The London office market, like a cappuccino, is multi-layered, each with differing characteristics, which vary from one part of town to another.

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1 Q4 213 key points are: BBG Cappuccino Commentary Q4 213 Central London take-up was down by 5% to 3.2m sq.ft. in Q4 213 compared to Q3, but the full year take-up was 33% greater than 212 at 12.2 m sq.ft. The London office market, like a cappuccino, is multi-layered, each with differing characteristics, which vary from one part of town to another. City take-up in Q4 213 was very strong up 59% at 1.55 m sq.ft as the total take up for 213 was 4.94 m sq.ft. up 35% on 212 West End take-up remained strong in Q4, albeit it dipped by 4% to 934, sq.ft. Yearly take-up was 5% ahead of 212 at 3.46m sq.ft. Take-up in Q4 in Midtown increased sharply by 85% to 351, sq.ft from a low base. Total take-up on the Southbank dropped back by 68% in Q4 to 277, sq.ft. following a stellar Q3 of pre-letting activity. Underlying take-up was up 59%. Docklands take-up reduced by 73% in Q4 after the flurry of activity in Q3 Annual take-up was up 16% on 212 at 497, sq.ft. and just shy of the total for 211. Many areas are seeing 5%+ quarterly rental growth see Postcode analysis. Large deals featured significantly last year with almost a third of take-up pre-let. The number of deals over the whole year remained static, but there is evidence that limited supply influenced this. Increased activity throughout the year was seen in the fringes and on the Southbank and Canary Wharf, further illustrating that alternative locations are being considered due to limited supply. TMT activity continues to drive the market, but sentiment is improving and there is further evidence of firms expanding

2 Q4 213 BBG Cappuccino Commentary: Central London Cappuccino Analysis - Take-Up In Sq.ft. Shown Quarterly Over The Last 5 Years Espresso Analysis - Numbers Of Transactions Shown Quarterly Over The Last 5 Years Summary Commentary and Data Central London take-up was down by 5% to 3.2m sq.ft. in Q4 213, but the full year take-up was 33% greater than 212 at 12.2 m sq.ft. A series of large deals influenced the take-up figures last year and almost a third of take-up was pre-let. However, the numbers of deals over the whole year remained static. Our view is that the limited supply of available space is slowing take-up since there is an increasing level of enquiries and number of tenants looking for space. Increased activity throughout the year was seen in the City and West End fringes and on the Southbank and Canary Wharf. This further illustrates how some occupiers are having to consider alternative locations due to limited alternatives and these areas remain favoured by the dominant TMT sector. All areas are experiencing rental increases (see appendix). Activity has continued to be driven by the TMT sector but traditional sectors, have also seen good levels of activity as many firms are considering expansion. Layers sq.ft. Take-up sq.ft. Take-up sq.ft. % (+/-) No of deals No of deals % (+/-) Q3 213 Q4 213 Q3 213 Q4 213 Above 1k 1,12, ,516-5% 5 3-4% 5,1-1k 299, ,515-15% 4 4 % 25,1-5k 412,11 441,13 7% % 1,1-25k 511,994 76,957 38% % 5,1-1k 384,17 583,61 52% % 5-5k 648, ,487 4% % Total per qtr 3,359,349 3,28,89-5% % To Q4 212 To Q4 213 % (+/-) To Q4 212 To Q4 213 % (+/-) Annual Total 9,18,983 12,213,883 33% 1,879 1,882 %

