1. 2008 2009 2010 2011 Totals
Sequential Period 1 2 3 4 Sequential Period
New Build Dwelling (Total) - Callis Yard 92 83 9 183 New Build Dwelling (Total) - Callis Yard
New Build Dwelling (Total) - Kings Highway 44 44 87 New Build Dwelling (Total) - Kings Highway
New Build Dwellings(Cumulative) 135 261 270 270 New Build Dwellings(Cumulative)
Affordable build rate / pa - Callis Yard 9 9 18 Affordable build rate / pa - Callis Yard
Affordable build rate / pa - Kings Highway 22 22 45
Total New affordable housing stock (Cumulative) 31 54 63 63 Total New affordable housing stock (Cumulative)
GROSS SALES RECEIPTS (MARKET) RESIDENTIAL GROSS SALES RECEIPTS (MARKET) RESIDENTIAL
Callis Yard GDV Callis Yard GDV
Phase 1 Phase 1
Market Residential Market Residential
Affordable Housing - Social Rent Affordable Housing - Social Rent
Affordable Housing - Equity Share Affordable Housing - Equity Share
Phase 2 Phase 2
Market Residential Market Residential
Affordable Housing - Social Rent Affordable Housing - Social Rent
Affordable Housing - Equity Share £1,693,805 £1,693,805 Affordable Housing - Equity Share
Phase 3 Phase 3
Market Residential Market Residential
Affordable Housing - Social Rent Affordable Housing - Social Rent
Affordable Housing - Equity Share Affordable Housing - Equity Share
Phase 4 Phase 4
Market Residential £42,488,407 £42,488,407 Market Residential
Affordable Housing - Social Rent Affordable Housing - Social Rent
Affordable Housing - Equity Share £1,693,805 £1,693,805 Affordable Housing - Equity Share
Office £2,383,200 £2,383,200 Office
Retail £978,048 £978,048 Retail
Equity Contribution Equity Contribution
Kings Highway GDV Kings Highway GDV
Phase 1 Phase 1
Market Residential Market Residential
Affordable Housing - Social Rent Affordable Housing - Social Rent
Affordable Housing - Equity Share Affordable Housing - Equity Share
Phase 2 Phase 2
Market Residential Market Residential
Affordable Housing - Social Rent £5,278,061 £5,278,061 Affordable Housing - Social Rent
Affordable Housing - Equity Share £397,273 £397,273 Affordable Housing - Equity Share
Phase 3 Phase 3
Market Residential £2,672,205 £2,672,205 Market Residential
Affordable Housing - Social Rent Affordable Housing - Social Rent
Affordable Housing - Equity Share Affordable Housing - Equity Share
Phase 4 Phase 4
Market Residential £6,235,144 £6,235,144 Market Residential
Affordable Housing - Social Rent £5,278,061 £5,278,061 Affordable Housing - Social Rent
Affordable Housing - Equity Share £397,273 £397,273 Affordable Housing - Equity Share
TOTAL GROSS SALES RECEIPTS £7,369,139 £2,672,205 £59,453,938 £69,495,282 TOTAL GROSS SALES RECEIPTS
Total Gross sale (Cumulative) £7,369,139 £10,041,344 £69,495,282 £69,495,282 Total Gross sale (Cumulative)
Callis & Kings v.1.79Cashflow Sheet 15

2. 2008 2009 2010 2011 Totals
PRE-CONSTRUCTION COSTS PRE-CONSTRUCTION COSTS
Callis Yard Callis Yard
Site Survey & Planning Application £425,000 £425,000 Site Survey & Planning Application
Land Acquisition Costs £7,600,000 £7,600,000 Land Acquisition Costs
Works for Seller £150,000 £150,000
Total HR Overage Payment
Kings Highway Kings Highway
Site Survey & Planning Application £280,000 £280,000 Site Survey & Planning Application
Land Acquisition Costs £4,750,000 £4,750,000 Land Acquisition Costs
Total HR Overage Payment £450,000 £450,000 Total HR Overage Payment
Pre-construction costs - Sub-total £13,655,000 £13,655,000 Pre-construction costs - Sub-total
