GPE Annual Results 2022 Presentation

We unlock potential, creating sustainable space for London to thrive

Full Year Results 2022

Agenda

Introduction

Toby Courtauld, Chief Executive

Financial Results & New Business

Nick Sanderson, Chief Financial & Operating Officer

Market Business Update Outlook

Toby Courtauld, Chief Executive

Q&A

ir@gpe.co.uk

2

Robust Results

31 March 2022

12 months

H2

H1

+6.1%

+4.1%

+2.0%

+48.6%

+20.3%

+29.7%

Portfolio ERV movement1

+3.0%

+1.4%

+1.6%

Total Property Return

+9.4%

+5.5%

+3.7%

+8.8%

+5.5%

+3.2%

Property Valuation1

Developments1

Outperformance of

MSCI2

Total Accounting Return

+2.4pps2

1. Like-for-like, including share of joint ventures 2. Outperformance of MSCI Central London Annual Index

3

Strategy Evolving

Meeting Customers’ Changing Needs Our Strategic Givens

Customer Needs

100% central London

Quality

Focus on prime

Reposition properties

Flexibility

Our Flex spaces

Match risk to cycle

Service

Low financial leverage

Health & Wellbeing

Disciplined capital management

Technology

Customer first Amenity provision & design sesame®. World’s 1st Platinum SmartScore

Sustainability: an imperative

Sustainability

Strategic imperative

Customer first

Social Impact

New strategy launched

Our Office Products

Two complementary, overlapping business streams

HQ Repositioning

Flex

Four core office products Ready to Fit

Fitted

GPE delivered; by floor /building

Fully Managed

Flex Partnerships

Partnership delivered; by desk/room

A differentiated, growth strategy: significant extra return for little extra risk 4

Operating Well

Strength & Opportunity 1. Record Leasing: Healthy Momentum; More to Come Investment Lettings

40

Pre-lets £38.5m 9.8%>ERV

£m, years to March

30

x3 £12.9m 2.4%>ERV

20 10

£38.5m1 p.a. leased 9.8%2 > Mar ‘21 ERV • Offices +8.7%; retail +12.3% Office leasing: HQ Repositioning 66%; Flex 34% Vacancy rate (excl. devs.) 4.4% (Nov ’21: 5.1%) • 10.8% overall (Nov ’21: 14.0%): 83% prime £9.4m1 U/O • 2.5%2 > Mar ‘22 ERV c.£32m1 in negotiation

0 '19

'20

'21

'22

2. Deep Opportunity: Organic & New Business

3. Financial Strength & Capacity

Flex Ambition • From 13% of offices today4 to 25% (600k sq ft) by 2027 • Further opportunities through acquisition HQ Repositioning • 8 schemes, 1.3m sq ft • £1.1bn potential near-term commitment5 New Business • 2 acquisitions; further £1.0bn under review

EPRA LTV Low at 20.5% Liquidity More than £391m Low cost of debt 2.1% avg. fully drawn Sustainable Finance Framework

Material Growth Potential…

… Well Placed to Capitalise

Organic income growth +89% Externally: through acquisitions

Balance sheet strength: capacity Great team: 89% say GPE ‘a great place to work’ Enhanced operating capabilities and brand

London: a Dominant World City; Long-Term Growth 1. 100% 2. Market lettings i.e. excluding short term lets ahead of development 3. Year to March 2022, including JVs 4. By area 5. Including land

5

Agenda

Introduction

Toby Courtauld, Chief Executive

Financial Results & New Business

Nick Sanderson, Chief Financial & Operating Officer

Market Business Update

Toby Courtauld, Chief Executive

Outlook Q&A

6

Financial Highlights

Balance Sheet

March ‘22

March ‘21

Change

Portfolio value1

£2,647.4m

£2,457.1m

+6.1%2

EPRA NTA & IFRS NAV per share

835p

779p

+7.2%

EPRA NDV per share

838p

777p

+7.9%

20.5%

20.0%

+0.5pps

March ‘22

March ‘21

Change

£27.4m

£40.1m

(31.7%)

EPRA EPS

10.8p

15.8p

(31.6%)

Dividend per share

12.6p

12.6p

-%

March ‘22

March 21

Change

8.8%

(8.8%)

+17.6pps

EPRA loan-to-property value

Income Statement EPRA Earnings

Total Accounting Return 1. Including share of JVs 2. Like-for-like change

7

EPRA NTA per share up 7.2%1 12 Months to 31 March 2022

850

11

840

3

1

54

830

13

820

Flex values +8.6%2 Yield compression on Fully Managed service profit to 8.5%

H2 38p

810 800 790 780

835

Retail H2 Values up 0.9% ERVs up 0.2%

H1 16p

779

770 760

+7.2% Office

Retail

Portfolio

Property +7.9% valuation

0.0%

+6.1%

ERV growth +4.1%

-0.7%

+3.0%

Yield -18ps

+3bps

-13bps

750

Like-for-Like Valuation Committed Dev

Long Dated

Active Portfolio Mgmt

+12.1%

+5.0%

Pipeline

+48.6%

-5.9%

740 Mar '21

Property Revaluation

1. Adjusted per EPRA guidance

Profit on Disposals

EPS

Ordinary Dividends

2. Buildings with >40% Flex office space committed

Other

Mar '22

8

EPRA Earnings

12 Months to 31 March 2022

EPRA Earnings: £27.4m; EPRA EPS: 10.8p ECL provision

3.6

Development leasing Development VP Other expiries & breaks

3.1 (3.1) (3.1)

£m

Surrender premium 3.9

50 45 40

40.1

0.5

EPS Outlook • Expected FY ‘23 EPS < FY ’22 • Sale of Old St, EC1 • Lower surrender premia • Securing VP to deliver more Flex and near-term developments • To deliver higher prospective total returns

FY 22 FY 21 Rent collection 95% 87% Delinquencies3 0.1% 4.0%

5.4

pence

1.4

20

(31.7%)

8.0

30

27.4

9.8 Vacancy costs Leasing and marketing

2.2

4.0 1.9

Performance related pay

6.3

Employee costs

2.7

10

Sales, development acceleration and Flex growth

5 '09 '10

'11

'12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 TAR up: 100%

• HQ Repositioning: development surpluses • Flex: higher income return

5 0

DPS (p)

10

0

20 15

EPRA EPS (p)

15

35

25

Development Acceleration EPS down: 50%

Mar '21

Rental income

JV fees JV EPRA Property earnings costs

Admin costs

Interest/ Mar '22 other

1. Adjusted per EPRA guidance. 2. Our share 3. Percentage of rent roll

Dividend in line with FY ‘21 • Final 7.9p • Total dividend 12.6p 9

Organic Rent Roll Growth Opportunity

Potential Additional Rent Roll (£92.3m)1

89% potential uplift 59.0 50 Finsbury Sq, EC22

180

£9.0m

Offices 100% pre-let £8.5m Retail available £0.5m Already let £17.5m

Available

The Hickman,

E12

£1.8m

1 Newman St,

W12, 5

£6.3m

Hanover Sq, W12

Total ERV £72.3m

Earliest starts

2 Aldermanbury Sq, EC2

2022

Minerva House, SE1

2023

French Railways, SW1

4

3

New City Court, SE1

2023 2024

£1.8m

150

£9.9m Under offer / in negotiation 37%

6.5

+89% £92.3m

9.0

£9.5m of which 62% potentially Flex

120

196.4

9.9 4.9

3.0

104.1

90

Up 9% Mar '22

Investment Voids

Refurbs

Portfolio Reversion

Recently Completed

Committed

Near Term

Pro Forma

HQ Repositioning: Developments 1. Gross contracted rent excluding impact of occupier incentives; includes share of JVs 2. CBRE rental estimates March 22 3. Including 50 Jermyn St, SW1. 4. Final ERV of schemes less current vacant ERV. 5. 1 Newman St & 70/88 Oxford St, W1

10

Financial Strength

To deliver growth ambitions LTV1 (%); EPRA metric adopted 60%

Historic GPE LTV 31 Mar ‘22 19.0% 30 Sept ‘21 16.7%

50% 40%

37.7%

30%

35.4%

18.8%

17.9%

13.3%

5.8%

Committed (£24m) Pro forma EPRA LTV (RHS)

400

18.2%

17.2%

'14

'16

20.5%

200 100

'18

'20

29.1% 24.1%

0% '12

Near-term HQ repositioning capex (£836m)

300

20.2%

10%

EPRA LTV 20.5% 18.2%

Flex capex (£120m)

£m

39.7%

42.5%

Mar '22

Key Debt Metrics

Mar ‘22

Mar ‘21

WADM

6.9 years

8.1 years

% Unsecured

96%

98%

Cash /Undrawn

£391m

£443m

WAIR

2.5%

2.5%

WAIR if fully drawn

2.1%

2.0%

Market leading ESG-linked RCF and ICMA-aligned Sustainable Finance Framework

277

50% 40%

35.1%

25.0% 21.7%

20%

Significant Capacity for Investment - £980m2

247

194

30% 168

94

20% 10%

0

0% '23

'24

French Railways House, SW1, £79m

'25

'26

'27+

2 Aldermanbury Square, EC2, £267m

Minerva House, SE1, £113m

New City Court, SE1, £377m

Near Term HQ Repositioning: • Capex £836m; land value £274m3 • Total prospective commitment £1.1bn; 15%+ PoC4

