Investor Presentaiton

OFFICE MARKET RENTAL OUTLOOK Rental Growth Driven by Imbalance between Supply and Demand £ psf 140 120 100 08 80 60 622 40 20 1990 1991 1993 1994 Actual Forecast I 1996 1997 1999 2000 2002 2003 2005 2006 2008 2009 2011 2012 2014 2015 2017 Source: CBRE (historic) and Average Agents' Consensus (including PMA) 40 -West End -City British Land

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