Reversionary newly constructed Grade A mixed use trophy building in the heart of London s West End

Reversionary newly constructed Grade A mixed use trophy building in the heart of London s West End PAGE 1 11 baker street 11 baker street PAGE 2

Investment Summary 11 Baker Street is a striking building in the heart of the North of Oxford Street (NOx) submarket of the West End, providing exceptional Grade A office and retail accommodation. This high specification building was newly developed in 2011, and offers uncompromised, rectangular column free office floor plates and excellent natural light from three elevations of full height glazing. The office accommodation and four retail units are arranged over lower ground, ground and seven upper floors providing 70,076 sq ft (6,510.2 sq m) net internal area. 91% of the income is secured to the excellent 5A1 Dun & Bradstreet rated covenant of PIMCO Europe Ltd. The ground floor retail units are occupied by ITSU, Vital Ingredient, Solus Ceramics and That s Vapore. The property offers a WAULT of 11.63 years to lease expiry and 6.92 years to tenant break options. The total net passing rent is 3,516,667 per annum ( 4,113,061 gross per annum), equating to a low average passing rent of 65.21 per sq ft. The NOx market has experienced strong rental growth in recent years with prime rental levels now in excess of 92.50 per sq ft. 11 Baker Street is reversionary with the well timed October 2016 office rent review providing an opportunity to increase the rent significantly. The asset is held on a 125 year long leasehold interest from The Portman Estate with approximately 121 years unexpired, geared annually to 14.50% of the rental income, subject to a current minimum of 225,000 per annum. PAGE 3 11 baker street 11 baker street PAGE 4

PADDINGTON STREET GARDENS MARYLEBONE HIGH STREET CITY OF LONDON PORTLAND PLACE CANARY WHARF TOTTENHAM COURT ROAD CAVENDISH SQUARE THE SHARD WIGMORE STREET MANCHESTER SQUARE HANOVER SQUARE BOND STREET STATION PORTMAN SQUARE OXFORD STREET GROSVENOR SQUARE BERKELEY SQUARE

Location PAGE 7 11 Baker Street occupies a prominent position on the west side of Baker Street, with substantial frontages to George Street to the north and Portman Close to the south. Portman Estate, major landlords nearby include some of London s most well known property companies such as: Derwent London, British Land, London and Regional, and Great Portland Estates. Baker Street was originally laid out by William Baker, who leased the land from the Portman Estate in 1755. The heritage of the street includes past residents such as William Pitt the Younger between 1803-1804 who became Prime Minister at the age of 24 in 1783, HG Wells, and the explorer Sir Richard Burton. Arguably the most famous, albeit fictional, resident was Arthur Conan Doyle s detective Sherlock Holmes. The modern NOx streetscape boasts some of the West End s finest office buildings including 10 Portman, 55 Baker Street, 95 Wigmore Street, and 11 Baker Street. The sub-market has benefitted from established Mayfair tenants relocating to the area seeking an upgrade in building quality and larger, more efficient floor plates without the increased cost of occupation. More recently the North of Oxford Street submarket, known as NOx, has become established as a prime submarket of the West End. In addition to the Significant local occupiers include British Land, Saatchi & Saatchi, Coca Cola, Fujitsu, BDO Stoy Hayward, Boston Consulting Group, Lane Clark & Peacock and Publicis. 11 baker street 11 baker street PAGE 8

