Great Portland Estates plc We unlock potential, creating space for London to thrive Half Year Results 2019 Our Strategy is Clear Strategy Cycle read is key3 100% central London West End focus (67%3) Reposition properties Low rents (£56.00 psf) Flex operational risk Execution / Ready to invest 200 Low financial leverage 13.3%3 LTV 250 Disciplined capital management Raise to acquire; distribute excess Results 175 1 Superior total returns 407.7% TPR (Benchmark 332.3%) 0 Portfolio characteristics – c.£2.6 billion2 £m 150 8% -25 0 Our 8% No ho 125 Rest of West End 1% Ci ty 28% 37% Southwark -50 0 Acquisitions less sales 17% 100 71% Midtown MSCI Central London Business mix Capital Growth Index, Office qtrly (RHS) -75 0 75 Retail 30% '1 1 '1 2 '1 3 '1 4 '1 5 '1 6 '1 7 '1 8 '1 9 H1 Residential '2 0 Year to March 1. Since 30 September 2004 2. At 30 September 2019 – including share of joint ventures 3. Includes share of Joint Ventures 1 Good, Positive Results 30 September 2019 6 months 12 months Property Valuation1 +0.8% +0.4% Developments1 +6.0% +8.2% Portfolio ERV movement1 +1.0% +1.5% Total Property Return +2.7%2 +4.0% EPRA NAV per share +1.8% +2.2% Ordinary Dividend +9.3% +8.6% 1. Like-for-like, including share of joint ventures 2. 0.9% outperformance of MSCI Central London Quarterly Index 2 Strong Operational Performance Highlights 1. Income Successes 2. Good Development Progress Let £9.9m1 pa; 9.4%2 > Mar ’19 ERV 3 projects on site, 0.4m sq ft Flexible space now 213,500 sq ft3 24% pre let +35% > ERV4 Est. surplus of £123m; only 27% taken H2 has started well 10 pipeline schemes, 1.4m sq ft £2.2m signed; in line with Sept ‘19 ERV 54% sq ft uplift; aim to increase further £8.1m under offer; +5.4% > Sept ‘19 ERV 3 near term; expect planning decisions; starts from 2020 Voids down to 2.3% 13 schemes in total, 54% of portfolio 3. Rock Solid Financial Position 4. Enhancing Culture & Refining Purpose LTV only 14.8%5 Promoting from within; 94% say GPE “great place to work” Completed £200m share buyback Sustainability interwoven throughout Group’s operations £616m of surplus capital returned since 2017 Climate Change Commitment6 & net zero carbon devs 2030 >30% of current market cap Broadened: Inclusion & Diversity / Social & Community Available liquidity £434m Innovating across Group Avg interest rate low @ 2.6% Technology: App rolled out Operating structure: realigned for higher service provision Organic growth potential… … well placed to capitalise Income growth potential: +45% Balance sheet strength: capacity Significant pipeline: no need to buy Great team: creative culture London: key world city; near term resilience, long term growth 1. 100% 2. Market lettings i.e. excluding short term lets ahead of development 3. May ‘19: 87,600 sq ft 4. Rental value of space prior to conversion, now open and trading as flexible space 5. Post half year completion of Share Buyback 6. Better Buildings Partnership Climate Change Commitment 3 Agenda Introduction Toby Courtauld, Chief Executive Financial Results Nick Sanderson, Finance & Operations Director Market Toby Courtauld, Chief Executive Acquisitions & Disposals Toby Courtauld, Chief Executive Portfolio Management Steven Mew, Portfolio Director Development Update Andrew White, Development Director Outlook Toby Courtauld, Chief Executive 4 Financial Highlights Positive financial performance Organic rent roll growth Ordinary dividend growth Robust debt metrics Returned further surplus equity Significant capacity for investment Balance Sheet Sept 19 March 19 Change Portfolio value1 £2,645.0m £2,579.0m +0.8%2 EPRA NAV per share3 868p 853p +1.8% EPRA NNNAV per share3 861p 850p +1.3% Loan-to-property value 13.3% 8.7% +4.6pps Income Statement Sept 194 Sept 18 Change EPRA Earnings3 £28.1m £25.3m +11.1% EPRA EPS3 10.6p 9.0p +17.8% Dividend per share 4.7p 4.3p +9.3% Sept 194 Sept 18 Change Total Accounting Return 2.7% 1.3% +1.4pps 1. Including share of JVs 2. Like-for-like change 3. On an EPRA basis 4. Six months to 30 September 2019 5 EPRA NAV per share up 1.8%1 6 months to 30 September 2019 EPRA NAV (pence per share) 875 11 870 7 868 865 (1) 860 6 (8) 855 853 850 Office Retail Portfolio +1.8% Like-for-like +1.3% -0.6% +0.8% 845 property valuation ERV growth +1.4% -0.2% +1.0% 840 Valuation Committed Active Portfolio 835 Developments Long Dated Management Pipeline +6.0% +4.1% 830 +0.4% -2.2% 825 Mar-19 Property EPRA EPS Ordinary Share Buyback Other Sep-19 Revaluation Dividends 1. Adjusted per EPRA guidance. 