) 100.00% *Adj. Gross Income 0 Number of Tenants 0 Adj. Gross Income (per sq ft) 0 Tenure Mixed Net Income (p.a.) 0Expiry Voids (months) - Net Income (p.a.) (per sq ft) 0 Gross Rental Value 785,400 Gross Rental Value (per sq ft) 17 Capital Expenditure -235,620 Transaction Costs 6.73% Over / Under Rented - * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Other ! - Vacant n/a n/a 47,104 n/a 785,400 n/a Total - - 47,104 0 785,400 100.0% Printed 01/02/2021 13:24 258 CBRE

PROPERTY ID: 21 - Hawkers Yard ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! RENT EXPIRY PROFILE c < D C C. i/l (/ > 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant â– < 1yr LEASE LENGTHS GROUPED ... â– 1-3 yrs â– 3-6 yrs By Area, to break â– 6-9 yrs â– > 9 yrs By Area, to expiry Printed 01/02/2021 13:24 259 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT HAWKERS YARD, RUISLIP INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: KAYE KOUMI MRICS 17/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES Brand new scheme offering 7 high-specification Part of the property (Units 1-5) is held on a long industrial warehouse and trade counter units leasehold with 126 years unexpired, which some potential investors may view negatively Well-located, in closed proximity to A40 and London Heathrow OPPORTUNITIES THREATS â– Secure long lettings to strong covenants to improve â– The property is currently entirely vacant which could income profile impact investor demand â– High competition from developments located in neighbouring prime industrial hub, Park Royal â–Uncertainty surrounding Brexit and COVID-19 could cause delays in decision making by occupiers and investors. LOCATION & SITUATION LOCATION & The property is located on the south east side of Stonefield Close in Ruislip, within the SITUATION London Borough of Hillingdon. It occupies a prime west London location, just 13.8 miles north-west of London’s Charing Cross, and 8.7miles north-east of London Heathrow Airport. The Property is in close proximity to the A40 located 1.8 miles to the south west, as well as South Ruislip station which lies 0.8 miles to the west. PROPERTY DESCRIPTION DESCRIPTION Hawkers Yard comprises seven new purpose-built light industrial warehouse and trade counter units, arranged across two terraces (Units A & B, and Units 1-5). Units A and B are accessed via Stonebridge Way, while Units 1-5 are accessed via Stonebridge Close. The Property offers flexible floorspace, with Units A, B and 1 offering reception areas, WCs and warehouse space at ground floor, with first-floor Grade A office accommodation, while Units 2-5 offer double-height warehouse space only. Units A and B and Units 1-5 provide clear internal heights of 10m and 8m respectively. 260 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 The external building fabric and structure is comprised of steel portal framing, with a twin skinned, insulated curved roof, with gable ends and curved overhanging eaves. There is a mixture of cladding systems to the elevations of both terraces, including profiled steel twinskin insulated and horizontal ribbed composite insulated panelling. Internally, the units are comprised of white liner panelled ceilings and walls, and power-floated reinforced concrete slab floors for the warehouse space, with suspended access ceilings and carpeted raised floors for the office and reception areas. The offices are fully heated, with comfort cooling. There is a total of 44 car parking spaces, 14 cycle spaces, and numerous electric vehicle charging points. BUILDING AGE 2020 SITE AREA 0.71 ha (1.75 acres) As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, ACCOMMODATION FLOOR / UNIT USE SQ M SQ FT Unit A Warehouse 1,416 15,242 Unit B Warehouse 968 10,420 Unit 1 Warehouse 778 8,374 Unit 2 Warehouse 353 3,800 Unit 3 Warehouse 353 3,800 Unit 5 Warehouse 236 2,540 Unit 6 Warehouse 272 2,928 which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross External Area (GEA) basis. DUE DILIGENCE TOTAL 4,376 47,104 STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated July 2020. At the time of the report, construction had not yet been completed, albeit there were no immediate concerns or issues noted. The asset is of new construction and appeared to be in a good state of repair at the time of inspection and no issues with design or condition were observed. 261 C

ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. 262 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 We have been provided with a Technical Due Diligence Full Report prepared by Arcadis dated July 2020, as well as a review of the Combined Phase I & II Geo-Environmental Assessment carried out by CBRE dated 2017. The report considers that the site represents a low risk of land contamination and other environmental issues. TENURE We have been provided with a Draft Certificate of Title prepared by Herbert Smith Freehills LLP, dated September 2020. Units A and B located on Stonefield Way are held Freehold under Title Number NGL332436. Units 1-5 located on Stonefield Close are held Leasehold under Title Number AGL473141. VALUATION CONSIDERATIONS MARKETABILITY Since the outbreak of Coronavirus in March this year, there has been a decline in investor sentiment AND POTENTIAL across all sectors. The industrial sector has however, proved to be the most resilient, with strong rent PURCHASERS collection levels throughout the year, and a notable increase in investment activity shown from June onwards. In the current market, investors are seeking prime assets that are well-located, with a strong covenant and good building quality. The subject property provides brand new, high-specification industrial warehouse and trade counter accommodation, in a prime West London location, with good connectivity to rail and motorway networks. Although the property is currently vacant, we anticipate there to be good investor demand predominantly from small property companies and private investors. We consider a sale would be achievable within a 6-9 month marketing period. MARKETING PERIOD We are of the opinion that 6 to 9 months should be allowed to find a willing buyer. EXPOSURE PERIOD 9 - 12 months. CURRENT VOID 6 months PERIODS COSTS AND We have reflected holding costs on the current voids, including Legal and Letting fees at 15% of Market ADJUSTMENTS Rent. For Units 1-5 of the Property which are held on a Long Leasehold, we have reflected the initial ground rent of £29,000 per annum commencing on 25th March 2021, and the 8% geared upwardwards/downwards rent review mechanism 5-yearly from March 2026. OPINION OF MARKET RENT In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; 263 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Property Use Date Area (Sq Tenant Lease Break Rent £ pa Address Ft) Length (sq ft) (years) Unit 2, The Hub @55, Gorst Road, Q£90,000 Park Royal Industrial Sep-20 5,593 Available - - (£16.09) Unit 30 Riverside EET Way, 10,416 Europarts £148,428 Uxbridge Industrial Jul-20 GEA Ltd 10 years Year 5 (£14.25) 32 Riverside Way, Centroid £146,266 Uxbridge Industrial Jan-20 10,485 (UK) Ltd 10 years Year 5 (£13.95) Unit 39 Metropolitan Timeline Park, Television £70,000 Greenford Industrial Dec-19 3,865 Ltd 5 years Year 3 (£18.11) Comparison to Subject Comparable 1: This property comprises one of three brand new industrial warehouses located on a contemporary estate within West London’s prime industrial area, Park Royal. The unit is of steel portal frame, situated with securely gated contemporary grounds. The ground floor warehouse is open plan, with first floor office and ancillary accommodation. There is one full height loading door, serviced by a dedicated loading bay with allocated car parking. This unit is of a very similar specification to the subject property and is very well connected to the wider motorway and rail network. We would anticipate the subject property would let at a similar rental level. Comparable 2: This comparable comprises a modern semi-detached industrial warehouse unit located in Uxbridge, in close proximity to London Heathrow airport and the wider motorway network. The property is of steel portal frame, with 6m clear height ground floor warehouse with one electric loading door, with office and ancillary accommodation at ground and first floor. The property benefits from a shared secured yard, with 15 car parking spaces. The unit is of a good specification, although slightly inferior to the subject property given that it is not a new construction. We would expect the units at the subject property to let at a premium to this. Comparable 3: <t z o Q. <n E This comparable comprises a semi-detached high-quality industrial warehouse unit, to be fully refurbished throughout. 2 O w The unit benefits from a large shared secure yard to the rear and extensive parking and loading facilities. The warehouse ojS offers 7m clear eaves height along with an electric loading door, with open plan office accommodation accessible via a LU LU Q w Zlift at first floor. The unit is of a good specification, although slightly inferior to the subject property given that it is not a > new construction. We would expect the units at the subject property to let at a premium to this. LU Comparable 4: Z o This property comprises a mid-terraced industrial warehouse unit on a popular multi-unit estate within Greenford. The Q. property comprises ground floor warehouse accommodation with one electric loading door, and first floor office 3 w w O accommodation. There is a marked car parking space to the front. The unit is of an inferior specification to the subject property and as such, we would anticipate that Hawkers Yard would let at a premium to this, taking account of any discounts to allow for quantum differentials. Taking the above transactions into consideration, we have adopted the following Market Rent; 264 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 15,000 sq ft+: £16.00 per sq ft 8,000-11,000 sq ft: £16.50 per sq ft - 3,800 sq ft: £17.50 per sq ft 2,000-3,000 sq ft: £18.00 per sq ft OPINION OF YIELD In formulating our opinion of Market Value we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; 265 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 WAULT Passing Rent £ Property Address Date Area (Sq Ft) Purchase Price £ (NIY) Comments (Years) pa 49-53 Standard Road, Sep-20 22,208 Q£7,000,000 Park Royal (£315 psf) This freehold distribution warehouse is available with Vacant Possession. Frogmore Sep-20 108,129 £1,677,538 Q£136,970,000 7-unit trade counter scheme. Industrial Estate 8.1 (£15.51) (4.25%/£342 psf) Units 1 & 3-6 are vacant and provided with a rental guarantee for 1 2m. Other 2 units are let to Magnet and Eccentric Trading. Midpoint, Enfield Jun-20 67,495 - £15,800,000 A terrace of 2 modern (£234 psf) industrial units both with mezzanine floors sold with VP to M7 and Blackstone Group Westgate 40, South Feb-20 130,364 7.3 £1,349,672 £29,500,000 This fully-let 12-unit freehold Ruislip (6.8) (4.05%/£226 psf) industrial estate sold to Valor Real Estate Partners Comparison to Subject Comparable 1: This asset comprises a single detached industrial warehouse located within West London’s prime industrial area, Park Royal. The property offers a modern, high-quality asset, of brick and steel portal frame construction, with a dedicated yard area. The units benefit from 9.5m clear eaves height, 2-level access loading doors, with a 2-storey mezzanine in part of the warehouse. Although this asset comprises one single warehouse, it is currently available with vacant possession at an asking price of £7,000,000 reflecting £315 per sq ft, which provides a benchmark for capital values per square foot that are achievable on similar vacant properties, albeit this comparable occupies a superior location within the heart of Park Royal. Comparable 2: This property comprises a part-vacant, part-let freehold industrial estate, benefitting from a prime West London location. The unit totals 108,129 sq ft of trade counter accommodation on a 5.1 acre site, across 7 units. Units 1 and Units 3-6 are currently vacant, with a rental guarantee for 12 months, while the remaining two units are let to Magnet and Eccentric Trading with an average unexpired term of 8.1 years until expiry. This comparable is of an inferior specification to the subject property, although it benefits from a superior location in the heart of Park Royal, which would provide underlying hope value associated to the site. We would anticipate that the subject property would sell at a discount to this comparable. Comparable 3: <t z o Q. <n E This freehold property comprises 67,495 sq ft of newly constructed industrial accommodation across two warehouse 2 O w ojS units. The units benefit from a prime North London industrial location, strategically situated between the M25 (J25) and LU LU Q w Z the A406. Midpoint is constructed of a steel portal frame, with 10m clear eaves height, and first floor fitted offices with > additional storage mezzanine. There are electric loading doors serviced by a 28m deep, self-contained service yard. LU This comparable is of a similar specification given its new construction, although the subject property benefits from a I- 2 Z LU superior industrial location and as such we would expect Hawkers Yard to trade at a premium to Midpoint. </) LU Comparable 4: > z Westgate 40 comprises 130,364 sq ft of accommodation, across 12 industrial, automotive and trade units located close to the A40 in South Ruislip. This long leasehold asset is fully let to 10 tenants on 11 leases, providing an unexpired term of 6.8 years to break. This is a 112-year long leasehold interest with 5% pay- 266 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 away reviewed every 5 years to OMRV, and 2 of the units have been sold off on co-terminus long leases. The estate is let off a low average rent of £12.57 per sq ft, with reversionary potential. This comparable occupies a very similar location to the subject property, although it is fully-let with reversionary potential. We would expect Hawkers Yard to trade at a discount to Westgate 40. Taking the above transactions into consideration, we have adopted a capitalisation rate of 4.75%. VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– A headline Market Rent of £785,400 per annum, reflecting the following rental values for the different sized units: - 15,000 sq ft+: £16.00 per sq ft - 8,000-11,000 sq ft: £16.50 per sq ft - 3,800 sq ft: £17.50 per sq ft - 2,000-3,000 sq ft: £18.00 per sq ft â– Current void of 6 months â–Assumed new lettings for 5-year terms, with an initial 6 months rent-free incentive â– Reflected holding costs including legal and letting fees of 15% of Market Rent â– Equivalent Yield of 4.75% applied £14,370,000 (Fourteen Million Three Hundred and Seventy Thousand Pounds) exclusive of VAT Net Initial Yield 0.00% Equivalent Yield 4.57% Reversionary Yield 2.67% Reflecting a capital value per sq ft of £3,284.51 per sq m (£305.13 per sq ft). VALUATION Our opinion of Vacant Possession Value aligns with our opinion of Market Value as the property is METHODOLOGY: currently vacant. VACANT POSSESSION VALUE £14,370,000 (Fourteen Million Three Hundred and Seventy Thousand Pounds) exclusive of VAT The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we ESTIMATED carried out a full Reinstatement Cost Assessment. We have been provided with a Reinstatement Cost REINSTATEMENT Assessment prepared by Arcadis dated June 2020 which estimates that the reinstatement cost for the COST ASSESSMENT building for loan security purposes would be £4,409,500 on a day one basis including fees but excluding (RCA) VAT and inflation. REMAINING We are of the opinion that the subject property has a remaining economic life of 50 years. ECONOMIC LIFE 267 C

PROPERTY ID: 22 - Unit 1, Sheldon Way MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Unit 1, Sheldon Way MV - Aylesford, ME20 6SE, United Kingdom United Kingdom * Isle of Man Manchester o New Hythe Hamburgo Birmingham o Amsterdam ® Netherlands Larkfield and 4 ft New Hythe * Brussels Cologne ® . ° Sports and Belgium Social Club Luxembourg 5 Paris 5 * ® s. LARKFIELD <#> X £ Go::gle Map data ©2021 GeoBass-DE/BKG (©2009), Google, Inst. Geogr. Nack Go; gleA2o ‘ Map data ©2021 VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 2,800,000 Total Area (sq ft) 19,275 Market Value (per sq ft) 145 WAULT to Break by Rent 2.01 Net Initial Yield 5.50% WAULT to Break by ERV 2.01 Reversionary Yield 5.66% WAULT to Expiry by Rent 4.01 Equivalent Yield 5.51% WAULT to Expiry by ERV 4.01 Gross Income (p.a.) 163,829 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 8 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 163,829 Number of Tenants 1 Adj. Gross Income (per sq ft) 8 Tenure Freehold Net Income (p.a.) 163,829 Expiry Voids (months) - Net Income (p.a.) (per sq ft) 8 Gross Rental Value 168,700 Gross Rental Value (per sq ft) 9 Capital Expenditure 0 Transaction Costs 6.43% Over / Under Rented -2.89% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent TPS Global Logistics 2.01 4.01 19,275 163,829 168,700 100.0% - - - - Other -Vacant n/a n/a n/a n/a Total 2.01 4.01 19,275 163,829 168,700 100.0% Printed 01/02/2021 13:24 268 CBRE PROPERTY ID: 22 - Unit 1, Sheldon Way MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 200,000 150,000 CC. <D 100,000 i/l o 50,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:24 269 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT U1 SHELDON WAY, LARKFIELD, AYLESFORD, KENT ME20 6SE INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: JOHN BARHAM MRICS 18/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– Freehold â– Short unexpired term (2 years to break / 4 years to expiry) â– Located in the South East â–Dated 1970/80s warehouse â– Good transport links OPPORTUNITIES THREATS â– Regear lease for longer term â–Dated building may need more extensive refurbishment in longer term (£75,000 cap ex â– Capture rental growth identified for asbestos roof repairs in medium term) â– Tenant vacating on break and subsequent void period LOCATION & SITUATION LOCATION & Aylesford is located approximately 36 miles south east of Central London, 23 miles north west of SITUATION Ashford and 8 miles north west of Maidstone. The town benefits from good communication links being served by Junction 4 of the M20 and is 14 miles east of Junctions 3 and 5 of the M25. The M20 provides direct access between London and the Channel Tunnel terminal at Folkestone and the Port of Dover, 40 and 45 miles to the south east respectively. Situated in Larkfield, within an established industrial estate. PROPERTY DESCRIPTION DESCRIPTION Detached industrial warehouse, appearing to date from the 1970/80s, of steel portal frame construction with profile metal cladding covered by a pitched, asbestos-cement sheeting roof and an eaves height of circa 6 metres. The two-storey office and welfare accommodation building adjoin the warehouse area to the front of the property and is of masonry construction with brick elevations. 269 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 The unit benefits from two electrically operated roller shutter doors and to the front of the unit is a gated yard area with steel palisade fencing. BUILDING AGE 1970/80s SITE AREA 0.7 acres ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR/UNIT USE SQM SQ FT Ground Warehouse 1,605.4 17,281 Ground Offices 92.5 996 First Offices 92.5 996 TOTAL 1,790.4 19,272 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. The asset appeared to be in a reasonable state of repair in line with its age and use at the time of inspection. We have been provided with a report prepared by Arcadis dated July 2020. The report concludes that the property is in a ‘fair condition commensurate with age and has had a light touch refurbishment by the Landlord [in 2019]. There are some urgent repairs to be undertaken by the tenant relating to certain asbestos elements.’ The report recommends that ‘A longer term more comprehensive refurbishment of the building should be considered beyond 10 years to replace the asbestos roof and other asbestos elements and to replace the dated internal finishes and MEP systems. The below ground drainage network has had extensive repairs and should be reviewed by the Landlord at the end of the current lease to check for any subsequent repairs to sections of drainage not recently repaired. The external area shaded orange will be the responsibility for the Landlord to maintain, however this largely looks like basic landscape maintenance. The building services installations are generally basic in nature and overall in fair condition. The majority of the electrical installations switchgear and the general and emergency lighting are in good condition. The fire alarm installation is in good condition. There are no small power provisions within the office accommodation. Consideration should be given to replace the local water heaters in the medium term. Also the perimeter heating system within the office accommodation could be considered for replacement in the medium term.’ The report identifies the following landlord costs in the medium term: - £75,000 for overcoating the roof sheets ahead of re-letting following lease expiry in 2024 (or if tenant exercises break in 2022). We have reflected the above cost explicitly in our valuation. 270 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Ltd dated June 2020. The report concluded that; ‘The level of environmental risk associated with the site is assessed to be acceptably low for the current use and no further environmental investigation or assessment is considered necessary prior to acquisition.’ The EPC dated 4/5/1 7 has a ‘D’ rating. TENURE We have been provided with and reviewed a Draft Certificate of Title prepared by Herbert Smith Freehills LLP. The property is held Freehold under Title Number K337648 with no onerous covenants that would impact our opinion of value. VALUATION CONSIDERATIONS MARKETABILITY There has been continued strength in investor sentiment in the industrial and logistics sector over AND POTENTIAL the last few years. Consequently, purchaser demand will be very high and include a wide range PURCHASERS of investors from local to national property companies. Whilst the property is let with a relatively short unexpired term, if it were to become vacant, it would be expected to see good occupational demand and only a short marketing period required to find a new tenant. MARKETING We are of the opinion that 6-12 months should be allowed to find a willing buyer. PERIOD EXPOSURE PERIOD 6-12 months. CURRENT VOID PERIODS N/A. If vacant we would expect the unit to let in approximately six months. COSTS AND As the property is let on an FRI lease there are no running / holding costs. ADJUSTMENTS The unit’s Rateable Value is £100,000; however, we have assumed that the building would let within six months and so within the empty rates exemption period. We have applied £75,000 of cap ex identified in the technical survey for medium term repairs to the roof. 271 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; Lease Property Area (Sq Date Tenant Length Break Rent £ pa (sqft) Address Ft) (years) Subject 2019 TPS Global Property October 19,272 Logistics 5 3 £163,829 (£8.50 per sq ft) U7, Aylesford 2019 BP November 5,518 Konnex 10 - £63,457 (£11.50 per sqft) U28, Access Park, Aylesford 201 9 July 23,827 Bunzl 10 - £1 78,702 (£7.50 per sq ft) * s o Comparison to Subject u Comparable 1: As the subject property this provides the best evidence; however, the market has continued to 4 improve over the last 12 months, and we anticipate that it is possible for a slightly higher rent to be achieved as at the valuation date. Comparable 2: This is a smaller unit, and a new build and as such we would expect it to let at a higher rate than the subject. Comparable 3: Second hand space, similar unit, similar location, the market has improved over the last 18 months since this letting. Taking the above transactions into consideration, we have adopted the following Market Rent; - £168,700 per annum reflecting £8.75 per sq ft OPINION OF In formulating our opinion of Market Value we have researched the local market and where YIELD appropriate spoken with in house agency teams. We have had regard to the following transactions; 272 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 WAULT Passinq Rent £ Property Address Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) U1 Sheldon Way, 2020 July 19,275 4 (2 to £163,829 Recent sale of the subject £2.7M Aylesford break) (5.70%) 75A & 75B Loverock 2020 October 17,532 8 years £139,840 Q. £2.0M (6.58%) Road, Reading 1980s unit Let at £7.98 psf Available since September 2020 Quoting price reflects £114 psf July 2020 458,000 2.19 £2,310,000 £38,005,000 15 tenants Quarry Wood Industrial (5.69% NIY) £4.98 psf psf average rent Estate, Mills Road, Total site area 1 6 acres Aylesford F1&F2, Sheldon Way, Nov 2020 38,469 N/A N/A £3.8M Larkfield, Aylesford (N/A) Two 1980s units with 6.2m eaves Sold vacant at £100 psf cap val Comparison to Subject Comparable 1: This is the subject property, very recently purchased, but the market has improved even since July, with CBRE benchmark ‘Good Secondary1 industrial yields coming in 15bps to September 2020. Comparable 2: Similar sized and specified warehouse unit located in the South East. Similar lot size. Longer unexpired lease term. Comparable 3: Also located in Aylesford, but this estate is a significantly larger lot size, and offers diversified income streams, and so would appeal to a different type of purchaser. Taking the above transactions into consideration, we have adopted the following capitalisation rates; - Unit 1: 5.50% Equivalent Yield VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Let at £163,829 per annum (£8.50 per sq ft) with two years to break, and four to expiry. â– £75,000 refurbishment cap ex â– We have assumed the tenant break is exercised with a six-month void period. â– Market Rent of £168,700 per annum (£8.75 per sq ft). â– Very recently purchased, but the investment market has improved even since July, with CBRE benchmark ‘Good Secondary’ industrial yields coming in 15bps to September â–Capitalised at a 5.50% EY £2,800,000 (Two Million Eight Hundred Thousand Pounds) exclusive of VAT Net Initial Yield 5.50% Equivalent Yield 5.51% Reversionary Yield (02/04/2023) 5.66% Reflecting a capital value per sq ft of £145 per sq ft. 273 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market METHODOLOGY: adopting the following inputs and rationale; VACANT â– We have assumed the property is vacant and non-income producing. POSSESSION VALUE â– We have applied a Headline Market Rent of £168,700 per annum (£8.75 per sq ft). â– We have applied a 12-month letting void on each unit. We have applied a 9 month rent free period assuming a 5-year term certain. â– Empty rates are deducted for the marketing void and also letting fees based on 15% of Market Rent. â– We have applied an equivalent yield of 6.50%. £2,080,000 (Two Million and Eighty Thousand Pounds) exclusive of VAT Equivalent Yield 6.50% Reversionary Yield 7.55% Reflecting a capital value per sq ft of £108 per sq ft. ESTIMATED REINSTATEMENT The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor COST ASSESSMENT have we carried out a full Reinstatement Cost Assessment. We have been provided with a report (RCA) by Arcadis dated June 2020 which estimates that the reinstatement cost for the building for loan security purposes would be £2,493,300 on a day one basis including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 274

PROPERTY ID: 23 - Coward Industrial Est ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Coward Industrial Est - Tilbury, RM16 4BF, United Kingdom United Kingdom Isle of Man Manchester o Hamburgo Ireland Birmingham Amsterdam o ® Netherlands Brussels Cologne Belgium Luxembourg Paris Go::gle Map data ©2021 GeoBasts-DE’BKG (©2009), Google, Inst. Geogr. Nacic VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 11,400,000 Total Area (sq ft) 116,061 Market Value (per sq ft) 98 WAULT to Break by Rent 0.37 Net Initial Yield 6.69% WAULT to Break by ERV 0.49 Reversionary Yield 7.08% WAULT to Expiry by Rent 0.37 Equivalent Yield 6.63% WAULT to Expiry by ERV 0.49 Gross Income (p.a.) 917,388 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 8 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 917,388 Number of Tenants 10 Adj. Gross Income (per sq ft) 8 Tenure Freehold Net Income (p.a.) 917,388 Expiry Voids (months) 6 Net Income (p.a.) (per sq ft) 8 Gross Rental Value 970,916 Gross Rental Value (per sq ft) 8 Capital Expenditure -1,551,537 Transaction Costs 6.71% Over / Under Rented -5.51% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Commodore Kitchens Limited 0.09 0.09 64,052 634,752 544,443 69.2% Coward Warehousing Ltd 1.00 1.00 52,009 â– Zl 282,636 â–¡ 426,473 â– Zl 30.8% - - - - - - - - - - - - Other - - - -Vacant n/a n/a n/a n/a Total 0.49 0.49 116,061 917,388 970,916 100.0% Printed 01/02/2021 13:24 275 CBRE

PROPERTY ID: 23 - Coward Industrial Est ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 700,000 69.19% 600,000 500,000 400,000 30.81% 300,000 o 200,000 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 100,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â–3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:24 276 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT COWARD INDUSTRIAL ESTATE, ST JOHNS, GRAYS (TILBURY), RM16 4BF Well configured Freehold site. The 1960’s build Units 1-4 are in a poor condition. Highly liquid industrial market in the south east. Significant capex (£1,405,000) has been identified in Proximity to road network with J30 of the M25 just 5.4 order to bring the sheds into a sound state of repair. miles from the site. Very short dated leases, the property has a term certain of 0.3 years. Tilbury is a popular industrial location and a key location for Logistics and Distribution. The combination of the capex required and the short-dated nature of the leases means that the property Large site with a c.50m yard depth. will require very active asset management in the While the unexpired lease terms are short, they are short term. underpinned by tenants of sound covenant strength. INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: 24/09/2020 30/09/2020 INDUSTRIAL VIRGINIA WOODGER MRICS KEY VALUATION FACTORS STRENGTHS WEAKNESSES OPPORTUNITIES THREATS â– Located on a freehold site which extends to 5.99 acres, representing longer term redevelopment opportunities. â– Competition from modern industrial developments in the surrounding catchment. â– Threat of wider deterioration of the industrial market. Global Economic uncertainty from Covid-19. LOCATION & SITUATION LOCATION & SITUATION Coward industrial estate is located in Grays, Essex. The town is situated approximately 20 miles to the East of London on the North Bank of the River Thames. The property is located less than 2 miles North of Tilbury, which forms part of the port of London and is home to Amazon UK services. Coward industrial estate benefits from very strong road links. The property is situated 1.7 miles South of the A13, providing access to the M25 motorway within 4 miles. 277 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY DESCRIPTION DESCRIPTION The property comprise three main blocks configured in a ‘horseshoe’ arrangement around estate access roads. The units consist of a two-storey office block, warehousing and portacabin constructions. The main warehouse units are of steel portal frame construction with shallow pitch design to a rolled eaves detail formed in the roof sheeting. Warehouse unit 2/3 is a precast concrete frame with steel roof purlins supported off the main frame on concrete blocks. The external walls are mostly cavity brick and block construction with Plastisol coated steel sheeting above and a profiled metal liner sheet internally. Dividing walls between units are mostly steel framed with profiled steel cladding panels. The units benefit from electrically operated roller shutters. Internally the units consist of basic warehouse storage space. There are no offices, WC’s or other facilities however and these are provided by the separate office and portacabin structures. BUILDING AGE Built 1993 c.17 years old SITE AREA 2.43 hectares (6.00 acres) ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR / UNIT USE SQ M SQ FT Unit 5 Commodore 699.56 7,530 Kitchens Unit 6 Commodore 581.29 6,257 Kitchens Unit 7 Commodore 581.29 6,257 Kitchens Units 1-4 Coward 2,561.99 27,577 Warehousing Units 8-10 Coward 2,269.81 24,432 Warehousing Unit 11 Commodore 990.35 Kitchens 10,660 Unit 12 Commodore 990.35 10,660 Kitchens Unit 13 Commodore 990.35 Kitchens 10,660 Unit 14 Commodore 990.35 Kitchens 10,660 Portacabin office Office - 127.09 1,368 Commodore Kitchens TOTAL 10,782.43 116,061 278 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated August 2020. We have applied explicit costs for the works deemed as being required in the immediate term (£1,405,000) and have applied a cost as an allowance for an annual sinking fund/ongoing maintenance. The report outlines that the 1990’s estate buildings are in good condition and providing basic functional warehouse and light workshop space as designed. The original 1960’s warehouse and later 1981 additions are in poor condition, are not weathertight and currently only used for general storage. The report highlights that given the current level of disrepair a purchaser would have difficulty letting units on an FRI basis without agreeing to an extensive schedule of condition. Landlord CAPEX would therefore likely be incurred in the event of any void periods. ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigations into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary undertaken by Ambiente, dated October 2020. The report concludes ‘The level of environmental risk associated with the site is assessed to be acceptably low for the current use, and no further environmental investigation or assessment is considered necessary prior to acquisition.’ TENURE We have been provided with a Certificate of Title prepared by Herbert Smith Freehills LLP, dated 15 January 2021. We are aware that the property is held under four freehold titles, EX499372 (0.29 acres), EX 208353 (5.52 acres) and Ex 492954 (0.18 acres) and a small sliver of unregistered land which provide an aggregate site area of 5.99 acres. The property also includes a leasehold interest over the section of St Johns Road (EX 64869) that leads from the entrance to the subject property to Linford Road. We have also been provided with a letter dated 9 December 2020 from the vendor’s solicitor, Town Legal LLP, which provides additional clarity with respect to the shared estate road, connecting the subject property with the neighbouring Star Industrial Estate (not owned by the vendor). By way of background, we understand that, after complaints to Thurrock Council by neighbouring residents, that the Star Industrial Estate had been in breach of the conditions of their planning permission, on two separate occasions, where the site has been accessed (over the subject property) by vehicles, outside the hours permitted of 7 am to 7 pm Monday to Friday and 7 am to 1 pm Saturdays. The solicitors letter concludes that the Coward Industrial Estate is not responsible for the planning breaches on the part of the neighbouring Star Industrial Estate. Furthermore, we have also seen email correspondence between the vendor’s solicitor and Thurrock Council, confirming, on the part of the Council, that the subject property is not responsible for the breaches, nor liable for any action in relation to those breaches. 279 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 We confirm that there is nothing noted within the Certificate of Title which would impact upon our opinion of Market Value. VALUATION CONSIDERATIONS MARKETABILITY AND POTENTIAL Given that the scheme is fully occupied, there would be significant interest from investors given the PURCHASERS current level of tenant demand in the marketplace. This needs to be balanced against the short-dated leases and the active asset management that will be required in the short term. Investors would necessarily build in void holding costs and capital costs of letting the units and they would also discount the yield from an occupied and let position. Assuming the units are let to reasonable covenants at our opinion of market rent, there is likely to be significant investor interest from a range of purchasers including property companies and selected institutions. The lot size of the subject property puts it just outside of the scope of private investors. MARKETING PERIOD We are of the opinion that 12 months should be allowed to find a willing buyer. EXPOSURE PERIOD 9 months CURRENT VOID 6 months PERIODS COSTS AND ADJUSTMENTS There are currently no vacant units on site. We have applied expiry voids of 6 months to the occupied units with unexpired terms of less than 5 years and assumed renewal incentives in the form of 3 month rent free period. We have applied empty rates for the duration the void periods. Empty rates have been calculated at .512 pence per pound of the ratable value of the estate, (£451,575 x .512 = £231,206/116,061 sq ft = £1.99 per sq ft) expressed as a rate per sq ft, incurred quarterly until the end of the void period. We have applied £0.10 per sq ft per annum Insurance contribution shortfalls for the duration of the void periods. We have applied £0.50 per sq ft per annum security contribution shortfalls for the duration of the void periods. We have assumed Letting and Legal fees at 15% of the market rent for each unit. OPINION OF MARKET RENT In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; 280 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Property Area (Sq Lease (s ft) Use Date Tenant Break Rent £ pa q Address Ft) Length (years) Unit 36 Jodrell Way, West Thurrock, RM20 3FB £1,458,504 Industrial 11/2019 162,056 Not Known 20 years n/a (£9.00 sq ft) Unit 1, Thurrock £60,000 Park way Industrial 08/2020 6,868 Not Known 5 years n/a (£8.74 sq ft) Crown House, 855 London Road, West £145,000 Thurrock Industrial 10/2020 27,819 Not Known 5 years n/a (£5.21 sq ft) Unit 1-2 & 3 Globe Industrial Estate, 46 Rectory Road, Grays Available £163,300 Industrial 10/2020 23,332 Available TBC n/a (£7.00 sq ft) Comparison to Subject Comparable 1 : Substantial modern distribution facility, not directly comparable Comparable 2: Secondary industrial unit located on multi-unit estate. Comparable 3: 80’s era mixed industrial unit, significant quantum to subject. z Comparable 4: Older style secondary units. Inferior layout and yard depth, similar quality stock to subject. Taking the <n o above transactions into consideration, we have adopted the following Market Rent; E <t Q. - Unit 5: £8.50 sq ft headline O 2 - Unit 6: £8.50 sq ft headline w ojS L - Unit 7: £8.50 sq ft headline w U - Units 1-4: £8.20 sq ft headline ZL U - Unit 8-10: £8.20 sq ft headline - Unit 11: £8.50 sq ft headline Z - Unit 12: £8.50 sq ft headline o - Unit 13: £8.50 sq ft headline Q. 3 w - Unit 14: £8.50 sq ft headline O w - Portacabin: £8.50 sq ft headline OPINION OF In formulating our opinion of Yield we have researched the local market and where appropriate spoken with YIELD in house agency teams. We have had regard to the following transactions; 281 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Property Address Date Area (Sq WAULT Passing Rent £ Comments Ft) (Years) pa Purchase Price £ (NIY) Coward Industrial October £11,400,000 Estate, Tilbury 2020 116,061 0.3 £1,083,287 (7.89%) The Subject property Terrace of three modern industrial Viper Industrial Estate, £9.115M units constructed in 201 5. Ashton Road, Romford 7.84 Understood to be under offer at RM3 8UD (4.50%) £1 3.43M 3.30% NIY 09/2020 43,419 (9.55) £473,531 Asking Available £4,000,000 Ajax Works - 9/2020 (5.14%) Asking Barking 16,921 3.7 £219,081 Multi let estate, secondary Hubert Road £7,720,000 Brentwood 8/2020 43,203 8.67 £246,964 (4.40%) 3 Unit estate. Fully let. z Comparison to Subject <n o Comparable 1 : This is the sale of the subject property which provides the most useful evidence for what the asset would E <t likely achieve if put for sale on the open market at the valuation date. 2 Q. O Comparable 2: Superior unexpired and modern units. Overall superior. w ojS Comparable 3: Site area totals 0.89 acres, let to local covenants, one vacant unit. WAULTC 2.6 years. £236 per sq ft. L U The fundamental of this property are sounder than the subject and it has longer dated income. Nevertheless, it represents w Z similar quality accommodation. U L Comparable 4: Hubert Road represents an overall superior property in terns of build quality, occupation and length of Q > income, underpinned by sound covenants. L U I- Taking the above transactions into consideration, we have adopted the following capitalisation rates; Z - 6.62% Equivalent Yield L U 2 </) L In arriving at our opinion of Market Value we have had regard to the market evidence above in comparison to the subject VALUATION property. We have adopted the following inputs and rationale; METHODOLOGY: â– The property is held freehold. MARKET VALUE â– The investment is a multi-let industrial business park comprising 14 units. â– Our opinion of ERV is £970,916 per annum. â– The current ‘Day 1’ commencement rent of the property is £1,083,287 per annum. The rents on the 8 units occupied by Commodore Kitchens are paid in gross terms, and are currently £12.50 per sq ft. â– In order to find a more meaningful basis of comparison we have netted back the commencement rents on the Commodore Kitchens units. Gross Rent £12.50 per sq ft, less £0.10 per sq ft Insurance, less £0.50 per sq ft Security and £1.99 per sq ft Rates. â– This nets back to a Day 1 rate per sq ft on the Commodore Kitchens units of £9.91, which we consider to be slightly ahead of market evidence. The netted back rents across the whole estate aggregate to £917,388 per annum. â– We have applied expiry voids of 6 months and rent-free periods of 3 months. â– We have applied empty rates for the duration of the void periods. 282 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 â–Empty rates have been calculated at .512 pence per pound of the ratable value of the estate, (£451,575 x .512 = £231,206/116,061 sq ft = £1.99 per sq ft) expressed as a rate per sq ft, incurred quarterly until the end of the void period. â– We have applied £0.10 per sq ft per annum Insurance contribution shortfalls for the duration of the void periods. â– We have applied £0.50 per sq ft per annum security contribution shortfalls for the duration of the void periods. â– We have reflected the short term capex of £1,405,000 to bring the units up to an acceptable state of repair. â– We have applied a capitalisation rate of 6.62%. â–We are aware that the subject property is currently under offer at £11,400,000, which we consider to be in line with market indicators. â– After the deduction of purchasers’ costs, our opinion of the property is £11,400,000 exclusive of VAT. This gives a Capital Value of £98.22 per sq ft. £11,400,000 (Eleven Million Four Hundred Thousand Pounds) exclusive of VAT Net Initial Yield 6.69% Equivalent Yield 6.62% Reversionary Yield (01/10/2022) 7.07% Reflecting a capital value per sq ft of £1,057.23 per sq m (£98.22 per sq ft). VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the METHODOLOGY: following inputs and rationale; VACANT POSSESSION VALUE â– We have made the Special Assumption that the property is vacant at the valuation date. â– The property is held freehold. â– Our opinion of ERV is £970,916 per annum. â– We have applied a marketing period of 6 months and a rent-free period of 3 months to all units assuming leases of five years term certain. â– We have applied empty rates for the duration the void periods. â–Empty rates have been calculated at .512 pence per pound of the ratable value of the estate, (£451,575 x .512 = £231,206/116,061 sq ft = £1.99 per sq ft) expressed as a rate per sq ft, incurred quarterly until the end of the void period. â– We have applied £0.25 per sq ft per annum service charge shortfalls for the duration of the â– We have applied £0.10 per sq ft per annum Insurance contribution shortfalls for the duration of the void periods. â– We have assumed Letting and Legal fees at 15% of the market rent for each unit. â– We have reflected the short term capex of £1,405,000 to bring the units up to an acceptable state of repair. â– We have capitalised the income at an equivalent yield of 7.00%. 283 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 â–We have applied standard purchasers’ costs. £10,575,000 (Ten Million Five Hundred and Seventy-Five Thousand Pounds) exclusive of VAT Equivalent Yield 7.00% Reversionary Yield 7.47% Reflecting a capital value per sq ft of £985.97 per sq m (£91.60 per sq ft). ESTIMATED REINSTATEMENT The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we COST ASSESSMENT carried out a full Reinstatement Cost Assessment. We have been provided with a report by Arcadis (RCA) dated 29 June 2020 which estimates that the reinstatement cost for the building for loan security purposes would be £1,669,000 on a day one basis including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 284 C

