Preliminary Results Presentation 2010!

Agenda! Introduction!Toby Courtauld!!Chief Executive! Financial Results!Timon Drakesmith, Finance Director! Market!Toby Courtauld, Chief Executive!! Valuation! Acquisitions & Disposals! Asset Management Development Update!!Neil Thompson, Portfolio Director! Outlook!Toby Courtauld, Chief Executive! 2! Strong Operational Results! 1. Investment successes! 166m raised in June! 161m, 97% committed by December! Valuations 24% in 5 months! Further acquisitions announced today - 111.5m 2, 2 adjoining City blocks - New JV! 53.0m under offer 100% off-market! 2. Development programme kicked off! 2 schemes started, 67m project cost! 7 further schemes in near term programme! 1.56m sq ft on site or near term! JV established for 100 Bishopsgate, EC3! Total programme 2.8m sq ft, 53% of existing assets! 3. Asset management driving rents! 13.3m 1 in 144 new lettings! Retention rate 71%, up from 57% (yr to Sept 2009)! 3.4% void rate vs 7.8% @ March 2009! Pro forma void rate 2.7%! Strong rent collection / low delinquencies! ERVs return to growth in Q4! 1. Including JV properties 2. Acquisition price excludes transaction costs! 3!

Positioned for Growth! Strong acquisitions! Pipeline of further investment opportunities! Portfolio rich with opportunity! Exceptional development programme! - Big upside! - Off-market! - 100% central London - Off low rents! - Well timed, flexible start dates! Strong balance sheet! - Gearing low at 34%! - Firepower of 409m! Quality team! - Strength in depth! Positioned to outperform! 4! Headline Results! To March 2010! 12 months! H1! H2! Q4! Property Valuation*! +15.0%! -1.2%! +16.3%! +6.7%! Portfolio ERV movement*! -6.2%! -8.8%! +1.8%! +3.1%! Total Property Return! +18.4%! -0.2%! +18.6%! +8.7%! NAV! +15.5%! -8.2%! +25.8%! +12.7%! *Like-for-like, including share of joint ventures! 5!

Total Property Return vs IPD Central London Index! Quarters, June 2003 Mar 2010 (%)! 15! 10! 5! GPE! IPD central London! Relative! 0! -5! -10! -15! Jun 2003! Jun 2004! Jun 2005! Jun 2006! Jun 2007! Jun 2008! Jun 2009! Source: IPD! 6! Agenda! Introduction!Toby Courtauld, Chief Executive! Financial Results!Timon Drakesmith!!Finance Director! Market!Toby Courtauld, Chief Executive!! Valuation! Acquisitions & Disposals! Asset Management Development Update!!Neil Thompson, Portfolio Director! Outlook!Toby Courtauld, Chief Executive! 7!

Financial Highlights! Balance Sheet / Returns! March 10! March 09! Change! Portfolio value 1! 1,248m! 1,129m! 15.0% 2! NAV per share 3! 283p! 245p! 15.5%! REIT NNNAV per share 3! 291p! 251p! 15.9%! Income Statement! March 10! March 09! Change (%)! Adjusted PBT! 28.8m! 21.9m! 31.5%! EPS 3! 10.1p! 9.1p! 11.0%! Total dividends paid! 25.0m! 21.7m! 15.2%! Dividend per share! 8.0p! 9.0p! (11.1)%! 1 Including share of JVs 2 Like-for-like change excluding sales!! 3 Adjusted and diluted restated by the bonus factor to reflect the new number of shares post rights issue! 8! Adjusted NAV per share 1 Movement since 31 March 2009! Pence! 350! 300! 34! 16! -6! -6! 10! -8! -2! 8! 250! 15.5%! 200! 150! 100! 245! 283! 291! 50! 0! March-09! Investment Group! / JV!Joint Joint ventures! Loss CPO on of disposal & properties! properties! Hanover other! Sq! Derivative termination! EPS! Dividend! Total Other! Mar-10! M to M M to debt! M NNNAV! dividend! debt! Revaluations! 1 Adjusted per EPRA guidance! 9!

