1. London CLT Big Potential Presentation 17 th March 2016

2. Investment Proposition Target£450,000 Community Share Offer Features Withdrawable shares Option of loan stock above £100,000 TimingLaunch: Q4 2015-16 | Close: Q1 2016-17 Expected Return5% p.a. from 2017 Term 10 years Exit: capital repayments from 2020-2026 Minimum Investment£100 Applications to datec. £10,000

3. Sources: 1, 2 DCLG; 3 ONS What’s the Problem? London is unaffordable 7-31 Median house price to median earnings 1 15%-30% Renting has doubled in 10 years 2 48%-78% Median earnings spent on rent 3 London's housing market fails most Londoners Weaker communities Instability for families A less competitive capital

4. The London CLT Solution… o Land held in trust by, and for, the community in perpetuity o Re-sale values controlled by covenants to maintain affordability o Disarm speculation and re-imagine houses as homes for life Sell homes at prices linked to median incomes

5. Our Story o First deal at St Clements: 23 homes o Homes for sale from June 2016 o at c. one-third of the open market priced homes next door o £600,000 surplus to London CLT

6. Where Next? Lewisham East Wick & Sweetwater Newham Tower Hamlets

7. Social Impact o 184 homes in the pipeline, for over 700 people o 1,500 members – a healthy and growing membership o Community voice in development

8. Business Case o 184 homes in the pipeline o 90% turn-key with partners (reducing financial risk) o £25,000 surplus per home delivered (range: £10,000 - £30,000) o Balance sheet protection for investors (£450k floor) o £450k = £130k Lewisham pre-development + 2 years operating @ £160k o Min raise @ £150k = Lewisham OR 1 year pursuit of other site(s)

9. This is the Start o 184 homes & 727 people over 10 years = 0.005% of London’s 3.5m homes 1 = 0.008% of 8.6m Londoners 2 o Across the Atlantic, Champlain Housing Trust 3 = 2,765 homes (1.15%) = 230 times the % of population of LCLT 4 = 5,530 people (0.9%) = $310m assets under management o It’s not about the bricks and mortar – that’s the tool o It’s about what the investment enables us to build Sources: 1 Valuation Office Agency; 2 GLA; 3 CHT Annual Report 2015; 4 Vermont Atlas

10. Investment Proposition Target£450,000 Community Share Offer Features Withdrawable shares Option of loan stock above £100,000 TimingLaunch: Q4 2015-16 | Close: Q1 2016-17 Expected Return5% p.a. from 2017 Term 10 years Exit: capital repayments from 2020-2026 Minimum Investment£100 Applications to datec. £10,000

11. Big Potential – the mechanics Two stages – preliminary and investment plan C. 7 months (Aug 2015 – Mar 2016) Six main areas: governance and leadership; financial performance; market potential; quality and impact; financial control Chose Resonance as our provider

12. Big Potential – the value Content – enlarging our knowledge, plugging gaps Process – asking the right questions from the forms, onwards Partner(s) – benefits of an experienced external advisor – and their networks (Self) confidence and credibility

13. Contact London CLT Andy Schofield Housing Director andy.schofield@eastlondonclt.co.uk Watch us on the BBC Sunday Politics Show here: http://www.londonclt.orghttp://www.londonclt.org Read what the London Evening Standard thinks here.here

14. Disclaimer This document has been prepared by Resonance Limited (“Resonance”) to provide information on London CLT and is to be used solely for this purpose. It is being provided to you for information and discussion purposes only. The document is confidential, and no part of it may be reproduced, distributed or transmitted without the prior written permission of Resonance. The information contained herein has been obtained from sources believed to be reliable but neither Resonance nor any of its subsidiaries or affiliates, nor any of their respective directors, officers, employees or agents, makes any warranty or representation, express or implied, as to the accuracy or completeness of such information. All opinions, estimates, projections and forecasts are those of Resonance or London CLT, are given as at the date hereof and are subject to change. This document does not contain, constitute nor does it form part of, an offer to sell or purchase or a solicitation of an offer to sell or purchase, any securities, investments or financial instruments referred to herein or to enter into any other transaction described herein. Resonance is not providing, and will not provide, any investment advice or recommendation (personal or otherwise) to you in relation to any securities, investments or financial instruments or transactions described herein. Neither Resonance nor any of its subsidiaries or affiliates, nor any of their respective officers, directors, employees or agents, accepts any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this document or its contents or reliance on the information contained herein.