METRO BUILDING 6-9 Donegall Square South, Belfast, BT1 5JA

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1 OSBORNE KING

2 INVESTMENT SUMMARY Landmark Grad A Ciy Cnr Offic Building wih significan rvrsionary ponial. Dvlopd o a mark lading spcificaion in N inrnal ara of 6,467 sq m (69,611 sq f) and a gross inrnal ara of 10,450 Sq M (112,483 Sq FT) arrangd ovr ground and igh uppr floors. 50 ddicad undrground car parking spacs. ong nan lin up including Capia, Yll, Johnson Publishing and Osborn King. Low passing rn of 1,288,630 which quas o an avrag of psf on h uppr floor offics. WAULT of 5.27 yars o Expiry and 2.28 yars o brak. Prim locaion in Blfas s cnral businss disric. Offrs invid in xcss of 21,000,000 which rflcs a n iniial yild of 5.75% AND rvrsionary ponial of 7.37% and a capial valu of 302 pr sq f.

3 LOCATION THE METRO IS LOCATED IN BELFAST CITY CENTRE, THE CAPITAL OF NORTHERN IRELAND. BELFAST IS THE 15TH LARGEST CITY IN THE UK AND SECOND LARGEST ON THE ISLAND OF IRELAND AND LIES APPROXIMATELY 100 MILES (161 KM) TO THE NORTH OF DUBLIN. Blfas has an xclln infrasrucur nwork and is wll conncd o h rs of Irland and o mainland UK. Gorg Bs Ciy Airpor is locad approximaly 4 mils (6 Km) from h ciy cnr wih Blfas inrnaional Airpor approximaly 23 mils (37 Km) norh-ws. In addiion Blfas has a larg commrcial por ha is also usd for passngr frry srvics wih rgular sailings o Scoland, England and Wals. Blfas has good road communicaions bing posiiond wihin clos proximiy o h M2 linking h Norh and Ws of h Provinc and h M1 which links wih Dublin in h Souh. Th wo principal railway srvics in h ciy cnr includ Gra Vicoria and Blfas Cnral, h lar of which provids a dirc link wih Dublin. In rcn yars Blfas has sn a high lvl of priva and public scor invsmn, wih a numbr of ky urban rgnraion and ranspor projcs ongoing and plannd improving h ovrall ara. On ky projc is h rdvlopmn of h Norhsid ara of h ciy cnr o accommoda h rlocaion of h Ulsr Univrsiy Jordansown Campus ino h ciy cnr providing an injcion of mor ha 250m in h ciy cnr and bringing an simad 15,000 addiional sudns and saff ino h ciy cnr. FINANCIAL SERVICES COMPANIES ARE ATTRACTED TO BELFAST BY THE COMPETITIVE COST BASE AS WELL AS ACCESS TO TALENT WITH A PIPELINE OF OVER 5,000 GRADUATES EACH YEAR OSBORNE KING

4 Nw Lodg Do N dr ick y Dong Wsl in al Qua M3 g r g in ac S r 7 po Crom Albr b Eas Bridg 3 ridg Ro Roa d ad Ca ac S r sl au Av n ag hs r 7. EUROPA HOTEL sbridg Road r 8. NYSE (EURONEXT) 2. BANK OF IRELANDB Dub lin R Ormau Dong nk m n 9. GRAND CENTRAL HOTEL 4. WATERFRONT HALL 10. KPMG 5. DANSKE BANK 11. PINSENT MASONS 6. BELFASTWillowfild CITY HALL 12. BBC BROADCASTING HOUSE d Roa oad Dongall R k soc Dongall Pass all Pass Em ba 3. BELFAST CITY COUNCIL HQ od Wo Gra Vicoria u r 1. ULSTER BANK Crom Orm oad un Mo d 6 r Ea s Bridg S Marks Bdford Bruc ran May Howard r Gra Vicoria S 12 Shor and Sho r S Collg Squar Eas Row Hop S r Sandy Row Chichsr Oxford nu Av y Sand 4 Dongall Plac C oll r am S Wllingon Plac osvnor Road 3 6 Bridg End Ann Collg Squar Norh CASTLECOURT SHOPPING CENTRE 2 Middlpah 5 Ox for d W g arin Millfild r 1 M3 Vicoria S r rh ll S No h Hig GREAT VICTORIA STREET STATION & EUROPA BUS CENTRE 10. INVEST NI ga 9 ia r Vico n Avn u ST GEORGE S MARKET D6. ivis S r 7. ULSTER UNIVERSITY CAMPUS 7 Do r Royal LAGANSIDE BUS CENTRE ink 5. Ws l Mil lfi ld k ll ga n Do NEW TRANSPORT HUB 9. h S CENTRAL TRAIN STATION Nor Corp ora Fr 4 ion ls on S r 3. Tianic Quarr k ifo 2. Ws lin Cl VICTORIA SQUARE Pr's Hi ll BELFAST CITY HALL Yo rk ck N lso n Wslink 1. Qun's Island S r ila m Wh ha Nlson York ug Durh ls Br o n ill Map daa OpnMap conribuors ic Av Boan Lagan OSBORNE KING

