S T O N E C U T T E R C O U R T L O N D O N E C 4

S T O N E C U T T E R C O U R T L O N D O N E C 4

CONTENTS 04 Executive Summary 06 Location 10 Communications 12 Surrounding Buildings 13 The Deloitte Estate / Local Developments 14 Local Occupiers 16 Description / Specification 18 Accommodation 20 Existing Floor Plans 23 Tenure / Site Plan 24 Planning / Development Potential 28 Tenancies / Tenancy Schedule 29 Covenant Information 31 Proposal / EPC / VAT 32 Appendix 1 - Market Commentary 34 Appendix 2 - Headlease Summary 36 Appendix 3 - Occupational Lease Summary 38 Further Information

02/03

EXECUTIVE SUMMARY Stonecutter Court occupies a prominent and substantial island site in the heart of the Midtown market; Ideally situated to benefit from the arrival of Crossrail at the nearby Farringdon Station in 2018; The property comprises three adjacent self contained buildings arranged around an open courtyard. In total the property provides 152,808 sq ft (14,196.2 sq m) of office, ancillary and public house accommodation; Held long leasehold from The Mayor and Commonalty and Citizens of the City of London for an unexpired term of 131 years. The rent is geared to 4% of the full rack rental value with a current head rent passing of 200,000 per annum; With 94% of the income securely let to Deloitte LLP for a term expiring 30 April 2019, Stonecutter Court constitutes a key part of Deloitte s Central London campus; The total rent passing is currently 6,619,878 per annum, equating to 43.32 per sq ft overall. Midtown rental growth is forecast to take prime rental levels to in excess of 72.50 per sq ft before the end of 2016; After deduction of the head rent, the total net income receivable is 6,419,878 per annum; Significant potential to refurbish and extend the property in the medium term, subject to gaining the necessary consents; Offers are sought in the region of 114,500,000 (One Hundred and Fourteen Million Five Hundred Thousand Pounds) reflecting a net initial yield of 5.50% assuming purchaser s costs of 1.80% based upon the acquisition of the BVI company. This represents a capital value of only 749 per sq ft.

04/05

LOCATION Stonecutter Court occupies a prominent and substantial island site in the heart of Central London. Situated on the western side of Farringdon Street, the property s location places it at the very core of the Midtown market, which is highly sought after by occupiers and investors alike. The property is immediately adjacent to Land Securities New Street Square development and benefits from an impressive range of amenities. This has attracted a diverse occupier base including leading financial, professional and corporate occupiers including Goldman Sachs, Amazon, Sainsbury s, Macfarlanes, Microsoft/Skype, Bank of America Merrill Lynch, Weber Shandwick, Mizuho, Samsung, Hogan Lovells, Baker & McKenzie, Taylor Wessing and Deloitte. Stonecutter Court is situated adjacent to the Goldman Sachs London office campus and within close proximity to its principal headquarter operations at Peterborough Court and River Court on Fleet Street. In March 2013 Goldman Sachs were granted planning consent to develop a new nine storey office development on the site of the existing Plumtree Court and Fleet Building on the western side of Farringdon Street. The 2.5 acre site, which is located directly to the north of Stonecutter Court, will provide a total net area of 844,000 sq ft and will lead to further significant enhancement of the local area. A detailed market commentary is contained in Appendix 1.

CARMELITE STREET TON GARDEN ARRINGDON ROAD FARRINGDON CHARTERHOUSE STREET CHARTERHOUSE SQ SMITHFIELD MARKET WEST SMITHFIELD CHARTERHOUSE STREET CHARTERHOUSE SQ LONG LANE LONG LANE BARBICAN ALDERSGATE STREET BARBICAN FORE HATTON GARDEN MUSEUM OF LONDON NE CHANCERY LANE HOLBORN FETTER LANE NEW FETTER LANE HOLBORN CIRCUS ST ANDREW STREET SHOE LANE FARRINGDON STREET FARRINGDON STREET HOLBORN VIADUCT ST BRIDE STREET SNOW HILL OLD BAILEY GILTSPUR STREET OLD BAILEY ST BARTHOLOMEW S HOSPITAL NEWGATE STREET KING EDWARD STREET STOCK EXCHANGE MONTAGUE STREET ALDERSGATE STREET ST MARTIN S LE GRAND LONDON WALL GRESHAM STREET WOOD STREET LOVE LANE FETTER LANE ST PAUL S FLEET STREET INNER TEMPLE GARDEN VICTORIA EMBANKMENT BOUVERIE STREET TEMPLE AVENUE WHITEFRIAR STREET FLEET STREET TUDOR STREET LUDGATE CIRCUS VICTORIA EMBANKMENT NEW BRIDGE STREET LUDGATE HILL CITY THAMESLINK BLACKFRIARS BLACKFRIARS UNDERPASS ST PAUL S CHURCHYARD CARTER LANE QUEEN VICTORIA STREET UEEN VICTORIA STREET UPPER THAMES STREET WHITE LION HILL ST PAUL S CATHEDRAL PAUL S WALK PETER S HILL Q CANNON STREET CHEAPSIDE MANSION HOUSE QUEEN UPPER THAMES STREET PLACE 06/07

