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2018 03 Hammerson Investor Briefing South Africa March 2018

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2018 03 Hammerson Investor Briefing South Africa March 2018 Investor briefing: South Africa roadshow March 2018 Agenda 01 2017 highlights: Not all retail is equal Acquisition of intu: Setting the new 02 benchmark for European retail destinations 03 Our portfolio highlights 04 2017 financial performance 05 Transaction update 2 2017 highlights: Not all retail is equal Strong financial returns driven by record occupier demand in 2017 Not all retail is equal Another year of strong growth EPS +6.5% DPS +6.3% NAVPS +5.0% Preferred position with shoppers and retailers Record volume of new leasing, +34% Bicester Village Highest occupancy for 17 years Strong footfall outperformance Positive operational results LFL NRI: Group +4.4% (1) France +2.6%; Ireland +7.4% (2) L’Occitane, Victoria Leeds Les 3 Fontaines, Cergy Consistently strong Premium outlets sales +9% Consistent capital recycling Sold £400m; diversity of buyers Further £76m investment in Premium outlets Significant acquisition aligned to strategy Advancing intu acquisition Riverside at The Oracle, Reading Dundrum, Dublin (1) Total LfL NRI incl. Ireland and Premium outlets 4 (2) Proforma figure assuming properties owned throughout 2016 and 2017 Impressive volume of new leasing across the group with strong start in 2018 Hammerson new leasing volume 2016, 2017, 2018 (£m) (1) Cumulative 2016 Cumulative 2017 Cumulative 2018 35 2017: +34% 30 25 20 15 10 5 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (1) Portfolio leasing on a proportionally consolidated basis, excludes developments and premium outlets 5 Delivering sector leading income-focused returns EPS (pence) DPS (pence) NAVPS (pence) +6.5% +6.3% +5.0% 35 30 800 750 776 30 31.1 25 25.5 700 25 20 650 20 15 600 15 550 10 10 500 5 5 450 0 0 400 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 CAGR +8.3% CAGR +7.6% CAGR +7.4% 6 Market trends drive our clear, focused strategy Focus on growing consumer Create differentiated destinations Promote financial efficiency and markets partnerships Dundrum, Dublin Les Terrasses du Port, Marseille Bicester Village, UK The acquisition of intu enhances strategic growth 7 Acquisition of intu: Setting the new benchmark for European retail destinations The UK is a fundamentally strong economy with a resilient consumer environment Strong underlying fundamentals Retail and consumer resilience Real GDP (1) Rebased Sustainable Current retail and Brexit headlines disguise strong 125 Growth Rate 2.7% underlying fundamentals 120 1.8% 115 110 Full employment driving disposable income growth 105 (2.3%, 2017) (5) 100 2012 2013 2014 2015 2016 2017 2018 2019 2020Sustainable 2021 (2) Rate UK Selected Europe Bank of England estimates inflation to have peaked in (6) Wealth Per Adult (3) Unemployment Rate (4) October 2017 (3.2%) USD (‘000) 278 300 263 261 17.2% 20.0% 250 224 eCommerce already well-established in the UK 204 204 15.0% 200 11.1% (7) 9.4% (UK 17.8%, Europe 8.8%, USA 14.8%) 130 150 6.7% 10.0% 4.9% 100 4.4% 3.8% 5.0% 50 Retailer administrations substantially 0 0.0% below 2012 peak (8) UK France Sweden Italy NL Germany Spain (1) ONS historical data, Capital Economics forecasts (5) ONS (2) Includes: Germany, France, Italy, Spain, Netherlands and Sweden (6) Bank of England November 2017 Inflation Report 9 (3) Credit Suisse Global Wealth Databook 2017 (7) Centre for Retail Research, online retail sales as % of total retail sales (4) ONS (UK only), Eurostat, Istat (Italy only) (8) Centre for Retail Research Leading UK position combined with higher growth European portfolio Ownership of 19 of the UK’s top 30 shopping centres Rank Centre Location Ownership Rank Centre Location Ownership 1 Westfield London London 16 intu Merry Hill Merry Hill 100% 2 Bluewater Greenhithe 17 The Centre: Milton Keynes Milton Keynes 3 Westfield Stratford City London 18 intu Derby Derby 47% 4 Meadowhall Centre Sheffield 19 The Oracle Reading 50% 5 intu Trafford Centre Manchester 100% 20 Silverburn Glasgow 50% 6 St David's Centre Cardiff 50% 21 intu Braehead Glasgow 100% 7 intu Lakeside Thurrock 100% 22 intu Watford Watford 93% 6 intu Metrocentre Gateshead 90% 23 Victoria Square Belfast 9 Liverpool One Liverpool 24 Union Square Aberdeen 100% 10 Bullring Birmingham 50% 25 The Glades London 11 Brent Cross London 41% 26 Festival Place Basingstoke 12 Cabot Circus Bristol 50% 27 Cabot Place/Canada Place London 13 Manchester Arndale Manchester 48% 28 West Quay Southampton 50% The Mall at Cribbs 14 Bristol 77% Causeway 29 intu Eldon Square Newcastle upon Tyne 60% 15 Highcross Leicester 100% 30 Trinity Leeds Leeds Hammerson intu Source: PMA (Dec-16): ranking based on PMA retail score, Company filings 10 Combined business delivers a stronger growth profile Standalone 2017 portfolio split 2021+ illustrative portfolio split (GAV, £bn)(1,2,3) (GAV, £bn) (2,3,4) c. £22bn c.£3.0bn Premium outlets (5% growth) c.£1.4bn Ireland (5% growth) c.£1.0bn c.£1.3bn c.82% higher- c.£1.8 bn growth Spain (5% growth) segments £10.6bn Developments £2.2bn c.66% higher- c.