Secure Income REIT Plc

Interim Results Presentation

7 September 2018

www.SecureIncomeREIT.co.uk

2

Secure Income REIT Plc is a specialist UK REIT, investing in key operating real

estate assets that provide long term rental income with inflation protection.

It owns a 177 property, £2.3 billion portfolio at 30 June 2018 external valuation.

High quality assets are let to financially strong businesses in defensive

sectors on leases with a 21.4 year weighted average unexpired term.

The company has a highly experienced Board and a management team with

very close shareholder alignment through one of the largest shareholdings in

the sector.

An investment in the Company offers secure, growing income streams and

strong foundations for sustainable capital growth, while continuing to deliver

attractive risk adjusted returns for shareholders over the long term.

1. Introduction

2. June 2018 interim results

3. Portfolio update and market outlook

4. Q&A

Warwick Castle

4

Highlights for the Six Months to 30 June 2018

Operating highlights:

▪ £436m acquisition of two off market portfolios during the period:

▪ £212m hotels portfolio – completed 24 April 2018

▪ £224m leisure portfolio – completed 2 July 2018

▪ financed by £315.5m equity issue (365p/share) and £128.7m new secured debt facilities at c. 30% LTC

▪ Annualised dividend yield (post acquisitions) on EPRA NAV up from 3.9% to 4.1%

▪ Continuing to deliver strong returns with EPRA NAV per share up 3.2%: TAR at 4.9% and TSR at 8.1% over the

six month period

▪ Portfolio further diversified from 81 assets to 177 assets and from valuation of £1.8bn to £2.3bn

▪ WAULT remains one of the longest in the sector at 21.4 years with no breaks

▪ Predictable long term growth prospects underpinned by long leases with upward only uplifts: 48% fixed uplifts,

52% RPI

▪ LTV continues to reduce – net LTV 44.4% (down from 49.6%), continuing downwards trajectory

Well placed to continue to deliver attractive returns & still ambitious for further returns enhancing growth

30 June 2018 Financial Highlights

5

30 June 2018 31 December 2017 % change

• Net Assets £1,218.9m £860.6m ↑ 41.6%

• EPRA Net Asset Value £1,229.8m £870.8m ↑ 41.2%

• EPRA Net Asset Value per share 382.4p 370.4p ↑ 3.2%

• Net LTV 1 44.4% 49.6% ↓ 10.5%

• Portfolio net initial yield 5.2% 5.1%

30 June 2018 30 June 2017 % change

• Annualised passing rent £124.5m £95.2m ↑ 30.8%

• Adjusted EPRA EPS2

6.2p 6.7p ↓ 7.5%2

• Dividends per share 2 6.0p 6.6p ↓ 9.1%2

• Latest DPS annualised as a percentage of

EPRA NAV4.1% 3.9% ↑ 5.1%

1 Pro forma adjusted for the 2 July 2018 completion of the £224m leisure portfolio

2 The reduction in EPS and DPS in the period reflects three months between the placing to raise £315.5m following exchange of contracts and full

deployment of funds on 2 July on completion of the acquisitions.

EPRA NAV progression

6

Oversubscribed

placing to raise

£315.5m

EPRA NAV per share progression

7

0TAR: 4.9%

TSR: 8.1%

Adjusted EPRA Earnings

8

Six months to June 2018 Six months to June 2017

£m Pence £m Pence

Net rent:

Like for like portfolio 47.9 17.1 46.5 20.3

April 2018 Hotels portfolio 2.4 0.7 - -

Net finance costs

Like for like portfolio (25.0) (8.8) (25.2) (10.9)

£59.2m new hotels facility (0.4) (0.1) - -

Admin & corporate costs (7.3) (2.6) (5.7) (2.5)

Tax (0.3) (0.2) (0.2) (0.1)

Incentive fee accrual - - (3.5) (1.5)

Adjusted EPRA Earnings 17.3 6.2 * 15.3 6.7

* Impact of c. 3 months between completion of placing and full deployment of equity issue reflected in

modest dilution of results in the period. All earnings from new acquisitions fully on stream in second

half

▪ 2.4% rental uplifts on portfolio held through the period

▪ Positive contribution from acquisition to continue in second half reflecting full deployment of funds

▪ Fully covered quarterly dividends driven by rents with in-built uplifts providing inflation protection

▪ Reduction in net LTV from 49.6% to 44.4% over the period

▪ Six ring fenced facilities with substantial headroom & flexibility on financial covenants

▪ valuation headroom on default tests in all cases >32% and ICR default headroom > 31%

▪ all facilities have cash cure rights: c.£60m uncommitted cash available for cures if needed

▪ Weighted average term to debt maturity 5.9 years from 30 June 2018 – first expiry in four years’ time

▪ Weighted average cost c. 4.85% p.a.