S T O N E C U T T E R C O U R T 08/09

COMMUNICATIONS FARRINGDON Stonecutter Court benefits from excellent transport communications and is situated in close proximity to a number of mainline rail and London Underground stations. 150m CITY THAMESLINK CHANCERY LANE ST PAUL S 450m FARRINGDON 450m 500m CHANCERY LANE BLACKFRIARS CITY THAMESLINK Metropolitan line Hammersmith & City line Circle line Central line City Thameslink District line BLACKFRIARS The combination of Crossrail and the ongoing Thameslink Programme is set to dramatically improve the already impressive transport links in the local area. Most significantly, Farringdon station is set to become a key transport node, incorporating the London Underground network, the upgraded Thameslink mainline route and future Crossrail services. CROSSRAIL The location of Stonecutter Court is set to benefit from Crossrail, the flagship east-west rail link that will cross Central London linking Reading and Heathrow in the west to Abbey Wood in the east. Construction commenced in 2011 with trains scheduled to be running by 2018. It is estimated that the new service will increase capacity to 200 million passengers each year including a 21% increase in rail capacity to the City of London. A brand new station has recently been completed at Farringdon which will provide direct access to Crossrail and is easily accessible from Stonecutter Court. THE THAMESLINK PROGRAMME The Thameslink route has been significantly enhanced as part of the Thameslink Programme (formerly known as Thameslink 2000) which has expanded and upgraded the existing infrastructure, more than doubling the network s capacity. The government funded project totalling 6 billion has successfully resulted in longer trains and more frequent services on the route from Bedford to Brighton which passes through Central London, including City Thameslink station which is 150m to the east of Stonecutter Court. The new Blackfriars station, situated 500m to the south will dovetail with improvements at City Thameslink and Farringdon, as well as the planned reconstruction of London Bridge station (due for completion in 2018). The upgrade will provide a metropolitan style service through the capital, with services running every 2 1 / 2 minutes. 31 MINS 7 MINS 5 MINS 2 MINS 9 MINS 10 MINS LONDON HEATHROW PADDINGTON BOND STREET FARRINGDON LIVERPOOL STREET CANARY WHARF STRATFORD

1 Stonecutter Street (Farringdon Street and Stonecutter Street Elevations 10/11

CARMELITE STREET SURROUNDING BUILDINGS CLERKENWELL ROAD GOSWELL ROAD ST. JOHN STREET CLERKENWELL ROAD CLERKENWELL ROAD HATTON GARDEN GRAY S INN ROAD HATTON GARDEN FARRINGDON ROAD FARRINGDON 10 11 CHARTERHOUSE STREET CHARTERHOUSE SQ CHARTERHOUSE STREET CHARTERHOUSE SQ SMITHFIELD MARKET WEST SMITHFIELD LONG LANE LONG LANE CARTHUSIAN STREET BARBICAN ALDERSGATE STREET M CHANCERY LANE CHANCERY LANE HOLBORN FETTER LANE LANE FETTER 5 NEW FETTER LANE NEW ST TREET SQUARE HOLBORN CIRCUS B C ST ANDREW STREET A 4 D SHOE LANE FARRINGDON STREET HOLBORN VIADUCT 1 STONECUTTER STREET ST BRIDE STREET FARRINGDON STREET 6 11 SNOW HILL 7 CITY THAMESLINK FLEET PLACE 3 2 OLD BAILEY GILTSPUR STREET OLD BAILEY ST BARTHOLOMEW S HOSPITAL NEWGATE STREET KING EDWARD STREET STOCK EXCHANGE PATERNOSTER SQUARE MONTAGUE STREET ALDERSGATE STREET ST MARTIN S LE GRAND ST PAUL S ROYAL COURTS OF JUSTICE STRAND TEMPLE FLEET STREET INNER TEMPLE GARDEN VICTORIA EMBANKMENT BOUVERIE STREET TEMPLE AVENUE WHITEFRIAR STREET 9 FLEET STREET TUDOR STREET LUDGATE CIRCUS VICTORIA EMBANKMENT NEW BRIDGE STREET BLACKFRIARS UNDERPASS BLACKFRIARS BRIDGE LUDGATE HILL CITY THAMESLINK 8 BLACKFRIARS QUEEN VICTORIA STREET UPPER THAMES STREET ST PAUL S CHURCHYARD CARTER LANE WHITE LION HILL ST PAUL S CATHEDRAL PAUL S WALK MILLENNIUM FOOTBRIDGE PETER S HILL SUNLIGHT WHARF

