Intu (SGS) Finco Ltd · Key highlights – year ended 31 December 2013 • Underlying earnings per share 15.0p (2012 16.1p) - impact of tenant failures and lease expiries • Final

Annual Management Presentation to Noteholders Intu (SGS) Finco Ltd

28 April 2014

Annual management presentation to Noteholders

• Corporate overview – David Fischel

• Financial details – Group

– Matthew Roberts

• Financial details – SGS – Matthew Roberts

• Asset management overview

– Mike Butterworth • Questions

• Appendices

Page 2

Intu (SGS) Finco Ltd

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

Corporate overview David Fischel, Chief Executive

Scale, focus and quality set Intu apart

Page 4

Illustrative Group asset valuation (1) (2)

(1)

(1)

(1)

(1)

(1) Current transaction to acquire Merry Hill and Derby, anticipated completion May 2014

(2) Source: 2013 Annual Report and valuation reports

• Brand launch and culture change

• Major refinancings

• Asset management

– moving on from lease expiry concentrations and tenant failures

• Development pipeline

– planning approvals

• Acquisitions

– UK and Spain

• Financial results

– focus on total property return

Overview of 2013

Page 5

Page 6

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

Page 7

• 9 centres free Wi-Fi - 2m registrations

• Ownership model – infrastructure and data

• 60% of Wi-Fi registrants “opted in” to marketing

• 9 million unique visitors to our websites

• intu.co.uk up and running

• Optimise performance of existing assets through active asset management

– focusing on customer experience, combining retail, catering and leisure

• Continue to improve financial flexibility

– including capital recycling and introducing partners

• Obtaining competitive advantage from intu brand and digital presence

– demonstrating the benefits of scale and national coverage

• Seizing opportunities for profitable expansion

– drive forward £1.2 billion development pipeline

– acquisition opportunities

Intu’s priorities – leading change

Page 8

Financial details - Group Matthew Roberts, Finance Director

Page 10

Key highlights – year ended 31 December 2013

• Underlying earnings per share 15.0p (2012 16.1p) - impact of tenant failures and lease expiries

• Final dividend 10p; full year dividend 15p

• NAV per share 380p

• £1.8bn refinanced in 2013 via bond issuance and bank debt

• Robust financial position: debt to assets ratio 48.5 per cent, 8.0 years average debt maturity and £325m* of cash and committed facilities at year end

• £110m tap of intu Trafford Centre; targeting c 50% leverage on Parque Principado

* Includes intu Metrocentre CMBS (£69m)

Page 11

2013 valuation surplus + £126 million, +1.8%

Market value

Like-for-like surplus (deficit)

£m £m % intu Trafford Centre 1,900 94 5.3

intu Lakeside 1,125 26 2.4

Manchester Arndale 399 15 3.7

St David’s, Cardiff 272 16 6.4

Cribbs Causeway 242 7 2.8

intu Eldon Square 250 -7 -2.9

intu Potteries 163 -6 -3.6

intu Bromley 159 -7 -4.1

Significant valuation movements:

Page 12

2013 underlying earnings (£m)

2013

£m

2012

£m Net rental income 369.5 362.6 Administration expenses (27.7) (26.7) Net finance cost (underlying) (203.1) (204.0) Dividend from US investment 6.3 6.3 Other (4.8) (0.5) Underlying earnings 140.2 137.7 Interest cover 1.71x 1.69x EPRA cost ratio (1) 15.7% 16.4% Earnings per share (pence) 15.0 16.1 Average shares in issue (million) 935.3 853.8 Dividend per share (pence) 15.0 15.0

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

Page 13

Change in like-for-like net rental income (%)

Net debt to assets 48.5%

Page 14

Robust financial position

31 December

2013

31 December

2012 Total properties* £7,624m £7,073m Net external debt** £(3,698)m £(3,504)m Net debt to assets 48.5% 49.5% Cash and short term investments** £235m £188m Undrawn committed corporate facilities £90m £375m Net assets attributable to shareholders £3,519m £2,977m Adjusted net assets per share 380p 392p Weighted average cost of gross debt 4.8% 5.2% Weighted average maturity of gross debt 8.0 years 6.1 years * Market value of investment properties

** 2013 includes intu Metrocentre CMBS (£69m)

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Debt maturity as at 31 December 2013

• Weighted average debt maturity of 8.0 years

• Largely fixed, weighted average cost 4.8 per cent • £325m of cash and committed facilities

• £110m tap of intu Trafford Centre; targeting c 50% leverage on Parque Principado

• 2014-2018 Capex: £86m committed; £215m uncommitted (excludes major extensions)

