A HIGHLY REVERSIONARY MULTI-LET CORE CITY INVESTMENT

INVESTMENT OVERVIEW 3 THE CITY OF LONDON 6 LOCATION 8 DEVELOPMENT ACTIVITY 10 DESCRIPTION 14 ACCOMMODATION 16 FLOOR PLANS 18 TENANCIES 20 COVENANTS 22 TENURE & PLANNING 24 ASSET MANAGEMENT OPPORTUNITIES 25 MARKET COMMENTARY 26 ADDITIONAL INFORMATION 28 INVESTMENT PROPOSAL 28 CONTACTS 29 APPENDIX PRINCIPLE TERMS OF THE HEADLEASE 31 A HIGHLY REVERSIONARY MULTI-LET CORE CITY INVESTMENT 1 32

INVESTMENT OVERVIEW Core City location at the gateway to the financial and insurance districts. Strategically positioned with strong existing transport links, set to be further enhanced by the delivery of the new Crossrail Liverpool Street station, 200 metres from Hasilwood House. Attractive Grade II listed building constructed in the 1920 s and subject to comprehensive refurbishment behind the façade in 2007 and 2014. Provides 44,807 sq ft (4,163 sq m) of prime office, retail and ancillary accommodation arranged over basement, lower ground, ground and seven upper floors. Held Long Leasehold expiring September 2138, providing over 122 years unexpired. Multi-let to eight tenants providing a Weighted Average Unexpired Lease Term of 3.6 years to lease breaks and 4.4 years to lease expiries. Gross rent of 1,749,237 per annum providing a net rent of 1,640,237 per annum (inclusive of Vendor rental cover) reflecting a highly reversionary rent of 39.04 per sq ft overall. The 2nd and 3rd floors are currently being marketed at 62.50 per sq ft. Potential to capture further rental income with a number of well-timed lease events and active management opportunities over the next two to three years. We are seeking OFFERS IN EXCESS OF 29,800,000 (TWENTY-NINE MILLION EIGHT HUNDRED THOUSAND POUNDS) for the long leasehold interest, subject to contract and exclusive of VAT. This reflects a net initial yield of 5.15%, an estimated reversionary yield of 6.40% (assuming purchasers costs of 6.78%), and a low capital value of only 665 per sq ft. 3 32

56 METRES OF ATTRACTIVE CLASSICAL FRONTAGE OVERLOOKING BISHOPSGATE

THE CITY OF LONDON CULTURE & TOURISM London is the leading global hub for business, direct foreign investment, international visitors and students. London s population of 8.6 million is growing by 100,000 people each year and forecast to reach 10 million people by 2030. London s strengths are underpinned by a combination of stable attributes: business-friendly regulations, global openness to trade, investment and migration and a vibrant and liberal open culture that attracts talent from all over the world. A leading global educational centre with over 43 universities and 440,000 students. Ranked the best European City for shopping (Globe Shopper City Index). The leading global tourist destination - world class cultural facilities include the Royal Opera House, Tate Modern, the London Eye and the Tower of London. FINANCE / LAW London generates over 20% of the UK s GDP. London re-established itself as the No. 1 global financial centre in 2015, ahead of New York (Z/Yen research). London is the largest banking centre in the world. There are over 250 foreign banks in London with 17% of cross-border lending arranged in the UK more than any other country. London is the world s largest international insurance market and the main skill centre for reinsurance. The UK hedge fund market is the largest in Europe 80% of European hedge funds are managed in the UK. The modern British Parliament is one of the oldest, continuous representative assemblies in the world. It has developed over 1,000 years and has been emulated by numerous democracies around the world. TRANSPORT London Heathrow is one of the world s busiest airports dealing with over 74 million passengers per year. Significant new rail infrastructure improvements (including Crossrail) at Liverpool Street, Farringdon, Paddington, King s Cross, Euston and Canary Wharf have stimulated growth and transformed London s sub-markets. 6 32