5 SITUATION THE METRO BUILDING IS LOCATED IN BELFAST S PRIME OFFICE LOCATION ON THE PRESTIGIOUS DONEGALL SQUARE FACING BELFAST CITY HALL. ADJACENT OFFICE BUILDINGS INCLUDE THE NORTHERN IRELAND HEADQUARTER BUILDINGS FOR BANK OF IRELAND, DANSKE AND ULSTER BANK. Thr ar svral high profil dvlopmns ongoing in h viciniy including a 110,000 sq f offic rdvlopmn nx door and h BBC s 77m invsmn in Broadcasing Hous and h nw 300 bd Grand Cnral Hol. Addiionally h proposd rdvlopmn of h Blfas Transpor Hub will b of sufficin capaciy o provid for anicipad growh from h prsn 6.7m passngr journys hrough h faciliis o c. 13m by ADJACENT OFFICE BUILDINGS INCLUDE THE NORTHERN IRELAND HEADQUARTERS FOR BANK OF IRELAND, DANSKE AND ULSTER BANK. BELFAST S ECONOMY FINANCIAL SERVICES COMPANIES ARE ATTRACTED TO BELFAST BY THE COMPETITIVE COST BASE AS WELL AS ACCESS TO TALENT WITH A PIPELINE OF OVER 5,000 GRADUATES EACH YEAR ACROSS A RANGE OF RELEVANT DISCIPLINES INCLUDING FINANCE, ACCOUNTING, ECONOMICS, LAW AND COMPUTING. Th ciy has a numbr of spcialisms including ass managmn, financial srvics chnologis, fund adminisraion opraions and risk, rgulaion and complianc. Th Finch indusry mploys in xcss of 36,000 popl wih major financial insiuions such as Ciigroup, PWC, Sanandr and Barclays having hadquarrs in h ciy. Tourism is also a main drivr of h local conomy wih in xcss of 1.5m ouriss visiing h ciy in 2016 spnding ovr 334m. Hol occupancy in 2016 was c80% driving invsmn in h scor wih ovr 1/3 mor hol capaciy bing addd hroughou 2017/2018 in 7 nw hols adding around 1,200 mor rooms. A alnd and srong labour mark, low cos bas and good qualiy of lif ar driving global companis o considr Blfas as a bas. 1.3m 1.3 million ouriss pr annum 45,000 Sudns 45k NI could hav h scond highs populaion growh in h UK ovr h nx 25 yars, projcd o grow by 9.8%. NI ducaion sysm is among h bs prforming in Europ wih h bs prforming for primary mahs in Europ, and 6h in h world. 77% of school lavrs go o furhr and highr ducaion. OSBORNE KING OSBORNE KING OSBORNE KING

6 DESCRIPTION ACCOMMODATION qw THE PROPERTY WAS ORIGINALLY CONSTRUCTED TO A MARKET LEADING SPECIFICATION IN 2003 AND COMPRISES 69,611 SQ FT OFFICE BUILDING OVER BASEMENT, GROUND AND EIGHT UPPER FLOORS, WITH TYPICAL FLOOR PLATES OF 10,000 SQ FT. THE BUILDING BENEFITS FORM A DEDICATED BASEMENT CAR PARKING FACILITY FOR 50 CARS. UNIT GROSS INTERNAL AREA (SQ FT) NET INTERNAL AREA (SQ FT) Lowr Basmn 11,237 Uppr Basmn 11,215 Ground Floor 9,267 5,138 1s Floor 10,989 8,952 2nd Floor 12,066 10,271 Th building is fid ou o Grad A spcificaion o includ: DESIGN FEATURES Nin sory porland son clad wih curain walling and full high glazing o wo sids. Glazd rvolving nranc doors o rcpion. 4 no. passngr/goods lifs (3 no 10 prson lifs in lobby and 1 no. 8 prson lif o h rar. Faur lighing o nrancs and arium. WC FACILITIES Conmporary mal, fmal and accssibl oils on ground o svnh floor. SECURITY Offic hours saffd scuriy sysms and conrolld building accss. Fob accss from carpark and xnsiv CCTV covrag wih provision for gad accss conrols. Accss conrol a basmn accss gas is currnly providd. PARKING 50 car parking spacs a basmn and lowr ground lvl. Srvic bay wih accss o goods lif. TECH SPECS Cooling, Haing & Lighing. VRF fully air-condiiond. Inllign lighing. FLOOR HEIGHTS Slab o slab high of 2.7m. Raisd floor dph 150mm ovrall. SUSTAINABILITY Low powr lighing. Low war us in WC s. RECENT INVESTMENT Nwly insalld low nrgy lighing and lif rfurbishmn. 3rd Floor 12,066 10,271 4h Floor 12,066 10,271 5h Floor 12,066 10,271 6h Floor 10,118 8,105 7h Floor 7,144 5,382 8h Floor 4, Car Park 50 spacs Toal 112,482 69,611

