Report circulation date 31-Mar-2017

Calculation date 31-Dec-2016

Unless specified otherwise, all data as at 31-Dec-2016

Contact Information

Obligor Security Trustee

HSBC Corporate Trustee Company (UK) Ltd.

8 Canada Square

London

E14 4BB

Issuer

Intu (SGS) Finance plc

35 Great St. Helen's

London, EC3A 6AP

EC3A 6AP

Loan to value 44%

Historical EBITDA £m 151.7

Historical interest charges £m 57.5

Historical ICR 264%

Gross leverage 45%

Operational tier level for previous period T1

Operational tier level for forthcoming period T1

Any EoD outstanding No

Any covenant breach outstanding No

Bond debt Series 1 (3.875%) Series 2 (4.625%) Series 3 (4.25%)

ISIN XS0904228557 XS0904228987 XS1131914811

Issuance date 19-Mar-2013 19-Mar-2013 13-Nov-2014 Expected maturity date 17-Mar-2023 17-Mar-2028 17-Sep-2030 Legal final maturity date 17-Mar-2028 17-Mar-2033 17-Sep-2035 Original rating(s)

Standard & Poor's A A A

Current rating(s)

Standard & Poor's A A A

Ratings watch n/a n/a n/a

Date changed n/a n/a n/a

Interest basis Fixed Fixed Fixed

Interest periods Semi Annual Semi Annual Semi Annual

Amortisation type Bullet Bullet Bullet

Accrual method Act/Act Act/Act Act/Act

Original principal balance £ 450,000,000 350,000,000 350,000,000

Opening principal balance 30-Jun-2016 £ 450,000,000 350,000,000 350,000,000

Unscheduled principal repayments £ 0 0 0

Closing principal balance 31-Dec-2016 £ 450,000,000 350,000,000 350,000,000

Interest payments in the last six months

Date 16-Sep-2016 16-Sep-2016 16-Sep-2016 Coupon % 3.875% 4.625% 4.25%

Payment £ 8,718,750 8,093,750 7,437,500

Interest payments in forthcoming six months:

Date 17-Mar-2017 17-Mar-2017 17-Mar-2017 Coupon % 3.875% 4.625% 4.25%

Payment £ 8,718,750 8,093,750 7,437,500

Other secured debt

Opening

Balance Prepayments

Closing

Balance Maturity Date Initial authorised loan facility £ 351,750,000 0 351,750,000 16-Mar-2021 Any other outstanding senior debt £ 0 0 0 n/a

Unsecured debt Amounts outstanding under UD Headroom Test £m 0

Cash balances

Other Percentage of outstanding senior debt benefiting

from interest rate protection (Min 75%, Max 110%)

99.88%

Any prohibited amount outstanding £m 0

Portfolio Holding

Number of shopping centres in portfolio 6

Portfolio changes in previous period Asset name Valuation Commentary

£m

Acquisitions None n/a n/a

Disposals None n/a n/a

Withdrawals None n/a n/a

Debt prepayment requirements following portfolio changes in

previous quarter

n/a

Amount reserved pending prepayment / reinvestment n/a

Most recent valuations

Most Recent

Valuation

Market

Value

Percentage of

Total Market

Value Initial Yield

Nominal

Equivalent

Yield

Name of

Valuer

Date £m % % %

intu Lakeside 31-Dec-16 1,375.0 41% 3.73% 4.51% Knight Frank

intu Braehead 31-Dec-16 527.0 16% 4.70% 6.50% Cushman &

Wakefield

intu Watford 31-Dec-16 336.0 10% 5.02% 5.10% CBRE

intu Victoria Centre 31-Dec-16 359.7 11% 4.63% 5.65% Knight Frank

intu Chapelfield 31-Dec-16 296.3 9% 5.21% 5.49% Knight Frank

intu Derby 31-Dec-16 450.0 13% 5.83% 6.19% CBRE

Any additional centres n/a n/a n/a n/a n/a n/a

Total Collateral Value attributable to Shopping Centres £m 3,344.0

Total Collateral Value Attributable to Developments £m 0.0

Total collateral value £m 3,344.0

Developments

Percentage of total collateral value attributable to developments Max 15% T1,

10% T2 / T3

0%

Number of prime shopping centres (PSC) Minimum 4 6

Number of PSCs in major city or regional SC with min 1.4m sq ft Minimum 1,

OR

1

Number of PSCs in major city or regional SC with min 1.0m sq ft Minimum 2 2

Percentage of ATCV attributable to eligible JV interests Maximum

25%

0%

Percentage of ATCV attributable to PSC with primary catchment area that is a sub-

regional centre

Maximum

25%

0%

Regional concentrations (by market Value, according to most recent valuation) Maximum