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LOCATION Hasilwood House is prominently situated on the eastern side of Bishopsgate, at the heart of the traditional City core. This location is considered highly strategic, serving as the gateway to the financial and professional services occupiers which dominate EC2 and the insurance-based occupiers which congregate in EC3. Located 200 metres south of Liverpool Street station and approximately 450 metres north east of the Bank of England, Hasilwood House enjoys a prestigious address and a substantial frontage of 56 metres along Bishopsgate. Situated within close proximity to historic landmarks such as Leadenhall Market and surrounded by some of London s most high-profile towers including The Gherkin and Leadenhall Building, the property benefits from an unrivalled position where classical architecture meets modern design. TRANSPORT CONNECTIONS CROSSRAIL (THE ELIZABETH LINE) Hasilwood House will significantly benefit from the opening of Crossrail at Liverpool Street Station, being just 200 metres to the south of the new station. Crossrail is the most significant infrastructure improvement in Central London since the opening of the Underground over 150 years ago. It will bring 1.5 million people within 45 minutes commuting distance of London s key business districts further benefiting Hasilwood House. The main section of the new east-west route through Central London is due for completion in 2018, connecting nine London Underground lines and 11 National Rail stations. During peak times, passengers will be able to travel from Heathrow Airport to Liverpool Street Station in approximately 32 minutes. This will significantly improve Liverpool Street Station s connection to London s main airport. Hasilwood House benefits from a highly strategic location with excellent transport links - Liverpool Street, Bank and Moorgate are all within close proximity to the property. RAIL Rail and Underground services are available from Liverpool Street Station (Central, Circle, Hammersmith & City and Metropolitan lines), which provide fast access across Central London. BUS There are numerous bus routes connecting Bishopsgate with the rest of the City, West End and beyond to London Bridge and Shoreditch. AIR All major London airports are readily accessible within one hour s journey time from Hasilwood House. Crossrail alone will increase London s rail capacity by more than 10%, providing services for an estimated 200 million passengers per year. DESTINATION APPROXIMATE JOURNEY TIME FROM LIVERPOOL STREET WITH CROSSRAIL Farringdon 2 minutes 5 minutes Canary Wharf 6 minutes 18 minutes Bond Street 7 minutes 11 minutes Stratford 8 minutes 9 minutes APPROXIMATE JOURNEY TIME FROM LIVERPOOL STREET WITHOUT CROSSRAIL AIRPORT City Gatwick Heathrow Luton Stansted DISTANCE 20 minutes 35 minutes 50 minutes 55 minutes 60 minutes Paddington 10 minutes 25 minutes Heathrow 35 minutes 50 minutes BICYCLE A Transport for London bicycle docking station is located within 150 metres of the property. 8 32

BARBICAN LONDON WALL MOORGATE (500m) LONDON WALL FINSBURY CIRCUS BLOMFIELD STREET LIVERPOOL STREET (200m) BISHOPSGATE SHOREDITCH ST MARTIN S LE GRAND GRESHAM GUILDHALL MOORGATE BISHOPSGATE BEVIS MARKS STREET ST. PAUL S ONE NEW CHANGE MANSION HOUSE POULTRY QUEEN VICTORIA STREET BLOOMBERG PLACE LOTHBURY MANSION HOUSE CANNON STREET BANK OF ENGLAND BANK (450m) ROYAL EXCHANGE THREADNEEDLE STREET LOMBARD STREET KING WILLIAM STREET CORNHILL GRACECHURCH STREET LLOYD S OF LONDON 5 MINUTES ST MARY AXE ST MARY AXE LEADENHALL STREET FENCHURCH STREET FENCHURCH STREET ALDGATE ALDGATE HIGH STREET UPPER THAMES STREET CANNON STREET MONUMENT (600m) EASTCHEAP THE MONUMENT TOWER HILL RIVER THAMES UNDERGROUND Northern Central Metropolitan Hammersmith & City Circle District Waterloo & City Crossrail LOWER THAMES STREET 10 MINUTES TOWER OF LONDON SOUTHWARK BRIDGE ROAD Hayes & Harlington 35 MINUTES HEATHROW AIRPORT Southall Hanwell West Ealing Ealing Broadway Acton Main Line LONDON BRIDGE 10 MINUTES Paddington 7 MINUTES Bond Street Tottenham Court Road RIVER THAMES (STANSTED AIRPORT ) Liverpool Street 2 MINUTES Farringdon (GATWICK AND LUTON AIRPORTS ) Whitechapel 8 MINUTES Stratford 6 MINUTES Canary Wharf Custom House 14 MINUTES Woolwich (LONDON CITY AIRPORT ) ELIZABETH LINE 9 32 TOOLEY STREET CITY HALL LONDON BRIDGE

