Hammerson in France 27 June 2017

Les Terrasses du Port, Marseille

Schedule for today

01 Introduction Rebecca Patton – Head of Investor Relations Jean-Philippe Mouton – Managing Director, France Aurelie Siha – Finance Director, France Barthélémy Doat – Director of Operations, France

02 Italie Deux, Paris 13ème Vincent Sadé – Director of Investment & Asset Management, France Kevin Magnin – Asset Manager, Italie Deux

03 La Vallée Village, Premium Outlet Duncan Agar – Chief Operating Officer, Value Retail

04 O’Parinor, Aulnay-sous-Bois Vincent Sadé – Director of Investment & Asset Management, France Edouard Bernot – Asset Manager, O’Parinor

2

01 Introduction

Rebecca Patton – Head of Investor Relations

Jean-Philippe Mouton – Managing Director, France

Aurelie Siha – Finance Director, France

Barthélémy Doat – Director of Operations, France

13 Countries

42% non-UK assets

Top 3 Market position in all chosen sectors

34%

21%

9%

13% 17%

6%

UK shopping centres - £3.4bn

France - £2.1bn

Ireland - £0.8bn

UK retail parks - £1.3bn

Premium outlets - £1.7bn

Development & other - £0.7bn

Hammerson has a £10 billion leading pan-European retail platform

11 - UK shopping centres

10 - France shopping centres

3 - Ireland shopping centres

18 - UK retail parks

19 - Premium outlets

61 European shopping destinations

280m visitors

4,800 Tenants

2.2m sq ft retail space

4

Data as at 31 December 2016

Bullring Birmingham

Dundrum Town Centre Dublin

Les Terrasses du Port Marseille

Brent Cross London

Bicester Village Oxford

Italie Deux Paris

Westquay Southampton

The Oracle Reading

Victoria Leeds

Cyfarthfa Retail Park Merthyr Tydfil

Elliots Field Rugby

Les Trois Fontaines Cergy

Dundrum, Dublin Victoria, Leeds Zweibrücken, Germany

Focus on growing consumer markets Significant cities and catchments in selected European countries; where we can gain market share • Experience of large prime shopping

centres • Convenience of retail parks • Luxury brand premium outlets

Create differentiated destinations Talented team cultivating retailer relationships and consumer insight Product Experience Framework: consistent and rigorous approach Proactive leasing to drive consistent rental growth

Promote financial efficiency and partnership Prudent debt management and diverse sources of capital JV partners create a larger operating platform relative to invested capital Long-standing relationship with Value Retail in European outlets

Core pillars of strategy

6

A strategy that delivers consistent income-focused returns

7 (1) Adjusted EPS (2) EPRA NAVPS

NAVPS (pence) (2)

739

200

250

300

350

400

450

500

550

600

650

700

750

2011 2012 2013 2014 2015 2016

+4.1%

CAGR +6.9%

EPS (pence) (1) DPS (pence)

29.2

10

12

14

16

18

20

22

24

26

28

30

2011 2012 2013 2014 2015 2016

CAGR +8.6%

24.0

10

13

15

18

20

23

25

2011 2012 2013 2014 2015 2016

CAGR +7.7%

+8.6% +7.6%

France: Economic momentum and supportive political result

8 Source: Oxford Economics / Haver Analytics

Consumer relatively resilient through terrorism and political uncertainty

Macron’s election and parliamentary majority is a positive result for the French economy

Unemployment falling and further labour market reforms expected

However, inflation will impact real wage growth

ECB backdrop remains accommodative supporting Real Estate investment

Consumer spending and confidence

Short term lending rates to corporates

9

Hammerson in France

10 shopping centres

1,000 tenants

450,000 m2 space

30 years in France

100m visitors

96.5% Occupancy

9

Espace Saint-Quentin, Saint Quentin-En-Yvelines

Italie Deux, Paris

Jeu de Paume, Beauvais

Les Trois Fontaines, Cergy Pontoise

Les Terrasses du Port, Marseille

Nicetoile, Nice

O’Parinor, Aulnay-Sous-Bois

Place des Halles, Strasbourg

Saint Sébastien, Nancy

SQY Ouest, Saint Quentin-En-Yvelines

Premium outlets

La Vallee Village, Paris (Value Retail)

Our shopping centre assets

A core asset strategy in France

(1) By value (2) 2016 leasing versus previous passing at Les Terrasses du Port, Italie Deux and Les Trois Fontaines

