Full Year Results Presentation

Demand focused on best space where supply most constrained m sq ft 25 20 20 15 10 10 5 Market focused on quality Central London available space: increase driven by second hand space 10-year average: 14.7m sq ft Quality supply remains constrained • 77% of available space in London is second hand Tenant controlled space up 104% year on year Total pipeline for new and refurbished space 8m sq ft vs. 5m sq ft annual take up 34% space under construction is pre let Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Secondhand ■New Completed Source: CBRE, Cushman & Wakefield, JLL New U/C Q2 2020 Q3 2020 Q4 2020 Q1 2021 18

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