1. JON MILWARD Head of Development Drivers Jonas Disposal Strategy: RNOH Stanmore

2. Recommendations Establish Footprint and Floorspace for Hospital and Surplus Land Redevelopment Agree Planning Statement with Harrow Council Submit Revised Outline Planning Application Establish Marketing and Disposal Strategy to Optimise Timing and Level of Receipts Linkage between Hospital Development and Sales Receipts from West End Land Sale – 2010 / 2011 Receipts from East End Land Sale – 2014 / 2015

3. Risk Mitigation Extent of Work Prior to Disposal Creating Certainty vs. Market Risk –Planning –Hospital Proposals (timing / footprint / access etc) –Site Information (title, services, contamination etc) –Value Timing / Method of Disposal

4. Defence Estates –Chelsea Barracks £959 million - Unconditional (April 2007) Height of the Market Inflated Sales Figures Halved in Value (if on the market today)?

5. LFEPA HQ - 8 Albert Embankment Fire Station Headquarters Mixed Use – Residential Led New Fire Station Subject to Planning Deal

6. Founder’s Place – Guy’s and St Thomas’ Charity Detailed Planning Consent granted on appeal Support accommodation for Guy’s and St Thomas’s Foundation NHS Trust 400 Private and key worker units – minimal social rented housing

7. Surrey & Borders / Ashford St Peters NHS Trusts, Chertsey Green Belt Hospital Master Plan / Application Surplus Land Risk Mitigation Strategy

8. Current Market Conditions Don’t Sell Unless You Have To Land Sale Values have Fallen because: –Banking constraints –Wider Economic Circumstances –Restricted Access to Mortgages –Over-Supply in SOME Areas –Developers Looking for Bargains Future Prospects – Crystal Ball Gazing –HBF forecasts = 2009 (-2.1%); 2010 (+1.3%); 2011 (+5.2%); 2012 (9.2%) –DJ view – Land Values are, and will be, Hit Harder Conclusion – HOLD and Prepare for Upturn – 2010 / 2011