3 Q4 214 BBG Cappuccino Commentary: City of London Cappuccino Analysis - Take-Up In Sq.ft. Shown Quarterly Over The Last 5 Years Espresso Analysis - Numbers Of Transactions Shown Quarterly Over The Last 5 Years Summary Commentary and Data Take-up in Q4 213 was very strong up 59% at 1.55 m sq.ft as the total take up for 213 was 4.94 m sq.ft. up 35% on 212 and 4% above the 5 year average. This was very positive news for the market after a quiet-ish Q3, and endorses the optimism seen earlier in the year. Take up was driven by large deals by Schroders (3, sq.ft.) at 1 London Wall Place, Capita (14, sq.ft.) at 1 Aldermanbury, University of Liverpool (73,7 sq.ft.) at 33 Finsbury Square and Mitsui & Co (52, sq.ft.) in St Martin s le Grand. The Schroders, Capita and Mitsui deals ensured that EC2 was the busiest submarket, with EC3 in second place with take up increasing by 66% and the number of deals up to 33 with insurance and banking firms equally active. New/refurbished space accounted for 51% of Q4 take-up. Central City prime rents increased by between 2-5% depending on location with top rents being c, 57.5 on prime EC3.EC4. Rent frees stayed at c months rent free on 1 year leases. Prime space remains scarce particularly in EC3. Layers sq.ft. Take-up sq.ft. Take-up sq.ft. % (+/-) No of deals No of deals % (+/-) Q3 213 Q4 213 Q3 213 Q4 213 Above 1k 241,13 413,538 72% 2 2 % 5,1-1k - 177,115 N/A - 3 N/A 25,1-5k 122, ,981 51% 3 6 1% 1,1-25k 254,181 39,374 22% % 5,1-1k 179, ,98 31% % 5-5k 18, ,311 3% % Total per qtr 977,675 1,554,299 59% % To Q3 212 To Q3 213 % (+/-) To Q3 212 To Q3 213 % (+/-) Annual Total 3,666,869 4,939,437 35% %

4 Q4 213 BBG Cappuccino Commentary: West End Cappuccino Analysis - Take-Up In Sq.ft. Shown Quarterly Over The Last 5 Years Espresso Analysis - Numbers Of Transactions Shown Quarterly Over The Last 5 Years Summary Commentary and Data West End take-up remained strong in Q4 213, albeit it dipped by 4% on Q3 to 934, sq.ft. Yearly take-up for 213 was 5% ahead of 212 at 3.46m sq.ft. and remains 7% short of the 5 yearly average of c.1m sq.ft. The largest deal was by The Department of Culture, Media and Sport who leased 77,4 sq.ft. at 21 Bloomsbury Street, followed by Microsoft X-Box taking 3,5 sq.ft. in UK House, Gt Tichfield Street. The number of deals remained the same as Q3 having reduced sharply by 27% in Q2. This was partly due to limited of supply of options. The largest increases in activity were in the mid size deals of between 5,-25, sq.ft. Mayfair(184, sq.ft., +16%) and Victoria (175, sq.ft., +25%) were the most active sub-markets with Noho and Bloomsbury not far behind. 4% of Q4 take-up was of second-hand space down from 52% in Q3. Prime rents across the board increased - see Appendix 1 for sub-market rents. Layers sq.ft. Take-up sq.ft. Take-up sq.ft. % (+/-) No of deals No of deals % (+/-) Q3 213 Q4 213 Q3 213 Q4 213 Above 1k - - N/A - - N/A 5,1-1k 247,31 77,4-69% % 25,1-5k 186, ,96-24% % 1,1-25k 17,853 24,293 89% % 5,1-1k 119, ,752 9% % 5-5k 313, ,248-1% % Total per qtr 974, ,599-4% % To Q4 212 To Q4 213 % (+/-) To Q4 212 To Q4 213 % (+/-) Annual Total 3,36,614 3,464,996 5% %