NOx: An Established Location 11 Baker Street is located within the heart of the Portman Estate and adjacent to Regent s Park the Howard de Walden Estate, two of Central London s most prestigious landed estates. Both of these landlords are continually investing in and improving the MARYLEBONE Dorset quality of their Estates; not just the building stock but the public realm, helping to improve the overall desirability of the area and to protect its long term future Park Gardens value. 11 Baker Street benefits directly from this active management of the area, as well as the changes led by the newly created Baker Street Quarter Partnership, BAKER STREET MARYLEBONE ROAD REGENTS PARK as outlined below: PARK C R E S C E N T GREAT PORTLAND STREET PORTMAN ESTATE SEYMOUR PLACE Bryanston Montagu GLOUCESTER PLACE Paddington Street Gardens BLANFORD STREET MARYLEBONE HIGH STRET HARLEY STREET PORTLAND PLACE GREAT PORTLAND STREET The Portman Estate is a significant landowner between Oxford Street, Edgware Road, Marylebone Road and Marylebone High Street. The land was purchased by the Portman Family in 1532, some 200 years before the beginnings of its development in the Georgian period. The ancestral title is held by The Viscount Portman; in 1999 Lord Portman became the 10th Viscount, and he has worked on rejuvenating the Estate since. The 110 acre estate is a mix of residential, retail and office space. The Estate is working to restore many Georgian buildings to today s high standards and create contemporary homes and offices that reflect their historical context. In tandem they have successfully attracted independent restaurateurs and retailers to the neighbourhood including the development of Portman Village in Seymour Place and New Quebec Street as well as the excellent shopping in Chiltern Street. Fashion, style and superb restaurants characterise these eclectic areas. www.portmanestate.co.uk SEYMOUR STREET MARBLE ARCH PORTMAN CLOSE Portman BAKER STREET ORCHARD SREET Manchester OXFORD STREET THAYER STREET WIGMORE STREET Cavendish REGENT STREET MORTIMER STREET HOWARD DE WALDEN ESTATE The Howard de Walden Estate is the main landowner across Marylebone, with an estate stretching from Marylebone High Street to Hallam Street, and Wigmore Street to Marylebone Road. Built from 1720, the estate then known as the Portland Estate became the Howard de Walden Estate in 1879, and spans 92 acres. The most iconic areas of the estate include Harley Street, synonymous with doctors and medicine; Portland Place, described as the most magnificent street in London, and Marylebone High Street with its large array of boutiques, wine bars and restaurants. The estate is currently investing in several projects, including a public realm upgrade project, to improve the streetscape of Marylebone Lane. www.hdwe.co.uk THE BAKER STREET QUARTER PARTNERSHIP Hyde Park PARK LANE UPPER BROOK STREET BOND STREET WEST ENTRANCE Grosvenor BOND STREET SOUTH MO LTON STR EET BROOK STREET NEW B O ND STR EE T BOND STREET EAST ENTRANCE Hanover OXFORD CIRCUS The Baker Street Quarter Partnership was set up in 2013 and is one of eight BIDs (Business Improvement District) in Westminster. This business led partnership is a not for profit company representing 160 business occupiers and landowners. The three key objectives are (1) to create a high quality public realm, (2) to represent, position and promote the area and its business, and (3) to establish the area as a premier business hub. Current projects include a planned traffic scheme, where consultation is currently underway to improve traffic flows in the vicinity, returning Baker Street and Gloucester Place to two way traffic. www.bakerstreetquarter.co.uk PAGE 9 11 baker street 11 baker street PAGE 10

Key NOx Ownerships PARK C R E S C British Land Great Portland Estates 16 SEYMOUR PLACE Bryanston Montagu GLOUCESTER PLACE 10 Paddington Street Gardens MARYLEBONE HIGH STRET 1 2 3 4 10 Portman Newly developed Jestico and Wiles scheme 134,000 sq ft office building Key tenants include: Aspect Capital, and Aramco Overseas Company UK Ltd 1-5 Baker Street 27,153 sq ft office and residential building Marble Arch House Newly developed Bennett s Associates scheme 61,236 sq ft office building York House Completed in 2007 90,000 sq ft office building with over 9,000 sq ft of retail Key tenants include: British Land, Bunzl, and GIC 11 12 13 14 Mount Royal, 508/540 Oxford Street 92,100 sq ft across 12 ground and basement retail units, with a 350 sq ft Oxford Street frontage 35 Portman 73,000 sq ft office building, with ground floor banking hall Orchard Court 47,800 sq ft retail and office property. Let to 14 tenants HARLEY STREET 95 Wigmore Street Designed by architects ORMS. Completed in 2013. 139,000 sq ft office and retail scheme. Let to 8 tenants Derwent London and The Portman Estate PORTLAND PLACE 3 4 8 SEYMOUR STREET 11 MARBLE ARCH 15 PORTMAN CLOSE 12 Portman 2 BAKER STREET 18 9 6 ORCHARD STREET 13 17 1 19 5 Manchester OXFORD STREET 7 14 THAYER STREET Weston Family 5 6 7 Selfridges Department Store Grade II Listed Originally opened in 1909 540,000 sq ft (selling space) Renzo Piano appointed in 2012 to work on an extension strategy Nations House, 103 Wigmore Street 100,000 sq ft office building 388-396 Oxford Street 18,405 sq ft office and retail building Almacantar 8 Marble Arch Tower 97,000 sq ft office redevelopment underway, due for completion in Q1 2018 WIGMORE STREET Northstar Asset Management & Cale Street Partners 9 Portman House, 43-45 Portman Acquired as part of 1bn SEB portfolio 1920s office building, redeveloped in 1998 116,082 sq ft of offices and retail Key tenants include: Cushman & Wakefield, Invesco and Regus 15 16 17 Contiguous cluster of buildings including; 19-35 Baker Street 71,600 sq ft 88-110 George Street 44,800 sq ft 30 Gloucester Place 23,600 sq ft Anticipated 250,000 sq ft development from 2018 onwards 26-27 Castlereagh Street 8,100 sq ft office building Contiguous cluster of buildings including; 16-20 Baker Street 12,600 sq ft residential and retail 17-39 George Street 21,400 sq ft office and retail 27-33 Robert Adam Street 9,500 sq ft office, retail and residential EPF Malaysian State Fund 18 40 Portman Squire & Partners scheme completed in 2008 122,403 sq ft Cavendish of offices and residential Key tenants include: Wells Fargo, and ZBI Europe Loftus family 19 50 George Street 33,160 sq ft of offices Let to Colliers International Hyde Park PARK LANE BOND STREET WEST ENTRANCE London and Regional BOND STREET 10 55 Baker Street Make Architects scheme completed in 2008 560,000 sq ft offices and retail Key tenants include: Knight Frank, BDO and London & Regional SOUT H MO LTON STR E E T NEW B O PAGE 11 11 baker street 11 baker street PAGE 12 Hanover