THE DELOITTE ESTATE Stonecutter Court is a key component of Deloitte LLP s five building campus in Central London. The additional four buildings are situated immediately to the west of the property and comprise Athene Place (c.143,000 sq ft), Hill House (c.170,000 sq ft), 2 New Street Square (c.209,250 sq ft) and 3 New Street Square (c.42,300 sq ft). A) Athene Place, 66 Shoe Lane, EC4 B) 2 New Street Square, EC4 C) 3 New Street Square, EC4 D) Hill House, 1 Little New Street, EC4 LOCAL DEVELOPMENTS Properties Size (sq ft) Developer Completion date 1) Goldman Sachs 844,000 Goldman Sachs Estimated completion 2017/2018 Farringdon Street (Owner Occupier) 2) 20 Old Bailey 264,000 Blackstone Estimated completion 2017/2018 3) 1 & 2 New Ludgate 378,017 Land Securities Due Q2 2015 (Part Prelet) 4) 1 New Street Square 260,000 Land Securities Due 2016 5) 12-14 New Fetter Lane 142,500 Great Portland Estates Due Q4 2015 (Prelet) 6) Sixty London 210,000 AXA REIM Completed (Prelet) 7) 65 Holborn Viaduct 80,000 CHIL Estimated completion 2016/2017 8) Blackfriars Station Thameslink Programme 9) Carmelite Riverside 135,000 Orion / Quadrant Completed (Prelet) 10) Farringdon Station Crossrail 11) Smithfield Quarter TBC TIAA Henderson Real Estate TBC 12/13

Skype Weber Shandwick LOCAL OCCUPIERS Sainsbury s Taylor Wessing Deloitte Deloitte Deloitte Deloitte Goldman Sachs Goldman Sachs

Brewin Dolphin GDF Suez Hogan Lovells Amazon Samsung Baker Tilly Dentons Charles Russell Level 3 Communications Santander Mizuho 14/15

DESCRIPTION Stonecutter Court consists of three adjacent self contained buildings arranged around an open courtyard. In total the property provides 152,808 sq ft (14,196.2 sq m) of office, ancillary and public house accommodation: - 1 Stonecutter Street 1 Stonecutter Street was constructed in 1995, and is the principal building of the three. It comprises 139,779 sq ft (12,985.9 sq m) of net internal area arranged over seven upper levels, ground (street level at the main entrance on the corner of St Bride s Street and Stonecutter Street), lower ground (street level at the Farringdon Street entrance) and one further lower level. The property was originally designed to be able to be split into two smaller buildings for additional flexibility and thus each of the east and west wings has its own entrance (the east from Farringdon Street and the west from the junction of Stonecutter Street and St Bride s Street) with two separate individual cores. The building incorporates numerous headquarter functions including The Deloitte Academy, two fully equipped auditoriums, a large fitness centre, an occupational health facility, a graduate recruitment centre and a national security control room. 81 Farringdon Street 81 Farringdon Street was constructed in 1995 and extends to 9,306 sq ft (864.5 sq m) of net internal area provided at lower ground, ground and four upper levels. 80 Farringdon Street 80 Farringdon Street is a Grade II listed Public House extending to 3,723 sq ft (345.8 sq m) gross internal area arranged as basement kitchen, ground, first and second floor pub, third floor WCs / store / managers office and fourth floor manager s accommodation (bedroom and bathroom). SPECIFICATION 1 STONECUTTER STREET 81 FARRINGDON STREET 1 Stonecutter Street benefits from the following specification: > VAV air-conditioning; > Metal tiled suspended ceilings; > Fully accessible raised floor with 125mm void; > 2.7 metre floor to ceiling heights; > Seven 13 person passenger lifts, two fireman s lifts and one 2,000 kg goods lift; > Male, female and disabled WCs on each floor; > Seven secure underground car parking spaces which have now been converted to cycle parking by the tenant. 81 Farringdon Street benefits from the following specification: > Fan coil air-conditioning; > Suspended ceilings; > Fully accessible raised floor with 125mm void; > 2.6 metre floor to ceiling heights; > One 10 person passenger lift; > Male and female WCs on each floor; > Disabled WC on the ground floor.