Change in Quarterly NAV! NAV by quarter (%)! 15.0! 11.3! 11.6! 12.7! 10.0! 7.2! 8.0! 8.1! 5.0! 2.8! 4.2! 0.0! -5.0! -10.0! -6.4! -5.8! -7.6! -8.4! -11.8! -15.0! -16.2! -20.0! -20.5! -25.0! Sep 2006! Mar 2007! Sep 2007! Mar 2008! Sep 2008! Mar 2009! Sep 2009! Mar 2010! 10! Adjusted Profit Before Tax 12 months to March 2010! m! 30.0! 28.0! 9.2! 26.0! 24.0! 22.0! 21.9! 1.6! -1.0! -3.9! 28.8! 31.5%! 20.0! 1.0! 18.0! 16.0! 14.0! 12.0! 10.0! Mar Mar-09! Rental income & joint venture fees! & joint venture fees! Adjusted JV profits! JV profits! Development profits! management profits! Property costs! & Net interest! Mar-10! 10! admin costs! 11!

Portfolio Balance Wholly Owned and JV property assets! Portfolio Valuation, March 2010! Wholly Owned! 62%! Joint Ventures (GPE share)! 38%! 773m! Access to new properties! Development / risk sharing! Bank work out! 431m! 363m! 66m! 46m! Additional values for CPH / CT transactions assumes 50% interest, including transaction costs 12! Debt Analysis! Pro forma 1! March 2010! March 2009! Net debt excluding JVs ( m)! 300.6! 232.6! 371.0! Net gearing! 34.3%! 26.5%! 65.2%! Total net debt including 50% JV non-recourse debt ( m)! 427.2! 359.2! 506.4! Loan-to-property value! 34.2%! 28.8%! 44.9%! Total net gearing! 48.7%! 41.0%! 89.0%! Pro forma! March 2010! March 2009! Interest cover! n/a! 3.4x! 2.1x! Weighted average interest rate! n/a! 4.9%! 5.8%! % of debt fixed / capped! n/a! 61%! 86%! Cash & undrawn facilities ( m)! 409! 477! 330! 1. 31 March 2010 balance sheet adjusted for transactions announced on 20 th May 2010! 13!

Balance Sheet Capacity Net Debt! Illustrative increase in net debt 2010 2014 ( m) 700! 600! 500! 200! 400! 300! 68! 130! 631! 200! 100! 233! 0! March 2010! New JV Investments! 2! Illustrative Net Acquisitions! Illustrative Development Capex! 1 March 2014!! Gearing! 27%! 72% 1! 1 Pro forma gearing at March 2014 is 631m / 877m based on March 2010 book value 2 Additional values for CPH / CT transactions assumes 50% interest, including transaction costs 14! Key Financial Messages! Robust financial results! Strong improvement in portfolio value and NAV from March 2010! Good PBT and EPS! Solid operating performance! Plentiful financial resources for new investment! Excellent financial position! Market environment unpredictable but GPE in good shape to grow! 15!

Capital Growth Index! Indexed 110! 100! Dec 89 to Dec 93! Aug 07 to Mar 10! 90! 80! 70! 60! 50! 40! 1! 3! 5! 7! 9! 11! 13! 15! 17! 19! 21! 23! 25! 27! 29! 31! 33! 35! 37! 39! 41! 43! 45! 47! 49! Quarters! Source: PMA, IPD Monthly Digest! 18! Yields and why theyʼve fallen! Central London Prime Yields (%) Investment Demand and Supply ( bn) 7.0 Demand! Equity 6.0 Private! 5.0 UK REITs! 3.0 Sovereign! 2.0 5.0 UK Funds! 2.0 US Opp Funds! 2.0 German! 1.5 4.0 15.5 at least! West End City Supply! Now Jan 2010 3.0 City! 4.0 0.7 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 West End! 3.0 0.7 7.0 1.4 Source: GPE, CB Richard Ellis! 19!