PROPERTY ID: 24 - DSV, 1306 Stonehouse Lane ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL DSV, 1306 Stonehouse Lane - Purfleet, RM19 1NX, United Kingdom VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 36,500,000 Total Area (sq ft) 137,994 Market Value (per sq ft) 265 WAULT to Break by Rent 9.75 Net Initial Yield 4.97% WAULT to Break by ERV 9.75 Reversionary Yield 4.97% WAULT to Expiry by Rent 9.75 Equivalent Yield 4.98% WAULT to Expiry by ERV 9.75 Gross Income (p.a.) 1,939,892 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 14 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 1,939,892 Number of Tenants 2 Adj. Gross Income (per sq ft) 14 Tenure Freehold Net Income (p.a.) 1,939,892 Expiry Voids (months) - Net Income (p.a.) (per sq ft) 14 Gross Rental Value 1,939,900 Gross Rental Value (per sq ft) 14 Capital Expenditure 0 Transaction Costs 6.77% Over / Under Rented 0.00% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent DSV Road LTD 9.75 9.75 137,994 1,939,892 1,939,900 100.0% - - - - - - - - Other - -Vacant n/a n/a n/a n/a Total 9.75 9.75 137,994 1,939,892 1,939,900 100.0% Printed 01/02/2021 13:24 285 CBRE

PROPERTY ID: 24 - DSV, 1306 Stonehouse Lane ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 2,500,000 100.00% 2,000,000 1,500,000 1,000,000 500,000 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â–3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:24 286 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 PROPERTY REPORT DSV, 1306 STONEHOUSE LANE, PURFLEET RM19 1NX INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: ANTHONY WILSON-O’NEILL 17/09/2020 30/09/2020 INDUSTRIAL MRICS KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– Modern Property with a good specification. â– Purfleet is not an established office location. â–Good configuration with a low site coverage. â–Demand for distribution property is strong, particularly those situated in the South East. The Property is located within Greater London which are of interest to investors seeking Industrial Estates at the current time. â–New 10-year lease granted to DSV at a market rent. OPPORTUNITIES THREATS â– Possibly further develop the Property in the future. â– Future occupiers may not require the office space. â– Demand for office space falls as a result of COVID-19. LOCATION & SITUATION LOCATION & Purfleet-on-Thames is a town in the Thurrock unitary authority, Essex. It is bordered by the Al 3 road SITUATION to the north and the River Thames to the south and is within the easternmost part of the M25 motorway but just outside the Greater London boundary. Some industry is located to the south and the area forms part of the Thames Gateway redevelopment area. The site is located within a predominantly industrial/commercial area, approximately 4.8km north east of Dartford and 23.5km east of London city centre. The Property has excellent road communications with the M25 (Junction 31) and the Dartford River Crossing to the east. There is also good access to the Al 3 which links to the North Circular Road (A406) and the Ml 1 to the west. The site is accessed via one entrance onto Stonehouse Lane to the east. The Property is bounded by wooded embankment to the north, Stonehouse Lane to the east, Chalk Cliff to the south and west. 287

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Nearby occupiers within the vicinity include Tesco, General Catering Suppliers and Propifruit UK. PROPERTY DESCRIPTION DESCRIPTION The Property comprises a large logistics warehouse with a detached 3-storey office building to the north east corner of the site. The site is located just north of the Thames and close to the M25, Junction 30. At the time of inspection, the owner DSV was developing the site by extending the warehouse with adjoining office block ‘eastwards’ due to complete in September 2020. The warehouse is of steel portal framed construction with a power floated ground bearing reinforced concrete floor slab. To the west side of the warehouse there is a slab ‘cut out’ allowing for side loading of lorries driving through the warehouse at this end. Roofs are duo pitched covered with plastisol coated built up insulated metal roof sheets with GRP rooflights draining to metal box gutters and downpipes connected to soakaway storage tanks. The cladding to the elevations has been replaced with new vertically profiled composite cladding panels and new dock loading canopies and doors have been installed to the principal north and south elevations of the warehouse. Internally the warehouse is set out as open plan layout. The existing office building to the north east corner of the site is of steel framed construction with cast concrete floor slabs forming the upper floors. The elevations comprise cavity masonry construction with painted outer brickwork skin. Windows are double glazed metal framed powder coated side hung casements that have been re-sprayed dark grey. The roof is a steel trussed pitched built up metal sheet roof with overhanging eaves draining to perimeter box gutters with external downpipes enclosed by brick ‘sleeves’ on two sides. The internal office areas were extensively refurbished in 2017 and 2018 and comprise new plastered or suspended mineral fibre ceilings with inset LED lighting and swirl diffusers, new decorations to plastered walls, new timber joinery and new raised floors with engineered wood or carpet tiled finishes. All WC accommodation was renewed with new cubicles, sanitary ware and tiled finishes to walls and floors. Externally the site’s perimeter is fenced, and access is via a security gate which we understand will be demolished as part of the development works. We understand all services including water and heating are in working order. BUILDING AGE 1994 SITE AREA 5.44 hectares (13.44 acres) and there is an estimated site coverage of 20%. ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. 288 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 1 FLOOR/UNIT USE SQM SQFT Warehouse Industrial / office 9,804 105,530 Office office 3,016 32,464 TOTAL 12,820 137,994 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence Red Flag Report prepared by Arcadis dated 01 June 2020. The report concludes that the Property is in a fair condition commensurate with age. The existing office and warehouse have been fully refurbished on a phased basis over the last 4 years to a good standard and present well. The warehouse and office extension works are progressing and we understand are due to complete in September 2020. The Property appeared to be in a reasonable state of repair at the time of inspection and works were still ongoing. ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Ltd dated August 2020. The report considers the level of environmental risk associated with the site is assessed to be acceptably low for the current use. Potential sources of contamination have been identified within the surrounding area, predominantly residual contamination and contamination from logistics use of the site. The report states as the current property owner/operator, it is expected that DSV would remain responsible for any contamination (historical or current) liabilities at the property. In addition, the report confirms the site is located in an area considered to have a low potential risk of flooding. TENURE We have been provided with a Certificate of Title prepared by Herbert Smith Freehills LLP dated 21 January 2021. We have reviewed and there are no onerous covenants that would impact our opinion of value. We understand the Property known as Stonehouse Lane, Purfleet, RM19 INS is held freehold under the registered title number EX377284. 289 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION CONSIDERATIONS MARKETABILITY The Property offers strong underlying fundamentals and is situated in an established industrial AND POTENTIAL location. The property is of good specification and quality whilst benefiting from an attractive PURCHASERS term to lease expiry for units of this nature. The lot size is favourable, and we would anticipate the investment market would be keen to acquire the buildings in the open market. We are of the opinion the typical purchasers of this type of property would be Prop Co’s, REITS and Pension Funds. MARKETING PERIOD We are of the opinion that 6 to 12 months should be allowed to find a willing buyer. EXPOSURE PERIOD 6-12 months. CURRENT VOID None PERIODS COSTS AND None ADJUSTMENTS OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; 290

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 Warehouse Property Area (Sq Lease Rent £ pa Use Date Tenant Length Break Address Ft) (sqft) (years) Chillbox Eastern Under Quoting Avene, Grays Waehouse offer 196,178 Gousto 10 None £9.75psf Barclay Way, West London City Thurrock Warehouse Sep 19 162,056 Bond 20 N/K £9.00 Sainsburys Distribution Centre, Canterbury Way, Dartford, Warehouse Aug 19 41,528 Network Rail 10 None £13.24 Comparison to Subject Comparable 1: Under offer. This unit is rumoured to be under offer above quoting price. This unit is a lot larger than the subject therefore we would expect the subject to achieve a higher rate per sq ft. Comparable 2: This comparable is larger than the subject property and rental levels have increased since this transaction therefore we would expect the subject to achieve a higher rate per sq ft. Comparable 3: This comparable is smaller than the subject property. Rental levels have increased since this transaction. Office Property Area (Sq Lease Rent £ pa Use Date Tenant Length Break Address Ft) (sqft) (years) Crossways Business Park Office July 20 3,786 Engie 5 None £24.00 Crossways Bellway Business Park Office Sep 19 15,301 Homes 15 Year 10 £24.00 2 Waterside Court, June Dartford Office 19 5,256 l-Cube 5 None £21.15 Comparison to Subject Comparable 1: This comparable is located in a location that is more of an office location than the subject and we COMPARISON would expect it to achieve a higher rental level than the subject property. & Comparable 2: This comparable is located in a location that is more of an office location than the subject and we would expect it to achieve a higher rental level than the subject property. Comparable 3: This comparable is located in a location that is more of an office location than the subject and we EVIDENCE would expect it to achieve a higher rental level than the subject property. Taking the above transactions into consideration, we have adopted the following Market Rent; PATIONAL - Warehouse: £13.15 sq ft headline OCCU - Office: £1 7.00 sq ft headline 291 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 OPINION OF In formulating our opinion of Market Value we have researched the local market and where appropriate YIELD spoken with in house agency teams. We have had regard to the following transactions; WAULT Passinq Rent £ Purchase Price £ Property Address Date Area (Sq Ft) (Years) pa (NIY) Comments Subject Property Exchanged 137,994 10 £1,940,000 E36.5M (4.98%) Subject property London City Bond, £187psf. Freehold. Passing rent Under Offer E30.36M £9 psf. Thurrock 162, Thurrock 162,056 19.60 £1,458,000 (4.5%) Let to Dea Electrial on a passing Deta, Panattoni E16.12M rent of £10.75 sq ft. Eaves height Park, Luton Sep 20 66,610 15 £716,000 (4.29%) of 10.5m Chaucer House, 12 Viking Way, £5.85 Quoting price. Under offer price Erith Under offer 35,629 1 £320,664 (5.09%) is unknown. Eaves height of 6m. Comparison to Subject Comparable 1: Best evidence as subject property. Comparable 2: Good comparable as close to subject property. Longer lease term compared to subject property. I would expect this property to achieve a similar yield. Comparable 3: Inferior location to subject however is smaller than subject property. Long unexpired lease term of 15 years. Comparable 4: Inferior unit compared to the subject property. We would expect the subject to achieve a sharper yield. Office Office investment evidence is scarce however we have sourced the below properties which are currently on the market: Kings House Brentwood - Available at 7.18% NIY. This property extends to 35,257 and has a WAULT of 2.75 years. It is a multi let office and has a quoting price of 7.18% NIY. We would expect the subject to achieve a sharper yield. Sigma House, Basildon - Located in Basildon town centre, let to Leonardo MW with a WAULT of 9.5 years. The quoting price is 5.7% NIY. This comparable is more desirable than the subject property. Taking the above transactions into consideration, we have adopted the following capitalisation rates; - Warehouse: 4.50% Equivalent Yield - Office: 6.75% Equivalent Yield VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Comprises a HQ office extending to 32,464 sq ft and warehouse extending to 105,530 sq ft (95,455 sq ft warehouse and 10,075 sq ft office) Warehouse has been completely refurbished and extended and benefits from eaves height of 9m and 69 dock level doors. 292

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 â–Asset is being purchased as part of sale and leaseback with DSV for £36,500,000 million which is due to be completed on 4th November 2020. Lease is for 10 years on warehouse and office and rent is £1,940,000 per annum (£13.15 per sq ft on warehouse and £1 7 per sq ft on office as advised by M7). No incentives and rent commencement on completion of sale. â– Rent on the warehouse seems higher than market rent for Thurrock / Purfleet, however the site benefits from a low site coverage and in our opinion would attract a premium rent. â– Therefore, rack rented investment located in a prime distribution location in Purfleet. â– No capital or revenue costs. â– Applied 4.5% Equivalent Yield to industrial element and 6.75% to office income. £36,500,000 (Thirty-Six Million Five Hundred Thousand Pounds) exclusive of VAT Net Initial Yield 4.97% Equivalent Yield 4.98% Reversionary Yield (30/09/2020) 4.97% Reflecting a capital value of £2,847 per sq m (£264.50 per sq ft). In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the following inputs and rationale; VALUATION METHODOLOGY: â– We have assumed the property is vacant and non-income producing. VACANT â– We have applied a Headline Market Rent as per the breakdown detailed above, which reflects POSSESSION a total of £1,940,000 per annum. VALUE â– We have applied a 6-month letting void on the warehouse and a 15-month void on the office. We have applied a 12-month rent free on both buildings assuming a 10year term certain. â– Empty rates are deducted for the marketing void, deferred 3 and 6 months for rates relief, and also letting fees based on 15% of Market Rent. â– We have applied an equivalent yield of 5.5% on the warehouse income and an equivalent yield of 7.5% on the office income. £27,150,000 (Twenty-Seven Million One Hundred and Fifty Thousand Pounds) exclusive of VAT Equivalent Yield 5.95% Reversionary Yield 6.57% Reflecting a capital value per sq ft of £2,118 per sq m (£196.75 per sq ft). The property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment (RCA). We have been provided with an RCA by Arcadis and dated 29 May 2020 which estimates a total day one reinstatement cost of £18,982,900 excluding VAT and inflation. ESTIMATED REINSTATEMENT COST ASSESSMENT 293 CBRE (RCA)

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 294

PROPERTY ID: 25 - Units 1-8 Hambridge Lane ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Units 1-8 Hambridge Lane - Newbury, RG14 5TU, United Kingdom VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 9,330,000 Total Area (sq ft) 65,706 Market Value (per sq ft) 142 WAULT to Break by Rent 3.13 Net Initial Yield 4.83% WAULT to Break by ERV 3.18 Reversionary Yield 5.94% WAULT to Expiry by Rent 7.94 Equivalent Yield 5.75% WAULT to Expiry by ERV 8.00 Gross Income (p.a.) 480,937 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 7 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 480,937 Number of Tenants 8 Adj. Gross Income (per sq ft) 7 Tenure Freehold Net Income (p.a.) 480,937 Expiry Voids (months) 9 Net Income (p.a.) (per sq ft) 7 Gross Rental Value 591,400 Gross Rental Value (per sq ft) 9 Capital Expenditure -10,065 Transaction Costs 6.69% Over / Under Rented -18.68% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Are a (sq ft) Rent ERV % of rent Herma UK Ltd 3.33 10.34 27,919â– =â–¡ 188,610 251,300 â– =â–¡ 39.2% First Home Improvements (Englan d) L 9.34D 10,146 c 88,778 â–¡ 91,300c 18.5% Howden Joinery Properties Ltd 3.99 3.99KI 12,673c 86,600 c 114,100 c 18.0% Falcon Flues 1.11 4.12D 7,455 â–¡ 63,368 â–¡ 67,100â–¡ 13.2% Hy-Tech Forming System Ltd 3.10 8.10n 7,513â–¡ 53,580 â–¡ 67,600â–¡ 11.1% Other - - - 1 - 0.0% Vacant n/a n/a - n/a - n/a Total 3.18 8.00 65,706 480,937 591,400 100.0% Printed 01/02/2021 13:25 295 CBRE

PROPERTY ID: 25 - Units 1-8 Hambridge Lane ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:25 296 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 PROPERTY REPORT UNITS 1-8 HAMBRIDGE LANE INDUSTRIAL ESTATE, READING INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: KAYE KOUMIMRICS 17/09/2020 30/09/2020 INDUSTRY KEY VALUATION FACTORS STRENGTHS WEAKNESSES The asset provides modern, well-placed industrial Short unexpired term of 3.13 years to break. accommodation in one of Newbury’s most established industrial areas. The property benefits from good rail and road connectivity, just 4 miles from Junction 13 of the M4. The majority of the estate’s income is secured against Herma UK Ltd who recently renewed their lease for a further 10 years. OPPORTUNITIES THREATS Opportunity to refurbish and upgrade the industrial and office accommodation on expiry of leases, to High competition from more modern improve reletting potential. developments along the M4 motorway. Remove break option for Falcon Flues. Uncertainty surrounding Brexit and COVID-19 could cause delays in decision making by occupiers and investors. LOCATION & SITUATION LOCATION & Hambridge Lane Industrial Estate is located in Newbury, within the county of Berkshire. It SITUATION is established as one of the principal industrial estates in Newbury, benefitting from good road connectivity located 4 miles from Junction 13 of the M4. Newbury Town Centre lies 1.5 miles to the west, and the industrial estate is located within walking distance to Newbury Racecourse Railway Station. PROPERTY DESCRIPTION DESCRIPTION The property comprises 65,706 sq ft of industrial warehouse/workshop accommodation across 8 individual units, arranged as two facing terraces. Units 1 -4 occupy the western terrace, while Units 5-8 form the terrace on the east. The units front a central communal service yard and concrete-paved parking area providing 40 vehicle parking spaces. 297

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 The units are of steel portal frame construction, with part brick and part metal clad elevations beneath pitched roofs of asbestos cement sheeting. Internally, the units are typically fitted out as open-plan single-storey warehouses, with two storey offices at the front. The warehouses benefit from 6m clear eaves height, polished concrete floors, and are accessed from the central service yard via roller shutter doors. The offices have raised carpeted floors, suspended ceilings with inset fluorescent lighting, and have air conditioning. BUILDING AGE 1971 SITE AREA 1.09 ha (2.69 acres) ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. 1 FLOOR/UNIT SQFT USE SQM Unit 1 Industrial 698 7,513 Unit 2 Industrial 693 7,455 Unit 3 & 4 Industrial 1,177 12,673 Unit 5 Industrial 871 9,379 Unit 6 Industrial 861 9,267 Unit 7 Industrial 861 9,273 Unit 8 Industrial 943 10,146 TOTAL 6,104 65,706 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated July 2020 which confirms that the property is generally in a reasonable condition commensurate with its age and use. The report suggests that minor upgrades might be required to the general and emergency lighting in the units upon expiry of their leases. The asset appeared to be in a reasonable state of repair at the time of inspection. We have not completed any investigations in relation to the presence or potential presence of ENVIRONMENTAL contamination in land or buildings or the potential presence of other environmental risk factors CONSIDERATIONS and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Ltd dated August 2020. The report confirms the presence of Asbestos Containing Materials in the roof sheets, gutters and downpipes, electrical boxes and in the Artex ceilings. The risk rating for these ACMs is low, although there has been identified loose debris from the asbestos roof sheets that has been recommended to be removed and safely disposed of. 298 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 No asbestos management plans were available for Unit 1 or 2, so it is advised that the Landlord should ensure that it complies with the requirements of the Control of Asbestos Regulations 2012 on expiry of the leases for Units 1 and 2. The report notes that although the site is not a registered contaminated site, there is the potential for residual contamination to be present at the site due to the potential presence of an infilled drainage channel and landfill, as well as its long-term use as a multi-let light industrial/commercial estate. The report also identifies that all units have an EPC rating of E or above, although it should be noted that the EPC of Unit 4 expires before the current occupational lease and will need renewing before re-letting. The asset is located within an area with very low risk from flooding. TENURE We have been provided with a Certificate of Title prepared by Herbert Smith FreehilIs LLP, dated September 2020. The property is held Freehold under Title Number BK350679. There are no onerous covenants that would impact our opinion of value. VALUATION CONSIDERATIONS MARKETABILITY Since the outbreak of Coronavirus in March this year, there has been a decline in investor AND POTENTIAL sentiment across all sectors. The industrial sector has however, proved to be the most resilient, PURCHASERS with strong rent collection levels throughout the year, and a notable increase in investment activity shown from June onwards. In the current market, investors are seeking prime assets that are well-located, with a strong covenant and good building quality. The subject property provides modern industrial accommodation in one of Newbury’s most established industrial areas, with good rail and road connectivity. Whilst the property is let with a relatively short unexpired term, it is let to a good tenant mix providing some security of income. We consider a sale would be achievable within a 12-18 month marketing period. MARKETING PERIOD We are of the opinion that 12 to 18 months should be allowed to find a willing buyer. EXPOSURE PERIOD 12-18 months. CURRENT VOID 9 months PERIODS COSTS AND We have reflected holding costs for the Falcon Flues unit which we have assumed will action ADJUSTMENTS their break option in November 2021. This includes legal and letting fees assumed at 15% of Market Rent. OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; 299

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Area Lease Rent £ pa Property Address Use Date Tenant Break (Sq Ft) Length (sqft) (years) Units 6, Hambridge Lane Industrial Estate, £83,729 Newbury Industrial Aug-20 9,267 Herma UK Ltd 10 years 31/01/2024 (£9.00) Unit B5 Worton Grange, M4 Building Junction 11, Product £123,458 Reading Industrial Apr-20 10,974 Solutions 10 years - (£11.25) Unit 8, Hambridge Lane First Home Industrial Estate, 10,146 Improvements £88,778 Newbury Industrial Jan-20 (England) Ltd 10 years 29/01/2024 (£8.80) Unit 4, The Exhaust Tyres Paddock Trading and Batteries £71,500 Estate, Newbury Industrial Jan-20 6,203 (Worcester) Ltd 10 years Year 3 (£11.53) Comparison to Subject Comparable 1: This forms part of the subject property. Comparable 2: This property comprises a second-hand terraced industrial warehouse located just off the M4 motorway in Reading. The unit is of steel portal frame construction, with a ground floor open-plan warehouse, and first floor offices and ancillary accommodation. The unit benefits from an electric loading door serviced by a yard at the front, with onsite car parking. This comparable is of a similar size and specification to the units at the subject property, although it benefits * s from a better-connected location, at Junction 11 of the M4. As a result, we would expect the subject property to o u command rents at a discount to this. 4 Comparable 3: This forms part of the subject property. Comparable 4: This comparable comprises a recently refurbished standalone trade counter unit with prominence onto Hambridge Road, Newbury. The unit is of steel portal frame construction under a pitched roof with metal cladding. Internally the unit benefits from a clear span warehouse, and electric shutter door serviced by a yard at the front, and 12 car parking spaces. This subject is of a similar size and specification to the units at the subject property, located a short drive away. Taking the above transactions into consideration, we have adopted a Headline Market Rent of £9.00 per sq ft. In formulating our opinion of Market Value we have researched the local market and where appropriate spoken with OPINION OF in house agency teams. We have had regard to the following transactions; YIELD 300 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 Property Address Date Area (Sq WAULT Passinq Rent £ Comments Ft) (Years) pa Purchase Price £ (NIY) A pair of freehold 1980s built 75A & 75B Loverock £139,840 Q£2,000,000 industrial units available Road, Reading Available 17,532 8.00 (£7.98) (6.58%) quoting £114 psf Units 1 -8, Hambridge Lane Industrial Estate, 7.94 £480,937 £9,000,000 Newbury Sep-20 65,924 (3.13) (£7.30) (5.01%) Subject property Freehold industrial estate sold 1 -4 Willoughby Road, to McKay Securities reflecting Bracknell £594,000 £9,940,000 £183 per sq ft Aug-20 54,157 3.55 (£10.96) (5.60%) Freehold industrial estate comprising 10 units, sold to Hatch Industrial Estate, DTZ reflecting £138 per sq ft £828,538 £13,395,000 Basingstoke Dec-19 96,989 5.17 (£8.54) (5.85%) Comparison to Subject Comparable 1: This property comprises a modern reversionary industrial investment opportunity located in the well- established industrial area of Portman Road in Reading. The asset consists of a pair of semi-detached warehouse units of steel portal frame with ground and first floor offices. The units benefit from a secure yard to the front with 20 parking spaces, eaves height of 5.5m and a single roller shutter door to each unit. The property is well-let to Parsons Peebles Service Ltd on two separate leases at a low average rent of £7.98 per sq ft. Although smaller than the subject property, this comparable provides a benchmark for similar assets located within the wider Reading area. Comparable 2: This is the sale of the subject property which provides the most useful evidence for what the asset would likely achieve if put for sale on the open market at the valuation date. Comparable 3: This property comprises a 2.7 acre freehold industrial estate consisting of two modern, self-contained units totalling 54,157 sq ft with large secure yards. Following recent refurbishment, one unit is let to Acai BFI UK Limited and the other to Accident Exchange. The combined contracted rent of £594,722 per annum provides scope for future growth based on recent lettings in the town and the leases offer potential vacant possession for redevelopment in 2024. Units 3 & 4 are currently being refurbished, with the vendor guaranteeing the void units for 12 months. This comparable is of a similar specification to the subject property, and is well- located midway between the M3 and M4 motorways, and only 1 mile from Bracknell Town Centre. It has a similar unexpired term to the subject, although it OMPARISON is part vacant. We would expect the subject property to trade at a similar yield to this. C Comparable 4: & E This comparable comprises a freehold industrial estate with 10 warehouse units ranging in size between 5,342 and 31,238 sq ft. This modern multi-let industrial estate was constructed in 2007 and is currently let to seven tenants with a good unexpired term of 5.1 7 years. The property offer good rental growth prospects, passing off a low EVIDENC average rent of £8.54psf. This comparable is of a similar specification and occupies a similar location to the subject property with easy access to Junctions 5 and 6 of the M3 motorway. We would expect the subject property to trade TMENT at a similar yield. INVES Taking the above transactions into consideration, we have adopted a capitalisation rate of 5.75%. 301 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 In arriving at our opinion of Market Value we have had regard to the market evidence above in VALUATION METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– A headline Market Rent of £591,400 per annum (reflecting £9.00 per sq ft) â– We have assumed Falcon Flues will action their break in November 2021 and have reflected 9 months expiry voids, assuming a new 5-year letting with an initial 6 months’ rent-free incentive. We have reflected holding costs including legal and letting fees of 15% of Market Rent â– Equivalent Yield of 5.75% applied £9,330,000 (Nine Million Three Hundred and Thirty Thousand Pounds) exclusive of VAT Net Initial Yield 4.83% Equivalent Yield 5.75% Reversionary Yield5.94% Reflecting a capital value per sq ft of £1,528.42 per sq m (£141.99 per sq ft). In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting VALUATION the following inputs and rationale; METHODOLOGY: â– We have assumed the property is vacant and non-income producing. VACANT POSSESSION â– We have applied a headline Market Rent of £591,400 per annum (reflecting £9.00 per VALUE sq ft) â– We have applied a 9-month letting void on each unit. We have applied a 6 month rent free on all units assuming a 5 year term certain â– Empty rates are deducted for the marketing void, deferred 6 months for rates relief, and also letting fees based on 15% of Market Rent. â– We have applied an equivalent yield of 6.75%. £7,500,000 (Seven Million Five Hundred Thousand Pounds) exclusive of VAT Equivalent Yield 6.75% Reversionary Yield 7.32% Reflecting a capital value per sq ft of £1,228.59 per sq m (£114.14 per sq ft). The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor ESTIMATED have we carried out a full Reinstatement Cost Assessment. We have been provided with a REINSTATEMENT Reinstatement Cost Assessment prepared by Arcadis dated July 2020 which estimates that the COST reinstatement cost for the building for loan security purposes would be £6,714,550 on a day one ASSESSMENT basis including fees but excluding VAT and inflation. (RCA) We are of the opinion that the subject property has a remaining economic life of 25 years. REMAINING ECONOMIC LIFE 302 CBRE

PROPERTY ID: 26 - 2/3/4/8 South Gyle Industrial ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL 2/3/4/8 South Gyle Industrial - Edinburgh, EH12 9EB, United Kingdom Glasgowo ^^Edinburgh United Kingdom Isle of Man Dublin Manchester Ireland © Birmingham Amsterdam Go - © gle Map data ©2021 GeoBas is-DB’BKG (@2(X)9j VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 4,900,000 Total Area (sq ft) 39,375 Market Value (per sq ft) 124 WAULT to Break by Rent 3.45 Net Initial Yield 3.27% WAULT to Break by ERV 3.63 Reversionary Yield 6.18% WAULT to Expiry by Rent 5.47 Equivalent Yield 5.93% WAULT to Expiry by ERV 5.33 Gross Income (p.a.) 198,555 Percentage of Vacancy (Area) 26.71% Gross Income (p.a.) (per sq ft) 5 Percentage of Vacancy (ERV) 27.30% *Adj. Gross Income 198,555 Number of Tenants 3 Adj. Gross Income (per sq ft) 5 Tenure Freehold Net Income (p.a.) 173,442 Expiry Voids (months) 3 Net Income (p.a.) (per sq ft) 4 Gross Rental Value 327,500 Gross Rental Value (per sq ft) 8 Capital Expenditure -137,215 Transaction Costs 6.57% Over / Under Rented -16.61% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Are (sq ft) Rent ERV % o f rent Link Orthopeadics UK Ltd 3.50 8.50â–¡ 9,784 80,555â–¡ 80,700 40.6% World Courier (UK) Ltd 5.13 5.13â– ZZ 11,959 â– Zl 65,000â– z 98,700â– zz 32.7% Metro Broadcast Ltd 1.29 1.29KI 7,115 â– Zl 53,000c 58,700â– Zl 26.7% - - - - - - - - - - - - Other - - - - - - Vacant n/a n/a 10,517 n/aâ–¡ 89,400 n/a Total 3.63 5.33 39,375 198,555 327,500 100.0% Printed 01/02/2021 13:25 303 CBRE