1 Stonecutter Street (Farringdon Street Elevation) Hoop and Grapes 80 Farringdon Street 81 Farringdon Street 16/17

ACCOMMODATION The property has been measured by Plowman Craven in accordance with the RICS Code of Measuring Practice (6th Edition). The floor areas of the property are as follows: 1 Stonecutter Street NET INTERNAL AREAS LEVEL USE SQ M SQ FT Seven Office 617.1 6,642 Six Office 720.6 7,756 Five Office 1,378.6 14,839 Four Office 1,567.7 16,875 Three Office 1,613.9 17,372 Two Office 1,615.4 17,388 One Office 1,556.1 16,750 Ground Office 1,085.3 11,682 Reception 153.4 1,651 Lower Ground 1 Office 1,035.3 11,144 Reception 95.6 1,029 Lower Ground 2 Office/Ancillary 1,546.9 16,651 Sub Total 12,985.9 139,779 81 Farringdon Street NET INTERNAL AREAS LEVEL USE SQ M SQ FT Four Office 129.6 1,395 Three Office 162.3 1,747 Two Office 160.6 1,729 One Office 159.9 1,721 Ground Office 90.4 973 Reception 41.4 446 Lower Ground Office 116.7 1,256 Ancillary 3.6 39 Sub Total 864.5 9,306 80 Farringdon Street GROSS INTERNAL AREAS LEVEL USE SQ M SQ FT Four Manager s Accommodation 27.0 291 Three Ancillary 56.1 604 Two Public House 53.4 575 One Public House 56.6 609 Ground Public House 82 883 Lower Ground Kitchen 70.7 761 Sub Total 345.8 3,723 Total 14,196.2 152,808

18/19

EXISTING FLOOR PLANS SIXTH FLOOR 7,756 SQ FT / 720.6 SQ M FIRST FLOOR 16,750 SQ FT / 1,556.1 SQ M

GROUND FLOOR 11,682 SQ FT / 1,085.3 SQ M Courtyard LOWER GROUND FLOOR 1 11,144 SQ FT / 1,035.3 SQ M 20/21

13 5 TENURE The Property is held long leasehold from The Mayor and Commonalty and Citizens of the City of London for a term of 99 years from 12 March 1992 with an option to extend until June 2145 providing an unexpired term of 131 years. The current passing rent is 200,000 per annum and subject to five yearly upward only rent reviews to 4% of the Full Rack Rental Value. A summary of the Headlease is contained in Appendix 2. SITE PLAN The total site area is approximately 0.276 ha (0.681 acres). 35 30 26 NEWCASTLE CLOSE 32 SHOE LANE 6.3m 83 to 86 70 Fleet Building BEAR ALLEY 40 28 STONECUTTER STREET Cycle Hire Station Cycle Way Posts 25 FARRINGDON STREET 77 1 Stonecutter Court 20 PH 81 PH OLD FLEET LANE Harp Alley Harp House 6.3m ST BRIDE STREET Posts 25 14 2 to 10 102 SHOE LANE Ward Bdy OLD SEACOAL Posts Pop 5 11 9 7 Gat Hous Ordnance Survey Crown Copyright 2014. All rights reserved. Licence number 100022432. 22/23

PLANNING Stonecutter Court is situated within the jurisdiction of the Corporation of London which is the local authority for the City of London. Whilst 80 Farringdon Street (The Hoop and Grapes) is Grade II listed, the property does not lie within a conservation area. The site is outside the St Paul s Heights policy area but does fall within a number of strategic panorama views in the Mayor s London View Management Framework. These views originate from either Primrose Hill or Blackheath Point. DEVELOPMENT POTENTIAL As part of the ongoing asset management of Stonecutter Court, the vendor and their advisors have undertaken a feasibility study for potential refurbishment and extension of 1 Stonecutter Street. The study, led by Sheppard Robson Architects, has covered preliminary planning and third party issues and indicates the possibility to extend the net lettable floor area by circa 39,399 sq ft (3,660.3 sq m), subject to gaining the necessary consents and also includes the following outline proposals: 1. The addition of another two 17 person lifts to the Shoe Lane entrance; 2. British Council of Offices compliant service for the entire building at 1:8 per sq m; 3. The main lift core is reconfigured to provide additional access to the east and west side of the floorplate; 4. The new lifts absorb two of the columns on the existing floorplate; 5. The reception area is reconfigured to provide a double height foyer, whilst filling in the existing circular atrium; 6. The lightwell is in-filled on all floors, creating a more linear arrangement; 7. The rear core is rebuilt, moving the WCs to create more efficient space on the east elevation; 8. Cladding is removed from the eastern part of the fifth floor and replaced with new glazing; 9. Two new extensions are built on the sixth and seventh floors creating full sized office floors at each level; 10. A new eighth floor is created, with a large landscaped roof terrace. NET INTERNAL AREA LEVEL SQ M SQ FT SQ FT INCREASE % INCREASE Roof Eight 640 6,889 6,889 Seven 1,708 18,385 11,743 177% Six 1,713 18,439 10,683 138% Five 1,679 18,073 3,234 22% Four 1,665 17,922 1,047 6% Three 1,699 18,288 916 5% Two 1,699 18,288 900 5% One 1,499 16,135-615 -4% Ground Floor 1,416 15,242 1,909 14% Lower Ground 1 1,425 15,339 3,166 26% Lower Ground Two 1,503 16,178-473 -3% Total 16,646 179,178 39,399 28%

