THE LONDON MARKETS ANALYSIS IN ASSOCIATION WITH

THE MARKETS ANALYSIS IN ASSOCIATION WITH

INTRODUCTION Date: th February 14 THE MARKETS ANALYSIS IN ASSOCIATION WITH IPD London is thriving, and substantial changes to the markets that comprise this great City are underway which are changing how the City s heart beats. The London Markets Analysis sets out the comparative performance of London s Markets in detail over time, and the LEVY team is both delighted to have sponsored this analysis, and to have underlined the data with market examples of recent activities, including development, investment, office & retail lettings, and residential sales. Asset selection can override the geography of each market in terms of performance, but we trust that this document will prove a useful reference for current landowners and inward investment. We have tried to be succinct with the information to allow swift and easy digestion accepting that there is much depth of knowledge behind the headlines which we would be pleased to share with you. Thank you for reading this report. With kind regards, Simon Heilpern LEVY Colm Lauder IPD LEVY INTELLIGENCE

WHY? WHY? 1 KEY REASONS There are 1 key reasons why London is more attractive to international capital than other markets. The Why London mantra has been well rehearsed but understanding these drivers is crucial. HAS BEEN NAMED THE CITY WITH THE BEST REAL ESTATE INVESTMENT OPPORTUNITIES FOR FOREIGN INVESTORS, OVERTAKING LAST YEAR S FIRST CHOICE, NEW YORK, ACCORDING TO A SURVEY BY THE ASSOCIATION OF FOREIGN INVESTORS IN REAL ESTATE. (AFIRE) 1/ GLOBAL FINANCIAL CENTRE 2/ POLITICAL STABILITY 6/ TRANSPARENCY 7/ CURRENCY London is recognised as the leading financial centre in the world, providing the business and real estate environment that multi-national and corporate occupiers demand and desire. (Source FT) The UK benefits from an almost unrivalled stability within the global community, the product of one of the oldest political systems in the world. The large demand for UK property has resulted in an even larger demand for research and qualitative data (as produced by IPD). This is gathered, provided and shared by institutional and private investors, ensuring that investors are able to receive the most up-to-date market information. Sterling is a benchmark currency on the global economic platform, giving stability that many other currencies cannot provide. 3/ TENURE 4/ TAX 8/ PROFESSIONAL ADVICE 9/ CULTURE, LANGUAGE, TIME ZONE Freehold is the optimal form of tenure commonly available, to which investors aspire within the respected UK legal framework. Long leasehold tenure is less favoured but generally accepted in the institutional market. The UK s tax regime is favourable to the overseas investor with few barriers to cash-flows in and out of the country through real estate transactions. Professional standards across the range of service sectors including Law, Accountancy, Finance and Property are universally respected. The RICS was established in the UK and insures professional standards that are relied upon by both UK and overseas investors. London s position on Greenwich Mean Time ensures that it will always benefit from being in the centre of financial markets. The multi-cultural nature of London, the UK and the language also provides an attractive environment to overseas investors. 5/ LIQUIDITY 1/ EDUCATION Real estate is not recognised as a liquid asset by many investors but London s mature and evolving markets allows swift trading at virtually all points in the property cycle. The British education with some of the best schools and universities in the system ensures the highest quality workforce in London. These attract students and families from around the globe, further deepening London s multi-culturalism and attractiveness for overseas investors and occupiers in the high end residential markets. LEVY INTELLIGENCE

WHY? WHY? THE BEST REAL ESTATE OPPORTUNITIES THE MARKET IN 13 During 13, the real estate investment market in London and the broader UK was one of two halves. A slow start which mimicked 12 s lacklustre performance saw modest returns and flat rental values. However, following positive economic news from home and abroad, the market kicked into gear after the summer break, posting significant returns and achieving some of the strongest rental and capital growth since the rebound of 1. London outperformed the regions, but it is noteworthy that values and rents finally returned to growth outside greater London in the latter months of the year. This stemmed a decline that for some sectors and segments dated back to the 8 market crash. London investment property returned 14.2 year-on-year (y/y) total return in 13, up from 7.4 y/y in 12. This total return was made up of a steady income return of 4.8 y/y, and impressive capital value growth of 9. y/y. This strong value growth was fuelled by strengthening rents and demand driven yield compression, with rental values up 3.6 y/y overall, while average equivalent yields fell to 5.8 from 6.1. The investment return achieved by London properties in 13 is the strongest since the 19.6 achieved in 1. Offices in the capital outperformed last year with a return of 15.8 y/y, whereas retail returned a very respectable 12.3 y/y. Both sectors saw rental value growth, with office rents appreciating by 5.1 y/y and retail rents by 2. y/y. The stronger rental position for offices helped this sector to outperform, as both sectors saw their equivalent yields fall as continued positive investor sentiment, combined with occupiers growing in confidence, helped boost the London market in 13. ALL PERFORMANCE FIGURES SOURCED FROM IPD UK QUARTERLY PROPERTY INDEX Travel times are one of the strongest indicators to changes in values, which in turn has resulted in high levels of development across London, with the change in each market being greater than in many capital cities. The following transport initiatives are all contributing to this dynamic evolution: Crossrail The London overground extension linking the North South route The Docklands Light Railway Tramlink Victoria Interchange Northern Line extension HS2 and Crossrail 2 When taken as a whole, against the backdrop of strongly rising prices in the core areas, London is changing rapidly. The transport changes impact on where visitors and locals live, work or go out. This report indicates the relative performance of each market and illustrates relative values through the recent market activity in each sector. MARKET PERFORMANCE Rental values and investment yields vary across the London Markets and the question is which market offers the best performance and why. Northern fringe (including Shoreditch), north of Oxford Street and Camden (including King s Cross) were the three top performers in 13 despite Mayfair being the best performer over 3 and 5 years. We have applied total return forecasts to the City, Midtown and West End which set the direction of the market, but the differentiation potential from careful asset selection and market location are key to outperforming the market. The relative performance over one year is as follows: LEVY INTELLIGENCE

AT A GLANCE TOTAL RETURN DOUBLE DIGIT RETURNS TOTAL RETURN ( Y/Y) TOTAL RETURN ALL 1 YEAR TO DECEMBER 13 ALL 14.2 14.2 MARKET NORTHERN (SHOREDITCH, 23. CITY ROAD AND OLD STREET) NORTH OF OXFORD STREET 19.2 CAMDEN (KING S CROSS) 18.5 1 YEAR > DECEMBER 13 BEST PERFORMER NORTHERN 23. MAYFAIR 18.5 WATERLOO 18.4 PADDINGTON 18.3 MARYLEBONE AND EUSTON 17.6 COVENT GARDEN 17.5 SOHO 16.4 BELGRAVIA / KNIGHTSBRIDGE 16.1 HAMMERSMITH 15.4 MIDTOWN 14.9 ST. JAMES S 14.4 1 YEAR > DECEMBER 13 (CLERKENWELL, 14.4 SMITHFIELD AND FARRINGDON) DOCKLANDS 14.3 (HOXTON, 14. SPITALFIELDS, WHITECHAPEL) CENTRAL (CITY) 12.1 VICTORIA 11.3 ISLINGTON 8.1 LEVY INTELLIGENCE

AT A GLANCE RENTAL VALUE GROWTH ABOVE AVERAGE RENTAL GROWTH IN AREAS RENTAL VALUE GROWTH ( Y/Y) RENTAL VALUE GROWTH ALL 1 YEAR TO DECEMBER 13 ALL 3.6 3.6 MARKET CAMDEN (KING S CROSS) 9.5 NORTHERN (SHOREDITCH, 9.3 CITY ROAD AND OLD STREET) HAMMERSMITH 7.7 1 YEAR > DECEMBER 13 (CLERKENWELL, 7.6 SMITHFIELD AND FARRINGDON) MARYLEBONE AND EUSTON 7.1 BEST PERFORMER CAMDEN (KING S CROSS) 9.5 1 YEAR > DECEMBER 13 BELGRAVIA / KNIGHTSBRIDGE 6.8 COVENT GARDEN 6.7 (HOXTON, 6.3 SPITALFIELDS, WHITECHAPEL) NORTH OF OXFORD STREET 6. SOHO 6. MAYFAIR 5.5 ST. JAMES S 4.7 MIDTOWN 4.5 WATERLOO 4.4 CENTRAL (CITY) 3.1 PADDINGTON 2.9 ISLINGTON 2.3 DOCKLANDS 1.9 VICTORIA.1 LEVY INTELLIGENCE

AT A GLANCE EQUIVALENT YIELD KEENER YIELDS IN CORE AREAS EQUIVALENT YIELD () EQUIVALENT YIELD ALL 1 YEAR TO DECEMBER 13 ALL 5.8 5.8 MARKET MAYFAIR 4.4 BELGRAVIA / KNIGHTSBRIDGE 4.8 SOHO 4.8 COVENT GARDEN 4.9 1 YEAR > DECEMBER 13 BEST PERFORMER MAYFAIR 4.4 1 YEAR > DECEMBER 13 MARYLEBONE AND EUSTON 4.9 ST. JAMES S 5. NORTH OF OXFORD STREET 5.1 PADDINGTON 5.3 VICTORIA 5.8 MIDTOWN 5.9 CENTRAL (CITY) 6.1 ISLINGTON 6.1 WATERLOO 6.1 CAMDEN (KING S CROSS) 6.2 (CLERKENWELL, 6.2 SMITHFIELD AND FARRINGDON) NORTHERN (SHOREDITCH, 6.6 CITY ROAD AND OLD STREET) (HOXTON, 6.7 SPITALFIELDS, WHITECHAPEL) HAMMERSMITH 7.4 DOCKLANDS 8.5 LEVY INTELLIGENCE

BELGRAVIA / KNIGHTSBRIDGE BELGRAVIA / KNIGHTSBRIDGE Watford Junction BELGRAVIA AND KNIGHTSBRIDGE PROVIDE A RETAIL HUB AND A UNIQUE GLOBAL PROFILE THAT ATTRACTS LEADING INVESTORS AND THE HIGHEST VALUE RESIDENTIAL ACCOMMODATION. d ner North Harrow st row t entral Acton Turnham Green Harrowon-the-Hill Gunnersbury Kew Gardens Richmond Watford High Street Acton Main Line Bushey Carpenders Hatch End Headstone Lane Harrow & Wealdstone Northwick South Kenton North Wembley Wembley Central Stonebridge Harlesden Willesden Junction North Acton Stamford Brook East Acton Kilburn Shepherd s Bush Market Goldhawk Maida Vale Warwick Avenue Hammersmith Ravenscourt Kenton Preston Wembley Kensal Rise Kensal Green Queen s Royal Oak Westbourne White City Wood Lane Kensington (Olympia) West Kensington West Brompton Fulham Broadway Parsons Green Putney Bridge Stanmore Canons Queensbury Kingsbury Brondesbury Kilburn High Paddington Ladbroke Grove Latimer Shepherd s Bush Barons Court Holland Edgware Burnt Oak Colindale Edgware BELGRAVIA / KNIGHTSBRIDGE Marylebone Imperial Wharf Hendon Central Brent Cross DOCKLANDS CAMDEN AND HAMMERSMITH KING S Golders CROSS Green Hampstead Neasden Hampstead Heath ISLINGTON Dollis Hill EUSTON Finchley Willesden Green NORTHERN & Frognal Belsize Kilburn BLOOMSBURY MARYLEBONE NORTH West Hampstead OF OXFORD Chalk Farm STREET MIDTOWN Brondesbury Finchley SOHO Camden PADDINGTON COVENT CENTRAL Town (CITY) MAYFAIR Swiss Cottage GARDEN South Mornington Hampstead St. John s Wood Crescent ST JAMES S Earl s Court Bayswater Notting Hill Gate Queensway High Street Kensington Gloucester Edgware Lancaster Gate Hyde Corner Knightsbridge South Kensington Marble Arch VICTORIA Bond Street Sloane Square Victoria Pimlico Baker Street Green WATERLOO Great Portland Street Westminster Euston Mill Hill East Kentish Town West Gospel Oak Piccadilly Circus Canary Wharf 23 mins Charing Cross St James s Heathrow 41 mins Waterloo Lambeth North Camden Embankment SOURCE: TFL CROSSRAIL FROM 18 Southwark King s Cross St Pancras High Barnet Totteridge & Whetstone Woodside West Finchley Finchley Central East Finchley Highgate Archway Tufnell Kentish Town Canary Cannon Street Wharf Mansion 14 mins House Blackfriars Heathrow Temple 31 mins Borough Crouch Hill Caledonian Angel Warren Street Euston Square Farringdon Regent s Goodge Russell CONNECTION StreetTIMES Square VIA CROSSRAIL Barbican (from Knightsbridge) Tottenham (from Bond Street) Court Chancery Lane Oxford Circus Paddington Oxford St Paul s 13 mins Circus Holborn 2 mins Bank Bank Covent GardenLiverpool Street mins Leicester Square 6 mins Upper Holloway Holloway Southgate Arnos Grove Bounds Green Wood Green Turnpike Lane Manor House Arsenal Caledonian & Barnsbury Old Street Liverpool Street Highbury & Islington Moorgate Victoria Circle, District, Victoria, Aldgate National Rail Cockfosters Oakwood Finsbury Canonbury Harringay Green Lanes Seven Sisters Dalston Kingsland Dalston Junction PRIMARY TRANSPORT LINKS Haggerston Hoxton Shoreditch High Street Aldgate East Hyde Corner Monument Piccadilly Tower Shadwell Hill Fenchurch Street Tower Knightsbridge Gateway Piccadilly River Thames Rotherhithe Sloane Square London Circle, District Bermondsey Canada Bridge Water Surrey Quays Tottenha Hale W Q Hack Centr Hom Bethn Gree St Wappin I

BELGRAVIA / KNIGHTSBRIDGE BELGRAVIA / KNIGHTSBRIDGE BELGRAVIA / KNIGHTSBRIDGE TOTAL RETURN 16.1 ALL OF 14.2 BELGRAVIA / KNIGHTSBRIDGE RENTAL VALUE GROWTH 6.8 Lot sizes tend to be smaller than in the West End or City, but yields compete closely with Mayfair and St. James s. Despite the continued popularity of this market, initial yields in Belgravia / Knightsbridge moved out through 13, closing out the year at 4.1, up 3 bps from 12. In contrast, equivalent yields, a measure closely related to the internal rate of return, fell by bps to 4.8. Strong capital growth of 11.3 y/y was the source of most of this performance, with income return only providing 4.3 y/y. Rents were up 6.8 as occupiers grew in confidence. Retailing, like in the West End, remaining buoyant. Investors were similarly buoyed by the strength of income on offer, with a positive yield impact of 3.5 y/y pushing equivalent yields lower. ALL OF 3.6 BELGRAVIA / KNIGHTSBRIDGE EQUIVALENT YIELD 4.8 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 BELGRAVIA / KNIGHTSBRIDGE Belgravia / Knightsbridge is in the City of Westminster and Royal Borough of Kensington and Chelsea, broadly bordered by St. James s to the east, Hyde to the north, the River Thames to the south and Gloucester to the west. Postcodes: SW1W, SW1W 8 9, SW1X, SW1V 7 9, SW3 1 2, SW7 1 The major landowners are the Cadogan Estate and Grosvenor. HAMMERSMITH PADDINGTON DOCKLANDS MARYLEBONE MAYFAIR CAMDEN AND KING S CROSS EUSTON BLOOMSBURY NORTH OF OXFORD STREET SOHO COVENT GARDEN MIDTOWN ISLINGTON NORTHERN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 ANNUAL TOTAL RETURN 4 3 1-1 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 22 18 16 14 12 1 8 16.1 11.3 RANGE OF BELGRAVIA / KNIGHTBRIDGE ALL AVERAGE 22 18 16 14 12 1 8 - -3 BELGRAVIA / KNIGHTSBRIDGE RANGE OF RETURNS 6 4 2 4.3 4.8 6 4 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Belgravia / Knightsbridge in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Belgravia / Knightsbridge within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 16.1 Capital Growth 11.3 Income Return 4.3 Equivalent Yield 4.8 Rental Value Growth 6.8 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 65. Prime Retail Zone A 65 Implied Headline Capital 1,3 Value per sq ft Prime Net Initial Yield 5. TOTAL RETURN PREDICTION BELGRAVIA / KNIGHTSBRIDGE Correlates to the LEVY West End Total Returns Forecast West End Forecast 14 1.1 17 9. 15 7.6 18 8.9 16 8.5 ANNUALISED 13 18 8.8 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 3, 6, RETURN OF 16.1 BEATS THE 14.2 AVERAGE

BELGRAVIA / KNIGHTSBRIDGE DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Berkeley Homes Ebury Square, Cundy Street, Semley Place Use Completion Quarter Completion Date 71 Residential Q2 14 Wainbridge Estates 38 62 Yeoman s Row 9 Residential Q3 14 Finchatton 53 56 Hans Place 13 Residential Q4 14 Mace 127 135 Sloane Street 136,724 Office Q1 15 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Net Initial Yield Area (sq ft) Q4 13 52 Grosvenor Gardens SW1 FH Office 46. 513 5.5 89,75 Q4 13 College House, SW3 FH Office 32.4 85 5. 38,132 272 28 King s & 11 Manresa & Retail Q3 13 1 5 Grosvenor Place SW1 FH Office 132.5 789 Vacant Possession 167,994 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q3 13 38 Hans Crescent SW3 Chellomedia 54. 28,476 Q2 13 4 5 Grosvenor Place SW1 Cunningham Loewenstein 42.5 5,584 Asset Management Q2 13 1 3 Grosvenor Place SW1 Richmond Partners LLP 47.5 7,645 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 65 Date Address Postcode Tenant Zone A Q3 13 Brompton SW3 Ted Baker 64 Q3 13 Brompton SW3 Hugo Boss 64 Q2 13 Sloane Square SW1 Rag & Bone 45 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q4 13 6 Brompton Q4 13 31 35 Chesham Street Q4 13 11 15 Grosvenor Crescent Q3 12 38 62 Yeoman s Row Land value per private plot (m) Land Price ( / sq ft) Planning position at point of purchase SW3 Private c. 5. 1,228 Existing building of c.28, sq ft with planning potential of residential SW1 Fenton 4. 6.67 6 flats Whelan SW1 Wainbridge 11. 1. 11 residential units Estates SW3 Wainbridge Estates & Finchatton 38. 4.22 Planning permission to provide 5 houses and 4 flats totalling 34,9 sq ft SOURCE: LEVY

BLOOMSBURY BLOOMSBURY BLOOMSBURY IS CHARACTERISED BY EDUCATIONAL, MEDICAL, HOTELS AND RESIDENTIAL USES, AND IS CENTRALLY LOCATED. Epping Theydon Bois High Barnet Cockfosters Debden Totteridge & Whetstone Oakwood Loughton HAMMERSMITH DOCKLANDS CAMDEN AND KING S CROSS Woodside Southgate Buckhurst Hill ISLINGTON Mill Hill East West Finchley Arnos Grove Edgware EUSTON NORTHERN Stanmore Bounds Green Burnt Oak BLOOMSBURY Finchley Central Canons Wood Green Woodford MARYLEBONE NORTH Colindale OF OXFORD STREET East Finchley MIDTOWN Harringay Queensbury Turnpike Lane South Woodford Green Lanes Hendon Central SOHO PADDINGTON COVENT Highgate Crouch CENTRAL Kingsbury (CITY) MAYFAIR GARDEN Hill South Tottenham Snaresbrook Brent Cross Seven Archway Manor House Blackhorse Gospel Sisters Golders Green Oak ST JAMES S WATERLOO Hampstead Upper Holloway Neasden Hampstead Heath Tottenham Walthamstow BELGRAVIA / KNIGHTSBRIDGE VICTORIA Tufnell Arsenal Hale Central Dollis Hill Finsbury Leytonstone Finchley Holloway Willesden Green Kentish Walthamstow & Frognal Leyton Belsize Town West Kentish Town Queen s Midland Kilburn Highbury & rondesbury Caledonian Islington Dalston Chalk Farm Kingsland Leyton West Hampstead Camden Stratford Hackney International Brondesbury Finchley Camden Town CONNECTION Caledonian TIMES VIA CROSSRAIL Central (from PRIMARY Stratford & Canonbury Swiss Cottage (from Barnsbury Russell Square) Tottenham Court ) TRANSPORT LINKS Kilburn South Mornington Dalston Junction High Hampstead St. John s Wood Crescent Oxford Circus Liverpool Street Homerton Hackney Russell Square King s Cross Wick St Pancras 9 mins 4 mins Piccadilly Edgware Haggerston ddington Marylebone Great Baker Portland Euston Angel Bank Paddington Euston Street Street Hoxton 12 mins 4 mins Northern, Victoria, Pudding Old Street Mill Lane Overground, Shoreditch Canary Wharf Canary Wharf Bethnal Edgware Warren Street Euston Square High Street Green Mile National End Farringdon Rail 28 mins Liverpool Street 12 mins Regent s Bow rove Goodge Russell King s Cross Bayswater Street Square Barbican Heathrow Heathrow St Pancras Bond Bromley- Tottenham 39 mins 33 mins Bow Church Circle, Hammersmith by-bow Notting Lancaster Street Court Hill Gate Gate Chancery Lane Moorgate Stepney Green & City, Metropolitan, Devons Aldgate Oxford St Paul s East Northern, Piccadilly, lland Queensway Marble Circus Holborn Langdon ark Arch Bank Whitechapel Victoria, National Rail, Covent Garden Aldgate Eurostar All Saints High Street Green SOURCE: TFL Kensington Leicester Square CROSSRAIL FROM 18 Westferry Blackwall Tottenham Hyde Corner Piccadilly Cannon Street Circus Limehouse Court Poplar Monument Tower East Knightsbridge Shadwell Mansion House Hill Central, Northern, India Fenchurch Street Tower Charing Wapping West Gloucester Gateway Crossrail Cross Blackfriars Canary India Quay St James s River Thames Temple Wharf Victoria Rotherhithe Rodin Valle Wanst Leyto High Wans Woo Stratf High S Abbey West Star L Cannin Town

BLOOMSBURY BLOOMSBURY BLOOMSBURY TOTAL RETURN JUNE 12 JUNE 13 1.4 ALL OF 8.7 BLOOMSBURY RENTAL VALUE GROWTH 2. ALL OF 2.9 BLOOMSBURY EQUIVALENT YIELD 6.5 ALL OF 6. The Bloomsbury market, bordered by the booming King s Cross and Midtown markets, has been increasingly of interest to investors, given its location and regeneration prospects. In recent years, the trend by investors and developers of converting older offices, often originally Georgian or Victorian townhouses, back to residential has driven performance in this market pushing down yields. Equally, it has meant that these were no longer classed as commercial properties and as a result have been excluded from recent performance thereby limiting analysis. However, data is available up to the first half of 13. In this 12 month window, June 12 to June 13, commercial properties in Bloomsbury recorded a total return of 1.4 y/y. This was comfortably above the London average of 8.7 y/y. This strong performance was driven by investor sentiment, as a positive yield impact of 7.7 y/y contributed heavily to the capital value growth of 4.7 y/y. Rents also grew during this period, by 2. y/y, but was 9 bps lower than the average London growth, as the quality of commercial stock in Bloomsbury would tend to be weaker. At the end of June 13, the equivalent yield for Bloomsbury reflected nearby secondary markets, at 6.5, compressed bps from 12 months earlier. Over a longer time period, June 8 13, annualised returns for this market were 1.7 y/y, which included a dramatic 23. y/y total return in 8, placing the market below average for London commercial properties of 5. y/y. NOTE FIGURES FOR BLOOMSBURY COVER 12 MONTH PERIOD TO END OF JUNE 13 ONLY

