THE LONDON MARKETS ANALYSIS 2015 WWW.IPD.COM WWW.LEVYLLP.CO.UK IN ASSOCIATION WITH

THE MARKETS ANALYSIS 15 WWW.IPD.COM WWW.LEVYLLP.CO.UK IN ASSOCIATION WITH

INTRODUCTION th February 15 THE MARKETS ANALYSIS The remarkable growth and economic dynamism of London s business districts continues apace. As the Capital progresses, so does the character and commercial life of the urban villages that it encompasses. This report charts that progress by analysis of the property markets across key London locations. By bringing together MSCI s unrivalled IPD London property data set with Levy Real Estate s market experience across the office, retail, industrial and residential sectors, the research details the comparative performance of the Capital s property markets. This year s report also features forecasting input from Real Estate Strategies which adds a new dimension to the research s perspective. Levy is delighted to sponsor this analysis for the second year. We have endeavoured to make the report relevant and succinct, but there is a wealth of further information that underpins it and we would be pleased to answer any questions you have regarding the research findings. We hope you find the 15 London Markets Analysis a valuable guide to one of the world s most dynamic property markets. THE MARKETS ANALYSIS IS SUPPORTED BY: Simon Heilpern LEVY Colm Lauder MSCI LEVY INTELLIGENCE

WHAT NEXT FOR? WHAT NEXT FOR? GROWTH AND PERFORMANCE INFRASTRUCTURE ENABLES GROWTH Enhanced transport infrastructure is a key driver of regeneration and economic performance. In this context, London is at an exceptional point in its evolution. It is undergoing a profound change in its transport networks which is triggering high levels of commercial and residential development across the Capital. As London flourishes, it attracts more businesses and more residents. Its current population of around.3m is forecast to grow to 9.m by (ONS May ). In the same period, it is estimated that 5, new jobs will be created and there will be a need for, new homes (GLA). Against this backdrop, transport becomes pivotal in fostering growth. London is meeting this challenge with the following transport infrastructure initiatives: Further important steps to maintaining and enhancing London s world city status include: The expansion of London s airports for which a decision is expected on the preferred solution during 15 Virtual connectivity as essential as physical connectivity. The Mayor of London s Vision seeks to raise London s connectivity to have the fastest connections of any European city Ultra Low Emissions Zone by cycling and walking will continue to gain in conjunction with public transport including 75 of the tube automated and, more buses by The relative economic strength of the submarkets analysed in this report be closely influenced by the infrastructure initiatives, and this will feed directly into the performance of each location s property market. Ongoing Increased capacity on the London Underground The London overground extension linking North and South London Northern Line Extension to Battersea Interchange Crossrail 1 HS Public consultation Crossrail estimated start date 19 PROPERTY MARKET PERFORMANCE Property investors are focused on rents and yields as the primary factors affecting performance across the London markets. The Total Return and Rental Growth forecasts charted by this research seek to identify where future performance may be most positive. The Total Return, Rental and Yield performance documented in this year s report all indicate a market that is in robust health. While this year s UK General Election and the proposed European Referendum in will create some uncertainty, London s ability to adapt and bring forward the initiatives that encourage growth look set to ensure that it continues to move forward. LEVY INTELLIGENCE

AT A GLANCE SUMMARY PAGES IN DEPTH SUB MARKET PAGE TOTAL RETURN ALL POWERFUL PERFORMANCE RENTAL VALUE GROWTH ALL RENTAL GROWTH DOUBLES EQUIVALENT YIELD ALL YIELD COMPRESSION CAMDEN () (HOXTON, SPITALFIELDS, WHITECHAPEL) AND (SHOREDITCH, CITY ROAD AND OLD ) 3 3 (CLERKENWELL, SMITHFIELD AND FARRINGDON) APPENDIX REFERENCE TERMS CONTACTS 9 MARKETS DEFINED 5 TFL S RAIL TRANSPORT NETWORK AT 1 51

AT A GLANCE TOTAL RETURN POWERFUL PERFORMANCE TOTAL RETURN ( Y/Y) TOTAL RETURN ALL. 1 YEAR > DECEMBER BEST PERFORMER.3 1 YEAR > DECEMBER 13 13 RANK RETURN RANK RETURN CHANGE ALL.. +. (SHOREDITCH, 1.3 1 3. +9.3 CITY ROAD AND OLD ) CAMDEN ().3 3.5 +11. 3. 15.3 +15.9.1 5..5 +.1 AND. 7 17. +9. 7. 9. +. (HOXTON,.3. +.3 SPITALFIELDS, WHITECHAPEL) (CLERKENWELL, 9.. +11. SMITHFIELD AND FARRINGDON). 11 15. +. 11 5.5 17.5 +. 3.9 13. +9.5 13 3. 5. +5..3.9 +7. 15 1.7 19. +.5. 17.1 +.7 17.3.1 +..3 11.3 +7. 19. 19.1 +9.9..3.1 NB NOT INCLUDED IN 13 DUE TO RESTRICTED SAMPLE LEVY INTELLIGENCE

AT A GLANCE RENTAL VALUE GROWTH RENTAL GROWTH DOUBLES RENTAL VALUE GROWTH ( Y/Y) RENTAL VALUE GROWTH ALL 7. 1 YEAR > DECEMBER BIGGEST INWARD YIELD SHIFT 1.7 1 YEAR > DECEMBER 13 13 RANK GROWTH RANK GROWTH CHANGE ALL 7. 3. +. (SHOREDITCH, 1 1.7 9.3 +. CITY ROAD AND OLD ) CAMDEN () 19. 1 9.5 +9.9 (CLERKENWELL, 3.5 7. +.9 SMITHFIELD AND FARRINGDON) 15. 11 5.5 +9.5 AND 5 11.5 5 7.1 +. 11.3 +11.3 7 11. 7.7 +.3 11..5 +.5 9. 17.3 +.5.5.9 +7. 11..7 +5.7.3 +.3 (HOXTON, 13.3.3 +. SPITALFIELDS, WHITECHAPEL) 9. 9 +3. 15.. +..7 3 7.7 +1. 17.9 15 3.1 +3. 3.. 3. 19 3. 1.9 +1.1 1.5 19.1 +1. NB NOT INCLUDED IN 13 DUE TO RESTRICTED SAMPLE LEVY INTELLIGENCE

AT A GLANCE EQUIVALENT YIELD YIELD COMPRESSION EQUIVALENT YIELD () EQUIVALENT YIELD ALL 5. 1 YEAR > DECEMBER BIGGEST INWARD YIELD SHIFT.5 REDUCED FROM.5 ( BPS) IN 13 BASIS 13 13 POINT RANK RETURN RANK RETURN CHANGE ALL 5. 5. bps 1 3.9 1. 5 bps.3 3. 5 bps 3..9 5 bps.5. OXFORD 5.5 7 5.1 bps. 5. bps AND 7. 5.9 bps 5.1 9 5. 7 bps 9 5.1 5.3 bps 5.3 5.9 bps 11 5.3 5.3 13.1 7 bps 13 5..1 5 bps 5. 11.1 5 bps CAMDEN () 15 5.7. 5 bps (HOXTON, 5.9 17.7 bps SPITALFIELDS, WHITECHAPEL) (CLERKENWELL, 17. 15. bps SMITHFIELD AND FARRINGDON) (SHOREDITCH,.. bps CITY ROAD AND OLD ) 19.3 7. 1 bps.5 19.5 bps NB NOT INCLUDED IN 13 DUE TO RESTRICTED SAMPLE LEVY INTELLIGENCE

Junction h Bushey ers atch End ne Lane rrow & ldstone rthwick Kenton embley ge rlesden unction burn Maida Vale Warwick Avenue s Bush Market k ersmith enscourt Mill Edgware Stanmore Burnt Oak Canons Colindale Kenton Queensbury Hendon Preston Kingsbury Brent Cross Gospel CAMDEN Golders AND Green Oak Neasden Heath Wembley Dollis Finchley Willesden Green & Frognal Kentish Belsize Town Kilburn Kensal Brondesbury Rise Chalk Farm Brondesbury Finchley Camden Town Kensal Green Swiss Cottage Queen s Kilburn South Mornington High St. John s Wood Crescent Edgware Paddington Marylebone Great Baker Portland Oak estbourne White City od Lane Latimer (Olympia) Barons Court Brompton Ladbroke Grove Shepherd s Bush Fulham Broadway Parsons Green Putney Bridge Holland BELGRAVIA AND PROVIDE A RETAIL HUB AND A UNIQUE GLOBAL PROFILE THAT ATTRACTS LEADING INVESTORS AND THE HIGHEST VALUE RESIDENTIAL ACCOMMODATION. Earl s Court Bayswater Notting Gate Queensway High Gloucester Hyde Corner Knightsbridge South Imperial Wharf Edgware Lancaster Gate Marble Arch Bond Sloane Pimlico Green St James s Piccadilly minster Canary Wharf 3 mins Charing Heathrow Cross 1 mins Waterloo Lambeth North Camden Embankment SOURCE: TFL CROSSRAIL FROM Southwark King s Cross St Pancras High Barnet Totteridge & Whetstone Woodside Finchley Finchley Finchley Highgate Archway Tufnell Kentish Town Borough Crouch Caledonian Canary Cannon Wharf Mansion mins House Blackfriars Heathrow Temple 31 mins Angel Warren Farringdon Regent s Goodge Russell CONNECTION TIMES VIA CROSSRAIL Barbican (from Knightsbridge) (from Bond ) Court Chancery Lane Oxford Paddington Oxford St Paul s 13 mins Holborn mins Covent Garden Liverpool mins Leicester mins Upper Holloway Holloway Southgate Arnos Grove Bounds Green Wood Green Turnpike Lane Manor House Arsenal Caledonian & Barnsbury Old Liverpool Highbury & Islington Moorgate Circle, District,, National Rail Cockfosters Oakwood Finsbury Canonbury Harringay Green Lanes Seven Sisters Dalston Kingsland Dalston Junction PRIMARY TRANSPORT LINKS Haggerston Hoxton Shoreditch High Hyde Corner Monument Piccadilly Tower Shadwell Fenchurch Tower Knightsbridge Gateway Piccadilly River Thames Rotherhithe Sloane London Circle, Bermondsey District Canada Bridge Water Surrey Quays Hale Bethnal Green South Blackhorse Queen s Homerton Wapping Bow Church Stepney Green ferry Canary Wharf Heron Quays South Quay Crossharbour Mudchute Island Gardens International Wick Mile End Whitechapel Limehouse Epping Theydon Bois.3 Debden Loughton To Shenfield Buckhurst Roding Grange Valley Chigwell Harold Wood Hainault Woodford ALL OF Gidea. South Woodford Fairlop Romford Barkingside Snaresbrook Chadwell Heath Newbury Midland Bow Bromleyby-Bow Devons Langdon All Saints Blackwall Poplar India India Quay Ham Redbridge Plaistow Upton Goodmayes Wanstead Gants Seven Kings Upminster Ilford Upminster Bridge High Manor Hornchurch 3. Forest Gate Elm Wanstead Heathway Becontree Woodgrange Upney High Barking ALL OF Pudding Mill Lane 7. Abbey Ham North TOTAL RETURN RENTAL VALUE GROWTH EQUIVALENT YIELD Star Lane Canning Town.5 Custom House for ExCeL Prince Regent Docks Albert Beckton Cyprus Silvertown Gallions Reach Peninsula Pontoon Dock ALL OF 5. London City Airport King George V Woolwich Arsenal Beckton Abbey Woolwich This market, best known for the salubrious homes of Belgravia and the world leading retail hub of Knightsbridge, has a unique global profile. It is home to the most demanding occupiers and some of world s leading investors. Yields compete closely with Mayfair and St. James s as these markets have a similar mix of stock and tenants. Investment returns for climbed to.3 y/y from. y/y in 13 as the popularity of this market remained solid. Belgravia & Knightsbridge s performance was however relatively modest compared to London as a whole, where it was only the 17th best performing investment location, losing out to emerging and central markets where both capital and rental growth were more dramatic. Capital values grew by 13. y/y in Belgravia & Knightsbridge in, meaning that values are now above their previous peak set in 7. Improving investor sentiment, as reflected in a yield impact of. y/y, was the main source of last year s rise in values, with rental growth at a more modest 3. y/y. But consistent rental value growth over the medium-term, shown by a cumulative increase of since the bottom of the market in 9, is firm evidence of the confidence of occupiers trading here. Equivalent yields in Belgravia & Knightsbridge compressed throughout, closing out the year at.5, down almost bps since the end of 13, as investor demand remained buoyant.

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE Belgravia / Knightsbridge is in the City of minster and Borough of 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 9, SW1X, SW1V 7 9, SW3 1, SW7 1 The major landowners are the Cadogan Estate and Grosvenor. Developer Address Commercial / Residential (Private Units) Use Completion Date Mace 7 135 Sloane 13,7 Office 15 Beaufort Children LLP Wisley Court, 37 Beaufort Gardens 9 Residential LS Investments Ltd 39 Lowndes 7 Residential Maybourne Hotel Group 33 39 Knightsbridge Residential Thackeray Estates 159 3 Old Brompton 15 Residential 5 ALL AVERAGE RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value Net Initial Yield Q3 5 133 Old Brompton SW7 FH Mixed Use 5. 79.,317 Q3 5 Knightsbridge SW1 VFH Retail. 7..5,7 Q Atlantic Court, 73 77 King's SW3 FH Office & Retail. 1,5. 3.93 17,395 Q 33 Thurloe SW7 FH Office.75 1,5.,15 Q 33 Grosvenor Place SW1 LLH Office. 1,5.. 19,1 ANNUAL TOTAL RETURN - - - - DEC 1 APR AUG DEC APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 APR AUG RETURNS DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC.3 13. TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD..5 RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Q1 Montpelier House 1 Brompton Rates Service Charge Bainbridge Capital 5. 11,553 1. 7.5 Q1 11 Grosvenor Place Pillar Holdings Ltd 53.5,5..75 Q1 5 Grosvenor Gardens Premier Oil Holdings Ltd 35.,5.. 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. PERFORMANCE Total Return.3 Capital Growth 13. Income Return. Equivalent Yield.5 Rental Value Growth 3. TOTAL RETURN PREDICTION Correlates to the LEVY End Total Returns Forecast End Forecast 15 13.7.3 11. 19 9. 17 7.3 ANNUALISED 19 9.7 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. INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 5. Prime Retail Zone A Implied Headline Capital Value per sq ft 1,7 Prime Net Initial Yield.75 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 3,, TOP OFFICE RENTS BACK TO 5 PSF RECENT RETAIL TRANSACTIONS Tone Date Address Tenant Zone A Q3 Brompton Bugatti 515.. Q 5 7 Brompton Coccinelle 35. Q1 9 Brompton Cool 5. Britannia RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q1 Q1 Q1 39 Lowndes 135 Grosvenor Grosvenor Gardens House Land value per private plot (m) Land Price ( / sq ft) Planning position at point of purchase SW1 LS Investments 51.5 7,35, Planning consented for 7 private residential units SW1 SW1 River Properties Developments Key Platinum Investments 3.7,9, Planning permission for private residential units 9.,, Planning permission for private residential units plus retail units at ground floor SOURCE: LEVY

are Burnt Oak Colindale Hendon Brent Cross Golders Green Finchley Green & Frognal rn Finchley Swiss Cottage arylebone ware caster ate Corner tsbridge Marble Arch St. John s Wood Bond Baker IS CHARACTERISED BY EDUCATIONAL, MEDICAL, HOTELS AND RESIDENTIAL USES, AND IS LY LOCATED. Regent s Green St James s Belsize Great Portland Chalk Farm Mill Gospel Oak Heath Warren Oxford Piccadilly Camden Town Mornington Crescent Charing Cross Kentish Town Goodge Court Holborn Leicester Camden High Barnet Totteridge & Whetstone Woodside Finchley Finchley Finchley Highgate Archway Kentish Town Farringdon Russell Covent Garden King s Cross St Pancras Mansion House Blackfriars Temple Crouch Caledonian Angel Barbican Chancery Lane St Paul s Cannon Holloway CONNECTION Caledonian TIMES VIA CROSSRAIL (from & Canonbury (from Barnsbury Russell ) Court ) Dalston Junction Oxford Liverpool Homerton 9 mins Haggerston mins mins Old Canary Wharf mins Liverpool Heathrow 39 mins Moorgate Monument Southgate Arnos Grove Bounds Green Wood Green Turnpike Lane Manor House Upper Holloway Tufnell Arsenal Highbury & Islington SOURCE: TFL CROSSRAIL FROM Tower Fenchurch River Thames Cockfosters Oakwood Finsbury Harringay Green Lanes Seven Sisters Dalston Kingsland Hale South Blackhorse Queen s Theydon Bois Midland Epping Debden Loughton Buckhurst Woodford South Woodford Snaresbrook International PRIMARY TRANSPORT LINKS Russell Wick Piccadilly Paddington Hoxton mins Northern,, Pudding Mill Lane Shoreditch Overground, National Rail Canary Wharf Bethnal High Green Mile End mins King s Cross Bow St Pancras Heathrow Circle, Hammersmith Bromleyby-Bow & City, 33 mins Bow Church Metropolitan, Northern, Stepney Green Piccadilly, Devons, National Rail, Eurostar Langdon Whitechapel Court All Saints, Northern, ferry Blackwall Crossrail Limehouse Poplar Shadwell India Tower Wapping Gateway Canary India Quay Wharf Rotherhithe Roding Valley Wanstead Chigwell Hainault High Wanstead Fairlop Barkingside Newbury Woodgrange Ham Canning Town Redbridge High Abbey Star Lane Plaistow Grange Gants Manor Forest Gate Docks To Shenfield Harold Wood 11.3 Gidea Romford Chadwell Heath Goodmayes Seven Kings Upminster Ilford Upminster Bridge Barking Ham Upton Upney Hornchurch Becontree Heathway Custom House for ExCeL Prince Regent Elm Albert TOTAL RETURN.1 ALL OF. RENTAL VALUE GROWTH ALL OF 7. EQUIVALENT YIELD 5.3 ALL OF 5. Beckton The Bloomsbury market is amongst the smallest in this analysis with only seven properties in the sample and as a result it was omitted from last year s report but growth in the sample through warranted its re-inclusion. This is a market that is continuing to emerge as a destination for professional investors in commercial properties despite its traditional dominance as a popular bohemian residential location. New developments and growing institutional investment in residential has helped increase the popularity of Bloomsbury for domestic and international investors, with returns exceeding the London average in. In, properties in Bloomsbury provided investors with an average total return of.1 y/y as capital values climbed by almost a quarter with growth of.5 y/y and an income return of. y/y. The rental performance was similarly strong, with growth of 11.3 y/y across this market as its popularity sees supply squeezed. Investor sentiment was positive with a yield impact of.9 y/y helping end year equivalent yields to close down at 5.3 having started out at 5..