CONSTRUCTION COSTS CONSTRUCTION COSTS
Callis Yard - Residential Construction Callis Yard - Residential Construction
Phase 1 Phase 1
Market Residential Market Residential
Affordable Housing - SR & ES Affordable Housing - SR & ES
Phase 2 Phase 2
Market Residential £8,118,810 £8,118,810 Market Residential
Affordable Housing - SR & ES £1,015,204 £1,015,204 Affordable Housing - SR & ES
Phase 3 Phase 3
Market Residential £8,118,810 £8,118,810 Market Residential
Affordable Housing - SR & ES Affordable Housing - SR & ES
Phase 4 Phase 4
Market Residential Market Residential
Affordable Housing - SR & ES £1,015,204 £1,015,204 Affordable Housing - SR & ES
Landscaping £150,000 £150,000 Landscaping
Office £1,722,711 £1,722,711 Office
Retail £391,780 £391,780 Retail
Parking - Under Ground £421,056 £421,056 Parking - Under Ground
Parking - Above Ground Parking - Above Ground
Callis & Kings v.1.79Cashflow Sheet 25

3. 2008 2009 2010 2011 Totals
Kings Highway - Residential Construction Kings Highway - Residential Construction
Phase 1 Phase 1
Market Residential Market Residential
Affordable Housing - SR & ES Affordable Housing - SR & ES
Phase 2 Phase 2
Market Residential £1,985,958 £1,985,958 Market Residential
Affordable Housing - SR & ES £3,890,070 £3,890,070 Affordable Housing - SR & ES
Phase 3 Phase 3
Market Residential £1,985,958 £1,985,958 Market Residential
Affordable Housing - SR & ES £3,890,070 £3,890,070 Affordable Housing - SR & ES
Phase 4 Phase 4
Market Residential Market Residential
Affordable Housing - SR & ES Affordable Housing - SR & ES
Landscaping Landscaping
Parking - Under Ground £1,040,256 £1,040,256 Parking - Under Ground
Parking - Above Ground £72,000 £72,000 Parking - Above Ground
On Site Roads/ Highways £358,425
Sub total Construction Costs £2,008 £15,433,107 £17,732,020 £1,017,215 £34,184,350 Sub total Construction Costs
Site Abnormal Costs Site Abnormal Costs
Callis Yard Callis Yard
Demolition - Includes asbestos removal £150,000 £150,000 Demolition - Includes asbestos removal
Archeaological Watching Brief £40,000 £40,000
Kings Highway Kings Highway
Demolition - Includes asbestos removal £100,000 £100,000 Demolition - Includes asbestos removal
Substation Relocation £30,000
Total Site Abnormal Costs £130,000 £190,000 £320,000 Total Site Abnormal Costs
S106 Contributions / Tariff S106 Contributions / Tariff
Callis Yard Callis Yard
Community Infrastructure Contribution £732,000 £732,000 Community Infrastructure Contribution
Kings Highway Kings Highway
Community Infrastructure Contribution £174,000 £174,000 £348,000 Community Infrastructure Contribution
Total Tariff £906,000 £174,000 £1,080,000 Total Tariff
S278 S278
Callis Yard Callis Yard
S278 Contributions S278 Contributions
Kings Highway Kings Highway
S278 Contributions S278 Contributions
Total S278 Costs Total S278 Costs
Callis & Kings v.1.79Cashflow Sheet 35

4. 2008 2009 2010 2011 Totals
Pre-construction Fees Pre-construction Fees
Callis Yard Callis Yard
Pre-construction Fees £140,000 £140,000 Pre-construction Fees
Kings Highway Kings Highway
Pre-construction Fees £99,000 £99,000 Pre-construction Fees
Sub Total Pre- Construction Fees £239,000 £239,000 Sub Total Pre- Construction Fees
Professional fees on Construction costs Professional fees on Construction costs
Architect £80 £617,324 £709,281 £1,326,685 Architect
Quantity surveyor £30 £231,497 £265,980 £497,507 Quantity surveyor