MARKET UPDATE FEBRUARY 14 BLOOMSBURY Bloomsbury is within the London Borough of Camden broadly bordered by Southampton Row to the east, Euston to the north, New Oxford Street and High Holborn to the south and Great Portland Street to the west. Postcodes: WC1A 1 2, WC1H 8 9, WC1N 1 3, WC1B 3 5, WC1E 6 7 HAMMERSMITH DOCKLANDS MARYLEBONE CAMDEN AND KING S CROSS EUSTON BLOOMSBURY NORTH OF OXFORD STREET MIDTOWN ISLINGTON NORTHERN PADDINGTON MAYFAIR SOHO COVENT GARDEN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 4 22 RANGE OF BLOOMSBURY 22 3 18 ALL AVERAGE 18 ANNUAL TOTAL RETURN 1-1 - DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 APR 6 BLOOMSBURY AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 16 14 12 1 8 6 4 1.4 4.7 5.4 6.5 16 14 12 1 8 6 4-3 RANGE OF RETURNS 2 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Bloomsbury in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Bloomsbury within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. PERFORMANCE JUNE 12 13 Total Return 1.4 Capital Growth 4.7 Income Return 5.4 Equivalent Yield 6.5 Rental Value Growth n/a INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 57.5 Prime Retail Zone A 185 Implied Headline Capital 1, Value per sq ft Prime Net Initial Yield 4.75 TOTAL RETURN PREDICTION BLOOMSBURY Correlates to the LEVY Midtown Total Returns Forecast Midtown Forecast 14 12 17 9.3 15 6.7 18 9. 16 8.4 ANNUALISED 13 18 9.1 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1, 1,8 PRIMED FOR CAPITAL VALUE GROWTH

BLOOMSBURY DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Crest Nicholson Bloomsbury Gardens, 45 Sidmouth Street Use Completion Quarter Completion Date 44 Residential Q1 14 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Net Initial Yield Area (sq ft) Q4 13 43 Eagle Street WC1 FH Office 5.4 524 3.45 1,315 Q3 13 Berkshire House, WC2 FH Office 34.3 652 5.76 52,592 168 173 High Holborn Q4 12 Holborn Links Estate WC1 FH Mixed Use 215. 661 5. 321,725 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Q4 13 8 11 New Oxford Street W1 William Morris Endeavour Ent. Area (sq ft) 6. 21,39 Q3 13 8 11 New Oxford Street W1 Weve 57.5 21,452 Q2 13 26 Red Lion Square WC1 HaysMacintyre 45. 18,94 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 185 Date Address Postcode Tenant Zone A Q3 13 6 High Holborn WC1 West Cornwall 18 Pasty Company Q3 13 38 Lamb's Conduit Street WC1 J. Crew 1 Q2 13 5 High Holborn WC1 Greggs 185 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q2 12 Bloomsbury Gardens, 45 Sidmouth Street WC1 Crest Nicholson Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 15. 34, 52 residential units (44 private) SOURCE: LEVY

CAMDEN INCLUDING KING S CROSS THE CAMDEN MARKET HISTORICALLY WAS RELATIVELY SMALL IN TERMS OF COMMERCIAL PROPERTY INVESTMENT WITH RESIDENTIAL STILL DOMINATING. HOWEVER, KING S CROSS CENTRAL HAS REPOSITIONED THIS SECTOR. CAMDEN HAMMERSMITH DOCKLANDS CAMDEN AND KING S CROSS ISLINGTON EUSTON NORTHERN BLOOMSBURY MARYLEBONE NORTH OF OXFORD High Barnet STREET Cockfosters MIDTOWN SOHO Totteridge & Whetstone PADDINGTON COVENT CENTRAL Oakwood (CITY) MAYFAIR GARDEN Woodside Southgate ST JAMES S Mill Hill East West Finchley WATERLOO Arnos Grove Edgware BELGRAVIA / tanmore KNIGHTSBRIDGE VICTORIA Bounds Green Burnt Oak Finchley Central anons Wood Green Colindale East Finchley Harringay ueensbury Turnpike Lane Green Lanes Hendon Central Highgate Crouch ingsbury Hill South Tottenham Brent Cross Seven Archway CONNECTION Manor House TIMES Sisters PRIMARY Blackhorse Gospel Golders Green Oak (from Camden Town) TRANSPORT LINKS Hampstead Upper Holloway Neasden Hampstead Heath Tottenham Tufnell Oxford Arsenal Circus Camden Hale Town Dollis Hill Finsbury Finchley 7 mins Northern Holloway Willesden Green Walthamstow & Frognal Kentish Queen s Belsize Town West Kentish Town Bank Kentish Town Kilburn Highbury & ondesbury Caledonian 13 mins Islington Dalston Northern, National Rail West Hampstead Chalk Farm Kingsland Camden Canary Wharf Kentish Hackney Town West Brondesbury Finchley Camden Town Caledonian Central 27 mins& Canonbury Overground Swiss Cottage Barnsbury Kilburn South Mornington igh Hampstead St. John s Wood Heathrow Dalston JunctionKing s Cross Crescent Homerton Hackney King s Cross 1 hour 5 mins St Pancras Wick St Pancras Edgware Haggerston Circle, Hammersmith ington Marylebone Great Baker Portland Euston Angel & City, Metropolitan, Street Street Hoxton Northern, Piccadilly, Victoria, Old Street National Rail, Eurostar Shoreditch Warren Street Euston Bethnal Edgware Square High Street Green Mile End Farringdon SOURCE: Liverpool TFL Street Regent s ve Goodge Russell Bayswater Street Square Barbican Bond Tottenham Bow Church Notting Lancaster Street Court Hill Gate Gate Chancery Lane Moorgate Stepney Green St Paul s Aldgate Walthamstow Central Stratford International Theydon Bois Leyton Midland Bow Devons Epping Debden Loughton Buckhurst Hill Woodford South Woodford Snaresbrook Leytonstone Leyton Stratford Pudding Mill Lane Bromleyby-Bow Roding Valley C R Wanstea Leytons High R Wanste Woodg Stratfor High St Abbey West Ha Star La

CAMDEN INCLUDING KING S CROSS CAMDEN CAMDEN TOTAL RETURN 18.5 ALL OF 14.2 CAMDEN RENTAL VALUE GROWTH 9.5 ALL OF 3.6 In Camden, a growing appetite for office and retail space has strengthened occupier demand and investor interest has followed suit. Investment performance in recent years has been strong, with average annual returns of 12.1 y/y since 8 and values recovering to within 8.4 of their 7 peak. Total returns for 13 were strong compared to similar London markets at 18.5 y/y. This was largely driven by capital growth of 13.2 y/y and a slightly below average (for London) income return of 4.7 y/y. Rental value growth was stronger than in previous years at 9.5 y/y, further enforcing the view that Camden is growing in appeal for small occupiers. Investor sentiment followed the positive trend set by occupiers with a yield impact of 7.5 y/y providing continued yield compression. Initial yields fell to 4.7 at the end of 13, down 65 bps from the same period in 12, whereas equivalent yields closed at 6.2, down a more modest 4 bps. CAMDEN EQUIVALENT YIELD 6.2 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 CAMDEN INCLUDING KING S CROSS Camden is within the London Borough of Camden broadly bordered by Upper Street to the east, Highbury Corner to the north, Pentonville to the south and Eversholt Street to the west. Postcodes: NW1, NW1 7 9, NW5 1 4 Major landowners are the King s Cross Central Limited Partnership (Argent, Hermes Real Estate, London & Continental Railways Ltd and DHL Supply chain) and London Borough of Camden. HAMMERSMITH PADDINGTON DOCKLANDS MARYLEBONE MAYFAIR CAMDEN AND KING S CROSS EUSTON NORTH OF OXFORD STREET SOHO BLOOMSBURY COVENT GARDEN MIDTOWN ISLINGTON NORTHERN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 4 3 22 18 18.5 RANGE OF CAMDEN ALL AVERAGE 22 18 ANNUAL TOTAL RETURN 1-1 - DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 CAMDEN DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 16 14 12 1 8 6 4 13.2 4.7 6.2 16 14 12 1 8 6 4-3 RANGE OF RETURNS 2 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Camden in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Camden within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 18.5 Capital Growth 13.2 Income Return 4.7 Equivalent Yield 6.2 Rental Value Growth 9.5 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 6. Prime Retail Zone A Implied Headline Capital 1,1 Value per sq ft Prime Net Initial Yield 5.5 TOTAL RETURN PREDICTION CAMDEN Correlates to the LEVY West End Total Returns Forecast West End Forecast 14 1.1 17 9. 15 7.6 18 8.9 16 8.5 ANNUALISED 13 18 8.8 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 8 1,5 STRONGEST RENTAL VALUE GROWTH IN 13, DRIVEN BY KING S CROSS

CAMDEN INCLUDING KING S CROSS DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) P&O Estates (IPOE) / Henderson Global Investors Use Completion Quarter Completion Date Dance Studio, Regent Quarter 37, Office Q1 14 CSC One Pancras Square 28, Office Q1 14 Taylor Wimpey Regent Canalside, 41 Residential Q1 14 Central London 31 39 Camden King's Cross Central Limited Partnership King's Cross Central Limited Partnership King's Cross Central Limited Partnership AXA REIM / BNP PRE Plot B5, 5 Pancras Square King's Cross King s Cross Central, 2 Pancras Square King s Cross Central, 7 Pancras Square King s Cross Central, 6 Pancras Square 15, Office Q2 14 13, Office Q2 14 3, Office Q3 14 37, Office Q4 14 PRS Two Pancras Square 52, Office Q4 13 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q3 13 16 Kentish Town NW1 FH Office & Retail Net Initial Yield Area (sq ft) 9.76 191 6. 51, Q3 13 3 Oval NW1 FH Office 12.75 581 5.75 21,952 Q2 13 1 11 & NW1 FH Mixed 13.5 54 5.8 24,98 12 Hawley Crescent Use RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q1 14 CSC NW1 One Pancras Square 62.5 28, Q4 13 PRS NW1 Two Pancras Square 6. 52, Q2 13 Atelier House, 64 Pratt Street NW1 Genesis Housing Association 37.5 27,728 RECENT RETAIL TRANSACTIONS Prime Retail Zone A Date Address Postcode Tenant Zone A Q3 13 63 65 Camden High Street NW1 Smart Accommodation 82 Q2 13 14 Camden High Street NW1 Headmasters 95 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q4 12 1 Avenue NW3 Essential Living Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 33.5 813 95,11 sq ft of office (B1) let at 1,641,946 pa. Potential for c. residential units SOURCE: LEVY

CENTRAL (CITY) BEING THE FINANCIAL CENTRE OF THE EUROPEAN UNION MEANS THAT OFFICE VALUES IN THE CITY CLOSELY TRACK GLOBAL ECONOMIC PERFORMANCE. CENTRAL (CITY) Epping Theydon Bois High Barnet Cockfosters Debden Totteridge & Whetstone Oakwood Loughton Mill Hill East Woodside West Finchley Southgate Arnos Grove Buckhurst Hill Roding Valley Grange Hill ross rs Green Hampstead ley Frognal e s Wood Baker Street Regent s Green St James s Hampstead Heath Belsize Great Portland Street Chalk Farm Warren Street Oxford Circus Piccadilly Circus Westminster Camden Town Mornington Crescent Euston Charing Cross Waterloo Gospel Oak Kentish Town West Euston Square Goodge Street Tottenham Court Bounds Green Finchley Central DOCKLANDS Wood CAMDEN Green AND HAMMERSMITH KING S CROSS East Finchley Harringay Turnpike Lane Green Lanes ISLINGTON Highgate Crouch Hill South Tottenham EUSTON Seven NORTHERN Archway Manor House Blackhorse Sisters BLOOMSBURY Upper Holloway MARYLEBONE NORTH Tottenham OF OXFORD Tufnell Arsenal STREET Hale MIDTOWN Finsbury SOHO Holloway CENTRAL PADDINGTON COVENT Walthamstow (CITY) MAYFAIR GARDEN Kentish Town Queen s Highbury & Caledonian Dalston ST Islington JAMES S Kingsland WATERLOO Camden Hackney BELGRAVIA / KNIGHTSBRIDGE Caledonian VICTORIA Central & Canonbury Barnsbury Holborn Leicester Square Farringdon Russell Square Covent Garden Embankment King s Cross St Pancras Barbican Chancery Lane Cannon Street Mansion House Blackfriars Temple Angel St Paul s Bank Old Street Liverpool Street Moorgate Monument London Bridge Aldgate Tower Hill Fenchurch Street River Thames Dalston Junction Bermondsey Haggerston Hoxton Shoreditch High Street Aldgate East Shadwell Tower Gateway Rotherhithe Canada Water Surrey Quays Homerton Bethnal Green Mile End Oxford Circus 7 mins Canary Wharf Bow Church 23 mins Stepney Green Heathrow 1 hour 6 mins Whitechapel Wapping Westferry Heron Quays South Quay Crossharbour Walthamstow Central Stratford International Hackney Wick CONNECTION TIMES (from Bank) Limehouse Canary Wharf SOURCE: TFL CROSSRAIL FROM 18 Leytonstone Leyton Midland Woodford South Woodford Snaresbrook Leyton Stratford Emirates Greenwich Peninsula Wanstead Chigwell Hainault Leytonstone High Wanstead Fairlop Barkingside Newbury Redbridge Gants Seven Kings Hill Upmin Ilford Upminster Bridge Manor Hornchurch Forest Gate Tower West Hill Silvertown Circle, District, DLR Pontoon Dock London City Airport Dagenham East King George V Chadwe Goodmayes Woodgrange Becontree Upney Stratford VIA CROSSRAIL High Street PRIMARY Barking (from Pudding Liverpool Street) TRANSPORT East Ham LINKS Mill Lane Abbey Tottenham Liverpool Upton Street Bow Court Central, Plaistow Circle, 5 mins Hammersmith & Bromleyby-Bow City, Metropolitan, West Ham Canary Wharf Crossrail, Devons 7 mins Star Lane National Rail Langdon Paddington Moorgate Canning All Saints 9 mins Town Northern, Royal Blackwall Heathrow National VictoriaRail Custom House for Ex Poplar 38 mins East Bank / Monument Emirates India Royal Prince Regent Central, Circle, West Docks Royal Alber India Quay District, Northern, Waterloo & City, DLR Beckto North Greenwich Ro Elm P Dagenham Heathway Cy

CENTRAL (CITY) CENTRAL (CITY) CENTRAL (CITY) TOTAL RETURN 12.1 The contrast between West End office locations such as Mayfair and the City can be best explained by the spread between office income return. This was over 1 bps at the end of December 13 as the City recorded an income return of 4.9 y/y. Income return trends lower in markets that are perceived as less risky and tenant strength stronger. ALL OF 14.2 CENTRAL (CITY) RENTAL VALUE GROWTH 3.1 ALL OF 3.6 In 13, City offices bounced back with a total return of 12.1 y/y due to a strengthening of capital values in the latter half of the year. This compares with a return of 5.2 y/y in 12. Rental value growth was modest at 3.1 y/y, but consistent through the year as the effects of new stock coming on stream and cautious occupier expansion dampened the rise somewhat. However, from an investor perspective 13 can be considered a healthy year as significant equivalent yield compression of 45 bps boosted returns. The improving investor sentiment was further reflected by the comfortably positive yield impact of 5. y/y. CENTRAL (CITY) EQUIVALENT YIELD 6.1 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 CENTRAL (CITY) Central City is in the City of London, broadly bordered by Farringdon to the west cutting along Holborn and Cheapside and then north on Moorgate, Sun Street and Appold Street, the River Thames to the south and Middlesex Street and Mansell Street to the east. Postcodes: EC3 5 8, EC3M 1 8, EC3N 1 4, EC3R 5 8, EC3V 1 4, EC3V 9, EC4M 5 9, EC4N 1, EC4 4 8, EC4R 3EC4R 9, EC4V 2 6 HAMMERSMITH PADDINGTON DOCKLANDS MARYLEBONE MAYFAIR CAMDEN AND KING S CROSS EUSTON BLOOMSBURY NORTH OF OXFORD STREET SOHO COVENT GARDEN MIDTOWN ISLINGTON NORTHERN CENTRAL (CITY) Major landowners include The City Corporation and the Livery Companies. BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 4 3 22 18 RANGE OF CENTRAL (CITY) ALL AVERAGE 22 18 ANNUAL TOTAL RETURN 1-1 - -3 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 APR 6 AUG 6 DEC 6 CENTRAL (CITY) RANGE OF RETURNS APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 16 14 12 1 8 6 4 2 12.1 6.9 4.9 6.1 16 14 12 1 8 6 4 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Central (City) in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Central (City) within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 12.1 Capital Growth 6.9 Income Return 4.9 Equivalent Yield 6.1 Rental Value Growth 3.1 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 57.5 Prime Retail Zone A 35 Implied Headline Capital 1, Value per sq ft Prime Net Initial Yield 4.75 TOTAL RETURN PREDICTION CENTRAL (CITY) Correlates to the LEVY City Total Returns Forecast City Forecast 14 13.9 17 1.3 15 7.1 18 1. 16 9.2 ANNUALISED 13 18 1.1 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,1 1,5 12.1 PERFORMANCE AS CITY MARKET RECOVERS

CENTRAL (CITY) DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Use Completion Quarter Completion Date QV Unit Trust 71 Queen Victoria Street 17, Office Q1 14 Viridis Real Estate Lombard London 87, Office Q1 14 (67 Lombard Street) City of London 85 Gresham Street 4, Office Q1 14 Moorgate Property Unit Trust The Banking Hall, 138, Office Q2 14 8 1 Moorgate Land Securities PLC / Fenchurch Street 317, Office Q2 14 Canary Wharf Group MGPA / CarVal / Quadrant Estates Moorgate Exchange, 218, Office Q2 14 72 Fore Street EPIC Ltd 1 Aldermanbury Square 65, Office Q2 14 Amsprop 5 Cheapside 39, Office Q2 14 Quadrant Estates / Orion Capital 1 Cheapside 87, Office Q3 14 Managers / City of London / CarVal Investors British Land & Oxford Properties Leadenhall Building, 574, Office Q3 14 122 Leadenhall Street Henderson Global Investors Bishops Court, 49, Office Q3 14 27 33 Artillery Lane KOP Group 1 Trinity Square 41 Residential Q3 14 Orchard Street 125 Wood Street 65, Office Q3 14 Investment Management British Land & Blackstone 5 Broadgate 71, Office Q3 14 Aldgate Developments Aldgate Tower 318, Office Q4 14 Mitsui Fudosan / Stanhope 7 Mark Lane Office Q4 14 Skanska Project 11 19 Monument Street 88, Office 15 Development Limited & Retail Brookfield Properties and 1 Bishopsgate 785,8 Office 15 Great Portland Estates British Land / Blackstone 5 Broadgate 7, Office Q1 15 Land Securities PLC 1 & 2 New Ludgate, 3 Old 38, Office Q2 15 Bailey Taylor Wimpey Central London St. Dunstan s Court, 133 137 Fetter Lane 76 Residential Q2 15 Stanhope / Bloomberg Bloomberg Place, Bucklersbury 663, Office & Retail Q1 16 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q1 14 33 Gracechurch Street Q4 13 158 164 Bishopsgate EC2 LLH Office & Retail Net Initial Yield Area (sq ft) EC3 FH Office 65 619 5. 15,3 29.2 64 4.94 45,629 Q4 13 Finsbury Street EC2 FH Office 82.5 581 6.78 141,999 Q4 13 St Paul s House, EC4 FH Office 33 89 4.95 37,71 1 Warwick Lane Q4 13 Royal Exchange EC3 FH Retail 83.5 1,625 4. 51,398 Q3 13 1 Fleet Place EC4 LLH Office 114.5 644 6.15 186,5 CONTINUED ON NEXT PAGE

CENTRAL (CITY) RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q3 13 Cannon Place, 78 Cannon Street EC4 CMS Cameron Mckenna 46. 14,313 Q3 13 River Bank House, EC4 Fred Fisher Waterhouse 47.5 8, 2 Swan Lane Q2 13 The Walbrook Building, 23 29 Walbrook EC4 Worldpay Ltd 57.5 92,429 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 35 Date Address Postcode Tenant Zone A Q3 13 6 Cheapside EC2 Pure 28 Q3 13 88 Cannon Street EC4 Nusa 2 Q2 13 1 Cheapside EC2 Metro Bank 245 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q4 13 Sugar Quay, Lower Thames Street, Water Lane EC3 CPC Group 34 (L/L only) Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 6, Existing office building comprising c.11, of offices (B1). Planning permission subsequently gained for 165 residential units SOURCE: LEVY

COVENT GARDEN THE COVENT GARDEN MARKET IS ONE OF THE KEY FOCUS AREAS FOR TOURISM IN, ENCOMPASSING SOME OF THE TOP PERFORMING RETAIL PITCHES AND MOST POPULAR OFFICE LOCATIONS. Epping t Paddington ad s e Grove Holland ay en Edgware Bayswater Notting Hill Gate Queensway High Street Kensington Gloucester Imperial Marylebone Lancaster Gate Hyde Corner Knightsbridge South Kensington Marble Arch Bond Street Sloane Square Victoria Pimlico Baker Street Regent s Green St James s Great Portland Street Euston Warren Street Oxford Circus Piccadilly Circus Westminster Charing Cross Goodge Street Farringdon Russell Square High Barnet Mansion House Blackfriars Temple Totteridge & Whetstone Woodside Angel Southgate Old Street CONNECTION TIMES (from Covent Liverpool Garden) Street Heathrow Monument 51 mins Aldgate Tower Hill Fenchurch Street River Thames London Bermondsey SOURCE: Bridge TFL CROSSRAIL FROM 18 Cockfosters Oakwood Mill Hill East West Finchley Arnos Grove Edgware Stanmore Bounds Green Burnt Oak Finchley Central Canons Wood Green Colindale East Finchley Queensbury Turnpike Lane Hendon Central DOCKLANDS CAMDEN AND HAMMERSMITH Highgate Crouch KING S CROSS Kingsbury Hill Brent Cross Archway ISLINGTON Manor House Gospel Golders Green Oak Hampstead EUSTON Upper Holloway Neasden NORTHERN Hampstead Heath Tufnell Arsenal k Dollis Hill BLOOMSBURY Finsbury Finchley MARYLEBONE NORTH Holloway Willesden Green & Frognal Kentish OF OXFORD Town West STREET Belsize Kentish MIDTOWN Town Kilburn Highbury & SOHO l Brondesbury Caledonian PADDINGTON COVENT CENTRAL Islington Chalk Farm GARDEN (CITY) West Hampstead MAYFAIR Camden Brondesbury Finchley Camden Town Caledonian n ST JAMES S WATERLOO & Canonbury Swiss Cottage Barnsbury k Kilburn South Mornington BELGRAVIA / Dalston Junction High Hampstead St. John s Wood KNIGHTSBRIDGE Crescent VICTORIA King s Cross St Pancras Earl s Court Edgware Waterloo Euston Square Barbican Oxford Circus Tottenham Court 7 mins Chancery Lane Moorgate Bank St Paul s Holborn 11 mins Bank Covent Garden Canary Wharf Leicester Square 21 mins Embankment Southwark Cannon Street Harringay Green Lanes Seven Sisters Dalston Kingsland Haggerston Hoxton Tottenham Hale Hackney Central Shoreditch VIA Bethnal High CROSSRAIL Street (from Green Tottenham Court ) Liverpool Street 4 mins Paddington Aldgate 4 minseast Canary Wharf 12 mins Heathrow Shadwell 33 mins Tower Gateway Rotherhithe Canada Water Surrey Quays South Tottenham Blackhorse Walthamstow Queen s Homerton Covent Garden Bow Church Piccadilly Leyton Midland Stepney Green Devons Tottenham Court Langdon Whitechapel Central, Northern, All Saints Crossrail Westferry Blackwall Holborn Limehouse Poplar Central, Piccadilly East India Wapping West Leicester Square Canary India Quay Northern, Wharf Piccadilly Charing Cross Bakerloo, Northern, North Heron Quays Greenwich National Rail South Quay Crossharbour Mudchute Walthamstow Central Stratford International Hackney Wick Theydon Bois Debden Loughton Buckhurst Hill Woodford South Woodford Snaresbrook Leytonstone Leyton Stratford Pudding Mill Lane PRIMARY Mile End TRANSPORT LINKS Bow Bromleyby-Bow COVENT GARDEN R V Wa L W W St H Ab Ro W St Ca Tow Emirates Greenwich Peninsula