Financial details - SGS Matthew Roberts, Finance Director

Page 17

Key metrics 31 December 2013 (1)

intu Victoria Centre

intu Braehead

intu Watford

intu Lakeside

(1) Source: 2013 Annual Report (2) Includes assets adjacent to main shopping centre which are not included in the SGS - Intu Braehead SGS valuation £583m, intu Victoria Centre SGS valuation £305m

(2) (2)

1,133

(4%)

3% 1%

(2%)

(4%) (10%)

(5%)

0%

5%

2009 2010 2011 2012 2013

• Market value: £2,336m

• Estimated rental value: £160m

• LTM EBITDA: £117m

• Net initial yield: 4.68%

• Nominal equivalent yield: 5.92% (1)

• Wtd. avg. lease expiry: 6.3yrs

SGS – operating metrics

Historic yield

Key financial metrics (2013) Operating cash flows

EBITDA growth

(£m) 2008 2009 2010 2011 2012 2013

Rent 124.0 117.4 116.4 118.4 118.0 113.0

Turnover rent 3.3 3.2 3.8 3.5 4.0 3.5

Other income 9.0 11.1 12.9 12.6 9.8 11.6

Gross Rental Income 136.3 131.7 133.1 134.4 131.8 128.1

Non-recoverable costs (9.1) (9.5) (7.6) (7.9) (8.6) (9.6)

Head rents payable (2.1) (2.0) (2.0) (1.9) (1.7) (1.6)

EBITDA (2) 125.2 120.3 123.5 124.6 121.5 117.0

Adjust for rent free amounts in Rent 2.7 (0.3) (1.5) (3.2) (0.3) (1.5)

Adjust for incentive amortisation in Rent

1.3 1.1 0.7 0.7 1.0 1.3

Adjust for other non-cash elements 1.0 0.9 0.5 0.3 0.3 0.2

Cash Net Rental Income 130.2 122.0 123.2 122.4 122.4 117.0

CAGR 2008–2013: (2.0%)

0.0%

2.0%

4.0%

6.0%

8.0%

Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13

Nominal Equivalent Yield: Wtd. Avg. (1) Gilt 10 Years

3.02%

5.92%

____________________ (1) Weighted average by market value. (2) The historic numbers do not include the Group‘s current Property Administrator fees. On establishment of the

Security Group, a market based Property Administrator fee will be charged

Page 18

• c. 351 tenants under 591 leases • 49 long term lettings agreed in 2013

representing £7.7m of new annual rent (in aggregate c.18% above previous passing rent for those units)

• Significant lettings in 2013 included Urban Outfitters, Next, Lakeland and Superdry

• 20 true void units • 19 tenant unit administrations in 2013

5 have been re-let, 8 other under offer

Security Group Tenancy overview

____________________ (1) Based on tenant groups.

21%

9%

17%

10% 5%

0%5%

10%15%20%25%

Pre

-20

14

2014

2015

2016

2017

Occupancy rates

Recent letting activity Rent review cycle Top 10 tenants (1)

Cash Net Rental Income (in £m)

Lease expiry profile

15% 15% 9% 10%

6%

26% 19%

0%5%

10%15%20%25%30%

2014

2015

2016

2017

2018

2019

-20

23

2024

+

122 123 122 122 117

110115120125130135

Dec-09 Dec-10 Dec-11 Dec-12 Dec-13

98% 99% 97% 95% 94%

50%60%70%80%90%

100%

Dec-09 Dec-10 Dec-11 Dec-12 Dec-13

Tenant

Gross passing rent (£m) % Total

1 Arcadia 6.4 6%

2 Next 5.2 5%

3 Primark 4.6 4%

4 Boots 3.9 4%

5 Monsoon 2.5 2%

6 House of Fraser 2.4 2%

7 J D Sports 2.3 2%

8 H&M 2.2 2%

9 New Look 2.2 2%

10 Signet 2.0 2%

Total 33.7 31%

Wtd. avg. lease expiry: 6.3 Yrs

Page 19

Asset management overview Mike Butterworth, Chief Operating Officer

Page 21

Delivering change, delivering great experiences

Development pipeline

Page 22

2.6 million sq ft, 1.8 million sq ft consented, with 30 planning approvals

* Indicative timings – actual timing of expenditure will be dependent on a number of factors including timing of planning permission and tenant demand.

2013 million sq. ft.

2018* million sq. ft.

2023* million sq. ft.

