Presentation to Trafford Centre Noteholders30 September 2013

Presentation to Trafford Centre Noteholders

• Corporate overview

– David Fischel

• Financial details

– Matthew Roberts

• intu Trafford Centre overview

– Mike Butterworth

• Questions

• Appendices

Page 2

Intu Properties plc

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 press release 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 overviewDavid Fischel, Chief Executive

Page 4

Scale, focus and quality set Intu apart

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Welcome

• Building momentum – reinforcing our destinations

• Created nationwide consumer-facing brand, intu, offering an engaging and digitally-connected experience

• Improved financial flexibility and strengthened balance sheet

• Steady occupancy and letting progress

Four themes

Leading change

• Providing great retail and leisure experiences

• Enhancing our dynamic retail and leisure destinations

• Digitally connected

• Significant benefits of nationwide brand

Positioning centres as “must have” destinations for retailers

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Financial detailsMatthew Roberts, Finance Director

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Overview of first half 2013 results

• Valuation up 1.0 per cent (IPD down 1.1 per cent)

• Underlying earnings 7.4p (2012 8.1p) - impact of tenant failures offsetting rental uplifts

• Interim dividend of 5p

• NAV per share 377p

• £1,150m refinancing via Secured Group Structure

• Robust financial position: debt to assets ratio 48.6 per cent, 7.6 years average debt maturity and £250m of cash and committed facilities at half end

• In July raised £125m of debt on intu Midsummer Place

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Valuation – significant out-performanceValuation gain £70 million, +1.0% (IPD benchmark -1.1%)

Market value

Like-for-like surplus (deficit)

£m   £m %         intu Trafford Centre 1,850 47 2.6

intu Lakeside 1,116 21 2.0

Manchester Arndale 391 8 2.1

St David’s, Cardiff 266 9 3.9

intu Eldon Square 249 -4 -1.5

intu Potteries 163 -4 -2.3

intu Bromley 159 -5 -2.8

Slide 11

Underlying earnings

First half 2013

£m

First half 2012

£m £m

Net rental income 181.0 181.8

Administration expenses (13.9) (13.3)

Net finance cost (underlying) (101.2) (101.9)

Dividend from US investment 3.3 3.2

Other(1) (1.1) (0.3)

Underlying earnings 68.1 69.5

Interest cover 1.63 1.70

Earnings per share (pence) 7.4 8.1

Average shares in issue 914.3 853.6

Dividend per share 5.0 5.0

(1) Includes (2013 £2.9 million; 2012 £2.9 million) convertible bond interest charged directly to reserves in financial statements but included in the calculation of EPS

Like for like net rental incomeRental uplifts offset by impact of tenant failures

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Net debt to assets 48.6%

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Robust financial position

30 June 2013 31 December 2012

Total properties £7,386m £7,073m

Net external debt £(3,593)m £(3,504)m

Net debt to assets 48.6% 49.5%

Cash £140m £188m

Undrawn committed corporate facilities (1) £110m £375m

Net assets attributable to shareholders £3,399m £2,977m

Adjusted net assets per share 377p 392p

Weighted average cost of gross debt 5.2% 5.2%

Weighted average maturity of gross debt 7.6 years 6.1 years (1) In addition £125m of debt secured on intu Midsummer Place in July 2013

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New debt funding platform

Flexible, ring-fencedsecurity pool

£450m 2023

£350m 2028

Term Loan

£350m 2018

£1.15 b new debt

• Refinanced 1/3rd of Group’s debt in March 2013; significantly derisked 2015-2017 maturities

• 50% loan to value achieved at competitive margins

• Highly successful ‘A’ rated bond issue

• Diversifies sources of funding

• Operational flexibility

• Blended 4.4% cost

• Weighted maturity extended from two to ten years on these assets

BONDS

Value: £2.3 b

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Debt maturity

• Weighted average debt maturity of 7.6 years

• Largely fixed, weighted average cost 5.2 per cent

• £250m of cash and committed facilities

• In July 2013 £125m raised on

intu Midsummer Place

• 2013-2017 Capex: £49m committed; £200m uncommitted (excludes major extensions)

Pro forma, adjusted for 2013 refinancing31 December 2012 as reported

Impact of SGS on 31 December 2012 maturity profile

30 June 2013 maturity profile

Slide 16

Valuation (1)