MARKET UPDATE FEBRUARY 15 Bloomsbury is within the London Borough of Camden broadly bordered by Southampton Row to the east, to the north, New Oxford and High Holborn to the south and Great Portland to the west. Postcodes: WC1A 1, WC1H 9, WC1N 1 3, WC1B 3 5, WC1E 7 ANNUAL TOTAL RETURN 5 - - - - DEC 1 APR AUG DEC 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. APR 3 AUG 3 DEC 3 APR AUG PERFORMANCE DEC APR 5 AUG 5 DEC 5 APR AUG DEC APR 7 AUG 7 DEC 7 Total Return.1 Capital Growth.5 Income Return. Equivalent Yield 5.3 Rental Value Growth 11.3 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG RETURNS DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC.1 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. INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft. Implied Headline Capital Value per sq ft.5 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD 1,5 Prime Net Initial Yield.5. ALL AVERAGE 5.3 DEVELOPMENT PIPELINE Developer Address Commercial / Residential (Private Units) Use Completion Date Exemplar & Bedford Estates 1 Bedford Avenue 5, Mixed Use Blackstone Lacon House, Theobalds, Office RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Q The University of Law Campus, Store Capital Value Net Initial Yield WC1 FH Office. 7. 3.9 93,1 Q 1 Bloomsbury WC1 FH Office 73. 9.. 79,3 Q Brunswick Centre WC1 FH Retail 135. 5. 3.9 7,9 Q1 Fitzroy House, 11 Chenies WC1 LLH Office 31.5 55. 5.35,7 RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Rates Service Charge Q Bloomsbury Way Criteo Ltd 9.7,.. Q3 1 Mabledon place The Doctors Laboratory. 7,95 Q3 The Heals Building, Torrington Place Lashmars 5. 5,5. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q Roger WC1 Chapman Button Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 3.9 5, Planning permission for private residential units TOTAL RETURN PREDICTION Correlates to the LEVY Midtown Total Returns Forecast Midtown Forecast 15 15.7 5. 11. 19.9 17 5.9 ANNUALISED 19. RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1, 1,.1 TOTAL RETURN DRIVEN BY AND CROSSRAIL SOURCE: LEVY

CAMDEN INCLUDING re urnt Oak n Colindale Hendon reen est Finchley rylebone are ster te Brent Cross Golders Green Swiss Cottage Finchley & Frognal St. John s Wood Bond Baker THE CAMDEN MARKET HISTORICALLY WAS RELATIVELY SMALL IN TERMS OF COMMERCIAL PROPERTY INVESTMENT WITH RESIDENTIAL STILL DOMINATING. HOWEVER, HAS REPOSITIONED THIS SECTOR. Regent s Heath Belsize Great Portland Chalk Farm Warren Camden Town Mornington Crescent High Barnet Totteridge & Whetstone Woodside Southgate Mill Finchley Arnos Grove Gospel Oak Kentish Town Goodge Court Farringdon Russell Barbican Chancery Lane St Paul s SOURCE: Liverpool TFL Moorgate Cockfosters Oakwood Bounds Green Finchley Wood Green Finchley Harringay Turnpike Lane Green Lanes Highgate Crouch South Seven Archway CONNECTION Manor House TIMES PRIMARY Blackhorse Sisters (from Camden Town) TRANSPORT LINKS Upper Holloway Tufnell Oxford Arsenal Camden Town Hale Finsbury 7 mins Holloway Northern Kentish Town Queen s Kentish Town Highbury & Caledonian 13 mins Islington Dalston Northern, National Rail Kingsland Camden Canary Wharf Kentish Town Caledonian 7 mins & Canonbury Overground Barnsbury Heathrow Dalston Junction King s Cross St Pancras Homerton King s Cross 1 hour 5 mins Circle, Hammersmith Wick St Pancras Haggerston & City, Metropolitan, Angel Northern, Piccadilly, Hoxton, National Rail, Old Eurostar Shoreditch Bethnal High Green Mile End Bow Church Stepney Green International Theydon Bois Midland Bow Devons Epping Debden Loughton Buckhurst Woodford South Woodford Snaresbrook Pudding Mill Lane Bromleyby-Bow Roding Valley Chigwell Hainault Fairlop Barkingside Newbury Goodmayes 19. To Shenfield Harold Wood ALL Gidea OF Romford Chadwell Heath Wanstead Gants Seven Kings Upminster Ilford Upminster Bridge High Manor Hornchurch 5.7 Forest Gate Elm Wanstead Heathway Becontree Woodgrange Ham Redbridge High Abbey Star Lane Plaistow Grange Barking Ham Upton Upney CAMDEN TOTAL RETURN.3 ALL OF. CAMDEN RENTAL VALUE GROWTH 7. CAMDEN EQUIVALENT YIELD ALL OF 5. Camden remains a relatively small part of the London investment market. Residential still dominates the perspective of investors here, but the area has seen a growth in the demand for office space among smaller firms in the creative industries. Swelling occupier appetite for office space has piqued investor interest, and increasing levels of capital have flowed into this market. Investment performance in recent years has been strong, largely due to rapidly rising rents, with an average annual total return of. y/y recorded for the five years since the bottom of the market in 9. Camden outperformed the rest of London in with a total return of.3 y/y. This represented an. outperformance compared to the London average of. y/y. Camden s strong performance was driven by impressive rental value growth of 19. y/y and a positive yield impact of 7. y/y. These improvements in rents and yields pushed capital values up by 5. y/y the highest annual value growth since the performance of detailed London submarkets began to be recorded in 1. Camden s equivalent yield fell to 5.7 at the end of, down 5 bps from the same point in 13. This is further evidence of the growing popularity of the area for investors, and also the improving quality of tenants now attracted to this fringe London market.

MARKET UPDATE FEBRUARY 15 CAMDEN INCLUDING DEVELOPMENT PIPELINE Camden is within the London Borough of Camden broadly bordered by Upper to the east, Highbury Corner to the north, Pentonville to the south and Eversholt to the west. Postcodes: NW1, NW1 7 9, NW5 1 Major landowners are the King s Cross Limited Partnership (Argent, Hermes Real Estate, London & Continental Railways Ltd and DHL Supply chain) and London Borough of Camden. Developer Address Commercial / Residential (Private Units) Use Completion Date Teddy Sagi Camden Lock Redevelopment 5, Mixed Use 15 Teddy Sagi Camden Lock Village, (Hawley Wharf) 17 Mixed Use Galliard Homes Carlow House, Carlow 5 Residential UK Real Estate The Lighthouse 17,9 Mixed Use 15 Argent / LCR 3 Pancras 15, Mixed Use Argent / LCR Pancras 17, Mixed Use 17 ANNUAL TOTAL RETURN 5 - - - - DEC 1 APR AUG DEC APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 CAMDEN DEC 5 RETURNS APR AUG DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC.3 5. TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD.3 CAMDEN ALL AVERAGE 5.7 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value Q3 Elephant Yard, 35 37 Kentish Town Net Initial Yield NW1 FH Office.7 59. 3.79,731 Q1 Oval NW1 FH Office.75 51. 5.75 1,95 Q1 Camden Stables NW1 FH Mixed. Market Used Q1 North Gower NW1 FH Office 13. 5. 5.,9 RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Rates Service Charge Q Pancras Google.5 359,. Q3 3 Pancras Havas. 3,. Q Pancras Auto Trader 5. 15,7.. 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. PERFORMANCE Total Return.3 Capital Growth 5. Income Return.3 Equivalent Yield 5.7 Rental Value Growth 19. TOTAL RETURN PREDICTION CAMDEN Correlates to the LEVY End Total Returns Forecast End Forecast 15 13.7.3 11. 19 9. 17 7.3 ANNUALISED 19 9.7 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. INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 5. Implied Headline Capital 1, Value per sq ft Prime Net Initial Yield 5. RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 9 1,5 REALISATION OF DRIVES SECOND SUCCESSIVE YEAR OF OUTSTANDING PERFORMANCE RECENT RETAIL TRANSACTIONS Date Address Tenant Zone A Q Unit 1, One Pancras, King's Cross Vinotecha 5. (psf) Q Unit 1A, Arthouse, King's Cross Greek Larder. (psf) Q1 Stanley Buildings, King's Cross (Restaurant) Granger & Co. 7. (psf) RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q Camden Lock Village (Hawley Wharf) NW1 Teddy Sagi Q Kidderpore Avenue NW3 Mount Anvil Q Kidderpore Avenue NW3 Barratt Homes Q3 Carlow House, Carlow NW1 Galliard Homes Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase, Planning consented for 17 residential units (15 private) plus,733 sq ft of commercial floorspace Confidential Former Kings College buildings, majority Grade II listed 19m 75, Planning permission for 53 residential units ( private) 7. 5, Planning consented for 5 residential units. Planning subsequently consented for 5 residential units SOURCE: LEVY

stead ath k lk Farm den Town rnington Crescent ston eet ing ss Mill Gospel Oak Kentish Town Goodge Court Holborn Leicester Camden BEING THE FINANCIAL CENTRE OF THE EUROPEAN UNION MEANS THAT OFFICE VALUES IN THE CITY CLOSELY TRACK GLOBAL ECONOMIC PERFORMANCE. High Barnet Totteridge & Whetstone Woodside Finchley Southgate Arnos Grove River Thames Cockfosters Oakwood Bounds Green Finchley Wood Green Finchley Harringay Turnpike Lane Green Lanes Highgate Crouch South Seven Archway Manor House Blackhorse Sisters Upper Holloway Tufnell Arsenal Hale Finsbury Holloway Kentish Town Queen s Highbury & Caledonian Islington Dalston Kingsland Caledonian & Canonbury Barnsbury Farringdon Russell Covent Garden Embankment King s Cross St Pancras Mansion House Blackfriars Temple Angel Barbican Chancery Lane St Paul s Cannon Old Liverpool Moorgate Monument London Bridge Tower Fenchurch Dalston Junction Bermondsey Haggerston Hoxton Shoreditch High Shadwell Tower Gateway Rotherhithe Canada Water Surrey Quays Homerton Bethnal Green Mile End Oxford 7 mins Canary Wharf Bow Church 3 mins Stepney Green Heathrow 1 hour mins Whitechapel Wapping ferry Heron Quays South Quay Crossharbour International Wick CONNECTION TIMES (from ) Limehouse Canary Wharf SOURCE: TFL CROSSRAIL FROM Theydon Bois Midland Epping Debden Loughton Buckhurst Woodford South Woodford Snaresbrook Roding Valley Wanstead Chigwell Hainault High Wanstead Grange Fairlop Barkingside Newbury Redbridge Gants Woodgrange VIA CROSSRAIL High (from Pudding Liverpool ) Mill Lane Abbey Manor Forest Gate Goodmayes Romford Chadwell Heath Seven Kings Upminster Ilford Upminster Bridge Upney PRIMARY Barking TRANSPORT Ham LINKS To Shenfield Gidea Harold Wood Upton Liverpool Bow Court Plaistow, Circle, 5 mins Hammersmith & City, Bromleyby-Bow Metropolitan, Crossrail, Ham Canary Wharf National Rail Devons 7 mins Star Lane Langdon Moorgate Paddington Northern, Canning All Saints 9 mins Town National Rail Blackwall Heathrow / Monument Custom House for ExCeL Poplar 3 mins, Circle, India Prince Regent District, Docks Northern, Albert India Quay Waterloo & City, DLR Beckton Tower Cyprus Circle, District, DLR North Silvertown Gallions Reach Peninsula Pontoon Dock Beckton London City Airport King George V Hornchurch Becontree Heathway Elm TOTAL RETURN. ALL OF. RENTAL VALUE GROWTH.9 ALL OF 7. EQUIVALENT YIELD 5. ALL OF 5. As a result of its position as the leading financial centre in Europe, offices in the City closely track broader global economic performance, and sometimes produce volatile returns in the course of the economic cycle, a pattern clearly witnessed in recent years. When the broader economy is going well, the City tends to outperform the End, but conversely it does not enjoy the same safe-haven status as its western neighbour during times of uncertainty. This is reflected by the yield spread between End office locations such as Mayfair compared to the City, which has averaged bps for equivalent yield between 9 and. In, the City market recorded a total return of. y/y as capital values strengthened by 13.9 y/y. Nonetheless, the City underperformed the End and Midtown, due to a more modest level of rental value growth at.9 y/y. Rental value growth over the last five years has averaged.9 y/y, well below the Midtown average of. y/y. This has been due to the cautious state of financial markets and a generous supply pipeline of office space in the area over recent years. Last year s performance did however represent a marked improvement, but still remained subdued compared to the rest of the capital. From an investor perspective, there was a sharp improvement in confidence over the course of. A positive yield impact of.3 y/y, again below the London average but stronger than in 13, contributed to capital value growth though further yield compression. End year equivalent yield stood at 5. for the City market as a whole, with the dominant office market yielding 5.7.

MARKET UPDATE FEBRUARY 15 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 and Appold, the River Thames to the south and Middlesex and Mansell to the east. Postcodes: EC3 5, EC3M 1, EC3N 1, EC3R 5, EC3V 1, EC3V 9, ECM 5 9, ECN 1, EC, ECR 3ECR 9, ECV Major landowners include The City Corporation and the Livery Companies. ANNUAL TOTAL RETURN 5 - - - - DEC 1 APR AUG DEC This graph shows the annual total return series over time for London in red. (City) in blue and the light blue shaded area shows the range of returns generated by the other markets. APR 3 AUG 3 DEC 3 APR AUG PERFORMANCE DEC APR 5 AUG 5 DEC 5 APR CITY RETURNS AUG DEC APR 7 AUG 7 DEC 7 Total Return. Capital Growth 13.9 Income Return. Equivalent Yield 5. Rental Value Growth.9 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC.3 The box plot represents the positioning of (City) within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 5. Prime Retail Zone A 5 Implied Headline Capital Value per sq ft 5. TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD 1,5 Prime Net Initial Yield.5.3 CAMDEN ALL AVERAGE 5.7 DEVELOPMENT PIPELINE Developer Address Commercial / Residential (Private Units) Skanska Project Development Limited Brookfield Properties and Great Portland Estates Use Completion Date 11 19 Monument, Office 15 & Retail Bishopsgate 75, Office 15 British Land/Blackstone 5 Broadgate 7, Office 15 Land Securities 1 & New Ludgate, Old Bailey 3, Office 15 Stanhope / Bloomberg Bloomberg Place, Bucklersbury 3, Office & Retail RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value Net Initial Yield Q1 15 Leadenhall EC3 FH Office 7. 5. 5.5 5, Q Gherkin, St Mary Axe EC3 FH Office 7. 1,3..75 55, Q Moorgate Exchange, EC FH Office 11. 9. 17,993 Fore Q King Edward EC1 FH Office 5.5 99..7 5,991 Q One Crown Court, EC FH Office 31.5 79. 5. 3,19 Cheapside Q3 Woolgate Exchange, EC FH Office 3. 911. 5. 351,3 5 Basinghall Q3 Plantation Place South, EC FH Office. 7. 5.,999 Fenchurch Q Cornhill EC3 FH Office. 7.., & Retail Q 111 Old Broad EC FH Office 1.9 93. 5. 1, Q Creechurch Place EC3 FH Office & Retail.. 5.5 7,99 RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Q Cannon Place, 7 Cannon Threadneedle Asset Management Q One New Change, 1 New Change Chicago Mercantile Exchange Rates Service Charge 3.5 5, 1..5 57.5 19,33 1. 15. Q1 37 1 Gracechurch Verisk Analytics Ltd 55.,97. 9. RECENT RETAIL TRANSACTIONS Prime Retail Zone A 5. Date Address Tenant Zone A Q 7 Cannon Argos. Q 1 Cannon Scarpetta 1. TOTAL RETURN PREDICTION Correlates to the LEVY City Total Returns Forecast City Forecast 15 15.3 3.7 9. 19 3.3 17.5 ANNUALISED 19 7.1 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1, 1, SOLID PERFORMANCE CONSTRAINED BY ATTRACTION OF AREAS RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q Q3 Broken Wharf House, Broken Wharf, High Timber Sugar Quays, Lower Thames EC EC3 Hermes (currently marketing) CPC & Barratt London Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 5.+ 95, Planning permission for 3 private residential units Confidential Planning permission for 5 private residential units and new retail units SOURCE: LEVY

dgware Burnt Oak Colindale Hendon Brent Cross Pimlico Golders Green THE MARKET IS ONE OF THE KEY FOCUS AREAS FOR TOURISM IN, ENCOMPASSING SOME OF THE TOP PERFORMING RETAIL PITCHES AND MOST POPULAR OFFICE LOCATIONS. Finchley den Green & Frognal ilburn Finchley Swiss Cottage th tead St. John s Wood r et n ial Marylebone Edgware Lancaster Gate yde Corner r way ightsbridge uth ington Marble Arch Bond Sloane Baker Regent s Green St James s Heath Gospel Oak Kentish Town Belsize Great Portland Chalk Farm Warren Oxford Piccadilly minster Camden Town Mornington Crescent Charing Cross Waterloo Mill Upper Holloway Tufnell Arsenal Camden King s Cross St Pancras High Barnet Totteridge & Whetstone Woodside Finchley Finchley Finchley Highgate Archway Holloway Kentish Town Caledonian Farringdon Angel Crouch Caledonian & Barnsbury Southgate Arnos Grove Bounds Green Wood Green Turnpike Lane Manor House Highbury & Islington Old CONNECTION TIMES (from Covent Liverpool Garden) Cockfosters Oakwood Finsbury Canonbury Harringay Green Lanes Seven Sisters Dalston Kingsland Dalston Junction Haggerston Hale South Blackhorse Queen s Homerton International Wick Theydon Bois Midland Epping Debden Loughton Buckhurst Woodford South Woodford Snaresbrook Hoxton Pudding Mill Lane Shoreditch VIA Bethnal High CROSSRAIL (from Green Mile End PRIMARY Court ) TRANSPORT LINKS Bow Goodge Russell Barbican Oxford Liverpool Covent Garden Bromley- Bow Church by-bow Court 7 mins mins Piccadilly Chancery Lane Moorgate Stepney Green Devons Paddington Court St Paul s Holborn 11 mins mins, Langdon Northern, Whitechapel Covent Garden Crossrail Canary Wharf Canary Wharf All Saints Leicester 1 mins mins ferry Holborn Blackwall Cannon, Piccadilly Heathrow Heathrow Limehouse Poplar Monument Tower Shadwell Mansion House 51 mins 33 mins Leicester India Fenchurch Tower Wapping Blackfriars Gateway Northern, Canary India Piccadilly Quay River Thames Temple Wharf Rotherhithe Charing Cross Bakerloo, Northern, Embankment London Bermondsey Canada National Rail North SOURCE: Bridge TFL Water Heron Quays CROSSRAIL FROM Surrey Quays South Quay Crossharbour Southwark Mudchute Peninsula Roding Valley Wanstead Chigwell Hainault High Wanstead Fairlop Barkingside Newbury Woodgrange Ham Canning Town Redbridge High Abbey Star Lane Plaistow Grange Docks Silvertown Barking Ham Upton Pontoon Dock London City Airport King George V Goodmayes 5.5 To Shenfield Romford Chadwell Heath Gidea Gants Seven Kings Upminster Ilford 11. Upminster Bridge Manor Hornchurch Forest Gate Elm Heathway Upney Becontree TOTAL RETURN ALL OF Harold Wood. RENTAL VALUE GROWTH ALL OF 7. EQUIVALENT YIELD. Custom House for ExCeL Prince Regent Albert Beckton ALL Cyprus OF 5. Gallions Reach Beckton Covent Garden is one of the most popular areas for investment in London. The market encompasses some of London s top retail pitches and most popular office locations. Long-term investor returns have shown this to be one of the consistently top performing locations in the capital, both for office and retail properties. On average, commercial property in Covent Garden has returned. y/y over the last decade. For the last five years, annualised returns have risen to. y/y as the market has recovered from the /9 crash. In, Covent Garden returned 5.5 y/y to investors, above the London average. This reflects acceleration compared to the 13 performance, when the market returned 17.5 y/y. Capital values surged last year by 1. y/y, and after five years of continuous growth, they are now 7 above their 7 peak. Offices in Covent Garden provided investors with a return of. y/y as capital values grew by 19.9 y/y and rents by 9.9 y/y. The retail sector was stronger, returning.7 y/y thanks to impressive capital growth at.9 y/y with rental growth at 13.5 y/y. The strong rental performance for both offices and retail reflected healthy occupier demand for space in this prime part of London. Pricing hardened through as investor interest remained keen, leading to significant competition for securing assets. Equivalent yields compressed further to reach seven year lows of. for offices and. for retail.

