Investor presentation November 2013

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Scale, focus and quality set Intu apart

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Intu asset values

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Retail property market context

• International and successful domestic retailers want flagship stores in best locations complimented by full range of leisure and catering

• Shift to prime retail pitches reinforced by rising impact of e-commerce

• Limited pipeline of new UK retail space

• Long lead time before significant construction restarts

Structural shift of UK retail Minimal new supply

2013 progress

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• 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 of 2013 interim results

Building momentum

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Positioning centres as “must have” destinations for retailers

October 2013 - acquisition of Parque Principado, Oviedo, Spain

• Acquisition of a Spanish top 10 centre: €162m, 7.2% NIY – earnings accretive – primary out-of-town centre for the region of Asturias – strong tenant line up anchored by Primark, Zara, H&M, Cortefiel – 97 per cent occupied – asset management opportunities

• Attractive point in the cycle

• Partnership with Canada Pension Plan Investment Board

– Intu equity c €40m, after debt at 50% LTV

• Establishes management presence in Spanish regional shopping centre market – local-based intu asset manager – out-sourced property management

• Undertaking pre development activity on three sites under option

Compelling transaction

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Created nationwide consumer-facing brand, intu Significant benefits

• Reinforcing scale of Intu and importance of Intu

centres with retailers

• Extending dwell time and spend

• Engagement with consumers – ancillary income

from new services

• Operational efficiencies

• Nationwide marketing partnerships

• Media benefits of same company and centre

name

• Data collection and analysis

• Driving footfall between online and physical

Digitally connected

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• 7 centres free Wi-Fi

• Ownership model – infrastructure and data

• Over half of Wi-Fi registrants opted in to marketing

• 9 million unique visitors to our websites

• intu.co.uk live beta testing

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Improved financial flexibility

As at 30 June 2013: • Weighted average debt maturity of 7.6 years • Largely fixed, weighted average cost 5.2 per

cent • £250m of cash and committed facilities • 2013-2017 Capex: £49m committed; £200m

uncommitted (excludes major extensions)

Subsequent changes: • In July 2013 £125m raised on intu Midsummer Place • In October 2013 £43m raised on Barton

Square • In November 2013 refinanced 2015 intu

Metrocentre with £485m 10 year bond • Pro forma weighted average maturity 8.1

years, weighted average cost 4.9 per cent

30 June 2013 maturity profile

* includes £300m convertible bond

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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Steady occupancy and lettings progress

• Occupancy 95%

• 152 new long term leases

• £33m new annual rent • +4% passing rent

• Footfall -2%

• Experian benchmark -4%

• Retailer sales (est.) +1% (1)

• Asset management approach

• Tenant mix • Encouraging commitment – fewer temps • Protect rental values

(1) Year on year change to 30 June 2013

5 November 2013 IMS

Drawing customers from further, for longer and more often

New Retailer Demand

Range &

Choice

Customer Experience

Footfall Dwell Time

Emerging

Segments

Asset

Property

World Class Service

Memorable Moments

Marketing

Experiences

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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

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Development pipeline summer 2013

Intu Size1 Indicative investment

‘000 sq ft timing2 £m Committed Intu Lakeside food court refurbishment Intu Eldon Square refurbishment3

– –

2013-14 2013-14

9 7

Other committed4 37 2013-15 33 49

Active management pipeline Intu Victoria Centre refurbishment – 2014-15 40 Intu Eldon Square “Sidgate” redevelopment and restaurants – 2014-15 10 Intu Metrocentre Platinum mall – 2013-14 3 Intu Potteries leisure extension 58 2013-14 18 Intu Bromley Queen’s Gardens restaurants 14 2013-14 4 Intu Trafford Centre - Barton Square courtyard enclosure and second floor retail 112 2014-15 30 Other active management4 95 2014-15 95

200

Major extensions Intu Watford – Charter Place 380 2014-16 100 Intu Lakeside Northern extension 440 2015-17 180 Intu Braehead extension5 475 2015-17 200 Intu Lakeside leisure extension 225 2016-18 80 Nottingham projects 500 2016-19 260

2,020 820

1 Represents net additional floor space of retail, catering and leisure 2 Timing subject to change due to a number of internal and external factors 3 Intu’s share of the total project cost is £9 million of which £2 million has already been spent 4 The majority of smaller committed and pipeline projects do not involve the creation of additional floor space 5 Size excludes arena and hotel

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intu Eldon Square Major refurbishment in progress, restaurant quarter planned

• Refurbishment to enhance overall appearance

and ambience • Completing Spring 2014 • Total expenditure £15m (Intu share £9m)

• Planning permission received for new

dining destination • 20 new restaurants, two distinct areas • Construction from Spring early 2014

with completion Spring 2015 • Total expenditure £17m (Intu share

£10m)

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intu Metrocentre Platinum Mall enhancing tenant mix

• Aspirational tenant mix and complementary catering to raise

rental tone • New ceilings, feature lighting, column treatments and quality finishes • Total expenditure £5m (Intu share £3m) • Full design mock up in place on mall • Construction started in Summer 2013 with completion

Spring 2014 • Full mall roll out to follow

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intu Lakeside Improving the food offer, major retail & leisure extensions planned

• Food court refurbishment and tenant mix reprofiling

– 4 names new to Intu in heads of terms • Fully refurbished contemporary environment • Total expenditure £9m • Incremental rent over £1m • Construction started Autumn 2013, complete Spring