▪ Interest cover 2.4x1 up from 2.0x1 at 31 December 2017

▪ On base case assumptions2 net LTV expected to further reduce to c. 38% at June 2023

Financing

9

Illustrative Portfolio Valuation and Net LTV at Constant Valuation Yield 2

1 calculated as current passing rent divided by annualised interest cost as at the balance sheet date

2 See assumptions on page 22

There is no certainty that these illustrative projections will be achieved

2,253.5

2,612.0

44.4%

37.8%37 %

38 %

39 %

40 %

41 %

42 %

43 %

44 %

45 %

1,6001,7001,8001,9002,0002,1002,2002,3002,4002,5002,6002,700

Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23

% L

TV

£m

Gro

ss A

sse

t V

alu

e

Portfolio Valuation (£m) Net LTV (%)

3

10

Thorpe Park

Portfolio Update and Market Outlook

11

27% Increase in Investment Property

The Arena

Martin House – Part Basement

Manchester Victoria Station Car Park

5.1% Net Initial Yield 5.2%

June 2018 Property Valuation Uplift

12

Healthcare Leisure

Travelodge

Hotels Total

30 June

2018

£m

Change in

period

30 June

2018

£m

Change in

period

30 June

2018

£m

Change

in period

30 June

2018

£m

31 Dec

2017

£m

Change in

period

Passing rent:

Like for like 50.2 2.8% 33.5 2.6% 14.2 - 97.9 95.7 2.4%

Acquisitions - - 11.9 - 14.7 - 26.6 - n/a

Total 50.2 2.8% 45.4 38.9% 28.9 104.4% 124.5 95.7 30.1%

Valuations:

Like for like 967.9 2.5% 614.8 3.3% 236.6 2.6% 1,819.3 1,770.2 2.8%

Acquisitions - - 188.7 - 245.5 - 434.2 - n/a

Total: 967.9 2.5% 803.5 35.0% 482.1 109.1% 2,253.5 1,770.2 27.3%

06/2018 12/2017 06/2018 12/2017 06/2018 12/2017 06/2018 12/2017

Net Initial Yield 4.9% 4.9% 5.3% 5.1% 5.6% 5.8% 5.2% 5.1%

Running Yield at

June 20191 5.0% 5.5% 5.7% 5.3%

1 Using valuers’ assessments of RPI at next uplift (CBRE 2.5%, Christies 2.7%) and taking no account of any open market uplift on Ramsay Hospitals

13

Healthcare: £968m, 43% of total portfolio value

◼ 19 private hospitals valued at £918.3m at 30 June 2018

generating £48.2m of passing rent

◼ Let on individual fully repairing and insuring leases with a

term to expiry of 18.9 years at June 2018 without break

clauses

◼ Rent increases by at least 2.75% p.a. throughout the lease term

in May each year

◼ Guaranteed by Ramsay Health Care Limited, one of the top

five private hospital operators in the world, an ASX 50 company

with a market capitalisation of £6.2bn

Ramsay

Healthcare Portfolio Net Initial Yield of 4.9% as at

30 June 2018

◼ Let to a UK subsidiary of Groupe Sinoué on a fully repairing

and insuring lease for 26.1 years

◼ Central London’s only private psychiatric hospital – located in

Lisson Grove, near Marylebone station

◼ Rent increase of 3.0% in May each year

◼ Valued at £49.7m at 30 June 2018 generating £2.0m of

passing rent

◼ Guaranteed by Orpea SA, mental health and aged care

specialists, listed on Euronext with £6.7bn market capitalisation

Nightingale Hospital, London

Location (by value)

South East56%

North West12%

South West11%

Midlands9%

North8%

West Midlands4%

14

Leisure: £803m, 36% of total portfolio value

◼ Valued at £803.5m1

at 30 June 2018 valuation generating £45.4m

of passing rent2.