Local Occupiers 52 Regent s Park Local Businesses Restaurants Lifestyle 6 MARYLEBONE 4 Dorset P 1 Ahli United Bank 2 Aramco 22 Caffè Caldesi 23 Donostia 37 Chiltern Firehouse 38 Churchill Hyatt Regency 51 BAKER STREET 50 53 MARYLEBONE ROAD 3 Arrowgrass 24 Fishworks 39 Durrants Hotel 4 Bacardi 5 BDO Stoy Hayward 25 Galvin Bistrot de Luxe 26 Hardy's Brassiere & Wine Bar 40 Everyman Cinema 41 Fitness First Black Label 31 PARK 6 BNP Paribas 27 L'Autre Pied 42 Home House 7 Boston Consulting Group 28 Le Gavroche 43 John Lewis 8 Brevan Howard 9 British Land 10 Bunzl 11 CBRE 12 Coca Cola 13 Conoco Phillips 14 Embassy of Sweden 15 Embassy of Switzerland 16 Fujitsu 17 Knight Frank 18 Lane Clark & Peacock 19 London and Regional 20 National Bank of Kuwait 21 Portman Estate 29 Locanda Locatelli 30 Maze 31 Orrery 32 Rhodes W1 33 Texture 34 The Grazing Goat 35 The Lockhart 36 Vinoteca 44 London Marriott Hotel 45 Radisson SAS Hotel 46 Selfridges 47 The Cumberland Hotel 48 The Wallace Collection 49 Wigmore Hall 50 Madame Tussauds 51 Landmark Hotel 52 The Sherlock Holmes Museum 53 The Royal Academy of Music 54 The Mandeville Hotel 44 SEYMOUR PLACE 35 36 23 10 Bryanston SEYMOUR STREET 9 47 32 15 14 Montagu 34 45 38 29 33 GLOUCESTER PLACE PORTMAN CLOSE 42 1 13 Portman 41 19 5 8 17 21 BAKER STREET ORCHARD SREET 40 25 37 3 2 16 26 Paddington Street Gardens BLANFORD STREET 7 Manchester 39 27 20 48 18 THAYER STREET 54 MARYLEBONE HIGH STRET 24 22 WIGMORE STREET 11 49 12 HARLEY STREET Cavendish MARBLE ARCH 46 OXFORD STREET Hyde Park PARK LANE 28 BOND STREET WEST ENTRANCE BOND STREET 43 BOND STREET EAST ENTRANCE London Underground Lines Jubilee Victoria Central UPPER BROOK STREET 30 SOUTH MO LTON STR E E T BROOK STREET Hanover NEW BO ND STREE T Bakerloo Hammersmith & City Grosvenor Circle Metropolitan PAGE 13 11 baker street 11 baker street PAGE 14