7 TENANCY GALLERY SCHEDULE UNIT TENANT TERM TERM REVIEW BREAK FLOOR ANNUAL RATE RATE COMMENTS START EXPIRY AREA RENT PER SQ FT PER SPACE Ground Floor Johnson Publishing 06/11/06 05/11/21 5, , ,950 Includs 4 car park 1,950 pr spac Ld 1s Floor Osborn King & 01/05/16 30/04/26 01/05/21 8, , ,950 Includs 6 car park 1,950 pr spac Mgran Ld 2nd,3rd,4h & 5h Floors Capia Businss Srvics Ld 01/07/06 30/06/21 01/07/19 41, , ,950 Includs 24 car park 1,950 pr spac10,271 sq f pr floor Tnan brak on12 monhs noic 6h, 7h & 8h Floors Car park spacs 34,35,36 & 50 Yll Ld 19/11/04 18/11/29 18/11/19 18/11/19 14, , ,750 Includs 10 Car Park 1,750 pr spac 6h floor - 8,105 sq f 7h floor - 5,382 sq f 8h floor sq f Tnan brak on12 monhs noic Osborn Licns 3,000 4 car spacs licnsd o King & Osborn King a 750 pr Mgran spac. Ld Licnc f payabl qual o 50% of h car parking charg payabl undr h firs floor las. SERVICE CHARGE 424,067 plus VAT pr annum INSURANCE 14,465 pr annum RATES PAYABLE 516,224 pr annum OSBORNE KING OSBORNE KING

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10 THE PROPERTY WAS ORIGINALLY CONSTRUCTED IN 2003 AND COMPRISES 69,611 SQ FT OFFICE BUILDING OVER BASEMENT, GROUND AND EIGHT UPPER FLOORS OSBORNE KING

11 OFFICE OCCUPATIONAL MARKET OFFICE INVESTMENT MARKET Q HAS SEEN RECORD BREAKING VOLUMES OF OFFICE TAKE UP WITH C. 270,310 SQ. FT. OF TRANSACTING ACROSS 23 DEALS, THE LARGEST OF WHICH WAS ALLSTATE AT EAST BRIDGE STREET. Th Blfas Offic Mark rmaind robus hroughou 2017 wih c. 326,000 sq f racking in lin wih our 5 yar avrag. Up o his poin, wih a lack of nw build dvlopmn opions availabl h majoriy of ak up has bn in rfurbishd propris such as Firs Drivaivs ling of Waving Works and Insil a Linn Lofs. Th Blfas Harbour s Ciy Quays dvlopmn is wll advancd wih CQ1 fully l and CQ2 now compl wih UTV rcnly aking 11,000 sq f a a rn of 20psf. Th Solois building a Lanyon Plaza is now fully l wih KPMG having acquird 40,000sq f in 2016 a a rn of 21.50psf and hav rcnly upsizd ino h rmaindr of h building. Blfas s rpuaion as a hobd of aciviy in h ch and digial scors coninus o gain momnum and is furhr vidncd by las yar s offic ak up which showd c. 56% of ling aciviy aribuabl o occupirs opraing in hs scors, o includ sofwar dsign, cybr scuriy, finch and digial srvics. THE INVESTMENT MARKET IN NORTHERN ENJOYED A RESURGENCE IN H FOLLOWING THE PAUSING IN LATE 2016/EARLY INVESTMENT VOLUMES FOR 2017 WERE UP 40% YEAR ON YEAR WITH THE MAJORITY OF THAT ACTIVITY IN THE LATTER HALF OF THE YEAR. This rnd was mirrord across h UK wih Invsmn in commrcial propry up 27% yar on yar. Offic dals ros 25% yar on yar o 26.5bn fulld by srong dmand for rgional locaions which wr up 17% on 2016, indd rgional offic invsmn njoyd is srongs Q4 in a dcad boh in rms of dal volum, frquncy and ovrall proporion of capial dployd. *Sourc Co-Sar Invsmn Rviw and Lisny Rsarch ADDRESS TENANT SIZE (SQ FT) RENT PSF DATE TERM 10h Floor, Clarnc Ws. Blfas Dongal Squar Ws, Blfas Waving Works, Ormau Avnu, Blfas Ciy Quays 2, Clarndon Dock, Blfas Lincoln Buildings, Gra Vicoria, Blfas Millnium Hous, Gra Vicoria, Blfas Bdford Hous, Bdford, Blfas 9 Lanyon Plac, Blfas Th Solis, Lanyon Plac, Blfas Acom 9, Q Yars Gran Thornon 12, Q Yars Firs Drivaivs 25, Q yars ITV 11, Q yars Axiom Law 26, Q yars HCL 13, Q yars Causway Ass 3, Q yars Managmn AllSa 70, Q Las Exnsion KPMG 39, Q yars OSBORNE KING OSBORNE KING

