intu properties plc Analyst & investor briefing – UK centres

Itinerary and schedule

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Welcome and introduction David Fischel

North Kate Grant

West Colin Flinn

Midlands Nick Round

South Rebecca Ryman

Drinks This presentation contains “forward-looking statements” regarding the belief or current expectations of intu properties plc, its Directors and other members of its senior management about intu properties plc’s businesses, financial performance and results of operations. These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of intu properties plc and are difficult to predict, that may cause actual results, performance or developments to differ materially from any future results, performance or developments expressed or implied by the forward-looking statements. These forward-looking statements speak only as at the date of this presentation. Except as required by applicable law, intu properties plc makes no representation or warranty in relation to them and expressly disclaims any obligation to update or revise any forward-looking statements contained herein to reflect any change in intu properties plc’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. All figures as at 31 December 2015 unless stated.

Our priorities in 2016

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UK’s top ranked shopping centres

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Rank Centre Location Rank Centre Location

1 Westfield London London - Shepherds Bush 22 The Oracle Reading

2 Bluewater Greenhithe 23 intu Watford Watford

3 Westfield Stratford City London - Stratford 24 intu Bromley Bromley

4 Meadowhall Sheffield 25 Union Square Aberdeen

5 intu Trafford Centre Manchester 26 Festival Place Basingstoke

6 St David's Cardiff 27 Cabot Place/Canada Place London

7 intu Lakeside Thurrock 28 Victoria Square Belfast

8 Liverpool One Liverpool 29 Trinity Leeds Leeds

9 intu Metrocentre Gateshead 30 Princesshay Exeter

10 Bullring Birmingham 31 intu Eldon Square Newcastle

11 Manchester Arndale Manchester 32 Touchwood Solihull

12 Cabot Circus Bristol 33 Golden Square Warrington

13 Brent Cross London 34 White Rose Shopping Centre Leeds

14 The Mall at Cribbs Causeway Bristol 35 Churchill Square Brighton

15 Highcross Leicester

16 the centre: mk~ Milton Keynes 41 intu Chapelfield Norwich

17 intu Merry Hill Brierley Hill 44 intu Victoria Centre Nottingham

18 West Quay Southampton 45 intu Potteries Stoke-on-Trent

19 intu Derby Derby 60 intu Milton Keynes Milton Keynes

20 intu Braehead Glasgow 64 intu Uxbridge Uxbridge

21 Silverburn Glasgow 169 intu Broadmarsh Nottingham

Source: PMA - top shopping centres on basis of PMA Retail Score (December 2015). intu shopping centres highlighted.~ adjoined to intu Milton Keynes.

Our centres

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Kate Grant

Rebecca Ryman

Martin Breeden

Nick Round

Colin Flinn

North Kate Grant, Regional Director

intu Metrocentre Europe’s largest covered retail and leisure offer

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21m footfall

2nd average highest spend in portfolio at £147

342 shops

intu Metrocentre An extension of the Qube catering quarter

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£17m total project cost

£1.4m incremental rental income

8.2% initial yield on cost

36% profit on cost

intu Eldon Square The heart of Newcastle city centre

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+17% increase in dwell time to 99 minutes

34m footfall

100% occupancy

intu Eldon Square A centre wide transformation

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intu’s share (60%) £m

Market value 2012 251

Capex - mall refreshment 10

Valuation gain – quality 10

Valuation gain – market1 22

293

Capex – Grey’s Quarter2 7

Market value 2015 300

Mall refreshment

Grey’s Quarter

Pre-let

82% opening Autumn

2016

1 Based on yield shift of Manchester Arndale over same period, a similar city centre scheme. 2 Cost to 31 December 2015. Further £7m cost to complete in 2016.

intu Braehead Complete retail and leisure destination

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25% of Scottish population within 20 minute drive time

17m footfall

1.5m sq. ft. of retail space

intu Braehead Enhancing strong retail and leisure offer

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2015 2016 2017+

Third UK store and their best global opening

New attractions

Enhancing Soar and improving its connectivity

Implementing planning approval for extension

Third party interest in surrounding land

New openings: Five Guys; Krispy Kreme ‘theatre’

Sprucefield A development opportunity in Northern Ireland

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100% occupancy

17.5 acres of development land

10yrs weighted average unexpired lease term

5.3% nominal equivalent yield

West Colin Flinn, Regional Director

intu Trafford Centre The North West’s retail and leisure destination

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Proposed Metrolink stops.

31m footfall

60 restaurants, cafes and bars

9 leisure attractions

M

M

M

intu Trafford Centre The best fashion brands and their latest shopfits

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Driving footfall, dwell times and Zone A rents

Building rent review evidence

Zara upsized from 18,000 sq. ft. to

32,000 sq. ft.