1. Periods to September unless otherwise stated 2. Pro forma for the acquisition of St Andrew St, assumes constant values and excludes development surpluses and prospective sales; Cap ex spend includes £24m committed, £120m Flex and £836m near term HQ repositioning. Flex capex includes St Andrew St acquisition and associated refurbishment costs. 3. BV March ’22 4. Target

11

Acquisition Opportunities

GPE strategy offering up more opportunities; 2 recent acquisitions

Stock Traded Near GPE ‘Fair Value’1 Since Nov ’21

GPE Flex Requirements

c.£1.0bn traded

• Amenity rich locations/excellent transport links

Over Priced (10-25%)

• Clustering around existing GPE holdings desirable • 30-60k sq ft with divisible floorplates

6

• Target unit size of 2-6k sq ft Mispriced (>25%)

At 'fair value'

• Ability to create internal & external amenity space

11 deals

1 21

• High quality ground floor experience 2

Near 'fair value' (<10%)

• Potential to enhance sustainability credentials • Opportunity to deliver stabilised income of 6%+

• 4 assets, at or near ’fair value’ - all suitable for Flex • GPE acquired 2 assets at ’fair value’ for £67m • 7/15 Gresse St, W1 • 6/10 St Andrew St, EC4

1. Deals reviewed & traded / under offer stock near ‘fair value’ over previous 6 months

12

Recent Acquisitions

Strengthening our Fully Managed offer 7/15 Gresse St, W1

6/10 St Andrew St, EC4

• £36.5 million; £847 psf

• £30 million; £650 psf

• 43,000 sq ft; flexible 2-4k sq ft floorplates • Fitzrovia; 200m from Crossrail station

• 46,000 sq ft; flexible 2-6k sq ft floorplates

• Vacant possession: H2 ’23; refurb c.£20m

• Vacant possession: now; refurb c.£30m

• Target headline rent: £200+ psf

• Target headline rent: £170+ psf

• EPC rating: current E / prospective B

• EPC rating: current D / prospective B

• Stabilised income yield 6.3%; ungeared IRR 7.5%

• Stabilised income yield 6.8%; ungeared IRR 7.5%

• Farringdon; 450m from Crossrail station

13 13

Acquisition Opportunities Good pipeline of assets under review

Stock Traded Near GPE ‘Fair Value’1 Since Nov ’21

GPE Flex Requirements

c.£1.0bn traded

• Amenity rich locations/excellent transport links

Over Priced (10-25%)

• Clustering around existing GPE holdings desirable • 30-60k sq ft with divisible floorplates

6

• Target unit size of 2-6k sq ft Mispriced (>25%)

At 'fair value'

• Ability to create internal & external amenity space

11 deals

1 21

2

• High quality ground floor experience

Near 'fair value' (<10%)

• Potential to enhance sustainability credentials • Opportunity to deliver stabilised income of 6%+

Current Deals Under Review by Type2 £bn

• 65% off market

1.6

• Flex: 11 opportunities • All central locations

£1.0bn under review2 12 assets

1.2

Flex £600m

0.8 0.4

HQ Repositioning £440m

0.0 2018 ‘18

2019 ‘19 2020 ‘20 2021 ‘21 2022 ‘22

• HQ repositioning: 3 opportunities • New development • Refurbishment/extension • Including JV/swap potential • Targeting sustainability-stranded assets More to Come

1. Deals reviewed & traded / under offer stock near ‘fair value’ over previous 6 months 2. As at May 2022

14

Positive Social Impact

Delivering Our Purpose; delivering for Our Customers

Social Impact Strategy, Launched Nov ‘21

Strategy launched in November • Creating a lasting positive impact in our communities • Commitment to create £10 million of social value by 2030 • £631k created in FY22 • Exec team co-mentoring programme with socially / ethnically diverse talent (partnering with Arrival Education) Three year strategic partnerships recently launched • XLP: creating positive futures for young people growing up on inner-city estates in London • National Energy Action: alleviating fuel poverty Delivering Our Purpose; delivering for Our Customers

New Partnerships

15

Summary

Strong Results and Operational Progress

• Strong uplift in NTA • 8.8% TAR > cost of capital • Ordinary dividend maintained • Sector leading debt metrics • Significant organic growth opportunity • Potential 89% rent roll uplift • Prospective £1.1bn HQ Repositioning commitment • First acquisitions since 2017 • Flex focused • More to come • Significant capacity for investment • Well positioned to access incremental capital • Recycling discipline continues

GPE in Great Financial Shape 16

Agenda

Introduction

Toby Courtauld, Chief Executive

Financial Results & New Business

Nick Sanderson, Chief Financial & Operating Officer

Market Business Update

Toby Courtauld, Chief Executive

Outlook Q&A

17

London Market Conditions

Current Uncertainty; Medium Term, London Compelling Fundamentals Support Leasing Market

Employment Growth

• Barriers to entry up; supply/demand favourable • 3 year GVA1: London +2.8% p.a. (UK: +2.5% p.a.)

• Office employment growth: 179k new jobs by ’262 Active Demand / Take Up: • Recovering well • Today, active demand at 5 year average Under Offer: • No discernible impact from uncertainties • Trading up; hybrid working & sustainability New Supply remains tight: • 55% under supply 2022-20256 • Macro uncertainties to reduce supply further Feeding into Leasing Activity

80

50 35 20 '06

12.0

'10

'14

m sq ft

Spec Completions ('22-’25 avg.)6 New / Pre-Let Take Up (10 yr

Active Demand7

Take Up8

'18

'22

New Supply to Tighten Further

City & West End Leasing (as at March)4 m sq ft

London Jobs3

65

Under Offer

14.0

3.1m sq ft p.a.

avg.)5

4.8m sq ft p.a.

Impending new supply shortage

55%

8 year avg.

8.0 7.0

Market Peaks Pre-Let

Completed & Let Spec

4.0

‘19

‘20

‘21

‘22

Active Requirements

‘19

‘20

‘21

‘22

Take Up

‘19 ‘20 ‘21 ‘22

Under Offer

Apr

0.0

0.0

'91 '03 '17 '18 '19 '20 '21 1. Oxford Economics 2. CBRE. 3. Markit PMI London Report, all sectors 4. CBRE / Knight Frank, West End and City combined 5. CBRE 6. GPE forecast central London Speculative Grade A 7. As at March 8. 12 months to March

'22

'23

'24

'25 18

London Market Conditions

Current Uncertainty; Medium Term, London Compelling

Flex: Significant Central London Growth1 m sq ft

17.0

+359% 3.7

'07

'21

• 10%-15% p.a. forecast growth3 • 30% of all corporate office space by 20304 • Default for <5k sq ft; increasingly for <10k sq ft

Investment Market • Turnover Q1 ’22 vs ’21: up 4.2x to £5.2bn2 • Asset supply and equity capital stable • Multiplier 5.7 times • Asian, German, US investors – all active Equity Demand vs Asset Supply £bn

Equity Demand5 On Market Asset Supply6 Multiple (RHS)

X

40.0

12.0 8.0

20.0

5.7x 4.0

Retail Nov ‘21; past the trough; supported by GPE results Today; weaker sentiment; defer recovery?

• Streets busier; footfall up; encouraging enquiries • Crossrail opens next week

0.0

0.0 Nov '17 Nov '18 Nov '19 Nov '20 Nov '21 May '22

GPE: • Good deal flow; £1.0bn under review • Invest in existing portfolio: £1.1bn total commitment near-term developments

1. Cushman & Wakefield, Flexible workspace stock inc. ‘21 year end forecast 2. GPE 4. JLL 5. CBRE 6. GPE, available stock on the market

3. The Instant Group, 2022

19

London Market Conditions

Current Uncertainty; Medium Term, London Compelling Office Rents

Yields Near Term Outlook

Near Term Outlook Driver

Nov ‘21

Today

GDP / GVA growth

Driver

Nov ‘21

Today

Rental growth

Confidence

Weight of money

Business investment

Gilts

Employment growth BBB bonds

Active demand / Take-up

Exchange rate

Vacancy rates

Political risk

Development completions

GPE Portfolio

Yield Outlook

Rental Values

Nov ’21: FY ’22 Guidance

FY ’22 Actual

May ’22: FY ’23 Guidance

Offices

+2.5% to +5.0%

+4.1%

0% to +6.0%

-2.5% to 0%

-0.7%

-2.5% to +2.5%

Retail Portfolio

+2.0% to +5.0%

+3.0%

0% to +5.0%

Yields

FY ’22 Actual

Office

-18bps

Retail

+3bps

Near Term Prime Secondary

Near term: Weight of money offsetting rising money rates Longer term: Best vs rest 20

Operational Update A Record Leasing Year

38.5

£m, years to March

40

Retail Office HQ Repositioning Flex

30 20

14.4

10

9

0

8.8

17.4 12.9 9.4

5.4

3.5

'20

'21

12.3 '22

Retail • £12.3m up 350% vs FY ’21 • 12.3% > ERV Mar ’21 • Including largest retail letting in West End • H2 ERV up 0.2% HQ Repositioning • FY’22 £17.4m; £15.4m completed & committed developments • 7.4% > ERV Mar ’21 Flex

• •

FY ‘22 £8.8m, 11.7% > ERV Mar ’21

• •

FY ERV up 7.9%1 Avg. lease term 3.1 4 years

•

Leasing quicker, for more, with rich seam of demand

Flex Performance Returns vs.