5 Q4 213 BBG Cappuccino Commentary: Midtown Cappuccino Analysis - Take-Up In Sq.ft. Shown Quarterly Over The Last 5 Years Espresso Analysis - Numbers Of Transactions Shown Quarterly Over The Last 5 Years Summary Commentary and Data Take-up in Q4 in Midtown bounced back sharply by 85% to 351, sq.ft after a quiet Q3 and was only 2% less the 5 year quarterly average. Annual take-up was up 62% on 212, but 38% was due to Google s deal at Kings Cross in Q1 (725, sq.ft.). This deal aside take-up was almost on a par with 212. Pre-letting dominated 213 take-up accounting for 1.3 million sq.ft. The number of deals increased by 1% and the largest deal was by Hatchette UK Ltd taking 134, sq.ft. at Carmelite, Victoria Embankment. The busiest areas in terms of take up were Farringdon EC1/4 (224, sq.ft.) and WC1 (47, sq.ft.). 52% of space leased was new or refurbished, as opposed to second-hand. Prime rents increased by 5-6% in most areas and by 1% in Midtown North and most activity in Q4 was by more traditional businesses rather than the TMT sector (Appendix 1). Layers sq.ft. Take-up sq.ft. Take-up sq.ft. % (+/-) No of deals No of deals % (+/-) Q3 213 Q4 213 Q3 213 Q4 213 Above 1k - 133,978 N/A - 1 N/A 5,1-1k - - N/A - - N/A 25,1-5k - - N/A - - N/A 1,1-25k 59,41 83,271 4% 4 6 5% 5,1-1k 53,692 59,859 11% 8 8 % 5-5k 76,846 74,52-4% % Total per qtr 189, ,16 85% % To Q4 212 To Q4 213 % (+/-) To Q4 212 To Q4 213 % (+/-) Annual Total 1,165,45 1,884,871 62% %

6 Q4 213 BBG Cappuccino Commentary: Southbank Cappuccino Analysis - Take-Up In Sq.ft. Shown Quarterly Over The Last 5 Years Espresso Analysis - Numbers Of Transactions Shown Quarterly Over The Last 5 Years Summary Commentary and Data Total take-up on the Southbank dropped back by 68% in Q4 to 277, sq.ft. following a stellar Q3 which included the two very large lettings in Q3 by News International in London Bridge Quarter (43,sq.ft.) and WPP at Sea Containers House (226, sq.ft.). Nevertheless Q4 take-up was 155% the 5 year quarterly average. The the number of deals was up 2% on Q3 but this still shows a good level of demand as the number of deals had already increase by 67% from 27 to 45 deals in Q2. This is partly due to new supply coming on stream in London Bridge City and other new developments. The supply of small office units on the Southbank is now very tight indeed. The London Bridge area remained the most busy area with 35 out of a total 46 deals taking place which accounted for 83% of the take-up. Prime rents remain at c psf and rent free periods are c months on a 1 year term. Rent frees are minimal for small units on flexible leases. Layers sq.ft. Take-up sq.ft. Take-up sq.ft. % (+/-) No of deals No of deals % (+/-) Q3 213 Q4 213 Q3 213 Q4 213 Above 1k 656, % % 5,1-1k - - N/A - - N/A 25,1-5k 64,796 87,6 34% 2 3 5% 1,1-25k 55,4 86,376 57% 5 5 % 5,1-1k 31,4 46,645 49% % 5-5k 66,64 56,627-14% % Total per qtr 873,81 276,654-68% % To Q4 212 To Q4 213 % (+/-) To Q4 212 To Q4 213 % (+/-) Annual Total 612,991 1,427,49 133% %