Total size 18.2 19.3 20.8

Catering and leisure 1.9 2.8 3.4

Asset management team

Julian Wilkinson Martin Breeden Kate Grant

David Parker Rod Webber Charlie Griffiths Alison Woodall

Mike Butterworth COO

Asset Management

Directors

Asset Managers

Page 23

Driving growth through active asset management

Page 24

Letting strategy Improving tenant mix Sustainability with

key retailers Achieving ERV on review / renewal

+ + 1 2 3

The right space at the right rent Goal

Outcome Tenant re-investment and commitment to the Centre

Consistent growth in rental income

Page 25

intu Lakeside Creating more reasons to visit and stay longer

• Food court repositioning underway – to complete Spring 2014, expenditure £9m, incremental rent over £1m

• Over 600,000 sq ft leisure and retail extensions consented

• 225,000 sq ft leisure extension - expenditure £80m, anticipated start 2015 subject to pre-lets, completion 2018

• 325,000 sq ft retail extension – expenditure £180m, anticipated start 2016 subject to pre-lets

Page 26

New flagship stores opened in 2013, major extension planned

intu Braehead

• Key lettings ahead of 2014 lease expiries

– 35,000 sq ft flagship Next store opened August 2013

– 11,000 sq ft flagship Topshop/Topman opened

August 2013

– 11,000 sq ft J D Sports opened October 2013

• Renfrew Local Development Plan

• Planning application for major extension submitted

January 2013

Page 27

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

• 380,000 sq ft leisure, catering & retail extension

consented, expenditure £100m

• Cinema in solicitors hands, strong interest from catering and leisure operators new to Watford

• Discussions underway with retailers including new anchor store

• Anticipated start Winter 2014/15, completion

2017

Page 28

intu Victoria Centre and intu Broadmarsh, Nottingham Major agreement with council for complementary developments

• Major refurbishment of intu Victoria Centre and cluster of 12 new restaurants

• Urban Outfitters, Superdry signed, interest from other retailers not currently represented in Nottingham

• Planning consent revealed for 500,000 sq ft retail and leisure extension

350 million customer visits a year

£1.2 billion development pipeline over next ten years – that’s over 2.5 million sq ft of new retail, restaurants and leisure of which 1.8 million sq ft has planning approval

£70 million Investment by retailers in our centres during 2013

Average dwell time

100 minutes

Q&A

Appendices

Centre Location Centre Location 1 Westfield London London - Shepherds Bush 23 intu Bromley Bromley 2 Bluewater Greenhithe 24 intu Eldon Square Newcastle 3 Westfield Stratford City London - Stratford 25= intu Braehead Glasgow 4 Meadowhall Sheffield 25= Victoria Square Belfast 5 intu Trafford Centre Manchester 27 East Kilbride Shopping Centre Glasgow 6 St David's Cardiff 28 Victoria Quarter Leeds 7 intu Lakeside Thurrock 29 Silverburn Glasgow 8 intu Metrocentre Gateshead 30 White Rose Shopping Centre Leeds 9 Liverpool One Liverpool 31 The Oracle Reading 10 Bullring Birmingham 32 Buchanan Galleries Glasgow 11 Arndale Centre Manchester 33 Churchill Square Brighton 12 Brent Cross London 34 Golden Square Warrington 13 Westfield Merry Hill (2) Brierley Hill 35 Trinity Leeds Leeds 14 The Mall at Cribbs Causeway Bristol 15 Cabot Circus Bristol 16 Cabot Place, One Canada Square London 17 Highcross Leicester Leicester 45 intu Victoria Centre Nottingham 18 Westfield Derby (2) Derby 50 intu Potteries Stoke-on-Trent 19 thecentre: mk(3) Milton Keynes 52 intu Chapelfield Norwich 20 intu Watford Watford 60 Midsummer Place Milton Keynes 21 Festival Place Basingstoke 71 intu Uxbridge Uxbridge 22 West Quay Southampton 187 intu Broadmarsh Nottingham

Intu - leading owner, developer and manager of prime UK shopping centres

Source: PMA (1) Top shopping centres on basis of PMA Retail Score (December 2013). Intu shopping centres highlighted orange (2) Current transaction to acquire Merry Hill and Derby, anticipated completion May 2014 (3) Adjoined by Midsummer Place, which was acquired by Intu in March 2013

Page 31

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Yield comparisons

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

• Wide spread relative to corporate bonds

28 March 2014

Intu (SGS) Finance plc Investor Report year ended 31 December 2013

Page 34

Investor Report

Report circulation date 28-Mar-2014Calculation date 28-Mar-2014Unless specified otherwise, all data as of 31-Dec-2013

Contact Information

Obligor Security TrusteeHSBC Corporate Trustee Company (UK) Ltd.8 Canada SquareLondonE14 4BB