2014

• 325,000 sq ft retail extension consented • Planning application submitted for leisure extension • Creating a point of difference with destination

retailers and enhanced leisure offer • Planned expenditure £180m (retail), £100m (leisure) • Potential start 2015 subject to pre-lets, completion

2017

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intu Victoria Centre Major refurbishment Spring 2014

• Major refurbishment - new entrances, reconfigured

public areas and new lighting, ceilings and flooring • Planning permission received for cluster of 12 new

restaurants on existing piazza • Interest from exciting retailers not currently

represented in Nottingham, e.g. Urban Outfitters opened November 2013

• Total expenditure £40m, construction starts Spring 2014, completion 2015

• To be followed by major refurbishment of intu Broadmarsh and retail and leisure extension of intu Victoria Centre

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intu Bromley Queens Gardens restaurants

• 14,000 sq ft catering cluster consented • 5 operators in heads of terms, all new to

Bromley • Total expenditure £4m, new rent £0.5m • On site Autumn 2013, completion 2014

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intu Watford Creating a 1.4m sq ft shopping and leisure destination

• 380,000 sq ft leisure, catering & retail

extension • Cinema in solicitor’s hands, strong interest

from catering and leisure operators new to Watford

• Discussions underway with retailers including new department store

• Total expenditure £100m • Planning application submitted Autumn 2013 • Anticipated start Autumn 2014, completion

2016

Weighted average expiry 7.5 years

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Lease expiry profile ~

* Excludes two per cent in respect of leases which have expired of which around three quarters are in negotiation or solicitors hands

~Expressed as a % of rent roll

Like-for-like net rental income

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2012 and H1 2013 reflect rental increases offset by lower occupancy following tenant failures

• Objective – sustainable growth • Strategy – right retailer, right space, right rent

Marginal reduction in occupancy cost ratio

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Retailer affordability

12 months ended

30 June 2013

31 December 2012

30 June 2012

31 December 2011

Excluding anchor stores 12.3% 12.4% 13.0% 13.2%

Excluding anchors and MSUs(1) 13.5% 13.9% 14.4% 14.6%

As at

30 June

2013 31 December

2012

Anchors £11 £11

MSUs £30 £30

Standard units(4) £51 £51

Estimated occupancy cost trends(2)(5) Current rent per square foot(3)(4)

• Marginally increased sales with steady rent

• Compares rent to retailer turnover(2)

(1) MSU: Major space user > 10,000 sq ft (2) Based on actual sales data for 60 per cent of sales, estimates for 40 per cent of sales, extent of data varies between centres. Excluding retail parks (3) Based on net internal area – generally 10 per cent to 40 per cent higher than retail area (4) Anchors and MSUs are generally let on a rent per square foot basis, standard shop unit rents are generally determined on a zoned basis. (5) Not comparable with continental Europe and US shopping centre statistics, differences include measurement of retail area (see (3) above), treatment of property taxes

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Top 20 tenants

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

(2) Includes Bank, Blacks, Cecil Gee and Scotts

(3) Includes USC

(4) Includes Superdrug and The Perfume Shop

(5) Includes H Samuel and Ernest Jones

(6) Includes Oasis, Warehouse and Coast

Rank Tenant Group Number of units Secured rent %

1 Arcadia (1) 54 5% 2 Next 22 4% 3 Boots 23 3% 4 Debenhams 9 2% 5 H&M 16 2% 6 JD Sports (2) 31 2% 7 Sportsdirect (3) 24 2% 5 New Look 13 2% 9 Monsoon 27 2% 10 River Island 15 2% 11 Dixons Retail 12 1% 12 Primark 8 1% 13 A S Watson (4) 33 1% 14 Signet Group (5) 30 1% 15 W H Smith 13 1% 16 House of Fraser 4 1% 17 Aurora (6) 26 1% 18 Clarks 11 1% 19 Marks and Spencer 13 1% 20 Gap 13 1% Top 20 tenants total 397 36%

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Super-regional centres

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In-town centres

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In-town centres

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David Fischel Chief Executive

Matthew Roberts Finance Director

Mike Butterworth Chief Operating Officer

David Fischel was appointed Finance Director in 1988, Managing Director in 1992 and Chief Executive in March 2001. During his 27 year career with Intu, David has gained significant executive experience in numerous aspects of the shopping centre industry including shopping centre acquisitions and developments. He has also been closely involved with the group’s corporate development including equity and debt financings and a wide range of other corporate transactions, including the 2010 demerger of Capital & Counties from CSC.

Matthew Roberts (FCA) joined Intu as Finance Director in May 2010 and was part of the team which acquired The Trafford Centre, Manchester, in the UK's largest ever single property transaction. In Spring 2013 led the establishment of Intu’s Secured Group Structure with initial issue of £1.15 billion of bond and bank debt. Previously the Finance Director of Debenhams plc from 1996 to 2003, and Chief Financial Officer of Gala, (subsequently Gala Coral Group) from 2004 to 2008.

Mike Butterworth was appointed Chief Operating Officer on 3 October 2011. He joined the Group as Chairman, CSC Trafford in January 2011. Mike was formerly the Property Director of Peel Holdings and the Managing Director of The Trafford Centre Limited and is a fellow of the Royal Institution of Chartered Surveyors.

Highly experienced executive management team