7 Q4 213 BBG Cappuccino Commentary: Docklands Cappuccino Analysis - Take-Up In Sq.ft. Shown Quarterly Over The Last 5 Years Espresso Analysis - Numbers Of Transactions Shown Quarterly Over The Last 5 Years Summary Commentary and Data Docklands take-up reduced by 73% in Q4 after the flurry of activity in Q3 and KPMG s acquisition of 3 North Colonnade (25,341 sq.ft.) Annual take-up was up 16% on 212 at 497, sq.ft. and just shy of the 211 take-up of 518, sq.ft. Docklands take-up is always lumpy, but the last three years have shown consistency. The largest deal was by HSBC taking 27, in 1 Canada Square followed by Total Gas & Power leasing 12,25 sq.ft. in 4 Bank Street. There is now a much more positive level of interest on the Wharf and a large increase in space under offer (including EY on 2, sq.ft. in 25 Churchill Place) and this will be reflected in take-up levels in 214. Outside Canary Wharf the market remained quiet with just 8 deals taking place with 77% of take-up being TMT sector derived. Rents were static but rent free periods were slightly shorter see Appendix. Layers sq.ft. Take-up sq.ft. Take-up sq.ft. % (+/-) No of deals No of deals % (+/-) Q3 213 Q4 213 Q3 213 Q4 213 Above 1k 25, % % 5,1-1k 52, % % 25,1-5k 38,225 27,12-29% 1 1 % 1,1-25k 35,519 23,643-33% 2 2 % 5,1-1k - 14,365 N/A - 2 N/A 5-5k 11,988 26, % % Total per qtr 343,628 91,377-73% % To Q4 212 To Q4 213 % (+/-) To Q4 212 To Q4 213 % (+/-) Annual Total 429,59 497,53 16% %

8 The Cappuccino Concept BBG Real Estate Advisers Cappuccino Commentary is a visual ready-reckoner illustrating occupier activity quarterly, across all sectors of the Central London Office market. The London office market, like a cappuccino, is multi-layered, each with differing characteristics, which vary from one part of town to another. The Cappuccino concept correlates to the layers of the market; from the intense espresso of small deals at the bottom, to the layers of milk, which as the market heats up, become progressively frothier. The chocolate sprinkles on the top represent transactions of over 1, sq.ft.! This light-hearted, layered style of presentation is backed up by serious statistical data, which enables readers cross reference the data to their specific area interest. Our analysis is the most detailed published, as it also drills down into the submarkets and postcodes. We have collated and sorted our take-up data in the size brackets and have charted these in layers on a quarterly basis. The charts cover the last 5 years in order to provide a trend view of market activity over a standard rent review cycle. We also charted the number of deals using the same deal size layers. This result looked more like an Espresso, so we named this part of the analysis accordingly. Finally, we have Appended, an analysis of all sub-market areas by postcode, so readers can relate take-up and deals to their specific buildings. This is the most detailed published analysis of take-up in the Central London market. Tom Boggis Partner The information provided herein has been obtained from sources believed to be accurate and whilst we have no reason to doubt its accuracy and our best endeavours have been used to check its accuracy, we cannot guarantee its accuracy and cannot provide any warranty or representation about it. It is therefore your responsibility to independently verify its completeness and accuracy. Any projections, opinions, assumptions and/or estimates are for example only and do not necessarily represent the current or future performance of the market. The views in this report are for general information and do not necessarily represent the views of BBG Real Estate Advisers in respect of specific properties, or assignments, and the report is not intended as a substitute for specific advice. This information and the Cappuccino Commentary name and concept, have been designed exclusively for use by clients of BBG Real Estate Advisers and cannot be reproduced without the permission of BBG Real Estate Advisers. 