Ambassador Brochure

AMBASSADOR GROUP Ambassador Ventures 1

An initial ÂŁ50m equity in conjunction with our Joint Venture partner

Focus on creation of growth-driven strategic portfolio covering the Residential and commercial property sectors across the UK

January 2012

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AMBASSADOR GROUP “Strategic Solutions in Property” Contents

1. Introduction 2. Contents 3. Background and Purchase capability 4. Target acquisitions 5. Structures and Specialism’s 6. Ambassador Team 7. Professional Partners 8. Contact details

AMBASSADOR

• An ini8al £50m (before gearing) is now available for Ambassador to apply to the acquisi3on of, and investment in, porSolios, land, distressed debt and real estate assets across the UK through the joint venture vehicle • Ambassador Group is able to offer a Holis8c proposi8on to lenders, asset owners and administrators, combining real exper8se with a strong balance sheet.

• Acquisi3on of assets and debt, management and provision of solu3ons, and, where necessary, advisory services to asset holders, lenders, equity providers & other real estate companies.

• Solu8on-­‐based exits, worked on a consensual basis • Developments unlocked through a joint venture approach to returns • Target a return for Stakeholders in excess of what could be achieved thru’ an outright sale via administra3on • Applica8on of Ambassador exper8se to define or redefine and execute the op3mal strategy for the par3cular project, given stakeholder posi3ons • Op3misa3on of product, given localised demand and prevailing compe33on • Inves3ga3on and pursuit of planning gains • Sales / marke3ng focus • Op3mal phasing of costs to maximise value and minimise working capital demands • Minimise or eliminate need for further capital injec3on by current lenders • Scope for lenders to par3cipate in upside as the asset is worked out

Overview of types of arrangements Joint Venture proposal • Ambassador fund enabling works at cost-­‐ plus to unlock planning gain value • Sales proceeds – profit share over agreed value

Straight take-­‐out • May or may not be administra3on scenarios

Enabled exit • Missive for Ambassador to acquire at agreed value (uplic to current valua3on) • Ambassador funds enabling works as required • Assets worked through planning etc • Super profit split on agreed basis Management • Diverse and experienced team covering all aspects of property investment, development, finance and restructuring.

PROPOSITION -­‐ OVERVIEW

Overview of Ambassador proposi8on

• UK land acquisi3on, investment and development company, led by David Gaffney • Set up to own, Joint Venture and Asset Manage assets, porSolios and companies leading to enhanced returns over straight sale to a third party via administra3on • Solu8on-­‐based exits in problem situa3ons: re-­‐design, product, planning, value engineering solu3ons, remedia3on strategies, infrastructure solu3ons

Overview of exper8se Corporate strategy

Corporate M&A

Residen8al Investment

Residen8al Development

Associated retail, commercial & leisure

Mixed-­‐use Business recovery / reorganisa8on

Energy efficiency & crea8on

Capital raising

Asset Management Debt restructuring

ABOUT AMBASSADOR GROUP

Ambassador Group Background

• Track record and reputa8on; currently advising lenders and administrators on value maximisa3on strategy in several situa3ons • Ability now to deploy an ini3al £50m (on un-­‐geared basis) investment firepower further enhances potency of Ambassador’s offering as a partner • Mul3-­‐disciplined team -­‐ extensive experience in Development Land, Asset Management, Property Development and Investment, Debt restructuring, Corporate Simplifica3on, Corporate M&A and post acquisi3on integra3on

“Landowners…must recognise the sea-­‐change in development…if housing output is to increase.

Many sites require significant exper8se, ac8ve investment and place management in order to realise their value.”

Savills, June 2011

Lender / Administrator proposal -­‐ key categories

• Equity can be applied on a case-­‐by-­‐case basis or as a porZolio purchase

Category 1 – JV proposal

• Ins3tu3ons (RBS, NAMA, LBG, NAB) approached to put in land, assets, investments to JV vehicle, at agreed value • AG fund asset management and upgrading costs • Sales proceeds – Lender shares in upside over straight sale

• Opportuni8es likely to fall into one of the three categories iden8fied, depending on situa8on, and vendor / lender appe8te • Scope for leverage: say, up to maximum 60% • Indica8ve illustra8on -­‐ £50m equity raise could be leveraged to circa £100m total, leading to 7 – 10 ‘category 1’ projects Ambassador’s finger on the pulse

Category 2 – straight take-­‐out

• Target of specific assets from comprehensive list of opportuni3es currently being tracked by AG • May or may not be administra3on scenarios • Greater upfront cash required than category 1…….