River Island upsized

Previous Zara unit to be back filled with new Inditex brands

Topshop/Topman flagship upsizing

taking the old BHS unit

Manchester Arndale 1.4m sq. ft. of retail space in the UK’s second city

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41m footfall

50% JV with M&G

Key city centre location

M

M Metrolink stop.

Manchester Arndale Driving the tenant mix and rental values

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Tenant mix Catering

10 new catering units

27,000 sq. ft. of space

£13m estimated development cost

St David’s, Cardiff Leading retail and leisure destination in Wales

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40m footfall

+21% valuation uplift in 2015

50% JV with Land Securities

St David’s, Cardiff Introducing new flagships and new brands

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Occupancy 96%

New lettings starting to achieve Zone As above development lettings

Primark relocated into St David’s, replaced

BHS, in 2014

Shake Shack’s debut restaurant outside London

H&M relocated, opening its largest

store outside London

Back filled H&M unit with Victoria’s Secret

and Michael Kors

Cribbs Causeway 1.1m sq. ft. regional centre for the South West

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12m footfall

73% of shoppers are ABC1

50% JV with M&G

Cribbs Causeway Managing the lease expiry profile

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2013 2014 2015

Occupancy 92% 90% 96%

Number of lettings 30 12 11

Key lettings Tenant mix Upsizing

Planning application for 370,000 sq. ft. extension submitted

Seeking determination in 2016

intu Potteries More reasons to stay for longer

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11m Footfall (2015)

+30% footfall increase in 2016

Top 15 UK city, based on population

intu Potteries Active asset management

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Before (occupancy 92%) Now (occupancy 95%)

WH Smith HMV

H&M

Vacant WH Smith

JD HMV

Quiz Republic (administration)

JD (upsizing)

La Senza (administration) Quiz

Vacant New Look Men

Blue Inc (administration) Smiggle

Pandora Vacant

Pandora (upsizing)

Midlands Nick Round, Regional Director

intu Merry Hill 1.7m sq. ft. centre with scope for rental growth

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22m footfall

10k Free car parking spaces

50% JV with QIC

M

Proposed Metro station M

intu Merry Hill Rightsizing tenants - a new flagship Topshop

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Before

Four units on two levels

Let to Dorothy Perkins, Wallis, Bank and Menkind

After

Flagship 18,000 sq. ft. unit

Rental uplift £250k per annum

intu Derby 1.3m sq. ft. of prime retail in the heart of Derby

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24m footfall

No 8 Property Week 2015 hot retail locations

Highest average salaries in UK outside of South East

intu Derby Enhanced catering and leisure offer

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Converting retail to restaurants Adding leisure

53 net car parking spaces utilised

£2.8m project cost

8.3% stabilised initial yield

36% development profit

400k expected visitors per annum

+7% uplift on previous rent

+8% uplift on ERV

Other examples

intu Milton Keynes The fastest growing city in the UK

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No 1 UK’s fastest growing city1

17% population growth in 10 years

No 1 Property Week 2015 hot retail locations

No 7 highest average earnings

One of the UK’s strongest city economies

1 Source: Centre for Cities – City Outlook 2015.

intu Milton Keynes An even brighter future ahead

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430,000 sq. ft. of existing space

100,000 sq. ft. of additional space

£70m development cost

77% public approval rating

2018 expected start date intu site ownership

Application boundary

Nottingham A three stage plan

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1. Refurbishment of intu Victoria Centre

3. Extension of intu Victoria Centre

2. Redevelopment of intu Broadmarsh

New tenants

intu Victoria Centre Transformation complete

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24m footfall (2015)

+6% footfall increase in 2016

£250 headline Zone A (psf) £210 – December 2013

intu Broadmarsh A complementary development in a proven location

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14m footfall

70% ownership (Nottingham City Council 30%)

£75m intu share of costs

7% stabilised initial yield on cost

£250m planned investment by council into local area

1/3rd leisure and catering

South Rebecca Ryman, Regional Director

intu Lakeside The centre of Europe's largest out of town retail area

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25m footfall

135 minutes average dwell time

1/3rd visit weekly

intu Lakeside A game changing leisure extension

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£95m project costs

5-6% stabilised initial yield on costs

Increased catchment and footfall for retail extension

Improving the tenant mix Enhancing leisure and catchment

intu Watford Developing a premium London satellite town

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85% of shoppers are ABC1

15m footfall

£128 average spend per visit (highest in town in portfolio)

Planned underground station for Metropolitan line extension Existing centre Charter Place extension M

M

intu Watford Promoting Watford to a top 20 retail destination

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£178m cost of project - main contractor on site