COVENT GARDEN COVENT GARDEN TOTAL RETURN 17.5 Investor returns have consistently placed this market as one of the top performing London locations, both for office and retail. On average, commercial property in Covent Garden has returned 11.4 y/y over the last decade, growing to 12.9 y/y over the last five years, when we exclude the tumultuous year of 8. CENTRAL (CITY) ALL OF 14.2 COVENT GARDEN RENTAL VALUE GROWTH 6.7 ALL OF 3.6 COVENT GARDEN EQUIVALENT YIELD 13 was a year of strengthening returns, after a period of cooling in 12 when returns fell to, a still respectable, 8.7 y/y compared to 19.4 y/y in 1. Capital values saw acceleration in growth during the second half of 13, up 12.9 y/y for the year leaving Covent Garden values 2.5 above the 7 peak. Office values grew by 11.6 y/y and with an income return of 4.4 y/y produced a total return of 17.5 y/y. Retail was stronger, returning 19. y/y due to capital growth of 15. y/y and an income return of 3.5 y/y. Rents grew strongly for both sectors, as occupier demand remains high and supply limited. Office rents grew by 7.8 y/y and retail rents by 6.2 in 13. The strong rental performance and growing competition for space has further piqued investor interest, with equivalent yields falling to a six year low of 5.2 for offices and 4.6 y/y for retail. 4.9 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 COVENT GARDEN Covent Garden is in the City of Westminster and London Borough of Camden, broadly bordered by Kingsway to the east, Theobalds and New Oxford Street to the north, the River Thames to the south and Charing Cross and St. James s to the west. Postcodes: W1B 3, W1B 5, W1D 2 7, W1F, W1F 7 9 Major landowners include Capital & Counties Properties PLC, Shaftesbury PLC, The Mercers Company and Legal and General. HAMMERSMITH PADDINGTON DOCKLANDS MARYLEBONE MAYFAIR CAMDEN AND KING S CROSS EUSTON NORTH OF OXFORD STREET SOHO BLOOMSBURY COVENT GARDEN MIDTOWN ISLINGTON NORTHERN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 4 3 22 18 17.5 RANGE OF COVENT GARDEN ALL AVERAGE 22 18 ANNUAL TOTAL RETURN 1-1 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 16 14 12 1 8 12.9 16 14 12 1 8 - -3 COVENT GARDEN RANGE OF RETURNS 6 4 2 4.2 4.9 6 4 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Covent Garden in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Covent Garden within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 17.5 Capital Growth 12.9 Income Return 4.2 Equivalent Yield 4.9 Rental Value Growth 6.7 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 67.5 Prime Retail Zone A 56 Implied Headline Capital 1,5 Value per sq ft Prime Net Initial Yield 4.5 TOTAL RETURN PREDICTION COVENT GARDEN Correlates to the LEVY West End Total Returns Forecast West End Forecast 14 1.1 17 9. 15 7.6 18 8.9 16 8.5 ANNUALISED 13 18 8.8 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,5 1,8 STRONG 17.5 PERFORMANCE RANKED 8TH OUT OF THE MARKETS

COVENT GARDEN DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Use Completion Quarter Completion Date Kato Kagaku & Co. Bush House, Aldwych Quarter 116, Office Q2 14 Hadley Property Group 1 5 Exchange Court 9 Residential Q2 14 Almacantar Centre Point, 118 Residential 16 11 13 New Oxford Street St. Edward Homes 19 Strand 184 Residential 17 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q4 13 Keane House, 6 Keane Street Q3 13 Shell Mex House, Strand Q3 13 125 Shaftesbury Avenue Net Initial Yield Area (sq ft) WC2 FH Office 22 811 5.25 27,1 WC2 FH Office 61 1,19 4. 549,987 WC2 FH Office & Retail 112 59 5.42 189,78 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q3 13 Agar House, 6 Agar Street WC2 Davenport Lyons 62.5 31,196 Q3 13 1 Kingsway WC2 Quilter Cheviot Ltd 68.75 27,42 Q2 13 Wellington House, 125 13 Strand WC2 Dewynters Ltd 55.75 14,317 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 56 Date Address Postcode Tenant Zone A Q4 13 The Piazza, Covent Garden WC2 Burberry Make UP 5 Q4 13 25 Long Acre WC2 Cadenza 56 Q3 13 32 Long Acre WC2 Reebok 5 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q1 14 er House, 25 er Street WC2 United House Q4 13 46 48 Strand WC2 English Rose Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase c. 27. 675, 43 residential units (4 private) 11.63 97, 12 residential flats (12 private) SOURCE: LEVY

DOCKLANDS den oad High Barnet Totteridge & Whetstone Woodside West Finchley Finchley Central East Finchley Highgate Archway Tufnell Kentish Town s Cross ancras arringdon sell are Borough t & Castle Crouch Hill Caledonian Barbican Chancery Lane n ansion House ackfriars mple Angel St Paul s Cannon Street Upper Holloway Holloway Bank Peckham Rye Southgate Arnos Grove Bounds Green Wood Green Turnpike Lane Manor House Arsenal Caledonian & Barnsbury Old Street Liverpool Street Moorgate Monument London Bridge Queens Peckham Highbury & Islington Aldgate Tower Hill Fenchurch Street River Thames THE CORE DOCKLANDS MARKET IS DOMINATED Theydon Bois BY CANARY WHARF WITH MAJOR INTERNATIONAL Debden OCCUPIERS, PARTICULARLY FROM THE FINANCIAL Loughton SECTOR, LARGE LOT SIZES AND TROPHY BUILDINGS. Cockfosters Oakwood Finsbury Canonbury Harringay Green Lanes New Cross Gate Brockley Seven Sisters Dalston HAMMERSMITH Kingsland Dalston Junction Bermondsey Haggerston PADDINGTON Hoxton Shoreditch High Street Aldgate East Shadwell Tower Gateway Rotherhithe Canada Water Surrey Quays Tottenham Hale DOCKLANDS Hackney Central Walthamstow Queen s Homerton MARYLEBONE Bethnal Green BELGRAVIA / KNIGHTSBRIDGE Wapping South Tottenham Blackhorse MAYFAIR CAMDEN AND KING S CROSS EUSTON BLOOMSBURY Hackney Wick NORTH OF OXFORD STREET SOHO ST JAMES S Mile End Bow Church Stepney Green Westferry Limehouse Canary Wharf Heron Quays South Quay Crossharbour Mudchute Island Gardens New Cross Whitechapel Walthamstow Central Stratford International VICTORIA Leyton Midland COVENT GARDEN MIDTOWN Pudding Mill Lane WATERLOO Stratford CENTRAL High (CITY) Street Abbey East Ham Upton Goodmayes Romford Chadwell Heath To Shenfield Gidea Harold Wood Devons Star Lane Langdon CONNECTION Canning TIMES VIA CROSSRAIL PRIMARY All Saints Town (from Canary Wharf) Royal (from Canary Wharf) TRANSPORT LINKS Blackwall Victoria Custom House for ExCeL Poplar Oxford Circus Emirates Liverpool Street Canada Water East India Royal Prince Regent 19 mins 6 mins Jubilee, Overground West Docks Royal Albert India Quay Bank Tottenham Canary Wharf Beckton 14 mins Court Jubilee, 11 mins CyprusCrossrail, DLR West North Emirates Heathrow Silvertown Greenwich Gallions Reach Greenwich 1 hour 17 mins Paddington Heron Quays Peninsula Pontoon Dock 16 mins DLRBeckton London City Airport Heathrow Limehouse King 45 George mins V DLR, Overground North Greenwich Jubilee, Woolwich Emirates Skyline SOURCE: TFL Woolwich CROSSRAIL FROM 18 Arsenal Abbey Cutty Sark for Poplar Wood Maritime Greenwich DLR Greenwich Deptford Bridge Epping Buckhurst Hill Woodford South Woodford Snaresbrook Roding Valley Chigwell Hainault Fairlop Barkingside Newbury Wanstead Gants Seven Kings Leytonstone Hill Ilford Upminster Leytonstone Upminster Bridge High Manor Hornchurch Leyton Forest ISLINGTON Gate Dagenham East Elm Wanstead Stratford NORTHERN Dagenham Heathway Bow Bromleyby-Bow Woodgrange West Ham Redbridge Plaistow Grange Hill Barking Upney Becontree Shadwell DLR, Overground DOCKLANDS

DOCKLANDS DOCKLANDS TOTAL RETURN 14.3 ALL OF 14.2 It is perceived as a market that only the largest investors can tackle and given the prevalence of longer leases can produce secure income streams in a low risk long term environment. However, the IPD Docklands sample is much more than Canary Wharf and encompasses a broad mix of former industrial units along the river to residential investments and secondary offices, so performance numbers deviate somewhat from what would be expected for core Canary Wharf offices. DOCKLANDS DOCKLANDS RENTAL VALUE GROWTH 1.9 As a result returns are lower than central locations but in line with the broader London average. 13 provided a total return to investors of 14.3 y/y, whereas on average central London commercial property returned 14.2 y/y. Over the last five years, returns have averaged 8.8 y/y for the Docklands sample, making it one of the weakest London performers. ALL OF 3.6 DOCKLANDS EQUIVALENT YIELD 8.5 ALL OF 5.8 While the comparably weak midterm total return performance was primarily due to poor capital performance, income return was amongst the highest in London during 13, at 7.1 y/y, although this does reflect the secondary nature of the sample and higher risk profile. Capital value growth, the other key contributor to total returns, was only 6.8 y/y while rents grew by 1.9 y/y. Despite the relatively weak growth, the investor view strengthened with a positive yield impact of 6.8 y/y suggesting there are gains to be made with careful stock selection.

MARKET UPDATE FEBRUARY 14 DOCKLANDS Docklands is a substantial district of East London, which lies on the north bank of the River Thames within the London Boroughs of Tower Hamlets and Newham. HAMMERSMITH DOCKLANDS CAMDEN AND KING S CROSS ISLINGTON Postcodes: E14 and E16 Major land owners are Canary Wharf Group PLC, Ballymore Properties and Galliard Homes and Land Securities Group PLC. PADDINGTON MARYLEBONE MAYFAIR EUSTON NORTH OF OXFORD STREET SOHO BLOOMSBURY COVENT GARDEN MIDTOWN NORTHERN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 4 3 22 18 RANGE OF DOCKLANDS ALL AVERAGE 22 18 ANNUAL TOTAL RETURN 1-1 - -3 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 DOCKLANDS RANGE OF RETURNS APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 16 14 12 1 8 6 4 2 14.3 6.8 7.1 8.5 16 14 12 1 8 6 4 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Docklands in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Docklands within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 14.3 Capital Growth 6.8 Income Return 7.1 Equivalent Yield 8.5 Rental Value Growth 1.9 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 42.5 Prime Retail Zone A 2 37 Implied Headline Capital 8 Value per sq ft Prime Net Initial Yield 5.25 TOTAL RETURN PREDICTION DOCKLANDS Correlates to the LEVY City Total Returns Forecast City Forecast 14 13.9 17 1.3 15 7.1 18 1. 16 9.2 ANNUALISED 13 18 1.1 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 8 1, 14.3 TOTAL RETURN EDGES AHEAD OF THE AVERAGE OF 14.2

DOCKLANDS DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Use Completion Quarter Completion Date Canary Wharf Group Canary Wharf, 25 Churchill Place 555, Office Q1 14 Baltimore Wharf SLP Baltimore Tower, 36 Limeharbour 816 Residential Q4 16 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q3 13 Thames Quay, Canary Wharf Net Initial Yield Area (sq ft) E14 FH Office 82 346 5.75 237, Q3 13 15 Westferry Circus E14 FH Office 128 753 6.7 169,853 Q1 13 5 Canada Square E14 FH Office 383 714 4.97 536,338 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q3 13 3 North Colonnade E14 KPMG LLP 42.5 5,341 Q3 13 Cabot Square E14 The Economist Group 26. 45, Q3 13 4 Bank Street E14 Shell International Holdings Ltd. 42.5 38,225 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 2 37 Date Address Postcode Tenant Zone A Q4 13 Jubilee Place E14 Banana Republic 2 Q4 13 Jubilee Place E14 Sweaty Betty 2 Q3 13 Cabot Place E14 Jones 37 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q1 14 Q4 13 Q2 13 Q4 12 Hertsmere, Columbus Tower, 2 Hertsmere Thames Quay, Marsh Wall Helix Way, 2 Trafalgar Way Baltimore Wharf, 36 Limeharbour E14 E14 E14 E14 Greenland Group Lycatel Group Essential Living Frogmore & Galliard Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase c. 9 853 7 residential units and 315, sq ft of offices 82 346 236,852 sq ft of offices (B1) let at 5,23,727 p.a. Potential for c.2,, of residential led mixed use development 15 43,5 414 residential units (345 private) 3 91, 33 residential units (33 private). Potential for a further c.25 units to the rear SOURCE: LEVY

INCLUDING HOXTON, SPITALFIELDS, WHITECHAPEL THE MARKET ENCOMPASSES LOCATIONS NORTH AND SOUTH OF THE RIVER, BUT WITH THE MAJORITY OF INVESTMENT PROPERTIES LOCATED AROUND WHITECHAPEL AND COMMERCIAL ROAD. Epping Theydon Bois High Barnet Cockfosters Debden Mill Hill East Totteridge & Whetstone Woodside West Finchley Southgate Arnos Grove Oakwood Loughton Buckhurst Hill Roding Valley Grange Hill To Sh stead Hampstead Heath Belsize Great Portland Street ent s ark Chalk Farm Warren Street Oxford Circus Piccadilly Circus es s k stminster Camden Town Mornington Crescent Euston Charing Cross Waterloo Gospel Oak Kentish Town West Euston Square Goodge Street Tottenham Court Holborn Leicester Square Camden Bounds Green Finchley Central Wood Green East Finchley DOCKLANDS CAMDEN AND Harringay HAMMERSMITH Turnpike Lane KING S CROSS Green Lanes Highgate Crouch Hill South Tottenham ISLINGTON Seven Archway Manor House Blackhorse EUSTON Sisters NORTHERN Upper Holloway BLOOMSBURY Tottenham Walthamstow Tufnell Arsenal Hale Central MARYLEBONE Finsbury NORTH OF OXFORD Holloway STREET MIDTOWN Walthamstow Kentish Town SOHO Queen s PADDINGTON COVENT CENTRAL Highbury & (CITY) Caledonian MAYFAIR GARDEN Islington Dalston Kingsland Stratford ST JAMES S Hackney International WATERLOO Caledonian Central & BELGRAVIA / Canonbury Barnsbury KNIGHTSBRIDGE VICTORIA Dalston Junction Homerton Farringdon Russell Square Covent Garden Embankment Southwark King s Cross St Pancras Barbican Chancery Lane Cannon Street Mansion House Blackfriars Temple Angel St Paul s Bank Old Street Liverpool Street Moorgate Monument London Bridge Aldgate Tower Hill Fenchurch Street River Thames Bermondsey Haggerston Hoxton Shoreditch High Street Aldgate East Shadwell Tower Gateway Rotherhithe Canada Water Surrey Quays Leyton Midland North Heron SOURCE: Quays TFL Greenwich CROSSRAIL FROM 18 South Quay Crossharbour Mudchute Woodford South Woodford Snaresbrook Leytonstone Leyton Emirates Greenwich Peninsula Chigwell Hainault Leytonstone High Wanstead Fairlop Barkingside Newbury Woodgrange Gants Seven Kings Hill Upminster Ilford Upminster Bridge Manor Hornchurch Forest Gate Goodmayes Romford Chadwell Heath Barking Pudding CONNECTION TIMES Mill VIA Lane CROSSRAIL Abbey PRIMARY East Ham Bethnal (from Green Mile Tower End Hill) (from Liverpool Street) TRANSPORT LINKS Upton Bow Oxford Circus Tottenham Plaistow Liverpool Street 16 mins Court Central, Circle, Bromleyby-Bow 5 mins Hammersmith & West Ham Bow Church Bank Stepney Green Devons City, Metropolitan, 5 mins Canary Wharf Star Lane Crossrail, National Rail Langdon 7 mins Canary Whitechapel Wharf Canning Aldgate 18 mins All Saints Paddington Town Royal Circle, Metropolitan Westferry Blackwall9 mins Victoria Heathrow Aldgate East Custom House for ExCeL 1 hour Limehouse 4 minspoplar East Heathrow District, Emirates India Royal Prince Regent 38 mins West Docks Wapping Hammersmith & City Royal Albert India Quay Canary Wharf Hackney Wick Stratford Wanstead Redbridge Stratford High Street Dagenham East Upney Becontree Dagenham Heathway Elm Gide Shoreditch High Street Beckton Overground Cyprus West Silvertown Tower Hill Gallion Pontoon Circle, Dock District, DLR B London Fenchurch City AirportStreet National Rail King George V

INCLUDING HOXTON, SPITALFIELDS, WHITECHAPEL TOTAL RETURN 14. ALL OF 14.2 This market is very much a secondary and tertiary investment location with a significantly lower quality of stock than the neighbouring City market. Investments tend to be speculative rather than income driven and as result performance can be volatile. Average returns for commercial property over the last five years were 8.2 y/y, compared with 11. for central London as a whole, similarly 13 produced a return of 14. y/y, bps below the London average. RENTAL VALUE GROWTH 6.3 ALL OF 3.6 EQUIVALENT YIELD Rental values rose 6.3 y/y, less than neighbouring markets but a better performance than in 12 when growth of 2.6 y/y was recorded. Yield performance showed an improving investor landscape as a positive yield impact of 2.9 y/y provided some modest yield compression. Equivalent yields in the Eastern Fringe compressed to 6.7 in 13 from 7 12 months previously. The high entry yields available and prospects for further rental growth will be a bonus to investors considering this market, but as with all secondary and tertiary markets this will be at a significantly higher risk than even other secondary markets. 6.7 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 Eastern Fringe includes Hoxton, Spitalfields and Whitechapel and is within the London Boroughs of Hackney and Tower Hamlets broadly bordered by the East Cross Route to the east, the Regent s Canal to the north, Great Dover Street and OId Kent to the south and New North to the west. Postcodes: E1 1 2, E1 5 8, E1, W 1, E2, E2 6 9, N1 5 6, SE1 2 3 Major landowners are London Borough of Tower Hamlets and St Martins. HAMMERSMITH PADDINGTON DOCKLANDS MARYLEBONE MAYFAIR CAMDEN AND KING S CROSS EUSTON BLOOMSBURY NORTH OF OXFORD STREET SOHO COVENT GARDEN MIDTOWN ISLINGTON NORTHERN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 4 3 22 18 RANGE OF ALL AVERAGE 22 18 ANNUAL TOTAL RETURN 1-1 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 16 14 12 1 8 14. 8.9 6.7 16 14 12 1 8 - -3 RANGE OF RETURNS 6 4 2 4.7 6 4 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Eastern Fringe in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Eastern Fringe within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 14. Capital Growth 8.9 Income Return 4.7 Equivalent Yield 6.7 Rental Value Growth 6.3 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 35. Prime Retail Zone A 14 Implied Headline Capital 6 Value per sq ft Prime Net Initial Yield 5.75 TOTAL RETURN PREDICTION INCLUDES SHOREDITCH, HOXTON, SPITALFIELDS AND WHITECHAPEL Correlates to the LEVY City Total Returns Forecast City Forecast 14 13.9 17 1.3 15 7.1 18 1. 16 9.2 ANNUALISED 13 18 1.1 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 8 1, FAIR TOTAL RETURN PERFORMANCE OF 14 FROM AN EMERGING MARKET

DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Use Completion Quarter Completion Date Henderson Bishops Court, 27 33 Artillery Lane, E1 49, Office Q3 14 Redrow One Commercial Street, 15, / 145 Office / Q2 14 111 1 Whitechapel High Street, 1 Commercial Street Residential Helical Bar Mitre Square 279, Office 15 BDW Zest Developments LLP Altitude Aldgate, 61 75 Alie Street 171 Residential Q1 16 Berkeley Homes, NE London Goodman s Fields, Leman Street 664 Residential 16 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Net Initial Yield Area (sq ft) Q4 13 More London SE1 FH Office 1,7 812 2,92,339 Q3 13 New Loom House, E1 FH Office 35 312 5. 112,295 11 Back Church Lane Q3 13 Black Lion House, 45 Whitechapel E1 FH Office 16 215 7.32 74,359 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Q4 13 Devon House, St Katharine s Way Q2 13 Challenger House, 42 Adler Street Area (sq ft) E1 Temple Group Ltd 29. 8,98 E1 Obi Hotels Holding Ltd 22.32 56, Q1 13 One Stratford Place E Network Rail 35. 41,912 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 14 Date Address Postcode Tenant Zone A Q4 13 Unit 1, One Commercial Street E1 Paddy Power 99 Q3 13 Spitalfields Market E1 Orlebar Brown 14 Q1 13 Unit 2, One Commercial Street E1 Pret A Manger 19 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q4 13 Q2 13 85 Safestore, Stepney Way The Colt, Three Colts Lane, Bethnal Green Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase E1 L&Q 41.1 27 Existing use comprises 267,473 sq ft of storage space and has potential for c.4 flats, 1, sq ft of shops, offices and leisure space. E2 Essential Living 14 125, 149 residential units (113 private) SOURCE: LEVY