Ready to Fit Last 12 months

Fitted

Fully Managed

Actual

Actual

Target

Net Effective Rent

+34%

+75%

>50%

Relative Cashflow2

+10%

+43%

>35%

Yield on Cost3

4.8%

6.6%

>6.0%

Where Next? More Growth • Organic growth: 600k sq ft by 2027 • New business: • Convert Gresse St, W1 & St Andrew St, EC4; +90k sq ft • Add through further acquisitions Other Priorities • • • •

Focus on driving operating efficiencies Build on GPE NPS score (+28 vs UK office sector +2) Implement EPC B strategies; c.£20m investment Appraise further sales: c.£200m under review

Income & Value Upside

1. Like-for-like basis 2. 10 year cashflow uplift after voids and fit out costs 3. Absolute yield on cost, including land value 4. Earlier of break and expiry date

21

Significant Development Programme Strong Platform for Growth

35 Portman Sq, W1

Kingsland & Carrington Hse, W1

7/15 Gresse St, W1

6/10 St Andrew St, EC4

50 Finsbury Sq, EC2

2 Aldermanbury Sq, EC2

New City Court, SE1

Minerva House, SE1

1 Committed 100% pre-let1 2 Major Refurbishments 0.1m sq ft 4 Near Term 2022/23 Starts 0.9m sq ft 3 Medium Term2 c.0.2m sq ft

Mount Royal, W1

French Railways House, SW1

10 Schemes Total 1.4m sq ft 24% of portfolio3

1. Offices 2. Existing area 3. Excluding refurbishments

22

On-Site Development: 50 Finsbury Sq, EC2 Offices Pre-Let to Inmarsat

• 129,200 sq ft: exemplary sustainability • Delivers on Statement of Intent • Targeting Net Zero Carbon • BREEAM ‘Excellent’ • WELL enabled • Offices 121,800; 100% pre-let to Inmarsat • 20 years (15 year break); market rent free • £69.75 psf; 11.2% > ERV Mar ‘21 • Retail 7,400 sq ft; 52% under offer • Encouraging interest in remainder • Forecast completion Q4 ’22

GPE profit on cost

39.1%

Development yield

6.5% 23

Four Near-Term Schemes

All Prime; Exemplary Sustainability; Strong Growth Potential; Good Timing 2 Aldermanbury Square, EC2

New City Court, SE1

321,100 sq ft; +82% Enabling works started Anticipated start H2 ‘22

389,100 sq ft; +297% Expected planning outcome Q4 ’22 Anticipated start Q1 ‘24

French Railways House, SW11

Minerva House, SE1

67,700 sq ft; +24% Planning permission granted Earliest start Q4 ‘23

139,900 sq ft; +52% Planning submitted Anticipated start Q4 ‘23

917,800 ft; +118%; 1. Includes 50sq Jermyn St, SW1c.214% 1. Including 50 Jermyn St, SW1

rental increase; c.£836m capex; all Net Zero Carbon; move the needle 24

Near Term

2 Aldermanbury Square, EC2 • Demolition commenced • 321,100 sq ft, up 82% • Excellent public realm and amenities • Communal roof terrace • New pedestrian routes • New garden above City Tower podium • Aiming to exceed GPE’s 2030 embodied carbon target • Capex: £267m; ERV: £24.1m • Appropriate contingency for inflation • Encouraging early letting interest

GPE expected profit on cost

15%-20%

Expected development yield

5%-6% 25

Where Next?

GPE Portfolio (£m)1

Year to March ‘22: £40m net investor (inc. capex)

Committed Capex Development & Flex Capex Sales less Acquisitions1

HQ Repositioning 250 Progress 4 Near Term • c.£830m capex; c.£1.1bn2 total commitment 200 • >£72m ERV (+214% uplift) • Targeting 15%+ profit on cost

250.0 0.0

150

(250.0) (500.0) (750.0)

MSCI Central London Capital Growth Index, qtrly (RHS) 2012

2014

2016

Annual Forecasts (Capex only)

Flex Growth 100 • Existing: c.250k sq ft (13% office portfolio) • Grow to c.600k sq ft by 2027 (25% office portfolio) 50 • Plus: 2 recent acquisitions • Plus: more to come • Targeting 6%+ stabilised income yield 0

2018 2020 2022 2024 2026 Year to March

Our Organic Flex Ambition (000 sq ft) 600k sq ft

250k sq ft 66 74 110 Today

+140%

335

Fully Managed

170

Fitted

95

Partnership

2027

Sales & Acquisitions • Sales likely; c.£200m under review • Good acquisitions deal flow; £1.0bn under review • £600m Flex Clear Operating Direction • Customer first • Sustainability • Targeting returns > cost of capital

1. Only includes exchanged or completed sales 2. Based on increased portfolio size post near-term developments

26

Opportunity Clear strategic priorities • Focus, deep knowledge • Evolving; two complementary business streams; great potential • Differentiated: customer first & sustainability

Market • Short-term uncertainty • Medium term positive • Employment indicators supportive • Good occupier demand for Prime & Flex • Impending supply shortage • Healthy investor demand

Belief in London • Absolutely & relatively • World’s most compelling mixed-use location • New industries growing • Best retail improving • Crossrail opening next week; GPE: 93% near station

Portfolio opportunities • HQ Repositioning: Move the needle • Flex spaces: +140% organic growth • Acquisitions: focused strategy • Strong balance sheet

Powerful, collaborative culture; great team • Restructured for evolving strategy • Clear purpose, unifying values • Supporting our communities • Exceptional people engagement • Experienced senior team

GPE in great shape; confident outlook 27

Agenda

Toby Courtauld, Chief Executive Nick Sanderson, Chief Financial & Operating Officer Q&A: ir@gpe.co.uk

Dan Nicholson, Executive Director Janine Cole, Sustainability & Social Impact Director Robin Matthews, Investment Director Steven Mew, Customer Experience and Flex Director Marc Wilder, Leasing Director Andrew White, Development Director

28

29

Disclaimer This presentation contains certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.

Any forward-looking statements made by or on behalf of Great Portland Estates plc (GPE) speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. GPE does not undertake to update forward-looking statements to reflect any changes in GPE’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Information contained in this presentation relating to the Company or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance.

30

Attractive Total Returns with Upside Potential

HQ Repositioning

Flex

1. Driving capital value growth through development surpluses

1. Driving higher net income per sq ft Targeting 6%+ stabilised income yield 600,000 sq ft potential3

Potential development commitment £1.1bn2 Targeting 15%+ profit on cost 2. Delivering new rent >£72m ERV from near-term schemes (>200% uplift)

2. Delivering Value Upside Customer retention Operational economies Yield compression

Targeting blended returns ahead of our cost of capital 1. Including land value.

2. Gross development cost of near-term schemes 3. Pre acquisitions

31

Our Portfolio

Significant Potential to Add Value

Portfolio by Asset Class by Value1 Committed Development £168m

Portfolio by Product by Area2 Long-Dated

Retail

Ready to Fit

£473m

520k sq ft

1,730k sq ft

6% Development Pipeline £473m

18% Prime 32%

18%

20%

11%

Active Portfolio £1,563m

58%

3

Opportunity Assets 37%

Flex 250k sq ft

1. Portfolio breakdown as at May 2022 2. Portfolio breakdown by area, as at March 2022 3. 13% of office portfolio

32

Significant Opportunity to Grow Flex Portfolio by Product by Area

Our Portfolio is Well Suited for Flex

March 20221

Retail

Prime 32%

20%

11%

Flex Fitted 4% Fully Managed 4% Flex Partnerships 3%

Ready to Fit

Opportunity Assets 37%

• 87% of office spaces < 10,000 sq ft • Clusters of ownership • Facilitates relocation as businesses grow • Aids service provision • Flexible layouts; capable of amenity provision and subdivision • 20% of portfolio by 2027 (25% of office portfolio) Our Flex Strategy • Significant conversion to Flex • If not Flex or HQ repositioning, maximise value and exit Restructured Team

By 2027

1

Ready to Fit

Retail 18%

Flex Fitted 6% Fully Managed 11% Flex Partnerships 3%

20%

• Focussed Flex leadership • Appointed Flex specialists in design, procurement, acquisitions and leasing • Customer service culture and team being built

Prime 42% Opportunity Assets 20%

1. By sq ft, assuming completion of all near-term schemes

Flex: primed for growth 33

Our Flex Portfolio

Proven in Numerous Buildings and Locations: 250,000 sq ft; 57 Units

GPE Flex: Key Selling Points • Well located, high quality buildings • Self contained • From reputable owner • Thoughtfully designed • Sustainably managed • Embedded technology 7/15 Gresse Street

1

1

3 2

2 5 3

1

2 8 7

4 2 1

3 9

Flex Partnerships 3 units

1 Fully Managed 25 units

#

Number of units

1 1

6/10 St Andrew Street

Recent Flex acquisitions

1 Fitted 29 units

7

34

Three Flex Products

We Understand Our Customers GPE Flex Products

Fully Managed

Fitted

What Customers Want Dedicated, fully furnished space; customised branding Flexible agreements; space to grow Sustainably developed; proven workplace experts / trusted landlord sesame® - smart workplace app; Wi-Fi enabled; concierge service; helpdesk