Significant yield gap remains Prime West End yield gap over 10 year gilts! % Yield Gap! 6! 4! Nominal Yield Gap! Real Yield Gap! 2! 0! -2! -4! -6! -8! 1982! 1983! 1984! 1985! 1986! 1987! 1988! 1989! 1990! 1991! 1992! 1993! 1994! 1995! 1996! 1997! 1998! 1999! 2000! 2001! 2002! 2003! 2004! 2005! 2006! 2007! 2008! 2009 Q1! 2009 Q2! 2009 Q3! 2009 Q4! 2010 Q1 Est! Source: PMA! 20! Real Capital Values! psf real prices! 3,500! 3,000! Prime City Offices! Prime West End Offices! 2,500! 2,000! 1,500! 1,000! 500! 0! 1982! 1984! 1986! 1988! 1990! 1992! 1994! 1996! 1998! 2000! 2002! 2004! 2006! 2008! 2010! Source: PMA Main Scenario! 21!

Improving London Economy 50 = no change! 70! 65! Employment! Business activity! 60! 55! 50! 45! 40! 35! 30! Jan-97! Jan-99! Jan-01! Jan-03! Jan-05! Jan-07! Jan-09! Source: PMI London Report! 22! Rent Cycles! Index, 1 st quarter = 100! 1990-2001!2001-2007!2008 onwards! 110! City 110! West End 100! 100! 90! 90! 80! 80! 70! 70! 60! 60! 50! 50! 40! 40! 30! 1! 5! 9! 13! 17! 21! 25! 29! 33! 37! 41! 45! Quarters! 30! 1! 5! 9! 13! 17! 21! 25! 29! 33! 37! 41! Quarters! Source: CB Richard Ellis! 23!

Rent Forecasts Central London Office Market Grade A Rents*! per sq ft! Today! West End! City! 120! 100! PMA Prime West End! PMA Prime City! IPD Average West End! PMA forecasts! Headline rent! ( per sq ft)! Rent free (months)! Agency forecasts for next peak! 77.00! 47.50! 23! 28! 80! 60! Headline rent ( per sq ft)! 114.00! 70.00! 40! Growth from today! 48%! 47%! Rent free (months)! 9! 10! Date! 2014! 2014! 20! 0! 2002! 2004! 2006! 2008! 2010! 2012! 2014! Source: PMA / GPE, *10 year term, 10,000 sq ft in West End, 20,000 sq ft in City. PMA Prime Rents to 95 th percentile! 24! Agenda! Introduction!Toby Courtauld, Chief Executive! Financial Results!Timon Drakesmith, Finance Director! Market!Toby Courtauld! Valuation!Chief Executive! Acquisitions & Disposals! Asset Management Development Update!!Neil Thompson, Portfolio Director! Outlook!Toby Courtauld, Chief Executive! 25!

The Valuation Including share of Joint Ventures! Movement %! To 31 March 2010! m! 12 months! North of Oxford St! 634.9! 20.3%! Quarterly Valuation Movement for Total Portfolio! 9.1! 7.1! Rest of West End! 331.7! 8.5%! Total West End! 966.6! 16.0%! 3.3! Total City & Southwark! 92.5! 3.8%! Investment Portfolio! 1,059.1! 14.8%! Development properties! 24.0! 24.4%! Q1! Q2! Q3! Q4! Properties held throughout period! 1,083.1! 15.0%! Acquisitions! 164.6! 16.6%! / 23.9% 1! -4.4! Total Portfolio! 1,247.7! 15.2%! 1. Excluding 100 Bishopsgate, EC3 sold & 50% bought on 31 March 2010 26! The Valuation 1 Drivers of Valuation Movement 2! % movement! Q1! Rental value movement Yield shift!residual! Q2! Q3! Q4! 12 months! -10%! -5%! 0%! 5%! 10%! 15%! 20%! 25%! 1 Including share of Joint Ventures 2 Excludes development properties! 27!

Agenda! Introduction!Toby Courtauld, Chief Executive! Financial Results!Timon Drakesmith, Finance Director! Market!Toby Courtauld! Valuation!Chief Executive! Acquisitions & Disposals! Asset Management Development Update!!Neil Thompson, Portfolio Director! Outlook!Toby Courtauld, Chief Executive! 28! Acquisition Summary Transaction Type! Examples! m 2 Asset management plays! 90 Queen St, EC4! Austin Reed, Regent St, W1! Kingsland House, Regent St, W1! City Place House, Basinghall St, EC2! 45.8ʼ 13.5 1 4.0 1 94.0ʼ Redevelopment plays! Marcol House, 289/295 Regent St, W1! & 23/24 Newman St, W1! Development costs including new debt! Major refurbishment plays! Piccadilly / Jermyn St, W1! City Tower, Basinghall St, EC2! 10.0ʼ 78.1 3 6.0 1 17.5 1 Transaction Summary! m Transacted / Committed! 268.9 83% off market! Under offer! 53.0 100% off market! Under review! 1,300.0 1. GPE 50% share 2. Values are before acquisition costs 3. Expected Capex at acquisition date! 29!