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE Covent Garden is in the City of minster and London Borough of Camden, broadly bordered by Kingsway to the east, Theobalds and New Oxford to the north, the River Thames to the south and Charing Cross and St. James s to the west. Postcodes: WC B, WC E, WC H, WC N, WC R Major landowners include Capital & Counties Properties PLC, Shaftesbury PLC, The Mercers Company and Legal and General. Developer Address Commercial / Residential (Private Units) Use Completion Date Blackstone 1 11 John Adam, The Adelphi, Office 15 Almacantar Centre Point, 1 3 New Oxford Residential Exemplar / Ashby Capital One Bedford Avenue 115, Office & Retail St. Edward Homes 19 Strand Residential 17 Northwood Investors 9 Long Acre,15 / 9 Mixed Use ANNUAL TOTAL RETURN 5 - DEC 1 APR AUG DEC APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 APR AUG DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC 5.5 1. ALL AVERAGE RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value Q New Brook Buildings, Great Queen Q Aviation House, 5 Kingsway Net Initial Yield WC FH Office 113.35 1,7..75,31 WC FH Office & Retail 15. 9. 5.,1 Q 7 St Martin s Place WC FH Office 5. 1,3. 3. 7, & Retail Q 55 Strand WC FH Office 37. 1,5.., Q3 Strand WC LLH Office 175. 97.., Q3 Seven Dials Warehouse WC FH Office. 1,1..37 1,9 - - - 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. RETURNS TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD 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. 3.7. RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Q Orion House, 5 Upper St Martins Lane Black River Asset Management Rates Service Charge.5 5, 7..5 Q Tower House, Southampton World Nuclear Association 7. 5,75 3..5 Q1 Bow Rocket Fuel Ltd 55. 1,11.. PERFORMANCE INVESTMENT HEADLINE SOURCE: LEVY RECENT RETAIL TRANSACTIONS Total Return 5.5 Capital Growth 1. Income Return 3.7 Equivalent Yield. Rental Value Growth 11. TOTAL RETURN PREDICTION Correlates to the LEVY End Total Returns Forecast End Forecast 15 13.7.3 11. 19 9. 17 7.3 ANNUALISED 19 9.7 Prime Office Rent per sq ft 75. Prime Retail Zone A 1, Implied Headline Capital Value per sq ft 1,55 Prime Net Initial Yield.5 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,,5 CONTINUED ROBUST PERFORMANCE ACROSS ALL SECTORS Prime Retail Zone A. 1,. Date Address Tenant Zone A Q 97 99 Charing Cross Caffe Nero. Q3 119 Long Acre Ben Sherman 7.5 RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q er House WC Being Marketed Q Tower WC English Rose Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase. 7, Planning Permission for 3 residential units ( private) 19., Planning permission residential units ( private) SOURCE: LEVY

tone Southgate THE CORE 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 New Cross Gate Mudchute Island Gardens Deptford Bridge Epping Buckhurst Woolwich Arsenal To Shenfield Roding Grange Arnos Grove Valley Bounds Green Chigwell Harold Wood Hainault Wood Green Woodford Gidea Fairlop Harringay Romford Turnpike Lane South Woodford Green Lanes h Barkingside ill South Snaresbrook Chadwell Heath Seven Newbury Manor House Blackhorse Sisters Redbridge Upper Holloway Goodmayes Seven Kings Arsenal Hale Wanstead Gants Finsbury Upminster Ilford loway Upminster Bridge Queen s Midland High Manor Highbury & Hornchurch oad Islington Dalston Kingsland Forest Gate International Elm Caledonian Wanstead & Canonbury Barnsbury Dalston Junction Heathway Homerton Wick Becontree Woodgrange Haggerston Upney High Barking Hoxton Pudding Old Mill Lane Abbey Ham Shoreditch Bethnal High Green Mile End Liverpool Upton Bow Plaistow Bow Church Bromleyby-Bow Ham Moorgate Stepney Green Devons Star Lane Langdon Whitechapel CONNECTION Canning TIMES VIA CROSSRAIL PRIMARY All Saints Town (from Canary Wharf) (from Canary Wharf) TRANSPORT LINKS ferry Blackwall Custom House for ExCeL Poplar Oxford Liverpool Canada Water Monument Tower Shadwell Limehouse Prince Regent India 19 mins mins Jubilee, Overground Fenchurch Tower Docks Wapping Gateway Albert Canary India Quay Canary Wharf River Thames Wharf Beckton mins Court Jubilee, Crossrail, DLR Rotherhithe 11 mins Cyprus Heathrow Heron Quays London Silvertown Bermondsey Canada North Gallions Reach Bridge Water Heron Quays 1 hour 17 mins Paddington DLR Peninsula Pontoon Dock mins Beckton London Surrey Quays South Quay Limehouse City Airport Heathrow DLR, Overground Crossharbour King George 5 mins V Queens Peckham Rye Brockley New Cross Cutty Sark for Maritime SOURCE: TFL CROSSRAIL FROM North Jubilee, Skyline Woolwich Poplar DLR Abbey Wood Shadwell DLR, Overground TOTAL RETURN. ALL OF. RENTAL VALUE GROWTH 3. ALL OF 7. EQUIVALENT YIELD.5 ALL OF 5. The core Docklands market, particularly around Canary Wharf, is dominated by major international occupiers, particularly from the financial sector, in large floor spaces and trophy buildings. As a result this market is confined to the largest investors, due to the large lot sizes of the assets. However, the IPD Docklands sample extends beyond Canary Wharf itself to encompass a broad mix of former industrial units along the river, residential investments and secondary properties. The performance results therefore deviate somewhat from those for core Canary Wharf offices. As a result of the broad Docklands sample, total returns tend to be lower than for central locations but in line with other fringe markets. In, this market provided investors with a total return of. y/y, more than doubling the return of.3 y/y in 13 as market conditions improved. Recent performance has made Docklands one of the top performing investment locations in London, outperforming the average by bps. However, over the last five years, returns have averaged only. y/y, making it one of the weaker performing areas of London, with the recovery having taken hold more slowly post-9. The impressive performance was driven by capital value growth of.7 y/y, the sixth strongest in London, and an income return of.3 y/y. Rents grew by 3. y/y, underperforming the London average considerably, implying that improving investor sentiment was the key driver of performance. This was reflected by a significant positive yield impact of.5, the strongest recorded in London during. Equivalent yields moved down to.5 by the end of the year, a shift of bps over months.

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE Docklands is a substantial district of London, which lies on the north bank of the River Thames within the London Boroughs of Tower Hamlets and Newham. Postcodes: E and E Major land owners are Canary Wharf Group PLC, Ballymore Properties and Galliard Homes and Land Securities Group PLC. Developer Address Commercial / Residential (Private Units) Use Completion Date Commercial Estates Group Columbus Tower, Hertsmere 1,5, Mixed Use Galliard / O Shea / LBS Properties Baltimore Tower, 3 Limeharbour Residential JP Morgan Riverside South, Mixed Use Eco World / Ballymore Arrowhead Quay 5, Mixed Use Galliard Millharbour 75, Residential Mount Anvil Dollar Bay 111 Residential Chalegrove Properties City Pride Mixed Use RECENT INVESTMENT TRANSACTIONS ANNUAL TOTAL RETURN 5 - - - - DEC 1 APR AUG DEC 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. APR 3 AUG 3 DEC 3 PERFORMANCE Total Return. Capital Growth.7 Income Return.3 Equivalent Yield.5 Rental Value Growth 3. TOTAL RETURN PREDICTION APR Correlates to the LEVY City Total Returns Forecast City Forecast AUG DEC APR 5 AUG 5 DEC 5 RETURNS APR AUG 15 15.3 3.7 9. 19 3.3 17.5 ANNUALISED 19 7.1 DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC. 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..7 INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 5. Prime Retail Zone A Implied Headline Capital Value per sq ft 9 Prime Net Initial Yield.75 RESIDENTIAL SALES VALUE SOURCE: LEVY ALL AVERAGE.3.5 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD Headline Range per sq ft 9 1, SIGNIFICANTLY IMPROVED RETURNS PRINCIPALLY DRIVEN BY YIELD COMPRESSION Date Address Postcode Tenure Use Price (m) Capital Value Net Initial Yield Q Canada E FH Office 1,175. 1,. 1,99,973 Q3 Exchange Tower, E FH Office 191. 395. 7.,95 1& Harbour Exchange Q3 5 North Colonnade E FH Office.7 9.. 3,7 Q3 5 E FH Office 153.5 95. 5. 1, Q Upper E FH Office 795. 795. 5. 999,97 RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Rates Service Charge Q3 Citi Tower, 5 Canada GFK NOP U.K Holding Limited 39.5,..5 Q 1 Canada European ing Authority.5,7. 11.5 Q ferry House, 11 ferry Ministry of Justice.5 33,7. 7.5 RECENT RETAIL TRANSACTIONS Prime Retail Zone A Date Address Tenant Zone A Q3 Jubilee Place Blow Ltd. Q Jubilee Place Sandro. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q Q1 Q 13 Millharbour Village, Millharbour Wharf, North Woolwich Gateway (Caxton Works) E E E Galliard Homes Oxley Holdings & Ballymore Galliard Homes Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 5. 93, Planning permission for 99 residential units (99 private) plus retail and commercial space. 71, Planning consent for 3,35 residential units (9 private).5 9, Planning consent for 33 private residential units with parking spaces SOURCE: LEVY

INCLUDING HOXTON, SPITALFIELDS, WHITECHAPEL l ospel Oak Kentish wn n odge reet ttenham urt Holborn icester Camden High Barnet THE MARKET ENCOMPASSES LOCATIONS AND SOUTH OF THE RIVER, BUT WITH THE MAJORITY OF INVESTMENT PROPERTIES LOCATED AROUND WHITECHAPEL AND COMMERCIAL ROAD. Totteridge & Whetstone Woodside Finchley Southgate Arnos Grove River Thames Cockfosters Oakwood Bounds Green Finchley Wood Green Finchley Harringay Turnpike Lane Green Lanes Highgate Crouch South Seven Archway Manor House Blackhorse Sisters Upper Holloway Tufnell Arsenal Hale Finsbury Holloway Kentish Town Queen s Highbury & Caledonian Islington Dalston Kingsland International Caledonian & Canonbury Barnsbury Dalston Junction Homerton Farringdon Russell Covent Garden Embankment Southwark King s Cross St Pancras Mansion House Blackfriars Temple Angel Barbican Chancery Lane St Paul s Cannon Old Liverpool Moorgate Monument London Bridge Tower Fenchurch Bermondsey Haggerston Hoxton Shoreditch High Shadwell Tower Gateway Rotherhithe Canada Water Surrey Quays Midland North Heron SOURCE: Quays TFL CROSSRAIL FROM South Quay Crossharbour Mudchute Epping Theydon Bois Debden Loughton Buckhurst Woodford South Woodford Snaresbrook Peninsula Chigwell Hainault High Wanstead Fairlop Barkingside Newbury Woodgrange Manor Forest Gate Goodmayes Romford Chadwell Heath Seven Kings Upminster Ilford Upminster Bridge Barking Pudding CONNECTION TIMES Mill Lane VIA CROSSRAIL Abbey PRIMARY Ham Bethnal(from Green Mile Tower End ) (from Liverpool ) TRANSPORT LINKS Upton Bow Oxford Plaistow Liverpool mins Court, Circle, Bromleyby-Bow 5 mins Hammersmith & City, Ham Bow Church Stepney Green Devons Metropolitan, Crossrail, 5 mins Canary Wharf Star Lane National Rail Langdon 7 mins Whitechapel Canary Wharf Canning mins All Saints Paddington Town Circle, Metropolitan ferry Blackwall 9 mins Heathrow Custom House for ExCeL 1 Limehouse hour minspoplar Heathrow India District, Hammersmith Prince Regent 3 mins Docks Wapping & City Albert India Quay Canary Wharf Wick Roding Valley Wanstead Redbridge High Grange Gants Upney Hornchurch Becontree Heathway Elm To Shenfield Gidea Harold Wood Shoreditch High Beckton Overground Cyprus Silvertown Tower Gallions Reach Pontoon Circle, Dock District, DLR Beckton London City Fenchurch Airport National Rail King George V TOTAL RETURN.3 ALL OF. RENTAL VALUE GROWTH.3 ALL OF 7. EQUIVALENT YIELD 5.9 ALL OF 5. The ern Fringe submarket is a broad area encompassing locations north and south of the river, but with the majority of investment properties located around Whitechapel and Commercial. This market is still very much a secondary and tertiary investment location with a significantly lower quality of stock than the more established neighbouring markets like the City. Recent investment trends have seen returns improve as more investors venture eastwards in the search for competitive yields. Average returns for commercial property in the ern Fringe over the last five years were.3 y/y, below the average return of. for London as a whole. In, this market provided a total return to investors of.3 y/y, breaking the mould of underperforming the rest of London and exceeding the average by more than. Capital values rose by. y/y and rents by.3 y/y. Rental growth was stronger here than in neighbouring markets, but this was to be expected given that rental values started from a much lower base. Nonetheless, both capital values and rents in the ern Fringe now exceed their 7 peak levels. The improving investor landscape saw a positive yield impact of 11. y/y for the ern Fringe in, reflecting further yield compression. However, the area continues to offer high entry yields to investors with an average equivalent yield of 5.9 at the end of, reflecting a spread of 7 bps over the average London yield. Crucially, prospects for future rental growth, combined with the possibility of further yield compression as the market matures, are now likely to attract investors looking beyond the core London markets.

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE ern Fringe includes Hoxton, Spitalfields and Whitechapel and is within the London Boroughs of and Tower Hamlets broadly bordered by the Cross Route to the east, the Regent s Canal to the north, Great Dover and OId Kent to the south and New North to the west. Postcodes: E1 1, E1 5, E1, W 1, E, E 9, N1 5, SE1 3 Major landowners are London Borough of Tower Hamlets and St Martins. ANNUAL TOTAL RETURN 5 - - - - DEC 1 APR AUG DEC This graph shows the annual total return series over time for London in red. ern Fringe in blue and the light blue shaded area shows the range of returns generated by the other markets. APR 3 AUG 3 DEC 3 APR PERFORMANCE Total Return.3 Capital Growth. Income Return 3. Equivalent Yield 5.9 Rental Value Growth.3 TOTAL RETURN PREDICTION INCLUDES SHOREDITCH, HOXTON, SPITALFIELDS AND WHITECHAPEL Correlates to the LEVY City Total Returns Forecast City Forecast AUG DEC APR 5 AUG 5 DEC 5 RETURNS APR AUG 15 15.3 3.7 9. 19 3.3 17.5 ANNUALISED 19 7.1 DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC.3 The box plot represents the positioning of ern Fringe within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 5. Prime Retail Zone A 15 Implied Headline Capital Value per sq ft. 5 Prime Net Initial Yield 5. RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 9 1, STRONG RETURNS DRIVEN BY THE TECH SECTOR AND ALTERNATIVE USES TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD 3. ALL AVERAGE 5.9 Developer Address Commercial / Residential (Private Units) Use Helical Bar & Crosstree The Bower, 7 Old, Office & Retail Completion Date Helical Bar Mitre 79, Office 15 BDW Zest Developments LLP Altitude, 1 75 Alie 171 Residential Berkeley Homes, NE London Goodman's Fields, Leman Residential RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value Q3 Aliffe House, 55 Mansell Net Initial Yield 15 E1 FH Office 3.7 1. 5.99 1,7 Q 5 Camperdown E1 FH Office 5. 5. 5. 55,99 Q Leman E1 FH Office 1. 13..5 99,5 RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Rates Service Charge Q Aliffe House, 55 Mansel Sungard Availability Services 5. 1,9. 11.5 Q3 1 1 Middlesex Epam Systems Ltd 39.5, 13..75 Q1 International House, 1 St Katherines Walk Rainmaking Loft Ltd 37.15,95 7..5 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 15. Date Address Tenant Zone A Q 71 Brushfield O Food. Q3 1 Commercial Costa 1. Q1 Unit, Mansell Moving City 91. Q1 Unit 3, Mansell Thai Express 91. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q1 15 175 179 Long Lane SE1 Shape Commercial Q3 Q3 The Wharves, Grove 51 57 Kingsland High SE E Lend Lease Taylor Wimpey Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase.15 35, Planning permission for 95 residential units (57 private) and ground floor commercial space. 59, Planning consent for 95 residential units (7 private units) including 17,5 sq ft of non residential floorspace.5, Planning consent for the redevelopment of a building comprising 5 residential units (1 private) SOURCE: LEVY

