Intu Properties plcPresentation to Trafford CentreNoteholders28 September 2015

2

Intu Properties plcPresentation to Trafford Centre Noteholders

• Corporate overview

– David Fischel

• Financial details

– Matthew Roberts

• Operational review

– Mike Butterworth

• intu Trafford Centre overview

– Mike Butterworth

• Questions

• Appendices

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

v

Corporate OverviewDavid Fischel, Chief Executive

4

Our priorities for 2015

5

First half highlights

• Positive underlying asset performance

• Broadening and strengthening retailer demand

• Momentum on UK development programme, now £1.5 billion

• Benefits from brand and digital initiatives

• Material progress in Spain

6

Out-performed IPD; ERV growth

Optimising asset performance

7

Significant progress

UK development momentum

8

Making the brand countDigital connectivity

• 19 million web site visits in last 12 months (2013/2014: 13 million)

• Over 250 retailers ‘shoppable’ on intu.co.uk

• Online marketing database of over two million individuals

• Email marketing performance well above industry standards

9

Making the brand count

• Events on a national basis

• Access to over half the UK

population physically and digitally

• Third annual Everyone’s Invited

weekend delivered strong net

promoter scores

• High quality brand partners in 2015

• intu Experiences revenues exceed

£15 million

Events with a difference

10

Making the brand count

Tell intu shows that:

• Customers who are happy

with their experience, stay

longer

• Customers who stay longer,

spend more

30

35

40

45

50

55

60

65

70

75

80

NPSNPSNPSNPS

Dwell timeDwell timeDwell timeDwell time

2-4

hours

4 hours

+< 1hour

1-2

hours

Circles represent relative spend (£)

World class service

11

Increased footprint

Seizing the growth opportunity in Spain

• Completed acquisition of Puerto Venecia

– Agreement for joint venture with CPPIB

• Exercised option to acquire land in Malaga

• Rebrand underway at intu Asturias

CGI – intu Costa del Sol

Puerto Venecia

12

Seizing the growth opportunity in SpainThe Spanish strategy

• Create a business of scale

• Focus on top ten markets

• Acquire, develop and manage

market leading retail resorts

– Own and manage two top

ten centres

– Acquired land near Malaga

for shopping resort

intu Costa del Sol

– Options on three other

sites: Valencia, Palma and

Vigo

13

intu Costa del Sol

• Total development cost €425 million for a 175,000 sq m shopping resort

• Land acquired in May 2015 – carrying value €55 million

• Strong interest from key retailers and leisure operators

• Plan to start on site in 2016 for 2018 opening

Catchment map

v

Financial detailsMatthew Roberts, Chief Financial Officer

15

• Valuation up 1.9 per cent (IPD up 1.2 per cent)

• Underlying earnings per share 6.8p (2014 6.4p)

• Interim dividend of 4.6p

• NAV per share 385p

• Debt raised on Puerto Venecia; re-priced SGS term loan saving 150bps

• Robust financial position: 4.5 per cent average debt cost, debt to assets ratio

45 per cent and 8.1 years average debt maturity

Key highlights

16

Underlying earnings

First half(1)

2015

£m

First

half(1)

2014

£m

Net rental income 207.6

189.2

Administration expenses (16.3) (14.9)

Net finance cost (underlying) (107.5) (100.3)

Dividend from US investment 3.4 3.0

Other 1.5 (5.0)

Underlying earningsUnderlying earningsUnderlying earningsUnderlying earnings 88.788.788.788.7 72.072.072.072.0

(1) Includes Group’s share of joint ventures

17

Financial metrics

First half

2015

First half

2014

Interest cover 1.85 1.76

EPRA cost ratio(1) 16.3 % 16.4 %

Earnings per share (pence) 6.8 6.4

Weighted average shares in issue

(million)1,308 1,130

Dividend per share (pence) 4.6 4.6

(1) The EPRA cost ratio (excluding direct vacancy costs) is calculated in accordance with EPRA guidelines

18

Growth from acquisitions

Net rental income

6 months to June 2014 189.2 Like-for-like (-1.0%) (1.7) Addit ions 25.2 Disposal (5.1) Total net rental income 207.6

• £1.7 million like-for-like decrease: impacted by units held for development at intu Victoria

Centre, intu Metrocentre and intu Eldon Square

• Expect modest like-for-like net rental income growth in 2015

First

half

2015

£m

19

Underlying earnings bridge

20

(1) Group including share of joint ventures

(2) 2014 includes costs associated with acquisition of intu Merry Hill and intu Derby (£11m)