PROPERTY ID: 26 - 2/3/4/8 South Gyle Industrial ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 100,000 80,000 c < 60,000 D C C. i/l 40,000 (/ > 20,000 o o 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â–3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:25 304 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT 2/3/4/8 SOUTH GYLE CRESCENT LANE, EDINBURGH, EH12 9EB INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: TOM CROWE MRICS 06/10/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES In a micro context, the property would be considered Heritable title (English equivalent of English Freehold). to occupy a back lying location. Units 2-4 have low The property is currently let to 3 tenants with a WAULT ceiling heights within the industrial accommodation to expiries of 5.47 years (3.45 years to earliest at ground floor level which could impact on occupier terminations). demand The property is in an established industrial location in The units have high office content which would not proximity to Edinburgh city centre. be considered suited to current occupier demand. The location has strong transport and communication Unit 8 is currently vacant resulting in applicable void links. and holding costs (27% by floor area). Demand for industrial accommodation has remained robust in spite of the C19 pandemic. The investment market for well-located multi-let industrial estates is strong. OPPORTUNITIES THREATS Secure a letting of the vacant unit in line with, or Any further impact on the industrial market as a result ahead of, our opinion of Market Rent. of C19 and subsequent Government measures. Agree lease re-gears with the existing tenants to Any diminution of the tenant covenants is likely to improve income stream and WAULT. impact on value. Negotiate the removal of the LINK break option in Any other Any further geo-political or economic April 2024. headwinds that may impact upon the commercial property sector LOCATION & SITUATION LOCATION & SITUATION The subject property is located in an established industrial location to the west of Edinburgh city centre and is situated just off South Gyle Crescent, the principal road through South Gyle Industrial Estate. 305 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 The area contains a number of national occupiers and benefits from strong transport connections sitting adjacent to the Edinburgh City Bypass and its main junction with the M8 and A8 road networks, providing direct access to Edinburgh Airport and the wider Scottish road network. Surrounding occupiers include Network Rail, DFS, Halford, UPS, Forth Steel and Royal Mail. PROPERTY DESCRIPTION The subject property comprises 4 light industrial units. Units 2,3 & 4 front onto a shared parking/loading yard area whilst Unit 8 is located adjacent, across South Gyle Crescent Lane. Unit 8 benefits from dedicated secure parking DESCRIPTION and a loading area. We understand the units are of steel frame construction with external walls finished in facing brick up to approximately 1.5m with metal panel cladding above. The roofs appear to be flat and of profiled metal construction. The units also benefit from double glazed entrance foyers. Units 2 & 3 form a terrace of two units with Unit 4 a stand alone unit directly opposite. All three units contain ground floor light industrial accommodation which benefit from concrete floors, concrete ceilings with hung fluorescent tube lighting and an air ventilation system. The units also each benefit from a roller shutter door. Office accommodation is located at first floor level and consists of solid floors, perimeter trunking, suspended tiled ceiling with integrated fluorescent tube lighting and wall hung radiators. Tenant installed air conditioning units are present in Unit 2. The office accommodation also benefits from double glazed windows throughout. Access to Unit 8 was unavailable on the date of inspection and the unit is currently vacant. From the marketing particulars we understand that the property consists of a detached, steel portal frame industrial unit which benefits from a minimum eaves height of 8.6m. The unit also has two electric roller shutter doors and ancillary office accommodation at first floor level with raised floors and suspended ceilings with integrated lighting. Units 2-4 were built in c. 1990, whereas we understand Unit 8 was built slightly later in c. 1999. Units 2-4 - 0.90 acres (0.36 hectares) BUILDING AGE Unit 8 - 0.55 acres (0.22 hectares) SITE AREA As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. ACCOMMODATION FLOOR / UNIT USE SQ M SQ FT Unit 2 Industrial/Office 661.00 7,115 Unit 3 Industrial/Office 1,111.02 11,959 Unit 4 Industrial/Office 908.96 9,784 Unit 8 Industrial/Office 977.05 10,517 TOTAL 3,658.03 39,375 306 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 DUE DILIGENCE STATE OF REPAIR CBRE has not undertaken a structural survey, nor tested the services. We have been provided with a Technical Due Diligence Report in respect to the subject property, produced by Arcadis and dated 14 August 2020 (Project Number 10042781). The report found the property to be in a fair condition commensurate with age and use whilst the building services are also in a fair to good condition with no significant issues identified. The report did note that, at the time of inspection, Unit 8 had recently been vacated and the tenant had left the unit in a fairly dilapidated state, albeit the majority of defects noted were superficial and not serious. No access was provided to Unit 8 during our inspection for valuation purposes. We also note that Units 2 and 3 are subject to respective Schedule of Conditions, thereby reducing the tenant’s repair obligations at lease expiry. The report provides a Capital Expenditure schedule, of which the majority of costs relate to low risk, short term repairs to the facade and roof coverings. As a result, we have adopted those costs considered to be required in the short/medium term totalling £115,000 within our valuation exercise. The details of applicable costs are listed below: - Internal Walls - allowance for refurbishment of Unit 8 due to tenant vacating - £45,000 - External Walls - various repairs to external walls including re-pointing of brickwork, repairs to cladding and cleaning of external elevations - £10,000 - Internal Walls - allowance for internal refurbishment works to Unit 2. The tenant has 18 months remaining on their lease, which is subject to a schedule of condition and will restrict the tenants repairing obligations - £40,000 - Roofs - repair cut edge corrosion to leading edge of roof covering of Unit 8. Also, roof requires cleaning and removal of Seagull nests - £20,000 From our inspection, which was limited insofar as it was for valuation purposes only, we did not identify any major issues not highlighted within the Technical Due Diligence Report that would materially impact on our assessment of Market Value. ENVIRONMENTAL CONSIDERATIONS We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Report carried out by Ambiente Group UK Ltd dated September 2020. The report identifies no issues of material significance and concludes that the level of environmental risk associated with the subject property is acceptably low with no further environmental investigation required prior to acquisition. The report notes that there were no asbestos surveys found and that these should be obtained or undertaken at the earliest opportunity however it identifies the risk of asbestos presence as moderate to low. 307 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 TENURE We have been provided with a Report on Title on South Gyle Industrial Estate, 8 and Unit B South Gyle Crescent Lane, Edinburgh EH12 9EG from which we understand that the property is a heritable ownership (Scottish equivalent of English freehold) interest under Title No. MID100344. The property is stated to be subject to various benefits and burdens, none of which appear to particularly onerous or insuperable. We note the obligation to pay to the owner of 1 and 7 South Gyle Crescent Lane property is and the common areas 40.03% of the costs incurred in maintaining the amenity areas identified on the title plan. We have not been provided with any costs in this respect but assume that the same are recoverable from the tenants by way of the service charge. The property, together with a number of other properties, benefits from a Real Estate Ownership Title Insurance Policy which covers a lack of planning documentation. The report goes on to note that no enforcement notice in respect of the Existing Use has been received from the local planning authority. We have not had sight of the policy and recommend that your legal advisers review and ensure that that it is appropriate for purpose. The report notes that negotiations are ongoing in relation to a new lease for the vacant unit 8 and connected with this a change of use application for sui generis use has been submitted. VALUATION CONSIDERATIONS MARKETABILITY The Edinburgh industrial market has remained robust since the outbreak of C19. Prime rents in the city AND POTENTIAL were verging in excess of £9.00 per sq ft within the sub 5,000 sq ft size band, albeit for newly developed, PURCHASERS well located units. In the wider Edinburgh market, rents for similar units to the subject property were established at an overall rent of £80.73 to £91.49 per sq m (£7.50 to £8.50 per sq ft), depending upon the location, quality and specification of the individual unit. The most recent deal at the subject property was agreed in April 2019 at a rent of £8.20 psf. With regard to the investment market, sentiment remains strong for well-located and well let industrial investments. The most recent evidence of a transaction involving a multi-let industrial estate is Prestonfield Industrial Estate which is U/O to Ribston at c. 5.00%. The original quoting price was 5.75% and there were two rounds of bids received, displaying the depth of investor appetite for well let industrial product. Potential purchasers of a property of this type and lot size would include small property companies and several smaller real estate funds, with potential interest from some private investors. We understand the subject property has been purchased off market as part of the Rocket Portfolio at a price of £4.9m MARKETING PERIOD We are of the opinion that 6-9 months should be allowed to find a willing buyer. EXPOSURE PERIOD 6 - 9 months CURRENT VOID PERIODS Unit 8 is currently vacant - we have assumed a void period of 9 months to reletting. 308 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 COSTS AND Unit 8 is currently vacant - on the assumed void period ee have applied void costs including vacant ADJUSTMENTS rates at the applicable rate and a service charge void cost of £0.50 per sq ft. The service charge void cost has also been applied to those units with under 2 years to expiry/break from lease expiry. However, as we have assumed a void period of only 3months, under current guidelines, vacant rates are not applicable. OPINION OF MARKET RENT In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; 309 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Lease Property Area (Sq Rent £ pa Use Date Tenant Length Break Address Ft) (years) (sq ft) Unit 2 A1 Industrial Sept Vault City 5th year £43,000 Industri al 5,051 10 years Estate, 2020 Brewing (Sept 2025) (£8.50) Edinburgh £53,250 (£7.50) Unit 15, A1 until June Industrial Edinburgh March 2022 Estate, Industri al 7,091 Tea & 5 years N/A 2020 £56,750 Edinburgh Coffee (£8.00) thereafter Unit 1, Queen 3rd year March Enjoy (UK) £82,496 Anne Drive, Industri al 10,312 5 years (March 2020 Ltd (£8.00) Newbridge, 2023) Edinburgh Industri Link Unit 4 (Subject al/Offic e April 2019 9,784 Orthopeadi cs 10 years 5th year UK Ltd £80,555 Property) (April 2024) (£8.20) Comparison to Subject Comparable 1 : A1 Industrial Estate - modern industrial units located to the east of Edinburgh city centre. The unit would be considered to provide superior accommodation to the subject property but in a slightly inferior location. Tenant Incentive: 2 months initial rent free plus a further 2 months amortised over the first 12 months of the lease. Comparable 2: A1 Industrial Estate - modern industrial units located to the east of Edinburgh city centre. The unit would be considered to provide superior accommodation to the subject property but in a slightly inferior location. Tenant Incentive: rental steps as above. z o Comparable 3: Queen Anne Drive - fully refurbished, modern industrial units located to the west of Edinburgh city centre. <n E The property provides superior accommodation to the subject property and is located in a comparable location. Tenant <t Q. Incentive: Unknown. O 2 Subject Property 4 within the subject w Comparable 4: - Unit property. ojS Taking the above transactions into consideration, we have adopted the following Market Rent; U L - Units 2-4: £8.25 sq ft headline w Z L U - Unit 8: £8.50 sq ft headline On this basis, the aggregate Market Rent of the subject property is £327,500 p.a. We would highlight however that the subject units contain a high degree of office content which, in the current market, Z o would be surplus to most occupier requirements. Occupier demand is strong for well specified, traditional industrial accommodation in locations with good connectivity. Demand is particularly robust for units suitable for last-mile logistics, Q. 3 close to urban centres. w w O OPINION OF We have had regard to the following transactions; YIELD 310 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Area (Sq Ft) WAULT Passing Rent £ Purchase Price £ Property Address Date to Expiries Comments pa (NIY) (To Breaks) Well let industrial estate of October 4.30 Prestonfield Industrial 99,835 (3.80) £765,334 Approx. £14m 11 industrial/trade counters Estate, Edinburgh 2020 (c. 5.00%) units. September 5.47 £4.9m Subject Property - Off Market as Subject Property 2020 39,375 (3.45) £198,555 (3.27%) part of Rocket Portfolio. 244-256 March 6.53 £2.92m Causewayside, 2020 23,362 (5.48) £193,400 (5.00%) Fully let terrace of 7 industrial Edinburgh units constructed in the 1970s. Forth Industrial Estate, July 2019 39,922 3.50 £294,700 £4.175m Fully let estate to 4 tenants Edinburgh (3.03) (6.60%) across 8 units. Comparison to Subject z Comparable 1: Prestonfield Industrial Estate, Edinburgh - UNDER OFFER - Well let industrial estate to the south-east of <n o Edinburgh city centre. The property provides modern units within a traditional industrial estate. The property would be <t E considered superior to the subject property. Under Offer to Ribston following two rounds of bidding. Initial quoting price - Q. £12.48m (NIY 5.75%) 2 O w Comparable 2: Subject Property, South Gyle Crescent Lane, Edinburgh - Property was sold off-market as part of the ojS Rocket Portfolio - apportioned price reported at £4.9m. U L Comparable 3: Causewayside, Edinburgh - Fully let city centre industrial estate with underlying residential conversion Z w opportunity in medium term. The location would be considered superior to the subject property and provides more U L traditional industrial accommodation. Sold to Ribston (agreed pre Covid-19). Q > Comparable 4: Forth Industrial Estate, Edinburgh - Fully let industrial estate to the north of Edinburgh city centre. The L U property provides modern units within a traditional industrial estate. Similar size to the subject property but provides I- superior industrial accommodation but in a weaker location. Sold to Stenprop. Z U L Taking the above transactions into consideration and the transaction of the subject property at £4.9m, we have adopted 2 an Equivalent Yield of 6.00%. </) VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Gross current rent of £198,555 per annum. The current net passing rent, after deduction of the shortfalls relating to the vacant unit, is £173,442 per annum. Market Rent (headline) of £327,500 per annum based on £88.80 per sq m (£8.25 per sq ft) on Units 2-4 and £91.49 per sq m (£8.50 per sq ft) on Unit 8. Unit 8 is currently vacant. We have assumed a void period of 9-months and on reletting we have assumed a tenant incentive of 6-months’ rent free. We have applied void costs including vacant rates at the applicable rate and a service charge void cost of £0.50 per sq ft. There is a rent free period to unit 3 (World Courier (UK) Limited from 16/11/2020 until 15/08/2021 in return for the tenant not operating their November 2020 break clause. On those units with under 2 years to expiry/break we have applied a service charge void cost of £0.50 per sq ft during void periods. We have assumed a void period of 3-months and a tenant incentive of 3-months’ rent free on reletting. As the assumed void is under 6-months, vacant rates are not applicable. 311 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 â–We have applied letting fees of 15% of rental value on reletting of those units currently vacant or with under 2 years to expiry/break. â– We have been provided with a Technical Due Diligence Report in respect to the subject property, produced by Arcadis and dated 14 August 2020 (Project Number 10042781). The report provides a Capital Expenditure budget required in the short/medium term totalling £115,000. We have adopted this capex within our valuation. â– We have adopted an Equivalent Yield of 6.00% We are of the opinion that the Market Value of the Heritable interest (Scottish equivalent of English Freehold) in the Property, subject to the occupational tenancies as at 30 September 2020 is: £4,900,000 (Four Million Nine Hundred Thousand Pounds) exclusive of VAT Net Initial Yield 3.27% Equivalent Yield 5.93% Reversionary Yield (01/04/2024) 6.18% Reflecting a capital value per sq ft of £1,339.47 per sq m (£124.44 per sq ft). VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the METHODOLOGY: following inputs and rationale; VACANT POSSESSION VALUE â– We have assumed the property is vacant and non-income producing. â– We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £327,500 per annum. â– We have applied a 9-month letting void and an assumed tenant incentive of 6months’ rent free on each unit. We have assumed a term certain on letting of 5 years. â– Void Costs including vacant rates at the applicable level and a Service Charge cost of £0.50 psf have been applied. Letting fees of 15% of Market Rent have also been applied. â– We have reflected the Capex budget of £115,000 as detailed above. â– We have applied an equivalent yield of 7.00%. We are of the opinion that the Market Value of the Heritable interest (Scottish equivalent of English Freehold) in the Property, on the special assumption of vacant possession, as at 30 September 2020 is: £3,850,000 (Three Million Eight Hundred and Fifty Thousand Pounds) exclusive of VAT Equivalent Yield 7.00% Reversionary Yield 7.70% 312 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Reflecting a capital value per sq ft of £1,052.50 per sq m (£97.78 per sq ft). ESTIMATED The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we REINSTATEMENT COST ASSESSMENT carried out a full Reinstatement Cost Assessment. We have been provided with a report by Arcadis (RCA) dated 16 July 2020 which estimates that the reinstatement cost for the building for loan security purposes would be £4,503,450 on a day one basis including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 20 years. 313 C

PROPERTY ID: 27 - 1-6 Southpoint IE MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL 1-6 Southpoint IE MV - Glasgow, G5 0UG, United Kingdom VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 8,660,000 Total Area (sq ft) 143,701 Market Value (per sq ft) 60 WAULT to Break by Rent 3.72 Net Initial Yield 6.56% WAULT to Break by ERV 3.72 Reversionary Yield 7.98% WAULT to Expiry by Rent 4.59 Equivalent Yield 7.64% WAULT to Expiry by ERV 4.59 Gross Income (p.a.) 608,915 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 4 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 608,915 Number of Tenants 6 Adj. Gross Income (per sq ft) 4 Tenure Freehold Net Income (p.a.) 608,915 Expiry Voids (months) 9 Net Income (p.a.) (per sq ft) 4 Gross Rental Value 740,576 Gross Rental Value (per sq ft) 5 Capital Expenditure -48,999 Transaction Costs 6.67% Over / Under Rented -17.78% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Ar a (sq ft) Rent ERV % of rent Matthew Clark Wholesale Ltd 5.09 5.09 86,764 378,397 441,655 62.1% Matthew Algie & Company Ltd 0.59 0.59â–¡ 30,880 c 115,000 EZI 162,121 c 18.9% Allscot Distributors Ltd 1.83 6.83D 17,395 â–¡ 69,580 â–¡ 91,324â–¡ 11.4% City Plumbing Supplies 5.44 9.44 8,662â–¡ 45,938n 45,476â–¡ 7.5% - - - - - - Other - - - - - - Vacant n/a n/a - n/a - n/a Total 3.72 4.59 143,701 608,915 740,576 100.0% Printed 01/02/2021 13:25 314 CBRE

PROPERTY ID: 27 - 1-6 Southpoint IE MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 300,000 44.62% c < D C C. i/l (/ > o o Year â–Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â– 3-6 yrs â–6-9 yrs â– > 9 yrs Printed 01/02/2021 13:25 315 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT 1-6 SOUTHPOINT INDUSTRIAL ESTATE, LAWMOOR ROAD, GLASGOW, G5 0UG INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: KATE ANDERSON MRICS 06/10/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– Fully let with a WAULT of 4.59, and 3.72 years to earliest â– Although within an established industrial area, terminations we would consider the location to be secondary â– Based on our opinion of Market Rent, we consider the â– The units appear fairly dated and will likely require capital property to be reversionary expenditure in the short - medium term â– Investor appetite for multi-let industrial opportunities remains strong â– There are a concentration of lease expiries in 2021, which negatively affects the running yield and income profile of the asset OPPORTUNITIES THREATS â– Wider economic headwinds impacting the commercial â– Extend leases with existing tenants to improve the WAULT property sector â– New development creating additional â– Secure rental uplifts at renewals or new lettings to drive competition from more modern stock rental tone across the estate â– Tenants vacate at expiries or activate break options, impacting upon the income â–Damage to asbestos panelling in unit 6 which presents a health and safety issue and must be attended to by the tenant LOCATION & SITUATION LOCATION & South Point Industrial Estate is located within the Oatlands area of Glasgow, approximately 4 miles SITUATION south of the city centre. The estate is situated to the immediate north of the M74, and can be accessed via Junction 1A. The M74 provides access southbound to Carlisle, and also to Glasgow’s wider motorway network comprised of the M8, M77 and M73. 316 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Specifically, the property is bound by Lawmoor Road to the west and Caledonia Avenue to the north, and is accessible via a roundabout on the A730. The surrounding area is a mixture of commercial and residential uses. Dixon Blazers Industrial Estate is situated to the north west and neighbouring tenants include Safestore and EK Wholesale. The newly constructed Crown Street Retail Park which will house occupiers including Costa, Burger King, Aldi, B&M is situated just west of the subject property. The River Clyde sits approximately 0.5 miles to the north. PROPERTY DESCRIPTION DESCRIPTION The subject property is a 3-bay industrial block split into 7 units of varying sizes. The property has a steel portal frame, metal clad asbestos roof panels with roof lights, elevations composed of brickwork and cladding and a concrete slab floor. There is a yard to the rear (south) of the property which is accessible by a limited number of tenants and a shared car park to the north of the property which is floodlit and secured with a palisade fence. All units were internally inspected. • Units 1 and 3B are occupied by Matthew Algie. Unit 1 is extensively fitted out as a call centre/showroom and staff canteen and is in very good decorative order. The offices on the mezzanine floor are carpeted throughout with wall mounted gas heating and suspended fluorescent lighting. Unit 3B is used for industrial purposes including storage. There is internal access between units 1 and 3B, which we believe is part of the floorplate for unit 2. In addition to the units Matthew Algie rent at the subject property, we were informed by the tenant that they also own and occupy 2 other large neighbouring units. • Unit 2, occupied by Allscot Distributors, is utilised as a warehouse with a small trade counter element. The unit has suspended fluorescent strip lighting and heating by way of a gas blower. Internally, there is a small single storey brick-built office with mezzanine storage above. There is a single full height electric roller shutter door providing access to the secure yard and car park to the south. • Unit 3A, occupied by City Plumbing Supplies, is fitted out as a trade counter unit with customer facing element to the north, and storage to the south. The customer area has a suspended ceiling with integrated Category 2 lighting, linoleum tiled flooring and plasterboard walls. • Units 4, 5 & 6, occupied by Matthew Clark are utilised as a storage warehouse with extensive racking in units 5 and 6. Internally the unit has a single storey brick- built office. Units 5 and 6 are interconnected, unit 4 has separate access to the north of the property and a secure yard to the south. A yard wraps around the east of the block providing an L shaped yard for units 5 & 6. The units have suspended led panel lighting. The condition is generally tired and we did note some signs of water ingress on the wall separating units 4 and 5/6. Unit 6 has 3 roller shutter doors, 2 to the west and 1 to the east, and units 4 and 5 each have 1 roller door. BUILDING AGE c. 1970 SITE AREA We have not been provided with title documentation confirming the exact extent of the site, but from our inspection, believe the site to extend to approximately 2.66 hectares (6.58 acres) This has been calculated on a desktop basis using Promap. 317 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR / UNIT USE SQ M SQ FT Unit 1 Warehouse 2,065 22,230 Unit 2 Warehouse 1,616 17,395 Unit 3A Warehouse 805 8,662 Unit 3B Warehouse 804 8,650 Unit 4 Warehouse 2,912 31,341 Units 5 & 6 Warehouse 5,149 55,423 TOTAL 13,350 143,701 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence report prepared by Arcadis in August 2020. The report highlights a number of defects requiring remedial works including water ingress through the roof, external fabric repairs and remedial works to the site enclosure and surface treatment. It is stated however that works to common external areas may form part of the service charge. The Arcadis report notes 1 item which is characterised as High Risk - damage to asbestos panelling in unit 6 (occupied by Matthew Clark). Under asbestos regulations we believe this responsibility falls to the tenant, but would advise that this is overseen to ensure that the tenant is complying with the regulations. Arcadis also note a number of Medium Risk items including roof leaks and gutter relining; works relating to Section 63 of the Climate Change (Scotland) Act; repair works to brickwork, cladding and hardstanding; sewage, water and gas facility works. Low Risk items include: general wear and tear and ensuring statutory matters are adhered to including obtaining building warrants for historic works if required. Arcadis estimate the Medium and Low Risk items to cost approximately £121,400. £61,400 of this is designated under the timeline as ‘immediate’. For the purposes of this valuation as the costs attributed to the Landlord are not High Risk and do not relate to health and safety matters, we have not included these as a capital deduction. We would advise further investigations into which costs can be put through the service charge. The asset appeared to be in a reasonable state of repair at the time of inspection however as above some units were dated and may require capital expenditure in the short - medium term. We understand that Units 1,2,4, 5&6 are subject to either a written or photographic schedule of condition. We have not had sight of these so cannot comment on their content but draw your attention to this as the tenant’s repairing obligations may be limited by the scope of the Schedules of Condition. We recommend that a review of the schedules is conducted to confirm future liabilities. We have been provided with a Red Flag Report prepared by Brodies dated 6.1.2021 which draws attention to the following regarding Unit 4: 318 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 There is a qualification to the tenant’s repairing obligation such that the tenant has no liability for any manifest, material, fundamental and wholesale disrepair and breaking up of the floor of the premises provided that (a) the Tenant is responsible where they use wheeled forklift trucks or similar vehicles on the floor of the premises or otherwise use the floor in such a manner as shall exceed normal, reasonable and proper use and (b) in the event of damage becoming visible the tenants shall give written notice to the landlords within seven days and allow the landlords opportunity to inspect the floor. The solicitor has highlighted this as worthy of comment but has not categorised as a ‘Red Flag Issue’. At the time of inspection we did not note any obvious issues with the flooring in Unit 4 but again, draw your attention to this as it limits the repairing obligations of the tenant. We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to ENVIRONMENTAL assume that if investigations were made to an appropriate extent then nothing would be discovered CONSIDERATIONS sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Report prepared by Nova Ambiente dated September 2020. The report states that there is potential for contamination on site as a result of the historic use of part of the site as a railway line and drainage channel. We have extracted the below from the report: The site historically comprised undeveloped land with a railway line/mineral railway crossing the southern part and a drainage channel in the east (presumed infilled by the 1960s). By the early 1900s, railway sidings were shown to terminate on-site and it is expected that the site area was used for the deposition/infilling of colliery waste/industrial waste at this time. Further railway sidings were added to the site by the 1930s and1950s. BGS borehole data indicates that Made Ground beneath the southern part of the property is c.5m in depth and includes clinker, ash, slag, metal/steel and brick. The site was redeveloped with the current warehouse building in c.1967. It is understood that the site was used as a parcel depot (‘B R S Parcels Depot’) since development, possibly until c.1990. It is understood that the building was altered/reconfigured to the current multilet configuration in 1991. Parts of the original building complex were removed at around this time, leaving the site in its current configuration. No site investigation data has been made available for review. No significant issues have been identified in relation to the current site use. Although the site is not registered as contaminated land by the local authority and a potential “contamination linkage” with the significant possibility of significant harm (SPOSH) to human health, non-human receptors or controlled waters has not been identified, there is the potential for residual contamination to be present at the site due to the former presence of mineral railway lines/sidings (and associated Made Ground/spoil/colliery & industrial waste, as well as a potentially infilled watercourse in the east of the site) and the later long term use as a parcel depot. The report makes 3 recommendations to the Landlord, namely: • Provide tenants with asbestos surveys 319 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 • Implementation of the environmental recommendations in the Drainage Report prepared by WJ Shirley • Ensure that the oil interceptor on site is maintained on a routine basis There are also a number of recommendations for the tenants regarding asbestos management, waste management and ensuring compliance with regulations pertaining to the storage of chemicals and other hazardous materials. We advise that the report is considered in full by the Landlord and all recommendations are carried out / overseen. The report concludes that: The level of environmental risk associated with the site is assessed to be acceptably low for the current use and no further environmental investigation or assessment is considered necessary prior to acquisition. We have consulted the Sepa website and the flood map indicates that a small part of the property to the west has a medium - high risk of flooding from surface water. No other types of flooding were indicated on the map. TENURE We have been provided with a Certificate of Title from which we understand that the heritable (Scottish equivalent of Freehold) interest in the property is held under Title Number GLA57669. The Title Plan appears to correspond to the extent of the property as we found it to be on site. There are no benefits registered within the title. There are a number of burdens affecting the property, none of which seem particularly onerous. However for full information on this we recommend that you refer to your solicitor. We note the below: • A use restriction against uses of manufacturing or refining steel or steel alloys. Your solicitor has noted that they have not been able to confirm the enforceability of this. • Maintenance of boundaries, fences and roads is required (Lawmoor Avenue and Caledonia Avenue). • There is an exclusion of indemnity of Taylor Woodrow Industrial Estates Limited pertaining to any damage to the property after December 1964 because of any subsidence cause by past mineral workings. We believe the property in its current form to have been constructed after this time, and as such have assumed that this burden has been assessed previously and has not been considered prohibitive. We have not been provided with any lease documentation and have relied solely on the tenancy schedule provided. We have been advised by the borrower that Matthew Clark are holding over on Unit 4, and as such we have assumed that they will be in situ for 12 months on tacit relocation, and the lease expiry is therefore 26/08/2021. 320 C

PROPERTY ADDRESS DESCRIPTION CURRENT RATEABLE VALUE Unit 1, 15 Lawmoor Road, Warehouse £69,500 Glasgow, G5 0UG Unit 2, 15 Lawmoor Road, Warehouse £52,500 Glasgow, G5 0UG Unit 3A, 15 Lawmoor Road, Warehouse £36,500 Glasgow, G5 0UG Unit 3B, 15 Lawmoor Road, Warehouse £42,000 Glasgow, G5 0UG Unit 4, 15 Lawmoor Road, Warehouse £81,500 Glasgow, G5 0UG Units 5&6, 15 Lawmoor Road, Warehouse £150,000 Glasgow, G5 0UG PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION CONSIDERATIONS MARKETABILITY Prior to the outbreak of COVID 19 and the as yet unknowable lasting commercial effects thereof, the AND POTENTIAL industrial investment sector was characterised by robust pricing, rental growth and yield stability, PURCHASERS underpinned by the strong performance of the occupational market. Throughout 2019 there was a good level of investment in the sector, in particular those assets that benefit from strong property fundamentals in established industrial locations such as Bellshill and Eurocentral. Of all markets, industrial logistics has arguably been the strongest in terms of sentiment and evidence. There have been a number of investment transactions in the industrial sector in the latter part of Q3 2020, and the sector is displaying resilience. It is likely that the subject property would be of interest to local property companies and REITS, looking for an asset management opportunity. MARKETING We are of the opinion that 12 to 18 months should be allowed to find a willing buyer. PERIOD EXPOSURE We are of the opinion that the exposure period would be the same as the marketing period, 12 to 18 PERIOD months. CURRENT VOID There are no voids at present. PERIODS COSTS AND The property is fully let and it has been assumed that all rates and any service charge liabilities have ADJUSTMENTS been passed to the tenants. The business rates applicable to the property are outlined below: The 2020/2021 Uniform Business Rates (UBR) basic multiplier for Scotland is 49.8 pence per pound Rateable Value. For units with a Rateable Value of above £51,000 an Intermediate Property Rate applies increasing the multiplier to 51.1 pence per pound, and if the Rateable Value exceeds £95,000, a Higher Property Rate applies increasing the multiplier to 52.4 pence per pound. We have applied a re-letting cost of 15% of ERV as a capital deduction on the units which have a lease expiry in 2021. 321 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 OPINION OF In formulating our opinion of Market Rent we have researched the local market and where appropriate MARKET RENT spoken with in house agency teams. We have had regard to the following transactions; Comparable 1 : Recent lease renewal at the subject property. We understand the tenant received 4 months rent free. Property Area (Sq Lease Rent £ pa (sq Use Date Tenant Length Break f) Address Ft) (years) Subject March City Plumbing £45,938 Property Industrial 2020 8,662 Supplies 10 6 (£5.30) Unit 2, Moorpark Industrial Metal Estate, February Supermarkets £33,989 Glasgow Industrial 2020 5,439 UK Limited 10 N/A (£6.25) Unit 5, Townmill Hobs Road, March Reprographic £26,114 Glasgow Industrial 2020 4,974 s Plc 10 6 (£5.25) 6 Grayswell Road, Z Cumbernaul December Pitreavie £265,525 o <n d Industrial 2019 55,900 Packaging 10 N/A (£4.75) E <t Comparison to Subject Q. 2 Comparable 2: Higher specification but comparable in terms of location, east of Glasgow city centre. w O Comparable 3: Comparable in terms of age, specification and location. ojS L Comparable 4: Newer build of superior specification but within Cumbernauld which sits c. 12 miles north east of Glasgow. w U Z Taking the above transactions into consideration, we have adopted the following Market Rent; L U - Units 1, 2, 3A, 3B and 4: £5.25 sq ft headline - Units 5&6: £5.00 sq ft headline Z o Q. 3 In formulating our opinion of Market Value we have researched the local market and where appropriate spoken with in w house agency teams. We have had regard to the following transactions; w O OPINION OF MARKET YIELD 322 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 WAULT Property Address Date Area (Sq Ft) Passing Rent £ pa Comments (Years) Purchase Price £ (NIY) Excelsior Industrial 3.08 Purchased by Stenprop. Estate, Kinning September (2.23 to £5.2m The estate is comprised of Park, Glasgow 2020 63,585 breaks) £327,179 (6.8%) 10 units. Estate is comprised of 9 St Andrews 8.81 units let to 3 tenants and Industrial Estate, August (5.06 to £5.5m had 2 vacant units at the Glasgow 2020 73,248 breaks) £428,937 (7.34%) time of sale. Block 9, Clydesmill Estate is comprised of 5 Industrial Estate, 7 small units. Sale also Cambuslang, February (5.60 to £1.125 included a site of 0.7 Glasgow 2020 13,187 breaks) £92,212 (7.75%) acres Purchased by STENPROP. Western Campus, £4.60m Multi let to range of national and Strathclyde Oct 201 9 44,324 5.30 £334,454 (6.80%) local Business Park, Bellshill occupiers. CV £103.78 psf o z <n Comparison to Subject E <t Comparable 1 : Smaller than subject property with a greater number of units. Very recent transaction. This estate is Q. 2 situated 2.5 miles north east of the subject property. O w Comparable 2: Smaller than subject property with a greater number of units. Very recent transaction. This estate is ojS situated c. 1.7 miles north east of the subject property. U L w Comparable 3: Smaller scale but comparable in terms of location, just 4 miles east of the subject. L Z U Comparable 4: New build units of superior quality within established commercial location. Q Taking the above transactions into consideration, we have adopted the following capitalisation rates; > L U - 7.50% capitalisation yield on income with more than 2 years until expiry. I- Z L - 7.75% capitalisation yield on income with less than 2 years until expiry. In arriving at our opinion of Market Value we have had regard to the market evidence above in VALUATION comparison to the subject property. We have adopted the following inputs and rationale: METHODOLOGY: MARKET VALUE â– We have had regard to the tenancies in place to Matthew Algie, City Plumbing Supplies, Matthew Clark and Allscot Distributors which produce a total passing rent of £608,915 â–We have applied a headline market rent of £740,576 based on £5.25 per sq. ft. for units 1, 2, 3a, 3b and 4; and £5 per sq. ft. for units 5 & 6. â– We have assumed that all business rates and any service charges will be payable by the tenants. â– We have assumed an expiry void of 9 months on the units which have a lease expiry within the next 12 months, and have factored in a capital cost of 15% of ERV for reletting costs on these units. â– We have taken a split yield approach, applying 7.5% on secure income greater than 2 years, and 7.75% on income shorter than 2 years. â– We draw your attention to the running yield, which reduces to 3.63% in August 2021 as a result of a number of lease expiries and the income dropping to £337,210 per 323 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 annum. We would then expect the yield to gradually increase and stabilise in early 2023. â–Standard purchaser’s costs including LBTT (Scottish equivalent of SDLT), legal and agents fees have been applied. On this basis, our opinion of Market Value is: £8,660,000 ( Eight Million, Six Hundred and Sixty Thousand Pounds) exclusive of VAT Net Initial Yield 6.56% Equivalent Yield 7.64% Reversionary Yield (26/04/2023) 7.98% Reflecting a capital value of £648.63 per sq m (£60.26 per sq ft). VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the METHODOLOGY: following inputs and rationale; VACANT POSSESSION VALUE â– We have assumed the property is vacant and non-income producing. â–We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £740,576 per annum. â– We have applied a 12-month letting void on units 1 -4, and an 18 month void on units 5 & 6. We have applied a 6 month rent free on all units assuming a 5 year term certain. â–Empty rates are deducted for the marketing void per the Business Rates schedule detailed above, deferred 3 months for rates relief, and also letting fees based on 15% of Market Rent. In addition, we have assumed a service charge of £0.25 per sq. ft. Please note that we have not received any service charge information, and the rate we have applied is an assumption. â– We have applied an equivalent yield of 8.75%. On this basis, our opinion of Vacant Possession Value is: £6,550,000 (Six Million Five Hundred and Fifty Pounds) exclusive of VAT Equivalent Yield 8.75% Reversionary Yield 10.43% Reflecting a capital value per sq ft of £490.62 per sq m (£45.58 per sq ft). ESTIMATED The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have REINSTATEMENT COST ASSESSMENT we carried out a full Reinstatement Cost Assessment. (RCA) We have been provided with an RCA Summary prepared by Arcadis dated 16/07/2020 within which the RCA figure for Southpoint Industrial Estate is estimated as £13,152,300 (£985.17 per sq. m). We understand this figure to be inclusive of fees but VAT is excluded. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. 324 C

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 325 C

PROPERTY ID: 28 - Britonwood Trading Estate ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Britonwood Trading Estate - Liverpool, L33 7YQ, United Kingdom s 1 Knowsley Amazon Depot O a â–¼ X / o? brintonwood Q trading estate â–¼ z 5. co A580 A580 A580 Go gle Map data ©2021 VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 10,600,000 Total Area (sq ft) 213,259 Market Value (per sq ft) 50 WAULT to Break by Rent 1.69 Net Initial Yield 5.69% WAULT to Break by ERV 1.77 Reversionary Yield 7.82% WAULT to Expiry by Rent 2.87 Equivalent Yield 7.24% WAULT to Expiry by ERV 3.09 Gross Income (p.a.) 672,516 Percentage of Vacancy (Area) 8.67% Gross Income (p.a.) (per sq ft) 3 Percentage of Vacancy (ERV) 9.12% *Adj. Gross Income 672,516 Number of Tenants 27 Adj. Gross Income (per sq ft) 3 Tenure Leasehold Net Income (p.a.) 672,515 Expiry Voids (months) 6 to 12 Net Income (p.a.) (per sq ft) 3 Gross Rental Value 924,702 Gross Rental Value (per sq ft) 4 Capital Expenditure -510,167 Transaction Costs 6.70% Over / Under Rented -19.97% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent D H Mansfield 0.85 0.85n 24,279 c 91,796 â–¡ 97,116 c 13.6% BSB Sheet Metals Engineering Ltd 3.54 3.54u 20,022â–¡ 75,083â– 80,088â–¡ 11.2% Liverpool Laser and Tubes Ltd 4.35 9.35D 21,517 1 43,032â–¡ 86,068 1 6.4% Factory Services UK Ltd 1.10 4.10 i 10,784 1 42,500 1 46,910 1 6.3% H&J Toughened Glass Ltd 1.88 1.88i 11,062 38,7171 48,120 5.8% Other 1.25 2.37 107,098 381,388 482,035 56.7% Vacant n/a n/a 18,497 n/aâ–¡ 84,365 n/a Total 1.77 3.09 213,259 672,516 924,702 100.0% Printed 01/02/2021 13:25 326 CBRE

PROPERTY ID: 28 - Britonwood Trading Estate ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:25 327 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 PROPERTY REPORT BRITONWOOD TRADING ESTATE, HORNHOUSE LANE, LIVERPOOL, L33 7YQ INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: GARETH HUGHES MRICS 06/10/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES Strong occupier demand for industrial Limited security on income with AWULT 2.87 years accommodation in the current market. and 1.69 years to break. Strong investor demand for multi-let industrial There are 32 units of which 5 are currently vacant accommodation with competitive bidding on multi- representing 8.67% by floor area and let investments. 9.12%byERV. Knowsley is an established industrial location that In addition to the five vacant units, the tenants at has seen continued rental growth over the last 24- units 1, 5, 12, S5 and Unit B are holding over. The 36 months. There is potential to improve the rental property will require active asset management to income at the subject estate as leases reach main current income levels. renewal / reletting stage. The properties are old 1970s units with asbestos The lot size of >£10m and configuration of older cement roof covers nearing the end of their buildings / low capital value will appeal to a range economic life. Several tenants report water ingress of property companies and investors seeking asset due to dis-repairs from roof / rainwater drainage. If management opportunities. leaks are not treated this could impact on the potential for lease renewals / re-letting the units. The properties will require an on-going repair and maintenance programme. There will be a requirement for capital expenditure on several units over the next five years in order to maintain current income levels. THREATS OPPORTUNITIES If the property is not repaired and regularly Potential to improve the rent by letting the vacant maintained this could impact on future units. marketability and income levels. Several units are holding over - potential to secure Competition from new developments and superior lettings and improve the AWULT. properties in the local area. Potential to redevelop older units on the estate and Downturn in property markets and the UK economy drive rental growth. which impacts on property pricing. 328