• ….but scope for take-­‐out at discount to OMV

Category 3 – enabled exit

• Engagement with ins3tu3ons, lenders and asset owners • Ident’n of sites / assets with most poten3al for AG uplic • Missive to acquire at agreed value (uplic to current val’n) • AG funds enabling works as required • Assets worked through planning etc

Specialism’s

POTENTIAL STRUCTURES AND SPECIALISM'S

Overview

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A qualified chartered quan3ty surveyor and chartered builder by profession A proven business professional, and excep3onal team leader, opera3ng at Group MD/CEO level for over 10 years. Significant management experience within several public and private property development companies in delivering upper quar3le trading performance in the UK and parts of Europe through organic growth and acquisi3on.

Strong track record and reputa3on in the property sector, with public , private and plc experience • M&A specifically public to private, refinancing, corporate simplifica3on, organisa3onal and business restructuring, as well as mainstream / social house building, commercial property investment and development, and facili3es management, business strategy reviews and refinancing.

• Nego3a3on of distressed and complex commercial and contractual exposures alongside major financial ins3tu3ons.

• Development partner with a number of lenders on distressed property work out vehicles, and exit planning for stakeholders, as consultant or asset manager Currently working with banks and Private Equity, fostering rela3onships and refining knowledge of sector and key players, ac3ng as consultant and sector adviser Large network of contacts throughout the industry, at all levels, and would be able to introduce, in some instances immediately, a talent pool of leading players in the sector.

dgaffney@ambassador-­‐group.co.uk

Gordon Coster – Managing Director With over 25 years experience in the construc3on industry, two decades of which have been in house building.

• An architect by training, Gordon has held senior roles in a number of large house building companies, namely Beazer, Miller, Bellway and Robertson and most recently as Managing Director of Manor Kingdom and Beq Homes.

• Gordon joined the team in late 2010 to head up and help drive the Ambassador business predominantly on the development side.

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gcoster@ambassador-­‐group.co.uk

Chris Richardson – Business Development Director With some 12 years of experience in the banking sector, in business origina3on, risk, porSolio management, and commercial and corporate finance for the property market.

• Worked in senior roles for RBS, HBOS and most recently Dunfermline Building Society where he managed a £250m property porSolio.

• Chris deals with new business/finance and the opera3onal structure of Ambassador Group • Works with a number of High Street lenders via an asset management arrangement.

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crichardson@ambassador-­‐group.co.uk

Stephen Docherty – Commercial Director A qualified quan3ty surveyor with 10 years experience in construc3on, house building and finance, having graduated from Glasgow Caledonian University in 2003.

• Stephen has helped manage the residen3al and commercial porSolio throughout the UK. • Having worked in the UK and overseas, Stephen advises on all aspects of cost monitoring and procurement strategies for Ambassador •

sdocherty@ambassador-­‐group.co.uk

David Ovens -­‐ Consultant Law graduate from Edinburgh University. He has worked in corporate finance since 1994, with Samuel Montagu (now HSBC Investment Bank), Noble Grossart, Bank of Scotland Corporate and most recently, Execu3on Noble, where he was head of Investment banking in Scotland.

• Wealth of experience in advising both public and private companies, encompassing a wide variety of transac3ons, including mergers, acquisi3ons, debt and equity capital raisings, corporate restructurings and flota3on's.

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Rory Boyd -­‐ Consultant Scopsh CA (qualified 2000) and graduate of University of Bristol • In corporate finance since 2004, laqerly at Execu3on Noble (now Espirito Santo Investment Bank) with remit across M&A in public and private arenas, fundraisings and flota3on's • 2010 -­‐ lec Noble to set up Inverleith Capital, a Scopsh-­‐ based corporate finance advisory business, along with David Ovens • Previous finance roles at RBS and Scopsh & Newcastle •

AMBASSADOR – TEAM MEMBERS

David Gaffney -­‐ Chief Execu8ve Officer

Professional Partners, Consultants and Working Rela3onships

PROFESSIONAL PARTNERS

AMBASSADOR GROUP “Strategic Solutions in Property”

231 St Vincent Street Glasgow G2 5QY Tel: 0141 223 9060 Fax: 0141 223 9070 www.ambassador-group.co.uk info@ambassador-group.co.uk

AMBASSADOR