Items excluded from underlying profit

First

half

2015

£m

First

half

2014

£m

Underlying earnings 88.7 72.0

Property revaluations 162.2 573.3

Change in fair value of financial

instruments32.2

(15.6)

Exceptional finance costs (16.4) (22.8)

Exceptional administration expenses(2) (0.7) (11.9)

Other (3.7) 7.3

Profit for the Profit for the Profit for the Profit for the half yearhalf yearhalf yearhalf year 262.3262.3262.3262.3 602.3602.3602.3602.3

(1)

(1)

21

4 per cent total financial return including dividend

Net asset value per share 385 pence

22

£313m change in net external debt(1)

Currently 85 per cent hedged(2)

(1) Group including share of joint ventures; (2) Excluding forward starting swaps

23

• €225 million loan for Puerto Venecia acquisition

• Re-priced £352 million SGS term loan saving 150bps and extending maturity

• intu Bromley refinancing progressing

2015 debt funding activities£500 million of debt activity in the period

24

• Weighted average debt maturity of 8.1 years

• Largely fixed, weighted average cost 4.5 per cent**

• £500 million of cash and committed facilities

Debt maturity

* 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; ** excludes RCF

25

• 2015-2024 active management capex: £65 million approved; £444 million

proposed

• Developments: UK £1,020 million; Spain £463 million

• Stabilised initial yields of 6-10 per cent on active management projects; 7 per

cent on extensions

• Funded through

– Available facilities

– Development finance

– Capital recycling and bringing in partners

Capital expenditure

26

(1) Group including share of joint ventures

Net debt to assets 45 per cent

Financial flexibility

30 June

2015(1)31 December

2014(1)

Total properties £9,511m £8,963m

Net external debt £(4,276)m £(3,963)m

Net debt to assets 45.0% 44.2%

Cash £260m £260m

Undrawn committed corporate

facilities £240m £411m

Net assets attributable to

shareholders£4,722m £4,524m

Adjusted net assets per share 385p 379p

Weighted average cost of gross debt 4.5% 4.7%

Weighted average maturity of gross

debt8.1 years 8.4 years

27

intu Trafford Centre – 30 June 2015

Valuation (1)

• Valuation of £2,108m

• intu Trafford Centre topped up net initial yield of 4.0% and nominal equivalent yield of 4.5%

• Ratio of outstanding loan note to intu Trafford Centre valuation: 36%

Rent (1)

• Annual property income of £86.2m; ERV of £101.9m

• Headline rent prime ITZA psf £415

Occupancy (2)

• Current occupancy rate of 96% by rent as at 30 June 2015

(1) Excludes Barton Square and other land holdings(2) Occupancy defined as passing rent of let and under offer units expressed as a percentage of the passing rent of let and under offer units plus ERV of unlet units, excluding

development and recently completed properties. Units let to tenants currently in administration and still trading are treated as let and those no longer trading are treated as unlet

28

intu Trafford Centre operating cash flow

Year ended

30 June 2015

£m

Year ended

30 June 2014

£m

Year ended 30

June 2013

£m

Rents (including turnover rent) 84.9 87.6 78.1

Other income(1)

2.6 2.1 3.1

Property and other costs (9.5) (1.8) (4.7)

Operating cash flow 78.0 87.9 76.5

Net interest paid (48.6) (44.0) (43.6)

Net operating cash flow 29.4 43.9 32.9

(1) Excludes premiums received (2015: £0.6m; 2014: £1.0m; 2013: £0.4m)

Source: The Trafford Centre Limited Quarterly Reports: Cash flow statement and management commentary.

Reduction due to positive timing of receipts and payments in 2014

29

Debt Service Cover Ratio (DSCR)Calculated using twelve months historic cash flows

June 2015 Quarterly report 1.19 : 1

Components:

• Rental and other income less costs £78.1 million

• Interest payments and note amortisation £65.7 million (£48.6m interest, £17.1m amortisation)

30

Debt Service Cover Ratio and Interest Cover Ratio History

31

Trafford Centre loan notes analysis

•Initial launch February 2000

•Second issue July 2005

•Third issue March 2014

•Issue size (total) £974.5m

•Outstanding amount – 30 June 2014 £804.6m(1)