Communications The property benefits from excellent local transport services. Marble Arch, Bond Street and Baker Street London Underground stations are all within close proximity: Marble Arch 450 metres Central line Bond Street 500 metres Central and Jubilee lines Baker Street 650 metres Bakerloo, Metropolitan, Circle, Hammersmith & City and Jubilee lines Marylebone 750 metres Bakerloo line and National Rail services Accessibility will further improve upon completion of Crossrail in 2018 with a station located nearby at Bond Street. The service will provide a new high speed railway linking Maidenhead and Heathrow to the west to Shenfield in the east, via Central London. The route is due to transform travel times and will increase the number of passengers using Bond Street Station from 155,000 to 220,000 daily. In order to cater for the increased numbers, Crossrail is constructing two new ticket halls a western ticket hall at Davies Street and an eastern ticket hall on the corner of Hanover and Tenterden Street. Mainline services are accessible from Marylebone and Paddington rail stations. Within a short distance to the north is King s Cross St Pancras International, providing rail access to Europe via the Eurostar with short travel times to Brussels within 2 hours 5 minutes and Paris within 2 hours 15 minutes making this a desirable location to occupiers with an international presence. In addition, numerous bus routes operate locally giving access to Greater London. CROSSRAIL Crossrail map CROSSRAIL Circle Circle Metropolitan Circle Circle Hammersmith Hammersmith & City & City & City Northern Central Central Bakerloo Bakerloo Central District District District District Northern Northern Central Stansted Central Stansted HAYES & EALING TAPLOW SLOUGH IVER HARLINGTON HANWELL BROADWAY PADDINGTON COURT TOTTENHAM LIVERPOOL HAYES & EALING ROAD LIVERPOOL STREET TAPLOW SLOUGH IVER HARLINGTON HANWELL BROADWAY PADDINGTON COURT ROAD STREET Central Central Jubilee Jubilee DLR DLR Overground Overground HAROLD HAROLD STRATFORD FOREST FOREST GATE GATE ILFORD ILFORD GOODMAYES GOODMAYES ROMFORD ROMFORD WOOD SHENFIELD WOOD SHENF MARYLAND MANOR PARK SEVEN KINGS CHADWELL GIDEA PARK BRENTWOOD MARYLAND MANOR PARK SEVEN KINGS HEATH CHADWELL GIDEA PARK BRENTWOOD HEATH Key Journey Times: From To Current Crossrail Bond Street Paddington 10min 2min Bond Street Farringdon 23min 4min Bond Street Liverpool Street 25min 6min Bond Street Heathrow 50min 29min The property is well located to take advantage of accessibility to air transport with travel times to London airports as follows: City 40 mins Heathrow 50 mins Gatwick 55 mins Luton 65 mins Stansted 70 mins MAIDENHEAD BURNHAM LANGLEY WEST SOUTHALL WEST EALING ACTON BOND STREET FARRINGDON WHITECHAPEL DRAYTON MAIN LINE MAIDENHEAD BURNHAM LANGLEY WEST SOUTHALL WEST EALING ACTON BOND Central STREET FARRINGDON Circle WHITECHAPEL Hammersmith DRAYTON MAIN LINE Jubilee Metropolitan & City HEATHROW Central Circle Hammersmith District Hammersmith AIRPORT Jubilee Metropolitan & City Overground & City HEATHROW Piccadilly Hammersmith District AIRPORT & City Luton Overground Heathrow Gatwick Piccadilly Luton Heathrow Gatwick Step-free access from street to train Step-free access from street to platform Step-free access Step-free from access street in to direction train of arrow only Station which requires the use of steps or escalators Step-free access from street to platform Step-free access in direction of arrow only Station which requires the use of steps or escalators Surface line Tunnel Surface Portal line(tunnel entrance and exit) National Rail connection Tunnel Portal (tunnel entrance and exit) National Rail connection DLR CUSTOM DLR HOUSE ABBEY WOOD CUSTOM HOUSE ABBEY WOOD CANARY WOOLWICH WHARF JubileeCANARY WOOLWICH Canary Wharf WHARF 200m DLR West Jubilee India Quay 100m Canary Wharf 200m DLR West India Quay 100m Airport connection Airports not on the Crossrail route - to travel to theseairports passengers will need to travel on other connecting rail services. Step-free travel is possible but assistance will be required to get on and off some trains. Airport Travel from connection Luton Airport Parkway Station to Luton Airport is via an accessible bus. Airports not on the Crossrail route - to travel to theseairports passengers will need to travel on other connecting rail services. Step-free travel is possible but assistance will be required to get on and off some trains. Travel from Luton Airport Parkway Station to Luton Airport is via an accessible bus. PAGE 15 11 baker street 11 baker street PAGE 16

Description 11 Baker Street was newly developed in 2011 and achieved BREEAM Excellent status on completion. The building was designed by the award winning Squire & Partners and provides 70,076 sq ft (6,510.2 sq m) of Grade A office and retail accommodation arranged over basement, ground and seven upper floors. The glass structure and triple-aspect footprint allows for excellent natural light to the column-free floor plates ranging in size between 5,650 and 8,549 sq ft. The upper floors benefit from large terraces with far reaching views of Central London. In addition to the office accommodation, there are four retail units on the ground and basement floors all of which front on to Baker Street. Specification 11 Baker Street is an exceptionally well-appointed office building benefiting from the following specification: Squire & Partners design Suspended ceilings with inset lighting Terraces on the 6th and 7th floors 120mm fully accessible raised floors 3 x 13 person passenger lifts Column free floor plates 1 x goods lift BREEAM Excellent rating Full height glazing 60 cycle racks VRF air conditioning 4 x shower rooms Minimum finished floor to ceiling height of 2.70 m PAGE 17 11 baker street 11 baker street PAGE 18

Accommodation Seventh floor The property provides the following accommodation. A fully assignable Plowman and Craven measured survey TERRACE TERRACE dated February 2015 is available in the dataroom. STAIR 2 LOBBY 2 STAIR 2 LOBBY 2 DIS. WC LOBBY 1 UNISEX WC DIS. WC LOBBY 1 UNISEX WC Floor Use Net Internal Area (sq ft) Net Internal Area (sq m) 7th Floor Office 5,650 524.9 6th Floor Office 7,913 735.1 5th Floor Office 8,339 774.7 4th Floor Office 8,531 792.5 3rd Floor Office 8,549 794.2 2nd Floor Office 8,535 792.9 1st Floor Office 8,348 775.5 Ground Floor Reception 1,330 123.6 Sub-Total 57,195 5,313.5 Ground Floor Retail 5,126 476.2 Basement Retail 6,098 566.5 Sub-Total 11,224 1,042.7 Basement Storage 535 49.7 Basement B.M.A 608 56.5 Basement Ancillary 514 47.8 Sub-Total 1,657 154 Total 70,076 6,510.2 Floor Plans Sixth floor PORTMAN CLOSE PORTMAN CLOSE PORTMAN CLOSE PORTMAN CLOSE OFFICE OFFICE TERRACE TERRACE BAKER STREET BAKER STREET STAIR 2 STAIR 1 STAIR 2 MALE WC STAIR 1 MALE WC FEMALE DIS. WC WC FEMALE DIS. WC WC LOBBY 2 LOBBY 1 LOBBY 2 LOBBY 1 OFFICE OFFICE Ground floor BAKER STREET TERRACE TERRACE Office Reception Typical upper floor BAKER STREET ITSU Ltd PORTMAN CLOSE Outbrand Retail Ltd Solus Ceramics Ltd Primo Vapore Ltd STAIR 2 STAIR 1 STAIR 2 STAIR 1 MALE WC MALE WC FEMALE DIS. WC WC FEMALE DIS. WC WC LOBBY 1 LOBBY 2 LOBBY 1 LOBBY 2 PORTMAN CLOSE PORTMAN CLOSE OFFICE OFFICE BAKER STREET BAKER STREET PAGE 19 11 baker street 11 baker street PAGE 20 BAKER STREET