HAMMERSMITH HAMMERSMITH IS THE MOST SUBURBAN OF THE MARKETS IN THIS ANALYSIS, LOCATED ON THE OF CENTRAL. IT IS A POPULAR OFFICE LOCATION WITH Watford Junction A LARGE NUMBER OF SIZEABLE MODERN Watford High Street OFFICES WITH BLUE CHIP OCCUPIERS. & r orleywood Rickmansworth Watford Croxley Moor Bushey Carpenders High Barnet Totteridge & Whetstone Woodside Northwood Hatch End Mill Hill East West Finchley lip Northwood Edgware Hills Headstone Lane Stanmore Ruislip Harrow & Burnt Oak Finchley Central Ruislip Manor Pinner Wealdstone Canons Eastcote North Harrow Kenton Colindale East Finchley Queensbury Harrowon-the-Hill Kingsbury Hill Hendon Central Northwick Preston Highgate Crouch slip Rayners Lane Brent Cross ens Archway West DOCKLANDS CAMDEN AND HAMMERSMITH Gospel South Kenton KING S CROSS Harrow Golders Green Oak Hampstead Upper Ho South Harrow North Wembley Neasden ISLINGTON Hampstead Heath lip Wembley Wembley Central Dollis Hill Tufnell EUSTON NORTHERN Finchley Sudbury Hill Holloway Ro Stonebridge Willesden Green & Frognal Kentish BLOOMSBURY Belsize Town West Kentish Town olt Harlesden Kilburn MARYLEBONE Kensal NORTH Brondesbury Caledonian OF OXFORD Sudbury Town Willesden Junction Rise STREET Chalk Farm MIDTOWN West Hampstead Camden SOHO PADDINGTON COVENT Brondesbury CENTRAL Finchley Camden Town Caledo Kensal Green (CITY) MAYFAIR GARDEN Alperton Swiss Cottage Barns Queen s Kilburn South Mornington enford ST JAMES S High Hampstead St. John s Wood Crescent WATERLOO King s Cross Kilburn BELGRAVIA / St Pancras KNIGHTSBRIDGE VICTORIA Edgware Perivale Maida Vale Paddington Marylebone Great Baker Portland Euston Angel Warwick Avenue Street Street Hanger Lane Royal Oak Old S Westbourne Warren Street Euston Edgware Royal Square Farringdon Liv Acton Regent s Main Goodge North Ealing Ladbroke Grove CONNECTION TIMES PRIMARY Russell Line Bayswater Street Square Barbican Latimer (from Hammersmith) hall West Ealing Bond TRANSPORT LINKS Tottenham East White Shepherd s Notting Lancaster Street Court Acton City Bush Hill Gate Oxford Gate Circus Hammersmith Chancery Lane Moor Hanwell 19 mins West Oxford Circle, District, St Paul s North Holland Queensway Marble Ealing Acton Circus Holborn Acton Arch Bank Broadway Hammersmith & City, Wood Lane Bank Piccadilly Covent Garden High Street 32 mins Green Acton Central Kensington Leicester Square Shepherd s Bush Earl s Court Ealing Common Market Hyde Canary Corner Wharf Piccadilly Kensington Cannon Street Circus District, Piccadilly South Acton (Olympia) Monum Goldhawk Knightsbridge 35 mins Mansion House Kensington Charing (Olympia) Barons GloucesterHeathrow Cross Blackfriars Acton Town Hammersmith Court St James sdistrict, Overground, 3 mins Temple South Ealing Victoria National Rail Northfields Boston Manor Osterley Hounslow East Hounslow Central ross Chiswick Turnham Green Gunnersbury Kew Gardens Richmond Stamford Brook Ravenscourt West Kensington West Brompton Fulham Broadway Parsons Green Putney Bridge Earl s Court South Kensington Imperial Wharf SOURCE: TFL Sloane Square Pimlico Westminster Shepherd s Bush Embankment Central, Overground, National Rail Waterloo West Brompton District, Overground, Southwark National Rail Lambeth North Borough HAMMERSMITH Londo Bridge

HAMMERSMITH HAMMERSMITH TOTAL RETURN Hammersmith is a popular commercial location with many big name occupiers and mid to low range retailers. HAMMERSMITH 15.4 ALL OF 14.2 HAMMERSMITH RENTAL VALUE GROWTH 7.7 ALL OF 3.6 HAMMERSMITH EQUIVALENT YIELD In 13, offices returned 16.2 y/y, driven by an income return of 5. y/y and capital growth of 1.7 y/y. Retail underperformed, as stock quality dampened rental growth, with a total return of 8.7 y/y. This was dragged down by capital values growing by only 3.1 y/y although an income return of 5.4 y/y strengthened overall returns. Rents experienced solid growth in 13 with offices gaining 6.3 y/y and retail an impressive.5 y/y. This was understandably well above the average growth achieved by the central London locations, as new retail developments came on stream in Hammersmith. Investor sentiment weakened for the retail sector, as a yield impact of 9.1 y/y proved a drag on performance. Offices witnessed the reverse, with large lot sizes with strong tenancies proving attractive to investors resulting in a yield impact of 8.1 y/y. As a result, equivalent yields for offices in Hammersmith fell from 7.8 at the end of 12 to 7.7 at the end of 13. 7.4 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 HAMMERSMITH Hammersmith is situated in West London, in the London Borough of Hammersmith and Fulham, located on the western fringe of central London. It is a popular office location with major coroporates attracted by its swift access to Heathrow Airport. Postcodes: W6 8, W14 9, W6 9 HAMMERSMITH DOCKLANDS MARYLEBONE CAMDEN AND KING S CROSS EUSTON BLOOMSBURY NORTH OF OXFORD STREET MIDTOWN ISLINGTON NORTHERN PADDINGTON MAYFAIR SOHO COVENT GARDEN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 4 3 22 18 RANGE OF HAMMERSMITH ALL AVERAGE 22 18 ANNUAL TOTAL RETURN 1-1 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 16 14 12 1 8 15.4 9.9 7.4 16 14 12 1 8 - -3 HAMMERSMITH RANGE OF RETURNS 6 4 2 5. 6 4 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Hammersmith in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Hammersmith within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 15.4 Capital Growth 9.9 Income Return 5. Equivalent Yield 7.4 Rental Value Growth 7.7 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 39.5 Prime Retail Zone A 155 Implied Headline Capital 7 Value per sq ft Prime Net Initial Yield 5.5 TOTAL RETURN PREDICTION HAMMERSMITH Correlates to the LEVY West End Total Returns Forecast West End Forecast 14 1.1 17 9. 15 7.6 18 8.9 16 8.5 ANNUALISED 13 18 8.8 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 9 1,1 15.4 TOTAL RETURN BEATS THE 14.2 AVERAGE

HAMMERSMITH DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Use Completion Quarter Completion Date Development Securities PLC 12 Hammersmith Grove 165, Office Crest Nicholson St. Peter s Place, 45 49 King Street 41 Residential Q1 14 Linden Homes Ashlar Court, Ravenscourt Gardens 62 Residential Q2 14 South East Ltd St George Central London Homes Ltd Fulham Reach, Chancellor s 588 Residential RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q4 13 Videotron House, 76 Hammersmith Q4 13 The Warwick Building, Kensington Village Q4 13 The Ark, 1 Talgarth Net Initial Yield Area (sq ft) W14 FH Office 22.5 464 6.13 48,488 W14 LLH Office 4.1 54 5. 79,617 W6 FH Office 67 383 6.75 174,971 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Q3 13 Q1 13 Q1 13 184 Shepherds Bush Griffin House, 161 Hammersmith Metro Building, 1 Butterwick Area (sq ft) W6 Dunnhumby Holdings Ltd 39.5 115, W6 Virgin Media 37.5 44,175 Group Ltd W6 Bazaarvoice Ltd 35. 17,276 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 155 Date Address Postcode Tenant Zone A Q1 13 116 King Street W6 The Money Shop 82 Q1 13 23 25 King Street W6 Lloyds 145 Q1 13 21a King Street W6 NatWest 155 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q4 13 Q3 12 22 Bute Gardens, 11 17 Wolverton Gardens Ashlar Court, 32 Ravenscourt Gardens W6 Bellway Homes Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 17 385, 5 residential units (44 private) W6 Linden 21.36 345, 66 residential units (62 private) SOURCE: LEVY

ISLINGTON THE ISLINGTON INVESTMENT MARKET, LIKE CAMDEN, IS ONE OF THE SMALLEST OF THE MEASURED MARKETS AND DESPITE GROWTH IN OFFICE SPACE, IS STILL DOMINATED BY RETAIL SECTOR INVESTORS. HAMMERSMITH DOCKLANDS CAMDEN AND KING S CROSS ISLINGTON EUSTON BLOOMSBURY NORTHERN PADDINGTON High Barnet MARYLEBONE MAYFAIR NORTH OF OXFORD STREET SOHO COVENT GARDEN MIDTOWN Cockfosters CENTRAL (CITY) Epping Theydon Bois Debden Mill Hill East Totteridge & Whetstone Woodside BELGRAVIA / KNIGHTSBRIDGE West Finchley ST JAMES S Southgate VICTORIA Arnos Grove Oakwood WATERLOO Loughton Buckhurst Hill Roding Valley Grange Hill ntral Brent Cross Golders Green ad Cottage Hampstead Finchley & Frognal t. John s Wood nd Baker Street Regent s Hampstead Heath Belsize Great Portland Street Chalk Farm Warren Street Camden Town Mornington Crescent Euston Gospel Oak Kentish Town West Euston Square Goodge Street Tottenham Bounds Green Chigwell Finchley Central Hainault Wood Green Woodford East Finchley Fairlop Harringay Turnpike Lane South Woodford Green Lanes CONNECTION TIMES PRIMARY Barkingside Highgate Crouch Hill (from Angel) South Tottenham TRANSPORT Snaresbrook LINKS C Seven Newbury Archway Manor House Blackhorse Sisters Bank Angel Redbridge Goodma Upper Holloway 6 mins Northern Tottenham Walthamstow Seven Kings Hale Central Wanstead Gants Tufnell Arsenal Finsbury Oxford Circus Highbury Leytonstone & Islington Hill Ilford Holloway 12 mins Walthamstow Victoria, Overground, Leyton Leytonstone Upminster Kentish Town Queen s Midland National Rail High Manor Highbury & Canary Wharf Hornchur Caledonian Islington Dalston mins Finsbury Kingsland Leyton Forest Camden Stratford Gate Dagenham Piccadilly, Victoria, Hackney International East Heathrow Caledonian Central National Wanstead Stratford Rail & Canonbury 55 mins Barnsbury Dagen Dalston Junction Heathw Homerton Hackney King s Cross Wick Becontree Woodgrange St Pancras Haggerston Upney Angel Stratford High Street Barking Hoxton SOURCE: TFL Pudding Old Street Mill Lane Abbey East Ham Shoreditch Bethnal High Street Green Mile End Farringdon Russell Square Barbican Liverpool Street Bow Church Bow Bromley- West Ham Plaistow Upton ISLINGTON

ISLINGTON ISLINGTON TOTAL RETURN 8.1 ALL OF 14.2 ISLINGTON RENTAL VALUE GROWTH 2.3 ALL OF 3.6 Quality of stock has traditionally been poor but in recent years a vast number of new schemes have emerged, providing quality residential, office and retail space that has attracted high quality tenants. Returns are still low by London standards and very much depend on good asset selection rather than location. In 13, Islington was one of the weakest performing London markets with a total return of 8.1 y/y from commercial property although this has improved from the 3.7 y/y performance in 12. Over the last five years returns have averaged 1.5 y/y, below the mean for London commercial property by 5 bps. Values grew marginally by 1.9 y/y last year, driven by rental appreciation of 2.3 y/y although a negative yield impact of.2 y/y proved a minor drag on performance. Despite the under performance of Islington, and its secondary nature, equivalent yields are only fractionally above the London average, closing at 6.1 at the end of 13. ISLINGTON EQUIVALENT YIELD ISLINGTON 6.1 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 ISLINGTON Islington is within the London Borough of Islington broadly bordered by New North to the east, Queen Lanes and York Way to the north, City and Pentonville to the south and Upper Street to the west. Postcodes: N1 1 4, N1 7 8, N7 8 9 Major landowner is Islington Council. HAMMERSMITH PADDINGTON DOCKLANDS MARYLEBONE MAYFAIR CAMDEN AND KING S CROSS EUSTON BLOOMSBURY NORTH OF OXFORD STREET SOHO COVENT GARDEN MIDTOWN ISLINGTON NORTHERN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 4 3 22 18 RANGE OF ISLINGTON ALL AVERAGE 22 18 ANNUAL TOTAL RETURN 1-1 - -3 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 ISLINGTON RANGE OF RETURNS DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 16 14 12 1 8 6 4 2 8.1 1.9 6.2 6.1 16 14 12 1 8 6 4 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Islington in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Islington within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 8.1 Capital Growth 1.9 Income Return 6.2 Equivalent Yield 6.1 Rental Value Growth 2.3 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 42.5 Prime Retail Zone A 25 Implied Headline Capital 775 Value per sq ft Prime Net Initial Yield 5.5 TOTAL RETURN PREDICTION ISLINGTON Correlates to the LEVY City Total Returns Forecast City Forecast 14 13.9 17 1.3 15 7.1 18 1. 16 9.2 ANNUALISED 13 18 1.1 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 9 1, LOWEST PERFORMANCE IN 13

ISLINGTON DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Sager Group Islington Square, Upper Street, Almeida Street Regal Homes Banyan Wharf, 17 21 Wenlock Use Completion Quarter Completion Date 127 Residential Q3 TBC 33 Residential Q2 15 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q4 13 142 144 Liverpool N1 FH Office & Retail Net Initial Yield Area (sq ft) 5.35 291 6.3 18,362 Q4 13 266 Pentonville N1 FH Office 3.25 365 5,481 Q4 13 The Grimaldi Building, 154a Pentonville N1 FH Office 5.7 365 7.43 15,636 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Q4 13 Paulton House, 8 Shepherdess Walk Area (sq ft) N1 Odd London 37.5 2,857 Q4 13 4 1 Pentonville N1 Ticketmaster UK Ltd 38.54 49,294 Q2 12 The Angel Building EC1 Design Council 42.5 1,8 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 25 Date Address Postcode Tenant Zone A Q4 13 N1 Centre N1 Mugi 25 Q2 13 4 Upper Street N1 Phones 4 U Q2 13 N1 Centre N1 Itsu 25 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q4 13 Banyan Wharf N1 Regal Homes Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 6. 182, 33 private units SOURCE: LEVY

MARYLEBONE AND EUSTON MARYLEBONE IS ONE OF THE KEY FOCUS AREAS FOR THE WEST END ENCOMPASSING SOME OF THE TOP PERFORMING RETAIL AND OFFICE LOCATIONS. EUSTON IS AN OFFICE LOCATION WITH POTENTIAL TO CAPITALISE ON THE WEST END CORE, KING S CROSS AND HS2. Watford Junction atford High Street High Barnet Cockfosters Bushey Totteridge & Whetstone Oakwood Carpenders DOCKLANDS CAMDEN AND HAMMERSMITH KING S CROSS Hatch End Mill ISLINGTON Hill East Woodside West Finchley Southgate Arnos Grove Edgware Headstone Lane EUSTON Stanmore NORTHERN Bounds Green Harrow & Burnt Oak Finchley Central Wealdstone Canons BLOOMSBURY Wood Green PRIMARY TRANSPORT LINKS Colindale MARYLEBONE NORTH East Finchley Kenton OF OXFORD Harringay Queensbury STREET Turnpike Lane MIDTOWN Green Lanes Hendon Central Baker Street King s Cross St Pancras Northwick Preston Highgate Crouch SOHO īll Kingsbury PADDINGTON COVENT CENTRAL Bakerloo, Hill South Tottenham Jubilee, Circle, Hammersmith Brent (CITY) MAYFAIR Cross GARDEN Seven Archway Circle, Metropolitan, Manor House & City, Metropolitan, Blackhor Gospel Sisters South Kenton Golders Green Oak Hammersmith & City Northern, Piccadilly, ST JAMES S Hampstead Upper Holloway WATERLOO North Wembley Neasden Hampstead Heath Victoria, National Tottenham Rail, W Wembley Euston BELGRAVIA / Tufnell Arsenal Hale Wembley Central Dollis Hill Eurostar KNIGHTSBRIDGE VICTORIA Finsbury Victoria, Northern, Finchley Holloway tonebridge Willesden Green Kentish Walthamstow & Frognal Overground, Marylebone Belsize Town West Kentish Town Queen s Harlesden Kilburn National Rail Highbury Bakerloo, & National Rail Kensal Brondesbury Caledonian Islington Dalston Rise Chalk Farm Kingsland llesden Junction West Hampstead Camden Hackney Inte Brondesbury Finchley Camden Town Caledonian Central Kensal Green CONNECTION TIMES & VIA Canonbury CROSSRAIL Swiss Cottage Barnsbury Queen s Kilburn South Mornington (from Baker Street) (from Dalston Bond Junction Street) High Hampstead St. John s Wood Crescent Homerton Hackn King s Cross Wick Oxford Circus Paddington Kilburn St Pancras Edgware Haggerston 3 mins 2 mins Maida Vale Paddington Marylebone Great Baker Portland Euston Angel Warwick Avenue Street Street Paddington Liverpool Hoxton Street Royal Oak 4 mins Old Street 6 mins Westbourne Shoreditch Bethnal Warren Street Euston Edgware Square Bank Canary High Wharf Street Green Mile End Farringdon Liverpool Street ton Regent s 15 mins 14 mins ain Ladbroke Grove Goodge Russell ne Bayswater Street Square Barbican Latimer Bond Heathrow Heathrow Tottenham Bow Church East White Shepherd s Notting Lancaster Street Court 37 mins 31 mins Acton City Bush Hill Gate Gate Chancery Lane Moorgate Stepney Green Aldgate St Paul s rth Holland Queensway Marble Oxford East Holborn on Arch Circus Bank Whitechapel Wood Lane Covent Garden Aldgate High Street Green Kensington Leicester Square SOURCE: TFL Westferry Shepherd s Bush Market Goldhawk Hammersmith Kensington (Olympia) Barons Court Gloucester Hyde Corner Knightsbridge Victoria St James s Piccadilly Circus Charing Cross CROSSRAIL FROM 18 Cannon Street Monument Mansion House Blackfriars Temple Tower Hill Fenchurch Street River Thames Shadwell Tower Gateway Rotherhithe Wapping MARYLEBONE AND EUSTON Limehouse Canary Wharf

MARYLEBONE AND EUSTON MARYLEBONE AND EUSTON TOTAL RETURN 17.6 ALL OF 14.2 MARYLEBONE AND EUSTON RENTAL VALUE GROWTH 7.1 ALL OF 3.6 MARYLEBONE AND EUSTON EQUIVALENT YIELD The western parts are still dominated by high end residential and on the eastern side influenced by the regeneration schemes focused around King s Cross. Returns reflect the changing dynamics of this market, modest returns in the longer term, but in recent years the market has been one of London s leading locations. In 13, total returns for commercial property reached 17.6 y/y whereas the 1 year average for returns in this market was a more modest 11.7 y/y, although still comfortably ahead of the London average. Capital grew by 13.3 in 13, and coupled with annualised value growth of 8.8 y/y since the market trough in late 8. Values in this market are in fact 6.5 above peak time highs, compared to average London values remaining 13.4 off. Similarly rents have been strong, with growth of 7.1 y/y in 13. For investors, yields remain competitive compared to the core London markets with an initial yield of 3.5 and an equivalent yield of 4.9 at year end. The equivalent yield had compressed by a further 1 bps in 13 with a positive yield impact of 6.6 y/y evidence of the growing investor demand for assets in this popular market. 4.9 MARYLEBONE AND EUSTON ALL OF 5.8

MARKET UPDATE FEBRUARY 14 MARYLEBONE AND EUSTON Marylebone is within the City of Westminster broadly bordered by Portland Place to the east, Marylebone to the north, Oxford Street to the south and Edgware to the west. HAMMERSMITH DOCKLANDS CAMDEN AND KING S CROSS ISLINGTON Postcodes: W1C 1, W1G, W1G 6 9, W1H 1 2, W1H 5 7, W1U 1 8 Major landowners include The Howard de Walden Estate, British Land PLC and The Portman Estate. Euston is within the London Borough of Camden broadly bordered by Eversholt Street to the east, Mornington Crescent to the north, Marylebone to the south and Albany Street to the west. Postcodes: NW1, 2 3, NW1, 5 6. Major landowner is British Land PLC. PADDINGTON MARYLEBONE BELGRAVIA / KNIGHTSBRIDGE MAYFAIR EUSTON BLOOMSBURY NORTH OF OXFORD STREET SOHO COVENT GARDEN ST JAMES S VICTORIA NORTHERN MIDTOWN WATERLOO CENTRAL (CITY) 24 24 4 3 22 18 17.6 RANGE OF MARYLEBONE AND EUSTON ALL AVERAGE 22 18 ANNUAL TOTAL RETURN 1-1 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 16 14 12 1 8 13.3 16 14 12 1 8 - -3 MARYLEBONE AND EUSTON RANGE OF RETURNS 6 4 2 3.8 4.9 6 4 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Marylebone and Euston in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Marylebone and Euston within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 17.6 Capital Growth 13.3 Income Return 3.8 Equivalent Yield 4.9 Rental Value Growth 7.1 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 65. Prime Retail Zone A 3 38 Implied Headline Capital 1,5 Value per sq ft Prime Net Initial Yield 4.25 TOTAL RETURN PREDICTION MARYLEBONE AND EUSTON Correlates to the LEVY West End Total Returns Forecast West End Forecast 14 1.1 17 9. 15 7.6 18 8.9 16 8.5 ANNUALISED 13 18 8.8 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,6 2,5 STRONG PERFORMANCE 17.6 RANKED 7TH OUT OF THE MARKETS

MARYLEBONE AND EUSTON DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Use SWIP, Welbeck Land 35 Marylebone High Street 55,326 Residential & Retail Galliard Homes The Chilterns, 74 76 Chiltern Street Completion Quarter Completion Date 44 Residential Q4 15 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q3 13 129 137 Marylebone Q3 13 Manchester Square Net Initial Yield Area (sq ft) NW1 FH Office 31.15 5 3.46 62,314 W1 LLH Office 7.6 1,16 4.41 69,46 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Q1 14 1 Brock Street NW1 Santander Asses Management UK Holdings Ltd. Area (sq ft) 65. 25,8 Q3 13 95 Wigmore Street W1 Pytard International Ltd. 92.5 12,89 Q2 13 Evergreen House, NW1 Serviced Office Group 33. 22,14 156 16 Euston RECENT RETAIL TRANSACTIONS Prime Retail Zone A 3 35 Date Address Postcode Tenant Zone A Q4 13 111 Marylebone High Street W1 Zadiq & Voltaire 38 Q2 13 69 Marylebone High Street W1 Aesop 271 Q3 13 7 Marylebone High Street W1 Pret A Manger 35 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q3 13 Q2 11 Moxton Street Car, Marylebone International House, 66 Chiltern Street W1 W1 U/ to Ridgeford Properties and Concord Pacific Ronson Capital Partners c. 6 Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase Existing car park and Sunday market 63 782 Former use as 8,59 sq ft (B1) office use. Planning permission subsequently obtained for 56 residential units SOURCE: LEVY

MAYFAIR MAYFAIR ow Watford High Street rowe-hill ry ns Watford Junction Acton Main Line Bushey Carpenders Hatch End Headstone Lane Harrow & Wealdstone Northwick South Kenton North Wembley Wembley Central Stonebridge Harlesden Willesden Junction North Acton Kilburn Shepherd s Bush Market tamford Brook East Acton Goldhawk Maida Vale Warwick Avenue Westbourne White City Wood Lane Hammersmith Ravenscourt West Kensington West Brompton Fulham Broadway THE MAYFAIR MARKET IS ONE OF THE WORLD S LEADING OFFICE LOCATIONS, COMMANDING SOME OF THE HIGHEST RENTS FROM OCCUPIERS AND LOWEST YIELDS FROM INVESTORS. IT IS A LEADING RETAIL LOCATION WHICH ENCOMPASSES BOND STREET AND MANY PROMINENT SHOPPING THOROUGHFARES SUCH AS OXFORD STREET AND REGENT STREET. South Kensington Imperial Sloane Square Pimlico Westminster High Barnet Totteridge & Whetstone Woodside London Bridge Southgate Bermondsey Cockfosters Mill Hill East West Finchley Arnos Grove Edgware Stanmore Bounds Green Burnt Oak Finchley Central Canons Wood Green Colindale East Finchley Kenton Harringay Queensbury Turnpike Lane Green Lanes DOCKLANDS CAMDEN AND HAMMERSMITH Hendon Central Preston KING S CROSS Highgate Crouch Kingsbury Hill South Totten Brent Cross ISLINGTON Seven Archway Manor House Blac Gospel Sisters Golders EUSTON Green Oak Hampstead NORTHERN Upper Holloway Neasden Hampstead Heath Tottenham Wembley BLOOMSBURY Tufnell Arsenal Hale Dollis Hill Finsbury MARYLEBONE NORTH Finchley OF OXFORD Holloway Willesden Green STREET Kentish Walthamsto & Frognal MIDTOWN Belsize Town West Kentish Town Queen s Roa Kilburn SOHO Highbury & PADDINGTON COVENT CENTRAL Kensal Brondesbury Caledonian MAYFAIR GARDEN (CITY) Islington Dalston Rise West Hampstead Chalk Farm Kingsland Camden Hackney Brondesbury Finchley ST JAMES S Camden WATERLOOTown Caledonian Central Kensal Green & Canonbury Swiss Cottage Barnsbury Queen s Kilburn South BELGRAVIA / KNIGHTSBRIDGE VICTORIA Mornington Dalston Junction High Hampstead St. John s Wood Crescent Homerton H King s Cross St Pancras Edgware Haggerston Paddington Marylebone Great Baker Portland Euston Angel Street Street Hoxton Royal Oak Old Street CONNECTION TIMES VIA CROSSRAIL PRIMARY Warren Street Euston Shoreditch Bethnal Edgware (from Square High Street Bond Street) (from Bond Street) TRANSPORT LINKS Green Mile E Farringdon Liverpool Street Regent s Ladbroke Grove Goodge Russell Bayswater Paddington Street Square Barbican Paddington Bond Street Latimer Bond 6 Tottenham mins 2 mins Central, Jubilee, Bow Chur Shepherd s Notting Lancaster Street Court Bush Crossrail Hill Gate Gate Bank Chancery Lane Liverpool Street Moorgate Stepney Green Aldgate 9 mins St 6 Paul s Holland Queensway Marble Oxford mins Oxford Circus East Holborn Arch Circus Bank Bakerloo, Central, Whitechap Canary Covent Wharf Garden Canary Wharf Aldgate Victoria High Street Green 15 mins 14 mins Kensington Leicester Square Westfe Green Hyde Corner Piccadilly Heathrow Heathrow Kensington Cannon Street Circus Jubilee, Piccadilly, Limehou (Olympia) Tower 49 mins Mansion House31 mins Monument Knightsbridge Shadwell Hill Victoria Fenchurch Street Tower Charing Wapping Barons Gloucester Gateway Cross Blackfriars River Thames Piccadilly Circus Canary Court St James s Temple Whar Victoria Bakerloo, Rotherhithe Piccadilly Earl s Court Waterloo Embankment SOURCE: TFL CROSSRAIL FROM 18 Southwark Oakwood Canada Water Surrey Quays Heron Qua South Qua Crossharbo Mudchu