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 LOCATION & SITUATION LOCATION & Liverpool is a city located within Merseyside in the North West of England and is SITUATION approximately 56.3 km (35.0 miles) west of Manchester. The subject property is situated within the borough of Knowsley, which is approximately 11.3 km (7.0 miles) north-east of Liverpool city centre. The local authority population in 2010 was estimated to stand at 149,100 (Source: ONS). The Knowsley area benefits from strong national and local transport links. The A580 East Lancashire Road is situated adjacent to Knowsley Industrial Estate and Knowsley Business Park, and provides access to Liverpool, Manchester, St Helens and the M6 motorway. The M57 motorway is situated close to the A580 providing direct access to North Liverpool, the M58 and the M62 motorways. John Lennon Liverpool Airport is situated approximately 22.5 km (14 miles) to the south west and the Port of Liverpool is approximately 11.3 km (7 miles) to the west of the property and is a significant cargo port. The nearest railway station is Kirkby, approximately 4 km (2.5 miles) to the west. Kirkby provides a regular local rail service to Liverpool city centre via the Merseyrail network from which there are regular national services. The subject property is situated on the south-western side of Hornhouse Lane, approximately 400m north-west of its junction with Coopers Lane. The individual units at the subject are situated along Owen Lane, Abercrombie Road and Faraday Road. Neighbouring occupiers include Makro, Movianto, SIG, QVC, Nagel Group and Amazon. PROPERTY DESCRIPTION The Britonwood Industrial Estate comprises 35 individual units, some tenants occupy double units, so the estate is currently occupied by 27 tenants with five vacant units. Units A & B comprise two detached units with frontage on to Owen Road at the front of the estate. Unit A is occupied by Mansfield and comprises a 1970s detached warehouse extending over three bays with asbestos cement panel roof cover with underlining roof panels. The unit has been refurbished within the last 10 years with brick with profile metal sheet cladding to the front and one side elevation. There is a tarmacadam yard area and 2m high steel palisade fencing to the perimeter boundary. Internally the warehouse is c. 6m eaves height, access via two roller-shutter doors from the front yard. There is an integrated office /reception to the front of the unit and a small mezzanine area providing to the rear providing toilets on ground and office area on first floor. The unit includes sodium spot-lights but there is no heating. Unit B is in poor condition and comprises an early 1970s detached warehouse with part two storey offices to the front of the industrial unit. The construction is brick elevations, steel frame with asbestos cement panel roof cover with part roof lights. There is obvious cracking to the side elevation and generally the unit presents in poor condition and doesn’t appear to have been refurbished since the original construction. Please refer to repairs section below. Units 1-5 Abercrombie Avenue comprises a terrace of five units; two units (No 3 and No 4) are vacant. The units are of 1980s steel portal frame construction with profile metal sheet cladding to the elevations. The units offer a similar configuration with single storey offices to the front and warehouse accommodation to the rear. The warehouse is c. 5.5m 329

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 eaves height with steel portal frame, asbestos cement roof cover with underlined panels. There are single storey, flat roof offices to the front of the unit. Originally a large detached industrial unit the property has since been sub-divided to provide 13 individual units. The units are SI to S8 and Units 7 to 11. Units 6-11 comprise individual bays with access from Abercrombie Avenue. Units SI to S4 are small units to one end of the property with frontage on to Faraday Road and units S7 and s8 are accessed off an unnamed drive to the north of Faraday Road. The units are a Situated on the north-west side of Faraday Road are two terraces comprising units 12-1 7 and units 20 - 25; the units are of similar age and construction with a steel portal frame with original 1980s construction, the units have been over clad with profile metal sheet cladding to the front and elevations for each unit. The units comprise a single bay which is c. 464.5 sq m (5,000 sq ft) in size with brick elevations between each unit. Access is via a roller shutter door with a small yard area to the front. Each unit has single storey offices to the front, the offices are of flat construction with brick elevations and over-cladding. The accommodation is used as offices and provide toilet facilities. To the south-east side of Faraday Units 18 & 19 and units 25 & 26 are situated to the southeast side of Faraday Road. The units are c. 1,858 sq m (20,000 sq ft) in size BUILDING AGE 1970s SITE AREA 4.32 ha (10.67 acres) As instructed, we have relied upon floor areas within the tenancy schedule provided by the ACCOMMODATION Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. 1 TENANT UNIT UNIT NO SQM SQFT Autofix (North West) Ltd 1 Abercrombie Avenue 497.96 5,360 Factory Services UK Ltd 10 & 11 Abercrombie Road 1,001.87 10,784 Tulway Engineering Ltd 12 Faraday Road 513.01 5,522 Armstrong Lyon Hydraulics Ltd 13 Faraday Road 513.01 5,522 Eagle Rubber Ltd 14 Faraday Road 513.01 5,522 Huges Subsea Ltd 15 Faraday Road 513.01 5,522 Vacant 16 Faraday Road 513.01 5,522 HJ Foam Moulding Ltd 17 Faraday Road 500.10 5,383 BSB Sheet Metals Engineering 18 & 19 Faraday Road 1860.11 20,022 Solid Tek Ltd 2 Abercrombie Avenue 497.96 5,360 Carrol Group Ltd 20 & 21 Faraday Road 997.41 10,736 BMVS (Merseyside) Ltd 22 Faraday Road 514.03 5,533 MT Mobile Trucks 23 Faraday Road 499.17 5,373 Pain & Gain Ltd 24 Faraday Road 514.96 5,543 Olleco 25 Faraday Road 514.96 5,543 Liverpool Laser and Tubes 26 & 27 Faraday Road 1,999.00 21,517 Vacant 3 Abercrombie Avenue 501.03 5,393 330 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 Vacant 4 Abercrombie Avenue 494.80 5,326 5 Abercrombie Avenue 501.03 5,393 Maria McGuinness Mr 1 Derbyshire 6 Abercrombie Road 500.93 5,392 H&J Toughened Glass Ltd 7 & 8 Abercrombie Road 1,027.69 11,062 Radius Arches 9 Abercrombie Road 505.30 5,439 Vacant SI 86.40 930 V&M Recycling Ltd S2 87.51 942 Vacant S3 123.19 1,326 Specman Auto Ltd S4 139.35 1,500 Heywood Electrical & Sons Ltd S5 260.96 2,809 Skillsbase (NW) Ltd S6 201.60 2,170 Sprike Recovery Trucks Ltd S7 197.33 2,124 Mr 1 Laidler S8 201.60 2,170 D H Mansfield Unit A Owen Road 2,255.60 24,279 Western Environment Ltd Unit B Owen Road 765.52 8,240 Total 19,812.43 213,259 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. From our inspection of the property we noted that all of the buildings are c. 50 years old and are showing signs of wear and tear. There is water ingress from the rooves / rain-water drainage across several units within the estate. We have been provided with a report prepared by Arcadis dated 14 August 2020. The report states “Overall, the property was found to be in generally a fair condition. A number of repairs and replacements are required to similar elements across the site with these now beginning to fail, having reached the end of their lifespan.” We have applied explicit costs for the expenditure deemed as being required in the immediate term these are categorised by Arcadis as high risk, medium risk and low risk. The report identified total costs of £310,000 in year 1 and £352,225 in years 2-5 across the estate giving a total projection over the next 5 years of £662,225. We have reviewed the costs in our valuation approach and reflected those costs identified as high risk £200,000 in year 1 and £0 in years 2-5. Which relates to roof repairs to Unit B which we understand is to be vacated in the next few weeks. In addition, we have reflected those costs classified as medium risk £67,000 in year 1 and £314,050 in years 2-5 giving a total medium risk costs allowance of £381,050. One of the medium risk cost allowances is for £11 7,800 for over-roofing units 26 and 27. These units are let on a single full repairing and insuring lease for 10 years with lease expiry February 2030 and a break February 2025, the lease is subject to a schedule of condition. We consider that a purchaser of the property would not reflect an explicit cost allowance for over-roofing at Day 1 given the unit is occupied and let to February 2030. We have therefore explicitly reflected capital expenditure of £463,250 in the valuation which reflects £200,000 of high risk costs and £263,250 of medium risk costs. 331

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We note that all / the majority of units are constructed with asbestos containing material and an asbestos register will be required for repair / maintenance across the estate. The Arcadis report details an EPC rating for each individual unit. According to the report all of the units have an EPC rating of ‘E’ or higher. This means that all units at the subject property currently meet the minimum requirements for energy efficiency ratings. TENURE The property is held long leasehold subject to a 999 year lease from 22 May 1948 at a peppercorn rent. The property is registered under title MS14994. The lease is subject to a Deed of Variation dated 28 September 2015 extending the definitions to Corporation and Corporation Rights of Mortgagees. We have been provided with a draft Certificate of Title for the property referred to as draft II date 12 10 2020. There are grounds for forfeiture included in the headlease for breach of covenant. However, the 2015 Deed of Variation provides additional covenants for the tenant and their lenders. The Certificate of Title states “The landlord may forfeit the lease as follows • there is a material breach of tenant covenants (no other grounds for which the landlord can forfeit); and • the landlord has given at least 42 days prior written notice to the tenant and any mortgagee (of the lease or tenants assets) of which the landlord has notice, of its intention to re-enter the demised premises; and • that notice specifies the alleged breach and nature of steps to remedy it; and • the breach is still outstanding when the notice expires. However, if the mortgagee confirms in writing to the landlord (within 28 days of the landlord’s notice) saying it wishes to remedy the breach then the landlord has to allow them a further 3 months from the date of the mortgagee’s notice (or such longer time as may be reasonable in view of the nature of the breach) to remedy it.” The Headlease includes a restriction on alterations. Landlords consent is required for any construction or alterations to buildings and the consent is not to be un-reasonably withheld. The Certificate of Title si 8.1 states “there may be breeches of Alterations for past works where no consents have been seen.” From our inspection we note that the buildings are all constructed in the 1970s and the company declare that no notices for breach of covenant have been served by the landlord. We would recommend you seek advice from you legal advisors on this aspect. We would also note the Certificate of Title identifies there is a Title Insurance Policy in-place (reference Schedule 7) but the draft report in the dataroom does not include a copy of the policy, nor does it make reference to items covered by the policy. We would recommend the bank review the contents of the policy and our comments above prior to the release of funds. 332 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION CONSIDERATIONS MARKETABILITY There has been continued to be strong sentiment in the industrial sector over the last 18-24 AND POTENTIAL months. Whilst other asset classes have seen a decline in values the industrial sector continues PURCHASERS to show positive growth and consequently there is good investor demand for prime, secondary and value add opportunities with competitive pricing in the market. Whilst the property is let with a relatively short unexpired term, there is a reasonable tenant mix and the ability to let up vacant units. Investors will be attracted by the potential to add to the rental income from active asset management. We consider a sale would be achievable within a six month marketing period. MARKETING PERIOD We are of the opinion that six months should be allowed to find a willing buyer. EXPOSURE PERIOD Exposure Time is an estimate of how long the property would have had to be marketed in the past in order to achieve the market value (as a sale price) today. Exposure Time is backward looking. Marketing Period is forward looking. Often these estimates are the same, unless economic conditions have changed/are changing. As an example, perhaps the market was previously significantly oversupplied, and the exposure time might have been, say 24 months due to limited investor interest. But, now, if market occupancies have stabilized and investors are competing for deals, the marketing time might only be 6 months. 9 months. CURRENT VOID There are currently five vacant units within the property. We have reflected a range of marketing PERIODS periods between 6-12 months depending on size and unit configuration. COSTS AND We have made an allowance for capital expenditure of £463,250 for repairs to the proeprty. Please ADJUSTMENTS refer to the ‘State of Repair’ section above for more details. We have reflected marketing fees on all vacant units as a capital cost equivalent to 15% of Market Rent for the unit. Where there is a lease break or lease expiry within 24 months of the valuation date we have made an assumption that 50% of these leases will be vacated. We have reflected marketing fees on those units which are assumed to be vacated as a capital cost equivalent to 15% of the Market Rent. We have reflected an allowance as a rent deduction for empty business rates on all of the vacant units. Where there is a lease break or lease expiry within 24 months of the valuation date we have made an assumption that 50% of these leases will be vacated. We have adopted expiry voids and reflected costs for empty business rates which will become payable over after an initial 3 month grace period. We have assumed expiry voids of between 6-12 months. OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. The rents on the estate are generally below the market tone for the wider Knowsley Industrial area. This subject premises offer low quality, low cost accommodation and will appeal to occupiers seeking functional accommodation at an affordable price. 333 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 We have had regard to the following transactions: Property Area (Sq Lease Rent £ pa Use Date Tenant Length Break Address Ft) (sqft) (years) Liverpool February Laser & £86,064 26/27 Storage 2020 21,517 Tubes 10 5 (£4.00) December Eagle £22,088 14 Storage 2019 5,522 Rubber 5 3 (£4.00) February £22,088 15 Storage 2020 5,522 Huge Subsea 3 1 (£4.00) November Radius Arches £21,212 2018 (£3.90) 9 Storage 5,439 10 5 Comparison to Subject Comparable 1: Letting from within the subject property completed early this year directly comparable. Comparable 2: Letting from within the subject property completed early this year directly comparable. COMPARISON Comparable 3: Letting from within the subject property completed within 12 months of the valuation date early & this year directly comparable. Comparable 4: Letting from within the subject property completed within 24 months of the valuation date and considered to be comparable. EVIDENCE Taking the above transactions into consideration, we have adopted the following groupings for Market Rent: Units 500 - 2,500 sq ft £5.00 per sq ft headline PATIONAL Units 5,000 - 7,500 sq ft £4.50 per sq ft headline Units 10,000 - 20,000 sq ft £4.00 per sq ft headline OCCU OPINION OF In formulating our opinion of Market Value we have researched the local market and where YIELD appropriate spoken with in house agency teams. We have had regard to the following transactions: 334 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 WAULT Passinq Rent £ Property Address Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) Located close to the Unity Grove subject premises but the Knowsley £7.9m investment provides Industrial Park June 2020 115,954 5.92 £528,161 (6.26%) superior accommodation. Clarendon Court February £3.675m Multi-let to 38 tenants with Warrington 36,538 £283,833 (7.25%) short term income. Located 2020 1.66 close to the Coopers Point, subject premises but the Knowsley December £4.2M investment provides Industrial Park 2019 56,846 2.61 £287,355 (6.42%) superior accommodation. Comparison to Subject Comparable 1: Located close to the subject premises but the investment provides superior accommodation with greater prospects for rental growth. Comparable 2: Smaller lot size but multi-tenanted accommodation with short term income security providing similar pricing to the subject property. Comparable 3: Located close to the subject premises but the investment provides superior accommodation with greater prospects for rental growth. Taking the above transactions into consideration, we have adopted the following capitalisation rates:—Let >3 years:7.00% Equivalent Yield—Let <3 years:7.25% Equivalent Yield—Vacant: 8.00%Equivalent Yield In arriving at our opinion of Market Value, we have had regard to the market evidence above METHODOLOG : in comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– The date of valuation is 30 September 2020. â– The property is held as long leasehold interest, there are 926 years to expiry at a peppercorn rent. â– We have relied on tenancy information provided by the Borrower. â–We have not undertaken a measured survey, CBRE have relied on information provided by the Borrower which indicates a total gross internal floor area of 19,811.8 sq m (213,259 sq ft). â– The property provides 35 units of which five are currently vacant accounting for 1,718.4 sq m (18,497 sq ft) equating to 8.67% by floor area and 9.20% by ERV. â– The property is producing a passing rent of £672,516 per annum. â– The average weighted unexpired lease term (AWULT) is 2.87 years to expiry and 1.69 years to break. â– We have adopted a range of ERV’s between £4.00—£5.00 per sq ft making adjustments for quantum. We have reflected £5.00 per sq ft for the smallest units below 2,500 sq ft; £4.50 per sq ft for mid-range for units c 5,000 sq ft and £4.00 per sq ft for those units of 10,000 sq ft or greater. The total assumed ERV is £924,700 per annum reflecting an overall £4.33 per sq ft. â– We have reflected a marketing period of 6-12 months on the vacant units; 335

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 â–We have assumed a rent free period of 3-6 months on new lettings. â– Where a lease is due to expiry or there is a lease break within 24 months of the valuation date. We have adopted an assumption that 50% of tenants will renew / remain in occupation and 50% will vacated at break or expiry. Where we have assumed a tenant will vacate. We have reflected expiry voids of 6-12 months to relet the units. â– We have reflected capital costs based on 15% of Market Rent for agent and legal fees on letting vacant units. â– We have reflected capital costs of £463,250 for repairs. â– We have reflected holding costs for empty business rates over the current vacancies and assumed vacancies as outlined above. We have reflected costs based on 50% of ERV, deferred for 3 months rates relief. â– We have capitalised the income at an equivalent yield of 7.00% for leases over 3 three years term certain; 7.25% for leases under 3 years term certain and 8.00% for vacant units. This produced a blended equivalent yield of 7.24%. â– We have reflected purchasers’ costs at the prevailing rate. â–Based on the foregoing our opinion of Market Value is £10,600,000 (Ten Million Six Hundred Thousand Pounds) exclusive of VAT Net Initial Yield 5.69% Equivalent Yield 7.24% Reversionary Yield (01/07/2029) 7.82% Reflecting a capital value per sq ft of £535.07 per sq m (£49.71 per sq ft). VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market METHODOLOGY: adopting the following inputs and rationale: VACANT POSSESSION â– We have assumed the property is vacant and non-income producing. VALUE â– We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £924,702 per annum. â– We have applied a 12-month letting void on each unit. We have applied a 6 month rent free assuming a 5 year term certain. â– Empty rates are deducted for the marketing void, deferred 3 months for rates relief, and also letting fees based on 15% of Market Rent. â– We have reflected capital costs for repairs of £581,050. This assumes that roof repairs on unit 25/26 will become a landlords liability and have been added to the capital costs reflected in the Market Value outlined above. â– We have applied an equivalent yield of 8.00%. £8,125,000 (Eight Million One Hundred and Twenty Five Thousand Pounds) exclusive of VAT 336

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Equivalent Yield 8.00% Reversionary Yield 9.24% Reflecting a capital value per sq ft of £410.10 per sq m (£38.10 per sq ft). ESTIMATED The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor REINSTATEMENT have we carried out a full Reinstatement Cost Assessment. COST ASSESSMENT (RCA) We have been provided with a Reinstatement Cost Assessment produced by Arcadis that estimates that the reinstatement cost for the building would be £20,477,000 on a day one basis including fees but excluding VAT and inflation. REMAINING The properties were constructed in the 1970s and the original roof coverings have reached or are ECONOMIC LIFE neat to the end of their economic life. Without regular maintenance and repairs we are of the opinion that the subject property has a remaining economic life of 5-10 years. However, this could be extended to 20 years or longer provided there is an ongoing programme of repair and maintenance. 337

PROPERTY ID: 29—1-21 Grosvenor Grange Business ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL 1-21 Grosvenor Grange Business—Warrington, WA1 4SF, United Kingdom « tea’” V \ ws»“Bd x PADGATE • Svic”* X, f X, * ^isentn X PADDINGTON WOOLSTON Go gle Map data ©2021 VALUATION METRICS (currency—GBP) KEY FACTS Metric Value Metric Value Market Value 7,980,000 Total Area (sq ft) 87,941 Market Value (per sq ft) 91 WAULT to Break by Rent 1.99 Net Initial Yield 5.37% WAULT to Break by ERV 1.90 Reversionary Yield 6.18% WAULT to Expiry by Rent 3.07 Equivalent Yield 6.00% WAULT to Expiry by ERV 2.95 Gross Income (p.a.) 458,638 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 5 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 458,638 Number of Tenants 14 Adj. Gross Income (per sq ft) 5 Tenure Freehold Net Income (p.a.) 458,638 Expiry Voids (months) 6 to 9 Net Income (p.a.) (per sq ft) 5 Gross Rental Value 527,644 Gross Rental Value (per sq ft) 6 Capital Expenditure -27,770 Transaction Costs 6.67% Over / Under Rented -13.08% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % f rent Greencore Prepared Meals Ltd 3.52 3.52EZI 21,098 KZI 121,314 EZI 126,588 KZI 26.5% Vodafone Ltd 0.42 2.02KI 15,964 £1 77,445El 95,782E 16.9% North Midland Construction PLC 0.05 0.05n 11,485 C 57,425â–¡ 68,910â–¡ 12.5% TLK Solutions Ltd 2.22 2.22i 5,317 1 27,000n 31,9021 5.9% Ductmann Ltd 0.56 0.56i 5,210 1 26,585n 31,2601 5.8% Other 2.46 4.76â– in 28,867 â– =â–¡ 148,869 173,202 â– ZU 32.5% Vacant n/a n/a—n/a - n/a Total 1.90 2.95 87,941 458,638 527,644 Printed 01/02/2021 13:25 338 CBRE

PROPERTY ID: 29—1-21 Grosvenor Grange Business ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â–1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:25 339 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 PROPERTY REPORT GROSVENOR GRANGE BUSINESS PARK, WOOLSTON, WARRINGTON WAI 4SF INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: SIOBHAN FRASER MRICS 07/10/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– Good established industrial location â– Situated to the rear of the industrial estate with access being poor and congested at times â– 100% let â– New 10 year lease to Vodafone OPPORTUNITIES THREATS â– Re-gear leases to drive the rental income forward â– Competition from more modern developments with better access LOCATION & SITUATION LOCATION & The property is located in Warrington, Cheshire and is 29.0 km (18.0 miles) east of Liverpool and SITUATION 25.7 km (16.0 miles) west of Manchester. Situated to the east of Warrington, a short distance from J21 of the M6. Grosvenor Grange Business Park is located to the rear of the industrial estate with access being provided from Grosvenor Grange/Pipe Line. PROPERTY DESCRIPTION DESCRIPTION The site comprises two blocks of industrial units with a total of 15 individual industrial units. Units 15-23 and 25-31 are joined back to back with a central fire escape corridor running between. Unit 1-11 are situated facing units 15-23. The property is constructed of steel portal frame with profile metal sheet coverings. Externally, the walls are of blockwork with profile metal cladding above. Windows are aluminium and single glazed. Each unit has either a metal sliding door or a roller shutter door for vehicular access. Internally, the property comprises warehouse/workshop accommodation space with a small office area to the front. Office accommodation is generally basic in specification with concrete carpeted floor, painted walls and some units have suspended ceiling with 340

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 fluorescent lights. The warehouse accommodation is typically blockwork wall, lighting and daylight panels. Heating is not provided in the majority of units. Each unit has dedicated parking and loading to the front elevation. BUILDING AGE 40 years SITE AREA 2.11 ha (5.21 acres) As instructed, we have relied upon floor areas within the tenancy schedule provided by the ACCOMMODATION Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. 1 FLOOR/UNIT SOFT 1 USE SQM Melson Print Company Limited Industrial 336.9 sq m 3,627 sq ft O.T.R Tyres Limited Industrial 441.3 sq m 4,750 sq ft Hydra-Clear Process Water Industrial 297.3 sq m 3,200 sq ft Limited Impact Drivers Performance Industrial 334 sq m 3,600 sq ft Limited Greencore Prepared Meals Industrial 505 sq m 5,436 sq ft Limited Ultra Group Limited Industrial 299.9 sq m 3,228 sq ft UPS Corps Limited Industrial 490 sq m 5,274 sq ft Clarkson Evans Limited Industrial 482 sq m 5,188 sq ft Ductmann Limited Industrial 484 sq m 5,210 sq ft TLK Solutions Limits Industrial 493.9 sq m 5,317 sq ft North Midland Construction PL Industrial 1,067 sq m 11,485 sq ft Vodafone Limited Industrial 1,009.5 sq m 10,867 sq ft Vodafone Limited Industrial 473.5 sq m 5,097 sq ft Greencore Prepared Meals Industrial 1,455 sq m 15,662 sq ft Limited TOTAL 8,169.7 sq m 87,941 sq ft DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated 14 August 2020. The report states that ‘overall the buildings are in a fair condition however a number of building elements will require remedial work’. Roofs are generally in a fair condition. Roofs to Unit 1,11, 27, 29 and 31 are the worst affected and of these Unit 11 has a Schedule of Condition which includes the roof. In most instances, rooflights are solar degraded, with the exception of Units 3 and 7 which have been replaced as part of a recent refurbishment. Internally, the units are in a fair condition however water ingress due to roof leaks was observed to a number of units however the responsibility for undertaking patch repairs 341

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 would fall to the tenants. Damage has occurred to wall finishes in Unit 23 as a result of water ingress. Some offices are dated and where tenants have taken Schedules of Condition these are likely to require refurbishment at least end. External areas are in a fair condition. We understand that Schedules of Condition are in place for Units 3, 11, 15, 17, 19 and 21. Unit 11 is generally limited, and Unit 19 has specific issues only. Overall, the report concluded that the buildings on the site are in a fair condition with no significant issues. Some Landlord’s works are recommended across all time periods where Schedules of Conditions are appended to the lease. ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Group Ltd dated 11 September 2020. The report concludes that: The site was formerly used as part of a concrete works from the 1950s to the 1980s and was then redeveloped for the current use. No significant issues have been identified in relation to the current site use. Although the sire is not registered as contaminated land by the local authority and a potential “contamination linkage” with the significant possibility of significant harm (SPOSH) to human health, non-human receptors or controlled waters has not been identified, there is potential residual contamination to be present at the site due to its former use as part of a concrete pipe works. The level of environmental risk associated with the sire assessed to be acceptably low for the current use and no further environmental investigation or assessment is considered necessary prior to acquisition. TENURE We have been provided with a Certificate of Title for Grosvenor Grange Warrington dated 8 October 2020, prepared by Herbert Smith Freehills. We have also been provided with Schedule 5, the letting documents, also prepared by Herbert Smith Freehills. We understand that the property is held freehold by Parcel Holdings (Grosvenor Grange) Limited. Leases to all units are held on full repairing and insuring terms. It should be noted that the lease to Unit 1 explicitly removes the need for the tenant to replace the roof however there is still a responsibility to keep the roof in good and substantial repair. Schedules of Condition are in place for units; 3, 11, 15, 17, 19 and 21. VALUATION CONSIDERATIONS MARKETABILITY The industrial and logistics sector has emerged as a winner in real estate during the turmoil of AND POTENTIAL 2020 and attracted lots of investment demand, even from non-habitual logistics investors. PURCHASERS Incumbent to cashing in on the increasing investor appetite but with the idea to redeploy developing new logistics schemes. 342 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 We anticipate industrial to continue to outperform other asset classes. The contrasting change in fortunes of retail and logistics will lead to repurposing of retail assets including retail warehouse parks to urban warehousing. Total returns for the industrial and logistics sector is expected to exceed the other retail estate sectors, although will likely slow over the coming years. The subject property is formed of 3 terraces of small units each with their own access. The multi-let industrial sector has seen an improvement in ERV over the last 12-18 months. Those properties with good access, in good strong established industrial locations, are seeing improvements in rental performance and this, coupled with a shortage of stock is driving rents forward. Investors are increasingly looking for opportunities to drive value and multi-let industrial has seen a resurgence with properties for sale achieving asking price or slightly above asking price. The subject property has a WAULT of 1.09 years however this should improve with the new lease to Vodafone which is for 10 years. The subject property has a good mix of tenants and also has high occupancy levels. Greencore, one of the tenants, has two of the industrial units and it should be noted that the main production facility for Greencore is situated opposite the subject property in a relatively new owner occupied property. The investment will appeal to a wide variety of potential purchasers including institutional investors, regional property companies and high net worth individuals. We consider a sale would be achievable within a 6 month marketing period. MARKETING PERIOD We are of the opinion that 6 months should be allowed to find a willing buyer. EXPOSURE PERIOD 6 months CURRENT VOID There are no current voids however we have adopted 6 months on lease expiry for those PERIODS tenants with break option or lease expiries in 20202/2021. COSTS AND We have included letting costs on any short term units where reletting will be applicable. ADJUSTMENTS OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; 343

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 Property Area (Sq Lease Rent £ pa Use Date Tenant Length Break Address Ft) (sqft) (years) O.T.R Tyres £26,125 (£5.50 OTR Tyres Industrial 23/01/20 4,750 Limited 3 years 23/01/23 per sq ft) Greencore £31,257 (£5.80 Prepared per sq ft) Greencore Industrial 01/03/20 5,436 Meals Limited 1 year N/A Ultra Group £20,056 (£6.20 Ultra Group Industrial 20/04/20 3,228 Limited 5 years 20/04/23 per sq ft) £25,500 (£4.90 Clarkson Evans per sqft) Clarkson Evans Industrial 22/08/20 4,929 Limited 9 years 22/08/24 Comparison to Subject All the above comparables are located within the subject property itself and demonstrate the range of achievable rents depending on size. The most recent letting in August 2020 was to Clarkson Evans and this unit was 457.9 sq m (4,929 sq ft) representing £52.75 per sq m (£4.90 per sq ft). However, Ultra Group, who took a lease in April have a slightly smaller unit and have paid £66.74 per sq m (£6.20 per sq ft). Greencore Prepared Meals who are also in a 505 sq m (5,436 sq ft) have paid £62.43 per sq m (£5.80 per sq ft) however it should be noted that they have a vested interest in being close to their owner occupied property which is immediately opposite the subject property. Taking the above transactions into consideration, we have adopted a market rent of £64.59 per sq m (£6.00 persq ft) across all the industrial units. In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; OPINION OF YIELD Comparable 1: A good comparable in terms of location, this property comprises 45 units and is older in specification. A similar WAULT to the subject. WAULT Passing Rent £ Purchase Price £ Property Address Date Area (Sq Ft) (Years) pa (NIY) Comments Clarendon Court, February 2020 £3.675m Warrington 36,540 1.66 £283,833 (7.25%) Sold at auction O Trinity Court, February £2.28m Warrington 2020 29,605 2.05 £167,358 (6.90%) Sold at auction Knowsley Business £7.9m (7%) 5 Park April 2020 116,000 5.92 £528,161 Purchased by WHR O u Comparison to Subject 4 Comparable 2: A good comparable in terms of location and similar in specification and size of units. Lot size is in u Z however much smaller. ui Comparable 3: Located in a similar established industrial location, closer in size to the subject however has a longer o WAULT than the subject. Taking the above transactions into consideration, we have adopted 6% to the subject property as the property is 100% let and reversionary. 344

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â–Valuation date—30 September 2020 â– Freehold â– We have not measured but in accordance with our instructions have relied upon the areas contained within the tenancy schedule supplied by the borrower. â– We have relied upon the information supplied to us in the tenancy schedule. â– The property has a total passing rent of £458,638 with AWAULT of 1.99 years to break and 3.07 to expiry â– We have not made allowance for any Landlord’s capital expenditure within our valuation â– We have adopted 6 months expiry void on any units with a break option or lease expiry in 2020/2021. â– We have applied a total headline rental value of £527,644 per annum â– We have applied a equivalent yield of 6% and this provides a market value of £7,980,000 and a blended capital value of £976.75 per sq m (£90.74 per sq ft). £7,980,000 (Seven Million Nine Hundred and Eighty Pounds) exclusive of VAT Net Initial Yield 5.37% Equivalent Yield 6.00% Reversionary Yield (20/10/2028) 6.18% Reflecting a capital value per sq ft of £976.75 per sq m (£90.74 per sq ft). VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market METHODOLOGY: adopting the following inputs and rationale; VACANT â– We have assumed the property is vacant and non-income producing. POSSESSION â– We have applied a Headline Market Rent as per the breakdown detailed above, which VALUE reflects a total of £527,644 per annum. â– We have applied a 6 month letting void on each unit. We have applied a 6 month rent free period. â– Empty rates are deducted for the marketing void, deferred 3 months for rates relief, and also letting fees based on 15% of Market Rent. â– We have applied an equivalent yield of 7.00%. £6,260,000 (Six Million Two Hundred and Sixty Thousand Pounds ) exclusive of VAT Equivalent Yield 7.00% Reversionary Yield 7.51% Reflecting a capital value per sq ft of £766.20 per sq m (£71.18 per sq ft). 345 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 ESTIMATED The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor REINSTATEMENT have we carried out a full Reinstatement Cost Assessment. We have been provided with a COST ASSESSMENT Reinstatement cost prepared by Arcadis and dated 16/7/20. For indicative purposes only, we (RCA) estimate that the reinstatement cost for the building for loan security purposes would be £8,403,900 on a day one basis including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 346

PROPERTY ID: 30—27 Oakwell Way MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL 27 Oakwell Way MV—Leeds, WF17 9LW, United Kingdom , 4650 E2 North Sea C2J Glasgowo ©Edinburgh United Kingdom Oakwell Hall ,sle Man Dublin Manchester Ireland ® Birmingham Amsterdam P ® / Netherlands London ® Birstall X Brussels Cologne ® COPLEY HILL Belgium Low U) HOWDEN <7 n CLOUGH Map data ©2021 GeoBasis-DE’BKG (©2009), Google Go gle Map data ©2021 VALUATION METRICS (currency—GBP) KEY FACTS Metric Value Metric Value Market Value 8,630,000 Total Area (sq ft) 110,614 Market Value (per sq ft) 78 WAULT to Break by Rent 4.67 Net Initial Yield 2.69% WAULT to Break by ERV 4.67 Reversionary Yield 6.58% WAULT to Expiry by Rent 4.67 Equivalent Yield 6.23% WAULT to Expiry by ERV 4.67 Gross Income (p.a.) 248,882 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 2 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 248,882 Number of Tenants 1 Adj. Gross Income (per sq ft) 2 Tenure Long Leasehold Net Income (p.a.) 248,882Expiry Voids (months)—Net Income (p.a.) (per sq ft) 2 Gross Rental Value 608,400 Gross Rental Value (per sq ft) 6 Capital Expenditure -30,800 Transaction Costs 6.68% Over / Under Rented -59.09% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Cubico (UK) Limited 4.67 4.67 110,614 248,882 608,400 100.0% — ——Other Vacant n/a n/a n/a n/a Total 4.67 4.67 110,614 248,882 608,400 100.0% Printed 01/02/2021 13:25 347 CBRE

PROPERTY ID: 30—27 Oakwell Way MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 300,000 250,000 +-* cc 200,000 150,000 in o 100,000 50,000 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â–1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:25 348 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT 27 OAKWELL WAY, BIRSTALL, LEEDS, WF17 9LW INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: TOM WEST MRICS 06/10/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â–Situated in an established industrial/distribution Leasehold tenure, therefore a wasting asset. â– location. Currently deemed to be reversionary. â–â– 4.67 years to lease expiry. â– High site density at circa 50%. â– Fully let to a tenant of reasonable covenant strength. OPPORTUNITIES THREATS â– Increase rent on review in January 2022. â– High competition from more desirable developments in the vicinity. â– Implement a programme of scheduled maintenance to prevent the condition of the property Value erosion as lease term reduces. â– deteriorating. LOCATION & SITUATION LOCATION & Leeds, the main commercial centre of West Yorkshire, is located approximately 64 km (40 miles) east SITUATION of Manchester, 314 km (196 miles) north of London and 99 km (62 miles) west of Hull. Forming part of the major Leeds and Bradford conurbation it supports a number of small centres benefiting from good communication links with a number of neighbouring cities and towns including Wakefield, Dewsbury, Huddersfield, Halifax and Harrogate. Road access into the city centre is good with a number of routes providing links with the A6120 Outer Ring Road to the west, north and east and the M621 motorway providing the principal route to the south. In turn this provides immediate access to the Ml south and the Al (M) north and also the M62 motorway east and west. The property is strategically positioned 1 km (0.5 miles) from Junction ‘ll of the M62/M621 Motorway, less than 8 km (5 miles) from the M606 Motorway and circa 9.5 km (6 miles) from both Bradford and Leeds City Centres. The property itself is accessed from Oakwell Way, which leads directly to Junction 27 of the M62/M621 Motorway via Gelderd Road (A62). The immediate surrounding area is mixed in nature. To the north and east are further industrial properties, beyond which is the Birstall Shopping Park; a substantial retail and leisure development that is home to occupiers including Ikea, Argos, Next, Barker and 349 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 Stonehouse, TK Maxx and a Showcase Cinema. To the south and east are dense housing estates and the village of Birstall itself. PROPERTY DESCRIPTION Comprising a detached distribution warehouse dating from the early 1990s. The property is of steel portal framed construction, with brick and block elevations to circa 2 metres and profile steel cladding above, surmounted by a pitched roof with a profile steel covering, incorporating translucent panels. The working eaves height extends to 7.89 metres and the property has six loading doors. The property is configured as a distribution warehouse, with a small trade counter, offices and staff amenity accommodation. The site is irregular in shape and broadly level throughout. The building is positioned to the western side, with the remainder formed of a concrete hard standing and tarmacadam surfaced service yard, and staff and customer vehicle parking, The site is secured by steel palisade fencing and has gated access from Oakwell Way. BUILDING AGE Built 1998 (circa 22 years old). SITE AREA 2.63 ha (6.50 acres). ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR / UNIT USE SQM SQFT Ground Warehouse 9,248.79 99,553 Ground/First Offices/Trade 1,027.60 Counter 11,061 TOTAL 10,276.39 110,614 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated August 2020. The report states that the building was found to be in a fair condition with some significant capex works likely to be required to the roof and rainwater goods in the medium to long term, along with works to external surfaces and glazing installations in the longer term. The current tenant’s lease has a photographic schedule of condition attached which shows these individual elements in a fair to poor condition and therefore they are likely to be the landlords responsibility. Generally, the building services are in fair to good condition with no significant defects observed. A CCTV survey has identified that works are required to some elements of the below ground drainage 350

