Intu (SGS) Finco Ltd & Intu Metrocentre Finance plc Annual Management Presentation 27 April 2015

2

• Corporate overview – David Fischel

• Financial details

• Group • SGS • intu Metrocentre – Matthew Roberts

• Asset management overview

– Mike Butterworth • Questions

• Appendices

Presentation to Fixed Income Investors

This presentation includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Intu Properties plc to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Any information contained in this presentation on the price at which shares or other securities in Intu Properties plc have been bought or sold in the past, or on the yield on such shares or other securities, should not be relied upon as a guide to future performance

Corporate overview David Fischel, Chief Executive

4

Overview of 2014

5

Key themes for 2014

6

• Property valuation increased 8.2 per cent, up £648 million (H1 £573m; H2 £75m)

17 per cent total financial return

Delivering improved returns

501

63 41

126

648

0

100

200

300

400

500

600

700

2010 2011 2012 2013 2014

£m Valuation surplus

7

• Underlying earnings per share H2 2014 6.9p taking full year to 13.3p

• Continued letting progress as underlying market improves

Total property return 13.1 per cent

Delivering improved returns

11.0%

1.0% 0.6% 1.8%

8.2% 7.5%

0.6%

-5.8%

0.8%

7.3%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2010 2011 2012 2013 2014

Intu IPD monthly retail index

Capital value movements

8

• Seizing quality UK opportunities off-market

– intu Merry Hill and intu Derby

• Accelerating our Spanish business

– Puerto Venecia in Zaragoza

• Recycling capital

– Introduced KWAP as an 80 per cent partner at intu Uxbridge

• Improving financial flexibility

– Debt to assets and interest cover ratios strengthened

Another year of progress in 2014

Significant corporate activity

4.6 5.1

7.0 7.1 7.6

9.0

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

2009 2010 2011 2012 2013 2014

£bn Investment properties at market value

9

• Improving customer experience, lengthening dwell time Tell intu programme Net promoter score by centre

• intu.co.uk All major intu retailers on our mobile responsive

web site • Strong growth in website traffic

Almost 40 per cent increase in December 2014 to nearly three million visits

Active marketing database of almost two million

• National promotional activity Working with major global brands Multiple centre, multiple formats

Enormous progress in two years from launch Making the brand count

10

Assembling a strong pipeline for organic growth

Development momentum

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2015 2016 2017 2018 2019 2020 2021 2022

Committed Active management pipeline

Major extensions & developments : UK Major developments : Spain (intu share)

£bn

11

• Optimise performance of existing assets

Deliver like-for-like net rental income growth in 2015

• Drive forward £1.3 billion investment programme in UK assets

• Make the brand count and demonstrate the benefits of scale

• Seize the growth opportunity in Spain, building on the progress of the last three years

Our priorities for 2015

Financial details - Group Matthew Roberts, Chief Financial Officer

13

• Valuation up 8.2 per cent (IPD monthly retail index up 7.3 per cent)

• Underlying earnings per share 13.3p (2013 13.7p) - impact of lease expiry concentration and redevelopment

• Improving trend in H2; H2 EPS 6.9p

• Final dividend 9.1p; full year dividend 13.7p

• NAV per share 379p

• £2bn raised in 2014 via bond issuance and bank debt; 4.7 per cent average debt cost, debt to assets ratio 44 per cent and 8 years average debt maturity

Key highlights

14

Valuation +£648 million, +8.2 per cent

Market value Like-for-like surplus/ (deficit)

£m £m % Yield Income intu Trafford Centre 2,200 300 16 intu Lakeside 1,255 123 11 intu Metrocentre 928 38 4 * Manchester Arndale 430 30 7 intu Derby 420 29 8 intu Merry Hill 435 27 7 intu Victoria Centre 314 (22) (7) * St David’s, Cardiff 308 38 15 intu Milton Keynes 278 26 10 Parque Principado 82 14 21 Other 2,313 45

8,963 648 8 * Short term performance impacted by development expenditure and units removed from generating income

15

(1) The EPRA cost ratio is calculated in accordance with EPRA guidelines

(2) Adjusted for rights issue bonus factor

Underlying earnings

2014 £m

2013 £m

Net rental income 396.6 369.5 Administration expenses (31.1) (27.7) Net finance cost (underlying) (206.1) (203.0) Dividend from US investment 6.1 6.4 Other (3.8) (5.0) Underlying earnings 161.7 140.2