✓ ✓ ✓ ✓

GPE delivered; by floor /building

IT support Community manager; food & beverage Full maintenance support1 1. Cleaning service & maintenance; landscaping & planting; waste management

✓ ✓ ✓ ✓ ✓ ✓ ✓

Flex Partnerships

Partnership delivered; by desk/room

✓ ✓ ✓ ✓ ✓ ✓ 35

Our Flex Offers: Fitted

Hassle-Free Experience; Business Ready

Private floor with your own front door Customer branded, customisable space Desks, chairs & soft furnishings all included Plug and play with a secure internet connection sesame® smart building app and lifestyle concierge service Straight forward process, simple, flexible agreements No intermediary; deal directly with GPE Space to grow: expand organically within 1.9 m sq ft office portfolio No. of units1 29 Average lease term 4.1 years term certain Average unit size 2,500 sq ft Average rent £90 psf, +34%2 1. Including committed. 2. Net effective vs Ready to Fit, deals completed in last 12 months

36

Our Flex Offers: Fully Managed

All the Benefits of Fitted, Plus Full Service Delivery by GPE; All-in-One Bill

Services include: • community manager and concierge service • food & beverage • cleaning service • maintenance inc. handyman service • planting • waste management • business rates

No. of units1 25 Average lease term 1.8 years term certain Average unit size 2,600 sq ft Average rent £174 psf, +75%2 1. Including committed. 2. Net effective Vs Ready to Fit, deals completed in last 12 months

37

Our Flex Offers: Flex Partnerships

By Desk and Room

Leveraging partner infrastructure: • High-intensity, smaller spaces / co-working • Delivers increased amenity; enlivens building • Incubator for future Fitted / Fully Managed customers • Provides customers with expansion / project space opportunity Partnership agreements: • Revenue/profit share; upside potential • To date, utilised ahead of redevelopment to maximise cashflow • First long-term partnership at The Hickman (20,500 sq ft)

38

Flex: Delivering Strong Returns Growing Track Record

Net Effective Rent at 16 Dufour’s Place, W1 Fully Managed vs. Ready to Fit (£psf) 195

200

100

Avg. term certain 2.4 years

75

80 60

105 10

+75%

0 Ready to Fit

Ready to Fully GPE Rent free Fit Net Managed operating Effective costs 1 Rent

What Have We Learned Since 2018?

• Limited risk vs. Ready to Fit • Lease terms not materially shorter • Faster leasing; reduced downtime • Accessing broader seam of potential customers • Strong returns from Fully Managed justify additional operational intensity

Fully Managed Net

Further Upside to Come • Proven customer retention • Improved cash flow • Valuation benefit • Economies of operational scale • Fit out costs • Service delivery costs of Fully Managed space • Track record of Fully Managed profit • Yield compression from existing 10% fully managed service profit • Too wide when compared to alternative real estate investments Confidence to Deliver our Flex Ambition

1. Includes cost of services, rates, broker fees, excl Fit out costs 2. 10 year cashflow uplift after voids and fit out costs 3. Absolute yield on cost, including land value

39

The Cycles So Far

Midtown & West End; Capital Growth

500.0

Nominal Capital Growth (West End and Midtown MSCI)

3.5 Yrs

400.0

8.5 Yrs

2.0 Yrs

Real Capital Value Index (monthly)

4.0 Yrs

1.7 Yrs

6.75 Yrs

300.0

200.0

100.0

0.0

Dec ‘89

Dec '86

Dec '88

MSCI. Mar 87 = 100

Dec '90

Jun ‘93

Dec '92

Dec ‘01

Dec '94

Dec '96

Dec '98

Dec '00

Dec '02

Dec ‘03

Dec '04

Dec ‘07

Dec '06

Sep ‘09

Dec '08

Jun ‘16

Dec '10

Dec '12

Dec '14

Dec '16

Dec '18

Dec '20

Dec '22 40

Office Rent as a % of Salary Costs Rent as % of Salary 45%

40%

City

West End

35%

30%

25%

20%

15%

10%

5%

0% '74

'76

'78

Source: ONS, PMA

'80

'82

'84

'86

'88

'90

'92

'94

'96

'98

'00

'02

'04

'06

'08

'10

'12

'14

'16

'18

'20

'22 41

Delivering the Developments Managing Construction Costs: Inflation

Average Construction Inflation1 Forecast

160 New Fetter Lane

33 Margaret St

May ‘22 forecast

Walmar House

150

24 Britton St 95 Wigmore St

140

240 Blackfriars Rd

30 Broadwick St The Hickman

48 Broadwick St 184 / 190 Oxford St

130

City Tower

Finsbury Sq

Rathbone Square 73/89 Oxford St

Nov ‘21 forecast

160 Great Portland St

120

1 Newman Street & 70/88 Oxford Street

110

Hanover Sq 55 Wells St

100

160 Old St

90

78/92 Great Portland St

80 '10

'11

'12

'13

'14

'15

'16

'17

'18

1. Based on Arcadis, Alinea, Aecom and Gardiner and Theobald London indices

'19

'20

'21

'22

'23

'24

'25

'26 42

Balance Sheet

Proportionally Consolidated for Joint Ventures

Group

JVs

Total

March ‘21

2,088.8

558.6

2,647.4

2,457.1

30.6

2.3

32.9

32.8

(531.2)

28.9

(502.3)

(451.0)

(58.1)

(7.0)

(65.1)

(67.3)

1,530.1

582.8

2,112.9

1,971.6

7.9

-

7.9

(3.0)

1,538.0

582.8

2,120.8

1,968.6

EPRA NTA per share

605p

230p

835p

779p

EPRA NDV per share

608p

230p

838p

777p

£m Investment property Other assets Net debt at book value Other liabilities Net assets and EPRA NTA Fair value of financial liabilities EPRA NDV

43

Income Statement

Proportionally Consolidated for Joint Ventures £m

Group 62.6

JVs

Total

Mar‘21

24.0

86.6

79.5

5.1

-

5.1

3.7

(52.7)

(1.9)

(54.6)

(37.0)

(0.4)

-

(0.4)

(0.1)

Finance costs

(1.7)

(7.6)

(9.3)

(7.9)

Profit before revaluation of investment property

12.9

14.5

27.4

38.2

Revaluation of investment property

107.9

31.4

139.3

(240.2)

Reported profit/(loss) before tax

120.8

45.9

166.7

(202.0)

0.5

-

0.5

0.1

121.3

45.9

167.2

(201.9)

12.9

14.5

27.4

38.2

-

-

-

1.9

EPRA Earnings

12.9

14.5

27.4

40.1

EPRA EPS

5.1p

5.7p

10.8p

15.8p

Rental income Fees from joint ventures Property and administration costs Loss on development management contracts

Tax Reported profit/(loss) after tax EPRA Earnings Profit before revaluation of investment property Debt redemption costs from joint ventures

44

Cash Earnings per Share

Proportionally Consolidated for Joint Ventures

£m

Group

JVs

Total

Mar‘21

EPRA Earnings

12.9

14.5

27.4

40.1

Less: spreading of lease incentives

(1.2)

(8.4)

(9.6)

(1.4)

Less: capitalised interest

(7.2)

-

(7.2)

(9.2)

3.9

-

3.9

1.5

8.4

6.1

14.5

31.0

3.3p

2.4p

5.7p

12.2p

LTIP charge

Cash EPS

45

EPRA Performance Measures

Measure

Mar ‘22

Mar ‘21

£2,112.9m

£1,971.6m

835p

779p

£2,120.8m

£1,968.6m

838p

777p

£2,306.1m

£2,150.9m

911p

849p

20.5%

20.0%

Mar ‘22

Mar ‘21

£27.4m

£40.1m

Diluted EPRA EPS

10.8p

15.8p

EPRA costs (by portfolio value)

1.9%

1.4%

EPRA Net Tangible Assets EPRA NTA per share EPRA NDV EPRA NDV per share EPRA NRV EPRA NRV per share EPRA LTV

EPRA earnings

46

Administration Costs £m 40.0

1 Salaries and other employee costs

Performance related pay

Other

Annual Average Headcount (RHS) 124

35.0 111 30.0

110

114 7.2

102

6.3 5.0

6.4

6.4

20.0

10.3

8.1

4.7 5.9

80

3.5 40

12.0

13.2

13.9

14.6

2018

2019

2020

14.8

2.3 1.5 1.3 1.0 1.1 7.2

Performance related pay (bonus & LTIP) increase driven by MSCI outperformance and strong NPS/employee engagement scores

60

4.0

4.8

10.0

5.0

Plc costs Legal and advisory 2 120 IT and digital Head office costs Other 100

25.0

15.0

129

140

17.5 20

0.0

Increased headcount to support o Customer first – sustainability, marketing, customer service o Flex growth – fitout, leasing o PLC/governance – CoSec, reporting

0 2017

2021

1. Includes directors, temporary staff, benefits and training 2. Includes insurance

2022

47

Joint Venture Business Contribution to Group

Net assets held in JV1

% of net assets held in JV 40

Access to new property

Risk sharing

£169.7m

35

£361.8m 30 25

£51.3m

20 15 10

Total

£582.8m

As % of Group net assets

27.6%

Previous joint venture partners 5 0 Mar 14

Mar 15

Mar 16

1. Active joint ventures only

Mar 17

Mar 18

Mar 19

Mar 20

Mar 21

Mar-22

48

Robust Debt Metrics Low-Cost Debt Book

March ‘22

March ’21

531.2

477.5

Net gearing

25.4%

24.6%

Total net debt including 50% JV non-recourse debt (£m)