Tenure The property is held by way of a long leasehold interest from the Portman Estate on a 125 year lease expiring 24th March 2136 (c. 121 years unexpired) geared to 14.50% of the rental income received subject to a minimum ground rent of 225,000 per annum. 14.50% of the rental income received or deemed to The current ground rent is 596,393.85 per annum. The Title is registered at HM Land Registry under Title No. NGL919933. be received. Rent is payable by equal quarterly instalments in to 17 advance on each of the usual rent quarter 9days. ourt 5 61 L DAL 63 65 PLA CE The head rent is the greater of; KEN 4 36 3 LB iral C Adm TCBs 26 TCBs 71 73 77 19 to 35 1 24 to to be reviewed on every 5th anniversary from 25 March 2011, upwards only to 5% of the full rack rental value); and 3 32 The site area extends to a total area of approximately 0.306 acres (13,329 sq ft). 50 The minimum ground rent ( 225,000 per annum 50 24.9m TCP 39 PH ouse on H Carlt 37 38 1 to STR EET 35 RGE GEO 33 20 62 64 56 60 58 to 110 88 to 16 to 25.6m 20 1 to 67 7 to RO 34 7 11 55 15 ET TRE ER S BAK 33 69 71 75 18 LOS NC 22 to E 21 25 T MA POR 11 30 E LOS NC ub S El S ta 3 19 T MA POR 1 to 65 ouse 14 to ge H ardin Fitzh TCP 9 10 1 to 1 12 (Univ f Art te o stitu ld In on) rtau Lond y of Cou ersit 12 to 14 12 PAGE 21 10 11 baker street 9 15 Bank 11 baker street PAGE 22

Tenancy Schedule Address Demise NIA (sq ft) Tenant Lease Start Lease Expiry Rent Review Rent (p.a.) Rent psf (ITZA) Unexpired Term (to break) 11 Baker Street 7th Floor 5,650 PIMCO Europe Ltd 25/10/2011 24/10/2026 25/10/2016 3,729,561 65.21 11.65 6th Floor 7,913 25/10/2021 (6.65) 5th Floor 8,339 4th Floor 8,531 3rd Floor 8,549 2nd Floor 8,535 1st Floor 8,348 Ground Reception 1,330 Comments Tenant option to break: 25/10/2021 Break penalty for PIMCO: the lesser of a quarter s passing rent, or 1,059,534 subject to a minimum notice period of 9 months Contracted inside the provisions of the L&T Act 1954 Office sub-total 57,195 15 Baker Street Ground Floor Basement (ITZA Ground 1,733 1,833 886) 13 Baker Street Ground Floor 1,549 Basement 1,348 (ITZA Ground 855) 9 Baker Street Ground Floor 899 Basement 2,917 (ITZA Ground 686) 7 Baker Street Ground Floor 945 (ITZA Ground 727) Retail sub-total 11,224 ITSU Ltd 25/03/2012 24/03/2027 22/06/2017 22/06/2022 118,500 33.23 12.07 Contracted inside the provisions of the L&T Act ( 100.91) * 1954 Contracted inside the provisions of the L&T Act Contracted inside the provisions of the L&T Act Outbrand Retail Ltd 24/09/2012 23/09/2027 24/09/2017 95,000 32.79 (t/a Vital Ingredient) 24/09/2022 ( 93.74) * 12.56 1954 Rent deposit of 28,500 is held ** Solus Ceramics Ltd 10/09/2012 09/09/2022 10/09/2017 95,000 24.90 ( 97.14) * 7.53 1954 Rent deposit of 57,000 is held ** Primo Vapore Ltd (t/a That s Vapore) 19/05/2014 18/05/2029 19/05/2019 19/05/2024 75,000 79.37 ( 94.76) * 14.22 (4.22) Tenant option to break: 18/05/2019 or 18/05/2024 Contracted outside the provisions of the L&T Act 1954 Rent deposit of 45,000 is held ** 7-15 Baker Street Ancillary 1,657 accommodation TOTAL 70,076 (6,510.2 sq m ) Gross Passing Rent: 4,113,061 WAULT: 11.63 to expiries (6.92 years to breaks) Head Rent: 596,394 Net Passing Rent: 3,516,667 * This is based on the DTZ and BNP Paribas Real Estate s analysis of the rent devaluation calculations available on request ** Inclusive of VAT. PAGE 23 11 baker street 11 baker street PAGE 24