• Merlin Theme Parks

• Manchester Arena complex

• The Brewery, Chiswell Street

• 18 Stonegate Pubs

◼ Individual fully repairing and insuring leases with weighted

average unexpired lease term of 22.5 years

◼ Merlin – Theme Parks

• 74% (£33.5m) of leisure portfolio rent - guaranteed by Merlin

Entertainments Plc: FTSE 250 company with £3.9bn market

capitalisation

• Second largest visitor attractions company in the world and

largest in Europe

• Alton Towers Park and Hotel, Thorpe Park, Warwick Castle

and Heide Park and Hotel

◼ SMG – Manchester Arena

• 8% (£3.8m) of leisure portfolio rent - guaranteed by SMG, the

worlds largest venue management company with 239 venues

globally and 16m annual ticket sales

• 25 years of uninterrupted EBITDA growth averaging 8% p.a.

1 Includes £111.0m of German assets valued in Euros and translated at €1 : £0.8843

2 Includes £6.3m of rent from German assets denominated in Euros and translated at €1 : £0.8843

Leisure Portfolio Net Initial Yield of 5.3% as at 30 June 2018

Sub-sector (by value)

Theme Parks63%

Theme Park

Hotels13%

Manchester Arena13%

The Brewery

7%

Pubs4%

Rent review profile (by rent)

RPI -annual68%

Fixed Uplifts21%

RPI - 5 yearly7%

RPI - 3 yearly3%

OMR1%

Hotels: £482m, 21% of total portfolio value

15

Location (by value) ◼ Valued at £482.1m at 30 June 2018 valuation generating £28.9m of

passing rent

▪ 131 Hotels with 6,891 rooms

− Top three assets in Manchester, Oxford & Edinburgh:

average lot size £22.5m

− Remaining 128 properties: average lot size £3.2m

− Average rent of £4,179 per room including City Centre sites

◼ 23.9 year weighted average unexpired lease term

− no unexpired lease shorter than 20 years

− no break clauses

◼ Five yearly upwards only uncapped RPI rent reviews

◼ Each hotel let to Travelodge Hotels Ltd – one of the UK’s leading hotel

brands with c. 19m customers. Trading in the UK, Ireland and Spain with

564 hotels and over 42,000 rooms.

◼ Travelodge results to 27 June 2018 for H1 2018

• Revenue up 8% to £317.2m

• EBITDAR up £1.3m to £43.3m

• LFL RevPar up 3.1%

• LFL Occupancy up 2.1%

Hotel Portfolio Net Initial Yield of 5.6% as at 30 June 2018

South East32%

South West14%

Scotland & Wales14%

North West12%

East Midlands

9%

West Midlands

9%

North6%

East4%

Tenure (by value)

Freehold or Virtual

Freehold69%

Leasehold16%

Short Leasehold*

15%

* Leases with sub 80 years unexpired

RPI-linked reviews

52%

Fixed Uplifts48%

Review Type by Rent

16

Portfolio Data

The Arena

Martin House – Part Basement

Manchester Victoria Station Car Park

RPI-linked reviews:

Hotels 23%

UK Theme Parks 22%

Arena 5%

Pubs 2%

Fixed reviews:

Hospitals 40%

German Theme Parks 5%

The Brewery 3%

Ramsay Health Care

Limited39%

Merlin Entertainments Plc

27%

Travelodge Hotels Limited

23%

Other6%

SMG3%

Orpea SA2%

Covenant by Rent

17

LIMITED STOCK AVAILABILITY

ONLY 5% OF NEW LEASES ARE GRANTED

FOR MORE THAN 15 YEARS

STRONG COVENANTS CAN RAISE MONEY

MORE CHEAPLY VIA THE BOND MARKET

WEAKER COVENANTS CAN SECURE LOWER

YIELDS VIA GROUND LEASE DEALS

EXISTING OWNERS ARE RELUCTANT TO SELL

GIVEN THE DIFFICULTY OF REPLACING

STOCK

STRONG INVESTOR DEMAND

YIELD PREMIUM OVER GILTS, INDEX-LINKED

GILTS AND COST OF DEBT REMAINS

ATTRACTIVE

INSTITUTIONAL INVESTORS WISH TO MATCH

THEIR LIABILITIES WITH LONG-DATED INDEX-

LINKED CASHFLOWS

DEDICATED LONG-INCOME FUNDS HAVE

SIGNIFICANT UNMET DEMAND WITH

INVESTOR WAITING LISTS

UK INSTITUTIONS CONTINUE TO REBALANCE

PROPERTY PORTFOLIOS SELLING RETAIL &

LONDON OFFICES AND BUYING SHEDS &

ALTERNATIVES

STRONG MARKET FUNDAMENTALS ARE UNCHANGED

IN 2017 ALTERNATIVES HAD A 34% INVESTMENT MARKET SHARE -

GREATER THAN THE COMBINED MARKET SHARE OF RETAIL AND INDUSTRIAL

18

Illustrative Distribution Outlook

▪ Pay-out ratio of 1x Adjusted EPRA EPS

▪ Dividend annualised at 15.7p per share (Q3 2018 dividend 3.9325p per share) on base case assumption