DEVELOPMENT ACTIVITY 7 5 3 6 8 4 2 1 LIVERPOOL STREET STATION Hasilwood House is located in the City s Tower Cluster, with several of the most prominent existing and proposed towers in the immediate vicinity, where the public realm will be significantly enhanced. These nearby developments are continuing to attract world class tenants and achieving the highest rents in the City. Hasilwood House is therefore well-placed to benefit from the ongoing development in the area. 10 32

1 2 3 4 22 BISHOPSGATE, EC2 100 BISHOPSGATE, EC2 52 LIME STREET, EC3 HERON PLAZA, EC2 Planning permission has been granted for a 62 storey skyscraper designed by PLP Architecture, which is set to be the tallest building in the City. The 278 metre glass-covered tower will provide approximately 1.4m sq ft of office accommodation. The tower will also feature a free public viewing platform and London's highest bar and restaurant. The scheme is anticipated to complete at the earliest in 2019. Designed by Allies & Morrison, the 40 storey building will provide approximately 865,000 sq ft of office accommodation and 35,000 sq ft of retail and restaurant space, surrounded by a new 0.5 acre public realm. Royal Bank of Canada and Jefferies have both signed pre-lets, with over 50% of the building now pre-let. The scheme is anticipated to complete in 2018. Designed by KPF architects, the WRBC development will comprise 37 storeys and approximately 385,000 sq ft of office accommodation with retail and restaurant space at ground level and a newly-created public square surrounding the building. The scheme is anticipated to complete in Q4 2017. Heron Plaza will provide a 43 storey tower, designed by PLP Architecture, comprising approximately 340,000 sq ft of 5-star luxury hotel, 120 residential apartments and retail space. The site will also create a large public plaza surrounded by newly developed shops and cafés behind retained period façades. The scheme is anticipated to complete at the earliest in 2019. 5 6 7 8 70 ST MARY S AXE, EC3 120 FENCHURCH STREET, EC3 40 LEADENHALL STREET, EC3 THE LEADENHALL BUILDING, EC3 Designed by Foggo Associates, the Can of Ham development by TH Real Estate will comprise approximately 445,000 sq ft of office accommodation arranged over 24 floors, with retail space located on the ground floor. The scheme is anticipated to complete in 2018. Generali s 420,000 sq ft office building, which is being developed by Greycoat and Core. The majority of the building (83%) is now pre-let to M&G Investments. The scheme is anticipated to complete in 2017. The consented scheme varies between 7 and 34 floors and will comprise approximately 905,000 sq ft of office accommodation with retail space on the lower levels. The scheme is anticipated to complete at the earliest in 2018. Designed by Roger Stirk Harbour & Partners, the development by Oxford Properties and British Land was completed in 2014 and provides a total of approximately 610,000 sq ft of Grade A office accommodation over 46 floors. 11 32

ST HELEN S PLACE Reinforcing its historic underpinnings, Hasilwood House prominently fronts Bishopsgate, which closely follows the alignment of the major communication routes originally laid out by the Romans. The property provides direct access into St Helen s Place, an attractive cul-de-sac owned by the Leathersellers Company (the freeholder of the property). Identified as a place of distinction by the City of London Corporation, this semi-pedestrianised enclave was redeveloped in the 1930s and still retains the architecture and character of this age. Hasilwood House itself was constructed in 1926 and serves as gatekeeper to St Helen s Place, which is signified by the period arch entrance and classical doric columns, a fitting focus to the eastern vista along the street. St Helen s Place 13 33