Les Terrasses du Port

Italie Deux

Les Trois Fontaines

Regional

Other

Focus on attractive and resilient prime centres

70%(1)

62,700m2

190 boutiques open 7/7 Rooftop terrace 1,500m2 13m footfall

61,500m2

130 boutiques Refurbished 2013 12m footfall

64,000m2 150 boutiques Refurbished 2016 13m footfall

Les Terrasses du Port Marseille

Italie Deux Paris

Les Trois Fontaines Cergy

+58% Average asset size vs 2011(1)

+17% Leasing vs previous passing(2)

10

Delivering success at Les Terrasses du Port, Marseille

11

Exceptional trading performance

2016 net rental income growth 10%

Sales CAGR +12% since opening

Entry for new brands into France:

Sensational customer experience

Stunning new Apple store

Unique catering with Mediterranean views

PLUS App

Enhancing shareholder returns

Developed 2014

Yield on cost 7%

Revaluation uplift +52%

Creating differentiated destinations

12

Dedicated refurbishment 2012-2015, €30m

Seamless multichannel experience Best in practice digital offer

PLUS app

Italie Deux O’Parinor

Amazon lockers

Iconic placemaking

Apple at Les Terrasses du Port R2 at Les Terrasses du Port

Adding new international brands

13

New international brands added in 2016

20% Retail offer renewed last 3 years

Future development opportunities in France

14

28,000 m2 retail and catering extension as part of a wider city centre project

Co-ownership agreement, building permit and retail consent obtained

Good pre-letting

Contractor process started

Cergy, Les Trois Fontaines Italik, Italie Deux

(1) Excludes acquisition of additional property interests (2) Hammerson share

6,500 m² retail and leisure project to promote differentiated destination

Retail consent obtained

Building permit submitted Q1 2017

Earliest start on site 2018

02 Italie Deux

27.06.17

Italie Deux: a leading shopping centre in Paris with strong fundamentals

• Opened in 1976

• 132 shops on 3 trading levels, totalling 61,500 m2

• MSUs : Printemps, FNAC, Carrefour, Zara, Go Sport, Tati, Darty, La Grande Récré

• 1,500 car park spaces

• Acquired in 1998 (100% ownership), renovated in 2001 and in 2013

• 12 million visitors p.a.

• Vacancy below 1%

• Turnover of €325 m (incl. VAT)

• Gross rental income € 25 million p.a.

• Average rent: €520 /m2

16 Note: Data as at 31 December 2016

Key facts

A long term strategy implemented since 1998 to grow the asset value

17

2007 Carrefour market

2012/2013 Renovation

1976 Creation of GALAXY 2

1992 Creation of Grand Ecran

2001 Heavy renovation

1998 Acquisition by Hammerson

2004 Food Court

2006 Cinema closes

2015/2018 Extension Theatre opening

Women Paris resident Household Monthly Net Income

75% 59% €2,464/mois

Average age

40 y.o. Families

41% Mode of transport

Customer profile A young, diversified and dynamic customer profile

7 %

38 %

50%

Source SAD survey, 2013 18

Location and accessibility

Located in the heart of Paris – 13th arrondissement

Strong and affluent catchment area with 765,500

residents (1)

Iconic and well-known building amongst Parisians

Excellent public transport links:

• 3rd biggest metro station in Paris with 3 metro lines

• 6 bus lines

Immediate road links:

• 5 min from Paris ring road

• 15 min from Orly airport

19 (1) SAD study, 2016

An iconic location in the heart of Paris benefitting from an outstanding accessibility

20

Main retail competition in central Paris

1. Beaugrenelle (50,000 m²)

2. Galeries Lafayette/ Printemps

3. Forum des Halles (80,000 m²)

4. Quatre Temps (139,000 m²)

1

2

3

4

Italie Deux

Retail competition A leading position in the South of Paris

Anchors

Principales enseignes

Restaurants

Notable tenants A strong and diversified tenant mix

21

Interior redesign and refurbishment

22

A renovated shopping centre…

• Modern design with a new identity

• Full refurbishment of ceilings, lighting and flooring

• Redesign of seating and kids areas

• New customer services

Hammerson total investment €17 million

Triggering an upgrading shift in tenant mix

• Exclusive brands (Lacoste, Rituals, Kusmi Tea, Hema…)

• Accelerated tenant rotation

• Encouraged concept renovations (Bocage, Malboro Classics, Heyraud, Pimkie, L’Occitane, Courir…)