Interest cover 1.82x 1.71x EPRA cost ratio(1) 19% 19% Earnings per share (pence)(2) 13.3 13.7 Weighted average shares in issue (million)(2) 1,214.6 1,027.1 Dividend per share (pence)(2) 13.7 13.7

16

Like-for-like net rental income (%)

Three factors • Tenant insolvencies

• Lease expiry cycles

• Voids linked to

development activity Nottingham intu Watford intu Eldon Square intu Metrocentre

17

(1) Group including share of joint ventures

(2) 335p NAV pro forma basis

Net debt to assets 44.2 per cent

Financial flexibility

31 December 2014(1)

31 December 2013(1)

Total properties £8,963m £7,624m Net external debt £(3,963)m £(3,698)m Net debt to assets 44.2% 48.5% Cash £260m £235m Undrawn committed corporate facilities £411m £90m Net assets attributable to shareholders £4,524m £3,519m Adjusted net assets per share 379p 346p Weighted average cost of gross debt 4.7% 4.8% Weighted average maturity of gross debt 8.4 years 8.0 years

(2)

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• Weighted average debt maturity of 8 years

• Largely fixed, weighted average cost 4.7 per cent

• £671 million of cash and committed facilities

Debt maturity (£m)

* 2017 includes £191 million relating to intu Merry Hill, which has initial maturity of 20 September 2016 extendable at the Borrower’s option to 20 September 2017. It is anticipated that this option will be exercised at the earliest possible opportunity

Financial details - SGS

20

Key metrics 31 December 2014

21

Key metrics 31 December 2014 (1)

Market value

Size (sq.ft.

000) %

ownership Number

of stores

Annual Property

income Headline rent ITZA

ABC1 Customers Key stores

intu Lakeside £1,255m 1,435 100% 251 £59.7m £350 72% House of Fraser, Debenhams, Marks & Spencer, Hugo Boss, Topshop, Zara, Primark, Forever 21, Guess, Vue Cinema

intu Braehead £599m 1,136 100% 121 £25.5m £250* 62% Marks & Spencer, Primark, Apple, Next, H&M, Topshop, Hollister, Superdry, Sainsbury’s

intu Watford £335m 726 93% 140 £17.3m £250 83% John Lewis, Marks & Spencer, Apple, Zara, Primark, Next, Lakeland, Phase Eight, Lego, H&M, Topshop/Topman

intu Victoria Centre £314m 981 100% 104 £16.9m £230 54% House of Fraser, John Lewis, Next, Topshop, River Island, Boots, Urban Outfitters, Superdry, Office

intu Derby £420m 1,300 100% 180 £28.4m £125 53% Marks & Spencer, Debenhams, Sainsbury’s, Next, Boots, Topshop, Cinema de Lux

intu Chapelfield £261m 530 100% 90 £15.1m £185 55% House of Fraser, Apple, Hollister, Zara, River Island, H&M, Boots, Monsoon, Superdry, Hugo Boss

* The amount presented on the Scottish ITZA basis, the English equivalent is £335

(1) Source: 2014 Annual Report

22

3% 1%

(3%) (4%) (1%)

(10%)

(5%)

0%

5%

2010 2011 2012 2013 2014

• Market value: £3,164m • Estimated rental value: £197m • LTM EBITDA: £112m • Net initial yield: 4.47% • Nominal equivalent yield: 5.66% (1)

• Wtd. avg. lease expiry: 7.1yrs

Historic yield

Key financial metrics (December 2014)

Operating cash flows

EBITDA growth(6)

CAGR 2008–2013: (2.0%)

(£m) 2010 2011 2012 2013 2014 (4)

Rent 116.4 118.4 118.3 111.7 113.6

Turnover rent 3.8 3.5 3.9 3.6 3.5

Other income 12.9 12.6 9.8 11.6 11.8

Gross Rental Income 133.1 134.4 132.0 126.7 128.9

Non-recoverable costs (7.6) (7.9) (9.3) (9.6) (13.8)(5)

Head rents payable (2.0) (1.9) (1.7) (1.6) (1.4)

Administration expenses (2) - - - (4.0) (4.1)

EBITDA 123.5 124.6 121.0 111.2 109.7

Adjustments for non-cash items (3) (0.2) (2.2) 1.0 0.5 (1.3)