•Fixed: Floating(2)

ratio 70% : 30%

•Security Trustee Deutsche Bank

•Hedge counterparties Deutsche Bank & RBS

•Liquidity facility Lloyds Banking Group

•Cash Manager Deutsche Bank

(1) For analysis by class see slide 53

(2) Floating rate notes are fully hedged with interest rate swaps and caps

32

Trafford Centre loan notes amortisation by class

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

Jun

-15

Jun

-16

Jun

-17

Jun

-18

Jun

-19

Jun

-20

Jun

-21

Jun

-22

Jun

-23

Jun

-24

Jun

-25

Jun

-26

Jun

-27

Jun

-28

Jun

-29

Jun

-30

Jun

-31

Jun

-32

Jun

-33

Jun

-34

Jun

-35

Pri

nc

ipa

l O

uts

tan

din

g

Pay Date

Amortisation Profile of Trafford Centre Notes

B2 - Floating A3 - Floating D1N - Floating

A2 - Fixed 6.50% B - Fixed 7.03% D3 - Fixed 4.75%

B3 - Fixed 4.25% D2 - Fixed 8.28% A4 - Fixed 2.875%

A1N - Floating

v

Operational reviewMike Butterworth, COO

34

Improving rental prospects

• 96 new long term lettings

• £17 million of new annual rent

• 12 per cent above previous passing rent

• Over 120 lettings in solicitors hands

• Estimated retailer sales +3.4 per cent

The UK portfolio

35

Optimising asset performance

Market

value

Like-for-like

surplus/ (deficit)

£m £m %

ERV

growth

St David’s, Cardiff 355 48 +16 �

intu Lakeside 1,294 35 +3

intu Victoria Centre 336 14 +4 �

intu Derby 435 14 +4 �

intu Eldon Square 286 12 +5 �

intu Merry Hill 446 11 +3

intu Trafford Centre 2,210 9 - �

intu Chapelfield 270 9 +3 �

Other 3,879 10

9,5119,5119,5119,511 162162162162 +2+2+2+2

Valuation +£162 million; +1.9 per cent

36

Nationwide opportunities

v

Intu Trafford Centre overviewMike Butterworth, COO

38

Overview of retail mix

• 200+ units (including over 65 catering and leisure units); approximately 1.5m sq. ft. retailand 0.3m sq. ft. catering and leisure space over 3 levels

• Anchor tenants: Selfridges, Debenhams, John Lewis and Marks & Spencer

• Opened to public in September 1998

• Significant redevelopment of main entrance for additional catering in 2007 (The Great Hall)

• Major 0.2m sq. ft. homeware and leisure extension (Barton Square) opened in 2008

• Retailers significantly expanding since 2011 include Marks & Spencer, Debenhams, Next, Superdry, H&M, River Island and Zara

39

Catering and leisure

• c 310,000 sq ft devoted to catering and leisure

– over 50 catering units generating c £75m annual

turnover

– themed areas - The Orient, The Great Hall – adding

a sense of theatre

• Continuous evolution with brands including Nando’s, TGI

Friday’s, Five Guys, Carluccio’s, Coast to Coast and

wagamama

• An unrivalled leisure offer:

– Odeon Multiplex IMAX cinema, Paradise Island

Adventure Golf, Laser Quest, Aerial Extreme

(treetop adventure course)

– Legoland Discovery Centre and SeaLife aquarium

in the adjacent Barton Square

• Events include:

– Celebrity Christmas lights switch on

– high profile fashion shows

– firework displays

– “big top’’ events like Cirque du Soleil

40

Driving growth through active asset management

Letting strategy

Improving tenant mixSustainability with

key retailersAchieving ERV on review / renewal

+ +

1 2 3

The right space at the right rentGoal

Tenant re-investment and commitment to the CentreConsistent growth in rental income

Outcome

41

Intu – asset manager Recent asset management initiativesRecent Asset Management Initiatives