DESCRIPTION Hasilwood House, 60 Bishopsgate is a striking period building with a prominent City of London address. The building boasts an attractive Grade II listed Portland stone façade with a 56 metre frontage along Bishopsgate. The building was originally constructed in 1926 and comprehensively refurbished behind the retained facade in 2007, with a more recent internal refurbishment between 2014 and 2015. Hasilwood House comprises a total of 44,807 sq ft (4,163 sq m) of Grade A office, retail and ancillary accommodation arranged over basement, lower ground, ground and seven upper floors. The retail element benefits from its own separate entrance to provide a self-contained unit over basement, lower ground, ground and first floor totalling 5,502 sq ft (511 sq m). The main offices are accessed via an impressive newly refurbished reception area which has been finished to provide a contemporary feel. Typical floor plates range between 3,000 sq ft (279 sq m) and 5,500 sq ft (511 sq m) and provide regular rectangular open plan floors with good levels of natural light on the two main elevations. SPECIFICATION The office accommodation typically provides the following specification: Four pipe fan coil air conditioning Metal tile suspended ceiling LG7 compliant integral lighting Fully accessible raised floor (minimum void of 100mm) Typical floor to ceiling heights of 2.7m Excellent natural light Three passenger lifts (two x 6 person, one x 10 person) Manned reception with 24 hour access RECENT IMPROVEMENTS The Vendor has undertaken a number of improvements to the building at a cost of over 2,300,000 including: New Daikin chiller - replaced in 2013 Newly refurbished reception including LED lighting, new flooring, new furniture and bespoke reception desk Newly refurbished 2nd, 3rd and 6th floors to Category A, including the toilets and common parts Modernisation of passenger lifts New bicycle and storage facilities Newly refurbished 2nd and 3rd floors 14 32

15 32 Newly refurbished reception and common parts

ACCOMMODATION The property has been measured by Plowman Craven in accordance with the RICS Code of Measuring Practice (6th Edition). The net internal floor areas are as follows: DEMISE USE NIA (SQ M) NIA (SQ FT) 7th Office 296.0 3,186 6th Office 363.1 3,908 5th Office 514.9 5,542 4th Office 512.4 5,515 3rd Office 294.2 3,167 2nd Office 530.5 5,710 1st Office 217.6 2,342 Retail 176.8 1,903 Ground Lower Ground Basement Office 155.6 1,675 Retail 146.2 1,574 Reception 44.7 481 Retail 109.3 1,177 Storage 304.5 3,279 B.M.A. 32.7 352 Retail 78.8 848 Storage 385.4 4,148 B I S H O P S G A T E TOTAL 4,162.7 44,807 Plowman Craven can provide a Duty of Care to the purchaser in respect of the measured floor areas. KEY Office Retail Storage B.M.A Reception 16 32

FLOOR PLANS SEVENTH FLOOR KEY NIA (SQ M) NIA (SQ FT) BISHOPSGATE Office 296.0 3,186 FOURTH FLOOR KEY NIA (SQ M) NIA (SQ FT) BISHOPSGATE Office 512.4 5,515 18 32

FLOOR PLANS SECOND FLOOR BISHOPSGATE KEY NIA (SQ M) NIA (SQ FT) Office 530.5 5,710 GROUND FLOOR ENTRANCE TO ST HELEN S PLACE KEY NIA (SQ M) NIA (SQ FT) Office Retail Reception 155.6 146.2 44.7 1,675 1,574 481 19 32

TENANCIES Hasilwood House is let to eight tenants on Full Repairing and Insuring leases, producing a total gross rent of 1,749,237 per annum (inclusive of Vendor rental cover) which reflects a highly reversionary rent of 39.04 per sq ft overall ( 420 per sq m). DEMISE USE TENANT 7th Office Hasilwood Management Services Ltd. AREA (SQ FT) RENT ( PSF) RENT ( PA) LEASE START NEXT RENT REVIEW 3,186 52.37 166,845 04/10/2007-6th Office Clutch Consulting UK Ltd. 3,908 50.00 195,388 26/06/2014 26/06/2019 5th Office State Bank of India 5,542 33.77 187,170 17/03/2011 17/03/2016 4th Office S.A. Meacock & Company Ltd. 5,515 54.76 302,000 05/10/2010-3rd Office 3,167 62.50 197,938 18 months - Vacant 2nd Office 5,710 62.50 356,875 18 months - 1st Office Caisson Investment Management 2,342 Part Basement Storage Partners LLP 499 32.69 92,867 12/09/2014 - Part Ground Office T/A Benfield Partners 1,675 29.44 49,320 29/09/2012 - Part Ground Reception 481 - - - - Part 1st, Part Ground, Part Lower Ground, Part Basement Restaurant ZAH Restaurants Limited (t/a HAZ Restaurant) 5,502 26.81 147,500 26/11/2012 26/11/2017 Part Lower Ground Ancillary Under Offer: Golf Masters Limited 1,660 17.50 29,050 10 years 5 years Part Lower Ground Storage Vacant 1,619 15.00 24,285 18 months - Part Lower Ground B.M.A. 352 - - - - Part Basement Storage Vacant 3,649 - - - - GROSS TOTAL 44,807 39.04 1,749,237 HEAD RENT - 109,000 NET TOTAL 44,807 1,640,237 * Floor area includes reception area (481 sq ft) and B.M.A. (352 sq ft). ** Base Rent is calculated as 8.0% of the rental value of the premises which is reviewed 5 yearly on an upward-only basis with the next rent review due on 29 September 2019. The Supplementary Rent is the amount (if any) by which 12.5% of the income received by the long leaseholder (excluding rent free periods) exceeds the Base Rent. The Base Rent is currently 109,000 per annum. The head rent is assessed quarterly and on an annual equivalent basis. 20 32