atford oxley e oor p Manor cote w ill n on yal ng y n Northwood Northwood s Pinner Harrow Acton Acton Acton Town Chiswick South Acton North Harrow Turnham Green IS THE MOST SUBURBAN OF THE MARKETS IN THIS ANALYSIS, LOCATED ON THE OF. IT IS A POPULAR OFFICE LOCATION WITH Watford Junction A LARGE NUMBER OF SIZEABLE MODERN Watford High OFFICES WITH BLUE CHIP OCCUPIERS. Gunnersbury Kew Gardens Richmond South Kenton Acton Main Line Bushey Carpenders Hatch End Headstone Lane Harrow & Wealdstone Northwick North Wembley Wembley Stonebridge Harlesden Willesden Junction North Acton Kenton Kilburn BELGRAVIA / Maida Vale Warwick Avenue Shepherd s Bush Market Stamford Brook Acton Goldhawk Hammersmith Ravenscourt Preston Wembley Kensal Brondesbury Rise Kensal Green Brompton Fulham Broadway Parsons Green Putney Bridge Stanmore Canons Queensbury Kingsbury Paddington Neasden Dollis Willesden Green Brondesbury Queen s Kilburn High Oak bourne White City Wood Lane Ladbroke Grove Latimer Shepherd s Bush (Olympia) Barons Court Holland Earl s Court Edgware Kilburn South Edgware Imperial Wharf Burnt Oak Colindale Hendon Finchley Swiss Cottage Marylebone Brent Cross Pimlico Golders Green Finchley & Frognal St. John s Wood Baker minster Heath Belsize Chalk Farm Camden Town Mornington Crescent Mill Gospel Oak Kentish Town Lambeth North Camden High Barnet Totteridge & Whetstone Woodside Finchley Finchley Finchley Highgate Archway Tufnell Kentish Town Borough Crouch Caledonian Upper Holloway Holloway Southgate Arnos Grove Bounds Green Wood Green Turnpike Lane Manor House Arsenal Caledonian & Barnsbury Highbury & Islington Old Warren Edgware Farringdon Liverpool Regent s CONNECTION TIMES PRIMARY Goodge Russell Bayswater Barbican (from Hammersmith) Bond TRANSPORT LINKS Notting Lancaster Court Gate Oxford Gate Hammersmith Shepherd s Chancery Bush Lane Moorgate 19 mins Circle, OxfordDistrict,, Overground, St Paul s Queensway Marble Holborn Arch Hammersmith & City, National Rail Covent Garden Piccadilly High mins Green Brompton Leicester Earl s Court District, Overground, Hyde Canary Corner Wharf Piccadilly District, Cannon Piccadilly National Rail Monument Tower Knightsbridge 35 mins Mansion House Fenchurch Charing (Olympia) GloucesterHeathrow Cross Blackfriars St James s District, Overground, River Thames mins Temple National Rail South SOURCE: TFL Sloane Great Portland Waterloo Embankment Southwark King s Cross St Pancras Angel London Bridge Cockfosters Oakwood Finsbury Canonbury Bermondsey Harringay Green Lanes Seven Sisters Dalston Kingsland Dalston Junction Haggerston Hoxton Shoreditch High Shadwell Tower Gateway Rotherhithe Canada Water Surrey Quays Seven Kings Hale Wanstead Gants Upminster Ilford Upminster Bridge Queen s Midland High Manor.7 Hornchurch Forest Gate International Elm Wanstead Heathway Homerton Wick Becontree Woodgrange Bethnal Green TOTAL RETURN Epping. Theydon Bois Debden Loughton Buckhurst Roding Grange Valley ALL OF. South Blackhorse Mile End Bow Church Stepney Green Devons Star Lane Langdon Whitechapel Canning.3 All Saints Town ferry Blackwall Limehouse Poplar India Wapping Canary India Quay Wharf South Quay Crossharbour Mudchute Island Gardens Bow Woodford South Woodford Snaresbrook RENTAL VALUE GROWTH ALL OF 7. EQUIVALENT YIELD ALL Heron Quays OF 5. Pudding Mill Lane Harrowon-the- Bromleyby-Bow North Peninsula Ham Chigwell Hainault Fairlop Barkingside Newbury Redbridge High Abbey Plaistow Docks Silvertown Barking Ham Upton Pontoon Dock Upney Hammersmith is the most western and suburban of the markets in this analysis. Located on the fringes of central London, it is a popular, albeit isolated, office location with a large number of sizeable modern office blocks housing blue-chip occupiers. Hammersmith is also a popular retail location, with To many Shenfield big-name occupiers In, commercial Harold property Wood in Hammersmith Gidea provided investors with Custom House for ExCeL Prince Regent Albert London City Airport King George V along its high street. a total return Romford of. y/y, increasing from the.9 y/y returned in 13. Chadwell Heath The performance was driven by Goodmayes capital growth of. y/y and an income return of.5 y/y. Offices performed strongly with a return of 7.9 y/y as improvements in stock boosted the attractiveness of the market to a wide range of tenants. Office rents grew by 9.7 y/y while retail rents were up 1.7 y/y. Overall, rental values rose by.7 y/y in Hammersmith during. Investor sentiment also improved significantly in, reflected by a positive yield impact of.5 y/y on capital values. This reflected the fact that equivalent yields for commercial property in Hammersmith fell to.3 at the end of from 7. a year earlier. Beckton Woolwich Arsenal Cyprus Gallions Reach Beckton Abbey Woolwich

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE Hammersmith is situated in 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 corporates attracted by its swift access to Heathrow Airport. Postcodes: W, W 9, W 9 Developer Address Commercial / Residential (Private Units) Use Completion Date Brockton Capital / Landid One Queen Caroline, Office 15 Development Securities / SWIP Hammersmith Grove 3, Office Kier Property Kings House, 17 Hammersmith, Office Legal & General 5 Hammersmith, Office Stanhope / Mitsui Fudosan / AIMco BBC Television Centre, White City, W 5, Office Precis Holdings Shepherds Bush 115, Office Berkeley Group 5, 5 Beadon Residential Romulus The Triangle, Office 17 Linden Ashlar Court, Ravenscourt Gardens Residential Delancey / Akeler Developments Ltd Fulham Reach, Hammersmith Embankment Phase,39 / Mixed Use ANNUAL TOTAL RETURN 5 - DEC 1 APR AUG DEC APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 APR AUG DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC.. ALL AVERAGE RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value Net Initial Yield Q3 77 Fulham Palace W FH Office 1.75 3..33 193,313 Q Cambridge Grove W FH Office 9.5.. 71, Q1 1 Queen Caroline W LLH Office.5 9. 1,75 RECENT OFFICE TRANSACTIONS - - - RETURNS 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. TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD 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..5.3 Date Address Tenant Rent Rates Service Charge Q Metro Building, 1 Butterwick Virgin Group Ltd.5,5 11..5 Q The Triangle, Wantbthere Ltd 35.,95 11. 9.5 5 17 Hammersmith Grove Q3 Hammersmith Grove Philip Morris Ltd 5., 13.. RECENT RETAIL TRANSACTIONS PERFORMANCE Total Return. Capital Growth. Income Return.5 Equivalent Yield.3 Rental Value Growth.7 TOTAL RETURN PREDICTION Correlates to the LEVY End Total Returns Forecast End Forecast 15 13.7.3 11. 19 9. 17 7.3 ANNUALISED 19 9.7 INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 5. Prime Retail Zone A Implied Headline Capital Value per sq ft 95 Prime Net Initial Yield 5. RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1, 1, SOLID PERFORMANCE FOR LOCATION DRIVEN BY NEW DEVELOPMENT ACTIVITY Prime Retail Zone A. Date Address Tenant Zone A Q King Tortilla. Q 13 Unit 17, King s Mall Shopping Centre Costa Coffee. 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 15 Landmark House W Private 5. Site of 1. acres occupied by office buildings with 135, sq ft NIA Q Q3 Q1 5 Chiswick High Chelsea Island Site Empire House, Chiswick High W Redrow. 5, Planning permission for 1 residential units (5 Private) SW W Hadley Homes Lend Lease 59. 9, Planning permission for 9 residential units ( private). 5, sq ft of offices (B1) and car park to the rear. Application granted for 137 residential units plus retail space SOURCE: LEVY

Heath ize k Chalk Farm Camden Town Mornington Crescent en Mill Gospel Oak Kentish Town Goodge THE 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. High Barnet Woodside Finchley Totteridge & Whetstone Southgate Arnos Grove Oakwood Cockfosters To Shenfield Harold Wood Bounds Green Chigwell Finchley Hainault Gidea Wood Green Woodford Finchley Fairlop Harringay Romford Turnpike Lane South Woodford Green Lanes CONNECTION TIMES PRIMARY Barkingside Highgate Crouch (from Angel) South TRANSPORT Snaresbrook LINKS Chadwell Heath Seven Newbury Archway Manor House Blackhorse Sisters Angel Redbridge Goodmayes Upper Holloway mins Northern Seven Kings Hale Wanstead Gants Tufnell Arsenal Upminster Finsbury Oxford Highbury & Islington Ilford Holloway mins, Overground, Upminster Bridge Kentish Town Queen s Midland National Rail High Manor Highbury & Canary Wharf Hornchurch Caledonian Islington Dalston mins Finsbury Kingsland Forest Camden Gate Piccadilly,, International Heathrow Elm Caledonian National Wanstead Rail & Canonbury 55 mins Barnsbury Dalston Junction Heathway Homerton King s Cross Wick Becontree Woodgrange St Pancras Haggerston Upney Angel High Barking Hoxton SOURCE: TFL Pudding Old Mill Lane Abbey Ham Shoreditch Bethnal High Green Mile End Farringdon Russell Barbican Liverpool Bow Church Bow Epping Theydon Bois Debden Loughton Buckhurst Bromley- Roding Valley Ham Plaistow Grange Upton TOTAL RETURN. ALL OF. RENTAL VALUE GROWTH. ALL OF 7. EQUIVALENT YIELD 5. ALL OF 5. The Islington investment market, like Camden and other fringe markets, is one of the smallest in terms of investible stock; despite recent office developments, it is still dominated by residential and retail investments. As a result of the poorer quality of the commercial stock, returns have tended to be below the London average over the long term, but with a recent jump in rental values, Islington has grabbed the attention of many investors priced out of core locations. In, Islington was one of the weaker performing London markets with a commercial property total return of. y/y, although this was a marked improvement on the.1 y/y returned in 13. Over the last five years returns have averaged.5 y/y, below the London average of. y/y. Capital values grew by 11.7 y/y last year, the second lowest level recorded in this analysis, but a healthy performance nonetheless, and well above the five-year average of.5 y/y to the end of. Rental performance was solid through the year, although the growth of. y/y remained somewhat constrained by the quality of stock. Despite its underperformance and secondary nature, Islington s yields are only fractionally above the London average, due to the large residential component in the data sample. End year yields for closed at 5., down bps from the end of 13.

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE 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 to the west. Postcodes: N1 1, N1 7, N7 9 Major landowner is Islington Council. Developer Address Commercial / Residential (Private Units) Sager Group Islington, Upper, Almeida Use Completion Date 7 Residential Regal Homes Banyan Wharf, 17 1 Wenlock 33 Residential 15 RECENT INVESTMENT TRANSACTIONS 5 ALL AVERAGE Date Address Postcode Tenure Use Price (m) Capital Value Net Initial Yield Q Regent s Wharf N1 FH Office 9.5 733. 3. 7,7 Q 1 Angel N1 FH Office 75. 5. 3.5 1,79 Q Suncourt House, Essex N1 FH Office 17.5 5. 3.9, Q Vestry Studios, Vestry & & 5 9 N1 FH Mixed Use.55 5.. 3,3 ANNUAL TOTAL RETURN - - - - DEC 1 APR AUG DEC APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 RETURNS APR AUG DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC. 11.7 5.7 5. TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Rates Service Charge Q3 Kings Place, 9 York Way Aviva PLC 57.5,7 15..5 Q3 33 Goswell Wayfair (UK) Ltd 3. 7,319. 7.5 Q1 Spring House Holloway Interactive World Wide Ltd 1.57,5 5. 5. 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. 13 PERFORMANCE Total Return. Capital Growth 11.7 Income Return 5.7 Equivalent Yield 5. Rental Value Growth. TOTAL RETURN PREDICTION Correlates to the LEVY City Total Returns Forecast City Forecast 15 15.3 3.7 9. 19 3.3 17.5 ANNUALISED 19 7.1 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. INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 5. Prime Retail Zone A 5 Implied Headline Capital Value per sq ft 9 Prime Net Initial Yield 5.5 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1, 1, MATURING COMMERCIAL LOCATION CENTRED AROUND ANGEL RECENT RETAIL TRANSACTIONS Prime Retail Zone A 5. Date Address Tenant Zone A Q3 75 75A Upper Caffé Nero. Q3 Upper Costa Coffee. Q Upper Flight Centre. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q1 15 Pentonville N1 Groveworld (Marketing) Q3 9 5 Eagle Wharf N1 Galliard Homes Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase, Planning permission for 1 residential units (9 private) and 51, sq ft of commercial space 11.5 7,5 5 Existing commercial premises of 7,39 sq ft. Application submitted for residential units ( private) SOURCE: LEVY

AND ton ston oad embley Kensal Rise sal Green en s Oak nsington lympia) IS ONE OF THE KEY FOCUS AREAS FOR THE WEST END ENCOMPASSING SOME OF THE TOP PERFORMING RETAIL AND OFFICE LOCATIONS. IS AN OFFICE LOCATION WITH POTENTIAL TO CAPITALISE ON THE WEST END CORE, KING S CROSS AND HS. Mill Edgware Stanmore Canons Burnt Oak Queensbury Colindale Hendon Kingsbury Brent Cross Gospel Neasden Golders Green Oak Heath Dollis Finchley Willesden Green & Frognal Kentish Belsize Town Kilburn Brondesbury Chalk Farm Brondesbury Kilburn High Paddington Ladbroke Grove timer hepherd s Bush arons ourt Holland South Edgware Bayswater Notting Gate Queensway High Gloucester Marylebone Edgware Lancaster Gate Hyde Corner Knightsbridge Finchley Swiss Cottage St. John s Wood Bond Marble Arch Baker Regent s Green St James s Great Portland Warren Oxford Piccadilly Camden Town Mornington Crescent Charing Cross Goodge Court Camden High Barnet Totteridge & Whetstone Woodside Finchley Bounds Green Finchley Wood Green PRIMARY TRANSPORT LINKS Finchley Harringay Turnpike Lane Green Lanes Highgate Baker Crouch King s Cross St Pancras Bakerloo, South Jubilee, Circle, Hammersmith Seven Archway Circle, Metropolitan, Manor House & City, Metropolitan, Blackhorse Sisters Hammersmith Upper Holloway & City Northern, Piccadilly,, National Rail, Tufnell Arsenal Hale Eurostar Finsbury, Northern, Holloway Overground, Marylebone Kentish Town Queen s National Rail Highbury Bakerloo, & National Rail Caledonian Islington Dalston Kingsland Caledonian CONNECTION TIMES & Barnsbury (from Baker ) Barbican Heathrow 37 mins Chancery Lane Southgate Arnos Grove River Thames Cockfosters Oakwood VIA Canonbury CROSSRAIL Dalston (from Bond Junction ) King s Cross Oxford Paddington St Pancras Haggerston 3 mins mins Angel Paddington Liverpool Hoxton mins Old mins Shoreditch Farringdon Liverpool Canary High Wharf 15 mins mins Russell Holborn Covent Garden Blackfriars Temple St Paul s Moorgate Leicester SOURCE: TFL CROSSRAIL FROM Cannon Monument Mansion House Tower Fenchurch Heathrow 31 mins Shadwell Tower Gateway Rotherhithe Homerton Bethnal Green Wapping Bow Church Stepney Green ferry Canary Wharf International Wick Mile End Whitechapel Limehouse Midland Bow Blackwall Poplar India India Quay Epping Theydon Bois Debden Loughton Buckhurst Woodford South Woodford Snaresbrook Bromleyby-Bow Devons Langdon All Saints Pudding Mill Lane Roding Valley Chigwell Harold Wood Hainault Gidea 11.5 Fairlop Romford Barkingside Chadwell Heath Newbury Redbridge Goodmayes Wanstead Gants Seven Kings Upminster Ilford Upminster Bridge High ALL OF Manor Hornchurch Wanstead Canning Town Grange Forest Gate Docks Heathway EQUIVALENT Becontree YIELD Woodgrange Custom House for ExCeL Prince Regent Elm Albert Beckton Cyprus To Shenfield Upney High Barking. Abbey Ham Upton Plaistow Ham Star Lane AND TOTAL RETURN. ALL OF. AND RENTAL VALUE GROWTH 7. AND ALL OF 5. This is a diverse market, both in terms of investible stock and location. ern parts are dominated by high-end residential while the eastern side has seen massive regeneration schemes, focused around King s Cross, transforming the tenant base. Investor returns have reflected the changing dynamics of this market. This has meant more modest returns in the longer term but significant out-performance post- 9. In, total returns hit. y/y, up from 15.9 in 13, whereas the -year average in this market was a more modest.5 y/y. Nonetheless, this was still ahead of the London average. Capital values increased by. during, the highest recorded annual growth since. When coupled with average annualised growth of. y/y since the market crash, values in this market now exceed their 7 peak by. In comparison, broader London values are only 1 higher. Rents were the key driver of performance with growth of 11.5 y/y, while yield impact was comparable to that seen in 13 at 9. y/y. Despite strong performance trends in recent years, yields remain competitive for investors in Marylebone and compared to the core London markets. At the end of, an equivalent yield of. was recorded, having fallen by bps since the end of 13. This is however still around bps above the average London yield.

MARKET UPDATE FEBRUARY 15 AND DEVELOPMENT PIPELINE Marylebone is within the City of minster broadly bordered by Portland Place to the east, Marylebone to the north, Oxford to the south and Edgware to the west. Postcodes: W1C 1, W1G, W1G 9, W1H 1, W1H 5 7, W1U 1 Major landowners include The Howard de Walden Estate, British Land PLC and The Portman Estate. is within the London Borough of Camden broadly bordered by Eversholt to the east, Mornington Crescent to the north, Marylebone to the south and Albany to the west. Postcodes: NW1, 3, NW1, 5. Major landowner is British Land PLC. ANNUAL TOTAL RETURN 5 - - - - DEC 1 APR AUG DEC APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 APR & RETURNS AUG DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC.. 3.3 & ALL AVERAGE. Developer Address Commercial / Residential (Private Units) Galliard Homes & Frogmore The Chilterns, 7 7 Chiltern Use Completion Date Residential 15 ton Group 35 Marylebone High 55,3 Residential & Retail Clivedale Properties The Mansion, 9 Marylebone Lane 1 Residential 17 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value Net Initial Yield Q 5 Cavendish W1 FH Office.5 1,95.,99 Q3 Cavendish Place W1 VFH Office.35 1,. 3.5, Q3 1 New W1 FH Office.5 5. 5.,999 Cavendish Q3 15 Place W1 FH Office.,. 3.5,31 RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Q Portman Ontario Teachers' Pension Plan Board Rates Service Charge 9.,535 7..5 Q1 5 Wigmore Revcap 5. 5,95 37. 9. Q1 Clifton House, Connected Digital 5.5,7 5. 9. 3 117 Economy Capital TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD This graph shows the annual total return series over time for London in red. Marylebone and in blue and the light blue shaded area shows the range of returns generated by the other markets. PERFORMANCE Total Return. Capital Growth. Income Return 3.3 Equivalent Yield. Rental Value Growth 11.5 TOTAL RETURN PREDICTION AND Correlates to the LEVY End Total Returns Forecast End Forecast 15 13.7.3 11. 19 9. 17 7.3 ANNUALISED 19 9.7 The box plot represents the positioning of Marylebone and within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 5. Prime Retail Zone A 95 Implied Headline Capital Value per sq ft 1,75 Prime Net Initial Yield.5 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1, 3, TOP QUARTILE RENT & YIELD PERFORMANCE RECENT RETAIL TRANSACTIONS Prime Retail Zone A. 95. Date Address Tenant Zone A Q 111 Marylebone High Zadig & Voltaire 379. Q 19 Marylebone High J Crew. Q 39 51 Oxford Watches of Switzerland 95. Q3 51 Oxford Omega. Q3 One, Oxford The Toy Store 9. 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 15 Lodge NW Private.75 1,57 Former Sorting Office extending to, sq ft Q Marylebone Gardens, 35 Marylebone High & Beaumont Mews W1 ton 75. 3,5, Planning permission for private residential units SOURCE: LEVY