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 We have applied explicit costs of £32,800 for the works deemed as being required in the immediate term. In the risk schedule and capex the report notes that some £821,800 of works is likely to be required within the next ten years. ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. According to the Environment Agency ‘Flood Map for Planning (Rivers and Sea)’, the site is located within Flood Zone 1 (Low Probability). We have been provided with a Phase 1 Environmental Report carried out by Nova Ambiente dated September 2020. The report states that no significant issues have been identified in relation to the current site use. The site is not registered as contaminated land by the local authority and a potential “contamination linkage” with the significant possibility of significant harm (SPOSH) to human health, non-human receptors or controlled waters has not been identified. The report concludes that level of environmental risk associated with the site is assessed to be acceptably low for the current use and no further environmental investigation or assessment is considered necessary prior to acquisition. TENURE We have been provided with a draft Certificate of Title, prepared by Herbert Smith Freehills, which states that the property is held Leasehold, under Title number WYK508528. The term is from 6 March 1992 expiring on 5 March 2991 at a peppercorn rent, which is not reviewable. An indemnity policy is in place in respect of a potential chancel repair liability and also a further policy in respect of defective title insurance to cover that the property is potentially subject to the provisions of a wayleave agreement, which are unknown, together with potential costs associated with the reservation of mines and minerals at the property. The former policy has a limit of £250,000, whilst the latter has a policy limit of £4,320,000. VALUATION CONSIDERATIONS MARKETABILITY There continues to be strong investor appetite for the industrial sector, with regional and good AND POTENTIAL secondary stock trading well. Where good quality properties are being marketed there is PURCHASERS generally interest from a wide pool of potential purchasers including, depending on lot size, UK Funds, private investors, REITs and overseas investors. It is let for in excess of four and a half years, to a tenant of reasonable covenant strength, providing some security of income and is located in an area popular with manufacturing and distribution businesses. We consider a sale would be achievable within a 9—12 month marketing period. MARKETING PERIOD 9 to 12 months. 351 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 EXPOSURE 6—9 months. PERIOD CURRENT VOID None. PERIODS £30,800 in immedite capital expenditure for repairs that are the landlord’s responsibility. COSTS AND ADJUSTMENTS OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; Property Area (Sq Lease Rent £ pa Use Date Tenant Length Break Address Ft) (sq ft) (years) Hawthorne House, Industrial 09/2020 23,226 Azbil Telstar 09/2025 10 £139,396 Birstall UK Ltd (£6.00) Gilcar 31, Industrial 06/2020 Hermes 15 N/A £558,000 111,600 Normanton (£5.00) Unipart, Industrial 02/2020 153,473 Unipart 15 N/A £721,850 Normanton (£4.70) Normanton 108, Industrial 12/2019 108,518 Leman 10 12/2024 £596,850 Normanton International (£5.50) Comparison to Subject Comparable 1: Located nearby however significantly smaller. Similar age and condition. We would anticipate a lower rent per sq ft to be achieved at the subject. Comparable 2: Similar size, however inferior condition. Similar type of location, however arguably inferior. We would anticipate a higher rent per sq ft to be achieved at the subject. Comparable 3: Larger and inferior condition. Similar type of location, however arguably inferior. We would anticipate a higher rent per sq ft to be achieved at the subject. Comparable 4: Similar size, however superior condition. Similar type of location, however arguably inferior. We would anticipate a similar rent per sq ft to be achieved at the subject. Taking the above transactions into consideration, we have adopted the following Market Rent;—£5.50 per sq ft headline—Market Rent £608,400 per annum. In formulating our opinion of Market Value we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; OPINION OF YIELD 352 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 WAULT Passinq Rent £ Property Address Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) 27 Oakwell Way, 09/2020 110,614 4.67 £248,882, The subject property. £78.05 per Birstall (Subject topped up to £8,633,527 sq ft. Property) £497,763 (2.70%/ 5.40% inc. top up) Units 1 & 2, 135 07/2020 90,246 3.70 £457,500 £8,567,416 Gelderd Road, Leeds (5.00%) A pair of distribution warehouses dating from the 1 980s, let to Clipper Logistics. 44% site coverage and somewhat compromised. £94.93 per sq ft. Elmhirst Park, 11/2019 157,053 8.14 £709,000 £12,070,140 Middlefield Road, (5.50%) Fixed uplift to £786,700 pa in July Dodworth, Barnsley 2023. Let to Galpharm S75 4LS International Ltd with guarantee from Perrigo UK Acquisition Ltd. £80.90 per sq ft. 08/2019 161,537 15.86 £1,003,899 £16,350,000 Purchaser: Investcorp. Cross Symington’s, Thornes (5.75%) docked facility with 20% site Farm Business park, cover. Leeds, LS9 0DN £101.22 per sq ft. Comparison to Subject Comparable 1: The subject property, therefore presents the best evidence available. 5 u O Comparable 2: Smaller pair of units let to a superior tenant. Shorter WAULT and inferior condition, however superior location. We would expect a slightly higher yield to be paid for the subject. 4 Comparable 3: Larger with a longer WAULT to a strong covenant tenant, however inferior location. We would expect a slightly lower yield to be paid for the subject. Comparable 4: Larger with a longer WAULT to a strong covenant tenant, however inferior location. We would expect a lower yield to be paid for the subject. Taking the above transactions into consideration, we have adopted an equivalent yield of 6.323%, targeting the purchase price of £8,894,000. VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Leasehold tenure. â– Passing rent of £248,882 per annum. â– We have allowed for an interim rent of £497,763 per annum at a rent review in January 2022, reflecting a rate of £5.00 per sq ft. â– Market rent (headline) of £608,400 per annum. â– We have allowed for a total CAPEX of £30,800 in respect of immediate items that are the Landlord’s responsibility based upon the Building Survey outlined above. â– We have applied an Equivalent Yield of 6.22%. â– Purchaser’s costs deducted at 6.38%. £8,630,000 (Eight Million Six Hundred and Thirty Thousand Pounds) exclusive of VAT 353 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Net Initial Yield 2.69% Equivalent Yield 6.23% Reversionary Yield (02/06/2025) 6.58% Reflecting a capital value per sq ft of £839.80 per sq m (£78.02 per sq ft). The property was recently acquired as part of a portfolio at an apportioned price of £8,633,527. The price reflected top ups the rent to the contracted level, totalling £260,472.72. We have not reflected the top ups as a future purchaser and also the bank as mortgagee in possession may not benefit from these. VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting METHODOLOGY: the following inputs and rationale; VACANT â– We have assumed the property is vacant and non-income producing. POSSESSION VALUE â– We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £608,400 per annum. â– We have applied an 18 month income void, comprising a 12 month marketing period and a 6 month rent free period, assuming a 5 year lease term. â– Empty rates are deducted for the marketing void, deferred 3 months for rates relief, and also letting fees based on 15% of Market Rent. â–We have allowed for a total CAPEX of £821,800, based upon the costs detailed in the Building Survey outlined above. â– We have applied an equivalent yield of 7.25%. £5,990,000 (Five Million Nine Hundred and Ninety Thousand Pounds) exclusive of VAT Equivalent Yield 7.25% Reversionary Yield 8.23% Reflecting a capital value per sq ft of £582.87 per sq m (£54.15 per sq ft). We have been provided with a Reinstatement Cost Assessment for the property prepared by ESTIMATED Arcadis dated July 2020. Arcadis estimate that the reinstatement cost for the building would be REINSTATEMENT £10,068,150 on a day one basis including fees but excluding VAT and inflation. COST ASSESSMENT (RCA) We are of the opinion that the subject property has a remaining economic life of 20 to 25 years. REMAINING ECONOMIC LIFE 354 CBRE

PROPERTY ID: 31—1 Elmsall Way, South Elmsal MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL ‘ North Elmsall North Sea Glasgowo °Edinburgh United Kingdom MancheWr o Isle of Man Dublin A X. f X Ireland 9 % Birmingham o Amsterdam r ® X Netherlands London ® X Brussels Cologne South Elmsall %â– Belgium Go: gle Map data ©2021 GeoBasts-DE/BKG (©2009), Google Go; gle * Map data ©2021 VALUATION METRICS (currency—GBP) KEY FACTS Metric Value Metric Value Market Value 5,550,000 Total Area (sq ft) 64,929 Market Value (per sq ft) 85 WAULT to Break by Rent 5.21 Net Initial Yield 4.36% WAULT to Break by ERV 5.21 Reversionary Yield 5.46% WAULT to Expiry by Rent 5.21 Equivalent Yield 5.33% WAULT to Expiry by ERV 5.21 Gross Income (p.a.) 259,224 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 4 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 259,224 Number of Tenants 1 Adj. Gross Income (per sq ft) 4 Tenure Long Leasehold Net Income (p.a.) 259,224 Expiry Voids (months)—Net Income (p.a.) (per sq ft) 4 Gross Rental Value 324,600 Gross Rental Value (per sq ft) 5 Capital Expenditure -25,000 Transaction Costs 6.61% Over / Under Rented -20.14% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Finlay Beverages Ltd 5.21 5.21 64,929 259,224 324,600 100.0% — — — — Other —Vacant n/a n/a n/a n/a Total 5.21 5.21 64,929 259,224 324,600 100.0% Printed 01/02/2021 13:25 355 CBRE

PROPERTY ID: 31—1 Elmsall Way, South Elmsal MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 300,000 250,000 100.00% +-* cc 200,000 150,000 in o 100,000 50,000 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:25 356 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 PROPERTY REPORT 1 ELMS ALL WAY, SOUTH ELMSALL, PONTEFRACT, WF9 2XS INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: TOM WEST MRICS 06/10/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– Situated in an established industrial/distribution â– Currently deemed to be reversionary, location. ........................ . â– High site density at circa 50%. â– 5.21 years to lease expiry. ............... . â– Leasehold title, therefore a wasting asset. â– Fully let to a tenant of good covenant strength. OPPORTUNITIES THREATS Increase rent on review in December 2020. High competition from more desirable developments in the vicinity. Implement a programme of scheduled maintenance to prevent the condition of the Value erosion as lease term reduces. property deteriorating. LOCATION & SITUATION South Elmsall is a small town and civil parish, in the City of Wakefield, approximately 20 km (12.5 miles) south east of Wakefield City Centre. South Elmsall represents a central distribution location with unfettered access via the A1(M). The town is 9 miles (14 km) north west of Doncaster, 24 miles (38 km) south east of Leeds and 60 miles (96 km) east of Manchester. Approximately 80% of the UK population can be accessed in a 4.5 hour HGV drive time. Situated close to the Al (M), South Elmsall benefits from excellent transport links, situated within 12 miles (19 km) of the Ml, Ml8 and M62 Motorways. The closest motorway intersection is Junction 38 of the Al (M) which provides direct access to Junction 2 of the Ml 8, 12 miles (19 km) south and Junction 33 of the M62, 9 miles (14 km) north. Rail services are provided by South Elmsall rail station, providing access to Wakefield (15 minutes), Doncaster (18 minutes) and Leeds (35 minutes). London is accessible via Doncaster with a journey time of approximately 2 hours. The subject property is situated to the east side of Stadium Way within the established Dale Lane Industrial Estate, approximately 1 mile (1.6 km) north of South Elmsall town centre. 357

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 The estate is served by the A638 Doncaster Road, which links directly to Junction 38 of the Al (M), 4 miles (6 km) south east. Dale Lane Industrial Estate comprises approximately 2 million sq ft of distribution and warehouse space on an 81 ha (200 acre) site. Notable occupiers on the estate include Asda, Next, Gather & Gather, Londis, Superdrug and Ultima Kitchens. DESCRIPTION Comprising a detached warehouse utilised as a tea manufacturing facility originally dating from the early 1990s and extended over the years. The building is of steel portal framed construction, with brick and block elevations to circa 2 metres and profile steel cladding above, surmounted by a pitched roof with a profile steel covering, incorporating translucent panels. The working eaves height extends to 7 metres, and there are five loading doors. The property is configured as a tea manufacturing facility, with ancillary offices and staff amenity accommodation. The site is approximately square shaped and broadly level throughout. The building is positioned centrally, with the remainder formed of a concrete hard standing and tarmacadam surfaced service yard, and staff vehicle parking, The site is secured by steel palisade fencing and has gated access from Stadium Way. BUILDING AGE Build 1991 (29 years old). SITE AREA 1.29 ha (3.20 acres) As instructed, we have relied upon floor areas within the tenancy schedule provided by the PROPERTY Borrower, which we have assumed to have been calculated in accordance with the RICS Code DESCRIPTION of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. 1 FLOOR/UNIT SQFT USE SQM Ground Warehouse 6,032.11 64,929 TOTAL 6,032.11 64,929 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated August 2020. The report states that the building fabric is in fair condition, generally requiring only minor repairs and maintenance with exception of the roof sheets which are suffering from corrosion across all areas. The car park macadam finish is in poor condition and requires remedial works. The building services are generally in fair to good condition with only some minor lamp replacements required which should be resolved by the tenant as part of a routine maintenance programme. ACCOMMODATION We have applied explicit costs of £25,000 for the works deemed as being required in the immediate term. In the risk schedule and capex the report notes that some £325,000 of works is likely to be required within the next ten years. PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 358 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Delta- Simons dated January 2020. The report states that potential sources of contamination have been identified associated with the current and historical land use of the Site and surrounding historical and current land uses. Whilst the presence of contamination is possible, it is considered that the risk of significant possible contaminant linkages in the context of the Site remaining in its current use is low to moderate. TENURE We have been provided with a draft Certificate of Title, prepared by Herbert Smith Freehills, which states that the property is held Leasehold, under Title number WYK835797. The term is from 1 January 1991 expiring on 31 December 2989 at a peppercorn rent, which is not reviewable. The report notes that the property is located within the historical boundary of a tithe district within a parish which continues to have a potential chancel repair liability based upon historical parish boundary data and the relevant Inland Revenue Indices held by The National Archives. VALUATION CONSIDERATIONS MARKETABILITY There continues to be strong investor appetite for the industrial sector, with regional and good AND POTENTIAL secondary stock trading well. Where good quality properties are being marketed there is PURCHASERS generally interest from a wide pool of potential purchasers including, depending on lot size, UK Funds, private investors, REITs and overseas investors. It is let for in excess of five years, to a tenant of good covenant strength, providing some security of income and is located in an area popular with manufacturing and distribution businesses. We consider a sale would be achievable within a 9—12 month marketing period. MARKETING 9 to 12 months. PERIOD EXPOSURE PERIOD 6—9 months. CURRENT VOID None. PERIODS COSTS AND £25,000 in immedite capital expenditure for repairs that are the landlord’s responsibility. ADJUSTMENTS 359

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; Property Area (Sq Lease Rent £ pa Use Date Tenant Break Address Ft) Length (sqft) (years) Boxford House, Industrial 12/2019 50,727 10 N/A £275,000 Saint-Gobain Eiland (£5.42) Glass Solutions Unit 4 Middleton Industrial 03/2020 61,288 Mailing & 20 N/A £356,750 Grove, Leeds Marketing (£5.82) Solutions Limited Industrial 01/2020 42,600 Arc Building 10 N/A £223,650 Unit J Gildersome Solutions (£5.25) Spur Industrial Limited Estate, Leeds Unit 94 Gelderd Industrial 12/2019 65,000 Harrison 10 12/2024 £325,000 Road, Leeds Bathrooms (£5.00) Comparison to Subject Comparable 1: Slightly smaller and more modern. Inferior location. We would expect a lower rent per sq ft to be achievable at the subject. Comparable 2: Similar size, however superior specification and location. We would expect a lower rent per sq ft to be achievable at the subject. Comparable 3: Inferior specification, however smaller and in a superior location. We would expect a lightly lower rent per sq ft to be achievable at the subject Comparable 4: Similar size and type of location. Older, however refurbished. We would anticipate a similar rent per sq ft to be achievable at the subject. Taking the above transactions into consideration, we have adopted the following Market Rent;—£5.00 per sq ft headline—Market Rent £324,600 per annum. OPINION OF In formulating our opinion of Market Value we have researched the local market and where YIELD appropriate spoken with in house agency teams. We have had regard to the following transactions; 360 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 WAULT Passinq Rent £ Property Address Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) 09/2020 64,929 5.21 £259,224 £5,544,000 The subject property. £85.39 per Units 1—3 Elmsall (4.39%) sq ft. Way, South Elmsall (Subject Property) Units A & B Gilcar 09/2020 63,377 3.65 £305,600 £5,200,000 Way, Normanton (5.50% NIY) A pair of modern warehouses in an established distribution location. Let to Specflue and Paragon Group. £82.05 per sq ft. Units 1 & 2, 135 07/2020 90,246 3.70 £457,500 £8,567,416 Gelderd Road, Leeds (5.00%) A pair of distribution warehouses dating from the 1980s, let to Clipper Logistics. 44% site coverage and somewhat compromised. £94.93 per sq ft. Unit 1 Total Park, Leeds 01/2020 57,382 15.00 £585,307 £12,000,000 (4.88%) Forward funded. Arguably superior location and superior specification. Very low site density. Let to DHL. £209.12 per sq ft. Comparison to Subject 5 O Comparable 1: The subject property, therefore presents the best evidence available. u Comparable 2: Two modern units on an established industrial estate. Superior specification and location. We 4 would expect a slightly lower yield to be achieved for the subject. Comparable 3: Larger pair of units let to a superior tenant. Shorter WAULT and inferior condition, however superior location. We would expect a similar yield to be achieved for the subject. Comparable 4: Brand new unit with a very low site density. Superior WAULT and superior tenant. More desirable location. We would anticipate a higher yield to be achieved for the subject. Taking the above transactions into consideration, we have adopted an equivalent yield of 5.50%. VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Leasehold tenure. â– Passing rent of £259,224 per annum. â– We have allowed for an interim rent of £292,181 per annum at a rent review in December 2020, reflecting a rate of £4.50 per sq ft. â– Market rent (headline) of £324,600 per annum. â– We have allowed for a total CAPEX of £25,000 in respect of immediate items that are the Landlord’s responsibility based upon the Building Survey outlined above. â–We have applied an Equivalent Yield of 5.33%. â– Purchaser’s costs deducted at 6.31%. £5,550,000 (Five Million Five Hundred and Fifty Thousand Pounds) exclusive of VAT PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 361 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Net Initial Yield 4.36% Equivalent Yield 5.33% Reversionary Yield (16/12/2025) 5.46% Reflecting a capital value per sq ft of £911.81 per sq m (£84.71 per sq ft). The property was recently acquired as part of a portfolio at an apportioned price of £5,544,000. In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting VALUATION the following inputs and rationale; METHODOLOGY: â–We have assumed the property is vacant and non-income producing. VACANT POSSESSION â–We have applied a Headline Market Rent as per the breakdown detailed above, which reflects VALUE a total of £324,600 per annum. â– We have applied an 18 month income void, comprising a 12 month marketing period and a 6 month rent free period, assuming a 5 year lease term. â– Empty rates are deducted for the marketing void, deferred 3 months for rates relief, and also letting fees based on 15% of Market Rent. â– We have allowed for a total CAPEX of £325,000, based upon the costs detailed in the Building Survey outlined above. â– We have applied an equivalent yield of 6.25%. £3,740,000 (Three Million Seven Hundred and Forty Thousand Pounds) exclusive of VAT Equivalent Yield 6.25% Reversionary Yield 7.37% Reflecting a capital value per sq ft of £620.00 per sq m (£57.60 per sq ft). We have been provided with a Reinstatement Cost Assessment for the property prepared by Arcadis dated July 2020. Arcadis estimate that the reinstatement cost for the building would be ESTIMATED £5,612,750 on a day one basis including fees but excluding VAT and inflation. REINSTATEMENT COST ASSESSMENT (RCA) We are of the opinion that the subject property has a remaining economic life of 20 to 25 years. REMAINING ECONOMIC LIFE 362 CBRE

PROPERTY ID: 32—Unit 1 Wooburn Industrial Park ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Unit 1 Wooburn Industrial Park—High Wycombe, HP10 0PE, United Kingdom United Kingdom Isle of Man Dublin Ireland 9 Birmingham Amsterdam ® k ° f Netherlands Mndon Brussels Cologne ® ® Belgium i? n Luxembourg Paris s Go: gle Map data ©2021 GeoBasis-DE/BKG (©2009), Google, Inst. Geogr. Nacional VALUATION METRICS (currency—GBP) KEY FACTS Metric Value Metric Value Market Value 6,900,000 Total Area (sq ft) 31,947 Market Value (per sq ft) 216 WAULT to Break by Rent 6.67 Net Initial Yield 3.69% WAULT to Break by ERV 6.67 Reversionary Yield 5.20% WAULT to Expiry by Rent 6.67 Equivalent Yield 5.00% WAULT to Expiry by ERV 6.67 Gross Income (p.a.) 271,550 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 9 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 271,550 Number of Tenants 1 Adj. Gross Income (per sq ft) 9 Tenure Long Leasehold Net Income (p.a.) 271,550 Expiry Voids (months)—Net Income (p.a.) (per sq ft) 9 Gross Rental Value 383,364 Gross Rental Value (per sq ft) 12 Capital Expenditure -20,000 Transaction Costs 6.65% Over / Under Rented -29.17% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Creed Foodservice Ltd 6.67 6.67 31,947 271,550 383,364 100.0% — — — — Other - -Vacant n/a n/a n/a n/a Total 6.67 6.67 31,947 271,550 383,364 100.0% Printed 01/02/2021 13:25 363 CBRE

PROPERTY ID: 32—Unit 1 Wooburn Industrial Park ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 300,000 250,000 +-* cc 200,000 150,000 in o 100,000 50,000 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â–3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:25 364 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT WOOBURN INDUSTRIAL PARK, THOMAS ROAD, WOOBURN GREEN, HIGH WYCOMBE, HP10 0PE INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: CLARE CLARKE MRICS 06/10/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– While the property is in reasonable repair and condition, â– Food distribution warehouse, located close to the M40. it is not brand new and some capital expenditure may be required over the medium to â– Held leasehold, but effectively a virtual freehold interest—on long term. a 999 year lease at a peppercorn rent. Let to established covenant for an unexpired term of 6.67 years, at a reversionary passing rent. OPPORTUNITIES THREATS â– Secure rental uplift at upcoming rent review. â– Negative economic impact due to Covid-19 pandemic. LOCATION & SITUATION LOCATION & SITUATION Wooburn Industrial Park is located on the edge of the village of Wooburn Green, in Buckinghamshire. The nearest town is High Wycombe, located c. 5 miles to the northwest of the property. Transport connections are good, with junction 3 of the M40 2 miles to the north. The nearest public transport link is Bourne End train station, circa 1.5 miles to the west. The subject property is located on the north side of Thomas Road, close to its junction with Town Lane. PROPERTY DESCRIPTION DESCRIPTION The property comprises a purpose-built warehouse, used as a chilled food storage and distribution centre. It was originally built in the 1990s, and subsequently refurbished in 2017. It is of steel portal frame construction, with an eaves height of c. 9.75m, with low level brick and coated steel profiled metal sheet cladding to the remaining elevations. The building has a single storey ancillary office block, with WCs cellular offices and a conference room. 365 C

PROJECT NAME: PROJECT FULHAM ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 28/02/2020 The property has five temperature controlled dock loading bays, and one further floor loading bay. Loading bays have electric roller shutter doors. Internally, the warehouse accommodation comprises a central white-wall freezer and separate chiller unit. Externally, there is a large gated yard, with a mixture of tarmac and concrete hardstanding a car parking. BUILDING AGE Originally 1990s (refurbished 2017). SITE AREA 1.47 acres (0.59 hectares) ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR / UNIT USE SQ M SQ FT Whole Distribution 2,967.9 31,947 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a report prepared by Arcadis dated Aug 2020. The report concludes that the building is generally in good repair. The report notes that some minor repairs are required to the roof, with an anticipated cost to the landlord of £20,000. We have reflected this cost in our valuation. The asset appeared to be in a reasonable state of repair at the time of inspection. ENVIRONMENTAL We have been provided with a Phase I Environmental Report prepared by Nova Ambiente and dated CONSIDERATIONS September 2020. The report notes that a previous environmental report dated 2017 stated that there was a potential source of contamination from the above ground diesel tank used for refuelling, whereby operational spillage had led to fuel impacting the hardstanding and entering a grated drainage channel to a nearby catchment pit, which was found to be leaking. The report noted that this was due to be repaired. This previous report also noted that Japanese Knotweed was reported to be present on site, albeit subject to treatment. The 2020 report notes that at the time of their site inspection, absorbents had been deployed in the area to the front of the tanks where refuelling takes place. The report states that the potential risks associated with the operation of an electrical substation, vehicle wash and refuelling operations on stie are assessed as low to site users, moderate to groundwater and very low to local residents. It states that a degree of contamination is expected to be present in relation to the long-term operation of the refuelling facility, but the contamination source is considered to be historical, with no significant current or ongoing source present following the installation of an oil interceptor within the refuelling area in 2017. The 2020 report notes that there was no obvious evidence of invasive plant species, and that the small area which was previous affected by Japanese Knotweed (to the front 366 C

PROJECT NAME: PROJECT FULHAM ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 28/02/2020 southern boundary wall) is currently under management by the tenant and a treatment programme is nearing completion. The report notes that a 2016 asbestos survey identified the presence of asbestos containing materials in the roof sheets, which are encapsulated by the over cladding. These are being managed and have been classified as low or very low risk. Overall, the level of environmental risk associated with the site is assessed to be acceptably low for the current use, and no further investigation is needed. TENURE We have been provided with a Certificate of Title prepared by Herbert Smith Freehills. The property is held leasehold, under title number BMI99602. The headlease is for a term of 999 years from 21 July 1994, subject to a peppercorn rent. There are a number of benefits and encumbrances relating to the property, none of which would be expected to materially impact on value. VALUATION CONSIDERATIONS MARKETABILITY There has been continued strength in investor sentiment in the industrial and logistics sector over the AND POTENTIAL last few years. Consequently, purchaser demand would be expected to be high and include a wide PURCHASERS range of investors from local to national property companies. We consider a sale would be achievable within a 6-12 month marketing period. MARKETING PERIOD We are of the opinion that 6 to 12 months should be allowed to find a willing buyer. EXPOSURE PERIOD 6-12 months. CURRENT VOID N/A. The property is fully let, but if it were to vacant we would expect a void period in the order of 6 PERIODS months. COSTS AND The property is fully let on an FRI lease. ADJUSTMENTS We have reflected capex of £20,000 for minor roof repairs in our valuation. OPINION OF MARKET RENT In formulating our opinion of Market Rent we have researched the local market and where appropriate spoken with in house agency teams. We have had regard to the following transactions; 367 C

PROJECT NAME: PROJECT FULHAM ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 28/02/2020 Area Lease Length Rent £ pa Property Address Use Date Tenant (Sq Ft) (years) Break (sq ft) Toolstation 19 Gomm Place, Industrial Aug-20 6,114 10 years—£12.50 Ltd High Wycombe Unit 3, Tannery Road Industrial Industrial Jul-20 9,400 Unknown 1 0 years—£10.96 Estate, High Wycombe Wakefield Building, Gomm Private Industrial Jul-20 9,530 10 years—£10.81 Road, High Individual Wycombe Cressex Business Care UK Park, High Industrial Jun-20 23,569 Clinical 10 years—£12.00 Wycombe Services Unit B, Wye Business Park, Thomas Road, Quoting Wooburn Green Industrial Available 15,416 — - £12.25 Comparison to Subject COMPARISON Comparable 1 : Smaller unit, town centre location. Provides evidence of best rents achievable in the area. & E Comparable 2: Smaller unit, more basic specification. Comparable 3: Inferior specification compared with the subject property. EVIDENC Comparable 4: Comparable in terms of location and specification. Best comparable for the subject property. Comparable 5: Unit adjacent to subject property. Currently being marketed at quoting rent of £12.25 psf. Taking the above transactions into consideration, we have adopted the following Market Rent;—£129 per sq m (£12.00 per sq ft) OCCUPATIONAL OPINION OF In formulating our opinion of Market Value we have researched the local market and where YIELD appropriate spoken with in house agency teams. We have had regard to the following transactions; 368 C

PROJECT NAME: PROJECT FULHAM ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 28/02/2020 WAULT Passing Rent £ Property Address Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) z o Argall Avenue, £10.9M E <n Leyton Jun-20 32,000 8 £416,000 (3.7%) Reflects RY of 4.5% Q. <t London City Bond, Thurrock 162, £30.36M 2 O Thurrock U/O 162,056 19 £1,458,504 (4.5%) w Deta Electical, ojS L Panattoni Park, £16.12M Luton U/O 68,610 15 £737,558 (4.29%) U w Z Comparison to Subject L Comparable 1 : Closer to Central London, would consider EY at subject should be higher than here. Comparable 2: U Q > Larger lot size and longer unexpired term. L U Comparable 3: Broadly comparable building and location, longer unexpired term. I- Z L Taking the above transactions into consideration, we have adopted the following capitalisation rates;—An equivalent U 2 yield of 5.00%. </) In arriving at our opinion of Market Value we have had regard to the market evidence above in VALUATION comparison to the subject property. We have adopted the following inputs and rationale; METHODOLOGY: MARKET VALUE â– Let to Creed Foodservice Ltd. Lease expiry June 2027. Rent review in 2022. Passing rent of £271,550 pa (£8.50 per sq ft). At the next rent review in 2022 we have applied a net rent of £345,028 pa (assumes 6 months rent free for a 5 year term) â– ERV of £383,364 pa (£12.00 per sq ft). Building Survey identified £20,000 of roof repairs which the landlord may be liable for. This cost is reflected in the valuation. â–Capitalised at an EY of 5.00%. £6,900,000 (Six Million Nine Hundred Thousand Pounds) exclusive of VAT Net Initial Yield Equivalent Yield Reversionary Yield 3.69% Reflecting a capital value per sq ft of £2,314 5.00% per sq m (£215 per sq ft). 5.20% In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting the following inputs and rationale; â– We have assumed the property is vacant and non-income producing. VALUATION METHODOLOGY: â– We have applied a Headline Market Rent as detailed above, which reflects a total of VACANT £383,364 per annum. POSSESSION VALUE â– We have applied a 6 month letting void, and a 6 month rent free period. 369 C

PROJECT NAME: PROJECT FULHAM ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 28/02/2020 â– Empty rates are deducted for the marketing void, and also letting fees based on 15% of Market Rent. â– We have applied an equivalent yield of 5.50%. £6,050,000 (Six Million and Fifty Thousand Pounds) exclusive of VAT Equivalent Yield 5.50% Reversionary Yield 5.80% Reflecting a capital value per sq ft of £2,034 per sq m (£189 per sq ft). ESTIMATED REINSTATEMENT The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we COST ASSESSMENT carried out a full Reinstatement Cost Assessment. We have been provided with a report by Arcadis (RCA) dated 16 July 2020 which estimates that the reinstatement cost for the building for loan security purposes would be £3,506,000 on a day one basis including fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 370 C

PROPERTY ID: 33—61/65/69 Millmarsh Lane ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL 61/65/69 Millmarsh Lane—Enfield, EN3 7UY, United Kingdom United Kingdom Isle of Man Manchester o Du Hamburgo Ireland / Birmingham Amsterdam ° 9 ® Netherlands Lorifon ® Brussels Cologne ® ° Belgium Luxembourg Paris 0 Go: gle Map data ©2021 GeoBasts-DE’BKG (©2009), Google, Inst. Geogr. Nacional VALUATION METRICS (currency—GBP) KEY FACTS Metric Value Metric Value Market Value 11,000,000 Total Area (sq ft) 50,676 Market Value (per sq ft) 217 WAULT to Break by Rent 3.74 Net Initial Yield 3.59% WAULT to Break by ERV 3.45 Reversionary Yield 4.95% WAULT to Expiry by Rent 3.74 Equivalent Yield 4.92% WAULT to Expiry by ERV 3.45 Gross Income (p.a.) 422,905 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 8 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 422,905 Number of Tenants 3 Adj. Gross Income (per sq ft) 8 Tenure Freehold Net Income (p.a.) 422,905 Expiry Voids (months) 3 Net Income (p.a.) (per sq ft) 8 Gross Rental Value 582,800 Gross Rental Value (per sq ft) 12 Capital Expenditure -29,565 Transaction Costs 6.70% Over / Under Rented -27.44% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Mtec Warehousing 4.98 4.98 16,663 191,600 191,600 45.3% Charles Pugh (Glass) Ltd 0.25 0.25 17,136 116,000 197,100 27.4% London Storage Point 5.20 5.20 16,877 115,305 194,100 27.3% — — — — — — Other — — —Vacant n/a n/a—n/a—n/a Total 3.45 3.45 50,676 422,905 582,800 100.0% Printed 01/02/2021 13:25 371 CBRE

PROPERTY ID: 33—61/65/69 Millmarsh Lane ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 350,000 72.57% 300,000 +- * 250,000 c aj 200,000 oi U1 150,000 O J_ O 100,000 50,000 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:25 372 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT 61/65/69 MILLMARSH LANE, ENFIELD EN3 7UY INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: JOHN O’NEILL FRICS 22/09/2020 30/09/2020 INDUSTRY KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– Good location close to central London, A406 â– 40 year old buildings and M25 â–Small yard areas â– Fully let â– Low eaves height â–Outstanding/upcoming rent reviews and overdue lease renewal â– Strong occupational and investment market for warehousing in the South East. â– No office content, allowing flexibility OPPORTUNITIES THREATS Complete rent reviews and lease renewals â– Edmonton becoming more popular location Let to stronger covenant tenants â– Further yield compression in warehouse sector becoming marginal LOCATION & SITUATION LOCATION & Enfield is one of London’s largest industrial areas, with much of the market’s stock located within the SITUATION Lee Valley, adjacent to the Chingford reservoirs. Whilst previously a manufacturing base, as a result of its location and good transport links, Enfield has benefited from changing consumer behaviours and a subsequent increase in last-mile distribution, being able to service both London and the surrounding area. Enfield lies close to the intersection of the M25 (junction 25) and Al 0 dual carriageway, 13 miles north of central London. Enfield’s proximity to central and inner London has made it popular with food and drinks manufacturers. Key employers include Warburtons, Aria Foods, Coca-Cola and Greggs. Other manufacturing sub-sectors have waned in importance in recent years. Nevertheless, chemical production company Johnson Matthey operate from an extensive facility on Jeffreys Road, whilst high-tech manufacturer A-Novo employ circa 200 employees on Bilton Way. As with many outer-London centres, all the major 373 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 supermarkets have a substantial presence in the town, and retail parks have now replaced much of the well-located older industrial stock. Enfield’s industrial area has typically been defined by the M25 Motorway to the north, the River Lea to the east, the A406 North Circular Road to the south and the Al 0 Great Cambridge Road to the west. The Property forms part of the Brimsdown industrial estate 2 miles east of Enfield town centre and the Al 0 with nearby occupiers including Johnson Matthey and Amazon. The subject site has a frontage to Millmarsh Lane at the junction of Walcot Road close to the large distribution hubs of Greggs and Warburtons. The nearest railway station is at Brimsdown 1 mile to the north with a travel time to London Liverpool Street of 23 minutes in addition to providing local services. PROPERTY DESCRIPTION The Property comprises a terrace of three single storey warehouse units dating from the 1970’s. There is no fitted office content, tenants have installed their own temporary accommodation. Eaves height is low at c.20 ft (6.3m) and whilst there is lighting there is no form of space heating. Each unit is served by roller shutter doors and 3 phase electrical supply. The buildings are constructed of reinforced concrete portal frames with brickwork elevations, concrete floors and roofs which appear to have had the original asbestos removed and replaces with profiled steel (although we could not inspect); there is 10% rooflighting. Metal fencing divides separate small service yards BUILDING AGE 1970’s SITE AREA 1.85 acres (0.75 ha) We have relied upon floor areas provided by Hook Survey Partnership dated 29th May 2020 and referenced in the Contract of Sale, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. 1 UNIT SQFT USE SQM Unit 61 Ground Floor Warehouse 1,568 16,877 Unit 65 Ground Floor Warehouse 1,548 16,663 Unit 69 Ground Floor Warehouse 1,592 17,136 Total 4,708 50,676 374

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We found the buildings to be in a reasonable condition given their age and use. We have been provided with a Technical Due Diligence report prepared by Arcadis dated August 2020. They state that the units are generally in good structural condition and identify medium term repair works costed at £142,000. As these are not immediately required we have not allowed this amount as capital expenditure for the purposes of our valuation. ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Ltd dated September 2020. The report concludes “the level of environmental risk associated with the site is assessed to be acceptably low for the current use and no further environmental investigation or assessment is considered necessary prior to acquisition.” TENURE We understand that the Property is held freehold. We have been provided with a copy of an undated and unsigned copy of a Report on Title prepared by Herbert Smith Freehills LLP on behalf of BAML and Situs Asset Management Limited who state that “in our opinion, subject to due registration at Land Registry of the transfer of the Property from the Seller to the Company, the Company has a good and marketable title to the Property”. A right of way at the rear of the subject building is afforded to the adjacent site to the north whilst the subject property has been afforded a right of way over adjacent land to the east. Neither of these affect our Market Value as reported. VALUATION CONSIDERATIONS MARKETABILITY There is very strong investor demand in the warehousing sector throughout the UK but especially AND POTENTIAL in the South East. PURCHASERS Purchaser demand is from financial institutions, major debt funds and major property funds. The Property is fully let, and most investors would be attracted by the outstanding/upcoming rent reviews and overdue lease renewal. 375