The property has a Weighted Average Unexpired Lease Term (WAULT) of approximately 4.4 years to lease expiries and approximately 3.6 years to lease breaks. All leases are contracted outside of the Landlord and Tenant Act 1954. LEASE EXPIRY (BREAK) ERV ( PSF) ERV ( PA) COMMENTS 03/10/2017 67.50 215,055 Assigned from U.M. Services Ltd. on 14/08/2015. AGA provided. 25/06/2024 (26/06/2019) 65.00 254,020 Refurbished in 2014. Nine months rent free if break not exercised. Service charge cap of 13.55 per sq ft from May 2014, increasing in line with RPI. 24/12/2020 65.00 360,230 04/10/2020 65.00 358,475-62.50 197,938-62.50 356,875 12 months rent free from 16/03/2016. Vendor to top-up any outstanding rent free. Rent review outstanding. Service charge cap of 13.50 per sq ft from 2011, increasing in line with RPI. Assumed area of 5,505 sq ft to calculate service charge. Tenant currently in rent free up to and including 04/10/2016. Vendor to top-up any outstanding rent free. October 2015 rent review recently settled at headline rent of c. 61.00 per sq ft. Rent deposit held. Service charge cap of 13.50 per sq ft from 2011, increasing in line with RPI. Assumed area of 5,531 sq ft to calculate service charge. Refurbished in 2015. Vendor to provide rental cover for 18 months. Refurbished in 2015. Vendor to provide rental cover for 18 months. 11/09/2019 62.50 15.00 153,860 Service charge cap of 13.22 per sq ft from September 2014, increasing in line with RPI. Rent deposit held. 28/09/2017 (Mutual break) 59.50 99,663 Tenant has a rolling break at any time providing a minimum of six months notice. Landlord has a rolling break at any time providing a minimum of nine months notice. Service charge cap of 6.99 per sq ft from September 2013, increasing in line with RPI. To be vacated in broom swept condition. - - - Refurbished in 2014. 23/12/2031 26.81 147,500 Guarantee from C.A.A. Restaurants Ltd. Assumed floor area of 4,724 sq ft for rent review purposes. 10 years (Mutual at 5 years) 17.50 29,050 Golf Masters Limited are under offer to lease accommodation as indoor golf venue. Service charge cap of 13.00 per sq ft from start of lease, increasing in line with RPI. Rent deposit held. Vendor to top-up any outstanding rent free. - 15.00 14,640 Vendor to provide rental cover for 18 months. - - - Building Manager's Accommodation. - 5.00 18,245 A number of vacant storage rooms. 49.44 2,215,195-177,216 Comprises Base Rent of 109,000 per annum and Supplementary Rent.** 2,037,979 21 32