213 BBG Real Estate Advisers

9 Appendix - Q4 213 BBG Cappuccino Commentary Detailed Central London Postcode And Sub-Market Analysis City of London City Layers sq.ft./colour key Q3 sq.ft. Q4 sq.ft. % +/- Cappuccino take-up chart sq.ft. Q3 by no.q4 by no. % +/- Espresso deal number chart Prime Rent psf Q3 Q4 % +/- EC1 Above 1, sq.ft. - - N/A - - N/A Prime rent % 5,1-1, sq.ft. - 52,641 N/A 8, - 1 N/A 5 Rent free % 25,1-5, sq.ft. 41, % 6, % 4 (months - 1 year term) 1,1-25, sq.ft. 28,68 16,629-42% 4, % Net Eff Rent % 2, 2 5,1-1, sq.ft. 34,821 47,749 37% % 1 5-5, sq.ft. 4,537 62,449 54% % Q1 Q2 Q3 Q4 Total 145, ,468 24% sq.ft. sq.ft. sq.ft. sq.ft % Take-up Bank 29% Bus 23% Prof 14% EC2 Above 1, sq.ft ,538 N/A - 2 N/A Prime rent % 5,1-1, sq.ft. - 74,379 N/A 1-1 N/A 8 Rent free % 25,1-5, sq.ft. 32,91 81, % N/A 6 (months - 1 year term) 6 1,1-25, sq.ft. 1,73 134,715 34% % 4 4 NER % 2 5,1-1, sq.ft. 68,833 65,43-6% % 5-5, sq.ft. 62,5 79,242 28% % Q1 Q2 Q3 Q4 Total 263,74 848, % % Take-up Bank 47% Bus 24% Pub 13% sq.ft. sq.ft. sq.ft. sq.ft. EC3 Above 1, sq.ft. - - N/A - - N/A Prime rent % 5,1-1, sq.ft. - - N/A N/A 4 Rent free % 25,1-5, sq.ft. - 27,128 N/A 3-1 N/A 3 (months - 1 year term) 2 2 1,1-25, sq.ft. 71,282 74,562 5% % NER % 1 1 5,1-1, sq.ft. 18,341 55,345 22% % 5-5, sq.ft. 39,599 54,463 38% Q1 Q2 Q3 Q % Total 129, ,498 64% sq.ft. sq.ft. sq.ft. sq.ft % Take-up Ins 3% Bank 29% Man 13% EC4 Above 1, sq.ft. 241, % % Prime rent % 4 5,1-1, sq.ft. - 5,95 N/A 3-1 N/A 3 Rent free % 25,1-5, sq.ft. 48,847 35,11-28% % 2 (months - 1 year term) 1,1-25, sq.ft. 28,299 73, 158% % NER % 1 5,1-1, sq.ft. 2,829 52, % % 5-5, sq.ft. 38,513 25,12-35% Q1 Q2 Q3 Q % sq.ft. sq.ft. sq.ft. sq.ft. Total 377,51 235,727-38% % Take-up TMT 29% Prof 2% Ins 15% City Fringe Above 1, sq.ft. - - N/A - - N/A Prime rent % 5,1-1, sq.ft. - - N/A N/A 15 Rent free % 25,1-5, sq.ft. - 39,816 N/A 6-1 N/A (months - 1 year term) 1 1,1-25, sq.ft. 25,262 1,468-59% % NER % 2 5,1-1, sq.ft. 36,837 15,414-58% 5 2-6% 5 5-5, sq.ft. - 13,55 N/A - 8 N/A Q1 Q2 Q3 Q4 Total 62,99 78,753 27% sq.ft. sq.ft. sq.ft. sq.ft % Take-up TMT 51% Prof 28% Bank 1% City Total 977,675 1,554,299 59% %

10 Appendix - Q4 213 BBG Cappuccino Commentary Detailed Central London Postcode And Sub-Market Analysis West End West End Layers sq.ft./colour key Q3 sq.ft. Q4 sq.ft. % +/- Cappuccino take-up chart sq.ft. Q3 by no.q4 by no. % +/- Espresso deal number chart Prime Rent psf Q3 Q4 % +/- Mayfair Above 1, sq.ft. - - N/A - - N/A Prime rent % W1 5,1-1, sq.ft. - - N/A 2, - - N/A 8 Rent free % 25,1-5, sq.ft. - 29,177 N/A - 1 N/A 6 (months - 1 year term) 4 1,1-25, sq.ft. 44,579 39,476-11% 1, 3 3 % 2 Net Eff Rent % 5,1-1, sq.ft. 32,363 36,61 11% % 5-5, sq.ft. 79,96 77,622-3% % Total 156, ,336 16% % Q1 sq.ft.q2 sq.ft.q3 sq.ft.q4 sq.ft. Take-up Bank 59% Bus 1% Cons 8% North