6 EPRA Earnings 6 months to 30 September 2019 EPRA Earnings1 (£m) 1.2 £m 1.6 28.1 28 (0.3) 2.9 (0.9) 26 25.3 +11.1% (0.5) 24 (1.2) 22 20 Six months t o Re n ta l in c ome JV fe e s J V E PRA Pr oper ty cost s Admin c os ts Ne t in te re st Other Six months t o Sept 18 Ear nings Sept 19 EPRA EPS Cash EPS Interim Dividend 10.6p ↑17.8% 8.3p 4.7p ↑9.3% 1. Adjusted per EPRA guidance 7 Organic Rent Roll Growth Opportunity Resilient occupier base Potential Additional Rent Roll (£m)1 99% of rent collected within 7 working days 170 Oxford House, W13 £13.1m 100% Hanover Sq, W13 £6.4m The Hickman, E13 £3.8m 23.3 153.3 90% 150 Hanover Sq, W1 £7.2m 80% Sep-10 Sep-13 Sep-16 Sep-19 130 Flex & co- 7.2 working 5 partnerships 8.3 122.8 One delinquency & one CVA in period £5.1m 10 8.5 Number of Delinquencies 8 110 +45% Re ta il Media Profes sional Services 106.0 Pre Development 6 0.70%4 Pipeline 0.95%4 0.75%4 +5.6%2 4 0.06%4 0.32%4 0.15%4 0.17%4 90 2 4 Sept 2019 Investment Committed Reversion Pro forma pro pro forma 0.09% Portfolio Voids & refurbs Pre n/a - let 0 2012 2013 2014 2015 2016 2017 2018 2019 H1 20 2 0 £26m rent deposits 1. Gross contracted rent excluding impact of tenant incentives; includes share of JVs. 2. Uplift 31 March 2019 to 30 September 2019. 3. CBRE rental estimates September 2019 4. Years to March, value of delinquencies as % of Rent Roll (including 100% of JV properties). 8 5. Rent Reduction of £0.4m pa (our share) for next 3 years Enhanced Debt Profile1 Following accretive refinancing activity £m Mar ‘19 Sept ’19 WADM (years) 500 é RCF2 (Drawn) Drawn 6.4 6.4 1.7% 2 RCF (Undrawn) Committed 5.4 é5.7 JV Bank Debt 400 JV Non-Bank Debt % Unsecured Debenture Bonds Drawn 72% é84% Private Placement Notes Committed 87% é92% 300 % Interest rate3 200 2.2% 100 3.7% 2.7% 2.9% 5.6% 2.8% 0 1’19 2 3‘20 4 ‘215 6 ‘227 8 ‘239 10 ‘2411 12 13‘28 14 15‘29 16 17‘30 18 ‘3119 20 ‘3221 22 ‘3323 1. Total facilities (joint ventures at share) 2. Revolving credit facility 3. As at today 9 Rock Solid Debt Metrics Significant low cost liquidity WAIR (%, as at Sept) LTV (%, as at Sept) 4 40 % 37.7% 35 % 35.4% 3 2.6% 30 % 2.3% If fully drawn 25 % 25.0% 2 21.7% 2012 2013 2014 2015 2016 2017 2018 2019 20 % 17.9% Cash and Undrawn Facilities (£m, as at Sept) 20.2% 15 % 13.3% 60 0 10 % 8.7% £434m 5% 5.8% 40 0 0% 20 0 2012 2013 2014 2015 2016 2017 2018 Mar 2019 2019 0 Other Group Debt Metrics1 2012 2013 2014 2015 2016 2017 2018 2019 Net gearing 14.7% / Interest cover n/a 1. Measured in accordance with Group covenants 10 Financial Discipline Balance sheet efficiency; £200m share buyback completed Track record of accretively raising & returning capital (£m) £200m Share Buyback 30 0 Capital Raised - £310m – Invested within 9 months – On-market programme successfully completed – Discount to replacement cost yesterday – Maintain LTV <40% – 27.8 million shares purchased and cancelled 20 0 20 0 166 – Incl 5.2 million shares since 1 Oct ‘19 144 – Average price of 720p per share 10 0 17 5 What Next? 2017 2018 2018/19 0 15 0 – Significant financial capacity retained 2009 2012 – Continued commitment to balance sheet efficiency -100 – Any future return of surplus equity -110 – Property market outlook 12 5 – Scale and speed of investing & divesting activities -200 Capital Returned - £616m -200 – Low financial leverage strategy – Following £1.1bn profitable sales since 10 0 -300 Jan 2017 – Maintain LTV >10% -306 MSCI Central London Capital Growth Index, qtrly (RHS) -400 75 '0 9 '1 1 '1 3 '1 5 '1 7 '1 9 11 Significant Capacity for Future Investment Capital allocation discipline; investing in Sustainable Spaces Significant Financial Capacity Cumulative Pro Forma LTV1 At 30 September 2019 13.3% Forecast Capex3, £m, Years to March Recent completion of 14.8% Buyback (£40m) 10 0 Committed Capex To come £m 2 Hanover Square, W1 25.9 23.6 Oxford House, W1 60.0 50 2.0 The Hickman, E1 13.9 99.8 17.9% 49.2 47.8 Refurbishment Capex 27.6 18.7% 2.0 2.8 0 - Including Flex Space £5.8m 6 months to Mar '21 Mar '22 Mar '20 Investing in Sustainable Spaces £250m 25.5% • All committed developments targeting + Illustrative Investment Capacity £500m 31.2% BREEAM Excellent £1,000m 40.3% • Ambitious sustainability targets for future developments and broader business Capital allocation & balance sheet discipline 1.