The new identity triggered a positive shift to the tenant mix

Extension project – ITALIK

23

Opportunity

Key facts

• Create a modern and commercial façade for the shopping centre on a major axis

• Opportunity to attract aspirational brands

• Provide Italie Deux with a new dynamic and appeal to a wider shopper catchment

• Additional GLA: 6,500 m2

• 12 additional retail units (including 3 MSUs). Heads of terms signed with Pret a Manger and UNIQLO

• A 900m2 event area operated by Noctis (existing operators of the rooftop at Les Terrasses du Port, Marseille)

• Administrative consents submitted in Q1 2017

• Earliest start on site 2018

An ambitious project to open the shopping centre on avenue d’Italie

Theatre opening

24

Opportunity

Key facts

• Opening of a 900-seat theatre located in the main entrance of the shopping centre

• Enhance the merchandising mix of the site with a cultural offer to drive more footfall

• Improve visibility of the site

• Additional GLA: 4,500m2

• Unit to be operated by ‘Juste pour Rire’ (Just for Laughs), a famous Canadian cultural company

• Will host several activities such as shows, events, TV show recordings

• Opening October 2017

The 900-seat theatre will bring a notorious and unique cultural offer

Appendices

25

Lower floor

26

Ground floor

27

Upper floor

28

03 La Vallée Village

Duncan Agar– Chief Operating Officer, Value Retail

19 Villages

13 Countries

47m Visitors

A platform of considerable scale – a leading market position

11 - UK shopping centres

10 - France shopping centres

1 - Ireland shopping centres

18 - UK retail parks

19 - Premium outlets

30

Value Retail - £4.1bn GAV

Europe’s leading operator of luxury outlet villages

Hammerson invested since 1988

Hammerson 40% ownership

180,000 m2

Growth through extensions to existing Villages

VIA Outlets - £1.0bn GAV

Launched in 2014

Partnership between Hammerson, APG, Value Retail and Meyer Bergman

Hammerson 47% ownership

240,000m2

Acquisition and turnaround strategy

Value Retail

Invested since 1998

Hammerson exposure : 40%

Leading operator of luxury Villages across Europe

[180,000]m2

Growth through extensions to existing Villages

VIA Outlets

Launched in 2014

Hammerson exposure : 47%

Partnership between Hammerson, APG, Value Retail and Meyer Bergman

[180,000]m2

Acquisition/turnaround strategy

31

Why do outlets exist?

Brands have surplus

stock and need an

efficient means to deal

with it that does not

compromise their

integrity or image

Image permission TBC

32

How does Value Retail service this need?

The Value Retail

Villages provide a high

quality sales

environment for goods

that are:

Authentic surplus stock

At least one year old

Same season

Sold at a 33% - 70%

discount to full price

Image permission TBC

Value Retail is Europe’s leading luxury outlet operator

33

Portfolio

9 Villages

€5.1bn value

Locations

Proximity to Europe’s wealthiest cities

Close to major tourist attractions

Total Catchment

163m residents within 120 minutes drive

100m tourists p.a. to cities served by Villages

The Collection

180,000m2 of gross lettable area

Over 1,000 boutiques

Source: Value Retail

Value Retail was one of the first operators in the European market. Its first centre, Bicester Village, near Oxford, England, opened in 1995

Categorisation of European outlet market

34

International fashion and luxury brands

Mainstream fashion brand outlets

Low-end discount outlets <€2,000

€2,000–€10,000

€30,000+ Value Retail

Incr

easi

ng s

ale

s den

sitie

s €

/sq m

VIA Outlets

The market can be broadly categorised by the customers it serves

What are the drivers of strong performance?

35 (1) Source: Global Blue

2016 Total European tax refunded sales by nationality(1)

Outlet channel continues to grow in popularity

China

East Asia

Middle East

Russia

India

USA

Other

-1%

+244%

+46%

-7%

+36%

+23%

Portfolio update: Premium outlets

Bicester– first concept store for Kering

Las Rozas – first store in Madrid

La Roca – first store in Spain

China

East Asia

Middle East

Russia

India

USA

Other

Breadth of international visitors

Growing attraction for retailers

Brand and retail management

Multi-phase extensions

Check how icons print against blue box

40%

23%

16%

4%

3%

1%

13%

La Vallée Village

Opened in October 2000

120 brands

21,000m² GLA

Excellent travel links, 35 minutes from Paris

Footfall 6 million

3rd most visited cultural and leisure site around Paris (after Disneyland Paris and Domaine de Versailles)