IssuerIntu (SGS) Finance plc35 Great St. Helen'sLondon, EC3A 6APEC3A 6AP

Key Data

Page 35

Key Data (calculated as at 31 December 2013)Loan to Value 48%Historical EBITDA £m 86.4Historical Interest Charges £m 37Historical ICR 231%Gross leverage 49%Operational Tier Level for Previous Period T1Operational Tier Level for Forthcoming Period T1Any EoD outstanding NoAny covenant breach outstanding No

Debt Information - Bonds

Page 36

Debt Information - BondsBond debt Series 1

(3.875)Series 2 (4.625)

ISIN XS0904228557 XS0904228987Issuance Date 19-Mar-2013 19-Mar-2013Expected Maturity Date 17-Mar-2023 17-Mar-2028Legal Final Maturity Date 17-Mar-2028 17-Mar-2033Original Rating(s)Standard & Poor's A ACurrent Rating(s)Standard & Poor's A ARatings watch n/a n/aDate changed n/a n/a

Interest basis Fixed FixedInterest periods Semi Annual Semi AnnualAmortisation Type Bullet BulletAccrual Method Act/Act Act/Act

Debt Information - Settlements

Page 37

Debt Information - SettlementsOriginal Principal Balance £ 450,000,000 350,000,000

Opening Principal Balance 30-Jun-2013 £ 450,000,000 350,000,000 Unscheduled Principal repayments £ 0 0Closing Principal Balance 31-Dec-2013 £ 450,000,000 350,000,000

Interest payments in six monthsDate 17-Sep-2013 17-Sep-2013Coupon £ 8,622,000 8,004,500 Payment £ 8,622,000 8,004,500

Interest payments in forthcoming six months:Date 17-Mar-2014 17-Mar-2014Coupon £ 8,718,750 8,093,750 Payment £ 8,718,750 8,093,750

Debt Information - Other

Page 38

Debt Information - Other Debt

Other secured debt Opening Balance

Prepayments Closing Balance

Maturity Date

Initial Authorised Loan Facility £ 351,750,000 0 351,750,000 27-Feb-2018Any other outstanding senior debt £ 0 0 0 n/a

Unsecured debtAmounts outstanding under UD Headroom Test £m 0Cash balances

OtherPercentage of outstanding senior debt benefiting from interest rate protection (Min 75%, Max 110%)

99.85%

Any Prohibited Amount outstanding £m 0

Portfolio Information - Composition

Page 39

Portfolio HoldingNumber of shopping centres in portfolio 4

Portfolio changes in previous period Asset name Valuation Commentary

Acquisitions None n/a n/aDisposals None n/a n/aWithdrawals None n/a n/a

Debt prepayment requirements following portfolio changes in previous quarter

n/a

Amount reserved pending prepayment / reinvestment n/a

Most recent valuations Most Recent Valuation

Market Value

Percentage of Total Market

Value

Net Initial Yield

Nominal Equivalent

Yield

Name of Valuer

Date £m % % %intu Lakeside 31-Dec-13 1,124.5 48% 4.8% 5.5% DTZintu Braehead 31-Dec-13 583.0 25% 4.5% 6.1% DTZintu Watford 31-Dec-13 323.0 14% 4.7% 6.5% DTZintu Victoria Centre 31-Dec-13 305.3 13% 4.7% 6.6% DTZAny additional centres n/a n/a n/a n/a n/a n/aTotal Collateral Value attributable to Shopping Centres £m 2,335.8Total Collateral Value Attributable to Developments £m 0.0Total Collateral Value £m 2,335.8

DevelopmentsPercentage of Total Collateral Value attributable to Developments

Max 15% T1, 10% T2 / T3

0%

Portfolio Information – Asset Criteria

Page 40

Asset CriteriaNumber of Prime Shopping Centres (PSC) Minimum 4 4Number of PSCs in Major City or Regional SC with min 1.4m sq ft Minimum 1,

OR1

Number of PSCs in Major City or Regional SC with min 1.0m sq ft Minimum 2 2Percentage of ATCV attributable to Eligible JV Interests Maximum

25%0%

Percentage of ATCV attributable to PSC with Primary Catchment Area that is a Sub-Regional Centre

Maximum 25%

0%

Regional Concentrations (by Market Value, according to most recent Valuation) MaximumLondon & South East n/a 62%South 50%South West 50%Wales 50%Midlands 50% 13%North West 50%North East 50%Scotland 50% 25%Northern Ireland 50%

Amount of any Asset Criteria Adjustment 0Adjusted Total Collateral Value (ATCV) £m 2,335.8

Portfolio Information – Property Data

Page 41

Data per property at period close (where relevant for previous 12 months)