London & South East n/a 60%

South 50%

South West 50%

Wales 50%

Midlands 50% 24%

North West 50%

North East 50%

Scotland 50% 16%

Northern Ireland 50%

Amount of any asset criteria adjustment 0

Adjusted total collateral value (ATCV) £m 3,344.0

Data per property at period

close (where relevant for

previous 12 months)

Portfolio intu

Lakeside

intu

Braehead

intu

Watford

intu

Victoria

Centre

intu

Chapelfield

intu

Derby

Tenure Freehold /

Leasehold

Freehold Freehold Leasehold Freehold Freehold Freehold

Total area 000 sq ft 6,093 1,435 1,126 726 976 530 1,300

Current net income £m 160.6 53.9 26.0 18.4 17.9 16.5 27.9

Gross ERV £m 206.9 68.6 41.2 24.2 22.6 18.3 32.0

Total contracted rent £m 166.2 53.6 27.7 20.7 17.9 16.5 29.8

Vacancy (% of ERV) % 4% 7% 2% 0% 4% 2% 3%

Number of leases Leases 868 235 122 122 110 84 195

Lease term unexpired / WARLT* Years 7.0 6.5 7.5 3.8 11.3 7.1 6.3

Footfall m 117 25 17 15 25 12 23

* WARLT - weighted average

remaining term

Number of retail

leases expiring Expiring

Percentage of

total let area Passing rent

Percentage of

total passing

rent

Cumulative

Percentage of

total passing

rent

Year of Expiration

leases area % £m % %

2017¹ 192 858 16% 24 17% 17%

2018 69 225 4% 9 6% 23%

2019 61 149 3% 9 6% 29%

2020 95 337 6% 14 10% 39%

2021 63 183 3% 9 6% 45%

2022 47 249 5% 9 6% 51%

2023 40 192 3% 9 7% 58%

2024 75 255 5% 14 10% 68%

2025 82 558 10% 16 11% 79%

2026+ 144 2,518 45% 29 21% 100%

(1) 2017 includes any leases that have expired, but the tenants are holding over under the Landlord and Tenant Act and

any tenants on a tenancy-at-will. In both instances it assumes these leases will expire in 2017.

Number of

units

Passing rent Percentage of

passing rent

Cumulative

percentage of

passing rent

Percentage of

total area let

Cumulative

percentage of

total area let

Average

WARLT*

Leases £m % % % % Years

H&M 8 5 4% 4% 3% 3% 5.7

Primark 3 5 3% 7% 3% 6% 14.6

Next 7 5 3% 10% 4% 10% 5.7

Arcadia 14 4 3% 13% 3% 13% 6.5

House of Fraser 4 4 3% 16% 7% 20% 15.7

Boots 7 3 2% 18% 4% 24% 26.3

JD Sports 7 3 2% 20% 1% 25% 8.4

Signet Group 15 3 2% 22% 1% 26% 5.9

New Look 6 3 2% 24% 1% 27% 6.7

River Island 9 3 2% 26% 1% 28% 2.6

* WARLT - Weighted Average Remaining Lease Term

Tenants in administration

Since the previous report, two tenants has entered administration (representing less than 1 per cent of passing rent). All two

tenants continue to trade.

Rent reviews outstanding

As at 31 December 2016 there were 202 rent reviews outstanding within the portfolio.

Operational tier level T1

Opening Closing

Liquidity reserve required amount £m 0 0

Amount of liquidity facility £m 0 0

Contents of liquidity account £m 0 0

Liquidity availability shortfall £m 0 0

Interest outstanding on any liquidity facility drawing £m 0 0

Amount of liquidity drawn this period £m 0

Amount of liquidity facility repaid this period £m 0

Amount of interest paid on liquidity facility this period £m 0

Moody's S&P Fitch

Account bank HSBC Bank plc Aa2/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable

Agent bank, principal

paying agent HSBC Bank plc

Aa2/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable

Irish paying agent HSBC Institutional Trust Services (Ireland)

Limited Not Rated

Hedge counterparties HSBC Bank plc Aa2/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable

Hedge counterparties Bank of America Securities Limited acting as

agent for Bank of America N.A.

A1/P-1/Pos A+/A-1/Stable A+/F1/Stable

Hedge counterparties UBS AG, London Branch A1/P-1/Stable A+/A-1/Stable A+/F1/Stable