Visitors from 170 countries

36

04 O’Parinor

O’Parinor: a key retail destination in the north of Paris

• Opened in 1974

• O’Parinor is one of the 10 largest shopping centres in France

• Totalling 220 shops for 98,600 sqm

• Carrefour hypermarket of 30,000 sqm

• 12 MSUs : Primark, UGC, Toys‘R’us, Go Sport, Darty, Zara, H&M, Fnac, C&A, Koton, Kiabi Kids

• 5,200 car park spaces

• Extended in 2008 and 2014; fully refurbished in 2014

• Sale to NPS (Rockspring) of 75% of the shopping centre (2010)

• 13.5 million visits per year

• Turnover of €470 m (incl. VAT)

• Occupancy: 95%

• Rents passing : 6.58 million €/ an (with additional income : 6.76 million €) (1)

• Average rent: 374 € /m2

38 (1) As at 31 December 2016. Figure represents Hammerson share.

Key facts

Benefits from a large catchment and a strong local economy

39

Seine Saint Denis department

• 224,000 residents in primary catchment area

• 1.3 million residents in total catchment area

• 44% of population under 30

• 2nd economic hub in Seine Saint Denis department with 3,500 companies and a strong industrial base (L’Oreal)

O’Parinor accessibility

• Located 20 minutes from Paris

• 80% of the customers come by car

• 10km from Roissy CDG airport cluster and less than 3km from Paris-Le Bourget airport

• Strategic location at the intersection of A1 and A3 motorways

O’Parinor customer profile

40

Customer profile

• Family profile

− 1.6 children per family

− 49% of visitors are families

• 27% upper middle class groups

− Average monthly income per family €2,580

− Average spend per visit €37

• 97% of the visitors make a purchase

Age and gender distribution

0-20

20-24

25-34

35-44

45-54

55-64

Over 65 0-20 5% 20-24 11% 25-34 30% 35-44 26% 45-54 15% 55-64 7% Over 65 5%

Male

Female

Male 26% Female 74%

Notable tenants

41

• Homogenisation and redesign of the existing centre and extension

• Full renovation of ceiling and flooring

• Implementation of new signage

• Set up of new digital tools (directories, Clear Channel totems, IP network)

• Creation of seating areas in the mall

Interior redesign and refurbishment

42

Concept

Completed in March 2014

Exterior renovation and creation of storage units

43

Before

Concept

• New consistent façade design with wooden features

• Creation of retail and storage units on the former delivery way (behind the refurbished façade) totalling 1,000 m²

• Implementation of car park guidance system to ease car parking and improve circulation

Completed in October 2014

Upgrading the catering offer

44

Concept

• 2,000 m2 catering area in the extension part

• 10 restaurants

• Specific design for the zone

• Open 7 days a week and in the evening

Completed in October 2013

Introducing new brands to meet consumer demand

45

The Primark effect

• 5,550 m2 store

• 3rd store opening in France

• 1st store opening in Ile-de-France region

+30% increase in the shopping centre footfall in

first year following Primark opening

Opened March 2014

Enhancing the leisure offer

46

UCG Multiplex cinema

• 14-screen cinema

• 2,600 seats

• BREEAM Very Good

• Best opening for a UGC multiplex in France

955,000 tickets sold in 2016 vs. an

initial target of 750,000 tickets

Opened October 2014

Appendices

47

O’Parinor – Ground Floor

48

O’Parinor – 1st Floor

49

Disclaimer

This presentation contains certain statements that are neither financial results nor

other historical information. These statements are forward-looking in nature and

are subject to risks and uncertainties. Actual future results may differ materially

from those expressed or implied by these statements.

Many of these risks and uncertainties relate to factors that are beyond

Hammerson’s ability to control or estimate precisely, such as future market

conditions, currency fluctuations, the behaviour of other market participants, the

actions of governmental regulators and other risk factors such as the Company’s

ability to continue to obtain financing to meet its liquidity needs, changes in the

political, social or regulatory framework in which the Company operates or in

economic or technological trends or conditions, including inflation and consumer

confidence, on a global, national or regional basis.

Readers are cautioned not to place undue reliance on these forward-looking

statements, which speak only as of the date of this document. Hammerson does

not undertake any obligation to publicly release any revision to these forward-

looking statements to reflect events or circumstances after the date of these

materials. Information contained in this presentation relating to the company or its

share price, or the yield on its shares, should not be relied upon as a guide to

future performance.

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