Acquisitions Austin Reed, Regent St, W1! 1. After headrent deduction 2. Pre settlement of outstanding headlease and occupational lease rent reviews! 30! Acquisitions City Place House, Basinghall St, EC2! Quality building good floor plates! Headlease from City for 108 years! 7 tenants @ avg. 47 per sq ft! 94m 1 ( 531 per sq ft), 7.2% NIY Base case! Refurbish reception etc.! Restructure tenancies! Lengthen leases! Surrender, refurb & re-lease! Attractive IRRs! 1 Acquisition price excludes transaction costs 31!

Acquisitions City Tower, Basinghall St, EC2! 50/50 JV with Starwood Capital! Adjoins City Place House! Grade B building improvement potential! Headlease from City for 100 years 36 tenants! Let @ 31 per sq ft avg.! 35m ( 17.5m GPE share) 1 or 263 per sq ft @ 8.3% NIY! 17% vacancy! 10% yield assuming vacant space let Base case! Comprehensive refurb! Accretive ungeared IRR! 1 Acquisition price excludes transaction costs 32! Acquisitions Basinghall Estate Joint Venture! 1.3 acres! 310,000 sq ft London Wall! JV purchase price 129m 1 ( 416 per sq ft)! 7.4% NIY! 8.0% post letting vacant space (34,600 sq ft)! GPE will manage, including! Asset management! Development management Aldermanbury! Basinghall St! Summary! Good yield, with upside! Beneath replacement cost! Great location! Medium term, development potential! 1 Acquisition price excludes transaction costs 33!

Where next for acquisitions?! Selective value Usual discipline will prevail! Central London! Beneath replacement cost! Decent running yields! Supportable rents! Angles to reposition 409m committed firepower 1.3bn under review! More to come! 34! Disposals! Date sold Price Relative to Mar 09! NIY! Price ( psf) 29/35 Great Portland St, W1! May-09 3.5m 1 +0.0%! 6.9%! 450 Freehold equivalent ( psf) Bond St House, W1! May-09 45.0m 2 +4.0%! 5.8%! 1,540 2,057 Spirella House, W1! Aug-09 11.4m 1 +12.5%! 4.0%! 1,640 1,730 First half total! 59.9m 4.9%! 1,280 1,476 79/83 Great Portland St, W1! Dec-09 2.4m -0.8%! 6.2%! 540 18/19 Hanover Square, W1! Dec-09 35.9m -34.9%! 7.1%! 510 Bishopsgate Estate, EC3 (50%)! Mar-10 43.0m -1.6%! 8.2%! 340 Second half total! 81.3m 7.6%! 405 Total! 141.2m 6.9%! 600 1. 50% share of Joint Venture 2. Includes 5m of deferred consideration received in second half! 35!

Agenda! Introduction!Toby Courtauld, Chief Executive! Financial Results!Timon Drakesmith, Finance Director! Market Valuation!! Acquisitions & Disposals!!Toby Courtauld, Chief Executive! Asset Management!Neil Thompson! Development Update!Portfolio Director! Outlook!Toby Courtauld, Chief Executive! Asset Management Tenant retention, Year to March 2010! Area (000 sq ft)! 450! 400! 350! 300! 250! 71%! 200! 150! 100! 50! 6%! 16%! 10%! 0! Expiries & breaks! Retained! Under refurbishment! Relet! Under offer! Remaining! 7%! 37!

Asset Management Kent House, W1! ERV 1 ( psf)! 80! 70! 60! 50! 40! 1. Valuerʼs ERV! 38! Asset Management Void rate, % by rental value! % by rental value! 14.0! 12.0! Investment Portfolio Development / Refurbishment! 10.0! 3.2! 8.0! 6.0! 1.8! 8.9! 9.4! 4.0! 2.0! 7.8! 5.8! 3.4! 2.7! 0.0! Mar-09! Sep-09! Mar-10! Pro forma! 39!