Above 1, sq.ft. - - N/A - - N/A Prime rent % of Oxford 5,1-1, sq.ft. - - N/A N/A 3 Rent free % Street 25,1-5, sq.ft. - - N/A N/A 2 (months - 1 year term) W1 1,1-25, sq.ft. 47,254 17,569-63% % 1 NER % 2 5,1-1, sq.ft. 21,873 6,22-72% % 5-5, sq.ft. 23,578 22,38-7% Q1 Q2 Q3 Q % Total 92,75 45,827-51% sq.ft. sq.ft. sq.ft. sq.ft % Take-up Bus 43% Cons 3% Bank 18% Noho/ Above 1, sq.ft. - - N/A - - N/A Prime rent % Fitzrovia 5,1-1, sq.ft. - - N/A N/A 4 Rent free % W1 25,1-5, sq.ft. 27, 86,29 219% % 3 (months - 1 year term) 1 1,1-25, sq.ft. - 22,243 N/A - 1 N/A 2 NER % 5 5,1-1, sq.ft. 13,859 22,283 61% 2 3 5% 1 5-5, sq.ft. 25,234 31,173 24% % Q1 Q2 Q3 Q4 Total 66,93 161, % sq.ft. sq.ft. sq.ft. sq.ft % Take-up TMT 55% Cons 28% Bus 7% Soho Above 1, sq.ft. - - N/A - - N/A Prime rent % W1 5,1-1, sq.ft. - - N/A N/A 5 Rent free % 25,1-5, sq.ft. 29,156 27,7-5% % (months - 1 year term) 1,1-25, sq.ft. - - N/A N/A NER % 5,1-1, sq.ft. 5,156 19,79 27% 1 3 2% 5-5, sq.ft. 57,72 36,344-37% Q1 Q2 Q3 Q % Total 92,32 83,123-1% sq.ft. sq.ft. sq.ft. sq.ft % Take-up TMT 45% Bank 13% Cons 115 BloomsburyAbove 1, sq.ft. - - N/A - - N/A Prime rent % WC1 5,1-1, sq.ft. - 77,4 N/A 15-1 N/A 2 Rent free % 25,1-5, sq.ft. - - N/A N/A 15 (months - 1 year term) 1 1,1-25, sq.ft. - 33,651 N/A 5-2 N/A NER % 5 5,1-1, sq.ft. - 9,126 N/A - 1 N/A 5-5, sq.ft. 4,593 4,958 8% Q1 Q2 Q3 Q4 2 2 % Total 4, , % sq.ft. sq.ft. sq.ft. sq.ft % Take-up TMT 69% Cons 17% Bus 1%

11 Appendix - Q4 213 BBG Cappuccino Commentary Detailed Central London Postcode And Sub-Market Analysis West End West End Layers sq.ft./colour key Q3 sq.ft. Q4 sq.ft. % +/- Cappuccino take-up chart sq.ft. Q3 by no.q4 by no. % +/- Espresso deal number chart Prime Rent psf Q3 Q4 % +/- Covent Above 1, sq.ft. - - N/A - - N/A Prime rent % Garden 5,1-1, sq.ft. - - N/A N/A 4 Rent free % WC2 25,1-5, sq.ft. 58, % % 3 (months - 1 year term) 1,1-25, sq.ft. 16,2 - -1% % 2 Net Eff Rent % 5 1 5,1-1, sq.ft. 2,612 33,695 63% % 5-5, sq.ft. 47,587 47,915 1% % Q1 Q2 Q3 Q4 Total 142,457 81,61-43% sq.ft. sq.ft. sq.ft. sq.ft % Take-up Cons 48% TMT 22% Bank 13% - St.James's Above 1, sq.ft. - - N/A - - N/A Prime rent % SW1 5,1-1, sq.ft. - - N/A N/A 2 Rent free % 6 25,1-5, sq.ft. - - N/A - - N/A 15 (months - 1 year term) 4 1,1-25, sq.ft. - - N/A - - N/A 1 NER % 2 5 5,1-1, sq.ft. 11,2 13,544 21% 2 2 % 5-5, sq.ft. 28,563 2,284-29% Q1 Q2 Q3 Q % Total 39,763 33,828-15% sq.ft. sq.ft. sq.ft. sq.ft % Take-up Bank 41% TMT 19% Prof 8% Victoria Above 1, sq.ft. - - N/A - - N/A Prime rent % SW1 5,1-1, sq.ft. 63, % % 4 Rent free % 25,1-5, sq.ft. 36, % % 3 (months - 1 year term) 1,1-25, sq.ft. - 74,728 N/A 1-5 N/A 2 NER % 5 5,1-1, sq.ft. 7, 64, % 1 9 8% 1 5-5, sq.ft. 32,747 35,975 1% % Q1 Q2 Q3 Q4 Total 14, ,46 25% sq.ft. sq.ft. sq.ft. sq.ft % Take-up Bus 25% Cons 22% Prof 14% West End Above 1, sq.ft. - - N/A - - N/A Prime rent % Fringe 5,1-1, sq.ft. 183,2 - -1% % Rent free 2 2 % ,1-5, sq.ft. 35, % % (months - 1 year term) ,1-25, sq.ft. - 16,626 N/A 1-1 N/A NER ,1-1, sq.ft. 7,21 22,41 211% % % 5-5, sq.ft. 13,253 6,939-48% % Total 239,545 45,966-81% Q1 Q2 Q3 Q % sq.ft. sq.ft. sq.ft. sq.ft. Take-up TMT 46% Cons 35% Bank 16% West End Total 974, ,599-4% %