● Zara

- in Q3 2015 Forever 21 elected to surrender their unit paying a

surrender premium to the Landlord. Forever 21’s unit will be combined

with an adjacent vacant unit to enable a letting of the new c.32,000

sq.ft. unit to Zara. An agreement for lease is in place for the new unit

with a passing rent materially in excess of that paid by Forever 21

- Zara’s existing unit will be split and new, longer leases are to be

entered into at the same passing rent with Zara sister brands

Stradivarius and Pull & Bear. This Stradivarius store will be the first in

the UK outside of London

● Moss Bros, Fat Face and Holland & Barrett: committed to significant upsizing

● River Island: combined with adjacent unit to create 18,500 sq ft store

● Karen Millen and Swarovski: renewed leases at an increased passing rent

and at ERV

● Footlocker: extended lease terms with an increase in passing rent and at ERV

● Cath Kidston, Kiko, Glamorous, Russell & Bromley and New Look Men: new

lease at an uplift to previous passing rent and at ERV

● Boost: new juice bar

● wagamama, Coast to Coast and Bill’s: restaurant offerings targeted to open in

Autumn 2015

● Lakeland: new 4,500 sq ft store opened in March 2015

● Improvement to access and footfall on Regent Crescent with new escalators,

fountain feature and remodelled Debenhams café outside, as well as a

significantly enlarged Next store

42

Recent openings

43

Overview of Trafford Centre rent reviews and lease maturities

Rent reviews*

14%

10%

15%

11%10%

12%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Pre 2014 2014 2015 2016 2017 2018

Lease maturities*

6%8%

10% 9% 9%

36%

18%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2015* 2016 2017 2018 2019 2020-2024 2025+

*As % of 30 June 2015 passing rent

44

Significant asset management opportunitiesFuture-proofed structure

• Scope for asset management initiatives at intu Trafford Centre including:

– original structure built to accommodate additional floors enabling cost effective expansion, e.g.

– above Debenhams

– along link bridge to Barton Square

– opportunities to introduce MSU flagship stores through conversion of space to additional retail, subject to planning permission

– creation of space to enable unit re-configurations

– scope for retailers to create cost-effective mezzanine floors

45

Barton Square opportunitiesSecond storey retailing and roof

• Scope for asset management initiatives at Barton Square including:

– structure includes an additional floor enabling cost effective expansion

– achieved retail consent for 93,000 sq. ft. on upper level

– courtyard to be enclosed by glass roof to enhance environment

– anticipate an increase in rental tone across Barton Square

46

Appendices

48

Source: PMA

* Top shopping centres on basis of PMA Retail Score (Dec 2014). Intu shopping centres highlighted

~ Adjoined by intu Milton Keynes

UK’s top ranked shopping centres*

RankRankRankRank CentreCentreCentreCentre LocationLocationLocationLocation RankRankRankRank CentreCentreCentreCentre LocationLocationLocationLocation

1111 Westfield LondonLondon - Shepherds

Bush22222222 intu Watford Watford

2222 Bluewater Greenhithe 23=23=23=23= West Quay Southampton

3333 Westfield Stratford City London - Stratford 23=23=23=23=Cabot Place, One Canada

SquareLondon

4444 Meadowhall Sheffield 25252525 Victoria Square Belfast

5555 intu Trafford Centre Manchester 26262626 intu Bromley Bromley

6666 St David's Cardiff 27272727 Silverburn Glasgow

7777 intu Lakeside Thurrock 28282828 Trinity Leeds Leeds

8888 intu Metrocentre Gateshead 29292929 Touchwood Solihull

9999 Bullring Birmingham 30303030 Union Square Aberdeen

10101010 Liverpool One Liverpool 31313131 White Rose Shopping Centre Leeds

11111111 Manchester Arndale Manchester 32=32=32=32= intu Eldon Square Newcastle

12121212 Brent Cross London 32=32=32=32= Golden Square Warrington

13131313 Cabot Circus Bristol34=34=34=34=

East Kilbride Shopping

CentreGlasgow

14141414 Highcross Leicester Leicester 34=34=34=34= The Centre Livingston

15151515 The Mall at Cribbs Causeway Bristol

16161616 intu Merry Hill Brierley Hill 40404040 intu Chapelfield Norwich

17171717 the centre: mk~ Milton Keynes 45454545 intu Victoria Centre Nottingham

18181818 intu Derby Derby 52525252 intu Potteries Stoke-on-Trent

19=19=19=19= intu Braehead Glasgow 58585858 intu Milton Keynes Milton Keynes

19=19=19=19= The Oracle Reading 64646464 intu Uxbridge Uxbridge

21212121 Festival Place Basingstoke 173173173173 intu Broadmarsh Nottingham

49

Yield comparisonsWide spread relative to corporate bonds

50

intu Trafford CentreKey catchment and demographic statistics

● Large catchment area

- 9.4 million people live within a 70 minute drive

- 4.8 million within 45 minutes

● Total available retail expenditure of £37.1bn

● Loyal customer base

- 19 times p.a. average visiting frequency

- 12% of visitors visit at least once per week

- 53% visit at least monthly

● Wealthy demographic1

- 65% ABC1

- 57% 16 – 44 years

● 71% female shoppers

● Metrolink

- agreement reached for Transport for Greater Manchester to extend the Greater Manchester Metrolink line through Trafford Park to intu Trafford Centre