Agenda! Introduction!Toby Courtauld, Chief Executive! Financial Results!Timon Drakesmith, Finance Director! Valuation Market!! Acquisitions & Disposals!!Toby Courtauld, Chief Executive! Asset Management!Neil Thompson! Development Update!Portfolio Director! Outlook!Toby Courtauld, Chief Executive! 40! Development Update! Central London development pipeline! Construction costs! Near term programme and pipeline! Development case studies! 41!

Central London Development Pipeline Vacancy rates! Vacancy rates (%)! 16! 12! 8! Central London! City! West End! Grade A vacancy rate! City 3.5%! West End 3.8%! Central London speculative construction down 48%! 4! 0! Q1 2000! Q1 2002! Q1 2004! Q1 2006! Q1 2008! Q1 2010! Source: CB Richard Ellis / JLL / DJD! 42! Central London Development Pipeline Development Completions! Million sq ft! 16! 14! 12! 10! Proposed Available! U/C Available! U/C Let/Under Offer! Completed! 8! 6! Grade A Take Up long term average! 4! 2! 0! 1985! 1988! 1991! 1994! 1997! 2000! 2003! 2006! 2009! 2012! Source: CB Richard Ellis! 43!

Construction Costs Forecast! Rebased to 100 Q1 2006! 120! 110! 23/24 Newman Street, W1! Marcol House, 289/295 Regent St, W1! 184/190 Oxford Street, W1! 240 Blackfriars Road, SE1! 12/14 & 43 Fetter Lane, EC4! 79/97 Wigmore Street, W1! 24/25 Britton Street, EC1! Walmar House, 288/300 Regent St, W1! 100 Bishopsgate, EC3! 100! 90! 2007! 2007! 2008! 2008! 2009! 2009! 2010! 2010! 2011! 2011! 2012! 2012! 2013! 2013! 2014! 2014! Source: Davis Langdon and GPE! 44! GPE Near Term Programme and Pipeline! Earliest Start Anticipated Finish New building area 1 Cost m Started Marcol House, 289/295 Regent St, W1 Aug 12 102,500 55.5 23/24 Newman Street, W1 Sep 11 25,200 11.1 2010 / 2011 184/190 Oxford St, W1 Sep 10 Dec 10 26,500 2.0 240 Blackfriars Road, SE1 Sep 10 Aug 13 233,500 59.8 12/14 & 43 Fetter Lane, EC4 Sep 10 Jul 13 139,200 43.3 79/97 Wigmore Street, W1 Oct 10 Jun 13 112,700 34.1 24/25 Britton Street, EC1 Oct 10 Apr 11 51,300 3.7 Walmar House, 288/300 Regent St, W1 Jun 11 Dec 12 59,800 11.6 100 Bishopsgate, EC3 Jun 11 Oct 14 815,400 273.9 Total of near term projects 1,566,100 495.0 Pipeline 15 projects 2011+ - 1,198,800 - Total Programme (24 projects, 53% of GPE existing portfolio) 2,764,900-1. Areas are in sq ft and at 100%. 2. For those held in JV, costs is shown at 50% and excludes book value 45!

Development Case Studies Marcol House, 289/295 Regent St, W1! Strip out / demolition work started! Completion Summer 2012! Revised planning application (April 2010)! Improved floor plate! Reduced construction risk - removed sub-basement! Increased ERV (+5%)! GPE priority return of 26.3m now exceeded! 46! Development Case Studies 79/97 Wigmore St, W1 47!

Development Case Studies New JV, 100 Bishopsgate, EC3! Sold March 2010! 50:50 GPE/Brookfield! 85.95m (March 2010 book value)! Why sell now?! Site assembly completed! Planning consent for 815,000 sq ft! Vacant possession March 2011 Preparation! Complementary skills! Financial capacity! Brookfield perfect partner! Delivery! 48! Development Case Studies New JV, 100 Bishopsgate, EC3 Where next?! Design enhancement! Brookfield high rise development / construction skills! Greater efficiency! Increased area >850,000 sq ft! City of London supportive! Target start date mid 2011! VP process started! Some pre-letting required! Non-recourse finance likely! Tenant handover H2 2014! World class building! 49!

