Retail at the Estate – it’s not all about Street ! Rural • £25.7m revenue in 2010/11 • 144,000 hectares • Around 800 residential tenancies • 780 agricultural tenancies • 27,000 acres of forestry Marine • £47.4m revenue in 2010/11 • Seabed to 12 nautical mile territorial limit • 55% of the UK’s foreshore • Off shore wind farms – expected to generate 25% of UK electricity by 2020 Windsor

• £6.8m revenue in 2010/11 • 6,300 hectares • 2.5m visitors each year • Award winning Savill Building Urban • £226.9m revenue in 2010/11 • 55% of this income is from retail – the majority from outside of London

Retail • £125 m revenue in 2010/11 • Over 900 retail units ex<50% holdings • Regional – Retail Parks & Shopping Centres • West End – Regent St & St James • Partnership approach

Regional Portfolio

• Shopping/Retail parks account for £900m - £1.5bn Regional Portfolio Split 14 parks • Shopping centres and high street accounts for HOTEL 1% £300m of the portfolio OFFICE 8% • Latest purchase MK 1 shopping park in Milton

INDUSTRIAL Keynes 11%

SHOPPING/ RETAIL RETAIL PARKS 19% 61% Regional Portfolio retail by Rent Passing Portfolio Objectives • Active asset management

High Street • Dominant retail in strong trading locations 4% • Invest to improve attraction of centres

Shopping • Strong relationships with retailers Centres 21%

Shopping /Retail Parks 75%

125 - 4 million sq ft; 151 retail units (675,000sqft) (230,000sqft under direct management) £500m of investment over the next 10 year St James’s Retail - Objectives

• To enhance international profile & quality • Brand values Personal, Distinctive, Stimulating and Eclectic, • To deliver retailers/restaurateurs who embody the quality of St James’s and it’s brand • Current focus on Jermyn Street and Regent Street, St James’s • Significant development pipeline • Promote Public improvements across St James’s

REGENT STREET

Vision, Values & Strategy A unique international destination, a world class environment for and business alike.

A street that delivers, quality, heritage, and success.

To continue to implement the award winning vision for Regent Street through a combination of pro-active asset management, material levels of development and market repositioning across the use sectors.

Retail Strategy • Distinctive, quality retail destination • Support key retailers • Introduce new flagships • Brand values & CEO test • Strong marketing & customer focus

Retail Statistics During 2010/11 eleven new shops opened

Retail on Regent Street - 117 shops (down from 145 in 2002) Retail off Regent Street - 40 shops Restaurants• . (incl Cafes) - 71 units Retail Space: 1.5m sq ft

Shops available Oxford Circus to Piccadilly: 0

Retail Progress from 2002

• Over 60 new retailers • Latest Arrivals; Michael Kors, Omega, 7 FAMK, Jack Wolfskin, Kirk Originals, Oliver Sweeney • Apple, Anthropologie, Armani Exchange, Banana Republic, Brooks Brothers, Cos, Furla, Guess, Ted Baker, Timberland Tommy Hilfiger, • Coming soon; Superdry, Hollister, Sebago • New stores: Burberry and Austin Reed

The Quadrant

Q4

Q3

Q2 Q1 Aerial shot 1 Quadrant & Nearby– 2011 & 2012 • Hotel by Alrov – 150 bedrooms 5 star opening Spring 2012 • Retail – 50,000 sq ft – 12 shops all let or reserved • Whole Foods opening 17,000 sq ft store • Restaurants – 40,000 sq ft – over 700 covers • Wolseley owners opening Parisian Brasserie

• Investment by four retailers (Burberry/Hollister/Superdry/Austin Reed) in150,000 sq ft of new stores close by