502.3

451.0

20.5%

20.0%

Net debt excluding JVs (book value £m)

EPRA loan-to-property value

March ‘22

March ‘21

Interest cover

n/a1

n/a1

Weighted average cost of debt2

2.9%

2.7%

9.7x

12.5x

Weighted average interest rate3

2.5%

2.5%

% of debt fixed / hedged

84%

91%

391

443

Net debt to EBITDA

Cash & undrawn facilities (£m)

1. Calculated in accordance with unsecured debt covenants which exclude capitalised interest, resulting in no net interest charge for the 12 month calculation period 2. For the period (including costs) 3. As at balance sheet date (excluding costs)

49

Debt Maturity Profile1 £m

ESG-linked RCF2

500

Debenture Bonds

Mar ‘21

Private Placement Notes %

Today

WADM 8.1 years

Interest rate3

% Unsecured

1.6%

400

Cash / Undrawn Facilities WAIR

6.9 years

98%

96%

£443m

£391m

2.5%

2.5%

WAIR if fully drawn

2.1%

300

200

2.2% 2.8%

100 1.6%

2.7% 5.6%

2.8%

2.7% 2.9%

0 2022

‘22

2023

‘23

2024

‘24

2025

‘25

2026

‘26

2027

‘27

2028

‘28

2029

‘29

2030

‘30

1. Total facilities (joint ventures at share) 2. Revolving credit facility 3. As at today

2031

‘31

2032

‘32

2033

‘33

2034

‘34

2035

‘35

50

Sustainable debt £450 ESG Linked RCF • • • • •

•

Sustainable Finance Framework (SFF)

Issued Jan 21 First RCF by UK REIT with adjustable margin based on performance against ESG-linked KPIs Fully available for general corporate purposes £400m matures in Jan 27, £50m in Jan 25 KPIs aligned with GPE sustainability strategy, including: o Reducing portfolio energy intensity o Reducing embodied carbon of refurbishments and developments o Increasing portfolio biodiversity Headline 90bp margin increase/decrease by up to 2.5bp o Adjustments for the year ended March 22 donated to London Wildlife Trust

• Published July 21 • Fully integrating sustainability across our debt capital structure • Aligned to principles issued by International Capital Markets Association (ICMA) and Loan Markets Association (LMA) • Potential to issue debt instruments to finance projects with a positive environmental and/or social impact • Covers range of debt instruments including public bonds, USPPs and bank loans 51

The Valuation

Including Share of Joint Ventures

Leasehold Assets down 2.9%1

Movement % To 31 Mar ‘22 North of Oxford St Rest of West End Total West End Total City, Midtown & Southwark Investment Portfolio Development properties Properties held throughout year Acquisitions Total Portfolio

£m

12 months

6 months

978.6

3.4%

3.3%

814.1

7.5%

4.0%

1,792.7

5.2%

3.6%

649.6

1.0%

1.8%

Leasehold <100 years2

H1’22 (1.7%)

Freehold / long leasehold H2’22 H1’22 +4.5% +2.5%

H2’22 (1.0%)

Biannual Valuation Movement, Total Portfolio1 2,442.3

4.1%

3.1% +4.1%

167.6

48.6%

20.3%

2,609.9

6.1%

4.1%

37.5

(0.1%)

(0.1%)

2,647.4

6.0%

4.0%

1. Like-for-like net movement 2. 9.0% of portfolio by value

+2.0%

(2.4%) (6.6%) H1 ‘21

H2 ‘21

H1 ‘22

H2 ‘22

52

The Valuation1

Drivers of Valuation Movement

% movement

Yield shift

6 months

12 months

Rental value movement

2.8%

1.2%

-0.4%

-2.0%

1. Including share of Joint Ventures

0.0%

2.0%

Residual

0.0%

4.4%

2.0%

4.0%

6.0%

8.0%

53

The Valuation

Including Share of Joint Ventures Initial Yield

Equivalent Yield Basis point +/-

%

%

6 month

12 month

Offices

3.1%

4.3%

-9

-10

Retail

2.6%

4.6%

-1

3

Offices

2.6%

4.2%

-5

-6

Retail

2.5%

4.1%

-1

4

Total West End

2.8%

4.3%

-5

-5

City, Midtown and Southwark

3.4%

4.6%

-31

-34

2.9% (3.8% ex rent free)

4.4%

-12

-13

North of Oxford Street

Rest of West End

Total Portfolio1 1. Excludes developments

54

The Valuation

Including Share of Joint Ventures

12 months to

North of Oxford St Rest of West End Total West End City, Midtown and Southwark Investment portfolio Development properties Properties held throughout the year Acquisitions Total portfolio

Value £m

Mar ‘22 £m

Change %

6 months %

978.6

31.9

3.4%

3.3%

814.1

56.7

7.5%

4.0%

1,792.7

88.6

5.2%

3.6%

649.6

6.7

1.0%

1.8%

2,442.3

95.3

4.1%

3.1%

167.6

54.8

48.6%

20.3%

2,609.9

150.1

6.1%

4.1%

37.5

-

(0.1%)

(0.1%)

2,647.4

150.1

6.0%

4.0% 55

The Valuation Wholly Owned

12 months to Value £m

Mar ‘22 £m

Change %

6 months %

North of Oxford St

934.7

39.9

4.5%

4.0%

Rest of West End

435.1

8.6

2.0%

2.5%

1,369.8

48.5

3.7%

3.5%

513.9

6.5

1.3%

1.6%

1,883.7

55.0

3.0%

3.0%

167.6

54.8

48.6%

20.3%

2,051.3

109.8

5.7%

4.2%

37.5

-

(0.1%)

(0.1%)

2,088.8

109.8

5.5%

4.1%

Total West End City, Midtown and Southwark Investment portfolio Development properties Properties held throughout the year Acquisitions Total portfolio

56

The Valuation

Joint Ventures (100%)

12 months to

North of Oxford St Rest of West End Total West End City, Midtown and Southwark Investment portfolio Development properties Properties held throughout the year Acquisitions Total portfolio

Value £m

Mar ‘22 £m

Change %

6 months %

87.8

(15.9)

(15.4%)

(9.2%)

758.1

96.1

14.5%

5.8%

845.9

80.2

10.5%

4.0%

271.4

0.4

0.2%

2.3%

1,177.3

80.6

7.8%

3.6%

-

-

-

-

1,177.3

80.6

7.8%

3.6%

-

-

-

-

1,177.3

80.6

7.8%

3.6% 57

The Valuation1

ERV and Reversionary Potential

Movement in ERV To 31 March ‘22

12 months

%

6 months %

£m

Average Office Rent Passing

Average Office ERV

Reversionary Potential

£ per sq ft

£ per sq ft

%

North of Oxford St Offices

3.4%

1.2

2.4%

(2.5%)

(0.4)

(1.9%)

6.5%

1.6

3.4%

1.1%

0.2

2.4%

2.9%

2.6

2.0%

84.00

85.40

1.3%

Offices

3.4%

1.6

0.3%

46.30

55.80

16.3%

Retail

0.8%

-

1.3%

(5.9%)

Total City, Midtown & Southwark

3.3%

1.6

0.3%

14.7%

Total Let Portfolio

3.0%

4.2

1.4%

Retail

73.60

78.70

4.3% (1.3%)

Rest of West End Offices Retail Total West End

100.00

97.30

(1.7%) 2.4%

City, Midtown & Southwark

1. Including share of Joint Ventures

67.50

69.50

4.7%

58

Sustainability Progress on EPCs

Progress against Net Zero Carbon Roadmap

• 100% compliant with 2023 EPC legislation • 37% of portfolio compliant with anticipated minimum B rating by 20301 • Rises to 49% of portfolio compliant on delivery of 50 Finsbury Square, EC2 and 2 Aldermanbury Square, EC2

•

EPC Ratings: percentage of portfolio by area

Decarbonisation Fund

18%

31%

23%

16%

6%

-

-

6%

Targeted under development

30

Current FRI Current managed portfolio

• •

• • •

20

37% reduction in carbon footprint since baseline set in 2019 24% improvement in energy intensity (kwh/m2) when compared with our 2016 baseline Continue to purchase 100% of energy sourced from zero carbon, renewable energy supplies

Investments FY ‘22 £403k by fund; 100% deployed in 200 Gray’s Inn Road energy efficiency projects Income FY ‘22 £522k into fund from operational carbon emitted during year ended March ’22 Internal Carbon Price remains at £95 per tonne for year ending March 23

10

0

A

1. By area

B

C

D

E

F

G

Managed portfolio uncertified

59

Social Value Social Impact Strategy • • • •

Launched November 2021 Four pillars to our approach £630,800 social value generated during the year £1.25 million generated since 1 April 2020

Charity Partnerships Centrepoint • £116K raised during year • £430K raised during four year relationship Groundwork London • Air Quality Projects: £26K invested, 7 Islington schools Westminster Bikes • Supporting unemployed Westminster residents through City & Guilds bike mechanic qualification • £30K social value generated

Inclusive Leadership

New Charity Partnerships

• GPE Executive Committee participating in Inclusive Leadership Programme with Arrival Education • Co-mentoring socially and ethnically diverse talent