Developments Summary! Portfolio position will deliver growth via refurbishment and development! Activity set to increase! Delivery early in the cycle! Investments are creating new opportunities! Experienced / focused team maximising performance! 50! Agenda! Introduction!Toby Courtauld, Chief Executive! Financial Results!Timon Drakesmith, Finance Director! Market Valuation!! Acquisitions & disposals!!toby Courtauld, Chief Executive! Asset Management Development Update!!Neil Thompson, Portfolio Director! Outlook!Toby Courtauld!!Chief Executive! 51!

Outlook! Londonʼs occupational markets turned corner beware the risks! Investment market to slow selective value exists! GPE well placed! Portfolio, off low rents, central London, rich with opportunity! High quality development programme - Well-timed! Flexible capital structure deliver programme, new opportunities! Team working well - strength in depth! Confident outlook! 52! Preliminary Results Presentation 2010!

Total Property Return vs IPD Central London Index! Years to 31 March! 40.0! 30.0! 20.0! GPE! IPD central London! Relative! 10.0! 0.0! -10.0! -20.0! -30.0! 2002! 2003! 2004! 2005! 2006! 2007! 2008! 2009! 2010! Source: IPD 54! Debt Funding Strategy! Current Debt Maturity Profile ( m)! 900! 50m GPE facility 600! 300m GPE Bank facility 300! 200m GPE Bank facility 28m GVP Bank facility 113m GCP Bank facility 143m 5.625% Debenture 0! 2009! 2010! 2011! 2012! 2013! 2014! 2029! 55!

Tenant delinquencies Six month periods! H2 2008! H1 2009! H2 2009! H1 2010! H2 2010! Number of delinquencies! Value of delinquencies as % of Rent Roll! Rent collected within 7 working days! 5! 4! 9! 5! 6! 0.2%! 0.3%! 0.4%! 0.1%! 0.9%! 95.8%! 96.9%! 97.0%! 94.3%! 95.0%! Delinquencies by sector! Other! Professional Services! Media! Retail! 12! 10! 8! 6! 4! 2! 0! H2 2008! H1 2009! H2 2009! H1 2010! H2 2010! 56! Central London Investment Turnover! billion! 7! 6! Overseas Purchasers! Domestic Purchasers! 5! 4! 3! 2! 1! 0! 1998 Q3! 2000 Q1! 2001 Q3! 2003 Q1! 2004 Q3! 2006 Q1! 2007 Q3! 2009 Q1! Source: CB Richard Ellis, 13/04/2010!

Capital Values! psf! 2,500! Prime City! Prime West End! Average (IPD) West End! 2,000! 1,500! 1,000! 500! 0! 1989! 1992! 1995! 1998! 2001! 2004! 2007! 2010! Source: PMA Main Scenario! West End Offices Under Offer! 000 sq ft! 1,200 1,000 JLL CBRE 800 600 400 200 0 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Source: JLL / CBRE! 59!

City and West End Take-up! Million sq ft! 2.5! City! 2.5 West End! 2.0! 2.0 1.5! 1.5 1.0! 1.0 0.5! 0.5 0.0! 2004 Q3! 2005 Q1! 2005 Q3! 2006 Q1! 2006 Q3! 2007 Q1! 2007 Q3! 2008 Q1! 2008 Q3! 2009 Q1! 2009 Q3! 2010 Q1! 0.0 2004 Q3 2005 Q1 2005 Q3 2006 Q1 2006 Q3 2007 Q1 2007 Q3 2008 Q1 2008 Q3 2009 Q1 2009 Q3 2010 Q1 Secondhand! New completed! Pre-let! Source: CB Richard Ellis! 60! West End Active Requirements >10,000 sq ft! Change 000 sq ft Nov 2008 May 2009 Nov 2009 May 2010 12 months 1 st 6 months 2 nd 6 months Professional Services 40 35 85 77 220% 143% -9% Financial Services 157 166 272 402 242% 64% 148% Manufacturing & Corporates 59 145 260 124 86% 79% -52% Miscellaneous 142 108 684 362 335% 533% 53% Marketing & Media 213 145 315 155 107% 117% -51% IT & Technology 65 15 60 195 1300% 300% 325% Government 146 205 397 568 277% 94% 143% Total 822 819 2,073 1883 221% 153% -13% Source: Knight Frank! 61!