st Brompton lham Broadway THE 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 AND MANY PROMINENT SHOPPING THOROUGHFARES SUCH AS OXFORD AND REGENT. Imperial Pimlico CONNECTION TIMES (from Bond ) Farringdon High Barnet Totteridge & Whetstone Woodside Southgate Cockfosters Oakwood Mill Finchley Arnos Grove Edgware Stanmore Bounds Green Burnt Oak Finchley Canons Wood Green Kenton Colindale Finchley Queensbury Turnpike Lane Hendon Preston Highgate Crouch Kingsbury Brent Cross Archway Manor House Gospel Golders Green Oak Upper Holloway Neasden Heath Wembley Tufnell Arsenal Dollis Finsbury Finchley Holloway Willesden Green & Frognal Kentish Belsize Town Kentish Town Kilburn Highbury & Kensal Brondesbury Caledonian Islington Rise Chalk Farm Camden Brondesbury Finchley Camden Kensal Green Town Caledonian & Canonbury Swiss Cottage Barnsbury Queen s Kilburn South Mornington Dalston Junction High St. John s Wood Crescent King s Cross St Pancras e enue oyal Oak (Olympia) Paddington Ladbroke Grove Latimer Shepherd s Bush Barons Court Holland Earl s Court Edgware Bayswater Notting Gate Queensway High Gloucester Marylebone Edgware Lancaster Gate Hyde Corner Knightsbridge South Bond Marble Arch Sloane Baker Regent s Green St James s Great Portland Warren Oxford Piccadilly minster Charing Cross Waterloo Angel Harringay Green Lanes Seven Sisters Dalston Kingsland Old VIA CROSSRAIL PRIMARY Shoreditch High (from Bond ) Liverpool TRANSPORT LINKS Hale Bethnal Green South Blackhorse Queen s Homerton Heron Quays South Quay Crossharbour Mudchute International Wick Mile End Goodge Russell Paddington Barbican Paddington Bond mins mins, Jubilee, Bow Church Court Chancery Lane Liverpool Moorgate Crossrail Stepney Green 9 mins St Paul s mins Oxford Holborn Bakerloo,, Whitechapel Canary Covent Wharf Garden Canary Wharf 15 mins mins Leicester ferry Green Heathrow Cannon Heathrow Tower Jubilee, Piccadilly, Limehouse 9 mins Mansion House 31 mins Monument Shadwell Fenchurch Tower Wapping Blackfriars Gateway River Thames Piccadilly Canary Temple Wharf Bakerloo, Rotherhithe Piccadilly Embankment SOURCE: TFL CROSSRAIL FROM Southwark London Bridge Bermondsey Haggerston Hoxton Canada Water Surrey Quays Midland Bow Blackwall Poplar India India Quay Epping Theydon Bois Debden Loughton Buckhurst Woodford South Woodford Snaresbrook Bromleyby-Bow Devons Langdon All Saints Pudding Mill Lane North Peninsula Roding Valley. To Shenfield Chigwell Hainault Fairlop Barkingside Newbury Goodmayes Romford Chadwell Heath Gidea Harold Wood Wanstead Gants Seven Kings Upminster 15. Ilford Upminster Bridge High Manor Hornchurch Forest Gate Elm Wanstead Heathway Woodgrange Ham Redbridge High Abbey TOTAL RETURN Grange ALL OF. RENTAL VALUE GROWTH ALL OF 7. Star Lane 3.9 Canning Town Custom House for ExCeL Prince Regent Docks Albert Silvertown Barking Ham Upton Plaistow Pontoon Dock Upney London City Airport King George V Becontree EQUIVALENT YIELD ALL OF 5. Beckton Cyprus Gallions Reach Beckton The Mayfair market is not only one of London s leading performers, but is also a hub of global investment. Capital values and rents here are amongst the highest in the world and competition for space continues to grow. The last year saw a continued surge in pricing with some of highest rents in London achieved for new lettings, while the investment market posted the strongest average yields. In, Mayfair was the fourth best performing London market with a total return of. y/y. This return was primarily driven by the impressive level of rental growth at 15. y/y as occupier demand increased further. Investor sentiment remained on a high, reflected in a strong positive yield impact of.3 y/y. Despite an impressive total return of 3. y/y, offices underperformed retail in Mayfair last year, even with the constrained supply pipeline pushing rents up by 13. y/y. Retail saw significant rental growth of. y/y, with similar supply issues to the office sector in the face of demand growth, pushing total returns to 33.7 y/y. Equivalent yields for shops in Mayfair hit a low of 3.7 in as investors continued to compete for super-prime assets on London s best retail pitch while yields for offices followed a similar trend, with a closing yield of.. An average end year equivalent yield of 3.9 for all property in Mayfair made it London s most expensive market, albeit the one with the lowest perceived risk.

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE Mayfair is in the City of minster bordered by Regent to the east, Oxford to the north, Piccadilly and Green to the south and Lane to the west. Postcodes: W1B, W1C, W1J, W1J 5 9, W1K 1 7, W1S 1. The major landowners include Grosvenor Estate, Lancer, the Crown Estate and The Pollen Estate. Developer Address Commercial / Residential (Private Units) Use Completion Date Grosvenor Limited Grosvenor, Office 15 Terrace & Aerium Savile Row & 31,5 Office 15 9 Conduit & Retail Grosvenor Estate 9 Grosvenor 15, Office 15 Exemplar / The Crown Estate 1 New Burlington Place 1, Office 15 Exemplar / The Crown Estate Block W5, 9 1 Regent 1, Office 15 Aviva Investors 11 Hanover 33, Office Legal & General 7 Hanover 71, Mixed Use 17 Great Portland Estates 19 Hanover, Mixed Use 17 British Land Clarges Mayfair, Piccadilly 7,5 / 3 Mixed Use 17 Finchatton Grosvenor 3 Residential 5 RECENT INVESTMENT TRANSACTIONS ANNUAL TOTAL RETURN - - - - DEC 1 APR AUG DEC APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 RETURNS APR AUG DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC..7 3. ALL AVERAGE 3.9 Date Address Postcode Tenure Use Price (m) Capital Value Net Initial Yield Q1 15 Carlos Place W1 FH Office.5,555. 3.5,5 Q3 1 137 New Bond W1 FH Retail. 5,. 51,1 Q3 Pollen Estate W1 FH Mixed Use 31. 5. 1.5 7, Q3 15 Sackville W1 FH Office & 3.,159. 3.9 3,7 Retail Q Hanover W1 FH Office & Retail 155. 1,773. 3.35 7, RECENT OFFICE TRANSACTIONS 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. TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD 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. Date Address Tenant Rent Rates Service Charge Q 33 Davies AGC Equity Partners 115. 11, 7. 9.75 Q Grosvenor KPMG 1. c.39, 5. 7.5 Q New Burlington Tudor Capital Europe 5. 3,17.. PERFORMANCE Total Return. Capital Growth.7 Income Return 3. Equivalent Yield 3.9 Rental Value Growth 15. TOTAL RETURN PREDICTION Correlates to the LEVY End Total Returns Forecast End Forecast 15 13.7.3 11. 19 9. 17 7.3 ANNUALISED 19 9.7 INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 115. Prime Retail Zone A 5 1,5 Implied Headline Capital Value per sq ft,9 Prime Net Initial Yield 3.75 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 3,,5 BOND BREAKS 1, ZA, OFFICE RENTS EXCEED 115 PSF. CONSISTENT CORE WITH MARKET LEADING PERFORMANCE RECENT RETAIL TRANSACTIONS Prime Retail Zone A 5. 1,5. Date Address Tenant Zone A Q 5 Albemarle Michael John. Q 55 Conduit Vanessa G 39. Q3 New Bond Galerie Bartoux. Q3 3 Albemarle Alexander Wang. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q3 Curzon W1 Brockton Capital (Marketing) Q Stanhope Gate Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 175+ 5,, Planning permission for 31 private residential units plus A3 commercial space W1 Four Leaf 35.,375, Planning permission for private residential units. Subsequent permission for private residential units SOURCE: LEVY

ale Brent Cross Golders Green Finchley & Frognal stead ey iss Cottage St. John s Wood Bond treet le r e re Baker Regent s Green St James s Belsize Great Portland HAS TRADITIONALLY BEEN AN AREA OF RELATIVELY CONSERVATIVE INVESTMENT PERFORMANCE FOR BOTH OFFICES AND RETAIL WITH LEGAL AND SECONDARY RETAIL OCCUPIERS DOMINANT. Heath Chalk Farm Warren Oxford Piccadilly minster Camden Town Mornington Crescent Charing Cross Waterloo Mill Gospel Oak Kentish Town Camden Goodge Court Holborn High Barnet Totteridge & Whetstone Woodside Finchley Bounds Green Finchley Wood Green Finchley Turnpike Lane Highgate Crouch Archway Manor House Upper Holloway Tufnell Arsenal Holloway Kentish Town Caledonian Farringdon Russell Covent Garden Leicester Embankment King s Cross St Pancras Barbican Chancery Lane Mansion House Blackfriars Temple Angel St Paul s Cannon Caledonian & Barnsbury Southgate Arnos Grove Highbury & Islington Liverpool 3 mins Paddington 15 mins Moorgate Canary Wharf mins Heathrow 1 hour Monument London Bridge Tower Fenchurch River Thames Cockfosters Oakwood Finsbury Canonbury Harringay Green Lanes Seven Sisters Dalston Kingsland Dalston Junction Bermondsey Haggerston CONNECTION TIMES Hoxton (from Chancery Lane) Old Shoreditch High Shadwell Tower Gateway SOURCE: TFL Rotherhithe CROSSRAIL FROM Canada Water Surrey Quays Hale VIA CROSSRAIL (from Farringdon) Bethnal Liverpool Green Mile End mins Paddington Bow Church 7 mins Stepney Green Canary Wharf 9 mins Whitechapel Heathrow 3 mins South Blackhorse Queen s Homerton Wapping ferry Canary Wharf Heron Quays South Quay Crossharbour International Wick Limehouse Theydon Bois Midland Epping Debden Loughton Buckhurst Woodford South Woodford Snaresbrook PRIMARY TRANSPORT PuddingLINKS Mill Lane Peninsula Roding Valley Wanstead Chigwell Hainault High Wanstead Grange Fairlop Barkingside Newbury Redbridge Gants Woodgrange Manor Forest Gate Farringdon Upton Circle, Bow Hammersmith Plaistow & City, Metropolitan, Bromleyby-Bow Crossrail, Ham Overground, National Rail Devons Star Lane Holborn Langdon, Piccadilly Canning All Saints Town Blackfriars Blackwall Circle, District, Poplar National Rail India India Quay North High Abbey Docks Silvertown Pontoon Dock London City Airport Goodmayes Romford Chadwell Heath Seven Kings Upminster Ilford Upminster Bridge Barking Ham Upney King George V Hornchurch Becontree Heathway Custom House for ExCeL Prince Regent Elm Albert Beckton Cyprus TOTAL RETURN To Shenfield Gidea Harold Wood RENTAL VALUE GROWTH EQUIVALENT YIELD Gallions Reach.3 ALL OF. 11. ALL OF 7. 5.3 ALL OF 5. Beckton Though now a key London focus for increasing office supply, Midtown has traditionally been a market of relatively conservative investment performance. However, more recently, total returns have averaged 9.3 y/y over the last decade compared to. y/y for the End. The occupier mix for offices and retail includes a wide variety of legal and secondary retail tenants. In recent years this has broadened further with the influx of technology, media and telecommunications occupiers. As a result, offices in Midtown have witnessed resurgence in popularity, pushing rents up rapidly with better located buildings rivalling End levels. In, investors received a total return of.3 y/y from commercial property in Midtown. This was an improvement from the 13 performance of 15. y/y, which reflected a subdued start to that year. Capital values grew by 17.5 y/y last year due to significant rental value growth of 11. y/y. Despite dominating the market, offices total return of. y/y underperformed that of retail at 5.5 y/y. This difference in performance can largely be explained by the disparity in the quality of stock and the fact that retailing here is predominately secondary, so that performance is recovering from a low base. Midtown yields compressed further in, with a positive yield impact on values of 7.5 y/y highlighting investor optimism for these assets. Equivalent yields fell from 5.9 at the end of 13 to close out at 5.3.

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE Midtown is within the London Borough of Camden and City of London bordered by Farringdon to the east, and City to the north, the River Thames to the south and Southampton Row and Kingsway to the west. Postcodes: EC1N, EC1N, ECA 1, ECY 1, ECY 7 9, WC1R 5, WC1V 7, WCA1 3 Major landowners include The Bedford Estate, UCLH and LSE. Developer Address Commercial / Residential (Private Units) Use Completion Date St Edward 19 Stand Mixed Use 15 Taylor Wimpey St. Dunstan's Court, 133 137 Fetter Lane 7 Residential 15 London Brockton Capital Sorting Office, 1 31 New Oxford 3, Office 17 RECENT INVESTMENT TRANSACTIONS ANNUAL TOTAL RETURN 5 - - - - DEC 1 APR AUG DEC 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. APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 RETURNS APR AUG DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC.3 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. 17.5 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD. ALL AVERAGE 5. Date Address Postcode Tenure Use Price (m) Capital Value Net Initial Yield Q Eagle House, WC1 FH Office.. 5.39,533 Proctor Q Kingsbourne House, EC1 FH Office 311. 9..7 7,953 33 Holborn Q3 High Holborn WC1 FH Office. 1,5.. 9, Q3 Buchanan House, Holborn EC1 FH Office & Retail 3...33 7,9 Q1 Holborn Viaduct EC1 FH Office 137.5 795..75 17,999 RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Q New Fetter Place, New Fetter Lane Rates Service Charge Solutions Sheffield Ltd 57.5,..75 Q High Holborn Gilead Sciences Ltd 55.9 7,3. 9.5 Q1 Midcity Place, 71 High Holborn Towers Watson Ltd.5,35..5 RECENT RETAIL TRANSACTIONS PERFORMANCE Total Return.3 Capital Growth 17.5 Income Return. Equivalent Yield 5.3 Rental Value Growth 11. TOTAL RETURN PREDICTION Correlates to the LEVY Midtown Total Returns Forecast Midtown Forecast 15 15.7 5. 11. 19.9 17 5.9 ANNUALISED 19. INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft.5 Prime Retail Zone A 175 Implied Headline Capital Value per sq ft 1, Prime Net Initial Yield.5 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,7,19 STEADY RENTAL GROWTH DRIVES PERFORMANCE Prime Retail Zone A 175. Date Address Tenant Zone A Q 9 High Holborn Dorothy Perkins 17. Q 7 High Holborn Masmen Project Ltd 15. 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 Carey WCA Lodha Group. 5,5 Planning permission for private residential units Q 13 Chancery Lane Q1 13 Vantage House, Essex WC WC Stewart Property Investments Clark Property Investments.59, Existing office building of,5 sq ft, planning subsequently granted for 3 private apartments., Existing office building of 17,39 sq ft, planning subsequently granted for private apartments SOURCE: LEVY

OF OXFORD Edgware Edgware Burnt Oak Colindale Hendon THE MARKET IS CHARACTERISED BY FRAGMENTED OWNERSHIP AND A MIX OF PERIOD AND POST WAR DEVELOPMENTS. THE AREA HAS BECOME INCREASINGLY FASHIONABLE TO A ASPIRATIONAL OFFICE, RETAIL AND RESIDENTIAL OCCUPIERS. Brent Cross Mill Gospel Oak Golders Green n Heath llis Finchley Willesden Green & Frognal Kentish Belsize BELGRAVIA / Town Kilburn Chalk Farm sbury Finchley Camden Town Swiss Cottage South Mornington St. John s Wood Crescent ayswater otting ill Gate Queensway igh ensington loucester Marylebone Edgware Lancaster Gate Hyde Corner Knightsbridge South Marble Arch Bond Sloane Baker Green Piccadilly minster Charing Cross Leicester Camden High Barnet Totteridge & Whetstone Woodside Finchley Kentish Town Holloway Southgate Arnos Grove Bounds Green Finchley Wood Green Finchley Turnpike Lane Highgate Crouch Archway Manor House Upper Holloway Tufnell Arsenal Caledonian Caledonian & Barnsbury Highbury & Islington Cannon Monument Tower Mansion HouseSOURCE: TFL CROSSRAIL FROM Fenchurch 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 ) Haggerston Court ) Great Portland Angel Liverpool Hoxton mins mins Old Shoreditch Warren Paddington Paddington High Farringdon Liverpool Regent s 7 mins mins Goodge Russell Barbican Canary Wharf Canary Wharf Court 19 mins mins Chancery Lane Moorgate Heathrow Heathrow Oxford St Paul s Holborn 5 mins 33 mins Covent Garden St James s Embankment Canonbury Bermondsey Shadwell Tower Gateway Rotherhithe Canada Water Hale South Blackhorse Queen s Canary Wharf Heron Quays International Homerton PRIMARY Wick TRANSPORT LINKS Midland Poplar India India Quay Epping Theydon Bois Debden Loughton Buckhurst Woodford South Woodford Snaresbrook Goodge Northern Pudding Mill Lane Bethnal Green Oxford Mile End Bakerloo,, Bow Bromleyby-Bow Bow Church Court Stepney Green Devons, Northern, Langdon Crossrail Whitechapel All Saints Warren ferry Blackwall Northern, Wapping Limehouse North Peninsula Roding Valley Chigwell Hainault Fairlop Romford Barkingside 9. Chadwell Heath Newbury Redbridge Goodmayes Wanstead Gants Seven Kings Upminster Ilford Upminster Bridge High Manor Hornchurch Wanstead Woodgrange High Abbey Ham Star Lane Canning Town Plaistow Grange Forest Gate Docks Silvertown Barking Ham Upton Pontoon Dock Upney Becontree TOTAL RETURN 1.7 ALL OF. To Shenfield Harold Wood RENTAL VALUE GROWTH Heathway Custom House for ExCeL Prince Regent Albert Beckton Cyprus Gidea ALL OF 7. Elm EQUIVALENT YIELD.5 ALL OF 5. Gallions Reach The North of Oxford market encompasses a broad mix of stock, from 197 s office accommodation to Regency and n townhouses converted to a variety of uses. Recently, modern office and retail developments close to Oxford have boosted its appeal. The growing popularity of this area has boosted its investment returns to rival the highest in London over recent years, averaging.7 per annum since 9. In, this market provided a total return of 1.7 y/y, rising from the return of 19. achieved in 13, as market conditions strengthened further. Capital values grew by.3 y/y as competition to secure space, from both investors and occupiers, increased through. Value growth was primarily driven by a significant boost in investor confidence as shown by a positive yield impact of 15. y/y, with demand for assets in this area surging. Similarly, occupiers were optimistic, with market rents increasing by an average of 9. y/y. In rental values grew most for the office sector, with an uplift of 9.3 y/y, while retail rents were up.5 y/y. Strong rental performance in the office sector pushed its total returns to 1.1 y/y, though this was below the 3. y/y return for retail. Both the office and retail sectors saw a similar improvement in investor sentiment with equivalent yields falling to. and. respectively. As a result, the equivalent yield for this market as a whole closed at.5 at the end of, down more than bps from 13.