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 MARKETING We are of the opinion that 6 to 12 months should be allowed to find a willing buyer. PERIOD EXPOSURE PERIOD 6-12 months. CURRENT VOID Nil, other than 3 months on overdue lease renewal of Unit 69. PERIODS COSTS AND We have allowed for 15% for letting fees on possible re-letting of Unit 69. ADJUSTMENTS OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; Lease Property Area Rent £ pa Use Date Tenant Length Address (Sq Ft) Break (sqft) (years) Unit 5. The Arena, Mollison Avenue, Storage Enfield EN3 and Current, 7NL distribution Terms Agreed 20,976 TBC 10 5 13.50 Unit C, Crown Road, Storage Enfield, EN1 and 1TH Distribution 01/02/2020 51,645 BCA 10—11.50 Unit 1 Chalkmill Drive, Enfield, EN1 1TZ Storage and Distribution 01/03/2019 29,480 Travis Perkins 10 5 13.00 Units K2-K5, Mowlem O w Trading Estate, > Tottenham Celtic z Mixed industrial 01/01/2019 25,360 Bakeries 15 10 16.00 s Comparison to Subject s o u Comparable 1: A 1980’s unit of similar eaves height. Nearby location. c8 Comparable 2: 1990’s warehouse, refurbished, dock levelled loading doors. Comparable 3: The property is also in a superior location close to the Al 0 and adjacent to a retail park. It is an ideal location for a builders merchants which predominately sells to the trade but also to the public. An 8 month rent free period was granted. Modern unit, refurbished. Comparable 4: Mowlem trading estate is more trade counter focused. As a smaller unit operating as a bakery it would be expect ed to achieve a higher rent than the subject property. Taking the above transactions into consideration, we have adopted the following Market Rent; Overall: £11.50 sq ft headline 376

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 OPINION OF In formulating our opinion of Market Value we have researched the local market and where appropriate YIELD spoken with in house agency teams. We have had regard to the following transactions; Comparable 1: Short let investment in close proximity; modern unit. Much larger lot size. WAULT Passinq Rent £ Property Address Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) Fully let to Hermes, Ingram & 1 -3 Bilton Way Enfield £34.5 Pearsons 02/12/19 130,118 3.7 £1,334,000 (3.62%) £6.2M IO, Barking 02/09/20 25,676 7.73 £297,073 (4.50%) Modern units, 3 tenants London City Bond, 07/09/20 162,056 19.60 £1,458,000 E28.76M Modern units. Lower rental tone Thurrock (4.75%) (£9 psf), Single let Multi-let to 5 tenants, 1 vacant £4.0M unit. EY closer to 5.50%. Early Ajax Works, Barking On Market 16,921 2.6 £219,081 (5.14%) 1980’s vintage. Comparison to Subject Comparable 2: More secondary location, modern terrace. Fully let. Comparable 3: More secondary location. Larger lot size. Comparable 4: Fully let. Similar age to subject Property, more secondary location. Taking the above transactions into consideration, we have adopted the following capitalisation rates;—Overall: 5.00% Equivalent Yield In arriving at our opinion of Market Value we have had regard to the market evidence above in comparison to the subject property. We have adopted the following inputs and rationale; VALUATION â– Rental value based on £11.50 psf METHODOLOGY: MARKET VALUE â– EY of 5.00% £11,000,000 (Eleven Million Pounds) exclusive of VAT Net Initial Yield 3.59% Equivalent Yield 4.92% Reversionary Yield (01/04/2021) 4.95% Reflecting a capital value per sq ft of £2,336 per sq m (£217 per sq ft). VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market evidence METHODOLOGY: above in comparison to the subject property. We have adopted the following inputs and rationale; VACANT POSSESSION VALUE Rental value based on £11.50 psf EY of 5.00% 377

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 £9,500,000 (Nine Million Five Thousand Pounds) exclusive of VAT Net Initial Yield Equivalent Yield -2.83% Reversionary Yield (30/09/2022) 5.00% 5.66% Reflecting a capital value per sq ft of £2,017 per sq m (£187 per sq ft). We have been provided with a Reinstatement Cost Assessment summary prepared by Arcadis. ESTIMATED The total reinstatement costs equal £5,164,900. The summary is not dated. REINSTATEMENT COST ASSESSMENT (RCA) We are of the opinion that the subject property has a remaining economic life of 25 years. REMAINING ECONOMIC LIFE 378

PROPERTY ID: 34—Portland Commercial Estate ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Portland Commercial Estate—Barking, IG11 0TW, United Kingdom G 4? 3 Wood*ard Rd Rippleside Cemetery ‘r It y> Al 3 4tj Asda Dagenham Q “O or « 5 1 Superstore â–¼ Industries London Sustainable â–¼ Q Park Map data Goggle ©2021 VALUATION METRICS (currency—GBP) KEY FACTS Metric Value Metric Value Market Value 19,900,000 Total Area (sq ft) 90,517 Market Value (per sq ft) 220 WAULT to Break by Rent 3.96 Net Initial Yield 2.50% WAULT to Break by ERV 3.97 Reversionary Yield 5.09% WAULT to Expiry by Rent 3.96 Equivalent Yield 4.79% WAULT to Expiry by ERV 3.97 Gross Income (p.a.) 533,843 Percentage of Vacancy (Area) 24.52% Gross Income (p.a.) (per sq ft) 6 Percentage of Vacancy (ERV) 24.52% *Adj. Gross Income 533,843 Number of Tenants 10 Adj. Gross Income (per sq ft) 6 Tenure Freehold Net Income (p.a.) 533,843 Expiry Voids (months) 6 Net Income (p.a.) (per sq ft) 6 Gross Rental Value 1,086,205 Gross Rental Value (per sq ft) 12 Capital Expenditure -97,355 Transaction Costs 6.75% Over / Under Rented -34.89% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Are (sq ft) Rent ERV % of rent Amber Bakery 4.54 4.54EZI 20,412 KZI 129,999 EZI 244,944 KZI 24.4% Brooks Bros (London) Ltd 6.32 6.32D 9,695 â–¡ 78,280 â–¡ 116,340 â–¡ 14.7% Bangladesh Corporation UK 1.51 1.51D 8,477 â–¡ 75,000 â–¡ 101,724 El 14.0% Amblex Ltd 0.23 0.23D 9,702 El 75,000 â–¡ 116,424 El 14.0% Aggregate UK 3.08 3.08D 6,473 â–¡ 61,000 D 77,676D 11.4% Other 6.05 6.05El 13,566 EJ 114,564 â–¡ 162,793 EJ 21.5% Vacant n/a n/aEZI 22,192 n/aEZI 266,304 n/a Total 3.97 3.97 90,517 533,843 1,086,205 Printed 01/02/2021 13:25 379 CBRE

PROPERTY ID: 34—Portland Commercial Estate ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 140,000 24.35% 120,000 100,000 80,000 60,000 o 40,000 20,000 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year LEASE LENGTHS GROUPED ... By Area, to break By Area, to expiry â– Vacant â– < 1yr â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:25 380 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT PORTLAND COMMERCIAL ESTATE, BARKING, IG11 OTW INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: NICK HEWITT MRICS 23/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â–Located in close proximity to Central London. â– Compact central access road through estate “ Established industrial location â–Reversionary estate OPPORTUNITIES THREATS â– Let two current vacant units â–Market deterioration due to Covid-19. LOCATION & SITUATION LOCATION & Barking is a major commercial and industrial centre, located approximately 9 miles to the east of central SITUATION London. The town benefits from excellent road links, with easy access to the Al 3 providing access to Central London to the West and the M25 (Junction 30) to the east. Barking mainline railway station and underground (District and Hammersmith & City lines) provide a regular service to London Fenchurch Street with a journey time of approximately 14 minutes. London City Airport is located 5.5 miles to the South West. The property is situated on Ripple Road, in the immediate proximity to the Al 3, accessible from the westbound carriageway. PROPERTY DESCRIPTION DESCRIPTION The estate was built in 1990 and is comprised of 12 units which vary in size from 6,500 sq ft to 11,500 sq ft. The 11 units line a central access road which leads to parking at the rear of the estate. There is also additional parking at the front of the estate. Each unit has a loading door and a canopy whilst the elevations consist of part brick and part profile metal steel cladding. There is additional piece of land behind the adjacent petrol station which is currently used for open storage. BUILDING AGE Circa 1990s 381 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 SITE AREA Approximately 3.85 acres (1.56 ha). ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area Basis (GIA). 1 FLOOR/UNIT SQFT USE SQM Bangladesh Corporation UK Warehouse 788 8,477 Amblex Ltd Warehouse 901 9,702 Brooks Bros (London) Ltd Warehouse 901 9,695 Vacant Warehouse 974 10,480 Vacant Warehouse 1088 11,712 Total Tools Warehouse 637 6,857 Lee Broom Warehouse 623 6,709 Aggregate UK Warehouse 601 6,473 Amber Bakery Warehouse 601 6,473 Amber Bakery Warehouse 601 6,473 Amber Bakery Warehouse 694 7,466 TOTAL 8,409 90,517 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a technical due diligence report prepared by Arcadis dated 21st August 2020. The report confirms the property is generally in good condition with the exception of isolated areas of cracking. The cost to repair the cracking is £100,000 of which £25,000 is recommended to be spent immediately. We have not included this notional sum in our valuation. The asset appeared to be in a reasonable state of repair at the time of inspection. ENVIRONMENTAL CONSIDERATIONS We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have been provided with a Phase 1 Environmental Report prepared by Nova Ambiente dated October 2020. The report confirms the level of environmental risk associated with the site is low for the current use. Additionally, the report recommends the site owner should carry out asbestos surveys for the Units 4 and 5 which are currently vacant. TENURE We have been informed that the estate is held freehold. We have been provided with a report on title by Herbert Smith Freehills LLP with the third draft dated 14th January 2021. The report confirms the property has a good and marketable title. 382 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION CONSIDERATIONS MARKETABILITY Should this property be brought to the market, we believe there would be a significant level of AND POTENTIAL interest in the asset and would like sell to a wider variety of investors including, Prop Co’s, PURCHASERS REITS and Pension Funds. MARKETING We are of the opinion that 12 months should be allowed to find a willing buyer. PERIOD EXPOSURE PERIOD 12 months. CURRENT VOID 6 months on the two vacant units. PERIODS COSTS AND Legal and Letting fees at 15% of Market Rent once both units have been let. ADJUSTMENTS OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; Property Use Date Area (Sq Tenant Lease Break Rent £ pa Address Ft) Length (sqft) (years) Unit 8, Lyon Business Park, March Barking Warehouse 2020 2,200 Confidential 5 £13.25 IO Centre, Unit July Mastercrate 3 Warehouse 2020 6,699 Limited 10 5 years £12.24 Unit 4, Ajax Works, Hertford Bonlea O Road, Barking Warehouse May 2019 4,832 Engineerinq 3 £12.48 «/ Units 3&4, > Segro Park s April * s Rainham Warehouse 2019 36,000 Mitsubishi 15 £10.25 u o Comparison to Subject 4 Comparable 1: Smaller unit so rent adjusted for quantum. Would expect subject property to achieve a lower in rent. u in Comparable 2: Recently refurbished. Superior property Q in Comparable 3: Superior location. Comparable 4: Inferior location. Taking the above transactions into consideration, we have adopted the following Market Rent; - Units 1-11: £12.00 per sq ft headline rent. 383

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 OPINION OF In formulating our opinion of Market Value we have researched the local market and where appropriate YIELD spoken with in house agency teams. We have had regard to the following transactions; Comparable 1: We understand the property is under offer and due to complete at a purchase price of £19.9 million. The WAULT Property Address Date Area (Sq Ft) Passinq Rent £ pa Comments (Years) Purchase Price £ (NIY) April Subject property 2020 90,518 £533,842 £19.9m £24.26 Bought by Valor Real DHL, Barking April 2019 114,981 2.00 £841,661 (3.25%) Estate Partners. *We understand the IO Centre, property is currently Barking U/O 25,676 7.73 £297,073 *3.75% under offer at 3.75% Unit B, Circular 13, Gascoigne December £11.66 Road, Barking 2019 38,929 2.5 £454,000 (3.65%) Comparison to Subject subject property is its own best evidence. Comparable 2: Shorter WAULT, inferior property. Comparable 3: Less reversionary than subject property. Comparable 4: Shorter WAULT, inferior property. Taking the above transactions into consideration, we have applied an equivalent yield of 4.79% to the passing rent. VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Passing rent of £533,843 which equates to £5.60 per sq ft. â– Market Rent of £1,086,205 which equates to £12.00 per sq ft â– For both vacant units we have included, legal and letting fees of at 15% of Market Rent which have been deducted as a capital costs. We have also included a 6 month void and 6 month free. The same assumptions have been applied to the unit currently occupied by Amblex Ltd which is due to expire in December 2020. We have capitalised the passing rent at an Equivalent Yield of 4.79% which produces a rounded value of: £19,900,000 (Nineteen Million Nine Hundred Thousand Pounds) exclusive of VAT Net Initial Yield Equivalent Yield 2.50% Reversionary Yield 4.79% 5.09% Reflecting a capital value of £2,368.15 per sq m (£220.00 per sq ft) 384

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market METHODOLOGY: adopting the following inputs and rationale; VACANT â– We have assumed the property is vacant and non-income producing. POSSESSION VALUE â– We have applied a Market Rent of £1,086,205 which equates to £12.00 per sq ft â– We have applied a 6 month void and 6 month rent free to each unit. We have also included legal and letting fees at 15% of Market Rent and deducted as a capital cost. â– We have applied an equivalent yield of 5.25%. £18,110,000 (Eighteen Million One Hundred and Ten Thousand Pounds) exclusive of VAT Equivalent Yield 5.25% Reversionary Yield 5.53% Reflecting a capital value of £2,152.86 per sq m (£200.00 per sq ft). ESTIMATED We have been provided with a Reinstatement Cost Assessment summary prepared by Arcadis. REINSTATEMENT The total reinstatement costs equal £9,669,850. The summary is not dated. COST ASSESSMENT (RCA) REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 385

PROPERTY ID: 35 - Letchworth Industrial Estate ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Letchworth Industrial Estate - Letchworth, SG6 1FF, United Kingdom ------------------------------------o---- Glasgow o— Edinburgh - ------------------------------------------------------------------------- United Kingdom Isle of Man —- Dublin Manchester Hamburgo Ireland ° I BirminghaqA Amsterdam ® V Netherlands London ® Brussels Cologne ® o Belgium 15? A Luxembourg Paris ® G° gle Map data ©2021 GeoBass-DE/BKG (©2009), Google, Inst. Geogr. Nacbnal VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 14,100,000 Total Area (sq ft) 90,302 Market Value (per sq ft) 156 WAULT to Break by Rent 5.13 Net Initial Yield 4.53% WAULT to Break by ERV 5.13 Reversionary Yield 4.77% WAULT to Expiry by Rent 5.98 Equivalent Yield 4.73% WAULT to Expiry by ERV 6.02 Gross Income (p.a.) 679,995 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 8 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 679,995 Number of Tenants 4 Adj. Gross Income (per sq ft) 8 Tenure Long Leasehold Net Income (p.a.) 679,995 Expiry Voids (months) - Net Income (p.a.) (per sq ft) 8 Gross Rental Value 714,867 Gross Rental Value (per sq ft) 8 Capital Expenditure 0 Transaction Costs 6.73% Over / Under Rented -4.88% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Tyco Fire & Integrated Solutions 5.13 5.13 74,816 563,850 587,108 82.9% Titan Logistics 5.13 10.13 15,486 116,145 127,759 17.1% - - - - - - - - - - - - Other - - - -Vacant n/a n/a n/a n/a Total 5.13 6.02 90,302 679,995 714,867 100.0% Printed 01/02/2021 13:25 386 CBRE

PROPERTY ID: 35 - Letchworth Industrial Estate ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 82.92% 600,000 500,000 c 400,000 < D C 300,000 C. i/l 200,000 17.08% (/ > 100,000 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:25 387 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT LETCHWORTH INDUSTRIAL ESTATE, LETCHWORTH GARDEN CITY, SG6 1FF INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: JOHN O’NEILL MRICS 22/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– Modern units with a good specification. â– Whilst situated within close proximity to the â– _ Fully „ occupied . . .. with _ , _ 5.13 years unexpired . term. . Al (M), it is approached through the town Illi C • â–Established industrial location. _ â– . x Shared , entrance/access may , x deter some â–Strong demand for multi-let industrial estates in occupiers. the South East. OPPORTUNITIES THREATS Agree upcoming Rent Reviews with Tyco Fire & Tyco Fire & Integrated Solution are no longer occupying Integrated Solutions at our opinion of Market Rent. the units due to the units being surplus to requirements, despite continuing to pay the rents. May look to assign or vacate. General economic uncertainty due to Covid- 19. Market susceptible to change. LOCATION & SITUATION LOCATION & SITUATION The subject property is situated in Letchworth Garden City, a town in Hertfordshire approximately 52.60km (33 miles) north of Central London. Stevenage is south with Luton to the west. The subject is within the established Letchworth Industrial estate comprising occupiers such as Aztek Logistics Limited, Altro Limited and DPD Logistics. Whilst the immediate surrounding area comprises industrial and trade counters, the wider surrounding area is residential. Whilst Letchworth Industrial Estate is situated to the west of the Al (M) and to the north of the B656, access to the Al (M) is via Junction 9 approximately 1.90km south or via 388 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 Junction 10 3.25km north. The approach to the subject estate is via local roads through the town centre and could be seen problematic for HGV’s. PROPERTY DESCRIPTION DESCRIPTION The subject comprises a terrace of 3 industrial warehouse units occupied by one tenant with a standalone industrial warehouse opposite. The units share the access and benefit from a loading area to each unit. During our inspection, we were only able to gain access to Unit 2, occupied by DPD. The units are fitted to a good modern standard of steel portal frame clad with profiled steel sheeting extending to the roof. Unit 2 (DPD) benefits from 6m eaves with halogen lights and 3 up and over roller shutter doors. There are also two storey offices that are fitted to a good condition. BUILDING AGE 2015 SITE AREA 3.049 ha (7.53 acres) ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. 1 FLOOR/UNIT SQFT USE SQM Unit 1 Warehouse 1,353 14,567 Unit 2 Warehouse 1,439 15,486 Unit 3 Warehouse 2,797 30,111 Unit 4 Warehouse 2,800 30,138 TOTAL 8,389 90,302 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We only able to gain access to Unit 2. We have not been provided with a building report produced by Arcadis dated August 2020. The report concludes that the estate was constructed in 2015 and that the general condition of the units is considered to be good, in line with what is expected for its age. The report goes on to say that the tenants are fulfilling their repairing obligations in accordance with leases, although the internal finishes of Unit 2 appear worn. Roof leaks have been reported to Units 1,3 and 4 although this issue is likely to be rectified by the tenant. The external areas are in good condition, albeit some isolated areas of cracked concrete. 389 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Report produced by Nova Ambiente dated October 2020. The report states that the site was formerly used as a coal-fired power station up to 1971 and a gas-fired power station from 1971 to 1995. The site was cleared in 2007 with the existing development being constructed in 2015. The report goes on to state that no significant environmental issues have been identified in relation to the current site use. Although the site is not registered as contaminated land, there is the potential for residual contamination to present due to its former use as a Power Station, recent findings concluded there were no widespread contamination issues. The report concludes that the environmental risk is acceptably low with no further environmental investigation required. The Environmental Report states that a Flood Risk Assessment & Drainage Strategy produced by RLE in May 2014 stated that the site is within a low risk Flood Zone 1 area with risk of flooding of less than 1 in 1000 year event. The Environmental Report produced by Nova Ambiente does state a small part of the service yard and footprint of Units 1 and 2 are designated as having high risk of flooring from surface water, with a chance of flooding greater than 3.3%. TENURE We have been provided with a draft Certificate of Title. The title states that the Property benefits from an number of easements, such as allowing entry into such part of Letchworth Garden City Centre Heritage Foundation’s adjoining service road lying to the west of the Property. All other easements are not considered onerous. The property is held leasehold from 24 July 2008 for a term of 150 years having approximately 137 years unexpired with a peppercorn ground rent paid annually. There does not appear to be any onerous clauses within the lease. We do not consider this to have any adverse impact on the value. Units 1, 3 and 4 are let to Tyco Fire & Integrated Solutions on separate leases but same terms with lease commencing 16 December 2015 expiring 15 December 2025 incorporating a rent review at the 5th anniversary. The passing rent is £113,850 per annum (£7.63 per sq ft), £225,000 (£7.47 per sq ft) and £225,000 (£7.47 per sq ft) for each unit respectively. Unit 2 is let to Titan Logistics (t/a DPD) on a lease commencing 15 November 2015 expiring 14 November 2020 incorporating a rent review in November 2020 and a tenant break option in November 2025. The passing rent is £116,145 per annum (£7.50 per sq ft). 390

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION CONSIDERATIONS MARKETABILITY AND POTENTIAL There has been increasingly positive investor sentiment towards the industrial sector over the last PURCHASERS few years, this has not been slowed by the rise of COVID-19. Purchaser demand will likely be seen from high net worth individuals, REIT’s or property investment funds. We believe the property’s location in the South East within close proximity to the Al (M) and its WAULTC of 5.98 years let to strong covenants will attract significant investor interest if brought to market. We consider a sale would be achievable within a 6-12 month marketing period. MARKETING PERIOD We are of the opinion that 6 to 12 months should be allowed to find a willing buyer. EXPOSURE PERIOD Exposure Time is an estimate of how long the property would have had to be marketed in the past in order to achieve the market value (as a sale price) today. Exposure Time is backward looking. Marketing Period is forward looking. Often these estimates are the same, unless economic conditions have changed/are changing. As an example, perhaps the market was previously significantly oversupplied, and the exposure time might have been, say 24 months due to limited investor interest. But, now, if market occupancies have stabilized and investors are competing for deals, the marketing time might only be 6 months. 6-12 months. CURRENT VOID None. Should the units fall vacant we would anticipate marketing periods of 6 months before PERIODS achieving a new letting. COSTS AND As each tenant has in excess of 5 years unexpired term, we have not allowed for any void costs. ADJUSTMENTS OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. Due to the very limited stock available within the immediate vicinity, there has been few letting transactions completed. We have therefore considered slightly dated transactions in close proximity making necessary adjustments. We have had regard to the following transactions; 391 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Property Area (Sq Lease Rent £ pa Use Date Tenant Break Address Ft) Length (sq ft) (years) £88,528 Iceni Court, Icknield Warehouse August 2019 11,066 AFE Group 10 years N/A (£8.00) Way, Letchworth Unit 26 Woodside Industrial Park, £60,780 Warehouse June 2019 8,385 City Plumbing 10 years 5 years Letchworth (£7.25) Unit 5, G Park Seewoo Foods £472,075 Warehouse 60,913 10 years N/A Biggleswade February 2020 Ltd (£7.75) November £142,668 6-8 Eldon Industrial 22,295 Private individual 3 years N/A 2019 (£6.40) Way, Biggleswade Comparison to Subject Comparable 1: Secondary unit with good parking. Limited loading area. The subject units are better quality. Comparable 2: End of terrace secondary unit. Lease renewal. Lends itself to more trade counter use. Despite COMPARISON the subjects being larger, we would expect them to achieve a higher rate per sq ft to reflect that they are better and more modern units. & Comparable 3: Modern style distribution unit. Slightly inferior location to the north of the subject property. Larger. Comparable 4: Two combined secondary units. Inferior location and units. Let on a short lease term. EVIDENCE Taking the above transactions into consideration, we have adopted the following Market Rent; - Units 1 & 2: £8.25 sq ft headline PATIONAL - Units 3 & 4: £7.75 sq ft headline OCCU OPINION OF In formulating our opinion of Market Rent we have researched the local market and where YIELD appropriate spoken with in house agency teams. We have had regard to the following transactions; 392 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 WAULT Property Address Date Area (Sq Ft) Passinq Rent £ pa Comments (Years) Purchase Price £ (NIY) Hubert Road, August 8.67 £7,720,000 Brentwood 2020 43,203 £246,964 (4.40%) 3 units fully let to 2 tenants. Centro, Hemel 2020 £14,900,000 Four modern units let to strong July 62,984 9.5 £678,840 Hempstead (4.27%) covenants. Fully let. October £ £7,420,000 *Gone under offer. **7.73 years 2020* 25,676 11.14** 297,073 IO Centre, Barking (3.75%) WAULTC. Viper Industrial Estate, September 43,419 9.55** £437,531 £9,125,000 Understood be under offer. Romford 2020* (4.50%)*** **7.84 years WAULTC ***Quoting price. Offers received in excess of quoting. Comparison to Subject Comparable 1: Three warehouse units fully let to two tenants. Similar covenant strength. Better location than the subject closer to London. Longer WAULT. Comparable 2: Four units ranging from 10,814 sq ft to 25,528 sq ft fully let to Ambulance Service, DHL and Gyron Internet. Similar location. Strong covenants. Longer WAULT. Comparable 3: Three modern warehouse units each let to seprate tenants. Reasonable covenant strength. Far superior location closer to Central London. Longer WAULT. Comparable 4: 3 modern industrial units fully let to three tenants. Understood to be under offer in excess of quoting. Better location closer to London. Longer WAULT. Taking the above transactions into consideration, we have adopted the following capitalisation rates; - 4.75% Equivalent Yield VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– Valuation date of 30 September 2020. â– Current passing rent of £679,995 per annum. â–Market Rent of £714,867 per annum. â– Each lease has in excess of 5 years unexpired, we have not allowed for any void periods or void costs. â– We have adopted an Equivalent Yield of 4.75% across the whole. £14,100,000 (Fourteen Million One Hundred Thousand Pounds) exclusive of VAT Net Initial Yield Equivalent Yield 4.53% Reversionary Yield 4.73% 4.77% Reflecting a capital value per sq ft of £1,674.34 per sq m (£155.55 per sq ft). 393 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting METHODOLOGY: the following inputs and rationale; VACANT POSSESSION â– We have assumed the property is vacant and non-income producing. VALUE â– We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £714,867 per annum. â– We have applied a 6-month letting void on each unit. We have applied a 6 month rent free to each unit assuming a 10 year term certain. â– We have not applied empty rates as we assume letting will complete within 6 months however, we have allowed for letting fees based on 15% of Market Rent for each unit. â– We have applied an Equivalent Yield of 5.00%. £12,590,000 (Twelve Million Five Hundred and Ninety Thousand Pounds) exclusive of VAT Equivalent Yield 5.00% Reversionary Yield 5.25% Reflecting a capital value per sq ft of £1,500.93 per sq m (£139.44 per sq ft). The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor ESTIMATED have we carried out a full Reinstatement Cost Assessment. We have however, been provided REINSTATEMENT with a schedule of RCA’s for the subject property produced by Arcadis dated July 2020. For COST indicative purposes only and based on the schedule provided, we estimate that the reinstatement ASSESSMENT cost for the buildings for loan security purposes would be £8,137,400 on a day one basis including (RCA) fees but excluding VAT and inflation. These figures should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Cost Assessment is carried out. We are of the opinion that the subject property has a remaining economic life of 25 years. REMAINING ECONOMIC LIFE 394 CBRE

PROPERTY ID: 36 - Juniper Park, Southfields MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Juniper Park, Southfields MV - Basildon, SS15 6DT, United Kingdom United Kingdom Isle of Man Manchester o Hamburgo z Ireland o Birmingham Amsterdam ® Netherlands Q Q Ford Britain Dunton Campus, â–¼ â–¼ â–¼ Brussels Cologne lunton ford link Belgium Luxembourg Victoria Park Paris BUB ® s W Mayne Go::gle Map data ©2021 Map data ©2021 GeoBasts-DB’BKG (©2009), Google, Inst. Geogr. Nactc Gp: gle s VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 32,000,000 Total Area (sq ft) 277,610 Market Value (per sq ft) 115 WAULT to Break by Rent 2.97 Net Initial Yield 4.70% WAULT to Break by ERV 3.00 Reversionary Yield 7.07% WAULT to Expiry by Rent 4.21 Equivalent Yield 6.50% WAULT to Expiry by ERV 4.20 Gross Income (p.a.) 1,655,974 Percentage of Vacancy (Area) 7.89% Gross Income (p.a.) (per sq ft) 6 Percentage of Vacancy (ERV) 11.90% *Adj. Gross Income 1,655,974 Number of Tenants 11 Adj. Gross Income (per sq ft) 6 Tenure Freehold Net Income (p.a.) 1,650,496 Expiry Voids (months) 6 to 12 Net Income (p.a.) (per sq ft) 6 Gross Rental Value 2,485,227 Gross Rental Value (per sq ft) 9 Capital Expenditure -1,084,156 Transaction Costs 6.77% Over / Under Rented -24.36% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent Schenker Ltd 3.73 3.73 87,040 I â–! 590,300 767,001 â– 1 35.6% A Share & Sons Ltd t/a SCS 1.92 6.95â–¡ 65,603 EZI 410,119 EZI 524,824EH 24.8% Vanguard Logistics Services Ltd 2.79 2.79c 61,079 EZI 351,200 C 458,092EZI 21.2% D G International Group Limited 4.03 4.03D 30,061 1 120,400 â–¡ 248,0031 7.3% Robert Bosch Ltd 2.18 2.18 4,3531 67,472 58,766 1 4.1% Other 2.16 2.16 7,562â–¡ 116,483 1 132,728 â–¡ 7.0% Vacant n/a n/a 21,912 n/aâ–¡ 295,813 n/a Total 3.00 4.20 277,610 1,655,974 2,485,227 100.0% Printed 01/02/2021 13:26 395 CBRE

PROPERTY ID: 36 - Juniper Park, Southfields MV ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â–1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:26 396 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 PROPERTY REPORT JUNIPER PARK, FENTON WAY, BASILDON, SS15 6TD INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: VIRGINIA WOODGER 24/09/2020 30/09/2020 INDUSTRIAL MRICS KEY VALUATION FACTORS STRENGTHS WEAKNESSES Well configured Freehold site. The accommodation is still highly functional but dated and was constructed in the 1970’s & 1980’s. Highly liquid industrial market in the south east. Significant capex over the next 10 years Proximity to road network with J29 of the M25 is (£2,629,500) has been identified in order to bring 16.6 miles from the site. the building into a sound state of repair. Basildon is a popular industrial location. 7.9% of the scheme is vacant, with all of the 78.90% of the schemes income in underpinned by vacant space located within the office element. industrial occupiers who would be considered to be The WAULT of the property is 4.2 years while the of good covenant strength. term certain is 3.0 years which places it under the There is 360-degree vehicular access around the ideal 5+ years threshold site. THREATS OPPORTUNITIES Competition from modern industrial developments Located on a freehold site which extends to 15.20 in the surrounding catchment. acres, representing longer term redevelopment opportunities. Threat of wider deterioration of the industrial market. Global Economic uncertainty from Covid 19. LOCATION & SITUATION LOCATION & Basildon is a commercial and industrial centre in the East of England. The town benefits from excellent SITUATION road and rail communications with the M25 just 5.5 miles to the West and a regular train service taking approximately 30 minutes to central London. Juniper park is located in the West of Basildon and benefits from direct access to the Al 27 (an M25 arterial road) as well as being a short distance from Laindon train station. The Ml motorway providing access to the North is 40 miles East via the M25 and the M20 to Dover is just 18 miles to the South. 397

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY DESCRIPTION DESCRIPTION Juniper Park comprises a industrial and office estate extending to 277,610 sq ft over 15.22 acres and it the site of the former Gordon’s Gin distillery and was constructed in the 1970’s and 80’s. Units 1 (C2), 2 and 3B are constructed of dual pitched steel portal frames, clad externally with precast concrete panelling at ground floor level with coated profiled metal sheet cladding above. Within the rear elevations there are a series of sectional roller shutter doors for each loading bay. Roof coverings consist of coated profiled metal sheeting, interspersed with rooflights and set behind parapets. Where there are flat roof coverings on Unit 1 (Cl) and Juniper place these are a combination of liquid applied overcoatings and built up bitumen felt membranes. Unit 1 (Cl), Juniper Place and Mayne House are assumed to be constructed from reinforced concrete framed construction with reinforced concrete floors. Unit 1 (Cl) and Juniper Place are clad externally with a combination of brickwork and precast concrete panelling. Mayne House is clad externally with precast reinforced concrete spandrel panelling and roof parapets. Units 1 (Cl) & (C2), 2 and 3B external walls are comprised of full height brickwork. Flooring is a mixture of fair face concrete floor slabs. However, Unit 2 has terrazzo tiling throughout the warehouse area. The office spaces to Unit 1 (Cl), Juniper Place and Mayne House comprise a mixture of suspended and plasterboard ceilings, plastered masonry walls, studwork partitioning lined with plasterboard and proprietary partitioning. Floor finishes are a mixture of carpet tiling, vinyl sheeting and marble tiling. WC facilities for all buildings consist of cubicles which are either tiled or have laminated partitioning and doorsets. Mayne House office building is provided with a 4-pipe fan coil system and is serviced by two passenger lifts. BUILDING AGE Built 1984 c. 36 years 6.16 hectares (15.22 acres) SITE AREA ACCOMMODATION As instructed, we have relied upon floor areas within the tenancy schedule provided by the Borrower, which we have assumed to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR / UNIT USE SQM SQFT D G International Group Warehouse 2,792.76 30,061 Limited A Share & Sons LTD t/a SCS Warehouse 6,094.72 65,603 Vanguard Logistics Services Warehouse 5,674.43 61,079 LTD Schenker Ltd Warehouse 6,892.39 74,189 CBRE 398

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 Schenker Ltd Office 775.83 8,351 Vacant Office 1,532.90 16,500 Schenker Ltd Office 418.06 4,500 Robert Bosch Ltd Office 404.41 4,353 Vacant Office 394.56 4,247 Johnson Controls Building Office 409.52 4,408 Efficiency UK Ltd Bertrandt UK Limited Office 293.02 3,154 Vacant Office 108.23 1,165 McKay Brothers Telecoms - - Communications Limited Vigilant Infrastructure UK Ltd Telecoms - - (now DRW Holdings LLC) Vacant Site Office - - Vacant Office - - TOTAL 25,804.77 277,610 DUE DILIGENCE STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence Report prepared by Arcadis dated September 2020. The report concludes that “Generally, the building structure and fabric to all of the units is considered to be in a sound/fair condition and also appears to be well reasonably maintained by the tenants - with the exception of Unit 2, where we recommend that an Interim Schedule of Dilapidations is served so as to protect the landlord’s position, given that lease end occurs in July 2023. The tenants to Units 1 (Cl), 1 (C2), 2 and 3B have all reported problems with roof leaks. This appears to be an ongoing issue with the current mitigation strategy being to carry out ad-hoc repairs. This could be continued into the medium term but in the longer term (year 6 onward), other options should be considered - for example, overcoating/overlaying or a complete strip-up and replacement of the roof coverings, parapets and guttering. The above approach could also be considered in relation to the plant room roof. Repairs and maintenance will be the responsibility of the tenant; however, the landlord may incur some costs at lease end to carry out repairs to any residual defects not satisfactorily addressed by the tenants. The internal common parts to Mayne House and Juniper Place are maintained by the landlord, with a proportion of costs recoverable from each tenant via the service charge.” The Report highlights Capex required on the part of the landlord for the next ten years on the basis of the following breakdown: Immediate (£20,000), 2-5 Years (£747,000) 6-10 years (£1,862,500) £2,629,500 in total. We have applied explicit costs for the works deemed as being required in the immediate to 2-5 term (£767,000) and have applied a cost as an allowance for an annual sinking fund/ongoing maintenance. 399