Cash Net Rental Income 123.2 122.4 122.0 111.7 108.4

0.0%

2.0%

4.0%

6.0%

8.0%

Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

Nominal Equivalent Yield: Wtd. Avg. (1) Gilt 10 Years

1.76%

5.66%

____________________ (1) Weighted average by market value. (2) The historic numbers do not include the Group‘s current Property Administrator fees. On establishment of the Security Group, a market based Property Administrator fee is charged (3) Includes adjustments for rent free amounts, adjustments for incentive amortisation in rents and adjustments for other non-cash items (4) Includes intu Derby and intu Chapelfield from 13th November 2014 (5) Increase in 2014 from higher void rates costs and two additional centres (6) Excludes administration expenses in 2013 and 2014

Security Group Operating metrics

23

Security Group Tenancy overview

• c. 406 tenants under 867 leases

• 65 long term lettings agreed in 2014 representing £9.6m of new annual rent

• Significant lettings in 2014 included Superdry, Fat Face, JD Sports, River Island, Hugo Boss and Hamleys

• 28 true void units

• 14 tenant unit administrations in 2014 2 have been re-let, 3 under offer, one still trading and 8 closed

____________________ (1) Based on tenant groups (2) 2013 and 2014 include c £4m per annum for administration expenses; reduction in 2014 from increased void rates costs

24% 20%

9% 7% 6%

0%

10%

20%

30%

Pre

-20

15

2015

2016

2017

2018

Occupancy rates

Recent letting activity Rent review cycle Top 10 tenants (1)

Cash Net Rental Income(2) (in £m)

Lease expiry profile

16% 7%

12% 6% 7%

33%

19%

0%10%20%30%40%

2015

2016

2017

2018

2019

2020

-20

24

2025

+

Tenant

Gross passing rent (£m) % Total

1 Arcadia 6.2 4%

2 Next 5.7 4%

3 Boots 4.6 3%

4 Primark 4.6 3%

5 H&M 3.7 3%

6 House of Fraser 3.7 3%

7 Sportsdirect.com 3.4 2%

8 Monsoon 3.3 2%

9 Dixons Carphone 2.9 2%

10 Signet 2.8 2%

Total 40.8 28%

Wtd. avg. lease expiry: 7.1 Yrs

123 122 122 112 108

020406080

100120140

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

99% 97% 95% 94% 95%

50%60%70%80%90%

100%

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

Financial details – intu Metrocentre

25

Key metrics 31 December 2014

(1) The market value of £928m includes ancillary properties and land valued at £3m that are not part of the security for the intu Metrocentre Finance plc bond issuance

(1)

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FY 2011 (£’m)

FY 2012 (£’m)

FY 2013 (£’m)

FY 2014 (£’m)

Rental receivable 58.3 55.2 53.4 52.6 Service charge income 11.2 11.1 11.5 11.9 Turnover 69.5 66.3 64.9 64.5 Service charge costs (11.5) (12.8) (12.9) (13.2)

Other non-recoverable costs1 (6.5) (7.9) (7.5) (7.6) Net rental income 51.5 45.6 44.5 43.7

Administrative expenses (2.0) (1.8) (1.8) (2.1) Operating profit 49.5 43.8 42.7 41.6

Source: The Metrocentre Partnership report and accounts

Metrocentre Operating Profit

1) Includes ground rent, void rates, professional fees, centre management non-recoverables

Historic Yield

Oct-13

5.33%

1.76%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13

Nominal Equivalent Yield 10- year Gilt

Dec-14 Dec-13

Key financial metrics (December 2014)

• Market value: £924.8m • Estimated rental value: £54m • LTM EBITDA: £42.9m • Net initial yield: 4.32% • Nominal equivalent yield: 5.33%

• Wtd. avg. lease expiry: 8.3yrs

Operating metrics

intu Metrocentre

27

Tenancy overview

intu Metrocentre

• 96% occupancy rate

• 20 significant long term(1) lettings exchanged in 2014, representing £3.0m of new annual rent

• Significant lettings in 2014 include River Island, Coast to Coast, Chiquito, TGI Friday’s and Waterstones

• Four tenant unit administrations in 2014, one has been re-let, two under offer and one closed

Recent letting activity Rent review cycle

4%

14%

21%

37%

5%

2015

2016

2017

2018

2019

0%

5%

10%

15%

20%

25%

30%

35%

40%

(1) Leases longer than 5 years

Lease expiry profile

8% 3% 5% 5%

11%

41%

27%

0%5%

10%15%20%25%30%35%40%45%

2015

2016

2017

2018

2019

2020

-202

4

2025

+

Wtd. avg. lease expiry: 8.3 Yrs

98% 96% 96% 94% 96%

50%

60%

70%

80%

90%

100%

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

Occupancy rates

Asset management Mike Butterworth, Chief Operating Officer

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Delivering change, delivering great experiences