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE North of Oxford is within the City of minster and the London Borough of Camden, broadly bordered by Court to the east, Marylebone to the north, Oxford to the south and Portland Place to the west. Postcodes: W1A, W1D 1, W1T 1 7, W1W 5 Major landowners include Derwent London, Great Portland Estates and The Langham Estate. Developer Address Commercial / Residential (Private Units) Use Completion Date Lazari Investments 91 Wimpole 57, Office 15 Aberdeen Asset Management 1 Welbeck 55, Office 15 The Howard de Walden Estate Wigmore 53, Office 15 Great Portland Estates Rathbone Place, Mixed Use Derwent London Charlotte 3, Office & Residential 17 ANNUAL TOTAL RETURN 5 - - - - DEC 1 APR AUG DEC This graph shows the annual total return series over time for London in red. North of Oxford in blue and the light blue shaded area shows the range of returns generated by the other markets. APR 3 PERFORMANCE Total Return 1.7 Capital Growth.3 Income Return 3. Equivalent Yield.5 Rental Value Growth 9. TOTAL RETURN PREDICTION Correlates to the LEVY End Total Returns Forecast End Forecast AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 APR AUG OF OXFORD RETURNS 15 13.7.3 11. 19 9. 17 7.3 ANNUALISED 19 9.7 DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC 1.7 The box plot represents the positioning of North of Oxford within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index..3 INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 75. Prime Retail Zone A 5 Implied Headline Capital Value per sq ft 1,7 Prime Net Initial Yield.5 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,, YIELD COMPRESSION INDICATES STRONG FUTURE PERFORMANCE DRIVEN BY NEW DEVELOPMENT TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD 3. OF OXFORD ALL AVERAGE.5 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value Net Initial Yield Q1 15 1 Chapel Place W1 FH Office.,7. 3.55 5,71 Q Newman W1 FH Office.5 9. 3.7,9 Q1 77 Newman W1 FH Office 19. 1,1. 3.9, RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Q Wells & More Building, 5 9 Mortimer Rates Service Charge Lionsgate UK 75. 15,73 17.. Q 1 Fitzroy Place Estée Lauder. 15, Q1 Bentinck TDR Capital LLP 71. 1,33 7.. RECENT RETAIL TRANSACTIONS Prime Retail Zone A 5. Date Address Tenant Zone A Q3 9 Oxford Matalan 5. Q3 5 Oxford Tiger 5. Q1 13 Oxford Jacamo / Simply Be 5. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q 19 Bolsover W1 Amazon (Marketing) Q Cambridge House NW1 English Rose Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase. 1,7, Planning permission for 17 private residential units Confidential Planning permission for private residential units and commercial space SOURCE: LEVY

tead Heath Belsize Great Portland nt s ark Chalk Farm Warren Oxford Piccadilly s s Camden Town Mornington Crescent Charing Cross Kentish Town INCLUDING SHOREDITCH, CITY ROAD AND OLD 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 ROUNDABOUT. Camden High Barnet Totteridge & Whetstone Woodside Mill Finchley Gospel Oak Goodge Court Holborn Leicester Bounds Green Finchley Wood Green Finchley Turnpike Lane Highgate Crouch Archway Manor House Tufnell Kentish Town Farringdon Russell Covent Garden King s Cross St Pancras Mansion House Blackfriars Temple Caledonian Angel Barbican Chancery Lane St Paul s Cannon Upper Holloway Holloway Southgate Arnos Grove Arsenal Highbury & Islington Cockfosters Oakwood Finsbury Harringay Green Lanes Seven Sisters Dalston Kingsland Hale South Blackhorse Queen s Theydon Bois Midland Epping Debden Loughton Buckhurst Woodford South Woodford Snaresbrook Chigwell Hainault High Fairlop Barkingside Newbury Manor Forest Gate Goodmayes Romford Chadwell Heath Seven Kings Upminster Ilford Upminster Bridge International Elm Caledonian Wanstead & Canonbury Barnsbury CONNECTION TIMES VIA CROSSRAIL PRIMARY Dalston Junction (from Old ) (from Liverpool ) TRANSPORT LINKS Heathway Homerton Wick Becontree Woodgrange Farringdon Haggerston Upney 3 mins Court Circle, Hammersmith 5 mins & City, High Metropolitan, Barking Canary HoxtonWharf Pudding Old Overground, Crossrail, 17 mins Canary Wharf Mill Lane Abbey Ham Shoreditch Bethnal National Rail High Green Mile 7 End mins Liverpool Paddington Upton Bow Liverpool 3 mins Paddington Plaistow, Circle, 9 mins Heathrow Bromleyby-Bow Bow Church Hammersmith 1 hour 5 mins Heathrow & City, Metropolitan, Moorgate Stepney Green Devons 3 mins National Star Rail, LaneCrossrail Langdon Whitechapel Old Canning All Saints Northern, Town ferry Blackwall National Rail SOURCE: TFL Custom House for ExCeL CROSSRAIL FROM Limehouse Poplar Tower Monument Shadwell India Prince Regent Fenchurch Tower Docks Wapping Gateway Albert Canary India Quay River Thames Wharf Beckton Rotherhithe Cyprus Roding Valley Wanstead Redbridge Grange Gants Hornchurch To Shenfield Gidea Harold Wood TOTAL RETURN.3 ALL OF. RENTAL VALUE GROWTH 1.7 ALL OF 7. EQUIVALENT YIELD. ALL OF 5. This diverse area of London has been transformed through development and regeneration in recent years. Major new schemes, both public and private, have changed the property landscape, providing a quality of space not previously associated with the location. This has encouraged a new type of occupier to come to the Northern Fringe, and demand for high-quality space here has continued to rise. Better quality stock and a stronger tenant base have enticed investors north of their traditional comfort zone as they search for higher returns. The Northern Fringe was London s top performing market in with a total return of.3 y/y. The surging popularity of this area meant that rents grew by 1.7 y/y the fastest growth in London and this helped capital values appreciate by.7 y/y. Investor demand grew in tandem, with a positive yield impact of 9.7 pushing values upwards as yields compressed further. Equivalent yields in the Northern Fringe have fallen from a high of. in 9 to. by the end of. This re-pricing is evidence of the changing stock and risk profile for the location as much as a reflection of improving market conditions across London.

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE Northern Fringe includes Shoreditch, City and Old, and is within the London Boroughs of Islington and, 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 to the east and Old to the south. Postcodes: EC1V 9, ECA 1 Developer Address Commercial / Residential (Private Units) Use Helical Bar & Crosstree 7 Old, Office & Retail Completion Date Mount Anvil The Eagle (Eagle House), 159 9 City Residential 15 Groveworld Ltd Canaletto London, 57 59 City 19 Residential 15 Mount Anvil / Affinity Sutton Lexicon / Silicon Tower, 1 City 1 Residential Rocket Investments 5 City 5, / Mixed Use 15 ANNUAL TOTAL RETURN 5 - - - - DEC 1 APR AUG DEC APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 RETURNS APR AUG DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC.3.7 TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD.5 ALL AVERAGE. RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value Net Initial Yield Q Tech City Portfolio EC1 FH Office 5.9 7..9,3 Q3 Pullman House, EC1 FH Office 13.5 9..5 17,117 91 Goswell Q3 City EC1 FH Office 3. 59.. 39, Q 99 City EC1 FH Office 1.5. 5. 159,99 RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Rates Service Charge Q Alphabeta, Finsbury Silicon Valley Blank 5.5,1 9.5 Q The Warehouse, 11 Old Farfetch UK Ltd 5.5 5,5.5 Q1 The Broadgate Tower, Primrose Ricoh 55. 13,5.7 7. 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. PERFORMANCE Total Return.3 Capital Growth.7 Income Return.5 Equivalent Yield. Rental Value Growth 1.7 TOTAL RETURN PREDICTION INCLUDES FINSBURY AND CLERKENWELL Correlates to the LEVY City Total Returns Forecast City Forecast 15 15.3 3.7 9. 19 3.3 17.5 ANNUALISED 19 7.1 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. INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 5.5 Prime Retail Zone A Implied Headline Capital Value per sq ft 1,5 Prime Net Initial Yield.75 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1, 1, TOP PERFORMER OVER 13 AND FROM A LOW BASE RECENT RETAIL TRANSACTIONS Prime Retail Zone A. Date Address Tenant Zone A Q City Abokado 99. Q 7 3 City Sous Chef. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q Judd House, Mora Q Farringdon EC1 EC1 Talal Ventures Endurance Land Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 7. 9 Vacant office building of 19,5 sq ft GIA 31. Multi storey car park of,15 sq ft, potential for redevelopment SOURCE: LEVY

IN RECENT YEARS 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 OF HYDE PARK. TOTAL RETURN. Epping Watford Junction Theydon Bois Watford High High Barnet Cockfosters Debden Bushey ALL OF Totteridge & Whetstone Oakwood. Loughton Carpenders To Shenfield Woodside Buckhurst Southgate Hatch End Roding Grange Mill Finchley Arnos Grove Valley Edgware Headstone Lane Harold Wood Stanmore Bounds Green Chigwell Harrow & Burnt Oak Finchley Hainault Gidea Wealdstone Canons Wood Green RENTAL Woodford VALUE GROWTH Colindale Finchley Fairlop w Kenton Harringay Romford Queensbury Turnpike Lane South Woodford Green Lanes Hendon Barkingside ow- Northwick Preston Highgate Crouch - Kingsbury South Snaresbrook Chadwell Heath Brent Cross Seven.5 Newbury Archway Manor House Blackhorse Sisters Gospel South Kenton Goodmayes Golders Green Oak Redbridge Upper Holloway North Wembley Neasden Heath Seven Kings Wembley Tufnell Arsenal Hale Wanstead Gants Wembley Dollis Finsbury Upminster Ilford Finchley Holloway Stonebridge Willesden ST Green JAMES S Kentish Upminster Bridge & Frognal Belsize Town Kentish Town Queen s Midland High Manor Harlesden Kilburn Highbury & Hornchurch Kensal Brondesbury Caledonian Islington Dalston Rise Chalk Farm Kingsland Forest Willesden Junction Camden Gate International ALL OF Elm Brondesbury Finchley Camden Town Caledonian Wanstead Kensal Green & 7. Canonbury Swiss Cottage Barnsbury Queen s Kilburn South Mornington Dalston Junction Heathway High St. John s Wood Crescent Homerton King s Cross Wick Becontree Woodgrange Kilburn CONNECTION TIMES VIA CROSSRAIL St Pancras PRIMARY Edgware Haggerston Upney Maida Vale Paddington Marylebone (from Great Paddington) (from Paddington) TRANSPORT LINKS Baker Portland Angel Warwick Avenue Barking High Hoxton EQUIVALENT YIELD Pudding Oak Oxford Paddington Old Mill Lane Abbey Ham 7 mins Court Bakerloo, bourne Warren Shoreditch Bethnal Edgware mins Green Mile End Farringdon Circle, District, High Upton Acton Liverpool Regent s Bow Main Goodge Hammersmith Ladbroke Grove mins Liverpool Russell 5.1 Plaistow Line Bayswater Barbican & City, Crossrail, Latimer Bond 9 mins Bromleyby-Bow Ham Bow Church Notting Canary Wharf National Rail White Shepherd s Lancaster Court Acton City Bush Gate Gate 5 mins Canary Wharf Chancery Lane Moorgate Edgware Stepney Green Devons mins Oxford St Paul s Star Lane North Holland Queensway Marble Heathrow Circle, District, Holborn Langdon Acton Arch Whitechapel Wood Lane 7 mins Heathrow Hammersmith Covent Garden Canning All Saints High mins & City Town Green Leicester ferry Blackwall Shepherd s Bush Hyde Corner Custom House for ExCeL Market Hyde Corner Piccadilly Cannon Limehouse Poplar ALL OF Piccadilly (Olympia) Monument Tower India Prince Regent Goldhawk Knightsbridge Shadwell Mansion House 5. Fenchurch Tower Docks SOURCE: TFLCharing Wapping Gateway Albert Barons Gloucester CROSSRAIL FROM Cross Blackfriars Canary India Quay Hammersmith Court St James s River Thames Temple Wharf Beckton Rotherhithe Cyprus amford minster London Silvertown Brook Ravenscourt Earl s South Sloane Embankment Bermondsey Canada North Gallions Reach Court Bridge Water Heron Quays Peninsula Pontoon Dock Brompton Waterloo Beckton London Paddington has undergone significant redevelopment and regeneration, leading to dramatic changes in investor performance over the last few years. The market has seen a shift from a predominantly residential location to a popular office district as new schemes have been developed. An improving supply of investable stock and a broadening of the tenant mix have helped Paddington attract the attention of many leading international and institutional investors. As a market that is undergoing significant change, investor returns have been more volatile that in the rest of London. In, Paddington property recorded a total return of. y/y, down from the. returned y/y in 13. Capital values grew by 11.3 y/y in, meaning that they are now only off their 7 peak. Rental performance was similarly strong, appreciating by.5 y/y on average across Paddington through the year. Offices provided a total return of 15.7 y/y, thanks to strong rental growth of 11.3 y/y, which helped pushed capital values up by 11. y/y. But the retail sector performed more strongly with a return of 1. y/y, despite the fact that rental growth was below the central London average. Investor sentiment, as measured by yield impact, improved, but the change was the smallest for any London market at.3 y/y. Investors may be waiting for regeneration schemes to get closer to completion before deciding to invest in this market. Nonetheless, equivalent yields in Paddington compressed marginally to close out at an average of 5.1.

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE Paddington is within the City of minster broadly bordered by Edgware to the east, the Regent s canal to the north and Hyde to the south and to the west. Postcodes: W 1, W11 1, W Major landowners include The Church Commissioners, British Land PLC, Derwent London, The Paddington Development Corporation and Land Securities Group PLC. Developer Address Commercial / Residential (Private Units) The Paddington Development Corporation Limited The Paddington Development Corporation Limited Taylor Wimpey London Use Completion Date Building B, Merchant, Harbet 7,593 Office & Retail 15 Building C, Merchant, 19,3 Office & Retail 15 Harbet Paddington Exchange 3 Residential Derwent London North Wharf, Office & Retail RECENT INVESTMENT TRANSACTIONS ANNUAL TOTAL RETURN 5 - DEC 1 APR AUG DEC APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 APR AUG DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC. 11.3 ALL AVERAGE Date Address Postcode Tenure Use Price (m) Capital Value Q3 Grosvenor Casinos, Edgware, 15 Q3 Enterprise House, 7 bourne Terrace Net Initial Yield W LLH Leisure 55.5 71..75 71,9 W FH Office 3. 955. 5, Q The Point, Paddington W FH Mixed Use. 9. 5.5 3,39 RECENT OFFICE TRANSACTIONS - - - RETURNS 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. TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD 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.. 5.1 Date Address Tenant Rent Rates Service Charge Q 5 Merchant NCR Ltd.,91.. Q Bain House, Intercontinental 7.5,777. 9.5 Connaught Place Hotels Group Q1 5 Merchant Helios Towers Africa LLP. 9,.. RECENT RETAIL TRANSACTIONS PERFORMANCE Total Return. Capital Growth 11.3 Income Return. Equivalent Yield 5.1 Rental Value Growth.5 TOTAL RETURN PREDICTION Correlates to the LEVY End Total Returns Forecast End Forecast 15 13.7.3 11. 19 9. 17 7.3 ANNUALISED 19 9.7 INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft. Prime Retail Zone A 1 Implied Headline Capital Value per sq ft 1, Prime Net Initial Yield.75 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,5 RETURNS SETTLE. IMPROVED PERFORMANCE AWAITS CROSSRAIL AND DEVELOPMENT RESURGENCE Prime Retail Zone A 1 Date Address Tenant Zone A Q 11 Porchester Place Mud Australia 5. Q3 5 5A Porchester Place Buchanans 5. Q1 55 57 Connaught Abasto 1. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q End Green W End Green Ltd (Marketing) Q 119 Bayswater Q1 5 57 Princes W W Fenton Whelan Pembridge Palace Propco Ltd Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase. 7, Planning permission for 7 residential units ( private) 39. 1,7, Planning permission for private residential units 5.99 3,5,, sq ft hotel. Permission for conversion to 5 houses and 3 apartments SOURCE: LEVY

Edgware Bayswater Notting Gate High THE MARKET IS ONE OF S MOST FASHIONABLE LOCATIONS FOR COMMERCIAL AND RESIDENTIAL OCCUPIERS. UNDERPINNED BY THE CORE MEDIA OCCUPIER BASE. THE END FRONTING REGENT HAS SEEN SIGNIFICANT INCREASES IN VALUE ADJACENT TO THE CORE MARKET IN. High Barnet Cockfosters Totteridge & Whetstone Oakwood Woodside Southgate Mill Finchley Arnos Grove Edgware Bounds Green Burnt Oak Finchley ark Wood Green Colindale Finchley ry Turnpike Lane Hendon Highgate Crouch y Brent Cross Archway Manor House Gospel Golders Green Oak Upper Holloway sden Heath Tufnell Arsenal Dollis Finsbury Finchley Kentish Holloway Willesden Green & Frognal Town Belsize Kentish Town Kilburn Highbury & ry Caledonian Islington Chalk Farm Camden desbury Finchley Camden Town Caledonian & Canonbury Swiss Cottage Barnsbury South Mornington Dalston Junction St. John s Wood Crescent King s Cross St Pancras Queensway Gloucester Marylebone Edgware Lancaster Gate Hyde Corner Knightsbridge South Marble Arch Bond Sloane Baker Regent s Green St James s Great Portland Warren Oxford Piccadilly minster Charing Cross Waterloo Harringay Green Lanes Seven Sisters Dalston Kingsland Angel CONNECTION TIMES VIA CROSSRAIL Hoxton (from (from Piccadilly ) Old Court ) Shoreditch High FarringdonPaddington Liverpool Liverpool Goodge Russell 9 mins mins Barbican Paddington Court 13 mins Chancery Lane Moorgate mins Holborn Canary St Paul swharf Canary Wharf 19 mins mins Covent Garden Leicester Heathrow Heathrow mins 33 mins Cannon Mansion House Monument Tower Shadwell Fenchurch Tower Blackfriars Gateway Temple River Thames SOURCE: TFL Rotherhithe CROSSRAIL FROM Embankment London Bermondsey Canada Bridge Water Southwark Haggerston Surrey Quays Hale South Blackhorse Queen s Homerton ferry Court Limehouse, Northern, Wapping Crossrail Canary Wharf Heron Quays South Quay Crossharbour International Wick Midland Blackwall Poplar India India Quay Epping Theydon Bois Debden Loughton Buckhurst Woodford South Woodford Snaresbrook PRIMARY Pudding TRANSPORT LINKS Mill Lane Bethnal Green Mile End Leicester Bow Piccadilly, Northern Oxford Bow Bromleyby-Bow Church Bakerloo,, Stepney Green Devons Langdon Piccadilly Whitechapel Bakerloo, Piccadilly All Saints North Peninsula Roding Valley Wanstead Chigwell Hainault High Wanstead Fairlop Barkingside Newbury Woodgrange Ham Canning Town Redbridge High Abbey Star Lane Plaistow Grange Gants Goodmayes.3 Seven Kings Upminster Ilford Upminster Bridge Manor Hornchurch Elm Forest Gate Docks Silvertown Barking Ham Upton Pontoon Dock Upney London City Airport King George V TOTAL RETURN. Becontree Chadwell Heath To Shenfield ALL OF. Gidea Harold Wood Romford RENTAL VALUE GROWTH ALL OF Heathway 7. EQUIVALENT YIELD.3 Custom House for ExCeL Prince Regent ALL OF Albert 5. Beckton Cyprus Gallions Reach Beckton The Soho market shares many similarities with neighbouring Covent Garden, its smaller lot sizes comprising mainly older building stock with few modern developments. This mix of stock has proved highly popular for a wide variety of retail and office occupiers. The diversity of the market and its relative resilience during weaker periods of the market cycle has made it one of the strongest performers in London in recent years. Since the trough of the market in 9, Soho has provided an average total return of 17. per annum, making it one of the top performing markets in the capital with performance 3. above the London average. Investment property in Soho returned. y/y in, strengthening from 17. y/y in the previous year. Capital values grew by.3 y/y, continuing the climb of recent years, so that by the end of they stood 5 above their June 7 peak. The primary drivers of capital value growth in were a.3 y/y rise in rental values and a positive yield impact of. y/y. Offices in Soho returned. y/y in, performing marginally less strongly than retail which returned.3 y/y. This was mostly due to lower office capital growth of 1. y/y compared to. y/y for retail. From an occupier perspective, office rents grew by.9 y/y and retail rents by 9. y/y. Soho equivalent yields fell to a new low of.3 at the end of, down from. in December 13.