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 ENVIRONMENTAL We have not completed any investigations in relation to the presence or potential presence of CONSIDERATIONS contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Summary carried out by Ambiente Ltd dated September 2020. The report concludes “The level of environmental risk associated with the current use of the site is assessed to be acceptably low and no further environmental investigation or assessment is considered necessary prior to acquisition.” TENURE We have been provided with a draft Certificate of Title, prepared by Herbert Smith Freehills, dated 19 October 2020. The Certificate confirms that the property is held under freehold title, EX243648 (15.20 acres) and that the company and good and marketable title to the property. VALUATION CONSIDERATIONS MARKETABILITY On the basis of the quantum of the scheme, it’s 15.20-acre site and that almost 80% of its income AND POTENTIAL is underpinned by strong tenants, there would be significant interest from investors given the PURCHASERS current level of tenant demand in the marketplace. Investors would necessarily build in void holding costs and capital costs of letting the vacant elements and they would also discount the yield from an occupied and let position. There is likely to be significant investor interest from a range of purchasers including property companies and selected institutions. The lot size of the subject property puts it somewhat out of the scope of private investors. MARKETING PERIOD We are of the opinion that 12 to 24 months should be allowed to find a willing buyer. EXPOSURE PERIOD 9 months. CURRENT VOID Industrial, fully let. Offices - 12 months PERIODS COSTS AND ADJUSTMENTS Industrial Units: We have applied expiry voids of 6 months to the units with unexpired terms of less than 5 years and assumed renewal incentives in the form of 3 month rent free period. Office Space: We have applied expiry voids of 12 months and renewal incentives in the form of a 6-month rent free period. On the vacant elements we have applied a letting void of 12 months and rent-free period of 6 months We have applied empty rates for the duration the void periods. Empty rates have been calculated at 51.20% of the annual market rent of the units, incurred quarterly until the end of the void period. 400 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 In the absence of a confirmed service charge budget to date, we have applied £0.25 per sq ft per annum service charge shortfalls for the duration of the void periods. We have assumed Letting and Legal fees at 15% of the market rent for each unit. OPINION OF In formulating our opinion of Market Rent we have researched the local market and where appropriate MARKET RENT spoken with in house agency teams. We have had regard to the following transactions; Lease Property Area (Sq Rent £ Use Date Tenant Length Break Address Ft) pa (sq ft) (years) Unit 1 - Juniper October DG International £248,500 Park Basildon Industrial 2019 30,061 Group Limited 5 none (£8.00) Juniper Park £112,739 Basildon GF Office November 2019 8,351 Schenker Ltd 5 none (£14.55) Mayne House, Juniper Park £60,750 Basildon Office November 2019 4,500 Schenker Ltd 5 none (£13.50) Festival 57, Xpand Logistics Festival Way, Limited October £525,863 Basildon Industrial 2019 56,850 10 none (£9.25) Comparison to Subject Comparable 1: Most recent industrial letting within the subject property. The tenant is on half rent for 18 months. In terms of our approach to ERV for this unit we have made an adjustment for quantum, as the unit is approx. 50% smaller than the neighbouring units. O Comparable 2: Represents one of the two most recent letting in the scheme to the same occupier Schenker. The «n S Ground Floor unit is located adjacent to their industrial unit and has its own entrance. * s o Comparable 3: Representative of a letting of office space within Mayne House on the subject property. u 4 Comparable 4: Similar unit size to the subject and comparable location. Modern building. Let to a Logistic s operator. Taking the above transactions into consideration, we have adopted the following Market Rent; in u in - Unit 1: £8.25 sq ft headline Q - Unit 2: £8.00 sq ft headline in - Unit 3: £7.50 sq ft headline - Unit 4: £8.00 sq ft headline - Offices: £13.50 per sq ft headline OPINION OF In formulating our opinion of Market Value we have researched the local market and where appropriate YIELD spoken with in house agency teams. We have had regard to the following transactions; 401

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 WAULT Property Address Date Area (Sq Ft) Passinq Rent £ pa Comments (Years) Purchase Price £ (NIY) Juniper Park, Fenton 4.2 (3.0) 32,724,000 Way, Basildon October 2020 WAULTC £1,730,415 (4.79%) The Subject Property 2 Industrial Warehouses, 12m 62& 75 - Boxset, £19,540,000 eaves and 5 dock level loading Basildon June 2020 136,576 n/a n/a (VP) doors Quarry Wood Industrial Estate, Mills Road, £38,005,000 Aylesford July 2020 458,000 2.19 £2,310,000 (5.69% NIY) Total site area 1 6 acres Units 1 & 2, Quoting Maxmoor House, September £19,575,000 Dartford 2020 118,373 3.00 £1,044,580 (5.00% NIY) Constructed early 1980’s Comparison to Subject Comparable 1: This is the sale of the subject property which provides the most useful evidence for what the asset would likely achieve if put for sale on the open market at the valuation date. o «g Comparable 2: Sold with vacant possession. The site was bought and developed by Wrenbridge in 2018. Sold to 5 Legal & General UK. O Comparable 3: The Quarry Wood Industrial Estate extends to a site area of 16 acres and it an older style industrial u estate. Represents £2,375,000 per acre and with short dated income would suggest that the estate was acquired 4 for its latent redevelopment prospects. Comparable 4: Maxmoor House Dartford came onto the market in September 2020 and shares a number of characteristics with the subject property: constructed in the 1980’s it provides warehouse and ancillary office accommodation. It is multilet and shares a similar term certain to the subject. Current rent passing represents £8.24 per sq ft. Taking the above transactions into consideration, we have adopted a capitalisation rate of 6.51% (Equivalent Yield). VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â–The property is held freehold. â– Our opinion of ERV is £2,485,227 per annum. â–Industrial Units: We have applied expiry voids of 6 months to the units with unexpired terms of less than 5 years and assumed renewal incentives in the form of 3 month rent free period. â– Office Space: We have applied expiry voids of 12 months and renewal incentives in the form of a 6-month rent free period. On the vacant elements we have applied a letting void of 12 months and rent-free period of 6 months â– We have applied empty rates for the duration of the void periods. â– We have applied £0.25 per sq ft per annum service charge shortfalls for the duration of the void periods. â– We have assumed Letting and Legal fees at 15% of the market rent for each unit. â– We have capitalised the income at an equivalent yield of 6.50%. 402

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 After the deduction of purchasers’ costs, our opinion of the property is £32,000,000 exclusive of VAT. This gives a Capital Value of £114.84 per sq ft. We have included a total capex sum of £767,000 for works required in the immediate term and from years 2-5. £32,000,000 (Thirty Two Million Pounds) exclusive of VAT Net Initial Yield 4.70% Equivalent Yield 6.49% Reversionary Yield (29/05/2026) 7.07% Reflecting a capital value per sq ft of £1,236.12 per sq m (£114.84 per sq ft). VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting METHODOLOGY: the following inputs and rationale; VACANT POSSESSION â– We have made the Special Assumption that the property is vacant at the valuation date. VALUE â– The property is held freehold. â– Our opinion of ERV is £2,485,227 per annum. â– Industrial Units: We have applied current voids of 6 months and incentives in the form of 3 month rent free period. â– Office Space: We have applied current voids of 12 months and rent-free period of 6 months . â– We have applied empty rates for the duration the void periods. â– We have applied £0.25 per sq ft per annum service charge shortfalls for the duration of the void periods. â– We have assumed Letting and Legal fees at 15% of the market rent for each unit. â– We have capitalised the income at an equivalent yield of 7.50%. â– We have applied standard purchasers’ costs. £27,190,000 (Twenty Seven Million One Hundred and Ninety Thousand Pounds) exclusive of VAT Equivalent Yield 7.50% Reversionary Yield 8.23% Reflecting a capital value per sq ft of £1,053.67 per sq m (£97.89 per sq ft). The Property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. For indicative purposes only, we ESTIMATED estimate that the reinstatement cost for the building for loan security purposes would be REINSTATEMENT £40,728,000 on a day one basis including fees but excluding VAT and inflation. These figures COST should be compared with the current sum insured and if a material discrepancy exists we suggest ASSESSMENT (RCA) that a full Reinstatement Cost Assessment is carried out. 403 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 REMAINING We are of the opinion that the subject property has a remaining economic life of 25 ECONOMIC LIFE years. 404

PROPERTY ID: 38 - DSV, Kingsbury Link ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL DSV, Kingsbury Link - Tamworth, B78 2EX, United Kingdom Glasgowo ©Edinburgh United FREASLEY Kingdom Isle of Man Dublin Manchester Ireland 9 A Amsterdam ® Netherlands T NR ATHERSTONE London Brussels Cologne ® Belgium Luxembourg Piccadilly Wood End < o s Paris 7 8 Go: gle Map data ©2021 GeoBasis-DE/BKG (©2009), Google, Inst. Geogr. Nacional Google Map data ©2021 VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 18,750,000 Total Area (sq ft) 213,868 Market Value (per sq ft) 88 WAULT to Break by Rent 3.27 Net Initial Yield 6.12% WAULT to Break by ERV 3.27 Reversionary Yield 5.92% WAULT to Expiry by Rent 3.27 Equivalent Yield 5.75% WAULT to Expiry by ERV 3.27 Gross Income (p.a.) 1,225,000 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 6 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 1,225,000 Number of Tenants 1 Adj. Gross Income (per sq ft) 6 Tenure Freehold Net Income (p.a.) 1,225,000 Expiry Voids (months) 9 Net Income (p.a.) (per sq ft) 6 Gross Rental Value 1,185,000 Gross Rental Value (per sq ft) 6 Capital Expenditure 0 Transaction Costs 6.74% Over / Under Rented 3.38% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent DSV Road Limited 3.27 3.27 213,868 1,225,000 1,185,000 100.0% - - - - - - - - - - - - Other - - -Vacant n/a n/a n/a - n/a Total 3.27 3.27 213,868 1,225,000 1,185,000 100.0% Printed 01/02/2021 13:26 405 CBRE

PROPERTY ID: 38 - DSV, Kingsbury Link ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 1,400,000 100.00% 1,200,000 +- * 1,000,000 c aj 800,000 oi U1 600,000 O 400,000 O 200,000 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â–> 9 yrs Printed 01/02/2021 13:26 406 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY REPORT DSV, KINGSBURY LINK, TRINITY ROAD, TAMWORTH INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: NICHOLAS AGER MRICS 18/09/2020 30/09/2020 DISTRIBUTION WAREHOUSE KEY VALUATION FACTORS STRENGTHS WEAKNESSES Good location with reasonable access to the The property has an irregular L-shaped national motorway network. configuration. Let to a good covenant. Not an immediate motorway location. The property has a good eaves height and is Let with a short unexpired term (3.27 years). partly cross docked. The property appears to be slightly over rented Good demand for distribution warehouse (3.38%). investments. OPPORTUNITIES THREATS Regear and extend the lease term. Potentially significant capex at lease expiry as the lease is subject to a schedule of condition. Potential to extend the unit slightly. LOCATION & SITUATION LOCATION & Tamworth is situated in Staffordshire and lies to the north east of the West Midlands SITUATION conurbation. The town lies approximately 25.7 km (16.0 miles) north east of Birmingham, 46.7 km (29.0 miles) south of Derby and 48.3 km (30.0 miles) west of Leicester. Tamworth benefits from good road communications and is situated adjacent to Junction 10 of the M42 motorway and its intersection with the A5. The M42 provides access to the M6, Ml, M40 and M5 and M6 Toll motorways. Tamworth is served by the national rail network and has a fastest journey time to London Euston of 1 hour 20 minutes. The subject Property is situated at Kingsbury Link, a small industrial/warehousing development off Trinity Road, approximately 1.5 miles south west of Junction 10 of the M42 and 3.5 miles south east of Tamworth town centre. The property sits adjacent to large sites occupied by TNT and RTI. CBRE 407

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 PROPERTY DESCRIPTION DESCRIPTION The property comprises an L-shaped distribution warehouse, which we understand was originally constructed in 1998 and extended in 2010. It includes three storey integral offices. The property is of steel portal frame construction with three bays to the original build and three to the extension. The elevations are clad with profile metal as is the roof, which incorporates roof lights. The eaves height to both the original bays and extension is approximately 12.12m. The warehouses is served by a total of 44 dock loading doors (of which one is an internal bay) and five level access doors. The original warehouse includes loading doors to both sides. Internally lighting is provided by fluorescent strips and there is no heating or sprinkler system. Two large canopies are situated on either side of the warehouse. The original warehouse includes two small mezzanine areas. The three storey offices are situated to the roadside of the original warehouse and include a small entrance/reception area. The offices are largely open plan and the ground floor includes a drivers area with rest rooms, showers and toilets. The first and second floors include a basic refurbished specification with raised access floors, suspended ceilings and recessed lighting. Heating is provided by wall mounted radiators. Externally the property includes two tarmac surfaced car parking areas either side of the road entrance. A gatehouse with separate barrier controlled entrance and exit provides access to the two yard areas. The main yard is broadly rectangular with a concrete surface and is floodlit and drained. It includes lorry parking areas as well as a large surface mounted diesel tank with adjacent fuel pumps and red diesel tank. A smaller northern yard is situated to the other side of the original warehouse. A small strip of undeveloped land is situated to the south of the extension, BUILDING AGE Built in 1997 and extended in 2008. SITE AREA 4.78 ha (11.81 acres) As instructed, we have relied upon floor areas provided in an Area Referencing Report, prepared by Lane & Frankham, dated August 2020 Ref. LF2895, which we understand to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR / UNIT USE SQM SQ FT Ground Warehouse 15,320.8 164,912 Ground Offices 1,039.5 11,189 First Offices 885.4 9,530 Second Offices 883.7 9,512 TOTAL 18,129.4 195,143 Additionally the property includes two canopy areas, which are not included in the Area Referencing Report. We have taken the floor areas for these from the Valuation Office Agency Website entry and which total 1,739.61 sq m (18,725 sq ft) (5,974 sq ft and 12,751 sqft). 408 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 STATE OF REPAIR CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection for valuation purposes. We have been provided with a Technical Due Diligence report prepared by Arcadis dated 10 August 2020. The report states that overall, the property is in a fair condition commensurate with its age and use and the tenant has maintained the property to a reasonable standard. There is some general wear and tear to the office and warehouse areas. The report identifies that the property is let on FRI terms but limited to a Schedule of Condition which highlights numerous defects to the yard, cladding, roof, warehouse slab and offices. The report identifies repairing issues including cut edge corrosion; impact damage and solar degradation to profile cladding; cracking to the concrete yard slab as well as poor condition of the ground floor offices. During our inspection we noted a wide gap between concrete slabs adjacent to the diesel tank in the yard that appears to be due to subsidence. We recommend that this is investigated further to ensure it is not an ongoing issue or related to historic mining activity in the area. The report identifies total landlord’s repairing costs of £906,880 excluding fees, the majority of which are in years 2-5. We have not explicitly reflected these in our opinion of Market Value as we are of the opinion a perspective purchaser would not do so given that the tenant may well renew or extend their lease. ENVIRONMENTAL CONSIDERATIONS We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient to affect value. We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Phase 1 Environmental Report carried out by Ambiente Group UK Ltd dated June 2019. The report assesses that the level of environmental risk associated with the site is assessed to be acceptably low for the current use and no further environmental investigation or assessment is considered necessary prior to acquisition. Furthermore the report states on the basis of the information provided for review, subject to the implementation of the recommendations outlined and continued current use, the site can be considered acceptable security for funding from an environmental standpoint. According to Ambiente the site was formerly developed with infrastructure (railway sidings) relating to a coal mine to the adjacent south west. It is understood that the site was subject to reclamation works in relation to the colliery and that site observations (from former site investigations) confirmed that “the majority of colliery waste has been removed” predevelopment. A c.40,000 litre diesel tank has been used to refuel the fleet since development (which has been disused for 2-3 years, with the tank remaining in-situ). The report refers to a CON29M Coal Mining Report (dated July 2020), which states that the property is in a surface area that could be affected by underground mining in 3 seams of coal at 200m to 310m depth, and last worked in 1978. The property is not within a surface area that could be affected by present underground mining and no future underground coal mining is planned. According to the report there are no known coal mine 409

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION 30/09/2020 DATE: entries within, or within 20m of, the boundary of the property and no former opencast mining has been undertaken at the site. According to the report the property has an EPC with a rating of D76. The report states that according to the Gov.UK interactive long term flood risk maps, the property is located in an area designated as having a very low risk of flooding from rivers or the sea. The chance of flooding each year is less than 1 in 1000 (0.1%). TENURE We have been provided with a draft Certificate of Title prepared by Herbert Smith FreehilIs LLP. We understand that the property is held freehold under title WK388482. The Certificate states that pursuant to a conveyance dated 21 January 1987 made between National Coal Board and CP Holdings Limited that part of the property together with the disused mine shafts there were reserved to the Board all interests of the Board in any mines (other than the shafts mentioned), beds and seams of coal and minerals and all necessary rights to mine such deposits and except as provided by the Coal Mining (Subsidence) Act 1957 the Board is not liable to make good or compensate any loss or damage caused by such operations. We understand form the certificate that the Board have not exercised any mining rights at the property. The property benefits from two title indemnity policies dated 23 December 2013. The first being Chancel Repair liability insurance with an original limit of indemnity of £1 m, increasing by 5% per annum for the first 10 years. A second title indemnity policy covers freehold restrictive covenants and/or unknown rights, easements, agreements, conditions, stipulations imposed before the policy date which are still subsisting and capable of being enforced or are contravened by the insured use. The limit of indemnity is £13,066,000 increasing by 5% of the original amount per annum on each of the first ten anniversaries. An additional title indemnity policy, dated 2 September 2020, covers the property and an adjoining property for a defective title due to missing deeds with an indemnity limit of £26,850,000. According to the Certificate the property is let to DSV Road Limited and guaranteed by DSV Road Holding A/S for a term of 10 years from 6 January 2014 and expiring 5 January 2024. The current passing rent is £1,225,000 per annum and there are no further rent reviews. We understand that the property is subject to a schedule of condition. We have been provided with a Legal Overview Report prepared by Osborne Clarke, which states that “The Chargee may have to provide a deed of covenant in favour of The Coal Board in respect of restrictive covenants relating to the protection of mine shafts situated on the Property”. The Coal Mining Report referred to above however says that there are no known coal mine entries within, or within 20m of, the boundary of the property. VALUATION CONSIDERATIONS MARKETABILITY The property is let with three years unexpired to a reasonable covenant. It occupies a reasonably AND POTENTIAL good location with good access to Junction 10 of the M42. It has an unusual irregular PURCHASERS configuration, which may deter some occupiers and investors. The property is considered to be slightly over rented. There is currently strong demand for distribution warehouse investments in good locations. We would anticipate good investment demand from property companies and specialist industrial/logistics funds. MARKETING PERIOD We are of the opinion that six months should be allowed to find a willing buyer. 410

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 EXPOSURE 6 months. PERIOD CURRENT VOID Not applicable. PERIODS COSTS AND We have not made any cost adjustments in forming our opinion of Market Value. ADJUSTMENTS OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; Property Use Date Area (Sq Tenant Lease Break Rent £ pa Address Ft) Length (sqft) (years) Lloyds Transport, February Lloyds Relay Park, Distribution 2020 85,000 Transport 10 N/A £6.75 CLX, Core 42, Tamworth Distribution April 2019 160,825 Greencore 10 N/A £6.50 Hub 120, £6.25 Birmingham Distribution Available 119,499 Beeswift 16 10 years Headline Acel35, Relay Park, Tamworth Distribution Available 135,595 Q £6.75 Comparison to Subject Comparable 1: The comparable is a well specified modern warehouse in a prime location adjacent to JI 0 of the M42. We are of the opinion that the subject property would achieve a lower rent given its distance from the motorway location and irregular configuration. Comparable 2: This letting at Core 42 comprises a brand new distribution warehouse with a superior specification including 12m eaves and 14 dock loading doors. It is located closer to JI 0 of the M42 and as such it would achieve a higher rate. O Comparable 3: Hub 120 is a new build distribution warehouse let with a commencing rent of £6.25 per sq ft rising S «n at 2.5% p.a. to £6.25 per sq ft in year five. The tenant received 10 months rent free. The subject property would * s achieve a lower headline rate. u o Comparable 4: Acel 35 is a new build distribution warehouse adjacent to JI 0 of the M42 with 12m eaves and 12 4 dock loading doors. This property would achieve a higher rent per sq ft. in u in Taking the above transactions into consideration, we have adopted a Market Rent of £1,185,000, equating to; Q - Warehouse and offices: £6.00 sq ft headline in - Canopies: £0.75 sq ft headline 411 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 OPINION OF In formulating our opinion of Market Value we have researched the local market and where appropriate YIELD spoken with in house agency teams. We have had regard to the following transactions; Comparable 1: The property is of a similar age with a similar unexpired term. The comparable is let to a stronger tenant WAULT Passinq Rent £ Property Address Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) DHL, Unit 3220 Sold by Picton to CCLA. Magna Park, E15.9M Built 1989 with 10m eaves and Lutterworth Jan 2020 159,956 3.00 £980,699 (5.78%) 30 dock doors. Barsan Global Logistics, Prologis Sale & leaseback. Built in 2006 E8.20M with 10m eaves. Park, Coventry July 2020 73,000 5.00 £507,350 (5.80) Sold by Railways Pension Fund £22.0M Wincanton, Gloucester Oct 2020 241,505 3.30 £1,440,000 (6.13%) to Exeter Property Group Sold to Revelan. Built in 1993 ZF Services, Eldon £7.10M with 10m eaves and 6 dock Way, Crick Dec 2019 96,210 0.42 £495,000 (6.60% NIY) doors. The tenant was vacating. Comparison to Subject and occupies a slightly superior location. Comparable 2: This property is let with a longer unexpired term. It is also a more regular property occupying a superior location. Comparable 3: This property is of a similar age and let with a similar unexpired term. It occupies an inferior location but has a more regular configuration. Comparable 4: Whilst this property is of a similar age it is let with a much shorter unexpired term and the tenant was vacating at lease expiry. Taking the above transactions into consideration, we have adopted an equivalent yield of 5.75%. VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– A current rent of £1,225,000 per annum. â– A headline Market Rent of £1,185,000 per annum. â– An expiry void of nine months to reflect the headline Market Rent adopted. â– An equivalent yield of 5.75%. Once purchaser’s costs of 6.74% are deducted our opinion of Market Value is £18,750,000, which reflects an initial yield of 6.12% and £87.67 per sq ft. £18,750,000 (Eighteen Million Seven Hundred and Fifty Thousand Pounds) exclusive of VAT Net Initial Yield 6.12% Equivalent Yield 5.75% Reversionary Yield (06/10/2024) 5.92% Reflecting a capital value per sq ft of £943.67 per sq m (£87.67 per sq ft) (including canopies). 412 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting METHODOLOGY: the following inputs and rationale; VACANT POSSESSION â– We have assumed the property is vacant and non-income producing. VALUE â–We have applied a Headline Market Rent as per the breakdown detailed above, which reflects a total of £1,185,000 per annum. â– We have applied a 15-month letting void. We have applied a 9 month rent free assuming five years term certain. â– Empty rates are deducted for the marketing void, deferred 6 months for rates relief, and also letting fees based on 15% of Market Rent. â–We have deducted the capex identified in the building survey plus 15% for professional fees, totalling £1,042,912. â– We have applied an equivalent yield of 6.25%. £14,270,000 (Fourteen Million Two Hundred and Seventy Thousand Pounds) exclusive of VAT Equivalent Yield 6.25% Reversionary Yield 7.20% Reflecting a capital value per sq ft of £718.17 per sq m (£66.72 per sq ft) (including canopies). ESTIMATED REINSTATEMENT We have been provided with a Reinstatement Cost Assessment prepared by Arcadis, dated 2 COST September 2020. The Arcadis Reinstatement Cost is £20,159,700 on a day one basis including ASSESSMENT fees but excluding VAT and inflation. (RCA) REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 413

PROPERTY ID: 39 - Titan House, Kingsbury Link ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL Titan House, Kingsbury Link - Tamworth, B78 2EX, United Kingdom Glasgowo ©Edinburgh United FREASLEY Kingdom Isle of Man Dublin Manchester Ireland 9 A Amsterdam ® Netherlands T NR ATHERSTONE London Brussels Cologne ® Belgium Luxembourg Piccadilly Wood End < o s Paris 7 8 Go: gle Map data ©2021 GeoBasis-DE/BKG (©2009), Google, Inst. Geogr. Nacional Google Map data ©2021 VALUATION METRICS (currency - GBP) KEY FACTS Metric Value Metric Value Market Value 8,100,000 Total Area (sq ft) 89,408 Market Value (per sq ft) 91 WAULT to Break by Rent 2.71 Net Initial Yield 6.51% WAULT to Break by ERV 2.71 Reversionary Yield 5.95% WAULT to Expiry by Rent 4.71 Equivalent Yield 5.75% WAULT to Expiry by ERV 4.71 Gross Income (p.a.) 562,272 Percentage of Vacancy (Area) 0.00% Gross Income (p.a.) (per sq ft) 6 Percentage of Vacancy (ERV) 0.00% *Adj. Gross Income 562,272 Number of Tenants 1 Adj. Gross Income (per sq ft) 6 Tenure Leasehold Net Income (p.a.) 562,267 Expiry Voids (months) 12 Net Income (p.a.) (per sq ft) 6 Gross Rental Value 514,100 Gross Rental Value (per sq ft) 6 Capital Expenditure 0 Transaction Costs 6.67% Over / Under Rented 9.37% * Adjusted Gross Income equates to the Gross Income excluding any rent free periods LEASES RANKED BY RENT Tenant Name Term to Break Term to Expiry Area (sq ft) Rent ERV % of rent RTI International Metals Limited 2.71 4.71 89,408 562,272 514,100 100.0% - - - - Other -Vacant n/a n/a n/a n/a Total 2.71 4.71 89,408 562,272 514,100 100.0% Printed 01/02/2021 13:26 414 CBRE

PROPERTY ID: 39 - Titan House, Kingsbury Link ON BEHALF OF: BAML VALUATION DATE: 30-Sep-2020 FINAL RENT EXPIRY PROFILE 600,000 500,000 +-* 400,000 or: 300,000 i/) o 200,000 100,000 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038+ Year â– Vacant LEASE LENGTHS GROUPED ... â– < 1yr â– 1-3 yrs â– 3-6 yrs â– 6-9 yrs â– > 9 yrs Printed 01/02/2021 13:26 415 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 PROPERTY REPORT TITAN HOUSE, KINGSBURY LINK, TRINITY ROAD, TAMWORTH INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE: NICHOLAS AGER MRICS 18/09/2020 30/09/2020 INDUSTRIAL KEY VALUATION FACTORS STRENGTHS WEAKNESSES â– Good location with reasonable access to the â– The property has a low eaves height and would national motorway network. not suit warehouse operators given the low â– ,Let to a good. covenant. loading door provision. ...... .... . .. , â– Not an immediate motorway location. â– A well configured unit with good car parking and a good yard. â– Let with a short unexpired term certain (2.71 years). â– Good demand for industrial investments. â– The property is considered to be over rented (9.37%). OPPORTUNITIES THREATS Potentially negotiate the removal of the tenant’s The tenant exercises their break option in 2023. break option. The tenant does not fully utilise the whole of the property. Potentially significant capex at lease expiry as the lease is subject to a schedule of condition. LOCATION & SITUATION LOCATION & Tamworth is situated in Staffordshire and lies to the north east of the West Midlands SITUATION conurbation. The town lies approximately 25.7 km (16.0 miles) north east of Birmingham, 46.7 km (29.0 miles) south of Derby and 48.3 km (30.0 miles) west of Leicester. Tamworth benefits from good road communications and is situated adjacent to Junction 10 of the M42 motorway and its intersection with the A5. The M42 provides access to the M6, Ml, M40 and M5 and M6 Toll motorways. Tamworth is served by the national rail network and has a fastest journey time to London Euston of 1 hour 20 minutes. The subject Property is situated at Kingsbury Link, a small industrial/warehousing development off Trinity Road, approximately 1.5 miles south west of Junction 10 of the 416

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA VALUATION 30/09/2020 M42 and 3.5 miles south east of Tamworth town centre. The property sits adjacent to a large sites occupied by DSV and close to a large TNT depot. PROPERTY DESCRIPTION The property comprises an industrial unit with adjoining two storey office block dating from the 1990s. The property is of two bay steel portal frame construction. The elevations are clad with profile metal as is the roof, which has no roof lights. The eaves height is approximately 6.0m. It is served by four dock loading doors and two large level access doors. Internally lighting is provided by LED lamps and there is no heating or sprinkler system. To the front of the warehouse are ground floor offices together with workshop, stores and a canteen. The tenant has installed mezzanine offices above these. The adjoining two storey office block is of steel framed construction with brick elevations. Internally it includes a reception area to the ground floor. Both floors are largely open plan with solid carpeted floors, perimeter trunking, suspended ceilings and recessed lighting. Heating is provided by wall mounted radiators. Externally the property includes a large tarmac surfaced car parking to the front which has shared access with the yard. The yard is situated to the side of the warehouse and has a largely tarmac covered surface. It is floodlit and drained. BUILDING AGE Built in 1995. SITE AREA 2.28 ha (5.63 acres) As instructed, we have relied upon floor areas provided in an Area Referencing Report, prepared ACCOMMODATION by Plowman Craven, dated August 7 July 2020 Ref. 45455, which we understand to have been calculated in accordance with the RICS Code of Measuring Practice (6th Edition) on a Gross Internal Area (GIA) basis. FLOOR / UNIT USE SQM SQFT Ground Warehouse 6,957.0 74,884 Ground Offices 899.4 9,681 First Offices 449.9 4,843 TOTAL 8,306.3 89,408 Additionally there is a mezzanine area above the ground floor warehouse offices detailed in the Report, which extends to 437.8 sq m (9,555 sq m) DUE DILIGENCE CBRE have not undertaken a structural survey, nor tested the services. The property was subject to a limited inspection STATE OF REPAIR for valuation purposes. We have been provided with a Vendor’s Building Survey Report, dated 5 August 2020 (Ref 89162/RB/RH). report prepared by Malcolm Hollis LLP dated August 2019. Malcolm Hollis state that they see no reason to advise against proceeding with the proposed purchase of this building. They state that the property is now circa 25 years old and there are some 417

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 maintenance works which will require to be programmed and addressed, particularly to the external building fabric over the next five years. The report identifies some repairing issues including, minor roof leaks, damaged cladding, isolated areas where fire stopping is missing and also localised damage to the car park surface. We understand that the property is let with a schedule of condition. The report identifies total landlord’s non-recoverable repairing costs totalling £472,665, of which none are immediate but £178,130 in Years 2-5 and £294,535 in years 6-10. We have not explicitly reflected these in our opinion of Market Value as we are of the opinion a perspective purchaser would not do so given the tenant may well not exercise theire break option in 2023. We have not completed any investigations in relation to the presence or potential presence of contamination in land or buildings or the potential presence of other environmental risk factors and to assume that if investigations were made to an appropriate extent then nothing would be discovered sufficient ENVIRONMENTAL to affect value. CONSIDERATIONS We have not carried out investigation into past uses, either of the properties or of any adjacent lands, to establish whether there is any potential for contamination from such uses or sites, or other environmental risk factors and have therefore assumed that none exists. We have been provided with a Review of Phase I Environmental Assessment: RTI International, Kingsbury Link, Trinity Road, Piccadilly. Ramboll, July 2020 prepared by Nova Ambiente. This report provides an overview of the Phase I Environmental Assessment: RTI International, Kingsbury Link, Trinity Road, Piccadilly. Ramboll, July 2020, report. The review report states that based on the available information and given its setting and use the site is considered to be of low-moderate risk in respect of the potential for ground contamination to be identified as a risk to ongoing current use or environmental receptors. According to the report the majority of the site was labelled as part of a larger disused colliery spoil tip (1970s). Two basins were later present (1970s) which may relate to extraction of fireclay. The facility currently located on site produces metal titanium parts, predominantly within the defence sector. Storage of chemicals and raw materials used in the processes e.g. titanium, metalworking fluids and coolants, lubricants and oily waste water, is undertaken on-site. According to the Ramboll report based on a DSV Transport Ltd, Coal Authority Report, 2007 the last coal mining occurred in the area in 1978 within 3 seams of coal at 200 - 310 metres deep. No current or future coal mining activity is expected to occur, and no subsidence, ground gas or remedial works were highlighted in the report. The flood risk map states the site is in a very low risk area (each year this area has a chance of flooding of less than 0.1%). According to the building survey the property has a current EPC with a rating of C59. We have been provided with a draft Certificate of Title prepared by Herbert Smith Freehills LLP. We understand that the property is held leasehold under title WK388482. The Certificate states that the property is held for a term for 999 years from 22 June 2000 at a fixed rent of £5.00 per annum. The lease contains an option for the Tenant to purchase the freehold, exercisable from TENURE 22 June 2021 to 21 June 2101 for £1. The Certificate states that pursuant to a conveyance dated 21 January 1987 made between National Coal Board and CP Holdings Limited that part of the property together with the disused mine shafts there were reserved to the Board all interests of the Board in any mines

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 (other than the shafts mentioned), beds and seams of coal and minerals and all necessary rights to mine such deposits and except as provided by the Coal Mining (Subsidence) Act 1957 the Board is not liable to make good or compensate any loss or damage caused by such operations. We understand form the certificate that the Board have not exercised any mining rights at the property. The property benefits from two title indemnity policies. The first dated 25 April 2014 being Chancel Repair liability insurance with a limit of indemnity of £1 m. A second title indemnity policy dated 2 September 2020 covers the property and an adjoining property for a defective title due to missing deeds with an indemnity limit of £26,850,000. According to the Certificate the property is let to RTI International Metals Limited for a term of 5 years from 17 June 2020 and expiring 16 June 2025. The tenant has a break option on 16 June 2023 on six months’ notice. If the tenant does not exercise their break option they receive three months rent free. The current passing rent is £562,272 per annum and there are no rent reviews. We understand that the property is subject to a schedule of condition. We have been provided with a Legal Overview Report prepared by Osborne Clarke, which states that “The Chargee may have to provide a deed of covenant in favour of The Coal Board in respect of restrictive covenants relating to the protection of mine shafts situated on the Property”. The Ramboll report referred to above does not mention any coal mining entries within the boundary of the property. VALUATION CONSIDERATIONS MARKETABILITY AND POTENTIAL The property is let with 2.75 years unexpired to a reasonable covenant. It occupies a reasonably PURCHASERS good location with good access to Junction 10 of the M42. The property has relatively low eaves, which will likely restrict demand to industrial uses as opposed to warehousing. This is likely to reduce its investment appeal compared to distribution warehouse investments. The property is considered to be over rented. There is currently good demand for industrial investments in good locations. We would anticipate reasonable investment demand from property companies and specialist industrial funds. MARKETING PERIOD We are of the opinion that six months should be allowed to find a willing buyer. EXPOSURE PERIOD Six months CURRENT VOID Not applicable PERIODS COSTS AND We have not made any cost adjustments in formaing our opinion of Market Value. ADJUSTMENTS OPINION OF In formulating our opinion of Market Rent we have researched the local market and where MARKET RENT appropriate spoken with in house agency teams. We have had regard to the following transactions; CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 Lease Rent £ pa Property Area (Sq Use Date Tenant Length Break Address Ft) (sqft) (years) Lloyds Transport, February Lloyds Relay Park, Distribution 2020 85,000 Transport 10 N/A £6.75 CLX, Core 42, Tamworth Distribution April 2019 160,825 Greencore 10 N/A £6.50 Hub 120, £6.25 Birmingham Distribution Available 119,499 Beeswift 16 10 years Headline Acel35, Relay Park, Tamworth Distribution Available 135,595 Q £6.75 o Comparison to Subject «/ > Comparable 1: The comparable is a well specified modern warehouse in a prime location adjacent to JI 0 of the s M42. We are of the opinion that the subject property would achieve a lower rent given its distance from the * o s motorway location and inferior specification. u 4 Comparable 2: This letting at Core 42 comprises a brand new distribution warehouse with a superior specification in including 12m eaves and 14 dock loading doors. It is located closer to JI 0 of the M42 and has a far superior u specification and as such it would achieve a higher rate. in Q Comparable 3: Hub 120 is a new build distribution warehouse let with a commencing rent of £6.25 per sq ft rising in at 2.5% p.a. to £6.25 per sq ft in year five. The tenant received 10 months rent free. The subject property would achieve a lower headline rate. Comparable 4: Acel 35 is a new build distribution warehouse adjacent to JI 0 of the M42 with 12m eaves and 12 dock loading doors. This property would achieve a higher rent per sq ft. Taking the above transactions into consideration, we have adopted a Market Rent of £514,100 per annum, equating to £5.75 per sq ft. We have not applied a rate to the mezzanine offices. OPINION OF In formulating our opinion of Market Value we have researched the local market and where YIELD appropriate spoken with in house agency teams. We have had regard to the following transactions; 420 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 WAULT Passinq Rent £ Property Address Date Area (Sq Ft) Comments (Years) pa Purchase Price £ (NIY) Sold by Picton to CCLA. DHL, Unit 3220 Magna £15.9M Built 1989 with 10m eaves and Park, Lutterworth Jan 2020 159,956 3.00 £980,699 (5.78%) 30 dock doors. Barsan Global Logistics, Sale & leaseback. Built in 2006 £8.20M with 10m eaves. Prologis Park, Coventry July 2020 73,000 5.00 £507,350 (5.80) Sold by Railways Pension Fund £22.0M Wincanton, Gloucester Oct 2020 241,505 3.30 £1,440,000 (6.13%) to Exeter Property Group Sold to Revelan. Built in 1993 ZF Services, Eldon E7.10M (6.60% with 10m eaves and 6 dock Way, Crick Dec 2019 96,210 0.42 £495,000 NIY) doors. The tenant was vacating. Comparison to Subject Comparable 1: The property is of a similar age with a similar unexpired term. The comparable however has a superior specification, is let to a stronger tenant and occupies a slightly superior location. Comparable 2: This property is let with a longer unexpired term. It also has a superior specification and occupies a superior location. Comparable 3: This property is of a similar age and let with a similar unexpired term. It occupies an inferior location but has a superior specification. Comparable 4: Whilst this property is of a similar age it is let with a shorter unexpired term and the tenant was vacating at lease expiry. Taking the above transactions into consideration, we have adopted an equivalent yield of 5.75%. VALUATION In arriving at our opinion of Market Value we have had regard to the market evidence above in METHODOLOGY: comparison to the subject property. We have adopted the following inputs and rationale; MARKET VALUE â– We have reflected the leasehold tenure and deducted the ground rent of £5 per annum. â– A current gross rent of £562,272 per annum. â– A headline Market Rent of £514,100 per annum. â– An expiry void of 12 months to reflect the headline Market Rent adopted. â– An equivalent yield of 5.75%. â– Once purchaser’s costs of 6.67% are deducted our opinion of Market Value is £8,100,000, which reflects an initial yield of 6.51% and £90.60 per sq ft. £8,100,000 (Eight Million One Hundred Thousand Pounds) exclusive of VAT Net Initial Yield 6.51% Equivalent Yield Reversionary Yield (20/10/2028) 5.75% 5.95% Reflecting a capital value per sq ft of £975.21 per sq m (£90.60 per sq ft). 421 CBRE