12 Appendix - Q4 213 BBG Cappuccino Commentary Detailed Central London Postcode And Sub-Market Analysis Midtown Midtown Layers sq.ft./colour key Q3 sq.ft. Q4 sq.ft. % +/- Cappuccino take-up chart sq.ft. Q3 by no.q4 by no. % +/- Espresso deal number chart Prime Rent psf Q3 Q4 % +/- Midtown Above 1, sq.ft. - - N/A - - N/A Prime rent % WC1 5,1-1, sq.ft. - - N/A N/A 2 Rent free % 25,1-5, sq.ft. - - N/A N/A 15 (months - 1 year term) 1,1-25, sq.ft. 1, % % Net Eff Rent % 2 5 5,1-1, sq.ft. 8,477 25,483 21% 1 3 2% 5-5, sq.ft. 2,276 22,98 9% Q2 Q3 Q % Total 38,859 47,581 22% sq.ft. sq.ft. sq.ft % Take-up Bus 4% prof 28% Pub 1% Midtown Above 1, sq.ft. - - N/A - - N/A Prime rent % WC2 5,1-1, sq.ft. - - N/A N/A 5 Rent free % 25,1-5, sq.ft. - - N/A N/A 4 3 (months - 1 year term) 1,1-25, sq.ft. 11,226 19,57 74% 1 1 % 2 5 NER % 1 5,1-1, sq.ft. - 7,38 N/A - 1 N/A 5-5, sq.ft. 7,55 4,285-43% Q2 Q3 Q % Total 18,776 31,1 66% sq.ft. sq.ft. sq.ft % Take-up Bus 63% Prof 23% Farringdon Above 1, sq.ft ,978 N/A - 1 N/A Prime rent % EC1/4 5,1-1, sq.ft. - - N/A N/A 25 Rent free % 25,1-5, sq.ft. - - N/A - - N/A 2 (months - 1 year term) ,1-25, sq.ft. 16,721 37,28 123% 1 3 2% 1 NER % 5,1-1, sq.ft. 45,215 21,85-53% % 5 5-5, sq.ft. 28,84 31,753 1% % Total 9,74 224,24 147% Q2 sq.ft.q3 sq.ft.q4 sq.ft % Take-up Bus 65% Prof 17% Cons 7% Midtown Above 1, sq.ft. - - N/A - - N/A Prime rent % North 5,1-1, sq.ft. - - N/A N/A 12 Rent free % 25,1-5, sq.ft. - - N/A - - N/A 1 6 (months - 1 year term) 8 1,1-25, sq.ft. 21,348 26,556 24% % 6 NER % 5,1-1, sq.ft. - 5,983 N/A - 1 N/A , sq.ft. 2,216 15,916-21% % Total 41,564 48,455 17% Q2 Q3 Q % Take-up Cons 54% Bus 32% Pub 12% sq.ft. sq.ft. sq.ft. Midtown Total 189, ,16 85% %

13 Appendix - Q4 213 BBG Cappuccino Commentary Detailed Central London Postcode And Sub-Market Analysis Southbank SouthbankLayers sq.ft./colour key Q3 sq.ft. Q4 sq.ft. % +/- Cappuccino take-up chart sq.ft. Q3 by no.q4 by no. % +/- Espresso deal number chart Prime Rent psf Q3 Q4 % +/- London Above 1, sq.ft. 43, % % Prime rent % Bridge 5,1-1, sq.ft. - - N/A N/A 4 Rent free % SE1 25,1-5, sq.ft. 64,796 87,6 34% 2 3 5% 3 (months - 1 year term) 1,1-25, sq.ft. 33,8 63,57 87% % 2 NER % 5,1-1, sq.ft. 22,49 46,645 18% % 1 5-5, sq.ft. 58,391 31,352-46% % Total 69, ,6-63% Q1 sq.ft.q2 sq.ft.q3 sq.ft.q4 sq.ft % Take-up Prof 3% Bus 23% - - TMT 18% Waterloo Above 1, sq.ft. 226,343 - N/A 1 - N/A Prime rent % SE1 5,1-1, sq.ft. - - N/A N/A 12 Rent free % 25,1-5, sq.ft. - - #DIV/! - - #DIV/! 1 (months - 1 year term) 2 8 1,1-25, sq.ft. 21,24 23,319 N/A 2 1 N/A 6 NER % 5,1-1, sq.ft. 8,991 - N/A N/A 2 5-5, sq.ft. 7,673 25, % % Total 264,247 48,594-82% Q1 Q2 Q3 Q % sq.ft. sq.ft. sq.ft. sq.ft. Take-up Cons 51% Pub 14% Bus 1% Southbank Total 873,81 276,654-68% % Docklands Docklands Layers sq.ft./colour key Q3 sq.ft. Q4 sq.ft. % +/- Cappuccino take-up chart sq.ft. Q3 by no.q4 by no. % +/- Espresso deal number chart Prime Rent psf Q3 Q4 % +/- Canary Above 1, sq.ft. 25, % % Prime rent % 4 Wharf 5,1-1, sq.ft. 52, % % 8 Rent free % 3 E14 25,1-5, sq.ft. 38,225 27,12-29% 1 1 % 6 (months - 1 year term) 1,1-25, sq.ft. 35,519 23,643-33% % 4 NER % 2 5,1-1, sq.ft. - 7,935 N/A 1-1 N/A 5-5, sq.ft. 1,154 9,8 749% 1 3 2% Total 332,794 68,498-79% Q1 Q2 Q3 Q % Take-up Prof 6% Man 18% Bus 17% sq.ft. sq.ft. sq.ft. sq.ft. Isle of Above 1, sq.ft. - - N/A - - N/A Prime rent % Dogs 5,1-1, sq.ft. - - N/A - - N/A 8 Rent free % E14 25,1-5, sq.ft. - - N/A N/A 6 (months - 1 year term) 1,1-25, sq.ft. - - N/A - - N/A 4 NER % 5,1-1, sq.ft. - 6,43 N/A 2-1 N/A 2 5-5, sq.ft. 1,834 16,449 52% % Total 1,834 22, % % Take-up TMT 77% Bus 17% Q1 sq.ft.q2 sq.ft.q3 sq.ft.q4 sq.ft. Pub 6% Docklands Total 343,628 91,377-73% %