• Valuation of £1,750m

• intu Trafford Centre topped up net initial yield of 4.9% and nominal equivalent yield of 5.3%

• Ratio of outstanding loan note to intu Trafford Centre valuation: 42%

Rent (1)

• Annual property income of £79.3m; ERV of £104.1m

• Headline rent prime ITZA psf £400

Occupancy (2)

• Current occupancy rate of 96% by rent as at 30 June 2013

intu Trafford Centre – key metrics 30 June 2013

Site location(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

Slide 17

intu Trafford Centre operating cash flow*

Year ended30 June 2013

£m

Year ended30 June 2012

£m

Rents (including turnover rent) 78.1 82.5

Other income 3.1(1)

3.0(2)

Property and other costs (4.7) (3.3)

Operating cash flow 76.5 82.2

Net interest paid (43.6) (45.1)

Net operating cash flow 32.9 37.1

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

* Proforma cash flow basis, excluding the exceptional cash flow of REIT entry, corporation tax and interest rate floor termination

(1) Excludes £0.4m of premiums received

(2) Excludes £0.7m of premiums received

Slide 18

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

June 2013 Quarterly report 1.30 : 1

Components:

• Rental and other income less costs £76.0 million

• Interest payments and note amortisation £58.3 million (£43.6m interest, £14.7m amortisation)

Slide 19

Debt Service Cover Ratio and Interest Cover Ratio History Temporary decrease due to rent free for major tenant during store expansion

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Interest Cover Ratio Debt Service Cover Ratio

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Trafford Centre loan notes analysis

•Initial launch February 2000

•Second issue July 2005

•Issue size (total) £864.5m

•Outstanding amount – 30 June 2013 £727.6m(1)

•Fixed: Floating(2)

ratio 66% : 34%

•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 16

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

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[new chart to be inserted]

Trafford Centre loan notes amortisation by class

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intu Trafford Centre overviewMike Butterworth, COO

• 200 units (including over 65 catering and leisure units); approximately 1.4m sq. ft. retail and 0.3m sq. ft. catering and leisure space over 2 levels

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

• Opened to public in September 1998

• Major 240,000 sq. ft. homeware and leisure extension (Barton Square) opened in 2008

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

• Retailers significantly expanding in 2011, 2012 and 2013 include Marks & Spencer, Debenhams, Next, Superdry, Ernest Jones

Site location

intu Trafford Centre

Page 23

Slide 24

Catering and leisure

Site location

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

– over 65 catering units generating an estimated £90m annual turnover

– themed areas - The Orient, The Great Hall – adding a sense of theatre

• Continuous evolution with brands including Tampopo, Zizzi, Nando’s and TGI

• An unrivalled leisure offer:

– Odeon Multiplex cinema, Legoland Discovery Centre, Paradise Island Adventure Golf, Aerial Extreme (treetops adventure course)

– Sealife aquarium opened July

• Events include:

– Celebrity Christmas lights switch on

– high profile fashion shows

– firework displays

Driving growth through active asset management

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Letting strategy

+ +1 2 3

The right space at the right rentGoal

OutcomeTenant re-investment and commitment to the Centre

Consistent growth in rental income

Recent openings

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• Openings in 2012 and 2013 include:

– Nespresso - first stand alone UK store

– Forever 21 – fourth UK store opened July

– Wokooshii – new concept restaurant

– Fat Face – new concept store

– Hugo Boss – expansion from 3,000 to 5,500 sq ft

2013 asset management activity

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• Victoria’s Secret – one of first five UK stores

• Next – expansion to 40,000 sq ft - phased opening March to June 2013

• Sealife Barton Square – 21,000 sq ft leisure attraction opened July 2013

Slide 28

Overview of Trafford Centre rent reviews and lease maturities Significant opportunity in 2013

Lease maturities*Rent reviews*

* As % of 30 June 2013 passing rent

Slide 29

• Scope for asset management initiatives at 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 dormant space to additional retail, subject to planning permission

– creation of space to enable unit re-configurations

Significant asset management opportunitiesFuture-proofed structure

Site location

Barton Square opportunitiesSecond storey retailing and roof

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• 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

Q&A

Slide 32

Appendices

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UK’s top ranked shopping centres