Structural engineer £20 £154,331 £177,320 £331,671 Structural engineer
Mech/Elec Engineer £10 £77,166 £88,660 £165,836 Mech/Elec Engineer
Project Manager £20 £154,331 £177,320 £331,671 Project Manager
Constr. Des. Management £5 £38,583 £44,330 £82,918 Constr. Des. Management
Highway consultancy £5 £38,583 £44,330 £82,918 Highway consultancy
Other Fees £30 £231,497 £265,980 £497,507 Other Fees
Office/ Retail Agent Fees £42,290 £42,290 Office/ Retail Agent Fees
Commercial Sale Legal Fees £10,572 £10,572 Commercial Sale Legal Fees
HIP's £33,750 £31,508 £65,258 HIP's
NHBC £202,500 £189,050 £391,550 NHBC
Sub total Professional Fees £201 £1,779,561 £2,046,622 £3,826,383 Sub total Professional Fees
Post Construction Costs Post Construction Costs
Callis Yard
Market Housing Market Housing
Promotion & Marketing £106,221 £318,663 £424,884 Promotion & Marketing
Legal fees £159,332 £477,995 £637,326 Legal fees
Agency fees £159,332 £477,995 £637,326 Agency fees
Social Rent Social Rent
Legal fees £2,500 £7,500 £10,000 Legal fees
Agency fees Agency fees
Equity Share Equity Share
Legal fees £2,500 £7,500 £10,000 Legal fees
Agency fees Agency fees
Callis & Kings v.1.79Cashflow Sheet 45

5. 2008 2009 2010 2011 Totals
Kings Highway Kings Highway
Market Housing Market Housing
Promotion & Marketing £22,268 £66,805 £89,073 Promotion & Marketing
Legal fees £33,403 £100,208 £133,610 Legal fees
Agency fees £33,403 £100,208 £133,610 Agency fees
Social Rent Social Rent
Legal fees £2,500 £7,500 £10,000 Legal fees
Agency fees Agency fees
Equity Share Equity Share
Legal fees £2,500 £7,500 £10,000 Legal fees
Agency fees Agency fees
Sub-total Marketing and promotion costs £2,008 £2,009 £525,968 £1,573,884 £2,103,868 Sub-total Marketing and promotion costs
Sub total before contingency and developer's return £14,028,217 £18,310,676 £20,478,609 £2,591,099 £55,408,601 Sub total before contingency and developer's return
Development Contingency £83,911 £915,534 £1,023,930 £129,555 £2,152,930 Development Contingency
Developers' Return on Cost Developers' Return on Cost
TOTAL OUTGOINGS (before interest) £14,112,128 £19,226,210 £21,502,540 £2,720,654 £57,561,532 TOTAL OUTGOINGS (before interest)
Total Outgoings (cumulative) £14,112,128 £33,338,338 £54,840,878 £57,561,532 £57,561,532 Total Outgoings (cumulative)
DISCOUNTED CASHFLOW 2008 2009 2010 2011 DISCOUNTED CASHFLOW
Discount Period from 2008 1 2 3 4 Discount Period from 2008
TOTAL GROSS RECEIPTS £7,369,139 £2,672,205 £59,453,938 £69,495,282 TOTAL GROSS RECEIPTS
TOTAL OUTGOINGS (£14,112,128) (£19,226,210) (£21,502,540) (£2,720,654) -£57,561,532 TOTAL OUTGOINGS
BALANCE, LAST PERIOD (£15,099,977) (£28,844,041) (£51,011,583) BALANCE, LAST PERIOD
NET CASHFLOW in the period (£14,112,128) (£26,957,048) (£47,674,376) £5,721,702 NET CASHFLOW in the period
INTEREST THIS PERIOD (£987,849) (£1,886,993) (£3,337,206) (£6,212,049) INTEREST THIS PERIOD
INTEREST CREDITS THIS PERIOD £343,302 £343,302 INTEREST CREDITS THIS PERIOD
MOVEMENT DURING PERIOD (£15,099,977) (£28,844,041) (£51,011,583) £6,065,004 MOVEMENT DURING PERIOD
DISCOUNT RATE 8.0% 8.0% 8.0% 8.0% DISCOUNT RATE
DISCOUNTED FIGURES, ANNUALLY (£13,981,460) (£24,729,116) (£40,494,639) £4,457,959 DISCOUNTED FIGURES, ANNUALLY
Net Value (£13,981,460) (£24,729,116) (£40,494,639) £4,457,959 Net Value
Net Present Value (2008) £4,457,959 Net Present Value (2008)
Callis & Kings v.1.79Cashflow Sheet 55