14 Appendix - Q4 213 BBG Cappuccino Commentary Detailed Central London Postcode And Sub-Market Analysis Definitions Postcode Areas City For the purposes of the Cappuccino Commentary the City area is assumed to be from Algate to Farringdon and from the River to Angel Sub areas above EC1 This is the EC1 postcode area to the East of Farringdon Road EC2 The entire EC2 postcode EC3 The entire EC3 postcode EC4 The EC4 postcode as far East as New Bridge Street. West End This is generally the area east of Kingsway/Southampton Row to Hyde Park and includes Victoria, Belgravia and Paddington Sub areas above W1 The entire W1 postcode - This has been split into its various sub-markets - Mayfair, Soho, Noho/Fitzrovia and the area north of Oxford Street SW1 The entire SW1 postcode split into the submarkets of St.James's and Victoria W.End WC1/2 The remainder of the W/C1 and WC2 postcodes to the East of Kingsway and Southampton Row, ie Covent Garden/Fitzrovia W. End Other The remaining fringe West End areas including Paddington Midtown This is generally the area from Farringdon Street to Kingsway and the River to Kings Cross Sub areas above WC1/WC2 The parts of these postcodes to the East of Kingsway and Southampton Row Farringdon EC1/4 The parts of EC4 and EC1 to the West of New Bridge Street/Farringdon Road Midtown North The area around Kings Cross Southbank This is the SE1 Postcode from the River Thames down to Lambeth Rd/Borough Rd and from Lambeth Bridge to Shad Thames. London Bridge The area assumed is the above SE1 postcode to the East of Blackfiars Road. Waterloo The area assumed is the above SE1 postcode to the West of Blackfiars Road. Docklands This includes entire Isle of Dogs to its boarder with Aspen Way. This area has been split into two sections - Canary Wharf and the rest of the Isle of Dogs Business Sectors The three most active Business Sectors of Tenant activity in each postcode have been graded in the above analysis. The Business Sectors are broadly defined as follows- Bank Banking, Finance, Fund Management and Dealing Bus Business Services including marketing, PR, recruitment, shipping etc Cons Consumer services, leisure, retail offices etc Ins Insurance companies, underwriters and brokers Man Manufacturing, natural resources, energy Prof Professional services firms Pub Public sector, charities, education etc TMT Media, Communications, IT, Internet companies etc. Prime rents and rent free periods These figures are for guidance purposes only and are intended to be typical rental figures for a generic prime 5,-1, sq.ft. floorplate, in the area referred to, leased on a 1 year lease, with no break clauses. The Net Effective Rent ("NER") figures assume the rent free period spread over the entire 1 year term. For further information please contact - Tom Boggis - tom.boggis@bbgreal.com John Boon - john.boon@bbgreal.com Giles Godbold - giles.godbold@bbgreal.com BBG Real Estate Advisers LLP 48 Gracechurch Street London EC3V EJ Tel: +44()