The Valuation Including share of Joint Ventures! Movement %! To 31 March 2010! m! 12 months! Q1! Q2! Q3! Q4! North of Oxford St! Offices! 470.9! 21.3! (3.3)! 5.8! 11.6! 7.4! Retail! 164.0! 17.4! (1.6)! 2.0! 13.0! 4.9! Rest of West End! Offices! 187.6! 4.9! (9.2)! 2.6! 7.1! 5.4! Retail! 144.1! 13.5! (2.2)! 3.1! 9.1! 3.9! Total West End! 966.6! 16.0! (4.1)! 4.1! 9.5! 6.0! City & Southwark! Offices! 86.1! 3.7! (7.7)! (2.9)! 4.8! 10.7! Retail! 6.4! 4.6! (1.4)! 0.7! 2.4! 2.9! Total City & Southwark! 92.5! 3.8! (7.3)! (2.6)! 4.4! 10.1! Investment Portfolio! 1,059.1! 14.8! (4.4)! 3.4! 9.0! 6.4! Development properties! 24.0! 24.4! (4.8)! (2.5)! 9.5! 22.6! Properties held throughout period! 1,083.1! 15.0! (4.4)! 3.3! 9.0! 6.7! Acquisitions! 164.6! 16.6! (23.9 1 )! -! -! 9.5! 9.5! Total Portfolio! 1,247.7! 15.2! (4.4)! 3.3! 9.1! 7.1! 1. Excluding 100 Bishopsgate, EC3 sold & 50% bought on 31 March 2010 62! The Valuation Wholly Owned! 12 months to Value m Mar 2010 m Change % 3 months % 6 months % North of Oxford St 470.4 83.7 21.6% 7.0% 18.9% Rest of West End 156.3 13.6 9.5% 4.1% 12.2% Total West End 626.7 97.3 18.4% 6.3% 17.1% City and Southwark 73.4 3.5 5.1% 10.1% 14.9% Investment portfolio 700.1 100.8 16.8% 6.7% 16.9% Development properties 17.2 3.5 25.3% 20.6% 32.3% Properties held throughout the year 717.3 104.3 17.0% 6.9% 17.2% Acquisitions 55.6 7.5 15.6% 4.3% 15.6% Total portfolio 772.9 111.8 16.9% 6.8% 17.1% 63!

The Valuation Joint Ventures! 12 months to Value m Mar 2010 m Change % 3 months % 6 months % North of Oxford St 329.2 46.5 16.4% 6.1% 16.0% Rest of West End 350.8 24.8 7.6% 5.2% 12.6% Total West End 680.0 71.3 11.7% 5.6% 14.2% City and Southwark 38.3 (0.3) (0.9%) 10.2% 15.0% Investment portfolio 718.3 71.0 11.0% 5.9% 14.2% Development properties 13.5 2.5 22.4% 28.2% 34.4% Properties held throughout the year 731.8 73.5 11.1% 6.2% 14.6% Acquisitions 172.3 17.8 11.5% 8.0% 11.5% Total portfolio 904.1 91.3 11.2% 6.6% 14.0% 64! The Valuation 1 ERV and Reversionary Potential! To 30 March! North of Oxford St! 12 months! %! m! Movement in ERV! 6 months %! Average Office! Rent Passing! Average! Office ERV! Reversionary! Potential! 3 months %! per sq ft! per sq ft! %! Offices! (5.3)! (1.4)! 1.7! 3.9! 38.50! 38.70! (6.0)! Retail! 0.7! 0.0! 3.0! 2.4! 16.1! Rest of West End! Offices! (13.9)! (1.8)! (0.7)! 1.2! 36.10! 33.10! (7.2)! Retail! (0.4)! 0.0! 0.4! 0.9! 10.9! Total West End! (6.0)! (3.2)! 1.1! 2.7! 37.70! 36.90! 0.2! City & Southwark! Offices! (0.7)! (0.6)! 6.6! 5.3! 30.00! 29.80! 0.9! Retail! (6.7)! (0.1)! 0.1! 0.1! Total City & Southwark! (7.0)! (0.7)! 5.9! 4.6! 4.9! Total Let Portfolio! (6.2)! (3.9)! (1.8)! 3.1! 35.30! 34.70! 1.2! 1 Including share of Joint Ventures! 65!