COVENANTS S.A. MEACOCK & CO. LIMITED CLUTCH CONSULTING UK LIMITED STATE BANK OF INDIA HASILWOOD MANAGEMENT SERVICES LIMITED 17.3% OF INCOME 11.2% OF INCOME 10.7% OF INCOME 9.5% OF INCOME S.A Meacock & Co is a provider of underwriting services to the insurance and reinsurance sectors. Based in London and founded in 1996, the company is a managing agency for Lloyd s of London and provides a range of services including car insurance, home insurance and life insurance. The company had a turnover of 2,672,000 in 2014. Clutch Consultancy UK Limited is a management consultancy company founded in 2012. The company provides consultancy advice on a range of fields including litigation, compliance & risk, corporate and in-house management. Clutch currently operates from seven offices across North America, Europe and Asia and is headquartered in New York. Established in 1806, State Bank of India is a state-owned corporation and the largest banking and financial services company in India by revenue. Headquartered in Mumbai, the company employs over 200,000 people, operating across 191 offices in over 36 countries worldwide. In 2014, the company had a turnover of 160,213,000. Hasilwood Management Services is a professional insurance intermediary wholly-owned by the UM Group. The company was formed in 1992 and specialises in covering financial risk in Higher and Further Education providers. HMSL is based in London, being owned and controlled by its members. U.M Group had a turnover of 20,336,000 in 2014. ZAH RESTAURANTS LIMITED CAISSON INVESTMENT MANAGEMENT BENFIELD PARTNERS 8.4% OF INCOME 5.3% OF INCOME 2.8% OF INCOME ZAH Restaurants Limited was formed in 2014 and is based in London. The company holds five licensed Mediterranean restaurants in a variety of locations across London including the City, St Pauls and Canary Wharf. Caisson Investment Management was founded in 2009 and is based in London. The company is an independent investment management group which provides fund and asset management services to both institutional and private investors seeking access to the real estate and alternative investment markets. Benfield Partners provides insurance consultancy services and is a subsidiary of AON Benfield. The company comprises three independent non-executive directors in the Benfield Partnership which is a non-profit making partnership. They provide regular advice to a number of insurance firms within the City of London. 22 32

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TENURE & PLANNING Hasilwood House is held long leasehold from The Leathersellers Company under title number NGL734877. The head lease is for a term of 125 years expiring 28 September 2119 with an option to take an extension expiring 29th September 2138 (therefore effectively over 122 years unexpired). The headrent is the sum of the Base Rent and the Supplementary Rent. The Base Rent is currently 109,000 per annum and is calculated at 8% of the rental value of the premises and is reviewed upwards only every five years, the next review being 29 September 2019. The Supplementary Rent is the amount by which 12.5% of the income received by the tenant (excluding rent free periods) exceeds the Base Rent. The headrent is assessed quarterly and on an annual equivalent basis. Further details are available in the Appendix and on the data site. Hasilwood House lies within the jurisdiction of the Corporation of London. The property is Grade II listed and situated within the St Helen s Place Conservation Area. CLERK S PLACE ST HELEN S PLACE BISHOPSGATE BANK GREAT ST HELEN S PARISH CHURCH OF ST HELEN BISHOPSGATE Plan not to scale and for indicative purposes only. 24 32

ASSET MANAGEMENT OPPORTUNITIES The current passing rent at Hasilwood House reflects a low overall rent of 39.04 per sq ft, which offers significant reversion and asset management opportunities as summarised in the table and outlined below: The newly refurbished 2nd and 3rd floors being marketed at 62.50 per sq ft provide the opportunity to set a new rental tone, thereby extending the income length and establishing new rental evidence inside the building; Over 28% of the current rent passing over the next three years is subject to reversionary lease events, providing attractive income growth; Substantial opportunity to drive rental performance over the next two to three years, particularly in the sub-5,000 sq ft sector, and the opening of Crossrail early in 2018; Opportunity to explore further rental income through vacant basement storage accommodation; These initiatives and ERV provide an estimated reversionary yield of 6.40%. DATE FLOOR EVENT PASSING RENT ( PSF) HEADLINE ERV ( PSF) ACTIVE MANAGEMENT OPPORTUNITY September 2016 5th Outstanding rent review 33.77 65.00 Achieve rental uplift using evidence established from 4th floor rent review and new rental tone on 2nd and 3rd floors. September 2016 2nd & 3rd Vacant possession 62.50 62.50 Let the vacant office space and extend the building s WAULT to over seven years and establish a new headline rent. September 2017 October 2017 September 2019 Part Ground Lease expiry 29.44 59.50 7th Lease expiry 52.37 67.50 1st Lease expiry 32.69 62.50 Opportunity to either extend lease, explore potential change of use, obtain vacant possession, refurbish and re-let at a higher rent. Opportunity to obtain vacant possession, refurbish and re-let at a higher rent. Opportunity to obtain vacant possession, refurbish and re-let at a higher rent, potentially in tandem with part ground floor to create an attractive self-contained office unit. Alternatively, a change of use in tandem with the self-contained ground floor unit could be explored. September 2019 6th Rent review 50.00 65.00 Achieve rental uplift and potential to extend lease. 2.1 2.0 Rent per annum ( millions) 1.9 1.8 1.7 1.6 1.5 Passing rent Outstanding rent review - 5th floor September 2017 Lease expiry - Part Ground October 2017 Lease expiry - 7th floor September 2019 Lease expiry - 1st floor September 2019 Rent review - 6th floor 25 32