MARKET UPDATE FEBRUARY 15 Soho is in the City of minster, broadly bordered by Charing Cross to the east, Oxford to the north, Piccadilly to the south and Regent to the west. Postcodes W1B 3, W1B 5, W1D 7, W1F, W1F 7 9 Major landowners include The Crown Estate, Shaftesbury PLC and Soho Estates. ANNUAL TOTAL RETURN 5 - - - - DEC 1 APR 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. PERFORMANCE Total Return. Capital Growth.3 Income Return 3. Equivalent Yield.3 Rental Value Growth.3 TOTAL RETURN PREDICTION AUG DEC APR 3 Correlates to the LEVY End Total Returns Forecast End Forecast AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 RETURNS APR AUG 15 13.7.3 11. 19 9. 17 7.3 ANNUALISED 19 9.7 DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC. 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. INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 5. Prime Retail Zone A 15 5 Implied Headline Capital Value per sq ft.3, Prime Net Initial Yield. RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,, INVESTOR SENTIMENT STRONG AND RENTAL GROWTH SOLID TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD 3. ALL AVERAGE.3 DEVELOPMENT PIPELINE Developer Address Commercial / Residential (Private Units) Use Completion Date Shaftesbury PLC / 5 Kingly & / Foubert s Place 57, / Mixed Use 15 The Crown Estate Quadrant House, Block Regent, Office 15 The Crown Estate / Norges 1 Glasshouse, Office 15 Resolution Property 111 5 Oxford 5, Office 15 Crosstree Real Estate Golden, Office 15 Dukelease Properties / 11 Soho 7, Mixed Use 15 British Airways Pension Trust Derwent London 1 Stephen 7, Office & Retail 15 TFL 1 9 Oxford 35, Mixed Use 15 Great Portland Estates St Lawrence House, Broadwick 9, Mixed Use Great Portland Estates 1 Dean & 73 Oxford 9, Office & Retail The Crown Estate Quadrant Residential Barratt London & United House Trenchard House, Soho 13 13 Residential 17 CPPIB & BT Pension Fund Regent, Office & Retail 17 Great Portland Estates 73 9 Oxford, Office & Retail 17 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value Q1 15 Soho Works Estate W1 FH Mixed Use Q National Magazine House, Carnaby & 7 Broadwick Net Initial Yield. 1,79. 7,3 W1 FH Office 3.5 1,173. 3.5 5, Q3 Great Pulteney W1 FH Office 57.5 1,17..37 7, Q 33 Golden W1 FH Office 3.5 1,3. 3.5 17,19 Q 1 Shaftesbury Avenue W1 FH Office.5 1,..7,1 RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Rates Service Charge Q 19 5 Argyll Tyche Consulting Ltd. 9,5 5. 11.75 Q3 7 9 Wardour Angela Mortimer Plc 5. 7,37 7..5 Q1 Air W1, Air Twitter UK Ltd 7.5, 3. 9. RECENT RETAIL TRANSACTIONS Prime Retail Zone A 15. 5. Date Address Tenant Zone A Q3 5 Poland MacCulloch & Wallis. Q3 3 Carnaby Supertrash 5. Q3 39 Old Compton Wasabi. Q1 3 Berwick Moi & Toi 191. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q 5 Poland Q 1 Poland W1 Amazon Properties Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase. 1,9 Existing site totals,9 sq ft of office accommodation W1 English Rose.5 93 Offices and restaurant comprising,55 sq ft SOURCE: LEVY

ST. JAMES S Stanmore Canons Queensbury Kingsbury rondesbury Edgware SMALLER THAN ITS NEIGHBOUR, 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. Burnt Oak Neasden Dollis Willesden Green Brondesbury Kilburn High ddington rove lland ark Earl s Court Imperial Wharf Kilburn South Edgware Bayswater Notting Gate Queensway High Gloucester Colindale Hendon Marylebone Edgware Lancaster Gate Hyde Corner Knightsbridge South Finchley Brent Cross Golders Green Swiss Cottage St. John s Wood Marble Arch Bond Sloane Pimlico Finchley & Frognal Kentish Belsize Town Chalk Farm Camden Town Regent s Green KING S Heath CROSS Mornington Crescent Great Baker Portland St James s Warren Oxford Piccadilly minster Charing Cross Waterloo Mill Gospel Oak Goodge Court Lambeth North Tufnell Arsenal Holloway Kentish Town Caledonian Camden Totteridge & Whetstone Woodside Finchley Finchley Finchley Highgate Archway King s Cross St Pancras Angel Farringdon Borough Crouch Russell Barbican CONNECTION TIMES (from Chancery Green Lane ) St Paul s HolbornPaddington Covent Garden 9 mins Leicester mins Cannon Mansion Canary House Wharf Blackfriars mins Temple Heathrow 5 mins Embankment Southwark SOURCE: TFL CROSSRAIL FROM Upper Holloway Caledonian & Barnsbury Old Southgate Arnos Grove Bounds Green Wood Green Turnpike Lane Manor House Liverpool Highbury & Islington Cockfosters Oakwood Finsbury Canonbury Harringay Green Lanes Seven Sisters Dalston Kingsland Dalston Junction Haggerston Hoxton Shoreditch High Hale Bethnal Green South Blackhorse Queen s Homerton VIA CROSSRAIL PRIMARY Bow Church Moorgate (from Bond ) TRANSPORT LINKS Stepney Green Paddington Charing Cross mins Whitechapel Bakerloo, Northern, Liverpool National Rail ferry mins Green Monument Tower Shadwell Jubilee, Piccadilly, Limehouse Canary Wharf Fenchurch Tower Wapping mins Gateway Canary River Thames Piccadilly Wharf Heathrow Rotherhithe Bakerloo, Piccadilly 31 mins London Bermondsey Canada minster Bridge Water Heron Quays Circle, District, Jubilee Surrey Quays South Quay Crossharbour Mudchute Island Gardens International Wick Mile End Midland Bow Blackwall Poplar India India Quay Epping Theydon Bois Debden Loughton Buckhurst Woodford South Woodford Snaresbrook Bromleyby-Bow Devons Langdon All Saints Pudding Mill Lane North Cutty Sark for Maritime Peninsula Roding Valley Wanstead Chigwell Hainault Fairlop Barkingside Newbury Silvertown 3.9 To Shenfield Harold Wood Goodmayes Romford Chadwell Heath Gidea Seven Kings ST. JAMES S Upminster RENTAL Ilford VALUE GROWTH Upminster Bridge High Manor Hornchurch Forest Gate. Elm Wanstead Heathway Becontree Woodgrange Upney Ham Canning Town Redbridge High Abbey Star Lane Plaistow Grange Gants Barking Ham Upton ST. JAMES S TOTAL RETURN ALL OF. ALL OF 7. ST. JAMES S EQUIVALENT YIELD. Custom House for ExCeL Prince Regent Docks Albert Beckton Cyprus Gallions Reach Pontoon Dock Beckton London ALL OF City Airport 5. King George V Woolwich Arsenal Abbey Wood Woolwich Bordering Mayfair, London s pre-eminent office location, the strong performance of its neighbour tends to rub off on St. James s, with rents and yields some of the most competitive in London. Like Mayfair, this market is a leading retail location, with Regent at its heart. As a result of the markets high regard amongst retailers and its consistent popularity with office occupiers, investors returns have been strong, trending above the London average. In this market returned 3.9 y/y for commercial property, with retail returning 7.5 y/y and offices marginally behind at 3. y/y. St. James s capital values grew by 19. y/y in, outpacing the average London growth of 17. y/y. Retail capital values grew by an impressive.7 as investor demand for assets continued to outstrip supply. Rents for offices in St. James s grew by. y/y as the availability of space tightened further, while retail followed a similar trend with rents growing by.5 y/y as the continued improvements along Regent and surrounding streets boosted the entire market. Investor sentiment continued to warm, with a positive yield impact of.1 y/y boosting capital values further as yields compressed to record lows. As would be expected from one of London s prime investment markets, yields in St. James s are amongst the lowest recorded in the capital. At the end of the equivalent yield for this market stood at., its lowest level since 7, evidence of the strength of the recovery here.

MARKET UPDATE FEBRUARY 15 ST. JAMES S DEVELOPMENT PIPELINE St. James s is in the City of minster, bordered to the north by Piccadilly, St James s to the south, Green to the west and Trafalgar to the east. Postcodes: SW1A, SW1A 5 The major landowner is The Crown Estate. Developer Address Commercial / Residential (Private Units) Use Completion Date QNB Capital 9 Pall Mall, Office 15 Lothbury Investment Managers 55 St James's 3, Office 15 Amazon Properties 3 Pall Mall Residential 15 Ocubis 5 St James's 15, Office 15 The Crown Estate / NBIM Regent Block, Regent,5 Mixed Use The Crown Estate / NBIM 9 St James's / 5 7 Bury 5,75 Mixed Use The Crown Estate and Oxford Properties St. James's Market Haymarket Block, Office & Retail Sultun of Brunei Norfolk House, 31 St James's, Office 17 RECENT INVESTMENT TRANSACTIONS ANNUAL TOTAL RETURN 5 - DEC 1 APR AUG DEC APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 APR AUG DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC 3.9 19. ALL AVERAGE Date Address Postcode Tenure Use Price (m) Capital Value Q The Former War Office, 57 Whitehall Net Initial Yield SW1 LLH Office. 5. 51,9 Q St James's SW1 FH Office 5.,17. 3.9 1,795 Q 7 Waterloo Place SW1 FH Office 35. 1,1. 3.93,993 Q1 3 Piccadilly, Jermyn W1 / SW1 LLH Office & Retail 7.5 1,..73,317 - - - RETURNS 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. TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD 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. 3.. RECENT OFFICE TRANSACTIONS Date Address Tenant Rent Rates Service Charge Q Times Place, 5 Pall Mall Oakhill Advisors (UK Services) 5.,7. 9.5 Q3 3 King London Executive Offices 115. 3,77 5. 9.5 Q3 Pall Mall Parus Finance 9.,5 33..75 RECENT RETAIL TRANSACTIONS PERFORMANCE Total Return 3.9 Capital Growth 19. Income Return 3. Equivalent Yield. Rental Value Growth. TOTAL RETURN PREDICTION ST. JAMES S Correlates to the LEVY End Total Returns Forecast End Forecast 15 13.7.3 11. 19 9. 17 7.3 ANNUALISED 19 9.7 INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 115. Prime Retail Zone A Implied Headline Capital Value per sq ft,9 Prime Net Initial Yield 3.75 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 3,, EXCEPTIONAL DEVELOPMENT ACTIVITY. SIGNS OF IMPROVEMENT SUGGESTS HIGH FUTURE RETURNS Prime Retail Zone A. Date Address Tenant Zone A Q St James s Stern Pissarro Gallery. Q1 Crown Passage Pita Pit 1. Q1 79 Jermyn Aquascutum. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q Carlton House Terrace Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase SW1 Private.,35 Planning consent for a single dwelling of,3 sq ft Q St James SW1 Private 5. 1,997 Planning consent for a single dwelling consisting of 19, sq ft of proposed floorspace area Q 1 Dartmouth SW1 Henley Homes plc 3. 79 Multi tenanted office building of 53,5 sq ft SOURCE: LEVY

y k l en k t n way een dge ney lds ark don Stanmore Canons Queensbury Kingsbury Brondesbury Imperial Wharf Edgware 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 Colindale Hendon Brent Cross Marylebone Great Baker Portland Pimlico Warren Regent s Vauxhall Mill Gospel Golders Green Oak Neasden Heath Dollis Finchley Willesden Green & Frognal Belsize Kilburn Chalk Farm Brondesbury Finchley Camden Town Swiss Cottage South Mornington St. John s Wood Crescent Kilburn High Paddington ke Grove ad s Holland Earl s Court Edgware Bayswater Notting Gate Queensway High Gloucester Edgware Lancaster Gate Hyde Corner Knightsbridge South Clapham Junction Marble Arch Bond Sloane Wandsworth Green St James s Oxford Piccadilly minster Charing Cross Waterloo Oval Kentish Town Goodge Court Camden Lambeth North Kennington King s Cross St Pancras Totteridge & Whetstone Finchley Finchley Finchley Highgate Archway Tufnell Kentish Town Farringdon Russell Barbican Chancery Lane Borough Elephant & Castle Crouch Caledonian St Paul s Holborn Covent Garden CONNECTION TIMES Leicester (from ) Cannon Paddington Mansion mins House Blackfriars Temple 17 mins Embankment Canary Wharf mins Heathrow 9 mins Southwark SOURCE: TFL Angel Upper Holloway Holloway Peckham Rye Southgate Arnos Grove Bounds Green Wood Green Turnpike Lane Manor House Arsenal Caledonian & Barnsbury Old Liverpool Moorgate Queens Peckham Highbury & Islington Cockfosters Oakwood Finsbury Canonbury PRIMARY TRANSPORT LINKS Harringay Green Lanes New Cross Gate Brockley Seven Sisters Dalston Kingsland Dalston Junction Haggerston Hoxton Shoreditch High Monument St. James s Tower Shadwell Circle, District Fenchurch Tower Gateway River Thames Circle, District,, Rotherhithe National Rail London Bermondsey Canada Bridgeminster Water Circle, District, Jubilee Surrey Quays Hale Bethnal Green South Blackhorse Queen s Homerton Wapping Bow Church Stepney Green New Cross ferry Canary Wharf Heron Quays South Quay Crossharbour Mudchute Island Gardens International Wick Mile End Whitechapel Limehouse Midland Bow Blackwall Poplar India India Quay Deptford Bridge Elverson Epping Theydon Bois Debden Loughton Buckhurst Woodford South Woodford Snaresbrook Bromleyby-Bow Devons Langdon All Saints Pudding Mill Lane North Cutty Sark for Maritime Peninsula Roding Grange Valley.3 Chigwell Harold Wood Hainault Gidea Fairlop Romford Barkingside Chadwell Heath Newbury Wanstead High Wanstead Canning Town Silvertown Seven Kings Upminster Ilford Upminster Bridge Manor Docks Custom House for ExCeL Prince Regent To Shenfield Heathway 1.5 Becontree Woodgrange Upney High Barking Abbey Ham Upton Ham Star Lane Redbridge Plaistow Gants TOTAL RETURN Goodmayes ALL OF. Hornchurch Forest Gate RENTAL VALUE Elm GROWTH ALL OF 7. EQUIVALENT YIELD Albert Beckton 5.1 Cyprus Gallions Reach Pontoon Dock Beckton London City Airport King George V ALL OF 5. Woolwich Arsenal Abbey Wood Woolwich is a large scale office location, which until recently was dominated by the public sector and thus offered investors long-term cash flows with strong covenants. has also suffered from high levels of vacancy and obsolescence due to its older office stock. Many of these older offices have become vacant in recent years as long leases from the late 197 s and early 19 s have expired. This has presented investors with significant asset management opportunities and new schemes, which appeal strongly to tenants, are starting to emerge. In, this market provided investors with a total return of.3 y/y, below the average for London but a marked improvement from the 11.3 y/y returned in 13. Returns for commercial property in have averaged.7 y/y over the last five years with capital values increasing by a cumulative 37 over the period. Rents grew by only 1.5 y/y in and capital values by.9 y/y, though both measures marked an improvement on the 13 performance. Improving occupier sentiment in was followed by a warming of investor opinion through the year. The intense competition for assets in London s core markets has forced investors further afield in search of higher yields in recent years, with pricing too strong for many in the End. Strengthening investor sentiment in this location was evidenced by a positive yield impact of. y/y as average equivalent yields closed out at 5.1, a fall of over bps compared to the 5.7 yield recorded a year earlier.

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE is in the City of minster, broadly bordered by the River Thames to the east and south, St. James s to the north, and Belgravia to the west. Postcodes: SW1E 5, SW1H, SW1H 9, SW1P 1, SW1V 1 The major landowner is Land Securities Group PLC. Developer Address Commercial / Residential (Private Units) Barratt London Great Minster House, 7 Marsham Use Completion Date Residential 15 Land Securities Kingsgate House, Residential 15 Land Securities Zig Zag Building,, Office 15 Land Securities Circle, Nova, Mixed Use Berkeley Homes (Urban Renaissance) RECENT INVESTMENT TRANSACTIONS Cleland House & Abell House, John Islip Residential ANNUAL TOTAL RETURN 5 - DEC 1 APR AUG DEC APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 APR AUG DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC.3.9 ALL AVERAGE Date Address Postcode Tenure Use Price (m) Capital Value Net Initial Yield Q 111 Buckingham Palace SW1 FH Office 7.5 913..1 7,5 Q 3 Buckingham Palace SW1 LLH Office 195. 95. 5.5 5, Q Sanctuary Buildings, SW1 FH Office 175. 771. 5.5 7,99 Great Smith Q Steel House, 1 Tothill SW1 FH Office 55. 55. 3.5,777 Q1 1 Queen Anne s Gate Buildings SW1 FH Office 3.. 3.7 5,7 RECENT OFFICE TRANSACTIONS - - - This graph shows the annual total return series over time for London in red. in blue and the light blue shaded area shows the range of returns generated by the other markets. RETURNS TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD The box plot represents the positioning of within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index.. 5.1 Date Address Tenant Rent Rates Service Charge Q3 1 5 Howick Place Dong Energy Power UK Ltd 9.5 1,71..5 Q3 Zig Zag Building, Jupiter Asset Management.5 5,357 7 Q1 Buckingham Gate OMV (UK) Ltd 7.5,31 5..75 RECENT RETAIL TRANSACTIONS PERFORMANCE Total Return.3 Capital Growth.9 Income Return. Equivalent Yield 5.1 Rental Value Growth 1.5 TOTAL RETURN PREDICTION Correlates to the LEVY End Total Returns Forecast End Forecast 15 13.7.3 11. 19 9. 17 7.3 ANNUALISED 19 9.7 INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 75. Prime Retail Zone A 5 Implied Headline Capital Value per sq ft 1,5 Prime Net Initial Yield.75 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1,,5 STABLE RENTS. YIELD COMPRESSION AND DEVELOPMENT ACTIVITY SUGGESTS A RETURN TO RENTAL GROWTH Prime Retail Zone A 5. Date Address Tenant Zone A Q 77 Pret A Manger. Q 157 159 Nationwide 5. Q Unit 1, 55 Itsu 17. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q1 15 Castle Lane SW1 Land Securities Q Q3 New Scotland Yard, Broadway Great Peter Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase 5., Planning permission for 31 private residential units SW1 Northacre Plc 37. 919 Existing office building of,7 sq ft SW1 Private. 1,9 Existing office building of,91 sq ft Q Monck SW1 Taylor Wimpey 9.7 1,155 Existing office building of 5,7 sq ft SOURCE: LEVY