Proposed Entrance 24/25

26/27

TENANCIES 1 Stonecutter Street is let in its entirety to Deloitte LLP on a lease commencing 7 February 2003 and expiring 30 April 2019. The current rent passing is 6,248,500 per annum exclusive which equates to c. 44.70 per sq ft overall. The lease provides for 5-yearly upwards only rent reviews with the next review due on 3 November 2015. 81 Farringdon Street has recently been let to Farringdon Street Business Centre Ltd (trading as Ventia Ltd) on a new lease at a rent of 310,378 per annum, equating to 33.35 per sq ft overall. The lease is for a term of 10 years expiring 22 April 2024. The vendor proposes to cover the outstanding rent free period which expires 23 October 2014 and the subsequent period of half rent expiring 22 October 2016. 80 Farringdon Street is let to Shepherd Neame Ltd on a lease commencing 13 March 1998 and expiring 12 March 2023. The current rent passing is 61,000 per annum (equating to 16.38 per sq ft), subject to an upwards only rent review on 13 March 2018. The total gross rental income is therefore 6,619,878 per annum providing an average weighted lease term (AWULT) of 4.85 years. A summary of the occupational lease to Deloitte LLP is contained in Appendix 3. TENANCY SCHEDULE TENANT DEMISE USE AREA (SQ FT) RENT ( PA) ( PSF) Deloitte LLP 1 Stonecutter Street Office 139,779 6,248,500 44.70 Farringdon Street 81 Farringdon Street Office 9,306 310,378 33.35 Business Centre Ltd t/a Ventia Ltd Shepherd Neame Ltd 80 Farringdon Street Public House 3,723 61,000 16.38 t/a Hoop and Grapes Totals Area (sq ft) 152,808 6,619,878 43.32 Parking 7

COVENANT INFORMATION DELOITTE LLP VENTIA LTD Deloitte LLP is the UK practice of Deloitte Touche Tomatsu Limited (Deloitte), the global professional service provider which reported a record turnover of $32.4 billion for the year ending 2013. With this level of turnover and 200,000 employees, Deloitte are ranked as the largest accountancy practice in the world, ahead of PWC, Ernst & Young and KPMG. Deloitte LLP have a Dun and Bradstreet Rating of N1 indicating a minimum risk of business failure. Ventia Ltd is a property consultancy aimed at providing financial solutions for building owners, occupiers and investors. As a serviced office provider specialising in Central London office locations, their activities include site specific evaluations, financial modelling and detailed market analysis, design, build, space planning and project management services, provision of IT & Telecoms, Fit out & Furniture and provision of ongoing support maintenance management services. Ventia currently run an additional 17 serviced office centres, 12 of which are located in Central London. LEASE START NEXT RENT REVIEW LEASE EXPIRY COMMENTS Break 07 February 2003 03 November 2015 30 April 2019 23 April 2014 23 April 2019 22 April 2024 Rent free period expires 23 October 2014 with a 30 April 2019 subsequent period of half rent expiring 22 October 2016. The vendor will cover the outstanding rent free period. Rent Review subject to a minimum increase to 338,173 pa and maximum of 393,763 pa. 6 months rent deposit provided by the tenant. Held outside the provisions Landlord & Tenant Act 1954. Schedule of condition attached to lease. Break option (Landlord's only) on 6 months prior notice. 13 March 1998 13 March 2018 12 March 2023 28/29

PROPOSAL Offers are sought in the region of 114,500,000 (One Hundred and Fourteen Million Five Hundred Thousand Pounds) reflecting a net initial yield of 5.50% assuming purchaser s costs of 1.80% based upon the acquisition of the BVI company. This represents a capital value of only 749 per sq ft. EPC VAT Stonecutter Court has the following EPC Ratings: 1 Stonecutter Street - E (102) 81 Farringdon Street C (65) The property has been elected in respect of VAT and therefore VAT will be payable on the purchase price. However, it is anticipated that the sale of the property will be treated as a transfer of a going concern (TOGC). 80 Farringdon Street D (96) 30/31