12 PARTICULARS PROPOSAL TENURE Th propry is hld via a F Farm Gran and Clan F Simpl. Thr is an annual rn rsrvd of 240 payabl by half yarly insalmns in May and Novmbr. COVENANT Johnson Publishing Ld Th main holding company in Johnson Prss which is on of h largs local and rgional mulimdia organisaions in h UK. Th company has an xnsiv porfolio of hundrds of publicaions and wbsis righ across h UK. For h yar nding Jan 16 h company had a urnovr of 242m, a pr-ax profi of 35.6m and a n worh of 102m W ar insrucd o sk offrs in xcss of 21,000,000 (Twny On Million Pounds) subjc o conrac and xclusiv of VAT. A purchas a his lvl rflcs a n iniial yild of 5.75% afr allowing for acquisiion coss of 6.75%, and a capial valu of 302psf Osborn King & Mgran Ld Osborn King ar on of Norhrn Irland s lading indpndnly ownd commrcial propry agncis. Wih a saff of 50 basd in Blfas hy hav bn sablishd for ovr 70 yars. Capia Businss Srvics Ld Capia ar a lading procss managmn and ousourcing company. Thy hav 450 businss sis and 70,000 saff. Thy hav sis in h UK, Irland and h EU, complmnd by opraions and dlivry cnrs in h Channl Islands, India, Souh Africa, Norh Amrica and h Middl Eas. For h yar nding Dc 16 h company had a urnovr of 1.42 Bn, a pr-ax profi of 137.8m and a n worh of 412m Yll Ld VAT Th propry has bn lcd for VAT and i is inndd ha h ransacion will b rad as a Transfr of a Going Concrn (TOGC) CAPITAL ALLOWANCES Capial allowancs ar availabl by spara ngoiaion. Dails on rqus. CONTACT EPC Th building has a raing of C61. A full rpor is availabl on rqus. DATAROOM A ddicad daa room is availabl. Accss dails will b mad availabl on rqus. Yll is h subsidiary of global mdia organizaion, hibu. An onlin marking company, Yll has crad ovr 54,000 wbsis and managd 20,000 PPC campaigns for cusomrs in h Unid Kingdom. Yll has bn publishing yllow pags sinc For h yar nding Mar 17 h company had a urnovr of 234.8m, a pr-ax profi of 27.2m and a ngaiv n worh of - 213m NICKY FINNIESTON Dircor, Invsmn DD: +44 (0) nfinnison@lisny.com PAUL HENRY Dircor, Invsmn DD: +44 (0) paul.hnry@osbornking.com STEPHEN CHAMBERS GAVIN CLARKE Associa Dircor, Invsmn DD: +44 (0) schambrs@lisny.com Dircor, Invsmn DD: +44 (0) gavin.clark@osbornking.com OSBORNE KING OSBORNE KING

13 IMPORTANT NOTICE: Th join agn, hir clins and any fuur join agns giv noic ha: 1. Thy ar no auhorisd o mak or giv any rprsnaions or warranis in rlaion o h propry ihr hr or lswhr, ihr on hir own bhalf or on bhalf of hir clin or ohrwis. Thy assum no rsponsibiliy for any samn ha may b mad in hs pariculars. Ths pariculars do no form par of any offr or conrac and mus no b rlid upon as samns or rprsnaions of fac. 2. Any aras, masurmns or disancs ar approxima. Th x, phoographs and plans ar for guidanc only and ar no ncssarily comprhnsiv. I should no b assumd ha h propry has all ncssary planning, building rgulaion or ohr consns and h join agns hav no sd any srvics, quipmn or faciliis. Purchasrs mus saisfy hmslvs by inspcion or ohrwis.