MAYFAIR MAYFAIR MAYFAIR TOTAL RETURN 18.5 ALL OF 14.2 MAYFAIR RENTAL VALUE GROWTH 5.5 In 13 Mayfair provided the fourth strongest London performance with a total return of 18.5 y/y, driven by a combination of healthy rental growth of 5.5 y/y and continued investor demand, the most robust in London. The strong occupier position and solid investor sentiment boosted capital values for Mayfair offices by 14.9 y/y in 13 amongst the highest value growth achieved by any of the established markets in London. The retail market was similarly buoyant with capital values up by 14.4 y/y resulting in a total return for investors of 18.7 y/y. Equivalent yields for Mayfair retail hit a low of 4.1 in 13, as investors continued to compete for super prime shops on London s best retail pitches. Office yields followed a similar pattern and closed with an equivalent yield at 4.5. Commercial property values in Mayfair are now 16.5 above their 7 market peak, further evidence of the fulsome recovery. ALL OF 3.6 MAYFAIR EQUIVALENT YIELD 4.4 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 MAYFAIR Mayfair is in the City of Westminster bordered by Regent Street to the east, Oxford Street to the north, Piccadilly and Green to the south and Lane to the west. HAMMERSMITH DOCKLANDS CAMDEN AND KING S CROSS ISLINGTON Postcodes: W1B 4, W1C 2, W1J, W1J 5 9, W1K 1 7, W1S 1 4. The major landowners include Grosvenor Estate, Lancer, the Crown Estate and The Pollen Estate. PADDINGTON MARYLEBONE MAYFAIR EUSTON NORTH OF OXFORD STREET SOHO BLOOMSBURY COVENT GARDEN MIDTOWN NORTHERN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 22 RANGE OF 22 4 3 18 18.5 MAYFAIR ALL AVERAGE 18 16 16 ANNUAL TOTAL RETURN 1-1 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 14 12 1 8 14.4 14 12 1 8 - MAYFAIR 6 4 3.6 4.4 6 4-3 RANGE OF RETURNS 2 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Mayfair in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Mayfair within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 18.5 Capital Growth 14.4 Income Return 3.6 Equivalent Yield 4.4 Rental Value Growth 5.5 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 15. Prime Retail Zone A 1,3 Implied Headline Capital 2,8 Value per sq ft Prime Net Initial Yield 3.75 TOTAL RETURN PREDICTION MAYFAIR Correlates to the LEVY West End Total Returns Forecast West End Forecast 14 1.1 17 9. 15 7.6 18 8.9 16 8.5 ANNUALISED 13 18 8.8 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 3, 4, MAYFAIR IS THE BEST PERFORMER OVER 3 (16.4) AND 5 (18.5) YEARS

MAYFAIR DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Use Completion Quarter Completion Date Exemplar / Crown Estate 1 New Burlington Street 97, Office Q1 14 Allied London 28 29 Savile Row 15, Office Q1 14 Bridewell Properties 4 5 Queen Street 11 Residential Q2 14 Mayfair Chambers Investments Artesian Property Partnership Mayfair Chambers, 6 Residential Q2 14 7 Broadbent Street 55 Conduit Street 5 Residential Q2 14 Terrace Hill & Aerium 24 Savile Row & 49 Conduit Street 31,5 Office Q3 14 Grosvenor 18 Grosvenor Street 4, Office Q3 14 Grosvenor 69 Grosvenor Street 15, Office Q4 14 Crown Estate / Exemplar 1 Burlington Place 1, Office Q4 15 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Net Initial Yield Area (sq ft) Q4 13 Devonshire House, W1 FH Office 41 2,343 Sub 4 175,1 Mayfair Place Q4 13 Christies, 13 New Bond Street W1 FH Retail 3 3,156 2. 9,55 Q4 13 28 29 Dover Street W1 FH Office & Retail 32.25 1,986 3.9 16,235 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q4 13 5 Hanover Square W1 Helical Bar 12.5 7,8 Q3 13 House, 116 Street W1 Elliott Advisors 95. 22,215 Q3 13 Devonshire House W1 Highbridge 15. 7,23 RECENT RETAIL TRANSACTIONS Prime Retail Zone A Date Address Postcode Tenant Zone A 35 Albemarle Street 55 Dover Street 1,3 Bond Street Q4 13 36 Dover Street W1 Victoria Beckham 55 Q3 13 16 New Bond Street W1 Dior 1, Q3 13 18 Albemarle Street W1 Amanda Wakeley 35 Q2 13 12 Old Bond Street W1 Chopard 1,3 Q2 13 16 Conduit Street W1 Christian Doir 36 CONTINUED ON NEXT PAGE

MAYFAIR RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase Q3 13 Grosvenor Square W1 Finchatton 25 8,, 31 residential units Q3 13 MacDonald House, 1 3 Grosvenor Square W1 Lodha Group 36 1,916 Existing use comprises 159,745 sq ft including 92,4 sq ft of office (B1) use and 21,234 sq ft of residential (C3) use as well as 17,374 sq ft of ancillary and storage space. Q3 12 3 Old Burlington Street W1 Native Land c. 85 1,24 Existing use of 83,24 sq ft of (B1) office above retail and restaurant at a rent of 4,513,118 pa. Residential planning consent now granted for 42 residential units. SOURCE: LEVY

MIDTOWN MIDTOWN MIDTOWN HAS TRADITIONALLY BEEN AN AREA OF RELATIVELY CONSERVATIVE INVESTMENT PERFORMANCE FOR BOTH OFFICES AND RETAIL WITH LEGAL AND SECONDARY RETAIL OCCUPIERS DOMINANT. High Barnet Totteridge & Whetstone Woodside Southgate CONNECTION TIMES VIA CROSSRAIL Hoxton (from Chancery Lane) (from Farringdon) Old Street Shoreditch Bethnal Bank High Street Liverpool Green Street Mile End Liverpool Street 3 mins 2 mins Paddington 15 mins Moorgate Canary Wharf mins Aldgate Heathrow 1 hour River Thames Cockfosters Oakwood Mill Hill East West Finchley Arnos Grove Edgware Bounds Green Burnt Oak Finchley Central k DOCKLANDS CAMDEN AND Wood Green HAMMERSMITH KING S CROSS Colindale East Finchley y ISLINGTON Turnpike Lane Hendon Central Highgate Crouch Hill EUSTON Brent Cross NORTHERN Archway Manor House Gospel Golders Green BLOOMSBURY Oak Hampstead Upper Holloway en MARYLEBONE NORTH Hampstead Heath OF OXFORD Tufnell STREET MIDTOWN Arsenal ollis Hill Finsbury SOHO Finchley PADDINGTON COVENT Holloway CENTRAL Willesden Green & Frognal Kentish (CITY) MAYFAIR GARDEN Belsize Town West Kentish Town Kilburn Highbury & Caledonian ST JAMES S Islington Chalk Farm WATERLOO West Hampstead Camden BELGRAVIA / esbury Finchley Camden Town KNIGHTSBRIDGE VICTORIA Caledonian & Canonbury Swiss Cottage Barnsbury South Mornington Dalston Junction Hampstead St. John s Wood Crescent King s Cross St Pancras Edgware Bayswater Notting Hill Gate Queensway High Street Kensington Gloucester Marylebone Edgware Lancaster Gate Hyde Corner Knightsbridge South Kensington Marble Arch Bond Street Sloane Square Victoria Baker Street Regent s Green St James s Great Portland Street Warren Street Oxford Circus Piccadilly Circus Westminster Euston Charing Cross Waterloo Euston Square Goodge Street Tottenham Court Holborn Farringdon Russell Square Covent Garden Leicester Square Embankment Barbican Chancery Lane Mansion House Blackfriars Temple Angel St Paul s Cannon Street Bank Monument London Bridge Tower Hill Fenchurch Street Bermondsey Harringay Green Lanes Seven Sisters Dalston Kingsland Haggerston Aldgate East Shadwell Tower Gateway SOURCE: TFL Rotherhithe CROSSRAIL FROM 18 Canada Water Surrey Quays Tottenham Hale Hackney Central South Tottenham Blackhorse Walthamstow Queen s Homerton Paddington Bow Church 7 mins Stepney Green Canary Wharf 9 mins Whitechapel Heathrow 36 mins Westferry Wapping Canary Wharf Heron Quays South Quay Crossharbour Walthamstow Central Stratford International Hackney Wick Limehouse Theydon Bois Leyton Midland Epping Debden Loughton Buckhurst Hill Woodford South Woodford Snaresbrook Leytonstone Leyton Stratford Wanstead Stratford PRIMARY High Street TRANSPORT PuddingLINKS Mill Lane Abbey Farringdon Upton Circle, Bow Hammersmith Plaistow & City, Metropolitan, Bromleyby-Bow Crossrail, West Ham Overground, National Rail Devons Star Lane Holborn Langdon Central, Piccadilly Canning All Saints Town Blackfriars Royal Blackwall Victoria Circle, District, Poplar National East Rail India West India Quay North Greenwich Emirates Greenwich Peninsula Roding Valley Wanstead Chigwell Hain Leytonstone High Gran Hil Fa Barking Newbury P Redbridge Ga H Woodgrange Par W Silverto Pon

MIDTOWN MIDTOWN MIDTOWN TOTAL RETURN 14.9 ALL OF 14.2 MIDTOWN RENTAL VALUE GROWTH 4.5 Investors received a return of 14.9 y/y from commercial property in 13, with performance strengthening in the second half of the year. This is up from the 12 performance when Midtown returned 8.6 y/y. Continued occupier and investor demand for properties in this market would suggest that further rental growth is likely along with some additional compression in yields. Investor sentiment for offices in Midtown also improved in the latter months of last year with a yield impact of 7.2 y/y, despite equivalent yields rising marginally from 5.7 at the end of 12 to close out 13 at 5.9. Capital values grew by 1.3 y/y, above the London average while income returns were below the average at 4.2 y/y. Annualised over the last five years, values have grown at 6.3 y/y during the recovery to only 13.5 off their market peak in 7. ALL OF 3.6 MIDTOWN EQUIVALENT YIELD 5.9 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 MIDTOWN Midtown is within the London Borough of Camden and City of London bordered by Farringdon to the east, Euston and City to the north, the River Thames to the south and Southampton Row and Kingsway to the west. Postcodes: EC1N 2, EC1N 6 8, EC4A 1 4, EC4Y 1, EC4Y 7 9, WC1R 4 5, WC1V 6 7, WC2A1 3 Major landowners include The Bedford Estate, UCLH and LSE. HAMMERSMITH PADDINGTON DOCKLANDS MARYLEBONE MAYFAIR CAMDEN AND KING S CROSS EUSTON BLOOMSBURY NORTH OF OXFORD STREET SOHO COVENT GARDEN MIDTOWN ISLINGTON NORTHERN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 22 RANGE OF 22 4 MIDTOWN 3 18 ALL AVERAGE 18 16 16 ANNUAL TOTAL RETURN 1-1 - DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 MIDTOWN AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 14 12 1 8 6 4 14.9 1.3 4.2 5.9 14 12 1 8 6 4-3 RANGE OF RETURNS 2 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Midtown in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Midtown within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 14.9 Capital Growth 1.3 Income Return 4.2 Equivalent Yield 5.9 Rental Value Growth 4.5 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 57.5 Prime Retail Zone A 15 Implied Headline Capital 1,15 Value per sq ft Prime Net Initial Yield 5. TOTAL RETURN PREDICTION MIDTOWN Correlates to the LEVY Midtown Total Returns Forecast Midtown Forecast 14 12 17 9.3 15 6.7 18 9. 16 8.4 ANNUALISED 13 18 9.1 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,5 1,8 RETURN OF 14.9 AHEAD OF THE AVERAGE OF 14.2

MIDTOWN DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Use Tudor Court Ltd Tudor Court, 6 8 Bouverie Street 47, Office & Residential Orion Capital Managers / Quadrant Estates Carmelite House, 5 Victoria Embankment Completion Quarter Completion Date Q1 14 135, Office Q2 14 Derwent London Turnmill, 63 Clerkenwell 58, Office & Retail Q3 14 London & Regional Properties 1 Bloomsbury Way 155, Office Q3 14 Stanhope One Mabledon Place 86, Office Q3 14 Raingate Ltd 81 Chancery Lane 49, Office Q3 14 CLS Holdings Cliffords Inn, Fetter Lane 28, Office Q3 14 Commonwealth House, 82,5 Q4 14 1 19 New Oxford Street Derwent 4 Chancery Lane 97, Office Q4 14 Taylor Wimpey Central London St. Dunstan s Court, 133 137 Fetter Lane 76 Residential Q2 15 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Net Initial Yield Area (sq ft) Q4 13 Nexus, 25 Farringdon Street EC4 FH Office 128 81 5.11 159,838 Q4 13 22 Kingsway WC2 FH Office 59.3 649 5.1 91,4 Q1 13 265 Strand WC2 FH Office 77 1,15 5.94 75,883 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q4 13 28 High Holborn WC1 GL Hearn 52.5 9,386 Q3 13 6 Agar Street WC2 Davenport Lyons c. 62.5 31,468 Q3 13 1 New Oxford Street WC1 Weve c. 57.5 21,452 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 15 Date Address Postcode Tenant Zone A Q4 13 119 Kingsway WC2 Scribbler 15 Q4 13 28 High Holborn WC1 Pret A Manger 144 Q3 13 36 38 Kingsway WC2 Paul 1 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q1 14 1 6 Dyer s Buildings, Holborn New Court, 48 Carey Street EC1 Corren Properties Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 25 714,286 Current use as B1 offices. Planning permission for 35 residential units totalling 33,219 sq ft. Withdrawn from the market on /1/14. WC2 LOHDA c. 9 68,18 578 Office building totalling 155,732 sq ft. Planning application submitted for 148 residential units. SOURCE: LEVY

Eppin NORTH OF OXFORD STREET THE NORTH OF OXFORD STREET MARKET IS CHARACTERISED BY FRAGMENTED OWNERSHIP AND A MIX OF PERIOD AND POSTWAR DEVELOPMENTS. THE AREA HAS BECOME INCREASINGLY FASHIONABLE TO A RANGE OF ASPIRATIONAL OFFICE, RETAIL AND RESIDENTIAL OCCUPIERS. NORTH OF OXFORD STREET ton ston oad embley Kensal Rise sal Green en s Oak sington lympia) West nsington Stanmore Canons Queensbury Kingsbury Brondesbury Kilburn High Paddington Ladbroke Grove imer epherd s Bush rons ourt Holland Edgware Edgware Burnt Oak Colindale Hendon Central Brent Cross HAMMERSMITH DOCKLANDS MARYLEBONE Mill Hill East CAMDEN AND KING S CROSS EUSTON BLOOMSBURY NORTH OF OXFORD STREET Gospel SOHO Oak COVENT GARDEN Golders Green PADDINGTON Hampstead Neasden MAYFAIR Hampstead Heath Dollis Hill ST JAMES S Finchley Willesden Green & Frognal Kentish Belsize BELGRAVIA / Town West Kilburn KNIGHTSBRIDGE VICTORIA West Hampstead Chalk Farm Brondesbury Finchley Camden Town Swiss Cottage South Mornington Hampstead St. John s Wood Crescent Earl s Court Bayswater Notting Hill Gate Queensway High Street Kensington Gloucester Marylebone Edgware Lancaster Gate Hyde Corner Knightsbridge South Kensington Marble Arch Bond Street Sloane Square Victoria Baker Street Green Piccadilly Circus Westminster Charing Cross Leicester Square Camden High Barnet Totteridge & Whetstone Woodside West Finchley WATERLOO Kentish Town Holloway Southgate Arnos Grove Bounds Green ISLINGTON Finchley Central Wood Green East NORTHERN Finchley Turnpike Lane Highgate Crouch Hill MIDTOWN Archway Manor House CENTRAL (CITY) Upper Holloway Tufnell Arsenal Caledonian Caledonian & Barnsbury Highbury & Islington Cannon Street Monument Tower Mansion HouseSOURCE: TFL Hill CROSSRAIL FROM 18 Fenchurch Street Blackfriars River Thames Temple London Bridge Cockfosters Oakwood Finsbury Harringay Green Lanes Seven Sisters Dalston Kingsland Dalston Junction CONNECTION TIMES VIA CROSSRAIL (from King s Cross St Pancras (from Oxford Circus) Tottenham Haggerston Court ) Great Portland Euston Angel Street Bank Liverpool Street Hoxton 8 mins 4 mins Old Street Shoreditch Warren Street Euston Square Paddington Paddington High Street Farringdon Liverpool Street Regent s 7 mins 4 mins Goodge Russell Street Square Barbican Canary Wharf Canary Wharf Tottenham Court 19 mins 12 mins Chancery Lane Moorgate Heathrow Heathrow Aldgate Oxford St Paul s East Circus Holborn 54 mins 33 mins Bank Covent Garden Aldgate St James s Embankment Canonbury Bermondsey Shadwell Tower Gateway Rotherhithe Canada Water Tottenham Hale Hackney Central South Tottenham Blackhorse Walthamstow Queen s Canary Wharf Heron Quays Walthamstow Central Stratford International Hackney PRIMARY Homerton Wick TRANSPORT LINKS Theydon Bo Leyton Midland Poplar East India West India Quay Debde Loughto Buckhurst H Woodfor South Woodfor Snaresbroo Leytonston Leyto Stratfor Goodge Street Northern Pudding Mill Lane Bethnal Green Oxford Mile Circus End Bakerloo, Victoria, Bow Central Bromleyby-Bow Tottenham Bow Church Court Stepney Green Devons Central, Northern, Langdon Crossrail Whitechapel All Saints Warren Street Westferry Blackwall Northern, Victoria Wapping Limehouse North Greenwich E G P

NORTH OF OXFORD STREET NORTH OF OXFORD STREET NORTH OF OXFORD STREET TOTAL RETURN 19.2 ALL OF 14.2 The growing popularity of investment property here has meant returns were amongst the highest in London during 13 at 19.2 y/y with values growing by an impressive 14.9 y/y. In contrast, longer term returns of 5. placed this market below average for London. A total return of.9 meant office property outperformed retail by almost 4 bps last year, as greater value growth of 16.9 y/y and an average income return of 3.4 y/y boosted total returns. NORTH OF OXFORD STREET RENTAL VALUE GROWTH 6. ALL OF 3.6 This compares with value growth of 12.4 and an income return of 4.2 y/y for retail investments. The strong performance by the office sector was driven by rental appreciation of 7.7 y/y compared to 2.7 y/y for retail as occupier confidence continued on an upward curve. Both sectors saw a similar improvement in investor sentiment with an average yield impact of 7.3 y/y. As a result equivalent yields for retail assets fell to 4.8 at the end of 13, and office yields to 5.3 y/y. NORTH OF OXFORD STREET EQUIVALENT YIELD 5.1 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 NORTH OF OXFORD STREET North of Oxford Street is within the City of Westminster and the London Borough of Camden, broadly bordered by Tottenham Court to the east, Marylebone to the north, Oxford Street to the south and Portland Place to the west. Postcodes: W1A 6, W1D 1, W1T 1 7, W1W 5 8 Major landowners include Derwent London, Great Portland Estates and The Langham Estate. HAMMERSMITH PADDINGTON DOCKLANDS MARYLEBONE MAYFAIR CAMDEN AND KING S CROSS EUSTON NORTH OF OXFORD STREET SOHO BLOOMSBURY COVENT GARDEN MIDTOWN ISLINGTON NORTHERN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 22 RANGE OF 22 4 3 18 19.2 NORTH OF OXFORD STREET ALL AVERAGE 18 16 16 ANNUAL TOTAL RETURN 1-1 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 14 12 1 8 14.9 14 12 1 8 - -3 NORTH OF OXFORD STREET RANGE OF RETURNS 6 4 2 3.8 5.1 6 4 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. North of Oxford Street in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of North of Oxford Street within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 19.2 Capital Growth 14.9 Income Return 3.8 Equivalent Yield 5.1 Rental Value Growth 6. INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 62.5 Prime Retail Zone A 33 Implied Headline Capital 1,4 Value per sq ft Prime Net Initial Yield 4.5 TOTAL RETURN PREDICTION NORTH OF OXFORD STREET Correlates to the LEVY West End Total Returns Forecast West End Forecast 14 1.1 17 9. 15 7.6 18 8.9 16 8.5 ANNUALISED 13 18 8.8 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,6 2,5 19.2 PERFORMANCE RANKED 2ND IN 13

NORTH OF OXFORD STREET DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Great Portland Estates Walmar House, 288 3 Regent Street Use Completion Quarter Completion Date 54, Office Q1 14 Derwent London 1 2 Stephen Street (Phase 2) 63, Office & Retail Q2 14 Exemplar & Aviva 1 & 2 Fitzroy Place, 31, / 44 Office & Q3 / Q4 14 & Kaupthing Bank Mortimer Street Residential RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Net Initial Yield Area (sq ft) Q1 14 77 Newman Street W1 FH Office 19. 1,281 4. 14,828 Q4 13 1 Whitfield Street W1 FH Office.2 95 4.5 21,263 Q3 13 4 44 Newman Street W1 FH Office 16.85 892 4.8 18,894 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q4 13 Rathbone Place W1 Flash Talking 62.5 5,523 Q4 13 8 11 New Oxford Street W1 William Morris Endeavour 6. 21,639 Entertainment (MWE) Q3 13 UK House, 2 4 Great Titchfield Street W1 Microsoft 62.5 31, RECENT RETAIL TRANSACTIONS Prime Retail Zone A 15 35 Date Address Postcode Tenant Zone A Q2 13 179 Tottenham Court W1 Card Galore 16 Q1 13 6/17 Tottenham Court W1 Wasabi 33 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q2 13 Q1 12 Crescent West Crescent East W1 W1 PCW Property Amazon Properties Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 15 813 Existing use comprises 129,165 sq ft of office and residential accommodation let at 2,221,65 pa. 47 47 Existing use comprises of 1, sq ft residential accommodation including 9 flats on three floors. SOURCE: LEVY