- construction work anticipated to commence in 2017 for completion in 2018 (subject to public enquiry)

70 minute drive time around intu Trafford Centre

1. UK social groups A, B and C1, defined as members of households whose chief earner’s occupation is professional, higher or intermediate management or supervisory

Source: ResearchCraft, Experian, CACI intu trafford Centre: Market Summary July 2015

51

Key data and summary financialsTop 10 tenants (as at 30th June 2015)

Top 10 tenants represent 28% of Current Rent

Tenant Industry Sq ftLease Expiry

(yrs)

YearFirst

break

(yrs)

Current Rent (£m

p.a.)

Current ERV (£m

p.a.)

Current Rent (£per

sq. ft.)

% Total Current

Rent

Cumulative

% of Total Current

Rent

1 Next Group Plc Fashion 44,487 7.4 2022 7.4 3.0 3.0 67.44 3.6% 3.6%

2 Selfridges Ltd Department 196,918 17.5 2032 17.5 2.7 3.4 13.51 3.2% 6.8%

3Boots the Chemists Limited

Health & beauty 54,632 7.7 2023 7.7 2.6 2.6 47.50 3.1% 9.9%

4TopShop/ TopManProperties Ltd

Fashion 60,166 18.0 2033 18.0 2.6 2.7 42.83 3.1% 13.0%

5Marks & Spencers PLC

Fashion 108,125 10.5 2026 8.9 2.5 3.4 23.28 3.0% 16.0%

6Debenhams Properties Ltd

Department 143,020 17.6 2033 17.6 2.5 2.8 17.38 3.0% 18.9%

7H & M Hennes & Mauritz UK Ltd

Fashion 31,162 4.7 2020 4.7 2.0 2.1 65.46 2.4% 21.4%

8United Cinemas Int (UK) Ltd

Entertainment 77,039 7.7 2023 7.5 1.9 1.6 24.38 2.3% 23.6%

9Forever21 (UK) Ltd*

Fashion 18,041 6.8 2022 6.8 1.7 2.4 94.23 2.0% 25.7%

10Victoria's Secret UK Ltd

Fashion 17,460 12.7 2028 12.7 1.6 1.6 91.64 1.9% 27.6%

Top 10 Total /

Weighted Av.

Mostly

Department751,050 11.3 2026 11.1 23.1 25.6 30.7 27.6% 27.6%

Other Various 1,099,255 - - - 61.0 77.8 55.5 72.4% 100.0%

Total - 1,850,305 8.6 2023 7.6 83.6 103.4 45.1 100.0% 100.0%

*surrendered in Q3 2015 (see p39 for details)

52

intu Trafford CentreFloor plan as at 19 August 2015

53

intu Trafford CentreFloor plan as at 19 August 2015

54

intu Trafford Centre analysis of rental income by sales category

* Other includes banks, childrenswear, confectionery, electrical computer retailers, gifts / soft furnishings / furniture, health and beauty, opticians, outdoor clothing / equipment, music retailers, sportswear, toys, travel agents and office.

55

Trafford Centre loan notes analysis by class

Class Amount Rating Coupon Maturity

£m Fitch Moody’s S&P

A1 (N) 1.1 AAA Aaa AA+ Libor +0.20% July 2015

A2 324.2 AAA Aaa AA+ 6.50% July 2033

A3 188.5 AAA Aaa AA+ Libor +0.29%(1) July 2038

A4 20.0 AAA Aaa AA+ 2.875% April 2019

B 81.7 AA Aa2 AA- 7.03% July 2029

B2 20.0 AA Aa2 AA- Libor +0.33%(1) July 2038

B3 20.0 AA Aa2 AA- 4.25% April 2024

D1(N) 29.1 BBB Baa2 BBB Libor +0.80%(1) April 2035

D2 50.0 BBB Baa2 BBB 8.28% Oct 2022

D3 70.0 BBB Baa2 BBB 4.75% April 2024

(1) From and including the interest payment date commencing on 28/7/15, the margin on the A3 notes has stepped up from 0.29% to 0.725%, the margin on the B2 notes from 0.33% to 0.825% and the margin on the D1(N) notes from 0.80% to 2.00%