Work to create positive futures for young people growing up on inner-city estates in London

The UK’s leading fuel poverty charity

60

Market Rents PMA: Office Market Balance1

PMA: Prime Headline Rents

Months supply

£ per sq ft, years to December Stagflation scenario

100 Forecast

West End

140

City 80

Stagflation

Headline West End3 Headline City3 Spot Rent Free4 West End

scenario2

City

Nov ’21 24

May ’22 21 – 24

27

24 - 27

Forecast

110 60 Rent falling 80 40

50

20

GPE Office Rent rising Rental Equilibrium at 20 months

0 '07

'10

'13

'16

'19

'22

'25

20

ERV

£69.50 psf

RP5

£67.50 psf

'06 95th

1. PMA 2. West End and City combined

'08

'10

'12

69% West End6 93% near Crossrail7 Current reversion 4.7% '14

'16

'18

'20

'22

'24

'26

3. PMA, percentile 4. GPE, months, assuming a 10 year term 5. Rent Passing 6. By value 61 7. Within 800m of a Crossrail station

Source: CBRE, GPE Jun-22

Jun '21

Jun '20

1 qtr

Jun '19

Jun '18

Jun 17

Jun 16

Jun 15

30 Jun 14

30 Jun 13

30 Jun 12

30 Jun 11

Nominal Prime Rental Value (LHS)

30 Jun 10

30 Jun 09

30 Jun 08

3 qtrs

30 Jun 07

30 Jun 06

30 Jun 05

30 Jun 04

30 Jun 03

£100

30 Jun 02

30 Jun 01

30 Jun 00

30 Jun 99

30 Jun 98

30 Jun 97

30 Jun 96

30 Jun 95

30 Jun 94

30 Jun 93

30 Jun 92

30 Jun 91

£75

30 Jun 90

30 Jun 89

History of rental lags to yield moves

West End Prime Yields and Rental Growth

Prime Yields (RHS)

£125 7.0%

6.5%

6 qtrs 6.0%

2 qtrs 5.5%

3 qtrs 5.0%

7 qtrs 4.5%

5 qtrs 4.0%

£50 3.5%

4 qtrs 3.0%

£25 2.5%

62

Central London Prime Yields (%) 7.0

6.0

5.0

4.0

West End

City

Source: CBRE

2021

2016

2011

2006

2001

1996

1991

1986

3.0

63

Central London Office Yields vs Other Global Cities (%) 5.0

4.0

3.0

2.0

1.0

0.0 New York

Source: JLL/CBRE

London City

London West End

Singapore

Amsterdam

Hong Kong

Paris

Berlin

Tokyo

64

Central London Office Completions1 Market Peaks

M sq ft 14.0

Completed & Let

Pre-Let

Spec

CBRE Projected

Vacancy rate 14.5%

12.0

10.0

Vacancy rate 10.5%

8.0

6.0

4.0

2.0

0.0

'91

'03

'09

'10

'11

1. CBRE / GPE; schemes > 20,000 sq ft

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

'23

'24

'25 65

Net Office Job Creation in London1 179,000 jobs to be created over, 2021-2026

‘000s of jobs 0.0

200.0

400.0

600.0

800.0

1000.0

1200.0

2021-2026

’21

’26

’21 ’26

’21 ’26

‘21 ‘26

1. Oxford Economics, May 2022; Professional Services, Creative, Banking & Insurance, Public Sector

Professional Services +120,000 jobs

Creative +52,000 jobs

Banking & Insurance +4,000 jobs

Public Sector +3,000 jobs

66

London Office Jobs

London Finance and Business Services Employment

% p.a.

10%

Finance

Business Services

8% 6% 4% 2% 0% -2% -4% -6% -8% -10% '09 Q1

Source: ONS

'10 Q1

'11 Q1

'12 Q1

'13 Q1

'14 Q1

'15 Q1

'16 Q1

'17 Q1

'18 Q1

'19 Q1

'20 Q1

'21 Q1

'22 Q1

67

GPE Leasing Progress GPE: Investment Portfolio Lettings1 £m 30.0

Lettings, % ahead of ERV2 (18.6)

(6.0)

7.8

13.3

8.7

4.2

4.5

8.7

1.5

3.4

5.9

8.4

0.7

7.5

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

2.5

5.5

1.2

12.2

2.5

20.0 10.0 0.0 GPE: Space Under Offer3 % 15.0

Under Offer, % ahead of ERV2 17.2

1.2

4.2

2.4

0.1

2.6

6.9

2.1

8.1

10.0 5.0 0.0 Sep 15 Mar 16 Sep 16 Mar 17 Sep 17 Mar 18 Sep 18 Mar 19 Sep 20 Mar 20 Sep 20 Mar 21 Sep 21 Mar 22 1. 100%, inc development lettings, excludes pre-lets; avg. for Mar ‘09 – Mar ‘22 2. % ahead of March ERVs excluding short-term lets ahead of development 3. As at reporting date; avg for Sept ‘15 – Mar ’22.

68

Source: CBRE 01

Q1 '22

Q4 '21

Q3 '21

Q1 '21

'20

19

'18

17

'16

15

'14

13

'12

11

'10

09

'08

07

'06

05

City

'04

03

'02

%

'00

99

'98

97

'96

95

'94

93

'92

91

'90

89

'88

87

'86

85

'84

Void Rate

Ready to Occupy Space

20.0 West End

15.0

10.0

5.0

0.0

69

Central London Availability By Type1 Million sq ft

30 Secondhand

New

2021-2022

20 Secondhand -8%

10

New +35% 0 '16

1. CBRE

'17

'18

'19

'20

'21

'22

70

City Active Requirements >10,000 sq ft

Change

000 sq ft

May 2012

Nov May 2012 2013

Professional 1,073 1,073 Services

838

Nov May 2013 2014 838

Nov May 2014 2015

945

841

1,232 1,041

435

Nov 2015

May 2016

Nov 2016

May 2017

Nov 2017

698

649

991

881

728

1,310 1,352

840

631 1,468 1,202

904

May 2018

Nov 2018

May 2019

Nov 2019

907 1,282 1,395 2,356

Financial Services

1,139

1,197

894

Manufacturin g& Corporates

137

67

55

175

90

55

209

436

361

414

252

214

165

199

Misc

350

441

423

666

497

127

344

436

328

391

262

352

367

Marketing & Media

133

61

71

124

233

493

188

218

440

632

683

217

IT & Tech

257

234

554

422

204

109

581

654

433

418

476

Government

259

92

25

70

480

430

560

262

318

179

Insurance

926

831

568

417

475

456

366

305

202

434

1,743

1,618 1,466

May 2020 2,361

May 2021

Nov May 12 2021 2022 mnths

1st 6 2nd 6 mnths mnths

1,810

-12%

-6%

-7%

456 1,639 1,090

139%

259%

-33%

1,658 2,053 1,938

725

405

321

28

39

30

35

93

252

228

145%

171%

-10%

370

521

957

163

20

240

120

20

-92%

-50%

-83%

247

81

67

200

60

72

616

237

88

-86%

-61%

-63%

782

519

711

470

947

934

219

152

793

798

425%

422%

1%

184

227

165

162

108

110

90

70

45

45

30

-33%

0%

-33%

332

285

155

222

177

247

395

424

307

184

320

4%

-40%

74%

2,819 3,962 5,208 4,384

11%

31%

-16%

Total 4,274 3,996 3,428 3,944 3,965 2,946 4,462 4,361 3,571 4,090 4,538 4,007 4,268 4,645 4,232 5,581 4,438

Source: Knight Frank

Nov 2020

71

West End Active Requirements >10,000 sq ft

Change Nov 2014

May 2015

Nov 2015

May 2016

Nov 2016

May 2017

Nov 2017

May 2018

Nov 2018

May 2019

40

20

115

281

120

353

170

55

75

22

134

54

60

152

185

125

310

68%

-32%

148%

261

409

367

502

421

374

499

300

372

329

293

620

693

890

624

649

290

720

11%

-55%

148%

445

154

319

177

376

538

512

598

447

445

792

725

854

554

603

249

323

159

299

-7%

-51%

88%

373

210

330

262

225

203

304

140

208

262

317

388

474

242

125

213

12

25

50

50

100%

100%

0%

782

810

145

163

218

360

225

538

570

418

548

720

551

420

316

562

162

285

521

500

272

-48%

-4%

-46%

IT & Technology

95

172

276

207

125

130

223

234

465

284

272

298 1,072

107

258

186

164

37

157

189

173

10%

20%

-8%

Government

109

64

83

130

17

-

-

-

180

283

131

105

242

185

47

67

-

-

-

25

-

-

-

1,313 1,849

-1%

-29%

41%

000 sq ft

May 2012

Professional Services

100

110

156

206

Financial Services

358

368

616

Manufacturing & Corporates

155

485

Miscellaneous

432

Marketing & Media

Total

Nov May 2012 2013

Nov May 2013 2014

150

Nov May Nov 2019 2020 2020

May 2021

2,031 2,382 1,931 1,451 1,390 1,279 1,644 2,316 2,361 2,643 2,130 2,312 3,357 2,283 2,609 2,221 2,159 1,359 1,860