APPENDIX 1 - MARKET COMMENTARY The EC4 Occupational and Investment Markets are beginning to demonstrate the impact of historically low levels of supply, together with strong levels of demand and requirements. Supply In the first half of 2014, availability in EC4 decreased by 34% to stand at 950,000 sq ft, the lowest level in the current cycle (Figure 1). New and newly refurbished availability fell to 655,000 sq ft (compared to a five year average of 1.1m sq ft) and the supply of second hand space has more than halved to 295,000 sq ft in the past 12 months. At present, only two buildings offering more than 50,000 sq ft are currently available: Cannon Place, Cannon Street (190,000 sq ft) and 71 Queen Victoria Street (187,000 sq ft). Demand Total EC4 take up in 2013 totalled 1.7 million sq ft, 29% above the five year average, as well as being 81% up on the total for 2012. This was partly down to three transactions over 100,000 sq ft: CMS Cameron McKenna took 140,000 sq ft at Cannon Place, Cannon Street, Bird & Bird took 140,000 sq ft at 12-14 New Fetter Lane and Hachette UK took 135,000 sq ft at Carmelite Riverside, Victoria Embankment. This strong leasing activity continued into 2014: year to date take up to July was 15% up on the five year average, reaching 730,000 sq ft, and Grade A take up totalled 570,000 sq ft (+76% on the five year average). The largest leasing transactions saw Mizuho prelet 193,000 sq ft at 2 New Ludgate, GSMA take 50,000 sq ft at The Walbrook, and Euromoney take 47,000 sq ft at 6-8 Bouverie Street. Figure 1 - EC4 Office Availability (m sq ft) Figure 2 - EC4 Office Take Up Newly built/refurbished Poor second hand Good second hand 5 year average Newly built/refurbished Poor second hand Good second hand 5 Year average 3 2.5 2 1.5 1 0.5 0 2004 2006 2008 2010 2012 2014 YTD -0.5 2004 2006 2008 2010 2012 2014 YT Source: DTZ Research Source: DTZ Research In light of this marked fall in availability, pre-letting activity across the market has risen significantly with one quarter of the 330,000 sq ft development and refurbishment completions due in 2014, and more than half of the 1.2m sq ft of completions due in 2015 let prior to practical completion. In addition, speculative completions are expected to fall to just 325,000 sq ft in 2016, which means that total, unlet development and refurbished deliveries will average just 452,000 sq ft per annum over the next two years (2015-2016), in contrast to average take-up levels in EC4 which run at 1.3m sq ft annually (Figure 2). Analysis of take up by business sector reveals the Financial sector dominated the first half of 2014, taking 43% of space leased. The Tech, Creative & New Media sector continued to form a staple source of demand (taking a 27% share), while the Professional & Legal sector took a slightly lower than average 24% share (Figure 3). Figure 3 - EC4 Office Take Up by Key Sector, H1 2014 Share if take up (H1 2014) 5 Year average 50% 40% 30% 20% 10% 0% Finance Tech, Creative & New media Legal & Professional Source: DTZ Research

Rental Growth Figure 5 - Midtown Prime Yield Demand for office space continues to remain high. There is 2.9m sq ft of space under offer in Central London at present (up 11% on the five year average) and there are 9.5m sq ft of active requirements in the market (also up 11% on the five year average). Rental Growth is now evident across Central London and further significant rental growth is forecast as supply remains limited and tenant demand increases further. Set out below are DTZ s forecasts for prime headline rents in the Midtown area. Figure 4 - Midtown Rental Growth Forecast Year Rent (per sq ft) Average Growth 2014 63.00 3.3% 2015 70.00 11.1% 2016 75.00 7.1% 2017 76.00 1.3% 2018 77.00 1.3% Source: DTZ Research 7.5% 7.0% 6.5% 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% Total 2004.2 2004.4 2005.2 2005.4 2006.2 2006.4 2007.2 2007.4 2008.2 2008.4 2009.2 2009.4 2010.2 2010.4 2011.2 2011.4 2012.2 2012.4 2013.2 2013.4 There continues to be significant investor demand from both domestic and overseas investors which is forecast to sustain current investment activity going forward and maintain downward pressure on prime yields. Overseas Investors have acquired 3.9bn of stock in the first half of 2014, at an average lot size of 83m, compared to domestic purchases of 2.9bn, at an average lot size of 33m. Three quarters of the latter s expenditure has been in stock priced at below 50m (figure 6). 2014.2 Investment In 2013, Investment activity in Central London totalled 21.8bn, the highest recorded since DTZ started monitoring activity in 1997. The first half of 2014 would suggest that this level of activity is set to stay if not increase further going forward with a total of 6.8bn of transaction volume conducted, up by 0.7bn for the same period in the previous year (figure 4). Figure 6 - Purchase share by lot size, domestic versus foreign investors H1 2014 (%) 200m+ 50 100m 100 200m 1 20m 20 50m 100% 80% Figure 4 - Central London quarterly investment volume ( bn) 60% 40% 20% 10 9 8 7 6 5 4 3 2 1 0 Total Long Term Average (RHS) 0% Domestic Foreign 32/33