▪ Current dividend yield of c. 4.1% on EPRA NAV and c.4.3% on Placing Price of 365.0p

▪ Illustrative 5 year dividend growth CAGR (2018 to 2023) on base case assumptions of 5.8% p.a.1

1 See assumptions on page 22 - There is no certainty that these illustrative projections will be achieved

5 year CAGR

6.5%

10

12

14

16

18

20

22

Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23

Dis

trib

uti

on

s p

er

sh

are

(p

en

ce

)

RPI Swap Curve + 100 bps

RPI Swap Curve

Zero RPI growth

Post acquisition dividend

uplift to 15.7p annualised

5.8%

3.7%

Total Return Outlook

19

EPRA NAV plus Dividends on Base Case1

1 See assumptions on page 22 - There is no certainty that these illustrative projections will be achieved

382.4 400.5 414.1440.4

469.2493.8

15.7 32.5

50.2

69.5

90.3

44.4% 43.2% 42.2% 40.6% 39.0% 37.8%

Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23

0

100

200

300

400

500

600

Net LTV

Pe

nc

e p

er

sh

are

EPRA NAV per share (pence) Accumulated dividends (pence)

20

Delivering Strong Total Returns

Total Accounting Return

Dividends and DPS ǂ

▪ NAV per share up 120%

▪ Total accounting return CAGR 22%

Adjusted EPRA EPS ǂ

▪ Net LTV down from 80% to 44%

▪ Annualised DPS 15.7p per share (4.1% on June 2019

EPRA NAV)

Net Loan to Value

1

* pro forma adjusted for 2 July 2018 completion of leisure portfolio acquisition

ǂ the reduction in EPS and DPS in June 2018 reflects the three month period between the issue of new shares to raise £315.5m gross and the full

deployment of proceeds on 2 July 2018

Performance since listing in June 20141

84

.5p

25

8.5

p

27

5.3

p

28

2.8

p

30

0.2

p

32

3.6

p

35

5.5

p

37

0.4

p

38

2.4

p

-175p

25p

225p

425p

Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18

EPRA NAV per share Dividends per share

5.9p7.0p6.6p

6.0p

69.7%61.0%

53.5% 49.6%44.4%

Dec-14 Dec-15 Dec-16 Dec-17 Jun-18 *

-0.3p

2.9p

5.4p 5.9p6.7p 6.9p

6.0p

£5

.3m

£6

.7m

£7

.6m

£7

.6m

£8

.1m

£8

.1m

£8

.1m

£8

.1m

£1

2.6

m

11.8p

15.7p

10.0p14.0p14.0p14.0p13.1p13.3p11.8p

Appendices

Travelodge Manchester Central

Assumptions

1. Employs RPI swap curve at 4 September 2018, averaging inflation increases of 3.3% p.a.

compound over the period

2. Constant property valuation yield at 30 June 2018 external net valuation yields

3. Ignores potential for further uplifts from Ramsay open market reviews

4. No purchases or sales of properties or lease variations

5. 30 June 2018 exchange rate (€1:£0.8843) used throughout illustrative periods (Euro

denominated EPRA net assets amount to c.4% of the whole at 30 June 2018)

6. The five year dividend growth CAGRs on page 17 reflect growth from the annualised 15.7p per

share annualised dividend as at Q3 2018

7. The investment advisory agreement between SIR and Prestbury expires in June 2022 with no

renewal rights on either side. The returns illustrations assume that the existing arrangements

continue unchanged beyond that date

8. In October 2022 the existing leisure loan facility matures. At that time the loan principal will be

£372.7m at 30 June 2018 Euro exchange rate and the base case property valuation as at 30

June 2018 valuation yield and Euro exchange rate is estimated at £700.1m. The illustrative

returns assume that the existing loan continues on the same terms.