NORTHERN INCLUDING SHOREDITCH, CITY ROAD AND OLD STREET THIS PART OF HAS WITNESSED A DRAMATIC IMPROVEMENT IN COMMERCIAL AND RESIDENTIAL ACTIVITY AS VALUES HAVE INCREASED IN RESPONSE TO THE CREATION OF A NEW TECH HUB AT OLD STREET ROUNDABOUT. NORTHERN Oak Colindale ndon Central Brent Cross Golders Green Hampstead inchley Swiss Cottage St. John s Wood one oad Marble Arch orner e Bond Street Hampstead Finchley & Frognal Victoria Baker Street Regent s Green St James s Hampstead Heath Belsize Great Portland Street Chalk Farm Warren Street Oxford Circus Piccadilly Circus Camden Town Mornington Crescent Euston Charing Cross Kentish Town West Camden High Barnet Totteridge & Whetstone Woodside DOCKLANDS HAMMERSMITH Mill Hill East West Finchley Gospel Oak Euston Square Goodge Street Tottenham Court Leicester Square EUSTON Bounds Green Finchley Central BLOOMSBURY Wood Green East Finchley MARYLEBONE NORTH OF OXFORD Turnpike Lane STREET MIDTOWN Highgate Crouch Hill SOHO PADDINGTON COVENT Archway MAYFAIR Manor GARDEN House King s Cross St Pancras Tufnell BELGRAVIA / KNIGHTSBRIDGE Kentish Town Farringdon Russell Square Mansion House Blackfriars Temple Caledonian Angel Barbican Chancery Lane St Paul s Holborn Bank Covent Garden Cannon Street CAMDEN AND KING S CROSS Upper Holloway ST JAMES S Arsenal VICTORIA Holloway Southgate Arnos Grove River Thames WATERLOO Highbury & Islington Cockfosters Oakwood ISLINGTON NORTHERN Finsbury Harringay Green Lanes CENTRAL Seven (CITY) Sisters Dalston Kingsland Tottenham Hale South Tottenham Blackhorse Walthamstow Queen s Leyton Midland Leytonstone High Manor Forest Gate Hackney Caledonian Central Wanstead Stratford & Canonbury Barnsbury CONNECTION TIMES VIA CROSSRAIL PRIMARY Dalston (from Junction Old Street) (from Liverpool Street) TRANSPORT LINKS Homerton Hackney Wick Beco Woodgrange Bank Tottenham Farringdon Haggerston Upney 3 mins Court Circle, Stratford Hammersmith 5 mins & City, High Metropolitan, Street Barking Canary HoxtonWharf Pudding Old Street Overground, Crossrail, 17 mins Canary Wharf Mill Lane Abbey East Ham Shoreditch Bethnal National Rail High Street Green Mile 7 End mins Liverpool Street Paddington Upton Bow Liverpool Street 23 mins Paddington Plaistow Central, Circle, 9 mins Heathrow Bromleyby-Bow West Bow Church Hammersmith 1 hour 5 mins Heathrow & City, Metropolitan, Moorgate Stepney Green Devons Aldgate 38 mins National Star Rail, Lane Crossrail East Langdon Whitechapel Old Street Aldgate Canning All Saints Northern, Town Royal Westferry Blackwall National Rail Victoria SOURCE: TFL Custo CROSSRAIL FROM 18 Limehouse Poplar Tower East Emirates Monument Shadwell India Royal P Hill Fenchurch Street Docks Wapping Tower Gateway Rotherhithe Canary Wharf Walthamstow Central Stratford International West India Quay Epping Theydon Bois Debden Loughton Buckhurst Hill Woodford South Woodford Snaresbrook Leytonstone Leyton Roding Valley Wanstead Grange Hill Chigwell Hainault Fairlop Barkingside Newbury Redbridge Gants Hill West Ilford Seve Up H Dagenha Ea

NORTHERN INCLUDING SHOREDITCH, CITY ROAD AND OLD STREET NORTHERN NORTHERN TOTAL RETURN 23. ALL OF 14.2 The surging popularity of this area has greatly boosted rental values, with rents growing by 9.3 y/y in 13 alone, resulting in a cumulative rise of over 28.3 since the market trough in late 8. Due to the strong rental performance, the total return provided to investors was also impressive, clocking in at 23. y/y by year end as capital values grew by 16.1 y/y, making the Northern Fringe market the top performing investment location in London during 13. NORTHERN RENTAL VALUE GROWTH 9.3 ALL OF 3.6 NORTHERN EQUIVALENT YIELD An additional attraction for investors in this market is that given its relative infancy, income returns are amongst the highest in London at 6.1 y/y suggesting that future yield compression, along with the expected rental value growth, may further strengthen investor positions. Equivalent yields have shrunk from 8.4 in 9 to 6.6 at the end of 13, indicative of the growing popularity of this market for domestic and international investors. Over the last five years, investors have achieved an annualised average return of 12.8 y/y, comfortably above the average for London of 11. y/y. 6.6 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 NORTHERN Northern Fringe includes Shoreditch, City and Old Street, and is within the London Boroughs of Islington and Hackney, and in a small part of the City of London. Bordered by Grays Inn to the west, Pentonville and City to the north, Shoreditch High Street to the east and Old Street to the south. Postcodes: EC1V 9, EC2A 1 4 HAMMERSMITH DOCKLANDS MARYLEBONE CAMDEN AND KING S CROSS EUSTON BLOOMSBURY NORTH OF OXFORD STREET MIDTOWN ISLINGTON NORTHERN PADDINGTON MAYFAIR SOHO COVENT GARDEN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 4 3 22 18 23. RANGE OF NORTHERN ALL AVERAGE 22 18 ANNUAL TOTAL RETURN 1-1 - -3 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 NORTHERN RANGE OF RETURNS DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 16 14 12 1 8 6 4 2 16.1 6.1 6.6 16 14 12 1 8 6 4 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Northern Fringe in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Northern Fringe within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 23. Capital Growth 16.1 Income Return 6.1 Equivalent Yield 6.6 Rental Value Growth 9.3 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 47.5 Prime Retail Zone A 7 Implied Headline Capital 85 Value per sq ft Prime Net Initial Yield 5.5 TOTAL RETURN PREDICTION NORTHERN INCLUDES FINSBURY AND CLERKENWELL Correlates to the LEVY City Total Returns Forecast City Forecast 14 13.9 17 1.3 15 7.1 18 1. 16 9.2 ANNUALISED 13 18 1.1 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 9 1, THE TOP PERFORMER IN 13 (23.)

NORTHERN DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Use Helical Bar & Crosstree 7 Old Street 286,6 Office & Retail Mount Anvil The Eagle (Eagle House), 159 189 City Completion Quarter Completion Date 15 6 Residential 15 Groveworld Ltd Canaletto London, 257 259 City 19 Residential Q4 15 Mount Anvil / Affinity Sutton Lexicon / Silicon Tower, 261 City 1 Residential Q1 16 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q4 13 6 & 68 7 Goswell Q3 13 Clifton House, 75 77 Worship Street Net Initial Yield Area (sq ft) EC1 FH Office 12 443 4.85 27,14 EC2 FH Office 8.75 29 6.32 3,128 Q2 13 37 45 City EC1 FH Office 17.55 251 6. 69,998 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Q4 13 Alpha Beta Building, 14 18 Finsbury Square Area (sq ft) EC2 SEI 45. 5, Q4 13 159 173 St. John Street EC1 Hawkins Brown 37.5 12,516 Q3 13 Buckley Building, EC1 Tipp 24 (UK) Ltd 47.5 16,92 49 Clerkenwell Green RECENT RETAIL TRANSACTIONS Prime Retail Zone A 114 Date Address Postcode Tenant Zone A Q4 13 271/271 City EC1 Co op 16 (overall) Q3 13 75 City EC1 Oliver Bonas 114 Q1 13 1 Old Street EC1 Carphone Warehouse 68 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q1 14 Q2 13 Q3 12 Crown House, 145 City One Crown Place, 5 29 Sun Street, 8 16 Earl Street & 54 Wilson Street The Eagle (Eagle House), 159 189 City EC1 Rocket Investments / Mount Anvil Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase c. 8 265, 32 residential units (32 private) EC2 Alloy Mtd 57.5 157 (Consented area) Planning consent for 365,45 sq ft and a 34 bed hotel EC1 Mount Anvil 51.5 25, 276 residential units (6 private units) SOURCE: LEVY

PADDINGTON IN RECENT YEARS PADDINGTON HAS BECOME AN ESTABLISHED WATERSIDE LOCATION AND HAS SEEN A SIGNIFICANT INCREASE IN OFFICE VALUES. OUTSIDE THE OFFICE CORE, RESIDENTIAL HAS BECOME THE DRIVER TO VALUES AS OCCUPIERS ARE ATTRACTED NORTH OF HYDE PARK. Watford Junction Watford High Street Bushey High Barnet Totteridge & Whetstone Cockfosters Oakwood rk rthwood Carpenders Hatch End Mill Hill East Woodside West Finchley Southgate Arnos Grove Northwood Edgware Hills Headstone Lane DOCKLANDS CAMDEN AND HAMMERSMITH Stanmore KING S CROSS Bounds Green r Pinner Harrow & Burnt Oak Finchley Central ISLINGTON Wealdstone Canons Wood Green Colindale East Finchley e North Harrow Kenton EUSTON Harring Queensbury NORTHERN Turnpike Lane Green La Harrowon-the-Hill Kingsbury BLOOMSBURY Hill Hendon Central Northwick Preston Highgate Crouch Brent Cross MARYLEBONE NORTH Se OF OXFORD Archway Manor House Sis West STREET Gospel South Kenton Golders MIDTOWN Harrow Green Oak Hampstead Upper Holloway SOHO North Wembley Neasden PADDINGTON COVENT CENTRAL Hampstead Heath Wembley (CITY) MAYFAIR GARDEN Tufnell Arsenal Wembley Central Dollis Hill Finsbury Finchley Holloway Stonebridge Willesden ST Green JAMES S & Kentish WATERLOO Frognal Belsize Town West Kentish Town Harlesden Kilburn Highbury & Kensal Brondesbury BELGRAVIA / Caledonian Islington Dalsto KNIGHTSBRIDGE VICTORIA Rise Chalk Farm Kingsla Willesden Junction West Hampstead Camden Brondesbury Finchley Camden Town Caledonian Kensal Green & Canonbury Swiss Cottage Barnsbury Queen s Kilburn South Mornington Dalston Junction High Hampstead St. John s Wood Crescent King s Cross Kilburn CONNECTION TIMES VIA CROSSRAIL St Pancras PRIMARY Edgware Haggerston Maida Vale Paddington Marylebone (from Great Paddington) (from Paddington) TRANSPORT LINKS Baker Portland Euston Angel Warwick Avenue Street Street Hoxton Royal Oak Oxford Circus Tottenham Paddington Old Street 7 mins Court Bakerloo, Westbourne Warren Street Euston Shoreditch Edgware Square 4 mins Farringdon Circle, District, High Stree Acton Bank Liverpool Street Regent s Main Goodge Hammersmith Ladbroke Grove mins Liverpool Russell Street Line Bayswater Street Square Barbican & City, Crossrail, Latimer Bond 9 mins East Notting Street Canary Wharf Tottenham National Rail White Shepherd s Lancaster Court Acton City Bush Hill Gate Gate 25 mins Canary Wharf Chancery Lane Moorgate Edgware 16 mins Aldgate West Oxford St Paul s North Holland Queensway Marble Heathrow Circle, District, East Acton Circus Holborn Acton Arch Bank Wood Lane 27 mins Heathrow Hammersmith Covent Garden Aldgate High Street 28 mins & City Green Acton Central Kensington Leicester Square Shepherd s Bush Hyde Corner Market Hyde Corner Piccadilly Kensington Cannon Street Circus Piccadilly South Acton (Olympia) Monument Tower Goldhawk Knightsbridge Shadwe Mansion House Hill Fenchurch Street Tower SOURCE: TFLCharing Barons Gloucester Gateway CROSSRAIL FROM Cross 18 Blackfriars Acton Town Hammersmith Court St James s River Thames Temple Victoria Rotherhithe Chiswick Turnham Green Stamford Brook Ravenscourt West Kensington West Brompton Earl s Court South Kensington Sloane Square Westminster Waterloo Embankment London Bridge Bermondsey PADDINGTON Canad Wate

PADDINGTON PADDINGTON TOTAL RETURN Regeneration schemes and new developments have boosted modern office supply allowing the market to attract leading tenants. PADDINGTON 18.3 ALL OF 14.2 PADDINGTON RENTAL VALUE GROWTH 2.9 ALL OF 3.6 PADDINGTON EQUIVALENT YIELD This has put the area firmly on the radar of international and institutional investors. An All Property initial yield of 4.2 at the end of 13 is the one of lowest since the 7 peak, as investor competition heats up for assets. This yield puts Paddington amongst the better priced of the London markets, with the spread between Mayfair and Paddington at 7 bps. Offices matched retail with a total return of 18.6 y/y in 13. The strong office performance was driven by rental growth of 5.1 y/y and a yield impact of 8.7 y/y which contributed to the impressive capital growth of 14.3 y/y. Between 1 and 13, capital values grew by 7.8 y/y for offices and 5.4 for retail. This was one of the sharpest rebounds of any London market, and as a result Paddington values were only 14.2 off the 7 peak at the end of 13. 5.3 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 PADDINGTON Paddington is within the City of Westminster broadly bordered by Edgware to the east, the Regent s canal to the north and Hyde to the south and Kensington to the west. Postcodes: W2 1 6, W11 1 4, W8 4 Major landowners include The Church Commissioners, British Land PLC, Derwent London, The Paddington Development Corporation and Land Securities Group PLC. HAMMERSMITH PADDINGTON DOCKLANDS MARYLEBONE MAYFAIR CAMDEN AND KING S CROSS EUSTON BLOOMSBURY NORTH OF OXFORD STREET SOHO COVENT GARDEN MIDTOWN ISLINGTON NORTHERN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 22 RANGE OF 22 4 3 18 18.3 PADDINGTON ALL AVERAGE 18 16 16 ANNUAL TOTAL RETURN 1-1 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 14 12 1 8 13.5 14 12 1 8 - PADDINGTON 6 4 4.2 5.3 6 4-3 RANGE OF RETURNS 2 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Paddington in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Paddington within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 18.3 Capital Growth 13.5 Income Return 4.2 Equivalent Yield 5.3 Rental Value Growth 2.9 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 56.5 Prime Retail Zone A 9 Implied Headline Capital 1, Value per sq ft Prime Net Initial Yield 5.25 TOTAL RETURN PREDICTION PADDINGTON Correlates to the LEVY West End Total Returns Forecast West End Forecast 14 1.1 17 9. 15 7.6 18 8.9 16 8.5 ANNUALISED 13 18 8.8 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,5 2, DESPITE MODEST RENTAL GROWTH, CAPITAL VALUES GREW BY 7.8 Y/Y, UNDERPINNED BY RESIDENTIAL

PADDINGTON DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) European Land Property Ltd Merchant Square, 3 Harbet Use Completion Quarter Completion Date 159 Residential 14 Derwent London Queens, Bishop's Bridge 21,4 Retail & Residential 14 The Paddington Development Building B, Merchant Square, 167,593 Office & Retail Q2 15 Corporation Limited Harbet The Paddington Development Corporation Limited Building C, Merchant Square, Harbet 196,443 Office & Retail Q2 15 Derwent London North Wharf 24, Office & Retail 18 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q4 13 Paddington Waterside Q4 13 Enterprise House, 167 Westbourne Terrace Q3 13 Paddington Central, 2&3 Kingdom Street Net Initial Yield Area (sq ft) W2 LLH Office 197.3 83 5.35 237,81 W2 FH Office 3.75 683 5.64 45,4 W2 FH Mixed Use 47 771 n/a 69,985 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q2 13 The Point, 37 North Wharf W2 Thames Tunnel 53.5 45,69 Q3 13 The Point, 37 North Wharf W2 Instant Managed 56.5 35,891 Offices Ltd Q2 13 2 Kingdom Street W2 Trend Micro 52. 7,31 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 9 Date Address Postcode Tenant Zone A Q2 13 37 Praed Street W2 8 Café 9 Q1 13 51 55 Praed Street W2 Ryman 51 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q3 13 Q3 13 North Wharf Gardens, Phase 1 West Whiteley s Bayswater W2 W2 Taylor Wimpey Meyer Bergman Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 6 487,5 15 residential units (123 private) 11 772 A retail shopping centre of 3,259 sq ft consisting of 285, sq ft of general retail (A1) and 15,529 sq ft of offices (B1) SOURCE: LEVY

SOHO ue yal Oak ark Kensington (Olympia) West Kensington Brompton Paddington Ladbroke Grove Latimer Shepherd s Bush Barons Court Holland Edgware Bayswater Notting Hill Gate Queensway High Street Kensington Gloucester Marylebone Lancaster Gate Hyde Corner Knightsbridge South Kensington Marble Arch Bond Street Sloane Square THE SOHO MARKET IS ONE OF S MOST FASHIONABLE LOCATIONS FOR COMMERCIAL AND RESIDENTIAL OCCUPIERS. IT IS UNDERPINNED BY THE CORE MEDIA OCCUPIER BASE, THE END FRONTING REGENT STREET HAS SEEN SIGNIFICANT INCREASES IN VALUE ADJACENT TO THE CORE MARKET IN MAYFAIR. Victoria Baker Street Regent s Green St James s Great Portland Street Euston Warren Street Oxford Circus Piccadilly Circus Westminster Charing Cross High Barnet Totteridge & Whetstone Woodside Southgate Cockfosters Oakwood Mill Hill East West Finchley Arnos Grove Edgware Stanmore Bounds Green Burnt Oak Finchley Central Canons Wood Green DOCKLANDS CAMDEN AND Colindale HAMMERSMITH KING S CROSS East Finchley enton Queensbury Turnpike Lane ISLINGTON Hendon Central Preston Highgate Crouch Kingsbury Hill Brent Cross EUSTON NORTHERN Archway Manor House Gospel Golders Green Oak BLOOMSBURY Hampstead Upper Holloway Neasden Hampstead MARYLEBONE Heath NORTH Wembley OF OXFORD STREET Tufnell Arsenal Dollis Hill MIDTOWN Finsbury Finchley SOHO PADDINGTON Kentish COVENT CENTRALHolloway Willesden Green & Frognal (CITY) MAYFAIR Town West GARDEN Belsize Kentish Town Kilburn Highbury & Kensal Brondesbury Caledonian Islington Rise Chalk Farm ST JAMES S West Hampstead Camden WATERLOO Brondesbury Finchley BELGRAVIA / ensal Green KNIGHTSBRIDGE Camden Town Caledonian VICTORIA & Canonbury Swiss Cottage Barnsbury ueen s Kilburn South Mornington Dalston Junction High Hampstead St. John s Wood Crescent King s Cross St Pancras Earl s Court Edgware Waterloo Harringay Green Lanes Seven Sisters Dalston Kingsland Haggerston Angel CONNECTION TIMES VIA CROSSRAIL Hoxton (from (from Piccadilly Circus) Old Street Tottenham Court ) Euston Shoreditch Square High Street Farringdon Paddington Liverpool Liverpool Street Street Goodge Russell 9 mins 4 mins Street Square Barbican Tottenham Bank Paddington Court 13 mins Chancery Lane Moorgate 4 mins Holborn Canary St Paul swharf Aldgate Canary Wharf East 19 mins Bank 12 mins Covent Garden Aldgate Leicester Square Heathrow Heathrow 48 mins 33 mins Cannon Street Mansion House Monument Tower Shadwell Hill Fenchurch Street Tower Blackfriars Gateway Temple River Thames SOURCE: TFL Rotherhithe CROSSRAIL FROM 18 Embankment London Bermondsey Canada Bridge Water Southwark Surrey Quays Tottenham Hale Hackney Central South Tottenham Blackhorse Walthamstow Queen s Homerton Westferry Tottenham Court Limehouse Central, Northern, Wapping Crossrail Canary Wharf Heron Quays South Quay Crossharbour Walthamstow Central Stratford International Hackney Wick Blackwall Theydon SOHO Leyton Midland Poplar East India West India Quay Ep De Loug Buckhurs Wood South Wood Snaresb Leytons Le Strat PRIMARY Pudding TRANSPORT LINKS Mill Lan Bethnal Green Mile End Leicester Square Bow Piccadilly, Northern Oxford Bow Circus Bromley Church by-bow Bakerloo, Central, Stepney Green Devons Victoria Langdon Piccadilly Whitechapel Circus Bakerloo, Piccadilly All Saints North Greenwich

SOHO SOHO TOTAL RETURN 16.4 ALL OF 14.2 The diverse nature of this market has made it one of the strongest performers in central London. In the five years to the end of 13, total returns have averaged 12.8 per annum, placing it in the top performing markets, 18 bps above the London 5 year average. In 13 investment performance was strong with a total return of 16.4 y/y. Capital values grew by 12.3 y/y, further fully recovering the value that was lost when markets crashed in 8 to leave Soho values 1.4 above their 7 peak. SOHO SOHO RENTAL VALUE GROWTH 6. ALL OF 3.6 SOHO EQUIVALENT YIELD Income returns were low at 3.7 y/y, remaining steady from 12, reflecting the low risk perception of this market. Offices underperformed with a return of 15.6 y/y compared to 17.6 y/y for retail. This was mostly due to lesser capital growth of 12. y/y for offices whereas retail values grew by 13. y/y. Nonetheless, office rents grew by 6.5 y/y and retail by 5.7 y/y as occupier confidence remained high. Equivalent yields fell to six year lows for offices to close at 5. at the end of 13, while retail followed that trend with its yield falling by 4 bps to 4.6. 4.8 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 SOHO Soho is in the City of Westminster, broadly bordered by Charing Cross to the east, Oxford Street to the north, Piccadilly Circus to the south and Regent Street to the west. HAMMERSMITH DOCKLANDS CAMDEN AND KING S CROSS ISLINGTON Postcodes W1B 3, W1B 5, W1D 2 7, W1F, W1F 7 9 Major landowners include The Crown Estate, Shaftesbury PLC and Soho Estates. PADDINGTON MARYLEBONE MAYFAIR EUSTON NORTH OF OXFORD STREET SOHO BLOOMSBURY COVENT GARDEN MIDTOWN NORTHERN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 22 RANGE OF 22 4 SOHO 3 18 16 16.4 ALL AVERAGE 18 16 ANNUAL TOTAL RETURN 1-1 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 14 12 1 8 12.3 14 12 1 8 - SOHO 6 4 3.7 4.8 6 4-3 RANGE OF RETURNS 2 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Soho in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Soho within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 16.4 Capital Growth 12.3 Income Return 3.7 Equivalent Yield 4.8 Rental Value Growth 6. INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 75. Prime Retail Zone A 45 Implied Headline Capital 1,75 Value per sq ft Prime Net Initial Yield 4.25 TOTAL RETURN PREDICTION SOHO Correlates to the LEVY West End Total Returns Forecast West End Forecast 14 1.1 17 9. 15 7.6 18 8.9 16 8.5 ANNUALISED 13 18 8.8 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,7 2, STRONG 16.4 TOTAL RETURN PERFORMANCE