Source: Knight Frank

Nov May 12 2021 2022 mnths

1st 6 mnths

2nd 6 mnths

72

Source: CBRE Q1 2022

Q1 2021

Q1 2020

Q1 2019

Q1 2018

Q1 2017

Q1 2016

Q1 2015

Q1 2014

Rent (RHS)

Q1 2013

Q1 2012

Q1 2011

Q1 2010

Rent Free Periods (LHS)

Q1 2009

Q1 2008

Q1 2007

Q1 2006

Q1 2005

Q1 2004

Q1 2003

Months

Q1 2002

Q1 2001

Q1 2000

Q1 1999

Q1 1998

Q1 1997

Q1 1996

Q1 1995

City Top Prime Rents

vs. Rent Free Periods

Net Rent (RHS) £ psf

35.0 80.00

30.0

25.0 60.00

20.0

15.0 40.00

10.0

5.0

0.0 20.00

73

Source: CBRE Q1 2022

Q1 2021

Q1 2020

Q1 2019

Q1 2018

Q1 2017

Q1 2016

Q1 2015

Q1 2014

Rent (RHS)

Q1 2013

Q1 2012

Q1 2011

Q1 2010

Rent Free Periods (LHS)

Q1 2009

Q1 2008

Q1 2007

Q1 2006

Q1 2005

Q1 2004

Q1 2003

Months

Q1 2002

Q1 2001

Q1 2000

Q1 1999

Q1 1998

Q1 1997

Q1 1996

Q1 1995

West End Top Prime Rents

vs. Rent Free Periods

Net Rent (RHS) £ psf

35.0 140.00

30.0 120.00

25.0 100.00

20.0 80.00

15.0

10.0 60.00

5.0 40.00

0.0 20.00

74

City Take-Up

Secondhand

m sq ft

New Completed

Pre-let

10-Year Average 1.3m sq ft

2.5

2.0

1.5

1.0

0.5

4.9

6.3

5.0

3.8

4.2

6.3

3.8

4.1

5.5

6.4

6.2

4.7

5.5

5.8

5.8

Q1 2022

Q1 2021

Q1 2020

Q1 2019

Q1 2018

Q1 2017

Q1 2016

Q1 2015

Q1 2014

Q1 2013

Q1 2012

Q1 2011

Q1 2010

Q1 2009

Q1 2008

Q1 2007

Q1 2006

Q1 2005

0.0

2.5

4.1

Annual Take-Up (m sq ft) Source: CBRE

75

West End Take-Up

m sq ft

Secondhand

New Completed

Pre-let

10-Year Average 1.0m sq ft

1.5

1.0

0.5

4.4

4.7

4.9

3.6

3.1

4.7

4.3

3.5

4.0

4.4

4.4

3.7

4.7

4.2

4.2

1.8

Q1 2022

Q1 2021

Q1 2020

Q1 2019

Q1 2018

Q1 2017

Q1 2016

Q1 2015

Q1 2014

Q1 2013

Q1 2012

Q1 2011

Q1 2010

Q1 2009

Q1 2008

Q1 2007

Q1 2006

Q1 2005

0.0

4.0

Annual Take-Up (m sq ft) Source: CBRE

76

Source: CBRE Q1 2022

Q1 2021

Q1 2020

Q1 2019

Q1 2018

Q1 2017

Q1 2016

Q1 2015

Q1 2014

Q1 2013

Q1 2012

1.5

Q1 2011

Q1 2010

Q1 2009

Q1 2008

Q1 2007

Q1 2006

Q1 2005

Q1 2004

City Office Under Offer

m sq ft

2.0

10-year average: 1.4m sq ft

1.0

0.5

0.0

77

Source: CBRE Q1 2022

Q1 2021

Q1 2020

Q1 2019

Q1 2018

Q1 2017

Q1 2016

Q1 2015

Q1 2014

Q1 2013

Q1 2012

Q1 2011

Q1 2010

Q1 2009

Q1 2008

Q1 2007

Q1 2006

Q1 2005

Q1 2004

West End Office Under Offer

m sq ft

2.0

1.5 10-year average: 1.0m sq ft

1.0

0.5

0.0

78

Equity Demand and Supply

Central London Investment & Development Property

Equity Demand1 2014

2015

2016

2017

2018

2019

2020

2021 May

2022 Nov

May

£bn

May

Nov

May

Nov

May

Nov

May

Nov

May

Nov

May

Nov

Nov

Private

6.5

6.5

9.0

9.0

7.5

14.0

15.5

15.5

14.4

13.7

13.8

14.3

16.3

15.7

16.0

11.3

UK REITs

2.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.2

1.5

1.8

1.8

2.0

2.5

2.5

2.0

Sovereign / Overseas Funds

11.5

17.0

18.0

16.0

17.3

16.0

14.0

14.5

15.4

13.8

10.0

10.5

13.5

14.5

12.1

14.7

UK Funds

2.0

2.5

4.0

3.5

2.5

1.5

1.0

1.0

0.8

1.0

1.7

1.7

1.8

2.0

2.0

2.0

US Capital

4.5

5.5

5.5

4.5

4.5

4.5

6.0

5.0

4.0

3.0

3.0

3.0

3.0

4.0

5.0

5.0

German Funds

1.3

1.5

2.5

1.8

1.0

1.5

2.0

2.0

1.2

1.0

1.5

1.5

2.0

2.5

2.5

1.7

27.8

34.0

40.0

35.8

33.8

38.5

39.5

39.0

37.0

34.0

31.8

32.8

38.6

41.2

40.1

36.7

Asset Supply2 2014 May

2015 Nov

May

2016 Nov

May

2017 Nov

May

2018 Nov

May

2019 Nov

May

2020 Nov

City

£0.7bn

£1.8bn £1.0bn

£6.1bn £3.3bn

£3.1bn £4.2bn

£7.9bn £2.3bn £2.4bn £1.8bn £1.6bn

West End

£1.6bn

£1.5bn £1.0bn

£1.8bn

£1.4bn

£3.2bn £3.7bn

£1.6bn

£1.7bn

£2.3bn £3.3bn £2.0bn £7.9bn £4.9bn £4.5bn £5.9bn

£1.9bn

£1.7bn £2.0bn

£11.1bn £6.0bn £4.3bn £3.5bn £3.6bn

1. CBRE, figures not available for May 20 2. GPE, available stock on the market

May

2022

2021 Nov

May

Nov

May

6 mnth % chng

12 mnth % chng

£0.6bn

£6.9bn £4.1bn £4.2bn £4.3bn

2%

5%

£1.1bn

£2.2bn £2.2bn £2.5bn £2.1bn

(16%)

(5%)

£1.7bn

£9.1bn £6.3bn £6.7bn £6.4bn

(4%)

2%

79

Investment Activity West End & City

Available assets Nov ’21 to May ‘22 £bn 8.0 City

6.0

West End

1.6 2.4 4.2

1.0 4.3

4.0

0.7 0.5

1.7

0.6

2.0 1.9

2.5

2.1

0.4

0.0 On the market Nov '21 Source: GPE

Sold

Under offer

Withdrawn

Available

New for sale

On the market May '22 80

GPE Portfolio Mix1 At 31 March 2022

By Type (by value)

By Location (by value)

Midtown 5% Southwark 7%

Residential 1% Retail 20%

Office 79%

1. Includes share of Joint Ventures

Noho 38%

City 19%

Rest of West End 31%

81

GPE Customers1

By Sector

Retailers, hospitality & leisure

TMT

Professional & Business Services

Financial Servcies

Corporates

Government & Other

100%

Government & Other 2%

Corporates 14%

75%

Financial Services 16%

Professional & Business Services 25%

50%

TMT 13%

25%

Retailers: Head Offices 10%

Retailers: Retail Stores 20%

0% Mar '09 Mar '10 Mar '11 Mar '12 Mar '13 Mar '14 Mar '15 Mar '16 Mar '17 Mar '18 Mar '19 Mar '20 Mar '21 Mar' 22

1. Includes share of Joint Ventures

82

Top Customers1 31 March 2022

Customer Kohlberg Kravis Roberts

Sector Financial Services

Glencore

Corporate

3.1

Runway East

Professional & Business Services

2.8

Exane SA

Financial Services

2.8

New Look2

Retailers & Leisure

2.7

Retailers & Leisure

2.7

Winckworth Sherwood

Professional & Business Services

2.5

Fashion Retail Academy2

Retailers & Leisure

2.5

Carlton Communications

TMT

2.4

Uniqlo

Retailers & Leisure

2.3

Independent Television News

TMT

1.8

Dennis Publishing

TMT

1.6

RBH Group

Retailers & Leisure

1.5

Ahli United Bank (UK)

Financial Services

1.4

Brown-Forman Beverages

Corporate

1.3

Heineken

Corporate

1.3

Bell Rock Capital Management

Financial Services

1.2

Lionsgate UK

TMT

1.2

Guy’s and St Thomas NHS Foundation

Government

1.0

Brown Advisory Limited Total

Professional & Business Services

Richemont

2

1. Contracted rent, including share of Joint Ventures 2. Office occupiers

£m 4.4

Top 10 27.1%

Top 20 39.9%

1.0 41.5 83

Portfolio Management

Customer Retention, 12 months to March 20221

Area (000 sq ft) 400

378 163

350

300

250 215

140

200

150

65%

100

8 4%

50

67 31%

0 Expiries & Breaks

1. Joint Ventures at 100%

Refurbishment / Development

Sub total

Retained

Relet / Under offer

Remaining

84

Portfolio Management Movement in Reversions1

6 months to 31 March 2022

30 Sep 2021

£6.5m

£7.5m

Portfolio activity2

(£2.8m)