PROJECT NAME: UNITED IV ON BEHALF OF: BANK OF AMERICA MERRILL LYNCH VALUATION DATE: 30/09/2020 VALUATION In arriving at our opinion of Vacant Possession Value we have had regard to the market adopting METHODOLOGY: the following inputs and rationale; VACANT â– We have assumed the property is vacant and non-income producing. POSSESSION VALUE â– We have applied a Headline Market Rent as detailed above, which reflects a total of £514,100 per annum. â– We have applied an 18 month letting void. We have applied a 6 month rent free assuming five years term certain. â– Empty rates are deducted for the marketing void, deferred 6 months for rates relief, and also letting fees based on 15% of Market Rent. â– We have included the capex identified in the building survey up to year 5 totalling £178,130. â– We have applied an equivalent yield of 6.75%. £5,840,000 (Five Million Eight Hundred and Forty Thousand Pounds) exclusive of VAT Equivalent Yield 6.75% Reversionary Yield 7.93% Reflecting a capital value per sq ft of £703.44 per sq m (£65.32 per sq ft). ESTIMATED We have been provided with a Reinstatement Cost Assessment prepared by Arcadis, dated 6 REINSTATEMENT August 2020. The Arcadis Reinstatement Cost is £10,093,300 on a day one basis including fees COST ASSESSMENT but excluding VAT and inflation. (RCA) REMAINING ECONOMIC LIFE We are of the opinion that the subject property has a remaining economic life of 25 years. 422

PART VII

APPENDICES

APPENDICES 423

Appendix A Valuation Printout

424

REPORT    Valuation Summary

Report Date	25 January 2021
Valuation Date	30 September 2020

Portfolio

Name	BAML - United IV MV
Gross Valuation			£455,884,368
Capital Costs			-£5,855,961
Net Value Before Fees			£450,028,408
Less Acquisition costs			-£28,296,701
Net Valuation			£421,731,707
		Say	£422,025,000
Equivalent Yield			5.5636	%
True Equivalent Yield			5.7556	%
Initial Yield (Deemed Rent)			4.2334	%
Initial Yield (Contracted Rent)			4.1638	%
Reversion Yield			5.3884	%

Running Yields

Date	Gross Rent		Net Rent		Annual			Quarterly
30-Sep-2020	£	19,904,378	£	19,299,271		4.2334	%		4.3478	%
19-Oct-2020	£	19,846,953	£	19,241,846		4.2208	%		4.3345	%
25-Oct-2020	£	19,850,503	£	19,245,396		4.2216	%		4.3353	%
31-Oct-2020	£	19,901,833	£	19,296,726		4.2328	%		4.3472	%
01-Nov-2020	£	19,387,033	£	18,743,494		4.1115	%		4.2193	%
15-Nov-2020	£	19,410,291	£	18,766,752		4.1166	%		4.2247	%
16-Nov-2020	£	19,443,991	£	18,800,452		4.1240	%		4.2325	%
07-Dec-2020	£	19,419,141	£	18,775,602		4.1185	%		4.2267	%
11-Dec-2020	£	19,497,936	£	18,854,397		4.1358	%		4.2449	%
15-Dec-2020	£	19,451,936	£	18,808,397		4.1257	%		4.2343	%
16-Dec-2020	£	19,466,893	£	18,823,354		4.1290	%		4.2378	%
21-Dec-2020	£	19,451,693	£	18,808,154		4.1256	%		4.2343	%
25-Dec-2020	£	19,328,248	£	18,684,709		4.0986	%		4.2057	%
30-Dec-2020	£	19,303,016	£	18,616,506		4.0836	%		4.1900	%
01-Jan-2021	£	19,112,361	£	18,425,851		4.0418	%		4.1460	%
31-Jan-2021	£	18,923,751	£	18,237,241		4.0004	%		4.1025	%
12-Feb-2021	£	18,926,512	£	18,240,002		4.0010	%		4.1031	%
15-Feb-2021	£	18,776,512	£	18,090,002		3.9681	%		4.0685	%
01-Mar-2021	£	18,797,207	£	18,110,697		3.9727	%		4.0733	%
02-Mar-2021	£	18,629,807	£	17,943,297		3.9359	%		4.0347	%

Portfolio: BAML - United IV MV

CIRCLE VISUAL INVESTOR 2.50.080

425

REPORT    Valuation Summary

Report Date	25 January 2021
Valuation Date	30 September 2020

09-Mar-2021	£	18,537,807	£	17,851,297	3.9158	%	4.0135	%
15-Mar-2021	£	18,587,407	£	17,900,897	3.9266	%	4.0249	%
21-Mar-2021	£	18,595,707	£	17,896,773	3.9257	%	4.0240	%
25-Mar-2021	£	18,589,741	£	17,861,807	3.9181	%	4.0159	%
30-Mar-2021	£	18,589,741	£	17,314,509	3.7980	%	3.8899	%
01-Apr-2021	£	18,755,584	£	17,463,872	3.8308	%	3.9243	%
06-Apr-2021	£	18,798,616	£	17,506,904	3.8402	%	3.9342	%
19-Apr-2021	£	18,867,526	£	17,575,814	3.8553	%	3.9500	%
24-Apr-2021	£	18,840,941	£	17,549,229	3.8495	%	3.9439	%
30-Apr-2021	£	19,092,128	£	17,800,416	3.9046	%	4.0018	%
01-May-2021	£	19,092,128	£	17,711,384	3.8851	%	3.9813	%
04-May-2021	£	18,977,128	£	17,596,384	3.8598	%	3.9548	%
23-May-2021	£	18,958,728	£	17,577,984	3.8558	%	3.9505	%
09-Jun-2021	£	18,921,428	£	17,540,684	3.8476	%	3.9420	%
11-Jun-2021	£	19,003,678	£	17,622,934	3.8657	%	3.9609	%
20-Jun-2021	£	18,982,929	£	17,602,185	3.8611	%	3.9561	%
21-Jun-2021	£	18,986,919	£	17,606,175	3.8620	%	3.9570	%
30-Jun-2021	£	19,038,789	£	17,664,673	3.8748	%	3.9705	%
01-Jul-2021	£	19,060,551	£	17,686,435	3.8796	%	3.9755	%
12-Jul-2021	£	19,180,951	£	17,806,835	3.9060	%	4.0032	%
15-Jul-2021	£	19,199,751	£	17,825,635	3.9101	%	4.0076	%
28-Jul-2021	£	19,170,751	£	17,796,635	3.9038	%	4.0009	%
01-Aug-2021	£	19,715,194	£	18,341,078	4.0232	%	4.1264	%
03-Aug-2021	£	19,679,090	£	18,304,974	4.0153	%	4.1181	%
07-Aug-2021	£	19,587,294	£	18,213,178	3.9951	%	4.0969	%
20-Aug-2021	£	19,566,545	£	18,192,429	3.9906	%	4.0921	%
23-Aug-2021	£	19,566,545	£	18,179,957	3.9878	%	4.0893	%
27-Aug-2021	£	19,409,840	£	18,023,252	3.9535	%	4.0531	%
30-Aug-2021	£	19,402,937	£	18,016,349	3.9520	%	4.0515	%
07-Sep-2021	£	19,453,067	£	18,066,479	3.9630	%	4.0631	%
11-Sep-2021	£	19,534,970	£	18,148,382	3.9809	%	4.0820	%
20-Sep-2021	£	19,534,970	£	18,136,292	3.9783	%	4.0792	%
30-Sep-2021	£	20,586,674	£	20,046,066	4.3972	%	4.5207	%
01-Oct-2021	£	20,350,699	£	19,778,885	4.3386	%	4.4588	%
23-Oct-2021	£	20,599,580	£	20,027,766	4.3932	%	4.5165	%
24-Oct-2021	£	20,630,840	£	20,059,026	4.4000	%	4.5237	%
31-Oct-2021	£	20,577,528	£	20,005,714	4.3883	%	4.5114	%
01-Nov-2021	£	20,683,046	£	20,238,696	4.4394	%	4.5654	%
03-Nov-2021	£	20,683,046	£	20,214,540	4.4341	%	4.5598	%
07-Nov-2021	£	20,640,546	£	20,123,482	4.4142	%	4.5387	%
10-Nov-2021	£	20,577,178	£	20,060,114	4.4003	%	4.5240	%
23-Nov-2021	£	20,602,122	£	20,085,058	4.4057	%	4.5298	%
29-Nov-2021	£	20,581,373	£	20,064,309	4.4012	%	4.5250	%

Portfolio: BAML - United IV MV CIRCLE VISUAL INVESTOR 2.50.080 Page 2

426

REPORT    Valuation Summary

Report Date	25 January 2021
Valuation Date	30 September 2020

15-Dec-2021	£	20,551,065	£	20,034,001	4.3945	%	4.5179	%
20-Dec-2021	£	20,601,065	£	20,084,001	4.4055	%	4.5295	%
21-Dec-2021	£	20,601,065	£	20,096,425	4.4082	%	4.5324	%
24-Dec-2021	£	20,603,651	£	20,099,011	4.4088	%	4.5330	%
25-Dec-2021	£	20,730,925	£	20,226,285	4.4367	%	4.5625	%
30-Dec-2021	£	20,799,193	£	20,334,209	4.4604	%	4.5876	%
01-Jan-2022	£	20,799,193	£	20,350,689	4.4640	%	4.5914	%
03-Jan-2022	£	20,872,671	£	20,424,167	4.4801	%	4.6084	%
07-Jan-2022	£	20,874,771	£	20,426,267	4.4806	%	4.6089	%
16-Jan-2022	£	20,877,078	£	20,425,017	4.4803	%	4.6086	%
20-Jan-2022	£	20,880,178	£	20,428,117	4.4810	%	4.6093	%
23-Jan-2022	£	20,742,348	£	20,290,287	4.4508	%	4.5774	%
24-Jan-2022	£	20,633,214	£	20,181,153	4.4268	%	4.5521	%
28-Jan-2022	£	20,663,796	£	20,211,735	4.4335	%	4.5592	%
03-Feb-2022	£	20,712,108	£	20,260,047	4.4441	%	4.5704	%
04-Feb-2022	£	20,874,229	£	20,422,168	4.4797	%	4.6080	%
15-Feb-2022	£	21,131,528	£	20,679,467	4.5361	%	4.6677	%
23-Feb-2022	£	21,131,528	£	20,691,939	4.5389	%	4.6706	%
02-Mar-2022	£	21,409,358	£	20,969,769	4.5998	%	4.7351	%
09-Mar-2022	£	21,540,508	£	21,100,919	4.6286	%	4.7656	%
20-Mar-2022	£	21,564,687	£	21,137,187	4.6365	%	4.7741	%
21-Mar-2022	£	21,589,536	£	21,162,036	4.6420	%	4.7798	%
25-Mar-2022	£	21,650,396	£	21,222,896	4.6553	%	4.7940	%
30-Mar-2022	£	22,069,544	£	21,911,261	4.8063	%	4.9542	%
01-Apr-2022	£	22,093,813	£	21,863,237	4.7958	%	4.9431	%
05-Apr-2022	£	22,120,537	£	21,889,961	4.8016	%	4.9493	%
16-Apr-2022	£	22,120,537	£	21,893,519	4.8024	%	4.9501	%
26-Apr-2022	£	22,120,337	£	21,893,319	4.8024	%	4.9501	%
03-May-2022	£	22,120,337	£	21,917,475	4.8077	%	4.9557	%
10-May-2022	£	22,175,978	£	21,939,297	4.8125	%	4.9608	%
18-May-2022	£	22,015,978	£	21,779,297	4.7774	%	4.9235	%
20-May-2022	£	22,040,922	£	21,804,241	4.7828	%	4.9293	%
27-May-2022	£	22,205,462	£	21,968,781	4.8189	%	4.9676	%
29-May-2022	£	22,230,360	£	21,993,679	4.8244	%	4.9735	%
02-Jun-2022	£	22,241,210	£	22,004,529	4.8268	%	4.9760	%
16-Jun-2022	£	22,265,310	£	22,028,629	4.8321	%	4.9816	%
25-Jun-2022	£	22,330,510	£	22,093,829	4.8464	%	4.9968	%
27-Jun-2022	£	22,312,421	£	22,075,740	4.8424	%	4.9926	%
30-Jun-2022	£	22,439,000	£	22,224,120	4.8749	%	5.0272	%
01-Jul-2022	£	22,877,547	£	22,662,667	4.9711	%	5.1295	%
16-Jul-2022	£	22,936,247	£	22,721,367	4.9840	%	5.1432	%
23-Jul-2022	£	22,936,247	£	22,681,175	4.9752	%	5.1338	%
24-Jul-2022	£	22,936,247	£	22,635,863	4.9653	%	5.1233	%

Portfolio: BAML - United IV MV CIRCLE VISUAL INVESTOR 2.50.080 Page 3

427

REPORT    Valuation Summary

Report Date	25 January 2021
Valuation Date	30 September 2020

28-Jul-2022	£	22,937,189	£	22,636,805	4.9655	%	5.1235	%
30-Jul-2022	£	22,958,933	£	22,658,549	4.9702	%	5.1286	%
07-Aug-2022	£	23,005,843	£	22,705,459	4.9805	%	5.1395	%
11-Aug-2022	£	23,011,087	£	22,710,703	4.9817	%	5.1407	%
18-Aug-2022	£	23,020,490	£	22,680,542	4.9751	%	5.1337	%
01-Sep-2022	£	23,053,292	£	22,713,344	4.9823	%	5.1414	%
03-Sep-2022	£	23,034,416	£	22,694,468	4.9781	%	5.1369	%
12-Sep-2022	£	23,050,436	£	22,710,488	4.9816	%	5.1407	%
19-Sep-2022	£	22,953,436	£	22,613,488	4.9604	%	5.1180	%
28-Sep-2022	£	22,957,923	£	22,617,975	4.9613	%	5.1191	%
30-Sep-2022	£	23,871,423	£	23,531,475	5.1617	%	5.3326	%
01-Oct-2022	£	23,871,423	£	23,634,973	5.1844	%	5.3569	%
02-Oct-2022	£	23,707,594	£	23,471,144	5.1485	%	5.3185	%
23-Oct-2022	£	23,845,424	£	23,608,974	5.1787	%	5.3508	%
24-Oct-2022	£	24,006,344	£	23,769,894	5.2140	%	5.3885	%
31-Oct-2022	£	24,064,544	£	23,828,094	5.2268	%	5.4021	%
01-Nov-2022	£	24,042,456	£	23,806,006	5.2219	%	5.3969	%
07-Nov-2022	£	24,042,456	£	23,854,564	5.2326	%	5.4083	%
26-Nov-2022	£	24,043,256	£	23,855,364	5.2328	%	5.4085	%
04-Dec-2022	£	23,975,784	£	23,786,803	5.2177	%	5.3924	%
06-Dec-2022	£	23,953,696	£	23,764,715	5.2129	%	5.3873	%
09-Dec-2022	£	23,998,796	£	23,809,815	5.2228	%	5.3978	%
15-Dec-2022	£	24,033,396	£	23,844,415	5.2304	%	5.4059	%
21-Dec-2022	£	24,038,298	£	23,849,317	5.2314	%	5.4071	%
30-Dec-2022	£	24,407,798	£	24,218,817	5.3125	%	5.4937	%
08-Jan-2023	£	24,410,984	£	24,222,003	5.3132	%	5.4944	%
17-Jan-2023	£	24,350,374	£	24,160,291	5.2997	%	5.4800	%
23-Jan-2023	£	24,352,749	£	24,202,858	5.3090	%	5.4899	%
24-Jan-2023	£	24,352,749	£	24,248,170	5.3189	%	5.5006	%
10-Feb-2023	£	24,419,849	£	24,349,089	5.3411	%	5.5242	%
18-Feb-2023	£	24,419,849	£	24,388,653	5.3497	%	5.5335	%
08-Mar-2023	£	24,423,299	£	24,392,103	5.3505	%	5.5343	%
27-Mar-2023	£	24,452,699	£	24,421,503	5.3570	%	5.5412	%
01-Apr-2023	£	24,476,922	£	24,445,726	5.3623	%	5.5469	%
02-Apr-2023	£	24,645,622	£	24,614,426	5.3993	%	5.5865	%
20-Apr-2023	£	24,644,934	£	24,613,738	5.3991	%	5.5863	%
26-Apr-2023	£	24,700,357	£	24,669,161	5.4113	%	5.5994	%
27-Apr-2023	£	24,702,412	£	24,671,216	5.4117	%	5.5998	%
18-May-2023	£	24,922,412	£	24,891,216	5.4600	%	5.6515	%
19-May-2023	£	24,883,937	£	24,852,741	5.4515	%	5.6425	%
22-May-2023	£	24,884,937	£	24,853,741	5.4518	%	5.6427	%
30-May-2023	£	24,890,946	£	24,859,750	5.4531	%	5.6441	%
04-Jun-2023	£	24,890,946	£	24,829,662	5.4465	%	5.6371	%

Portfolio: BAML - United IV MV CIRCLE VISUAL INVESTOR 2.50.080 Page 4

428

REPORT    Valuation Summary

Report Date	25 January 2021
Valuation Date	30 September 2020

15-Jun-2023	£	24,895,000	£	24,833,716	5.4474	%	5.6380	%
16-Jun-2023	£	24,332,728	£	24,271,444	5.3240	%	5.5060	%
19-Jun-2023	£	24,436,828	£	24,375,544	5.3469	%	5.5304	%
01-Jul-2023	£	24,360,609	£	24,299,325	5.3302	%	5.5126	%
15-Jul-2023	£	23,990,609	£	23,914,055	5.2456	%	5.4222	%
17-Jul-2023	£	23,990,609	£	23,883,587	5.2390	%	5.4151	%
01-Aug-2023	£	24,014,079	£	23,907,057	5.2441	%	5.4206	%
07-Aug-2023	£	24,111,195	£	24,004,173	5.2654	%	5.4434	%
19-Aug-2023	£	24,162,795	£	24,055,773	5.2767	%	5.4555	%
01-Sep-2023	£	24,162,805	£	24,055,783	5.2767	%	5.4555	%
06-Sep-2023	£	24,187,654	£	24,080,632	5.2822	%	5.4613	%
01-Oct-2023	£	24,279,954	£	24,172,932	5.3024	%	5.4829	%
29-Oct-2023	£	24,296,630	£	24,189,608	5.3061	%	5.4868	%
01-Nov-2023	£	24,324,185	£	24,217,163	5.3121	%	5.4933	%
05-Nov-2023	£	24,338,205	£	24,231,183	5.3152	%	5.4966	%
08-Nov-2023	£	24,340,653	£	24,233,631	5.3157	%	5.4972	%
10-Nov-2023	£	24,356,461	£	24,249,439	5.3192	%	5.5009	%
03-Dec-2023	£	24,379,916	£	24,272,894	5.3244	%	5.5064	%
04-Dec-2023	£	24,379,916	£	24,273,982	5.3246	%	5.5066	%
20-Dec-2023	£	24,404,916	£	24,298,982	5.3301	%	5.5125	%
25-Dec-2023	£	24,412,034	£	24,306,100	5.3316	%	5.5142	%
31-Dec-2023	£	24,492,784	£	24,386,850	5.3493	%	5.5331	%
01-Jan-2024	£	24,530,771	£	24,424,837	5.3577	%	5.5420	%
06-Jan-2024	£	23,305,771	£	23,199,837	5.0890	%	5.2550	%
11-Jan-2024	£	23,314,598	£	23,208,664	5.0909	%	5.2571	%
15-Jan-2024	£	23,314,598	£	22,989,391	5.0428	%	5.2058	%
17-Jan-2024	£	23,314,598	£	22,990,493	5.0431	%	5.2061	%
29-Jan-2024	£	23,317,120	£	22,993,015	5.0436	%	5.2067	%
30-Jan-2024	£	23,317,233	£	22,993,128	5.0436	%	5.2067	%
28-Feb-2024	£	23,322,687	£	22,998,582	5.0448	%	5.2080	%
28-Mar-2024	£	23,323,294	£	22,999,189	5.0450	%	5.2081	%
29-Mar-2024	£	23,350,578	£	23,026,473	5.0509	%	5.2145	%
01-Apr-2024	£	23,350,723	£	23,026,618	5.0510	%	5.2145	%
12-Apr-2024	£	23,320,993	£	22,996,888	5.0445	%	5.2076	%
15-Apr-2024	£	23,784,090	£	23,459,985	5.1460	%	5.3159	%
10-May-2024	£	23,320,409	£	22,977,756	5.0403	%	5.2031	%
04-Jun-2024	£	23,379,175	£	23,066,611	5.0598	%	5.2239	%
16-Jun-2024	£	23,893,275	£	23,580,711	5.1725	%	5.3442	%
21-Jun-2024	£	23,891,775	£	23,579,211	5.1722	%	5.3438	%
28-Jun-2024	£	23,923,735	£	23,611,171	5.1792	%	5.3513	%
15-Jul-2024	£	23,923,735	£	23,845,714	5.2306	%	5.4062	%
17-Jul-2024	£	23,983,243	£	23,935,690	5.2504	%	5.4273	%
31-Jul-2024	£	23,981,461	£	23,933,908	5.2500	%	5.4269	%

Portfolio: BAML - United IV MV CIRCLE VISUAL INVESTOR 2.50.080 Page 5

429

REPORT    Valuation Summary

Report Date	25 January 2021
Valuation Date	30 September 2020

13-Aug-2024	£	24,022,561	£	23,975,008	5.2590	%	5.4365	%
22-Aug-2024	£	24,028,189	£	23,980,636	5.2602	%	5.4378	%
16-Sep-2024	£	24,059,789	£	24,012,236	5.2672	%	5.4452	%
27-Sep-2024	£	24,087,289	£	24,039,736	5.2732	%	5.4517	%
06-Oct-2024	£	25,272,289	£	25,224,736	5.5331	%	5.7299	%
07-Oct-2024	£	25,290,280	£	25,242,727	5.5371	%	5.7341	%
11-Oct-2024	£	25,049,480	£	24,994,412	5.4826	%	5.6758	%
12-Oct-2024	£	25,049,480	£	24,979,021	5.4792	%	5.6721	%
23-Oct-2024	£	25,052,180	£	24,981,721	5.4798	%	5.6728	%
10-Nov-2024	£	25,052,180	£	24,696,390	5.4172	%	5.6058	%
29-Nov-2024	£	24,869,920	£	24,510,917	5.3766	%	5.5622	%
12-Dec-2024	£	24,865,808	£	24,506,805	5.3757	%	5.5612	%
25-Dec-2024	£	24,873,961	£	24,514,958	5.3775	%	5.5632	%
01-Jan-2025	£	24,881,552	£	24,522,549	5.3791	%	5.5649	%
07-Jan-2025	£	24,891,097	£	24,532,094	5.3812	%	5.5672	%
12-Jan-2025	£	24,921,157	£	24,562,154	5.3878	%	5.5742	%
15-Jan-2025	£	24,975,063	£	24,616,060	5.3996	%	5.5869	%
02-Feb-2025	£	24,888,999	£	24,529,996	5.3807	%	5.5667	%
07-Feb-2025	£	24,891,889	£	24,532,886	5.3814	%	5.5674	%
10-Feb-2025	£	25,485,401	£	25,126,398	5.5116	%	5.7068	%
24-Mar-2025	£	25,486,106	£	25,127,103	5.5117	%	5.7070	%
11-Apr-2025	£	25,486,106	£	25,007,641	5.4855	%	5.6789	%
12-Apr-2025	£	25,486,106	£	25,023,032	5.4889	%	5.6825	%
16-Apr-2025	£	25,601,051	£	25,137,977	5.5141	%	5.7095	%
27-Apr-2025	£	25,604,966	£	25,141,892	5.5150	%	5.7104	%
01-May-2025	£	25,618,294	£	25,155,220	5.5179	%	5.7136	%
10-May-2025	£	25,618,294	£	25,459,098	5.5846	%	5.7851	%
22-May-2025	£	25,696,848	£	25,537,652	5.6018	%	5.8035	%
29-May-2025	£	25,696,848	£	25,448,825	5.5823	%	5.7826	%
02-Jun-2025	£	25,752,178	£	25,504,155	5.5944	%	5.7957	%
11-Jul-2025	£	26,000,181	£	25,752,158	5.6488	%	5.8540	%
18-Sep-2025	£	26,013,621	£	25,765,598	5.6518	%	5.8572	%
11-Oct-2025	£	26,013,621	£	25,892,576	5.6796	%	5.8871	%
14-Nov-2025	£	26,025,235	£	25,904,190	5.6822	%	5.8899	%
24-Nov-2025	£	26,032,402	£	25,911,357	5.6838	%	5.8915	%
29-Nov-2025	£	26,032,402	£	25,914,570	5.6845	%	5.8923	%
16-Dec-2025	£	26,064,821	£	25,946,989	5.6916	%	5.8999	%
02-Feb-2026	£	26,150,889	£	26,033,057	5.7105	%	5.9202	%
10-Mar-2026	£	26,150,427	£	26,032,595	5.7104	%	5.9201	%
25-Mar-2026	£	26,150,427	£	26,032,027	5.7102	%	5.9200	%
01-Apr-2026	£	26,157,667	£	26,039,267	5.7118	%	5.9217	%
29-May-2026	£	26,331,156	£	26,301,582	5.7694	%	5.9835	%
17-Jun-2026	£	26,352,691	£	26,323,117	5.7741	%	5.9886	%

Portfolio: BAML - United IV MV CIRCLE VISUAL INVESTOR 2.50.080 Page 6

430

REPORT    Valuation Summary

Report Date	25 January 2021
Valuation Date	30 September 2020

30-Sep-2026	£	26,328,422	£	26,298,848	5.7688	%	5.9829	%
09-Dec-2026	£	26,363,152	£	26,333,578	5.7764	%	5.9911	%
24-Jan-2027	£	26,401,212	£	26,371,638	5.7847	%	6.0001	%
30-Mar-2027	£	26,425,481	£	26,395,907	5.7900	%	6.0058	%
02-Jun-2027	£	26,463,817	£	26,434,243	5.7985	%	6.0148	%
29-Sep-2027	£	26,497,027	£	26,467,453	5.8057	%	6.0227	%
01-May-2028	£	26,499,526	£	26,469,952	5.8063	%	6.0233	%
21-Oct-2028	£	26,504,926	£	26,475,352	5.8075	%	6.0245	%
20-Dec-2028	£	26,465,946	£	26,436,372	5.7989	%	6.0153	%
01-Jun-2029	£	26,486,891	£	26,457,317	5.8035	%	6.0203	%
01-Jul-2029	£	26,488,391	£	26,458,817	5.8038	%	6.0206	%
12-Dec-2029	£	26,492,503	£	26,462,929	5.8047	%	6.0216	%
14-Jan-2030	£	26,438,651	£	26,409,077	5.7929	%	6.0089	%
30-Jun-2030	£	26,438,659	£	26,409,085	5.7929	%	6.0089	%
01-Nov-2031	£	26,373,229	£	26,343,655	5.7786	%	5.9935	%
04-May-2033	£	26,373,228	£	26,343,654	5.7786	%	5.9935	%
22-Mar-2146	£	26,003,628	£	26,003,622	5.7040	%	5.9133	%
22-May-2947	£	25,078,926	£	25,078,921	5.5012	%	5.6956	%
22-Jun-2999	£	24,564,826	£	24,564,826	5.3884	%	5.5749	%

Yields based on £455,884,368

Portfolio: BAML - United IV MV CIRCLE VISUAL INVESTOR 2.50.080 Page 7

431

REPORT    Valuation Summary

Report Date	25 January 2021
Valuation Date	30 September 2020

Property	File/Ref No		Net Rent		ERV		Gross Value		Net Value		Say Value		Eq Yld			True Eq Yld			Init Yld			Revn Yld
Unit 1, Sheldon Way MV,Aylesford,ME20 6S		22		£163,829		£168,700		£2,978,707		£2,798,807		£2,800,000		5.510	%		5.700	%		5.500	%		5.664	%
Units A & B, Ripple Road,Barking,IG11 0SY		2		£862,906		£894,866		£20,463,307		£19,170,247		£19,170,000		4.350	%		4.470	%		4.217	%		4.373	%
Ripple Road (CdP),Barking,IG11 0SL		7		£388,070		£388,124		£8,292,094		£7,773,894		£7,775,000		4.791	%		4.940	%		4.680	%		4.681	%
Portland Commercial Estate,Barking,IG11 0T		34		£533,843		£1,086,205		£21,340,123		£19,900,068		£19,900,000		4.786	%		4.925	%		2.502	%		5.090	%
Juniper Park, Southfields MV,Basildon,SS15		36		£1,650,496		£2,485,227		£35,130,744		£31,881,088		£32,000,000		6.497	%		6.751	%		4.698	%		7.074	%
Hubert Road MV,Brentwood,CM14 4JE		8		£246,964		£432,030		£8,308,815		£7,711,460		£7,720,000		4.974	%		5.127	%		2.972	%		5.200	%
Orpen Park - MV,Bristol,BS32 4QD		12		£573,343		£657,920		£10,242,326		£9,600,026		£9,600,000		6.254	%		6.500	%		5.598	%		6.424	%
Unit 2, Interplex - MV,Bristol		18		-£117,760		£343,600		£4,846,997		£4,499,957		£4,500,000		6.012	%		6.211	%		-2.430	%		7.089	%
Endeavour Way MV,Croydon,CR0 4TR		5		£205,000		£299,362		£6,284,797		£5,805,993		£5,800,000		4.504	%		4.627	%		3.262	%		4.763	%
Schooner Park,Dartford,DA2 6QP		13		£326,570		£405,500		£7,204,102		£6,742,677		£6,740,000		5.474	%		5.662	%		4.533	%		5.629	%
1 Elmsall Way, South Elmsal MV,Doncaster,		31		£259,224		£324,600		£5,941,881		£5,549,981		£5,550,000		5.328	%		5.506	%		4.363	%		5.463	%
2/3/4/8 South Gyle Industrial ,Edinburgh,EH1		26		£173,442		£327,500		£5,297,344		£4,838,429		£4,900,000		5.933	%		6.153	%		3.274	%		6.182	%
Mid-Point ,Enfield,EN3 7UA		19		-£456,750		£913,500		£17,090,933		£15,752,983		£15,800,000		4.738	%		4.866	%		-2.672	%		5.345	%
61/65/69 Millmarsh Lane,Enfield,EN3 7UY		33		£422,905		£582,800		£11,766,982		£10,999,917		£11,000,000		4.918	%		5.072	%		3.594	%		4.953	%
Veridion Way,Erith,DA18 4AL		6		£165,753		£215,200		£3,888,899		£3,651,199		£3,650,000		5.252	%		5.421	%		4.262	%		5.534	%
1-6 Southpoint IE MV,Glasgow,G5 0UG		27		£608,915		£740,576		£9,284,755		£8,658,376		£8,660,000		7.638	%		8.001	%		6.558	%		7.976	%
Empress Works MV,Penny Lane,Haydock,W		16		£791,524		£799,715		£12,271,564		£11,500,064		£11,500,000		6.513	%		6.786	%		6.450	%		6.517	%
26-27 Mark Road,Hemel Hempstead,HP2 7B		17		£150,000		£257,299		£4,012,524		£3,731,129		£3,725,000		6.008	%		6.225	%		3.738	%		6.412	%
Sands 10 Industrial Estate,High Wycombe,H		1		£1,010,236		£1,324,400		£23,886,616		£21,578,846		£21,600,000		5.400	%		5.582	%		4.385	%		5.749	%
Unit 1 Wooburn Industrial Park,High Wycomb		32		£271,550		£383,364		£7,366,480		£6,887,780		£6,900,000		5.000	%		5.154	%		3.686	%		5.204	%
Kingston Road MV,Leatherhead,KT22 7PU		4		£155,400		£234,615		£4,047,403		£3,755,371		£3,755,000		5.651	%		5.851	%		3.839	%		5.797	%
Seacroft Ind & Trade Centre MV,Coal Road,L		9		£520,334		£687,700		£10,577,898		£9,397,776		£9,400,000		6.196	%		6.432	%		4.919	%		6.501	%
27 Oakwell Way MV,Leeds,WF17 9LW		30		£248,882		£608,400		£9,240,932		£8,633,792		£8,630,000		6.226	%		6.463	%		2.693	%		6.584	%
Letchworth Industrial Estate,Letchworth,SG6		35		£679,995		£714,867		£14,995,202		£14,046,902		£14,100,000		4.733	%		4.876	%		4.535	%		4.767	%
Britonwood Trading Estate,Liverpool,L33 7Y		28		£672,515		£924,702		£11,821,552		£10,601,085		£10,600,000		7.243	%		7.560	%		5.689	%		7.822	%
Verney Road MV,34-36 ,Verney Road,Bermo		10		£160,000		£220,000		£4,939,084		£4,603,784		£4,600,000		4.196	%		4.302	%		3.239	%		4.454	%
Units 1-8 Hambridge Lane,Newbury,RG14 5T		25		£480,937		£591,400		£9,963,537		£9,329,532		£9,330,000		5.750	%		5.956	%		4.827	%		5.936	%
Interchange Park,Newport Pagnell,MK16 9QL		20		£1,107,876		£1,107,876		£17,044,246		£15,968,786		£15,970,000		6.500	%		6.772	%		6.500	%		6.500	%
DSV, 1306 Stonehouse Lane,Purfleet,RM19		24		£1,939,892		£1,939,900		£39,020,685		£36,549,185		£36,500,000		4.978	%		5.137	%		4.971	%		4.971	%
18-21 Padgets Lane,Redditch,B98 0RB		14		£350,000		£386,020		£6,087,746		£5,709,966		£5,710,000		6.463	%		6.736	%		5.749	%		6.341	%
Jutsums Lane,Romford,RM7 0ER		3		£329,250		£410,000		£7,428,191		£6,964,731		£6,970,000		5.346	%		5.524	%		4.432	%		5.520	%
Hawkers Yard,Ruislip,HA4 0XT		21		£0		£785,400		£15,575,168		£14,372,888		£14,370,000		4.575	%		4.702	%		0.000	%		2.670	%
DSV, Kingsbury Link,Tamworth,B78 2EX		38		£1,225,000		£1,185,000		£20,019,990		£18,755,490		£18,750,000		5.752	%		5.959	%		6.119	%		5.919	%
Titan House, Kingsbury Link,Tamworth,B78 2		39		£562,267		£514,100		£8,641,048		£8,100,748		£8,100,000		5.750	%		5.957	%		6.507	%		5.949	%
Coward Industrial Est,Tilbury,RM16 4BF		23		£917,388		£970,916		£13,714,929		£11,398,691		£11,400,000		6.629	%		6.895	%		6.689	%		7.079	%
1-21 Grosvenor Grange Business,Warrington		29		£458,638		£527,644		£8,535,939		£7,976,030		£7,980,000		5.997	%		6.222	%		5.373	%		6.181	%
Tewin Court Industrial Estate,Welwyn Garden		15		£646,625		£879,900		£10,643,017		£9,962,477		£10,000,000		7.737	%		8.105	%		6.076	%		8.267	%
Yeats Close,Wembley,NW10 0BN		11		£614,212		£654,300		£17,687,812		£16,571,552		£16,570,000		3.750	%		3.841	%		3.473	%		3.699	%
Total			£	19,299,271	£	26,373,228	£	455,884,368	£	421,731,707	£	422,025,000

Portfolio: BAML - United IV MV CIRCLE VISUAL INVESTOR 2.50.080 Page 8

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