Tenants Covenants We have considered the strength of each of the tenants covenants below: PIMCO Europe Ltd 90.68% of Rental Income D&B Rating: 5A1 Pacific Investment Management Company (PIMCO) is a global investment management firm based in 12 countries with more than 2,000 professionals providing risk solutions across the business. The firm has 450 billion of assets under management within its European entities and further more across its parent company, PIMCO Global Advisors LLC, headquartered in the United States. PIMCO is a subsidiary of Allianz SE; Allianz Corporate Bonds Maturing 2049 are rated by Moody s as A2, by Standard and Poor as A+, and by Fitch as A. The European PIMCO operation is headquartered at the subject property. For more information please visit: www.europe.pimco.com 31/12/13 (GBP) 31/12/12 (GBP) 31/12/11 (GBP) SALES TURNOVER 405,788,000 346,993,000 278,319,000 PROFIT BEFORE TAX 82,610,000 35,283,000 28,019,000 TANGIBLE NET WORTH 169,833,000 105,712,000 82,779,000 NET CURRENT ASSETS 159,873,000 94,353,000 78,430,000 Outbrand Retail Ltd (t/a: Vital Ingredient) 2.31% of Rental Income Vital Ingredient is an on-site producer of juice and tossed salads based in London. Founded in 2001, the company has expanded their store portfolio to over 20 units. For more information please visit: www.vitalingredient.co.uk Solus Ceramics Ltd 2.31% of Rental Income Solus Ceramics is a provider of commercial tiling and flooring services. Headquartered in Birmingham, the company has a UK-wide presence. For more information please visit: www.solusceramics.com ITSU Ltd 2.88% of Rental Income Itsu is a London based fast food shop and restaurant chain first established in 1997 in Chelsea. It is now a growing food enterprise with over 40 shops in operation. For more information please visit: www.itsu.co.uk Primo Vapore Ltd (t/a: That s Vapore) 1.82% of Rental Income Primo Vapore is an Italian producer of food and beverages. This store is their first venture in the United Kingdom following success in Europe. For more information please visit: www.thatsvapore.co.uk PAGE 25 11 baker street 11 baker street PAGE 26

Income Analysis Tenancy Analysis Income by Tenant (% of Current Passing Rent) 2.31% 1.82% 2.31% 2.88% The building provides an excellent income profile for potential investors: The building is fully let with no vacancy PIMCO Europe Ltd ITSU Ltd Outbrand Retail Ltd Solus Ceramics Ltd Primo Vapore Ltd The Weighted Average Unexpired Lease Term (WAULT) overall is 11.63 years to expiry and 6.92 years to tenant break options The Gross Passing Rent is 4,113,061 per annum The Net Passing Rent is 3,516,667 per annum Office 9.32% 90.68% Income by Use (% of Current Passing Rent) Office Retail The office accommodation is single let to PIMCO Europe Ltd on a lease expiring 24th October 2026, with a tenant only option to break on 25th October 2021. There is a minimum notice period of nine months, with a break penalty of the lesser of a quarter s passing rent or 1,059,534 The office lease has 11.65 years to expiry and 6.65 years to tenant break option The lease is subject to well timed open market rent reviews on 25th October 2016 and 25th October 2021 The current gross passing rent on the office accommodation of 3,729,561 per annum reflects a low average rent of 65.21 per sq ft North of Oxford Street has experienced significant rental growth in recent years, with rents of 92.50 per sq ft already achieved. The market is primed to experience future rental growth of close to 20% over the next five years 90.68% Retail The retail accommodation is let to four tenants on varying lease terms with a total gross passing rent equating to 383,500 per annum The retail WAULT to lease expiry is 11.49 years and 9.53 years to break options PAGE 27 11 baker street 11 baker street PAGE 28