-

Reversion capture

(£0.3m)

(£1.6m)

-

(£0.3m)

ERV movement

£1.5m

£0.9m

At end of period

£4.9m

£6.5m

At beginning of period

Disposals

1. Based on let portfolio; includes share of Joint Ventures 2. Includes lease expiries, breaks, new lettings and amounts transferred to the development portfolio

85

Portfolio Management Expiry Profile1

% by total rental income subject to lease expiry or break Years to March Investment Portfolio

Near Term Developments

40.0

0.3

30.0

20.0

8.3 2.8 28.9

10.0

17.2

16.8 12.4 5.2

8.1

2026

2027

0.0 2023

2024

1. Includes share of Joint Ventures

2025

After 86

Portfolio Management Void Rate, % by Rental Value1

35.0

Investment Portfolio

Newly completed developments

Development / refurbishment

Pre-Let

30.0 2.4 3.6

25.0

5.2

4.8 14.7

20.0

15.0

15.4

4.7

4.7

7.9

22.0

0.6

8.2 19.0

22.3 12.3

10.7 13.4 12.5 8.4

18.3

6.6 5.6

3.7

6.4

3.3

2.4

2.3

3.7

2.3

2.0

3.6

3.1

3.1

4.9

4.8

4.8

2.3

2.0

10.8% 6.6

5.1

4.4

10 M ar 11 Se p 1 M 1 ar 12 Se p 12 M ar 13 Se p 13 M ar 14 Se p 14 M ar 15 Se p 15 M ar 16 Se p 16 M ar 17 Se p 17 M ar 1 Se 8 pt 18 M ar 1 Se 9 pt 1 M 9 ar 2 Se 0 pt 20 M ar -2 Se 1 p21 M ar -2 2

3.2

8.3 5.4

8.9

Se p

M ar

10

0.0

2.7

6.8

9.4

18.4 18.9

6.6

5.0 4.4

4.3

14.8

19.5

0.2

16.0 16.9

6.4

3.7

5.8 12.9

3.0

10.0

3.5

3.3

6.4

17.6 8.8

12.2

10.0

24.4

10.0

10.8

7.1

4.2

1. Includes share of Joint Ventures

87

HQ Repositioning : Feeding Ready to Fit 7 Schemes, Starts from H2 ‘22 Existing 420,300 sq ft

Near-Term Capex £836m

ERV £72m

Completed 917,800 sq ft

Medium Term

Existing 204,500 sq ft

Targeting 214,300 sq ft

Pipeline Total

Increase 118%

New Build1 1,132,100 sq ft Increase 81%

Minerva House, SE1

Mount Royal, W1

New City Court, SE1 Earliest Start

2022

2 Aldermanbury Square, EC2

2023

French Railways 2 House, SW1

2024

2025

2026

Kingsland/ Carrington Hse, W1

1. Existing area used where insufficient design information exists. 2. Including 50 Jermyn St, SW1

2027

2028

35 Portman Square, W1

88

Low Carbon HQ Repositioning Our Three Innovative Approaches

Re-use and Extend

Low Carbon New Build

Circular Economy New Build

Minimise carbon by reutilising as much of existing building

Re-use of elements of buildings such as basements. Efficient low carbon modular construction.

Use of recycled materials to reduce whole life carbon

Re-use of elements of buildings such as basements. Efficient low carbon modular. Re-used materials arising from the dismantling of other buildings

Minerva House SE1

50 Finsbury Sq EC2

1. Including 50 Jermyn St, SW1

2 Aldermanbury Sq EC2

New City Court SE1

French Railways House SW11

89

Opportunity Rich Pipeline 7 Schemes

Existing Area

New build area (sq ft)1

Opportunity Area

Earliest Start

Capex (£m)

Uplift in ERV (%)

Next Steps

2 Aldermanbury Square, EC2

176,000

321,100

Crossrail

2022

£267m

Demolition

2

54,600

67,700

Core West End

2023

£79m

Detailed Design

New City Court, SE1

98,000

389,100

London Bridge

2024

£377m

Planning Appeal

Minerva House, SE1

91,700

139,900

London Bridge

2023

£113m

Planning Permission

420,300

917,800

Kingsland/Carrington House, W1

39,600

48,800

Core West End

2024

Design

Mount Royal, W1

92,100

92,100

Core West End

2028

Design

35 Portman Square, W1

72,800

73,400

Core West End

2026

Design

204,500

214,300

French Railways House, SW1

Near Term Total

Pipeline Total

£836m

214%

1,132,100

1. Existing area used where insufficient design information exists. 2. Including 50 Jermyn St, SW1

90

Development Scheme Review Completions since May 2009 PC

New build area sq ft

Cost £m1

Profit £m1

Yield on cost2

Rent £m pa1, 2

% let at PC3

BREEAM Rating

184/190 Oxford St, W1

Apr 2011

26,400

28.7

7.1

SOLD

SOLD

100%

-

23 Newman St, W1 (Residential)

Oct 2011

24,900

26.4

0.8

SOLD

SOLD

n/a

Echohomes/Very Good

24 Britton St, EC1

Nov 2011

51,300

19.3

6.4

SOLD

SOLD

100%

Very Good

160 Great Portland St, W1

May 2012

92,900

63.3

26.8

SOLD

SOLD

100%

Very Good

33 Margaret St, W1

Dec 2012

103,700

91.0

52.1

SOLD

SOLD

97%

Excellent

95 Wigmore St, W1 (GWP)

Jul 2013

112,200

54.8

34.2

SOLD

SOLD

92%

Excellent

City Tower, 40 Basinghall St, EC2

Sep 2013

138,200

35.6

11.8

5.4%

3.1

24%

Very Good

240 Blackfriars Road, SE1 (GRP)

Apr 2014

236,700

67.6

37.7

SOLD

SOLD

57%

Excellent

Walmar House, W1

Oct 2014

60,300

59.6

32.1

7.4%

4.2

12%

Very Good

12/14 New Fetter Lane, EC4

Nov 2015

142,300

49.6

51.9

SOLD

SOLD

100%

Excellent

48/50 Broadwick St, W1 (Residential)

Feb 2016

6,500

8.6

1.1

SOLD

SOLD

n/a

-

90/92 Great Portland St, W1

Aug 2016

8,600

5.0

(0.1)

SOLD

SOLD

0%

Excellent

30 Broadwick St, W1

Nov 2016

92,300

132.4

47.4

SOLD

SOLD

25%

Excellent

73/89 Oxford St & 1 Dean St, W1

Jul 2017

90,200

200.4

51.0

SOLD

SOLD

91%

Excellent

Rathbone Square, W1 (Commercial)

Mar 2017

268,900

292.8

83.1

SOLD

SOLD

91%

Excellent

78/80 Great Portland St, W1

May 2017

18,100

20.7

2.6

SOLD

SOLD

2%

Excellent

84/86 Great Portland St, W1

May 2017

22,700

28.3

4.2

SOLD

SOLD

100%

Very Good

55 Wells St, W1

Nov 2017

37,300

50.8

9.6

SOLD

SOLD

10%

Excellent

Rathbone Square, W1 (Residential)

Nov 2017

151,700

280.1

3.5

SOLD

SOLD

n/a

Sustainable Homes L4

160 Old St, EC1 (GRP)

Apr 2018

161,700

66.5

13.0

SOLD

SOLD

71%

Excellent

The Hickman, E1

Sep 2020

75,300

61.0

10.2

6.4%

3.9

0%

Excellent

Hanover Sq, W1 (GHS)

Nov 2020

219,400

312.2

22.8

4.2%

12.8

55%

Excellent

Jul 2021

122,700

294.2

(28.4)

4.2%

12.4

33%

Excellent

2,264,300

2,248.9

480.9

4.3%

36.4

1 Newman St & 70/88 Oxford Street, W1

As at completion Profit on cost: 21%

1. GPE share 2. Rent / yield on costs for assets held only 3. Based on ERV of property

91

Our Integrated Team GPE Senior Management Executive Committee

Toby Courtauld Chief Executive

Nick Sanderson Chief Financial & Operating Officer

Dan Nicholson Executive Director

Janine Cole Sustainability & Social Impact Director

Carrie Heiss Human Resources Director

Robin Matthews Investment Director

Steven Mew Customer Experience and Flex Director

Andrew White Development Director

Marc Wilder Leasing Director

Darren Lennark Company Secretary & General Counsel

Stephen Burrows Director of Financial Reporting & IR

Helen Hare Director of Projects

Martin Leighton Director of Corporate Finance

Hugh Morgan Director of Investment Management

David O’Sullivan Director of Occupier & Property Services

James Pellatt Director of Workplace & Innovation

Anisha Patel Director of Marketing

Piers Blewitt

Head of Planning Strategy & Senior Development Mgr

Rebecca Bradley Head of Property Services

Lisa Day Head of Occupier Services

Alexis George Head of Health & Safety

Charlie Turrell Head of Financial Planning and Analysis

Martin Quinn Head of Technical Project Delivery and Senior Project Manager

Steven Rollingson Head of IT`

Simon Rowley Director of Office Leasing and Flex

Senior Management

92