Portfolio intu Lakeside

intu Braehead

intu Watford

intu Victoria Centre

Tenure Freehold / Leasehold

Freehold Freehold Leasehold Freehold

Total area 000 sq ft 4,274 1,434 1,133 726 981Current net income £m 114.7 56.3 27.5 15.8 15.1Gross ERV £m 159.8 67.9 41.7 26.0 24.2Total contracted rent £m 124.7 58.6 28.9 19.1 18.1Vacancy (% of ERV) % 4% 4% 7% 2% 1%Number of Leases Leases 591 229 129 120 113Lease term unexpired / WARLT* Years 6 6 6 4 10Footfall m 80 24 17 15 24

* WARLT - Weighted Average Remaining Lease Term

Tenancy Information – Portfolio Lease Expiry

Page 42

Portfolio Lease Expiry ProfileYear of Expiration

Leases Area % £m % %

2014¹ 130 495 13% 16.3 15% 15%2015 73 377 10% 16.7 15% 30%2016 58 148 4% 9.4 9% 39%2017 64 176 4% 11.5 10% 49%2018 43 146 4% 6.6 6% 55%2019 38 96 2% 7.0 6% 62%2020 35 99 3% 6.2 6% 67%2021 40 101 3% 6.5 6% 73%2022 19 41 1% 2.9 3% 76%2023 23 136 3% 5.3 5% 81%2024 5 34 1% 1.5 1% 82%2025+ 63 2,087 53% 19.4 18% 100%

(1) 2014 includes any leases that have expired, but the Tenants are holding over under the Landlord and Tenant Act and any Tenants on a tenancy-at-will.

In both instances it assume these leases will expire in 2014.

Expiring areaNumber of retail leases

expiring

Cumulative Percentage of total passing

rent

Percentage of total passing

rent

Passing rent Percentage of total let area

Tenancy Information – Tenant Concentration

Page 43

Portfolio Tenant Concentration Number of units

Passing rent Percentage of passing rent

Cumulative percentage of passing rent

Percentage of total area let

Cumulative percentage of total area let

Average WARLT*

Leases £m % % % % YearsArcadia Group Limited 14 6.4 6.0% 6.0% 5.0% 5.0% 7Next Group Plc 4 5.2 5.0% 11.0% 5.0% 10.0% 5Primark Stores Limited 3 4.6 4.0% 15.0% 5.0% 15.0% 18Boots Properties Plc 5 3.9 4.0% 19.0% 3.0% 18.0% 21Monsoon Holdings Limited 7 2.5 2.0% 21.0% 1.0% 19.0% 4House of Fraser (Stores) Ltd 2 2.4 2.0% 23.0% 6.0% 25.0% 14JD Sports Fashion Plc 6 2.3 2.0% 25.0% 1.0% 26.0% 3H & M Hennes & Mauritz UK Ltd 3 2.2 2.0% 27.0% 1.0% 27.0% 6New Look Retailers Limited 2 2.2 2.0% 29.0% 1.0% 28.0% 6Signet Group Ltd 9 2.0 2.0% 31.0% 0.0% 28.0% 5

* WARLT - Weighted Average Remaining Lease Term

Tenancy Information - Other

Page 44

Tenants in administration

Since the previous report, one tenant has entered administration (representing less than 0.1% of passing rent and discussion are on going with the new owners.

Rent reviews outstandingAs at 31 December 2013 there were eighty six rent reviews outstanding within the portfolio.

Liquidity Requirements

Page 45

Liquidity Requirements

Operational Tier Level T1

Opening Closing Liquidity Reserve Required Amount £m 0 0 Amount of Liquidity Facility £m 0 0 Contents of Liquidity Account £m 0 0 Liquidity availability shortfall £m 0 0 Interest outstanding on any liquidity facility drawing £m 0 0

Amount of Liquidity drawn this period £m 0 Amount of Liquidity Facility repaid this period £m 0 Amount of interest paid on Liquidity Facility this period £m 0

Key Providers

Page 46

Key ProvidersMoody's S&P Fitch

Account Bank HSBC Bank plc Aa3/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable

Agent Bank, Principal Paying Agent HSBC Bank plc Aa3/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable

Irish Paying Agent HSBC Institutional Trust Services (Ireland) Limited

Hedge Counterparties HSBC Bank plc Aa3/P-1/Neg AA-/A-1+/Neg AA-/F1+/Stable

Hedge Counterparties Bank of America Securities Limited acting as agent for Bank of America N.A. A2/P-1/Stable A/A-1/Neg A/F1/Stable

Hedge Counterparties UBS AG, London Branch A2/P-1/Stable A/A-1/Stable A/F1/Stable

Not Rated