Occupational market The North of Oxford Street market is bounded by Edgware Road, Marylebone Road, Tottenham Court Road and Oxford Street. It extends to c. 12.1m sq ft of stock, and provides c. 20% of the total West End market floorspace. The total office take up for the North of Oxford Street Market in 2014 was 740,000 sq ft, of which 320,000 sq ft (43%) was Grade A. This level of take up is 51% up on the 2013 total of 490,000 sq ft, but 12% below the 10 year average (840,000 sq ft). Presently there is 500,000 sq ft of available space, much of which is tired and second hand stock. There is only 170,000 sq ft of Grade A availability, equating to a ratio of 1.40% of total available stock. The North of Oxford Street market is defined as two areas: Noho The contemporary Noho area to the east of Regent Street / Portland Place, has attracted Fashion, PR, Film and TV tenants such as Sony, Estee Lauder, and Lion Gate Films that are attracted by the proximity to Soho and the boutique style retail and restaurant offering of Charlotte Street and the surrounding streets. NOx The more institutional / corporate NOx area which is located to the west of Regent Street has attracted occupiers including Saudi Aramco, Ontario Teachers Pension Plan, and Aspect Capital Partners. The appeal to these tenants has been the combination of new Grade A quality office space at a lower cost of occupation compared to Mayfair and St James s, and the image of being the preferred destination for discerning tenants. Additionally, its proximity to the leisure and recreation amenities of Portman and Marylebone Villages increases its popularity. The NOx office market has enjoyed a period of steady improvement through the redevelopment of tired building stock by some of London s most renowned developers, including Great Portland Estate, British Land and London & Regional. Further significant projects are being planned by Derwent London, the Portman Estate and Almacantar (amongst others). With these developments, and improvements in the wider amenity offering, together with the increased occupational costs to tenants in nearby markets, the dynamics of the area have positively shifted. Rental Growth The NOx office market has experienced significant rental growth over the past five years, with Grade A buildings now achieving rents in excess of 92.50 per sq ft. Significant further rental growth is forecast partly owing to the desirability of the submarket, and the extremely restricted development pipeline (only c.68,000 sq ft is to be delivered in 2015, c.140,000 sq ft in 2016, c.250,000 sq ft in 2017 and c.120,000 sq ft in 2018). Prime NOx rents reached 115 per sq ft at the peak of the last cycle, more than 75% higher than the average office rent in 11 Baker Street, and 21% higher than the highest rent achieved so far in this cycle. In addition, rent-free incentives are forecast to fall significantly by 2018 across the West End, substantially increasing the levels of net effective rental growth. The rent reviews in the building in 2016 and 2021 are well timed to capitalise on this growth. Address Tenant Floor Size (sq ft) Rent (per sq ft) Date Lease term 95 Wigmore Street, W1 10 Portman, W1 Bridgepoint Advisors The Central London Retail Market Demand for retail and restaurant representation in London s West End is at an all time high. Over the past three years the pace of rental growth has been significant and over the next five years Central London retail rental growth is forecast to increase by a further 26% (source: PMA). The proximity of Marylebone High Street and the emergence of Portman Village positions 11 Baker Street at the heart of an improving retail and restaurant location. The significant amount of office and residential above retail / restaurant developments planned nearby and the Baker Street 7th 6th 5th 29,477 90.40 Q2 2013 Pyrford International 4th 12,890 92.50 Q3 2013 Lane, Clark & Peacock LLP Aspect Capital 3rd 2nd 1st 7th 15 years (break at 10) 10 years (break at 7) 40,000 77.50 Q3 2012 15 years 24,520 90.00 Q4 2012 Aspect Capital 6th 90.00 Q4 2012 15 Years (break at 10) 15 Years (break at 10) Aramco 5th 92.00 Q3 2012 15 Years 24,392 Aramco 4th 90.00 Q3 2012 15 Years Arrowgrass 3rd 18,534 87.50 Q2 2014 15 Years Ontario Teachers Pension Plan 2nd 18,546 92.50 Q4 2014 15 Years (break at 10) Ardagh Group Part 1st 10,250 89.50 Q3 2014 10 Years Independant Franchise Partners Ltd Part 1st 6,781 85.00 Q4 2014 10 Years Available Gnd 1,548 q. 75.00 Partnership Quarter public realm strategy will drive further improvement. The most recent retail deals near to 11 Baker Street are Pret A Manger at 18-20 Baker Street at c. 100 per sq ft ZA, and Little Waitrose at 10 Portman c. 107 per sq ft ZA, with an additional restaurant unit currently under offer at 10 Portman. The current low rental tone of c. 110 per sq ft ZA offers an attractive opportunity for retailers and restaurateurs alike; with the increasing affluence and ongoing placemaking nearby, this presents an extremely compelling basis for growth. PAGE 29 11 baker street 11 baker street PAGE 30

Cost of Occupation Analysis NOx offers Grade A office space that is a cost effective option for high quality tenants as an alternative to Mayfair and St James s, in terms of rent, business rates and service charge. An indicative map of the relative costings is given here, illustrating the benefit of locating in this area for tenants. Key A Headline rent (per sq ft) B Business rates (per sq ft) C Service charge (per sq ft) Total occupational costs (per sq ft) Prime NOx is a third more expensive than 11 Baker Street; and Mayfair is two thirds more expensive. A B C PADDINGTON A B C Paddington Kensington 57.50 $ 28 $ 10 $ 95.50 $ 11 Baker St Hyde Park KNIGHTSBRIDGE Regents Park MAYFAIR 52.50 $ 24 $ 10 $ 86.50 $ A A B C 65.21 $ 30 $ 8.46 $ 103.67 $ A B C NOx 92.50 35 FITZROVIA 10 137.50 MARYLEBONE B C Mayfair and St James s A B C Victoria 77.50 $ 32 $ 10 $ 119.50 $ 115 $ 45 $ 10 $ 170 $ SOHO ST JAMES S BLOOMSBURY Soho and Covent Garden A B C 85 $ 35 $ 10 $ 130 $ WESTMINSTER Euston and King s Cross A B C 70 $ 30 $ 10 $ 110 $ HOLBORN A 56 $ B 24 $ LAMBETH C 10 $ 90 $ River Thames SOUTHBANK Southbank PAGE 31 11 baker street 11 baker street PAGE 32