MARKET COMMENTARY LEASING MARKET Prime rents currently stand at 70.00 per sq ft. Demand for floorplates of sub-10,000 sq ft remains particularly high, most notably in the City core. The location of Hasilwood House appeals to a wide variety of occupiers from the financial, professional services and insurance sectors, ensuring that demand for its accommodation remains strong in the longer-term. LEASING TRANSACTIONS ADDRESS DATE TENANT APPROX. AREA (SQ FT) HEADLINE RENT ( PER SQ FT) 1 Carey Lane, EC2 Q3 2016 Under Offer 4,300 68.50 Augustine House, EC2 Q3 2016 Under Offer 3,900 67.50 99 Gresham Street, EC2 Q3 2016 Xbridge 9,700 73.50 1 Carey Lane, EC2 Q3 2016 Opus Corporate Finance 2,300 79.47 Equitable House, EC3 Q3 2016 Dunn & Bradstreet 6,200 71.00 The Monument Building, EC3 Q2 2016 Booking.com 9,700 75.00 Salisbury House, EC2 Q1 2016 Lone Star 5,300 65.00 INVESTMENT MARKET Prime yields currently stand at 4.25%. Strong demand persists for sub- 40m lot sizes, with recent transactions shown below demonstrating strong capital values paid for City core properties. Demand for buildings with a low capital value per sq ft remains high. INVESTMENT TRANSACTIONS ADDRESS DATE TENURE APPROX. AREA (SQ FT) PRICE ( M) NIY (%) CAPITAL VALUE ( PER SQ FT) 1 Carey Lane, EC2 On Market L/LH (137 years / 10.0% gearing) 26,400 25.00 4.53% 946 62 Cornhill, EC2 Under Offer Freehold 32,700 c. 32.00 c.4.50% c. 979 32 Cornhill, EC3 Q2 2016 Freehold 14,800 20.50 4.23% 1,386 1 Bishopsgate, EC2 Q2 2016 Freehold 26,000 29.00 3.76% 1,115 50 Cannon Street, EC4 Q2 2016 Freehold 26,100 29.60 4.50% 1,134 26 32

YIELDS, GILTS & EXCHANGE RATE Prime City yield margins relative to UK gilts have widened from 200 bps at the start of the year to over 350 bps. UK interest rates are now at 0.25% - the lowest level in the Bank of England s 322 year history. Since the UK vote to leave the EU, the major global currencies have strengthened significantly against the pound, increasing the attractiveness of UK property to overseas investors. Yield (%) 4.50 4.25 4.00 3.75 3.50 3.25 3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 0.25 0.00 2.04% City prime yield UK 10 yr gilt yield UK base rate 1.55 1.50 1.45 1.40 GBP/USD 1.35 3.60% 1.30-11.6% 1.25 Exchange rate GBP/EUR 1.20 1.15-13.5% 1.10 1.05 1.00 0.95 0.90 Aug 16 Jul 16 Jun 16 May 16 Apr 16 Mar 16 Feb 16 Jan 16 Aug 16 Jul 16 Jun 16 May 16 Apr 16 Mar 16 Feb 16 Jan 16 27 32

ADDITIONAL INFORMATION VALUE ADDED TAX (VAT) The property is elected for VAT. It is anticipated the sale of the property will be treated as a Transfer of Going Concern (TOGC). EPC The building has an EPC rating of D (81). DATA ROOM Access to an online data room containing the following information is available upon request: Title information Occupational leases Plowman Craven measured survey Energy Performance Certificate Service charge budget and accounts Fully assignable building survey (structural, mechanical & electrical) Planned Preventative Maintenance Programme INVESTMENT PROPOSAL Seeking OFFERS IN EXCESS OF 29,800,000 (TWENTY-NINE MILLION EIGHT HUNDRED THOUSAND POUNDS) for the long leasehold interest, subject to contract and exclusive of VAT, reflecting an attractive net initial yield of 5.15%, an estimated reversionary yield of 6.40% (assuming purchasers costs of 6.78%), and a low capital value of only 665 per sq ft. 28 32