22

Glossary

23

DPS Dividends per share

EPRA European Public Real Estate Association

EPRA EPS A measure of EPS designed by EPRA to present underlying earnings from core operating activities

EPRA NAV A measure of NAV designed by EPRA to present the fair value of a company on a long term basis by

excluding items such as interest rate derivatives held for long term benefit, net of deferred tax

EPS Earnings per share, calculated as the earnings over a period, after tax, attributable to members of the

parent company divided by the weighted average number of shares in issue over the period

Loan To Value or

LTV

The outstanding amount of a loan expressed as a percentage of property value

NAV Net asset value

Net Initial Yield Annualised net rents on investment properties expressed as a percentage of the investment property

valuation, less purchasers’ costs

Net LTV LTV calculated on the gross loan amount and any other secured liabilities, less cash balances

Prestbury Prestbury Investments LLP, the investment adviser to the company

RevPAR Revenue per available room

Running yield The anticipated Net Initial Yield at a future date, taking account of any rent reviews in the intervening

period, Existing Portfolio at 31 December 2017 independent valuation and acquisition at cost

TAR Total Accounting Return: the movement in EPRA NAV over a period plus distributions paid in the period,

expressed as a percentage of EPRA NAV at the start of the period

TSR Total Shareholder Return: the movement in share price over a period plus distributions paid in the period,

expressed as a percentage of the share price at the start of the period

WAULT Weighted average unexpired lease term

Financing: debt portfolio details

24

Gross debt

No of

properties

Max annual

interest rate

Rate

protection

Annual cash

amortisation

Maturity

date

Merlin leisure

£380.2m 6 5.68% Fixed

£3.8m years

6 & 7 Oct 2022

Hotels 2£68.7m 76 3.35%

76% fixed 24%

capped None Apr 2023

Leisure 2£60.0m 20 3.20%

83% fixed 17%

capped None June 2023

Hotels 1 £60.0m 55 2.71% Fixed None Oct 2023

Healthcare 1 £217.3m 9 4.29% Fixed £1.0m Sept 2025

Healthcare 2 £307.5m 11 5.30% Fixed £3.2m Oct 2025

£1,093.7m 177 4.85%

25

LONG LEASES, STRONG COVENANTS & INDEXED RENTAL UPLIFTS

KEY OPERATING ASSETS

DEFENSIVE SECTORS

HIGH BARRIERS TO ENTRY

PROPERTIES THAT ARE ESSENTIAL FOR

THE TENANT TO CARRY OUT ITS

BUSINESS

MORE RESILIENT TO ONLINE DISRUPTION

AND ECONOMIC DOWNTURNS

DIFFICULT TO REPLACE STOCK DUE TO

PLANNING CHALLENGES OR HIGH COST

STRINGENT SELECTION CRITERIA

ENDURING TENANTS MORE LIKELY TO RENEW AND EXTEND LEASES

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connection therewith (together, the “Presentation”) is confidential. Reliance upon the Presentation for the purpose of engaging in any investment activity may

expose an individual to a significant risk of losing all of the property or other assets invested. If any person is in any doubt as to the contents of the Presentation,

they should seek independent advice from a person who is authorised for the purposes of the Financial Services and Markets Act 2000, as amended (the

“FSMA”) or otherwise suitably authorised if in another jurisdiction and who specialises in advising on investments of this kind. Any investment decision should not

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Disclaimer

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Stifel, which is authorised and regulated in the United Kingdom by the FCA, is acting as bookrunner and nominated adviser connection with the matters referred to

herein, and will not be responsible to anyone other than the Company for providing the protections afforded to its clients, nor for providing advice in relation to the

contents of the Presentation or any transaction or arrangement referred to herein.

Apart from the responsibilities and liabilities, if any, which may be imposed on Stifel by the FSMA or the regulatory regime established thereunder, Stifel accepts no

responsibility whatsoever, and makes no representation or warranty, express or implied, in relation to the contents of the Presentation, including its accuracy,

completeness or verification or for any other statement made or purported to be made by it, or on behalf of it, the Company, the directors, the Investment Adviser or

any other person in connection with the Company, the Ordinary Shares or the matters referred to herein, and nothing in the Presentation is or shall be relied upon as

a promise or representation in this respect, whether as to the past or future. Stifel accordingly disclaims all and any liabi lity whether arising in tort, contract or

otherwise (save as referred to above), which it might otherwise have in respect of the Presentation or any such statement.