Investment market commentary CENTRAL LONDON Central London office transactions in 2014 were 20.5bn making it the second highest volume on record, just below the 22.4bn in 2013 and 39% higher than the 10 year average. WEST END West End activity accounted for 5.7bn, or 28% of Central London transactions during 2014. Of this total, over a fifth was acquired for office to residential/hotel conversion, resulting in a further loss of office stock. recent reversionary transactions Property Date Tenure Capital Value (per sq ft) Net Initial Yield 66-68 Chandos Place & 10-14 Bedford Street, WC2 December 2014 Freehold 64.50m ( 1,318) 3.95% International investors have been significant Central London buyers over the last two years, accounting for 67% of all transactions. UK listed property companies also continue to receive high levels of capital inflows. This appetite for London direct property investments is fuelled by the low interest rate environment, a pool of tangible and liquid assets, a stable economic environment and strong rental growth forecasts. There is presently c. 20bn of capital targeting the West End, and with the supply of investments at only 1.2bn, competition is resulting in downward pressure on yields. Core investors are targeting best in class newly completed assets, and those which are well positioned for rental growth performance. 60 St Martin s Lane, WC2 101 New Cavendish Street, W1 October 2014 Freehold 43.90m ( 1,208) July 2014 Freehold 86.50m ( 851) 3.59% 3.43% Best in class/newly refurbished transactions Property Date Tenure Capital Value (per sq ft) Net Initial Yield 6 St James s, January 2015 Freehold 265.00m 3.89% SW1 ( 2,267) West End Office Market 280 High Holborn, WC1 August 2014 Freehold 86.00m ( 1,245) 4.30% 15 Sackville Street, W1 July 2014 Freehold 83.00m ( 2,158) 3.75% 23 Savile Row, W1 September 2012 Freehold 220.00m ( 2,200) 4.23% 1 Chapel Place, W1 January 2015 Freehold 58.50m ( 1,709) 3.66% 1 Mabledon Place, WC1 January 2015 Long Leasehold 81.00m ( 772) 4.32% Source : IPD PAGE 33 11 baker street 11 baker street PAGE 34

Reversionary office rent is primed for growth Marble Arch House, 11,424 sq ft offices 91 Wimpole Street, 57,000 sq ft offices 50-52 Welbeck Street, 14,700 sq ft offices 41-42 Welbeck Street, 14,000 sq ft offices 66 Wigmore Street, 54,000 sq ft offices 1-2 Welbeck Street, 55,000 sq ft offices 2015 q1 2016 q3 6-20 Baker Street scheme, in Q4 2019. 250,000 sq ft. 2017 q3 Marble Arch Tower, 123,000 sq ft offices 19-35 Baker Street 220,000 sq ft 2018 q3 2019 q4 110 100 RENT PER SQ FT OVERALL 90 80 70 Blended average net effective rent PIMCO Europe Ltd Gross Income Forecast Gross Headline ERV Overall Gross Net Effective ERV Overall 60 Rental Growth Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 2016 2017 2018 2019 2020 2021 5.60% 4.80% 4.30% 4.00% 2.00% 2.00% 2.00% Rent Review - October 2016 Break Option Notice Date - January 2021 Rent Review - October 2021 Break Option - October 2021 PAGE 35 11 baker street 11 baker street PAGE 36

Planning The Local Planning Authority is the City of Westminster. 11 Baker Street is not listed and does not fall within a conservation area. VAT The property is elected for VAT purposes and VAT will be payable on the purchase price unless the property is sold by way of a Transfer Of a Going Concern (TOGC). Debt Terms For indicative debt terms, please see the dataroom. Capital Allowances The benefit of any unclaimed capital allowances may be available, subject to separate negotiation. EPC An EPC is available in the dataroom. Structure Our client is prepared to consider proposals for the real estate on a traditional asset purchase basis; however, the property is held in a Guernsey-based vehicle. Further details are available in the dataroom, should an interested party wish to explore this option. Dataroom For dataroom access, please contact one of the team below. Further Information For further information, please contact one of the joint agents below: Steven Skinner +44 (0)20 7338 4229 steven.skinner@bnpparibas.com Fergus Keane +44 (0)20 3296 4672 fergus.keane@dtz.com Gregor Wallace +44 (0)20 7338 4230 gregor.wallace@bnpparibas.com Oliver Horwitch-Smith +44 (0)20 3296 3638 oliver.horwitch-smith@dtz.com Adam Renn +44 (0)20 7338 4347 adam.renn@bnpparibas.com Kathryn Wood +44 (0)20 3296 4383 kathryn.wood@dtz.com Misrepresentation Act 1967: BNP Paribas Real Estate Advisory & Property Management UK Limited and DTZ for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an o.er or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or repre- sentations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither BNP Paribas Real Estate Advisory & Property Management UK Limited nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 2013: Unless otherwise stated all prices and rents are quote exclusive of VAT. The Business Protection from Misleading Marketing Regulations 2008: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. March 2015 PAGE 37 11 baker street