  Centre Location   Centre Location

1 Westfield London London – Shepherds Bush 24 Victoria Square Belfast

2 Bluewater Greenhithe 25 intu Braehead Glasgow

3 Westfield Stratford City London - Stratford 25 Cabot Place, One Canada Square London

4 Meadowhall Sheffield 27 White Rose Shopping Centre Leeds

5 intu Trafford Centre Manchester 28 Victoria Quarter Leeds

6 St David's Cardiff 29 Silverburn Glasgow

7 intu Lakeside Thurrock 30 The Oracle Reading

8 intu Metrocentre Gateshead 30 Buchanan Galleries Glasgow

9 Liverpool One Liverpool 32 East Kilbride Shopping Centre Glasgow

10 Bullring Birmingham 33 Churchill Square Brighton

11 Arndale Centre Manchester 34 Golden Square Warrington

12 Westfield Merry Hill Brierley Hill 34 Trinity Leeds Leeds

13 The Mall at Cribbs Causeway Bristol

14 Westfield Derby Derby

15 Highcross Leicester Leicester 40 intu Chapelfield Norwich

16 Cabot Circus Bristol 46 intu Victoria Centre Nottingham

17 Brent Cross Shopping Centre London 48 intu Potteries Stoke-on-Trent

18 thecentre: mk ~~ Milton Keynes 61 intu Midsummer Place Milton Keynes

19 Festival Place Basingstoke 67 intu Uxbridge Uxbridge

20 intu Watford Watford 189 intu Broadmarsh Nottingham

21 West Quay Southampton

22 intu Bromley Bromley

23 intu Eldon Square Newcastle

     

Source: PMA

* Top shopping centres on basis of PMA Retail Score (June 2013). Intu shopping centres highlighted

~~ Adjoined by Midsummer Place, acquired by Intu in March 2013

Continued attractiveness of prime UK shopping centres to investorsIntu valuation yield above long run average, wide spread over bonds

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• Prime UK shopping centres - attractive asset class for major international investors

• Wide spread relative to risk free rate and corporate bonds

• Large catchment area – 8.9 million people live within a 70-minute drive, 4.8 million within 45 minutes

• Located c. 6 miles west of Manchester city centre immediately adjoining M60 motorway near its junction with the M6. 11,500 car and 350 coach parking spaces. 85% arrive by car and 15% by public transport.

• Wealthy demographic - over 69% ABC1*, well above national average

• Footfall of over 30 million per annum

• Loyal customer base: 21% of visitors visit at least once per week and 56% visit at least monthly

intu Trafford Centre catchment North West is UK’s largest regional retail market outside London & the S.E.

Source: Experian* 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

70 minute drivetime around Trafford Centre

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Slide 36

intu Trafford Centre top 10 tenants

Rank Tenant Group Secured rent

%

1 Arcadia (1) 4%2 Next 3%3 Selfridges 3%

4 Marks and Spencer 3%5 H&M 2%6 Debenhams 2%

7 United Cinemas 2%5 Forever 21 2%9 Victoria’s Secret 2%

10 Boots 2%  Top 10 tenants total  26%

(1) Includes BHS, Topshop, Topman, Miss Selfridge, Dorothy Perkins and Wallis

Slide 37

intu Trafford Centre analysis of rental income by Sales Category

Anchor Tenants15%

Books/Cards3%

Jewellers5%

Ladieswear11%

Menswear4%

Mixed: Ladies & Menswear

20%

Phone Retailers inc. Mobiles

4%

Footwear5%

Catering & leisure13%

Other20%

* 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.

intu Trafford CentreIncrease in rental tone 2008 to 2012

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Key

2008

2012

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Trafford Centre loan notes analysis by class

Class Amount Rating Coupon Maturity

£m Fitch Moody’s S&P

A1 (N) 10.9 AAA Aaa AA+ Libor +0.20% July 2015

A2 340.0 AAA Aaa AA+ 6.50% July 2033

A3 188.5 AAA Aaa AA+ Libor +0.29% July 2038

B 89.2 AA Aa2 AA- 7.03% July 2029

B2 20.0 AA Aa2 AA- Libor +0.33% July 2038

D1(N) 29.0 BBB Baa2 BBB Libor +0.80% April 2035

D2 50.0 BBB Baa2 BBB 8.28% Oct 2022