The Valuation 1 Yield Profile 2! 31 March 2010! Initial Yield! True Equivalent Yield! %! %! Basis Point +/- like-for-like! 3 months! 6 months! 12 months! North of Oxford Street! Offices! 4.4! 5.3! (33)! (100)! (155)! Retail! 4.6! 5.2! (16)! (81)! (97)! Rest Of West End! Offices! 5.2! 5.2! (39)! (89)! (137)! Retail! 4.2! 4.5! (14)! (64)! (79)! Total West End! 4.5! 5.2! (28)! (88)! (129)! City & Southwark! 6.4! 6.5! (52)! (82)! (94)! Total Let Portfolio! 4.8!/ 5.3 3 5.4! (30)! (88)! (126)! 1 Including share of Joint Ventures! 2 Excludes development properties! 3 Initial yield post expiry of rent free periods under contracted leases! 66! Asset Management Movement in Reversions! 6 months to! 30 Sept 2009! 31 March 2010! At beginning of period! 4.9m! 1.3m! Asset management! 2.0m! 0.1m! Disposals / acquisitions! ( 0.5m)! ( 2.7m)! ERV movement! ( 5.1m)! 2.1m! At end of period! 1.3m! 0.8m! 67!

Where next for acquisitions?! Deals under review ( m)! 3,000! 2,500! % @ fair value 2,000! 1,500! 1,000! 0% 39% 500! 48% 0! Mar-08! Apr-08! May-08! Jun-08! Jul-08! Aug-08! Sep-08! Oct-08! Nov-08! Dec-08! Jan-09! Feb-09! Mar-09! Apr-09! May-09! Jun-09! Jul-09! Aug-09! Sep-09! Oct-09! Nov-09! Dec-09! Jan-10! Feb-10! Mar-10! Apr-10! 68! Asset Management New lettings, Renewals and Rent Reviews! m! 5.0! 4.0! 38 events! New lettings and renewals! Rent reviews! 47 events! 0.6! 39 events! 0.7! 3.0! 1.1! 30 events! 2.0! 4.1! 3.8! 1.0! 2.5! 2.9! 0.0! Jun 2009! Sep 2009! Dec 2009! Mar 2010! 69!

GPE Longer Term Pipeline! 2011+ Start New Build area, sq ft Park Crescent, W1 2011+ 143,985 40/48 Broadway, SW1 2011+ 82,066 Jermyn Street Estates, SW1 2011+ 137,464 Buchanan House, 24/31 Holborn, EC1 2011+ 74,000 Hanover Square, W1 2011+ 211,502 Bramah House, 65/71 Bermondsey St, SE1 2011+ 20,000 14/28 Shand St, SE1 2011+ 50,000 St Lawrence House, 26/34 Broadwick St, W1 2011+ 85,000 79/89 Oxford St, W1 2011+ 35,000 82/86 Great Portland St, W1 2011+ 21,409 88/92 Great Portland St, W1 2011+ 13,759 Mount Royal, 508/520 Oxford St, W1 2011+ 88,352 Kingsland/Carrington House, 122/130 Regent Street, W1 2011+ 51,400 103/113 Regent Street, W1 2011+ 65,000 26/40 Kensington High St, 10/14 Old Court Place, W8 2011+ 119,863 Longer Term Pipeline 1,198,800 70! Asset Management Vacant possession / expiry profile 1 % of total rental income subject to lease expiry or break! 45.0%! 40.0%! 35.0%! Investment income! Income to be developed! 3.7%! 30.0%! 25.0%! 20.0%! 15.0%! 10.0%! 5.0%! 0.0%! 35.6%! 13.1%! 1.5%! 2.2%! 0.3%! 3.2%! 13.1%! 6.2%! 7.4%! 4.6%! 9.1%! 2011! 2012! 2013! 2014! 2015! 2016 +! Years to March! 71!

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-thinking 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 GPEʼs 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.! 72!