SOHO DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Firmdale Ham Yard Hotel, 5 1 Denman Street Dukelease Properties / British Airways Pension Trust Use Completion Quarter Completion Date 24 Residential Q1 14 11 Soho Street 17, Office Q1 14 Resolution Property 18 Ampersand Wardour Street 64, Office Q4 14 The Crown Estate Quadrant House, 46, Office Q1 15 Block 8 82 Regent Street Land Securities PLC Oriana, 18 24 Oxford Street 212, Office & Retail Henderson Global Investors Soho Works 66, Office Q4 16 Capital and Counties 19a, 22 25 Floral Street 37 Residential TBC The Mercer s Company Block C, 8 8 Mercer Street 24 Residential TBC Shaftesbury PLC Carnaby Court 17,7 Office / Retail TBC Capco King s Court 5 Residential 16 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q4 13 44 Great Marlborough Street Q4 13 Quadrant 3 Regent Street Net Initial Yield Area (sq ft) W1 FH Office 24 1,628 3.3 14,74 W1 FH Mixed Use 97.5 1,444 (equivalent) 4.45 269,993 Q3 13 82 Dean Street W1 FH Office 24 1,23 3.75 19,57 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q4 13 76 Wardour Street W1 Sheridan s c. 75. 11,915 Q3 13 1 Great Pulteney Street W1 Creston PLC 45.46 44,116 Q3 13 126 13 Shaftesbury Avenue W1 Deckers UK Ltd 55. 29,156 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 45 Date Address Postcode Tenant Zone A Q3 13/14 Carnaby Street W1 Scotch & Soda 435 Q3 1/2 Carnaby Street W1 Lyle & Scott 435 Q3 4 Carnaby Street W1 Lavand 47 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase Q1 14 Rupert Street W1 Confidential. 54,5 37 existing residential flats let on AST s totalling 14,166 sq ft SOURCE: LEVY

ST. JAMES S ction SMALLER THAN ITS NEIGHBOUR MAYFAIR, ST. JAMES S IS THE FOCUS OF SIGNIFICANT NEW DEVELOPMENT ACTIVITY. THIS INVESTMENT ACROSS ALL USE CLASSES WILL ENHANCE ST. JAMES S, INCREASING BOTH ITS PROFILE High Barnet AND ITS RENTAL AND CAPITAL VALUES. treet Cockfosters shey Totteridge & Whetstone Oakwood Woodside Southgate h End Mill Hill East West Finchley Arnos Grove Lane Edgware Stanmore Bounds Green w & Burnt Oak Finchley Central tone Canons Wood Green Colindale East Finchley Kenton Harringay Queensbury Turnpike Lane S Green Lanes Hendon Central wick Preston Highgate Crouch rk Kingsbury Hill South Tottenham Brent Cross Seven Archway Manor House Blackhorse Gospel Sisters nton Golders Green Oak Hampstead Upper Holloway bley Neasden DOCKLANDS CAMDEN AND HAMMERSMITH Hampstead KING S Heath Tottenham Walthamstow CROSS Wembley Tufnell Arsenal Hale Central ntral Dollis Hill Finsbury ISLINGTON Finchley Holloway Willesden Green Kentish Walthamstow & Frognal L EUSTON Town West Belsize Kentish Town Queen s Midl NORTHERN sden Kilburn Highbury & Kensal Brondesbury Caledonian Islington Dalston Chalk BLOOMSBURY Rise Farm Kingsland tion West Hampstead Camden Stratford MARYLEBONE NORTH OF OXFORD Hackney International Brondesbury Finchley STREET Camden Town Caledonian Central Kensal Green MIDTOWN & Canonbury Swiss Cottage SOHO PADDINGTON COVENT CENTRAL Barnsbury Queen s Kilburn South Mornington (CITY) MAYFAIR GARDEN Dalston Junction High Hampstead St. John s Wood Crescent Homerton Hackney King s Cross Wick rn ST JAMES S St Pancras Edgware WATERLOO Haggerston aida Vale Paddington Marylebone Great Baker Portland BELGRAVIA / Euston Angel rwick Avenue KNIGHTSBRIDGE Street Street VICTORIA Hoxton Royal Oak Old Street tbourne Warren Street Euston Shoreditch Bethnal Edgware Square High Street Farringdon Green Liverpool Street Mile End Regent s Bow R Ladbroke Grove Goodge Russell Bayswater Street Square Barbican Latimer Bond Tottenham CONNECTION TIMES VIA CROSSRAIL PRIMARY Bow Church hite Shepherd s Notting Lancaster Street Court City Bush Hill Gate Gate (from Chancery Green Lane ) Moorgate (from Bond Street) TRANSPORT LINKS Stepney Green Devons R Aldgate Oxford St Paul s Holland Queensway Marble East Circus HolbornPaddington Paddington Charing Cross Langdon Arch Bank Whitechapel Lane Covent Garden 9 mins 2 mins Aldgate Bakerloo, Northern, All Saints High Street Green National Rail Kensington Leicester Square Bank Liverpool Street Westferry Black ush rket Hyde Corner Piccadilly 14 mins Kensington Cannon Street 6 mins Green Circus Limehouse Poplar (Olympia) Monument Tower oad Knightsbridge Shadwell Jubilee, Piccadilly, Mansion Canary House Wharf Canary Wharf Hill Fenchurch Street Tower Charing Victoria Wapping West Barons Gloucester Gateway Blackfriars 14 mins 14 mins Cross Canary India Qua mith Court St James s River Thames Temple Piccadilly Circus Wharf Victoria Heathrow Heathrow Rotherhithe Bakerloo, Piccadilly 45 mins 31 mins court West Earl s South Sloane Westminster Embankment rk Kensington Kensington Square London Court Bermondsey Canada Westminster Bridge Water Heron Quays Gre Circle, District, West Brompton Waterloo Jubilee Surrey Quays South Quay Crossharbour Fulham Broadway Pimlico Southwark SOURCE: TFL CROSSRAIL FROM 18 Mudchute Parsons Green Imperial Wharf Lambeth Putney Bridge North Borough Island Gardens ST. JAMES S East Putney Cutty Sar Maritime

ST. JAMES S ST. JAMES S ST. JAMES S TOTAL RETURN 14.4 ALL OF 14.2 ST. JAMES S RENTAL VALUE GROWTH 4.7 ALL OF 3.6 This market is a leading retail location with Jermyn Street, Regent Street and Piccadilly, benefitting from significant investment. St. James s is a prime office location commanding the highest rents in the world. Investor returns in 13 were strong at 14.5 y/y for offices and 14.2 y/y for retail. Office values grew by 1.1 y/y outpacing growth of 9.4 y/y in the retail sector, although both were behind the London average as a result of high embedded values and limited development activities, value growth has been strong here over the last few years compared to the rest of the capital. While significant income returns boosted performance in most of London s secondary locations, modest levels of income matched with slightly below average capital growth failed to drive St. James s to the top of the London office league table for returns. Office rents grew by 4.7 y/y as supply tightened, retail saw continued strength with rents growing by 7.2 y/y as the improvements along Regent Street are felt by the entire market. ST. JAMES S EQUIVALENT YIELD 5. Over the last decade, commercial property in St. James s has returned 1.3 y/y on average placing it amongst London s best performing investment locations. With a significant development pipeline over the coming years we anticipate performance to drive investment. ALL OF 5.8

MARKET UPDATE FEBRUARY 14 ST. JAMES S St. James s is in the City of Westminster, bordered to the north by Piccadilly, St James s to the south, Green to the west and Trafalgar Square to the east. HAMMERSMITH DOCKLANDS CAMDEN AND KING S CROSS ISLINGTON Postcodes: SW1A 2 4, SW1A 5 6 The major landowner is The Crown Estate. MARYLEBONE EUSTON NORTH OF OXFORD STREET BLOOMSBURY MIDTOWN NORTHERN PADDINGTON MAYFAIR SOHO COVENT GARDEN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 22 RANGE OF 22 4 ST. JAMES S 3 18 ALL AVERAGE 18 16 16 ANNUAL TOTAL RETURN 1-1 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 14 12 1 8 14.4 1. 14 12 1 8 - ST. JAMES S 6 4 4. 5. 6 4-3 RANGE OF RETURNS 2 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. St. James s in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of St. James s within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 14.4 Capital Growth 1. Income Return 4. Equivalent Yield 5. Rental Value Growth 4.7 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 15 Prime Retail Zone A 3 Implied Headline Capital 2,8 Value per sq ft Prime Net Initial Yield 3.75 TOTAL RETURN PREDICTION ST. JAMES S Correlates to the LEVY West End Total Returns Forecast West End Forecast 14 1.1 17 9. 15 7.6 18 8.9 16 8.5 ANNUALISED 13 18 8.8 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 3, 4,5 14.4 Y/Y TOTAL RETURN LIKELY TO IMPROVE WITH INCREASED DEVELOPMENT

ST. JAMES S DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Use Completion Quarter Completion Date Exemplar 6 St. James's Square 115, Office Q1 14 Green Property 8 St. James's Square 65, Office Q2 14 The Crown Estate 29 35 St. James's Street 12, Office Q4 14 Lothbury Investment Managers 55 St. James's Street 23, Office Q1 15 Amazon Properties 42 43 Pall Mall 4 Residential 15 The Crown Estate and Oxford Properties St. James's Market 26, Office & Retail Q2 16 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q4 13 Ryder Court, 12 14 Ryder Street Net Initial Yield Area (sq ft) SW1 LLH Office 82. 1,157 4.27 7,887 Q4 13 St. James s Street SW1 LLH Office 54.5 978 2.1 55,721 Q4 13 5 Pall Mall SW1 FH Office 62. 1,764 3.8 35,144 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q4 13 23 King Street SW1 Temasek 13. 8,4 Q3 13 Eagle Place SW1 Schulte Roth & Zabel 85. 1,889 Q1 13 Eagle Place SW1 Hayfin 95. 1,697 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 3 Date Address Postcode Tenant Zone A Q3 13 Unit 4, Jermyn Street SW1 Sunspel 3 Q3 13 Unit 5 & 6, Jermyn Street SW1 Grosvenor Shirts 26 Q3 13 Unit 1, Piccadilly SW1 Barbour 25 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase Q2 12 11 15 Arlington Street SW1 Smedvig.52 1,71, 12 residential units Q3 13 3 Carlton Gardens SW1 Mike Spink & Evans Randall c. 65.5 65,5, A single private residence SOURCE: LEVY

VICTORIA Junction igh Street Bushey ders atch End one Lane arrow & aldstone orthwick h Kenton embley y Central dge arlesden Junction Kenton Preston Wembley Kensal Rise Kensal Green Queen s ilburn Maida Vale Warwick Avenue Royal Oak Westbourne White City ood Lane d s Bush Market k ersmith venscourt Kensington (Olympia) West Kensington West Brompton Fulham Broadway Parsons Green Putney Bridge Stanmore Canons Queensbury Kingsbury Brondesbury Edgware VICTORIA IS A KEY TRANSPORT HUB FOR, CURRENTLY UNDERGOING EXTENSIVE REGENERATION High Barnet ACROSS THE USE CLASSES, PROVIDING LARGE SCALE COMPETITIVELY PRICED OFFICE, RETAIL AND Woodside RESIDENTIAL ACCOMMODATION. Burnt Oak Neasden Dollis Hill Willesden Green Brondesbury Kilburn High Paddington Ladbroke Grove Latimer Shepherd s Bush Barons Court Holland Earl s Court Imperial Wharf Colindale Hendon Central Kilburn HAMMERSMITH West Hampstead South Hampstead Edgware Bayswater Notting Hill Gate Queensway High Street Kensington Gloucester Brent Cross Golders Green DOCKLANDS Hampstead Finchley Camden Town Swiss Cottage St. John s Wood EUSTON Mornington BLOOMSBURY Crescent MARYLEBONE NORTH OF OXFORD STREET MIDTOWN Marylebone Great Baker Portland SOHO Euston PADDINGTON COVENT Street Street MAYFAIR GARDEN Edgware Lancaster Gate Hyde Corner Knightsbridge South Kensington Marble Arch Bond Street Sloane Square Pimlico Finchley & Frognal Victoria Warren ST JAMES SStreet BELGRAVIA / Regent s KNIGHTSBRIDGE VICTORIA Green St James s Hampstead Heath Belsize CAMDEN AND KING S CROSS Chalk Farm Oxford Circus Piccadilly Circus Westminster Charing Cross Waterloo Mill Hill East Gospel Oak Kentish Town West Euston Square WATERLOO Goodge Street Tottenham Court Lambeth North Camden ISLINGTON NORTHERN King s Cross St Pancras CENTRAL (CITY) Totteridge & Whetstone West Finchley Finchley Central East Finchley Highgate Archway Tufnell Kentish Town Farringdon Russell Square Barbican Cannon Street Paddington 12 Mansion mins House Blackfriars Bank Temple 17 mins Borough Crouch Hill Caledonian Chancery Lane St Paul s Holborn Bank Covent CONNECTION Garden TIMES Leicester Square (from Victoria) Embankment Canary Wharf 18 mins Heathrow 49 mins Southwark Angel Upper Holloway Holloway Southgate Arnos Grove Bounds Green Wood Green Turnpike Lane Manor House Arsenal Caledonian & Barnsbury Old Street Liverpool Street Moorgate Highbury & Islington Cockfosters Oakwood Finsbury PRIMARY Aldgate TRANSPORT LINKS Harringay Green Lanes Seven Sisters Dalston Kingsland Canonbury Dalston Junction Haggerston Hoxton Shoreditch High Street Aldgate East Monument St. James s Tower Shadwell Circle, District Hill Fenchurch Street Tower Gateway Victoria River Thames Circle, District, Victoria, Rotherhithe National Rail London Bermondsey Canada Bridge Westminster Water Circle, District, Jubilee Surrey Quays Tottenham Hale Hackney Central Bethnal Green South Tottenham Blackhorse Walthamstow Queen s Homerton Wapping Bow Church Stepney Green Westferry Canary Wharf Heron Quays South Quay Crossharbour Mudchute Island Gardens Walthams Centra VICTORIA Devo Lang All S M Stratford Internationa Hackney Wick Mile End Whitechapel Limehouse B B Popla West India East Putney Southfields Wimbledon Wimbledon Clapham Junction Vauxhall Wandsworth Oval Kennington SOURCE: TFL Elephant & Castle Peckham Rye Queens Peckham New Cross Gate Brockley New Cross Cutty Mari Gree Dept Elve

VICTORIA VICTORIA TOTAL RETURN 11.3 ALL OF 14.2 VICTORIA RENTAL VALUE GROWTH.1 ALL OF 3.6 Investor returns for commercial property have averaged 9.5 y/y over the last decade placing it as a mid table performer, and performance has been consistent during the last five years with returns of 9.4 y/y as yields compressed in line with Victoria s growing popularity amongst opportunistic investors. In 13, due to previous strong growth and relatively weak tenant demand for large floor space, office rents grew by only.1 y/y. Despite this flat occupier sentiment the investor attitude improved in latter months of the year, as intense demand for assets in prime areas like Mayfair and St. James s forced investors further south in search of better yields. The strengthening investor sentiment was evidenced by a yield impact of 6.6 y/y as equivalent yields fell to 5.8 at the end of 13 compared to 6. a year earlier. As a result office values grew by 5.2 y/y in Victoria boosting total returns to 1.7 y/y when combined with the already strong income return on offer of 5.2 y/y. VICTORIA VICTORIA EQUIVALENT YIELD 5.8 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 VICTORIA Victoria is in the City of Westminster, broadly bordered by the River Thames to the east and south, St. James s to the north, and Belgravia to the west. HAMMERSMITH DOCKLANDS CAMDEN AND KING S CROSS ISLINGTON Postcodes: SW1E 5 6, SW1H, SW1H 9, SW1P 1 4, SW1V 1 4 The major landowner is Land Securities Group PLC. MARYLEBONE EUSTON NORTH OF OXFORD STREET BLOOMSBURY MIDTOWN NORTHERN PADDINGTON MAYFAIR SOHO COVENT GARDEN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 22 RANGE OF 22 4 VICTORIA 3 18 ALL AVERAGE 18 16 16 ANNUAL TOTAL RETURN 1-1 - DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 VICTORIA APR 5 AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 113 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 14 12 1 8 6 4 11.3 5.9 5.2 5.8 14 12 1 8 6 4-3 RANGE OF RETURNS 2 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Victoria in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Victoria within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 11.3 Capital Growth 5.9 Income Return 5.2 Equivalent Yield 5.8 Rental Value Growth.1 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 65. Prime Retail Zone A 215 Implied Headline Capital 1,4 Value per sq ft Prime Net Initial Yield 4.75 TOTAL RETURN PREDICTION VICTORIA Correlates to the LEVY West End Total Returns Forecast West End Forecast 14 1.1 17 9. 15 7.6 18 8.9 16 8.5 ANNUALISED 13 18 8.8 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,8 2,1 LOWER QUARTILE PERFORMANCE IN 13 WITH REGENERATION IMPACT ANTICIPATED

VICTORIA DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Use Completion Quarter Completion Date Brockton Capital 6 9 Buckingham Gate 9 Residential Q1 14 Invest Select / NIOC 4 Victoria Street 127,959 Office Q3 14 Barratt London Great Minster House East, 6 Residential Q1 15 76 Marsham Street Land Securities PLC Kingsgate House 344,23 Residential Q2 15 Land Securities PLC Zig Zag Building, Victoria Street 188, Office Q2 15 Berkeley Homes (Urban Renaissance) Abell House, John Islip Street 8 Residential Q4 15 Cleland House, John Islip Street Q4 16 Land Securities PLC Nova 48, Mixed Use Q2 16 Land Securities PLC Victoria Circle, Nova 17 Residential Q3 16 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q4 13 Partnership House, Carlisle Place Q4 13 Clive House, 7 Petty France Net Initial Yield Area (sq ft) SW1 FH Office 49 1,259 3.65 38,934 SW1 FH Office 9 1,4 4. 86,534 Q1 13 1 19 Victoria Street SW1 FH Office 18.5 538 4.82 335,417 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q4 13 4 Howick Place SW1 Giorgio Armani 7. 17,76 Q3 13 62 Buckingham Gate SW1 Schlumberger c. 7. 63,831 Q2 13 123 Victoria Street SW1 John Lewis 55. 36,592 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 215 Date Address Postcode Tenant Zone A Q4 13 62 Buckingham Gate SW1 Benugo Q4 13 62 Buckingham Gate SW1 Leon 5 Q4 13 62 Buckingham Gate SW1 Iberica 215 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q4 13 Q3 13 Q1 13 Great Minster North, Horseferry Ashley House, 2 Monck Street Great Minster House East, 76 Marsham Street Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase SW1 Alchemi 97 54 179,869 of (B1) offices let at 5,679,7 pa. Potential to provide c.15 residential units SW1 Taylor Wimpey c. 29.5 1,147 25,712 sq ft of office (B1) with potential to provide c.44 residential units SW1 Barratt 46.2 77, 6 residential units (6 private) SOURCE: LEVY

WATERLOO Epping Edgware Burnt Oak Colindale Hendon Central Brent Cross Golders Green SIGNIFICANT DEVELOPMENT Totteridge ACTIVITY & Whetstone FOCUSED ALONG THE JUBILEE LINE AND THE Woodside RIVER, AND BETWEEN Southgate WATERLOO AND Mill Hill East BRIDGE West Finchley HAS SEEN THE Arnos Grove ATTRACTIVENESS OF THIS LOCATION INCREASE Bounds Green Finchley Central SIGNIFICANTLY. RECENT DEVELOPMENTS SUCH AS Wood Green THE SHARD HAVE INCREASED East THE Finchley PROFILE TO AN Turnpike Lane INTERNATIONAL AUDIENCE. Hampstead Belsize Chalk Farm Kentish Town West Camden Brondesbury Finchley Camden Town Caledonian DOCKLANDS CAMDEN AND & Canonbury Swiss Cottage HAMMERSMITH KING S CROSS Barnsbury Kilburn South Mornington Dalston Junction High Hampstead St. John s Wood Crescent ISLINGTON King s Cross EUSTONSt Pancras Edgware NORTHERN Haggerston addington Marylebone Great Baker Portland Euston Angel BLOOMSBURY Street Street Hoxton MARYLEBONE NORTH OF OXFORD Old Street STREET MIDTOWN Warren Street Euston Shoreditch Edgware Square SOHO High Street Farringdon PADDINGTON COVENT CENTRAL Liverpool Street (CITY) Regent s MAYFAIR GARDEN Grove Goodge Russell Bayswater Street Square Barbican Bond ST JAMES S Tottenham WATERLOO Notting Lancaster Street Court Hill Gate Gate BELGRAVIA / Chancery Lane Moorgate KNIGHTSBRIDGE VICTORIA Aldgate Oxford St Paul s olland Queensway Marble East Circus Holborn Arch Bank Covent Garden Aldgate y e Stanmore Canons Queensbury Kingsbury Neasden Dollis Hill Willesden Green Brondesbury Earl s Court High Street Kensington Gloucester Imperial Wharf Kilburn West Hampstead Hyde Corner Knightsbridge South Kensington Sloane Square Pimlico Finchley & Frognal Victoria Green St James s Piccadilly Circus Westminster Hampstead Heath Charing Cross Waterloo Gospel Oak Leicester Square Embankment Southwark Lambeth North High Barnet Highgate Archway Tufnell Kentish Town Cannon Street Mansion House Blackfriars Temple Borough Crouch Hill Caledonian Upper Holloway Holloway Monument London Bridge Manor House Arsenal Highbury & Islington Poplar Tower CONNECTION TIMES Limehouse PRIMARY East Shadwell Hill India (from Tower Waterloo) Wapping TRANSPORT West LINKS Gateway Canary India Quay Bank Blackfriars Wharf Rotherhithe 4 mins Circle, District, National Rail Bermondsey Canada North Canary Wharf Water Heron Quays Greenwich 9 mins London Bridge Surrey Quays South Jubilee, Quay Northern, Paddington National Rail 14 mins Crossharbour Waterloo Heathrow Mudchute Bakerloo, Jubilee, 56 mins Island Northern, Gardens Waterloo & City, National Rail Fenchurch Street River Thames Cockfosters Oakwood Finsbury Harringay Green Lanes Seven Sisters Dalston Kingsland Tottenham Hale Hackney Central Bethnal Green South Tottenham Blackhorse Walthamstow Queen s Homerton Bow Church Stepney Green Westferry Walthamstow Central Stratford International Hackney Wick Mile End Whitechapel Leyton Midland Bow Blackwall Theydon Bois Debden Loughton Buckhurst Hill Woodford South Woodford Snaresbrook Leytonstone Leyton Bromleyby-Bow Devons Langdon All Saints Stratford Pudding Mill Lane WATERLOO Rod Val Wans Ley Hi Wa Wo Stra High Abb Roa Wes Star Cann Town Emirates Greenwich Peninsula y s Clapham Junction Vauxhall Wandsworth Clapham High Street Clapham North Elephant & Castle Oval Kennington Stockwell Denmark Hill Peckham Rye Queens Peckham New Cross SOURCE: Gate TFL Brockley Honor Oak Forest Hill New Cross Cutty Sark for Maritime Greenwich Greenwich Deptford Bridge Elverson Lewisham