CONTACTS THE WALBROOK BUILDING 25 Walbrook London EC4N 8AF TOM SWANSON PATRICK CRYER HARRY BUXTON T +44 (0) 20 7852 4176 E tom.swanson@eu.jll.com T +44 (0) 20 7399 5639 E patrick.cryer@eu.jll.com T +44 (0) 20 7852 4962 E harry.buxton@eu.jll.com MISREPRESENTATION ACT JLL on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of any offer or contract. 2. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of JLL has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. September 2016. Brochure designed and produced by SAENTYS +44 (0) 20 7407 8717 www.saentys.com info@saentys.com 29 32

APPENDIX PRINCIPLE TERMS OF THE HEADLEASE LESSOR LEASE TERM The Wardens and Society of the Mystery or Art of The Leathersellers of the City of London. 125 years from and including 29 September 1994, expiring 28 September 2119 with an option to take a further lease expiring 29 September 2138 (effectively over 122 years unexpired). CURRENT BASE RENT 109,000 per annum. CURRENT HEAD RENT RENT REVIEW USER ALTERATION REPAIR INSURANCE ASSIGNMENTS UNDERLETTINGS 109,000 per annum. The rent is the sum of the Base Rent and the Supplementary Rent (effectively the amount (if any) by which 12.5% of rents received exceeds the Base Rent). The head rent is assessed quarterly and on an annual equivalent basis. The Base Rent is to be reviewed five yearly on an upward only basis to 8% of the open market rental value at which the premises (in good substantial repair) might expect to let at the review date by a willing lessor to a willing lessee in whole or in part by a lease or leases for such term or terms and conditions in accordance with normal market practice in the City of London market. Improvements which cannot not be taken account of by an undertenant at review are disregarded. Goodwill and occupation are also to be disregarded at review. The Base Rent is either the higher of the Base Rent before the rent review date or 8% of the rental value at the relevant date. The next review of the Base Rent is on 29 September 2019. The Supplementary Rent is a sum equal to the amount of the Landlord s percentage (12.50%) of the income attributable to the rental period (each period of 12 months commencing on 29 September 1994) which exceeds the Base Rent. The permitted use for the whole premises is high class offices and for the parts on the basement, lower ground, ground and first floor edged green on the plans for use as a high class restaurant or wine bar for the sale of food and drink for consumption on the premises in such a format as shall be approved by the Landlord (not to be unreasonably withheld or delayed). Structural alterations, additions or material reduction of the net internal area is not permitted. Non-structural, internal alterations and minor external alterations are permitted with Landlord s prior written consent (not to be unreasonably withheld or delayed). Consent is not required for installing non-structural partitioning. The Tenant is to keep the premises in good and substantial repair and condition and when necessary to replace and renew any landlord s fixtures and fittings with new ones of equivalent quality. In every 4th year the Tenant is to decorate the exterior of the premises. In every 7th year the Tenant is to decorate the interior of the premises. The Tenant is to keep the premises insured in the joint names of the Landlord and the Tenant to the full reinstatement value against a usual set of commercial risks, loss of rent and liabilities in respect of third party risks in such sums the Landlord and Tenant reasonably require. The clause allows the Landlord to require the insured risks to include other insurable risks as may from time to time be required by the Landlord. If the premises are destroyed or damaged by the insured risks the Tenant is to reinstate substantially. In the event reinstatement is frustrated the insurance money shall be divided between the Landlord and Tenant according to the values of their respective interests. Assignment or charging of part not permitted. Assignment of whole is permitted with Landlord s consent (not to be unreasonably withheld or delayed) and subject to a deed prior to assignment agreeing to pay rents and perform covenants throughout the residue of the term. Underletting of whole or permitted part is permitted with Landlord s consent (not to be unreasonably withheld or delayed) subject to conditions. 31 32