Results of Rights Issue

PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

Great Portland Estates plc (the "Company" or "GPE")

Results of Rights Issue

The Company today announces that the fully underwritten 3 for 5 Rights Issue of 152,320,747 New Ordinary Shares at 230 pence per New Ordinary Share announced on 23 May 2024 closed for acceptances at 11.00 am (London time) on 11 June 2024. The Company received acceptances in respect of 147,485,079 New Ordinary Shares, representing approximately 96.82 per cent. of the total number of New Ordinary Shares offered pursuant to the Rights Issue.

In accordance with their obligations under the Underwriting Agreement, BofA Securities, Deutsche Numis and J.P. Morgan Cazenove as Joint Global Coordinators and Joint Bookrunners, and Santander as Co-lead Manager (together with the Joint Global Coordinators and Joint Bookrunners, the "Underwriters") will use reasonable endeavours to procure subscribers for the remaining 4,835,668 New Ordinary Shares not taken up in the Rights Issue, failing which the Underwriters have agreed to subscribe, on a several basis, for such remaining New Ordinary Shares.

In addition, following market close on 11 June 2024, the Company received notification from certain funds under management that up to approximately 6,244,407 New Ordinary Shares in respect of which acceptances were originally made may not be capable of being validly taken up by them due to jurisdictional restrictions.

The final number of such New Ordinary Shares not validly taken up in the Rights Issue will be determined as soon as practicable, following which the Underwriters will use reasonable endeavours to procure subscribers for the total number of New Ordinary Shares not validly taken up in the Rights Issue (being up to approximately 11,080,075 in aggregate), failing which the Underwriters have agreed to subscribe for them on a several basis.

Toby Courtauld, Chief Executive of GPE, commented:

"I am pleased to announce we have successfully raised gross proceeds of £350 million to capitalise on our pipeline of compelling new opportunities in central London. The combination of the Capital's disrupted investment market and the increasingly evident supply drought of high quality spaces in our core market of the West End, means we are optimistic about the returns we can generate from both our £1.4 billion pipeline of potential acquisitions and across our existing HQ and Flex offerings.

I want to reiterate our thanks to all our shareholders and we look forward to providing an update on our progress in due course."

It is expected that the New Ordinary Shares will commence trading, fully paid, on the London Stock Exchange plc's main market for listed securities at 8.00 am today, 12 June 2024.

It is also expected that the New Ordinary Shares held in uncertificated form will be credited to CREST accounts as soon as practicable after 8.00 am today, 12 June 2024, and that definitive share certificates in respect of the New Ordinary Shares held in certificated form will be despatched by post by no later than 26 June 2024.

Capitalised terms used in this announcement have the meanings given to them in the prospectus dated 24 May 2024 (the "Prospectus"), which is available on the Company's website (www.gpe.co.uk/investors), subject to certain access restrictions.

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