30

Driving growth through active asset management

Letting strategy

Improving tenant mix

Sustainability with key retailers

Achieving ERV on review / renewal + +

1 2 3

The right space at the right rent

Goal

Outcome Tenant re-investment and commitment to the Centre

Consistent growth in rental income

31

Asset management team

Julian Wilkinson Martin Breeden Kate Grant

David Parker Rod Webber Charlie Griffiths Alison Woodall

Mike Butterworth COO

Regional Directors

Senior Asset Managers

Rebecca Ryman

Sarah McVicar Michael Boundy Bernice Nesham

32

• Food court repositioning completed, expenditure £9m, incremental rent over £1m

• Over 600,000 sq ft leisure and retail extensions consented

• 225,000 sq ft leisure extension - expenditure £95m, anticipated start 2016 subject to pre-lets, completion 2019

• 440,000 sq ft retail extension – expenditure £180m, anticipated start 2017 subject to pre-lets

Creating more reasons to visit and stay longer

intu Lakeside

33

• 2014 lease expiries: – 46 expiries of original 15

year leases – 38 concluded; 8 vacated – Shopfit investment from retailers

including Thorntons, River Island, Superdrug and Van Mildert

• Town centre status granted in 2014 • Planning approval for 475,000 sq. ft.

major extension

New flagship stores and restaurants, major extension planned

intu Braehead

34

• 380,000 sq ft leisure, catering & retail extension consented, expenditure £120m

• Cinema exchanged, strong interest from catering and leisure operators new to Watford

• Discussions underway with retailers including new anchor store

• Anticipated start late 2015, completion 2017

Creating a 1.4m sq ft shopping and leisure destination

intu Watford

35

• £42m major refurbishment of intu Victoria Centre and cluster of 12 new restaurants due for completion Autumn 2015

• Catering lettings signed with Coast to Coast, Handmade Burger, Ed’s Diner and Tortilla. Further interest from restaurant operators not currently represented in Nottingham

• Recent new retail lettings to River Island, Office, Swatch and Kiko

• Planning consent for 500,000 sq ft retail and leisure extension

Refurbishment underway

intu Victoria Centre

36

• 8 long term lettings completed during 2014, bringing occupancy to 97%.

• New brands include Hugo Boss, Schuh Kids and Simply Be

• In negotiation with three catering brands to improve the offer at intu Chapelfield and produce rental evidence at or above £45 per sq ft

• In negotiation with two new retailers to intu Chapelfield for units on the upper mall, producing rental evidence at or above £185 Zone A

• Reviewing options to create a new roof box cinema and enhancement of the existing catering offer on the Dining Terrace.

intu Chapelfield

37

• 11 long term lettings completed since purchase on 1st May 2014.

• New brands include Office, Smiggle, Tiger, Ann Summers and HMV.

• Creation of new catering units for Joe’s Kitchen, Byron and Zizzi as the first phase of a drive to improve the catering and leisure offer. Catering evidence created at £55 per sq ft and a further three catering lettings in solicitors hands.

• Opportunity identified to introduce a 40,000 sq ft leisure box. Detailed design is being worked up and there is strong interest from operators.

intu Derby

38

Asset Management

intu Metrocentre

Strategy •To reconfigure existing units and reduce the overall number (where possible) aimed to meet the requirements of modern retailers, ‘right sizing’ stores and creating flagship units

•Build on the success of existing catering and leisure with further restaurant and leisure development

•Continue to invest in the centre to improve its aesthetic qualities with works to the other malls following the Platinum Mall refreshment

•Drive forward the wider Metrogreen Area Action Plan to provide a sustainable long term development framework

Recent initiatives •Completion of Platinum Mall refreshment •New lettings to River Island, Kuoni, Pret a Manger and Waterstones have been exchanged in the last 12 months

•The remainder of the former Primark unit (Unit 9) has been let to River Island for their new flagship store

•Qube Restaurant extension underway and due to be completed in early 2016

39

Development of Qube restaurant extension

intu Metrocentre

• To comprehensively re-develop the former Mediterranean Village and create new restaurant units in an extension of the Qube

• Planning consent has been granted to remodel and refurbish this area creating 11 restaurants to complement the existing Qube offer

• The development is pre-let • Development commenced is February 2015 and due to be completed in early 2016

• Construction costs of circa £17m

40