APPENDIX 2 - HEADLEASE SUMMARY Landlord Alterations The Mayor and Commonalty and Citizens of the City of London The Head Tenant is not permitted to: Demised Premises Stonecutter Court, Farringdon Street, London, EC4A 2TR including 80 & 81 Farringdon Street. Term 99 years from and including 12 March 1992. The Head Lease contains a tenant's option to renew from the expiry of the term until 23 June 2145. To exercise the option, the Head Tenant has to secure notice of its desire to take a new lease not more than two years and not less than twelve calendar months before the expiration of the term. (i) Erect or set up or permit or suffer to be erected or set up on the Property or any part of it any new building or buildings; (ii) Unite or annex the Property or any part of it to any premises neighbouring or adjoining or permit or suffer the same to be so united or annexed; or (iii) Increase or permit or suffer to be increased by alteration or extension the total floor space of the Property other than increases: (a) not exceeding in the aggregate more than 7.5% of the gross floor space of the Property; (b) which involve the retention of the entire existing structural frame of the Property; and (c) which have been carried out to the satisfaction of the City Surveyor. The option to renew is subject to the Head Tenant having paid the rents due and have performed and observed its other covenants up to the date of termination. Rent The current passing rent is 200,000 per annum. The rent is subject to review on 29 April in the years 2014 and five yearly thereafter to the higher of 4% of the "Full Rack Rental Value" of the Property as a whole at each rent review date and the rent payable immediately before each rent review date. Repair To well and substantially repair and maintain and keep the Property repaired and maintained including repairing the Property if it is damaged or destroyed by an uninsured or uninsurable risk. Use The Property can only be used for a purpose falling within Use Class B1 of the Town and Country Planning (Use Classes) Order 1987 with ancillary storage and car parking. That part of the Property being 'The Hoop and Grapes" public house can only be used as a public house. The Open Space can only be used as an open space with limited public access or for such other purposes as "will not detract from the best rental value of the Property" with the Freeholder's prior written approval (not to be unreasonably withheld). The Head Tenant is, however, entitled to change the external skin cladding or contour of the Property provided that any such change does not involve any extension of any nature beyond the boundaries of the Property subject to the Freeholder's prior consent. In applying for consent the Head Tenant must provide full details of the proposed works, to include (without limitation): (a) full plans and specifications; (b) particulars (if requested) of any contracts or intended contracts for the proposed said works; (c) a certificate from the Head Tenant's solicitor that vacant possession so far as necessary has been obtained; and (d) copies of the planning permission (if any is required), and of all other necessary consents for the proposed works and of any relevant documents. No other alterations or additions either in height or projection to the Property or any part of it are permitted provided that the Head Tenant may (without obtaining the Freeholder's consent) erect usual demountable partitions and internal fitting and make any other non-structural internal alterations. The Head Tenant is prohibited from allowing any new right or easement to be acquired against the Property, including, without limitation, rights to light and air.

Alienation The Head Tenant can charge the Property without the Freeholder's consent. Assignment of the whole or assignment of any one or more of the four parts of the Property (81 Farringdon Street, 80 Farringdon Street, Stonecutter Court East and Stonecutter Court West respectively) is permitted with the Freeholder's consent, such consent not to be unreasonably withheld or delayed. In respect of assignment of part, the Head Lease contains provisions dealing with the apportionment of sums payable under the Head Lease and other requisite amendments to give affect to the assignment of part. Underletting of the whole or part of the Property is permitted without the Freeholder's consent. Insurance The Freeholder covenants to insure the Property in the joint names of the Freeholder and the Head Tenant for a sum of not less than 35,000,000. The Head Tenant may at any time by not less than one month's written notice require the Freeholder to increase this sum to any amount specified by the Head Tenant. The Freeholder must insure against loss or damage by fire, lightning, explosion, aircraft, subterranean fire, earthquake, riot, civil commotion, impact, flood, malicious damage, storm, bursting or overflowing of water tanks apparatus or pipes and such other risks as the Freeholder considers necessary together with professional costs and (in the name of the Freeholder alone), for not more than five years' loss of rent. Full Rack Rental Value The Full Rack Rental Value is defined as the best yearly rent at which the Property or any part of it might reasonably be expected to be let in the open market with vacant possession between a willing landlord and a willing tenant without a fine or premium for a term of 25 years with five yearly rent reviews, or alternatively for such a term and with such frequency of rent review as may be in accordance with normal market practice at the relevant review date in the City of London, and in either case upon the assumption that the Property is let under a lease containing such terms as might reasonably be agreed in accordance with normal market practice. 34/35