Epping ware Burnt Oak Colindale Hendon Brent Cross Pimlico Golders Green Vauxhall SIGNIFICANT DEVELOPMENT Totteridge ACTIVITY & Whetstone FOCUSED ALONG THE JUBILEE LINE AND THE Woodside RIVER, AND BETWEEN Southgate AND Mill BRIDGE Finchley HAS SEEN THE Arnos Grove ATTRACTIVENESS OF THIS LOCATION INCREASE Bounds Green Finchley SIGNIFICANTLY. RECENT DEVELOPMENTS SUCH AS Wood Green THE SHARD HAVE INCREASED THE Finchley PROFILE TO AN Turnpike Lane INTERNATIONAL AUDIENCE. Finchley en Green & Frognal burn Finchley Swiss Cottage ad Marylebone l gware ncaster Gate ay e Corner htsbridge th gton ham tion Marble Arch St. John s Wood Bond Sloane Wandsworth Clapham High Clapham North Belsize Heath Chalk Farm Camden Town Mornington Crescent Oval Stockwell Gospel Oak Kentish Town Lambeth North Kennington Camden King s Cross St Pancras High Barnet Highgate Archway Tufnell Kentish Town Borough Elephant & Castle Crouch Caledonian Upper Holloway Holloway Manor House Arsenal Caledonian & Barnsbury Highbury & Islington Great Portland Angel Old Warren Farringdon Liverpool Regent s Goodge Russell Barbican Court Chancery Lane Moorgate Oxford St Paul s Holborn Covent Garden Baker Green St James s Piccadilly minster Charing Cross Waterloo Leicester Embankment Southwark Denmark Cannon Mansion House Blackfriars Temple Peckham Rye Monument London Bridge Queens Peckham Poplar Tower CONNECTION TIMES Limehouse PRIMARY Shadwell India (from Tower Waterloo) Wapping TRANSPORT LINKS Gateway Canary India Quay Blackfriars Wharf Rotherhithe mins Circle, District, National Rail Bermondsey Canada North Canary Wharf Water Heron Quays 9 mins London Bridge Surrey Quays South Jubilee, Quay Northern, Paddington National Rail mins Crossharbour Waterloo Heathrow Mudchute Bakerloo, Jubilee, 5 mins Island Northern, Gardens Waterloo & City, National Rail Fenchurch River Thames Cockfosters Oakwood Finsbury Canonbury Harringay Green Lanes New Cross SOURCE: Gate TFL Brockley Forest Seven Sisters Dalston Kingsland Dalston Junction Haggerston Hoxton Shoreditch High Honor Oak Hale Bethnal Green South Blackhorse Queen s Homerton Bow Church Stepney Green New Cross ferry International Wick Mile End Whitechapel Midland Bow Blackwall Deptford Bridge Elverson Theydon Bois Debden Loughton Buckhurst Woodford South Woodford Snaresbrook Bromleyby-Bow Devons Langdon All Saints Pudding Mill Lane Cutty Sark for Maritime Lewisham Peninsula Roding Valley Wanstead Chigwell Hainault High Wanstead Fairlop Barkingside Newbury Woodgrange Ham Canning Town Redbridge High Abbey Star Lane Plaistow Grange Gants Manor Forest Gate Docks Silvertown Pontoon Dock London City Airport To Shenfield Harold Wood 3. Gidea Romford Chadwell Heath Goodmayes Seven Kings Upminster Ilford Upminster Bridge Barking Ham Upton Upney King George V Hornchurch Becontree Heathway Custom House for ExCeL Prince Regent Elm Albert Beckton Woolwich Arsenal TOTAL RETURN ALL OF. RENTAL VALUE GROWTH. ALL OF 7. EQUIVALENT YIELD Cyprus Gallions Reach 5. Beckton Woolwich Abbey Wood ALL OF 5. Improvements in transport infrastructure, particularly the opening of the Jubilee Line extension in 1999, have helped locations south of the river, such as Waterloo, to attract leading tenants. More recently, the popularity of Waterloo, along with Southwark, has been further boosted by new developments like the Shard and regeneration schemes in Elephant and Castle. The availability of better space, through the development of modern office and retail schemes, has motivated many leading occupiers to move south of the river. This market returned 3. y/y in, up from. y/y the previous year. The improvement in returns came as capital values climbed by.9 y/y and income return strengthened to 5.9 y/y. Value growth was marginally below the London average of 17. y/y as Waterloo saw more modest rental value growth than core locations at. y/y. Last year s capital value growth was primarily driven by a further improvement in investor sentiment, reflected in a positive yield impact of 11. y/y, as demand for Waterloo assets continued to grow. Waterloo has traditionally been considered a more secondary London location by occupiers and investors, a view that has been reinforced by its broad mix of older stock. However, with several new schemes and access improvements in recent years, occupier and investor interest in this market has grown in the light of the more competitive rents and yields on offer. At the end of, equivalent yields in Waterloo were bps above the London average at 5..

MARKET UPDATE FEBRUARY 15 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,, SE17 1 3. ANNUAL TOTAL RETURN 5 - - - - DEC 1 APR AUG DEC 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. APR 3 PERFORMANCE Total Return 3. Capital Growth.9 Income Return 5.9 Equivalent Yield 5. Rental Value Growth. TOTAL RETURN PREDICTION Correlates to the LEVY End Total Returns Forecast End Forecast AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 RETURNS APR AUG 15 13.7.3 11. 19 9. 17 7.3 ANNUALISED 19 9.7 DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC 3. 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. INVESTMENT HEADLINE SOURCE: LEVY Prime Office Rent per sq ft 55. Prime Retail Zone A 5 Implied Headline Capital Value per sq ft.9 1, Prime Net Initial Yield.75 RESIDENTIAL SALES VALUE SOURCE: LEVY TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD Headline Range per sq ft 1,, INVESTOR SENTIMENT HIGH. RENTAL GROWTH LIMITED BY A LACK OF DEVELOPMENT ACTIVITY 5.9 ALL AVERAGE 5. DEVELOPMENT PIPELINE Developer Address Commercial / Residential (Private Units) Use Completion Date Derwent London Wedge House, Blackfriars, Office CIT Group & Jadwa Southbank Tower, Stamford 17, Mixed Use 15 Investment Urbannest UK Ltd minster Place, 199 minster Bridge,19 Mixed Use Coin Community Doon Tower 5, Residential 17 Builders Alpha Plus Group York House, Lambeth Palace 9, Student (Delancey) & LSE Housing St. George South London Ltd One Blackfriars, 1 Blackfriars 7 Residential 17 RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value per sq ft Q1 15 1 America & 9 Great Guildford Q3 5 Sunguard Court, Paris Garden Q Becket House, 1 Lambeth Palace Q1 Riverside House, a Southwark Bridge RECENT OFFICE TRANSACTIONS Net Initial Yield SE1 FH Office. 7..77 39,9 SE1 FH Office 7.5 573..9,53 SE1 FH Office 7. 595. 5.,15 SE1 FH Office. 7. 5.7 171,93 Date Address Tenant Rent per sq ft Rates Service Charge Q3 Blackfriars Alternative Networks PLC 53.5,7.. Q 1 London Bridge Howard Kennedy FSI LLP 7.5 5,55 17.. Q1 The Crane Building, Lavington Cheil Europe Ltd 5.7,3. 7.5 RECENT RETAIL TRANSACTIONS Prime Retail Zone A 5. Date Address Tenant Zone A Q 79B Waterloo Subway 171. Q1 11 15 Borough High Pret A Manger. Q1 97 99 Borough High Coral 17. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q3 Le Soco, Marlborough Q1 9 9 Blackfriars Q1 The Music Box, 35 1 Union Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase SE1 Galliard., Planning consent for 5 residential units (9 private, affordable) providing in excess of 51, sq ft gross internal floor area SE1 SE1 Affinity Sutton Taylor Wimpey 11.9 5, Planning consented for 53 residential units (5 private units) and,13 sq ft of retail floorspace and,5 of office floorspace 7.,5 Purchased with permission for 9 private residential units and office space, subsequent planning permission granted for 55 residential units ( private) plus commercial space SOURCE: LEVY

INCLUDES CLERKENWELL, SMITHFIELD AND FARRINGDON reen ampstead oad gnal od er et Regent s en James s Heath Belsize Great Portland Chalk Farm Warren Oxford Piccadilly minster Camden Town Mornington Crescent Charing Cross ARGUABLY S MOST DYNAMIC MARKET EAGERLY AWAITING THE REGENERATION OF SMITHFIELD AND THE COMPLETION OF CROSSRAIL. Mill Gospel Oak Kentish Town Goodge Court Holborn Leicester Finchley Bounds Green Finchley Wood Green Finchley Turnpike Lane Highgate Crouch Archway Manor House Upper Holloway Camden High Barnet Totteridge & Whetstone Woodside Tufnell Kentish Town Farringdon Russell Covent Garden Embankment King s Cross St Pancras Mansion House Blackfriars Temple Southgate Arnos Grove Cockfosters Oakwood Arsenal Finsbury Holloway Highbury & Islington Caledonian Angel Barbican Chancery Lane St Paul s Cannon Caledonian & Barnsbury Harringay Green Lanes Seven Sisters Dalston Kingsland Hale South Blackhorse Queen s International Theydon Bois Midland Epping Debden Loughton Buckhurst Woodford South Woodford Snaresbrook Chigwell Hainault High Wanstead Fairlop Barkingside Newbury Manor Forest Gate Silvertown Goodmayes Romford Chadwell Heath Seven Kings Upminster Ilford Upminster Bridge Elm Dalston CONNECTION Junction TIMES VIA CROSSRAIL PRIMARY Heathway Homerton (from Farringdon) (from Farringdon) Wick TRANSPORT Woodgrange LINKS Becontree Haggerston Upney Liverpool Farringdon 9 mins Barking Hoxton mins Circle, Hammersmith High Pudding Old Mill Lane & City, Metropolitan, Ham Paddington Shoreditch Paddington Abbey Bethnal Crossrail, National Rail 15 mins High Green 7 Mile mins End Liverpool Upton Bow King s Cross Canary Wharf Canary Wharf Plaistow St Pancras 3 mins 9 mins Bromleyby-Bow Moorgate Heathrow Heathrow & City, Metropolitan, Bow Church Circle, Hammersmith Stepney Green Devons 7 mins 3 mins Northern, Piccadilly, Star Lane Langdon, National Rail, Whitechapel Eurostar Canning All Saints Town ferry Blackwall Old Northern, Custom House for ExCeL Limehouse Poplar Tower SOURCE: TFL Monument Shadwell India Prince Regent CROSSRAIL FROM National Rail Fenchurch Tower Docks Wapping Gateway Albert Canary India Quay River Thames Wharf Beckton Rotherhithe Cyprus London Canonbury Bermondsey Canada North Roding Valley Wanstead Redbridge Grange Gants Hornchurch To Shenfield Gidea Harold Wood Gallions Reach TOTAL RETURN. ALL OF. RENTAL VALUE GROWTH.5 ALL OF 7. EQUIVALENT YIELD. ALL OF 5. The areas of Farringdon and Clerkenwell are expected to be amongst the best placed to gain from the development of Crossrail, which will see Farringdon station turn into a major London transport hub. The market is already feeling this impact with rapid rental escalation and increasing investor attention. Since the formal start of the Crossrail project in 9, rents here have surged by over, while capital values have almost doubled as the demand for space in this popular location continued to significantly outstrip supply. Commercial property in the ern Fringe market returned. y/y in, above the London average of. y/y. Capital values were up.9 y/y, driven by rental value growth of.5 y/y and yield compression, which contributed a positive yield impact of. y/y. Offices returned.7 y/y, with strong capital growth of 1. y/y and a competitive income return of.3 y/y, together allowing offices in this market to comfortably outperform their London peers. The popularity of this market amongst occupiers has consistently pushed up rents over the last five years, so that they now exceed pre-crash levels. Investors have been slower to realise the potential of this market, with equivalent yields still considerably higher than for neighbouring areas. However, the last year has seen yields fall from. to. as investor confidence rose.

MARKET UPDATE FEBRUARY 15 DEVELOPMENT PIPELINE ern 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 up to St. John 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, EC1A, EC1A 7, EC1A 9, EC1M 3 7, EC1R 5, EC1Y, EC1Y, ECV 5 5 Developer Address Commercial / Residential (Private Units) Use Completion Date Derwent London White Collar Factory 37, Office Southern Housing Group Former Moorfields Primary School 5 Residential Mail Group PLC Mount Pleasant Mail 7 Residential RECENT INVESTMENT TRANSACTIONS Date Address Postcode Tenure Use Price (m) Capital Value Net Initial Yield Q 55 Gresham EC LLH Office.75 5..13,3 Q 77 79 Farringdon EC1 FH Office 5. 913. 3. 7,33 Q3 The Lever Building 5 Clerkenwell EC1 FH Office 31. 1,31..,37 ANNUAL TOTAL RETURN - DEC 1 APR AUG DEC APR 3 AUG 3 DEC 3 APR AUG DEC APR 5 AUG 5 DEC 5 APR AUG DEC APR 7 AUG 7 DEC 7 APR AUG DEC APR 9 AUG 9 DEC 9 APR AUG DEC APR 11 AUG 11 DEC 11 APR AUG DEC APR 13 AUG 13 DEC 13 APR AUG DEC..9 ALL AVERAGE RECENT OFFICE TRANSACTIONS Date Address Tenant Rent per sq ft Rates Service Charge Q 5 Aldermanbury Steptoe & Johnson LLP 57.5 15,5. 9. Q3 Aldermanbury GVA.5 5,915. 11.5 Q City Tower, Basinghall Neoworks LTD 59.5,9.. - - - This graph shows the annual total return series over time for London in red. ern Fringe in blue and the light blue shaded area shows the range of returns generated by the other markets. RETURNS PERFORMANCE TOTAL RETURN CAPITAL GROWTH INCOME RETURN EQUIVALENT YIELD The box plot represents the positioning of ern Fringe within the range of London s markets, represented in the form of boxes. The blue line is the average of the market index. INVESTMENT HEADLINE SOURCE: LEVY.3. RECENT RESIDENTIAL LAND TRANSACTIONS Date Address Postcode Developer Land Price (m) Q 13 Britannia WC1 Britannia Properties Land value per private plot ( / Unit) Land Price ( / sq ft) Planning position at point of purchase, Planning permission for 13 residential units (5 private) and a 1 bed hotel Total Return. Capital Growth.9 Income Return.3 Equivalent Yield. Rental Value Growth.5 Prime Office Rent per sq ft 55. Implied Headline Capital Value per sq ft 1,5 Prime Net Initial Yield 5. TOTAL RETURN PREDICTION INCLUDES CLERKENWELL, SMITHFIELD AND FARRINGDON Correlates to the LEVY City Total Returns Forecast City Forecast 15 15.3 3.7 9. 19 3.3 17.5 ANNUALISED 19 7.1 RESIDENTIAL SALES VALUE SOURCE: LEVY Headline Range per sq ft 1, 3RD ON RENTAL GROWTH AS THE EMERGES. CROSSRAIL IMPROVEMENT HIGHLY FASHIONABLE SOURCE: LEVY

APPENDIX REFERENCE TERMS REFERENCE TERMS CONTACTS 9 MARKETS DEFINED 5 TFL S RAIL TRANSPORT NETWORK AT 1 51 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 psf to 5 psf, rental value growth would be 5, 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 would indicate that yields had fallen by such an amount as to increase capital values by. Likewise, a negative yield impact of say 15 would show that a rise in yields had caused capital values to fall by 15.

INVESTMENT IPD CONTACTS LEVY Nuffield House 1- Piccadilly W1J DS T 79 7 F 79 E info@levyllp.co.uk Simon Heilpern DD 7 77 M 77 5 1 E simon.heilpern@levyllp.co.uk OFFICE Jonathan Martyr DD 7 77 3 M 777 533 99 E jonathan.martyr@levyllp.co.uk Henry Leighton DD 7 77 M 7793 7 E henry.leighton@levyllp.co.uk Tom Jeffery DD 7 77 M 79 95 E tom.jeffery@levyllp.co.uk Barron Randall DD 7 77 7 M 75 9 E barron.randall@levyllp.co.uk Colm Lauder DD 733 99 E colm.lauder@ipd.com REAL ESTATE STRATEGIES IPD An MSCI Brand Bishop s London EC1 EG T 733 9 E enquiries@ipd.com Simon Tann DD 7 77 1 M 77 19 E simon.tann@levyllp.co.uk Patrick Ryan DD 7 77 M 779 7 397 E patrick.ryan@levyllp.co.uk Ben Orton DD 7 77 M 75 5 93 E ben.orton@levyllp.co.uk Roger Holmes DD 7 77 M 77 93 97 E roger.holmes@levyllp.co.uk James Elliott DD 7 77 3 M 7 111 93 E james.elliott@levyllp.co.uk Malcolm Frodsham M 75 9 E malcolm.frodsham@ realestatestrategies.co.uk RESIDENTIAL RETAIL Matt Sharman DD 7 77 1 M 797 3 3 E matt.sharman@levyllp.co.uk Aaron Moles DD 7 77 111 M 77 717 E aaron.moles@levyllp.co.uk Matt Paulson-Ellis DD 7 77 151 M 77 71 11 E matt.paulson-ellis@levyllp.co.uk Roger Sharpley DD 7 77 15 M 797 3 E roger.sharpley@levyllp.co.uk Dan Ridgers DD 7 77 153 M 775 5 1 E dan.ridgers@levyllp.co.uk Pip Lee-Woolf DD 7 77 15 M 7595 53 115 E pip.lee-woolf@levyllp.co.uk INDUSTRIAL ASSET MANAGEMENT Simon Higgins DD 7 77 1 M 797 E simon.higgins@levyllp.co.uk Jeremy Grundy DD 7 77 131 M 7973 7 15 E jeremy.grundy@levyllp.co.uk Will Hutchinson DD 7 77 1 M 799 797 9 E will.hutchinson@levyllp.co.uk Jack Garrett DD 7 77 1 M 79 75 E jack.garrett@levyllp.co.uk Richard Stokes DD 7 77 17 M 7799 1 9 E richard.stokes@levyllp.co.uk Geoffrey Smith DD 7 77 171 M 77 3 3 E geoffrey.smith@levyllp.co.uk PROFESSIONAL BUILDING CONSULTANCY Paul Krendel DD 7 77 M 777 79 E paul.krendel@levyllp.co.uk Andrew Pilbrow DD 7 77 M 7795 75 33 E andrew.pilbrow@levyllp.co.uk Will Harris DD 7 77 1 M 715 991 E will.harris@levyllp.co.uk David Apthorp DD 7 77 19 M 79 717 1 E david.apthorp@levyllp.co.uk Gary Barlow DD 7 77 191 M 79 5 E gary.barlow@levyllp.co.uk Thomas Birch DD 7 77 19 M 7795 7 3 E thomas.birch@levyllp.co.uk

MARKETS DEFINED CITY BELGRAVIA

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

THE MARKETS ANALYSIS 15 WWW.IPD.COM WWW.LEVYLLP.CO.UK IN ASSOCIATION WITH