£9.4bn French flagship (3% growth) £1.0bn growth £0.6bn segments £1.6bn UK flagship (2% growth) £1.6bn European shopping centres £3.5bn c.£4.0bn and retail parks Combination increases exposure to flagship centres and higher growth segments through £2bn capital recycling programme (1) GAV as of 31 December 2017 (2) UK flagship indicates top 10 largest combined group ownerships in UK shopping centres by value (3) French flagship includes Les Terrasses du Port and Les 3 Fontaines (4) Illustrative portfolio mix post £2bn disposals and £1bn reinvestment into Premium outlets, Ireland, Spain and Developments, assumes organic growth of 2% p.a. on UK flagship centres, 3% p.a. on French flagship centres, 5% on Ireland and Spain and 5% p.a. on Premium outlets 11 Source: Company filings intu acquisition increases the proportion of high-quality UK shopping centres in the combined portfolio Proportion of UK market (grey) and combined portfolio (blue/orange) per quality banding, by floorspace (1) 45% (blue) Hammerson portfolio: combined of Proportion UK shopping centre market Hammerson UK shopping centres intu UK shopping centres 40% 35% High-quality 30% centres with further growth 25% opportunities 20% 15% and and (orange) intu 10% Proportion of UK shopping centre market (grey) market shopping centreUK of Proportion 5% 0% 1 / C- 2 / C 3 / C+ 4 / B- 5 / B 6 / B+ 7 / A- 8 / A 9 / A+ 10 / A++ Quality banding (1) Source: Local Data Company data, collected and analysed by Morgan Stanley (November 2017). See slide 56 for 12 full list of quality factors Hammerson and intu’s combination will support the UK retailer community Opportunity to drive occupier demand Attractive combined retail footprint Superior combined resources and expertise improving brand mix Specialist Enhanced Procurement & in intu centers F&B team digital & events cost efficiencies Potential enhanced consumer appeal Potential closer partnerships and footfall with retailers Likely increased occupier demand 13 Retailer rotation provides positive opportunities Less than 1% negative impact on income from tenants in administration, even at the peak in 2012 UK retail market administrations (no. of stores) and Hammerson impact on income (%) 4,500 10% 4,000 8% 3,500 Handmade Burger Brent Cross All 6 units re-let or reassigned Jaeger All Saints / Ernest 3,000 Jones / JD Sport 6% 2,500 % of Hammerson income %of 2,000 4% 1,500 1,000 2% 500 UK market administrations, no of marketadministrations,of no UK stores 0 0% 2010 2011 2012 2013 2014 2015 2016 2017 Highcross Selected retail administrations 2011-13: House of Fraser Zara / JD Sport (1) Source: Centre for Retail Research 14 Our Product Experience Framework Iconic destinations Retail specialism Our Product Experience Built environment Optimal retail mix Framework is embedded Placemaking Fresh concepts Seamless technology Innovative retail technology across everything we do Flexible construction Operational efficiency providing a unique point of differentiation and sustainability Experience led Customer first Food & beverage Built environment Leisure as anchor Placemaking Engaging events Seamless technology Surprise & delight Flexible construction 15 Dundrum: Level 1 Superior asset management value 1 creation: Dundrum case study 1. Settled all outstanding rent reviews in 2017 2. Created more MSU space to meet demand from Dundrum: Level 2 existing retailers to upsize (e.g. Penney’s, BT2, H&M, 2 Next and River Island) 3 3. Develop tenant mix strategy for Level 2 (“international fashion”) 4. Shifted temporary lettings to permanent on Level 3 Dundrum: Level 3 5. Reconfigured food court 5 6. Secured robust evidence of rental growth by 2019 to support 2020 rent review cycle 4 16 Superior asset management value creation: Dundrum case study (cont’d) Uplift in Dundrum ERV since ownership (EURm) (¹) Key ERV growth drivers 100 Tenant clustering ‒ Providing the right space for the right tenant +19% ‒ Aligning F&B offering with profile of the 90 Optimising Food shopping centre c.€90m & Beverage offering ‒ Careful selection of operators with a differentiated offer 80 Centralised and ‒ Co-ordinated leasing teams providing best in +13% skilled leasing class service to help drive rents €9m Add text team 70 Breakdown of key initiatives €65m 60 Q3 2016 ‒ Increase in car park tariffs Q4 2016 ‒ Gamestop letting 50 Q1 2017 ‒ POCO pop-up, Moss Bros letting Q2 2017 ‒ Garden Pure Imagination, food court letting, 40 Acquisition ERV July Uplift at Dec 2017 2018E-2021E 2021E ERV Hotel Chocolat, Smiggle 2016 growth Q4 2017 ‒ Christmas Grotto On track with targeted 4-5% ERV CAGR Q1 2018 ‒ Fallon & Byrne 1 Dundrum ERV 100% 17 Focusing on experience with a dynamic programme of events SKATE, Westquay Wimbledon screens at the Footfall +10% Esplanade, Westquay 46,000 visitors Footfall +3.5% Social media reach of Social media reach of 270,000 733,000 people Garden of Pure Viva Las Riverside, Oracle Imagination, Dundrum Footfall +14% Footfall +8% 22,500 visitors Social media reach of 340,000 18 Commercial benefits of the merger with intu Cost:income ratio reduced and further potential following acquisition Corporate synergies of c.£25m p.a.
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