WATERLOO WATERLOO TOTAL RETURN 18.4 ALL OF 14.2 WATERLOO RENTAL VALUE GROWTH 4.4 ALL OF 3.6 Occupiers and investors have recently turned their attention to this market due to the strong income yields and competitive rents available. To date, development activity has been focused to the eastern end around London Bridge and Blackfriars, with large regeneration plans around Waterloo. This market returned 18.4 y/y in 13 with returns boosted by a strong third and fourth quarter performance. This was well ahead of the London average of 14.2 y/y as Waterloo benefited from a strong income return and impressive capital value growth of 5.5 y/y and 12.3 y/y respectively. 13 s capital performance was driven by an improvement in investor sentiment with a positive yield impact of 9.1 y/y whereas rental growth at 4.4 y/y was a more modest contributor. Over the longer term, returns for Waterloo place it as one of the stronger London markets, with an annualised return of 13.1 over the last five years and 9.5 over the last decade. WATERLOO EQUIVALENT YIELD WATERLOO 6.1 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 WATERLOO Waterloo is in the London Boroughs of Lambeth and Southwark broadly bordered by London Bridge to the east, the River Thames to the north, Vauxhall to the west and Elephant and Castle to the south. Postcodes: SE1 9, 6, SE17 1 3. HAMMERSMITH DOCKLANDS MARYLEBONE CAMDEN AND KING S CROSS EUSTON BLOOMSBURY NORTH OF OXFORD STREET MIDTOWN ISLINGTON NORTHERN PADDINGTON MAYFAIR SOHO COVENT GARDEN CENTRAL (CITY) BELGRAVIA / KNIGHTSBRIDGE ST JAMES S VICTORIA WATERLOO 24 24 22 RANGE OF 22 4 3 18 18.4 WATERLOO ALL AVERAGE 18 16 16 ANNUAL TOTAL RETURN 1-1 - DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 AUG 5 WATERLOO DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 14 12 1 8 6 4 12.3 5.5 6.1 14 12 1 8 6 4-3 RANGE OF RETURNS 2 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Waterloo in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Waterloo within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 18.4 Capital Growth 12.3 Income Return 5.5 Equivalent Yield 6.1 Rental Value Growth 4.4 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 45. Prime Retail Zone A 6 Implied Headline Capital 9 Value per sq ft Prime Net Initial Yield 5. TOTAL RETURN PREDICTION WATERLOO Correlates to the LEVY West End Total Returns Forecast West End Forecast 14 1.1 17 9. 15 7.6 18 8.9 16 8.5 ANNUALISED 13 18 8.8 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 9 1,8 18.4 RETURNS RANKED 5TH IN 13

WATERLOO DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Great Portland Estates / Ropemaker Properties Use Completion Quarter Completion Date 24 Blackfriars 237, Mixed Use Q1 14 Archlane Ltd Sea Containers House 5, Mixed Use Q1 14 Derwent London Wedge House, 4 Blackfriars 8, Office CIT Group & Jadwa Southbank Tower, Stamford Street 217, Mixed Use Q1 15 Investment Circleplane Blackfriars 295, Office & Retail Chesterfield Partners & London & Regional Properties Elizabeth House, 39 York 1,4, Mixed Use Alpha Plus Group (Delancey) & LSE York House, Lambeth Palace 69, Student Housing CIT Developments South Bank Tower, Stamford Street 191 Residential Q4 16 St. George South London Ltd One Blackfriars, 1 16 Blackfriars 274 Residential Q4 17 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q1 14 Riverside House, 2a Southwark Bridge Net Initial Yield Area (sq ft) SE1 FH Office 122 71 5.4 171,936 Q4 13 IBM, 76 78 Upper Ground SE1 FH Office 1 566 4.85 218,973 Q4 13 2 &3 Bankside SE1 FH Office 315 687 5.25 453,94 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Q3 13 The Place, 25 London Bridge Quarter Q3 13 Sea Containers House, 22 Upper Ground Area (sq ft) SE1 NI Group Ltd 5. 43,167 SE1 WPP 45. 226, 343 Q3 13 Cottons Centre, Hays Lane SE1 FDM Group 45. 3,363 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 6 Date Address Postcode Tenant Zone A Q4 13 95 96 Lower Marsh SW1 National Theatre 43 Q4 13 18/23 Great Suffolk Street SW1 Sainsbury's 6 Q3 13 18/23 Great Suffolk Street SW1 Costa Coffee 6 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q3 13 One Blackfriars, Blackfriars 1 16, Upper Ground, Stamford Street Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase SE1 St. George 77.4 282,5 274 residential units (274 private) SOURCE: LEVY

INCLUDES CLERKENWELL, SMITHFIELD AND FARRINGDON ARGUABLY S MOST DYNAMIC MARKET EAGERLY AWAITING THE REGENERATION OF SMITHFIELD AND THE DEVELOPMENT OF CROSSRAIL. Epping re urnt Oak Colindale Hendon Central Brent Cross Golders Green Hampstead Finchley Green & Frognal n est Hampstead Finchley Swiss Cottage St. John s Wood rylebone are aster te ark Corner bridge n Marble Arch Bond Street Sloane Square Victoria Baker Street Regent s Green St James s Hampstead Heath Belsize Great Portland Street Chalk Farm Warren Street Oxford Circus Piccadilly Circus Westminster Camden Town Mornington Crescent Euston Charing Cross Mill Hill East HAMMERSMITH Gospel Oak Kentish Town West Euston Square Goodge Street Tottenham Court Leicester Square DOCKLANDS West Finchley ISLINGTON Bounds Green Finchley Central EUSTON Wood Green NORTHERN East Finchley BLOOMSBURY Turnpike Lane MARYLEBONE NORTH Highgate Crouch OF OXFORD STREET Hill MIDTOWN Archway SOHO Manor House PADDINGTON COVENT MAYFAIR GARDEN Upper Holloway Camden King s Cross St Pancras High Barnet Totteridge & Whetstone Woodside Tufnell BELGRAVIA / Kentish KNIGHTSBRIDGE Town Farringdon Russell Square Mansion House Blackfriars Temple CAMDEN AND KING S CROSS Southgate Arnos Grove River Thames Cockfosters Oakwood ST JAMES S Arsenal WATERLOO Finsbury Holloway VICTORIA Highbury & Islington Caledonian Angel Barbican Chancery Lane St Paul s Holborn Bank Covent Garden Embankment Cannon Street Caledonian & Barnsbury Harringay Green Lanes Seven CENTRALSisters (CITY) Dalston Kingsland Tottenham Hale Hackney Central South Tottenham Blackhorse Walthamstow Queen s Theydon Bois Leyton Midland Debden Loughton Buckhurst Hill Woodford South Woodford Snaresbrook Leytonstone Emirates Greenwich Leytonstone High Wanstead Manor Forest Gate Dalston CONNECTION Junction TIMES VIA CROSSRAIL PRIMARY Homerton Hackney (from Farringdon) (from Farringdon) Wick TRANSPORT Woodgrange LINKS Haggerston Upn Bank Liverpool Street Farringdon Stratford 9 mins Barking Hoxton 2 mins Circle, Hammersmith High Street Pudding Old Street Mill Lane & City, Metropolitan, East Ham Paddington Shoreditch Paddington Abbey Bethnal Crossrail, National Rail 15 mins High Street Green 7 mins Mile End Liverpool Street Upton Bow King s Cross Canary Wharf Canary Wharf Plaistow St Pancras 23 mins 9 mins Bromleyby-Bow Moorgate Heathrow Heathrow & City, Metropolitan, West Bow Church Circle, Hammersmith Stepney Green Devons 47 mins Aldgate 36 mins Northern, Piccadilly, Star Lane East Langdon Victoria, National Rail, Whitechapel Aldgate Eurostar Canning All Saints Town Royal Westferry Blackwall Old Street Victoria Northern, C Limehouse Poplar Tower SOURCE: TFL East Emirates Monument Shadwell Hill CROSSRAIL FROM 18 National Rail India Royal Fenchurch Street Tower West Docks Wapping Gateway India Quay London Canonbury Bermondsey Rotherhithe Canada Canary Wharf Walthamstow Central Stratford International North Leyton Stratford Roding Valley Wanstead Grange Hill Chigwell Hainault Fairlop Barkingside Newbury Redbridge Gants Hill West Silvertown Ilford Dag

INCLUDES CLERKENWELL, SMITHFIELD AND FARRINGDON TOTAL RETURN 14.4 ALL OF 14.2 RENTAL VALUE GROWTH 7.6 ALL OF 3.6 This market is already benefiting from the impact of rising rental values and growing investor attention. Office rental values have grown by 5.5 y/y over the last three years with capital values up 6.5 y/y. Offices in this market returned 14.6 y/y in 13, slightly below the London average of 15.8 y/y which is notable given that the quality of asset base in this market is largely secondary with smaller lot sizes. Capital values for offices were up 1.4 y/y driven by continued rental value growth of 7.7 y/y and modest yield compression contributing to a yield impact of 2.9 y/y. The growing occupier demand for locating in this area has pushed rents up consistently for the last four years, and with investors increasingly active the equivalent yield has recovered to where it was at the end of 7. Further evidence of this growing investor confidence for offices was evidenced by both equivalent and initial yields, 6.3 and 4.6 respectively, falling closer in line with the traditional Central London office locations. EQUIVALENT YIELD 6.2 ALL OF 5.8

MARKET UPDATE FEBRUARY 14 Western Fringe includes Clerkenwell, Smithfield and Farringdon and is within the City of London, and the London Boroughs of Islington and Camden, broadly bordered by Moorgate to the east, Old Street up to St. John Street and along Pentonville to the north, Holborn and Cheapside up Farringdon along Clerkenwell / Theobalds to the south and Grays Inn to the west. Postcodes: EC1A 2, EC1A 4, EC1A 7, EC1A 9, EC1M 3 7, EC1R 5, EC1Y 4, EC1Y 8, EC2V 5 8 HAMMERSMITH PADDINGTON DOCKLANDS MARYLEBONE BELGRAVIA / KNIGHTSBRIDGE MAYFAIR CAMDEN AND KING S CROSS EUSTON BLOOMSBURY NORTH OF OXFORD STREET SOHO COVENT GARDEN ST JAMES S VICTORIA MIDTOWN WATERLOO ISLINGTON NORTHERN CENTRAL (CITY) 24 24 22 RANGE OF 22 4 3 18 ALL AVERAGE 18 16 16 ANNUAL TOTAL RETURN 1-1 - -3 DEC 1 APR 2 AUG 2 DEC 2 APR 3 AUG 3 DEC 3 APR 4 AUG 4 DEC 4 APR 5 RANGE OF RETURNS AUG 5 DEC 5 APR 6 AUG 6 DEC 6 APR 7 AUG 7 DEC 7 APR 8 AUG 8 DEC 8 APR 9 AUG 9 DEC 9 APR 1 AUG 1 DEC 1 APR 11 AUG 11 DEC 11 APR 12 AUG 12 DEC 12 APR 13 AUG 13 DEC 13 14 12 1 8 6 4 2 14.4 9. 5. 6.2 14 12 1 8 6 4 2 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Western Fringe in blue and the light blue shaded area shows the range of returns generated by the other markets. The box plot represents the positioning of Western Fringe within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. 13 PERFORMANCE Total Return 14.4 Capital Growth 9. Income Return 5. Equivalent Yield 6.2 Rental Value Growth 7.6 INVESTMENT HEADLINE SOURCE: LEVY Office Rent per sq ft 45. Prime Retail Zone A 125 Implied Headline Capital 9 Value per sq ft Prime Net Initial Yield 5. TOTAL RETURN PREDICTION INCLUDES CLERKENWELL, SMITHFIELD AND FARRINGDON Correlates to the LEVY City Total Returns Forecast City Forecast 14 13.9 17 1.3 15 7.1 18 1. 16 9.2 ANNUALISED 13 18 1.1 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1, 1,5 14.4 IN 13, WITH STRONG GROWTH ANTICIPATED ON THE BACK OF CROSSRAIL AND MAJOR DEVELOPMENTS

DEVELOPMENT PIPELINE Developer Address Commercial Area (sq ft) / Residential (Private Units) Use Completion Quarter Completion Date Highgate Properties The Worship, 9 Worship Street 16, Office Q4 13 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Net Initial Yield Area (sq ft) Q3 13 Aldersgate EC1 FH Office 225 518 6. 433,994 Q3 13 Finsbury Tower, EC1 FH Office 67 38 4.95 176,484 13 15 Bunhill Row Q2 13 3 Gresham Street EC2 FH Office 335 875 5.4 382,735 RECENT OFFICE TRANSACTIONS Date Address Postcode Tenant Rent per sq ft Area (sq ft) Q1 13 Alphabeta Building EC2 SIA 47.75 59,582 Q2 12 St. John Street EC1 Life a Like 38.5 9,15 Q1 12 The Broadgate Tower EC2 Sequel Business Centre 4. 12,8 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 11 Date Address Postcode Tenant Zone A Q4 13 28 Pentonville N1 Abokado 15 Q2 13 283 / 297 Pentonville WC1 Co op 125 Q1 13 282 Pentonville N1 Utility Gifts 15 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q4 13 Former Barbican YMCA, 2 Fann Street Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase EC2 Redrow 28 642 Currently used as a hostel (sui generis) containing 43,621 sq ft of C1 hotel space. Grade II listed. Potential for alternative uses subject to planning. SOURCE: LEVY

APPENDIX IPD REFERENCE TERMS CONTACTS IPD MARKETS TFL S RAIL TRANSPORT NETWORK AT 21

IPD REFERENCE TERMS Total return is the overall level of return derived from property. This can be split into income return the money investors receive from rent (net of costs) and capital growth the change in the capital value of the property. Income return might be compared to the dividend on a company s share; capital growth could be compared to the change in price of the share. The capital value of a property is affected by two factors, rental levels and yield levels, meaning that capital growth can further be split out into two drivers. RENTAL VALUE GROWTH is the change in the level of rent that a valuer estimates a property might achieve were it let on the open market. If a valuer thinks that open market rental values have risen from say 4 psf to 5 psf, rental value growth would be 25, and capital values would increase by this amount, all other factors remaining the same. YIELD IMPACT quantifies the impact on capital values of a change in yields. If yields rise, capital values fall; conversely, if yields fall, capital values rise. A positive yield impact of say 1 would indicate that yields had fallen by such an amount as to increase capital values by 1. Likewise, a negative yield impact of say 15 would show that a rise in yields had caused capital values to fall by 15. LEVY INTELLIGENCE

CONTACTS LEVY Nuffield House 41-46 Piccadilly W1J DS T 793 17 F 793 328 E info@levyllp.co.uk IPD An MSCI Brand 1 Bishop s Square London EC1 6EG T 7336 9 E uk@ipd.com

INVESTMENT IPD Simon Heilpern DD 7 747 122 M 7768 265 21 E simon.heilpern@levyllp.co.uk Jonathan Martyr DD 7 747 123 M 7787 533 966 E jonathan.martyr@levyllp.co.uk Henry Leighton DD 7 747 126 M 7793 726 286 E henry.leighton@levyllp.co.uk Tom Jeffery DD 7 747 124 M 79 884 95 E tom.jeffery@levyllp.co.uk Barron Randall DD 7 747 127 M 7564 428 498 E barron.randall@levyllp.co.uk Colm Lauder DD 7336 9689 E colm.lauder@ipd.com OFFICE Simon Tann DD 7 747 141 M 7748 18 198 E simon.tann@levyllp.co.uk Patrick Ryan DD 7 747 142 M 7792 78 397 E patrick.ryan@levyllp.co.uk Anna Field DD 7 747 144 M 7887 455 935 E anna.field@levyllp.co.uk Roger Holmes DD 7 747 14 M 7748 936 987 E roger.holmes@levyllp.co.uk RETAIL RESIDENTIAL Roger Sharpley DD 7 747 15 M 797 823 668 E roger.sharpley@levyllp.co.uk Matt Paulson-Ellis DD 7 747 151 M 7867 781 811 E matt.paulson-ellis@levyllp.co.uk Pip Lee-Woolf DD 7 747 152 M 7595 53 115 E pip.lee-woolf@levyllp.co.uk Matt Sharman DD 7 747 11 M 7974 364 43 E matt.sharman@levyllp.co.uk Aaron Moles DD 7 747 111 M 7746 717818 E aaron.moles@levyllp.co.uk INDUSTRIAL ASSET MANAGEMENT Simon Higgins DD 7 747 13 M 7976 266 68 E simon.higgins@levyllp.co.uk Jeremy Grundy DD 7 747 131 M 7973 667 15 E jeremy.grundy@levyllp.co.uk Will Hutchinson DD 7 747 1 M 7899 797 916 E will.hutchinson@levyllp.co.uk Jack Garrett DD 7 747 121 M 7964 275 862 E jack.garrett@levyllp.co.uk Geoffrey Smith DD 7 747 171 M 7768 263 63 E geoffrey.smith@levyllp.co.uk PROFESSIONAL BUILDING SURVEYING Paul Krendel DD 7 747 16 M 777 882 79 E paul.krendel@levyllp.co.uk Andrew Pilbrow DD 7 747 166 M 7795 75 833 E andrew.pilbrow@levyllp.co.uk Will Harris DD 7 747 161 M 7415 884 991 E will.harris@levyllp.co.uk David Apthorp DD 7 747 19 M 7968 717 1 E david.apthorp@levyllp.co.uk Gary Barlow DD 7 747 191 M 7889 54 648 E gary.barlow@levyllp.co.uk Thomas Birch DD 7 747 192 M 7795 74 316 E thomas.birch@levyllp.co.uk

IPD MARKETS

IPD MARKETS IPD MARKETS HAMMERSMITH DOCKLANDS CAMDEN AND KING S CROSS ISLINGTON EUSTON NORTHERN BLOOMSBURY MARYLEBONE NORTH OF OXFORD STREET PADDINGTON MAYFAIR SOHO COVENT GARDEN MIDTOWN CENTRAL CITY ST JAMES S WATERLOO BELGRAVIA VICTORIA LEVY INTELLIGENCE

TFL S RAIL TRANSPORT NETWORK AT 21

TUBE AND RAIL NETWORK TFL S RAIL TRANSPORT NETWORK AT 21 Chesham Amersham Uxbridge West Drayton To Maidenhead Heath row Terminals 1,2,3 Hillingdon Chalfont & Latimer Ruislip Gardens Hayes & Harlington Heath row Terminal 5 West Ruislip Ickenham South Ruislip Chorleywood Northolt Greenford Hounslow East Hatton Cross Rickmansworth Perivale Hanger Lane Watford Rayners Lane South Harrow Sudbury Hill Sudbury Town Alperton Royal North Ealing Ealing Common Northfields Boston Manor Osterley Ruislip Hounslow Central Hounslow West Heath row Terminal 4 Bakerloo Central Circle District Southall Hanwell West Ealing District open weekends, public holidays and some Olympia events Hammersmith & City Jubilee Metropolitan Metropolitan extension Ealing Broadway South Ealing Croxley Moor Ruislip Manor Eastcote Northwood Acton Town Cassiobridge Northwood Hills Pinner West Harrow West Acton Acton Central Chiswick Northern South Acton North Har row Turnham Green Northern extension Piccadilly Victoria Waterloo & City Crossrail Gunnersbury Kew Gardens Richmond London Overground DLR Tramlink Emirates Air Line Watford Vicarage Kenton Northwick South Kenton North Wembley Wembley Central Stonebridge Harlesden Willesden Junction Acton Main Line North Acton Kilburn Wood Lane Shepherd s Bush Market Stamford Brook Headstone Lane Harrow & Wealdstone East Acton Goldhawk Warwick Avenue Hammersmith Watford Junction Watford High Street Bushey Carpenders Hatch End Preston Wembley Kensal Rise Kensal Green Quee n s Royal Oak Westbourne White City Ravenscourt National Rail Riverboat services Tramlink Airport Emirates Air Line Maida Vale Ladbroke G rove Latimer Shepherd s Bush Kensington (Olympia) Barons Court West Kensington West Brompton Fulham Broadway Parsons Green Putney Bridge East Putney Southfields Wimbledon Stanmore Canons Queensbury Kingsbury Brondesbury Kilburn High Paddington Holland Neasden Merton Dollis Hill Brondesbury Earl s Court South Hampstead Edgware Bayswater Notting Hill Gate High Street Kensington Wimbledon Edgware Imperial Wharf Dundonald Morden Morden Burnt Oak Willesden Green Clapham Junction Kilburn Colindale Hendon Central Marylebone Edgware Queensway Gloucester Lancaster Gate Hyde Corner Knightsbridge South Kensington Phipps Bridge Brent Cross West Hampstead Marble Arch Finchley Pimlico Wandsworth Belgrave Walk Golders Green Swiss Cottage Bond Street Sloane Square Mitcham Hampstead St. John s Wood Victoria Battersea Finchley & Frognal Baker Street Regent s Green Clapham High Street Clapham North Balham Tooting Bec Tooting Broa dway Colliers Wood South Wimbledon St. James s Vauxhall Nine Elms Mitcham Junction Belsize Great Portland Street Waterloo Beddington Lane Hampstead Heath Chalk Farm Euston Warren Street Goodge Street Oxford Circus Piccadilly Circus Westminster Therapia Lane Mill Hill East Camden Town Mornington Crescent Charing Cross Clapham Common Clapham South Stockwell Kentish Town West Lambeth North Ampere Way Russell Square Tottenham Court Waddon Marsh Camden Holborn Leicester Square Oval Gospel Oak Euston Square Embankment Kennington King s Cross St. Pancras Covent Garden Temple Southwark Denmark Hill Brixton Reeves Corner Wandle High Barnet Totteridge & Whetstone Woodside West Finchley Finchley Central East Finchley Highgate Archway Crouch Hill Tufnell Kentish Town Farringdon Chancery Lane Mansion House Blackfriars Cannon Street Borough Elephant & Castle Barbican Moorgate St. Paul s Centrale Holloway Caledonian Angel Wellesey Church Street Caledonian & Barnsbury Bank Peckham Rye George Street Cockfosters Oakwood Southgate Arnos Grove Bounds Green Wood Green Turnpike Lane Old Street Manor House Upper Holloway Arsenal Highbury & Islington Canonbury Dalston Junction Aldgate Monument Tower Hill London Bridge West Croydon Liverpool Street Queens Peckham Crystal Palace Fenchurch Street RIVER THAMES Bermondsey East Croydon Harringay Green Lanes Finsbury Lebanon Haggerston Stoke Newington Rectory Dalston Kingsland Hoxton Shoreditch High Street Aldgate East Shadwell Tower Gateway Rotherhithe Canada Water Surrey Quays New Cross Gate Brockley Honor Oak Forest Hill Sydenham Penge West Anerley Norwood Junction Sandilands Enfield Town Bush Hill Southbury Edmonton Green Silver Street White Hart Lane Bruce Grove Seven Sisters Tottenham Hale Stamford Hill Hackney Downs New Cross Whitechapel Wapping Arena Woodside Addiscombe Clapton London Fields Cambridge Heath Bethnal Green Bethnal Green Mile End Stepney Green Limehouse Harrington Blackhorse Lane Lloyd Theobalds G rove Turkey Street Birkbeck Cheshunt South Tottenham Blackhorse Walthamstow Queen s Hackney Central Westferry South Quay Island Gardens Avenue Coombe Lane Canary Wharf Heron Quays Leytonstone High Leyton Midland Stratford International Homerton Crossharbour Mudchute Chingford St. James Street Beckenham Highams Wood Street Walthamstow Central Hackney Wick Gravel Hill Stratford Bow Bow Church Blackwall West India Quay Addington Village Fieldway Wanstead Cutty Sark for Maritime Greenwich Greenwich Deptford Bridge Elverson Lewisham Epping Theydon Bois Debden Loughton Buckhurst Hill Roding Valley Woodford South Woodford Snaresbrooke Wanstead Leytonstone Leyton Pudding Mill Lane Harrowon-the-Hill Bromleyby-Bow Devons Langdon All Saints East Poplar India Elmers End North Greenwich for The O2 Beckenham Junction Chigwell Redbridge Maryland Grange Hill Gants Hill Forest Gate Stratford High Street Abbey West Ham Star Lane Canning Town Emirates Greenwich Peninsula King Henry s Drive Hainault Fairlop Barkingside Newbury New Addington Ilford Manor Woodgrange Plaistow Barking East Ham Upton Royal Victoria West Silvertown Pontoon Dock Seven Kings Emirates Royal Docks Goodmayes Upney London City Airport Harold Wood Chadwell Heath Becontree King George V Romford Gidea Elm Dagenham East Dagenham Heathway Custom House for ExCeL Prince Regent Royal Albert Woolwich Arsenal To Shenfield Upminster Upminster Bridge Hornchurch Beckton Cyprus Gallions Reach Woolwich Beckton Abbey Wood LEVY INTELLIGENCE 3

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