APPENDIX 3 - OCCUPATIONAL LEASE SUMMARY Tenant Deloitte LLP Demised Premises Stonecutter Court, 1 Stonecutter Street, London EC4 Term Commencing 7 February 2003 and expiring 30 April 2019. Rent 6,248,500 per annum In the last year of the Term the painting and decorating should be in such colours, patterns and materials as may be approved by the Landlord (such approval not to be unreasonably withheld or delayed). Yielding Up The Tenant shall at the end of the Term yield up the Premises duly painted, repaired, cleaned etc in accordance with the provisions of the Lease. The Tenant may remove its fixtures and fittings. There is no express obligation on the Tenant to reinstate the Premises following any alterations it has carried out to the Premises. As a consequence, any non structural works carried out by the Tenant which did not require Landlord consent will not need to be reinstated at the end of the Term. Insurance Alterations Responsibility for effecting insurance lies with the Landlord. The premiums are payable by the Tenant. The Tenant must also pay any excess suffered by the Landlord as a result of the Tenant's breach of the Lease in respect of any insurance claim. Repair The Tenant has a full structural repairing obligation. The Tenant is also obliged to keep the Open Space (which is the courtyard area) and any other part of the Premises which is not built upon adequately surfaced, in good condition, tidy and free from weeds and rubbish. All landscaped or planted areas should be properly cultivated. The Tenant is obliged to renew and replace all Landlord's fixtures and fittings and appurtenances to the Premises which become beyond repair during the Term, save for damage caused by Insured or Uninsured Risks. Decoration In 2015, the last year of the Term or more frequently if the state and condition of the Premises reasonably requires (but not more than twice in any two year period), the Tenant must prepare and paint in a proper and workmanlike manner all the inside wood, metal and other parts of the Premises which are usually painted. The Tenant must also clean, decorate and treat in an appropriate, proper and workmanlike manner all internal parts of the Premises which have been or ought properly to be cleaned, decorated and treated. The Lease permits the Tenant to carry out structural or external alterations with Landlord's consent, such consent not to be unreasonably withheld or delayed. The consent of the superior landlord is also required. The plans of the works must be submitted to and approved by the Landlord. The Lease permits the Tenant to carry out internal non structural alterations without consent, together with the installation, re-arrangement or removal of internal demountable partitioning. The Tenant should still provide plans of the works to the Landlord for its records. User Use within Class B1 of the Town and Country Planning (Use Classes) Order 1987 and any use ancillary thereto. In respect of the Open Space (being the courtyard area), the use is as public open space or other use from time to time under the Head Lease. Alienation Assignment of part only of the Premises is prohibited. The Tenant is prohibited from holding on trust or parting with possession of the whole or any part of the Premises or to permit anyone to occupy the Premises. Assignment of the whole of the Premises is permitted with Landlord's consent, not to be unreasonably withheld or delayed. The Tenant is prohibited from underletting or assigning the Lease to any party which does not (or cannot provide a guarantor which has) have an address for service within the jurisdiction of the English Courts.

The Landlord is entitled to require as a condition of its consent to an assignment that: (a) the assignee shall covenant with the Landlord to observe and perform the covenants contained in the Lease and to pay the rents reserved by the Lease; (b) if reasonably required, the Tenant enters into an authorised guarantee agreement in the form set out in the Lease; and (c) if reasonably required, guarantor covenants should be offered. Subletting of the whole or any part of the Premises is permitted with Landlord's consent, not to be unreasonably withheld or delayed. The Tenant shall not underlet the Premises at a fine or premium or at less than the open market rent. The rent payable under the underlease should be payable at the time and in the same manner as under the Lease. 4. Any effect on the rent due to the Tenant, its sub-tenants or predecessors in title under the Surrendered Lease that have been in occupation of the Premises or nearby or adjacent premises should be disregarded; 5. Any goodwill attached to the Premises by reason of the carrying on of the business of the Tenant, its sub-tenants or predecessors in title under the Surrendered Lease from the Premises or nearby or adjacent premises should also be disregarded. If the Landlord and Tenant have not agreed the rent before the review date, then the rent shall be determined by an independent surveyor. The identity of the surveyor shall be agreed upon by the parties and in the absence of agreement, the president of the Royal Institution of Chartered Surveyors shall appoint the surveyor on application by either party made no earlier than 6 months before the review date. The surveyor shall act as an arbitrator and will determine the yearly rent at which the Premises might reasonably be expected to be let at the review date. The Tenant shall not allow any underletting of any part of the Premises which would cause the number of separate occupations to exceed 15 at any one time. In the case of any underletting where the underlet premises comprises anything other than a complete floor or level, the underlease must be excluded from the provisions of section 24 to 28 of the Landlord and Tenant Act 1954. Rent Review The rent is to be reviewed on 3 November 2015. Time is not of the essence of the rent review provisions. The lease is drafted so as to provide for upwards only review in that the reviewed rent shall be the greater of the passing rent immediately preceding the review date and the rent which is ascertained between the parties on the following assumptions and disregards: 1. The premises are available to let on the open market without fine or premium and with vacant possession by a willing landlord to a willing tenant for a term of ten years commencing on the review date; 2. The premises are to be let as a whole on the terms of the Lease (other than the rent but including rent review provisions at the expiry of the fifth year of the hypothetical term); 3. The Completed Premises are fitted out at the review date at the expense of the willing tenant and ready for immediate occupation and use; 36/37

FURTHER INFORMATION If you would like the opportunity to inspect the property, or if you require any further information, then please contact: Martin Lay Sean Howes +44 (0)20 3296 2021 martin.lay@dtz.com +44 (0)20 3296 2022 sean.howes@dtz.com James Rolton David Hookey +44 (0)20 3296 2245 james.rolton@dtz.com +44 (0)20 3296 2112 david.hookey@dtz.com Misrepresentation Act 1967 & Declaration DTZ, a UGL company give notice to anyone who may read these particulars as follows: 1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4 The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. Designed and produced by The Looking Glass Design. T: 020 7384 1322. September 2014.

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