6-7% stabilised initial yield on cost1

2/3rds of income exchanged or under offer2

2018 expected opening

1 Includes 1-2% generated through existing centre. 2 By space.

Exchanged

intu Chapelfield East Anglia’s pre-eminent shopping centre

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11m footfall

No 2 Property Week 2015 hot retail locations

100% occupancy

intu Chapelfield Chapelfield Plain – improving the rental tone

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New lease with

To replace

Move to main mall and replace French

Connection

+12% new rental tone above previous level

Enhancing the evening economy

intu Bromley A wealthy London borough

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2nd highest proportion of ‘wealthy achievers’

4th largest London shopper population

18m footfall

intu Bromley Repositioning the centre for its catchment

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2013 2014 2015

Occupancy 87% 86% 94%

Market value1 £159m £171m £174m

Key lettings

1 intu’s share.

intu Uxbridge A capital light investment

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12m footfall

96% occupancy

20% JV with KWAP

Appendices

Development pipeline

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£m Description

UK planning approval

New space

000 sq ftCost to

completion

Committed 2016-2018 2019+intu Metrocentre Restaurant development 15 2 2intu Bromley Queens Gardens 14 2 2intu Eldon Square Restaurant development - 8 8intu Lakeside Hotel 40 8 8Other committed projects Various initiatives 25 25

45 45 -

Active asset management pipelineintu Bromley Boutique cinema and restaurants 20 9 5 4intu Trafford Centre Barton Square courtyard enclosure 112 45 45 -intu Merry Hill Various initiatives 52 45 7Manchester Arndale Various initiatives 31 31 -Other projects Various initiatives 304 59 245

441 185 256

Major extensionsintu Watford Charter Place extension 380 178 178 -intu Broadmarsh Redevelopment 50 75 75 -intu Lakeside Leisure extension 225 95 95 -intu Lakeside Retail extension 440 180 - 180Cribbs Causeway Retail and leisure extension 380 105 - 105intu Braehead Retail and leisure extension 475 200 - 200intu Milton Keynes 70 - 70Sprucefield 40 - 40intu Victoria Centre Retail and leisure extension 500 225 - 225

1,168 348 820Total UK 1,654 578 1,076

Spain developmentsintu Costa del Sol Shopping resort 172 172 -Valencia Shopping resort 263 - 263Palma or Vigo Shopping resort 105 - 105Total Spain 540 172 368Total 2,194 750 1,444

Indicative timing

Our centres

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Biographies

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Executive Management

Julian Wilkinson Asset Management Director

Martin Breeden Development Director

Appointed Group Asset Management Director and a member of the Executive Committee in January 2016. As Asset Management Director Julian has responsibility for optimising the performance of intu's shopping centres. He has held similar positions at Director level over the last 25 years on behalf of both retailers and landlords.

Joined the Group in 2002 and was appointed Group Development Director and a member of the Executive Committee in January 2016. As Development Director Martin has direct responsibility for intu's development programme across the UK and intu's Spanish business. Martin has worked on almost all of intu's assets at various times, and has over 25 years' experience in the retail property industry. Previous roles have included working for MEPC and Jones Lang LaSalle, the latter including four years in Spain. He is a Fellow of the Royal Institution of Chartered Surveyors and a member of the advisory panel of the British Council of Shopping Centres.

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Regional Directors

Rebecca Ryman Regional Director - South

Kate Grant Regional Director - North

Rebecca Ryman is a Chartered Surveyor and has been with intu for 15 years. During this time she has worked on the majority of the centres and all aspects of the business including leasing, property management and commercialisation. Rebecca is a Regional Director and has responsibility for five centres within the southern region of the portfolio, intu Lakeside, intu Bromley, intu Watford, intu Chapelfield and intu Uxbridge.

Joined the Group in 1998 and has worked across most of the shopping centres in both asset management and property management roles, with particular involvement at Chapelfield, Norwich; Manchester Arndale; Cribbs Causeway, Braehead, and Eldon Square, Newcastle. Kate has over 18 years experience in the retail property industry, including retail leasing roles at a number of private practices prior to joining intu. She was responsible for the property management business across the shopping centre portfolio, from 2008 to June 2013 when she assumed her current role.

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Regional Directors

Nick Round Regional Director - Midlands

Colin Flinn Regional Director - West

Joined the Group in 2014 as Senior Asset manager of intu Merry Hill. Appointed Regional Director Midlands in February 2016. His role covers intu Derby, intu Milton Keynes and the JV at intu Merry Hill . Over 25 years experience in the property industry with previous roles have including Colliers international and Boultbee Land .

Joined the Group in 2013 as Asset Manager at intu Trafford Centre, and appointed as Regional Director West in February 2016. His role covers intu Trafford Centre, intu Potteries and the JVs at St David’s, Manchester Arndale and Cribbs Causeway. Prior to joining intu, he previously worked for several retailers and served on the management committee of the Property Managers Association for a number of years. He has been a Member of the Royal Institution of Chartered Surveyors for over 20 years and is an Associate of the Chartered Institute of Arbitrators.