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Investor Presentation Vf Hammerson and Intu Setting the new benchmark for European retail destinations 6 December 2017 intu Trafford Centre, Manchester Setting the new benchmark for European retail destinations 01 The improved business A leading portfolio 02 03 Enhanced operating and development platform Significant financial benefits 04 05 Conclusion and Q&A 2 Madrid Xanadú, Spain 01 The improved business 3 Creates a pan-European leading portfolio of high-quality retail and leisure property Top-three pan-European retail focused REIT with total GAV of £21 billion (1) Increased exposure to higher-growth destination shopping centres A leading portfolio Better aligned to meet the needs of retailers in a multichannel world Combining Ireland and Spain, two of Europe’s fastest growing economies Superior combined Apply best practice operating skills to unlock the performance potential of the enlarged portfolio operating platform Rigorous income-focused strategy More differentiated Enhanced resources in events, customer service, online and brand destinations Better equipped to drive footfall and dwell time to deliver productive, attractive space for retailers Strong development Deploy Hammerson’s expertise in delivering successful developments and extensions across the expertise combined development pipeline Significant capital Clear rationalisation programme – at least £2 billion of disposals over the short to medium term recycling opportunities Reinvest into higher return opportunities – premium outlets, Spain, Ireland and developments Earnings accretion expected Compelling Approx. £25 million p.a. cost synergies; further from operational efficiencies and refinancing financial benefits Strengthens Hammerson's consistent earnings and dividend profile (1) Pro-forma GAV as at 30 Jun 2017, adjusted for Hammerson acquisition of Cergy 3, Paris and disposal of Place des Halles, Strasbourg, and Intu disposal of 50% of Madrid 4 Xanadú and 50% of intu Chapelfield, Norwich Key transaction terms All-share offer by Hammerson for Intu of 0.475 new Hammerson shares per Intu share, equivalent to 254p per Intu share (1) The offer Pro-forma ownership Hammerson/Intu 55%/45% Combined group to be listed on LSE and JSE Board of the enlarged group will comprise: • David Tyler as Chairman • John Whittaker as Deputy Chairman • David Atkins as CEO Leadership and • Timon Drakesmith as CFO governance • John Strachan as Senior Independent Director The Board of the enlarged group will comprise six directors nominated by Hammerson and four directors nominated by Intu Expect to have experienced and diverse Board Relationship agreement in place with Peel Group (15% shareholder in enlarged group) Conditional on Hammerson and Intu shareholder approval Shareholder In aggregate, Hammerson has received support from Intu shareholders holding 50.6% (2) support Includes irrevocable undertakings from (1) Based on Hammerson closing price of 534.5p 5 Estonia, Cheeseden and Crescent (2) Includes irrevocable undertakings from Peel Group and associates and Intu Directors , and a letter of intent from Coronation Puerto Venecia, Spain 02 A leading portfolio 6 Attractive portfolio balance Top-3 European retail platform Pro-forma enlarged group, GAV (£bn) (1) £21 billion GAV (1) (2) £820 million NRI £0.6bn £0.6bn £13.1bn £0.9bn UK shopping centres (3) More high-quality retail and leisure destinations £2.0bn UK retail parks 18 centres over 1 million sq ft France £2.0bn Premium outlets Ireland Combining Ireland and Spain, £1.3bn two of Europe’s fastest growing Spain economies Developments & UK other Close to 20% higher growth categories of Premium outlets, Spain, Ireland and developments (1) Recycle and reinvest into European growth markets (1) Pro-forma GAV as at 30 Jun 2017, adjusted for Hammerson acquisition of Cergy 3, Paris and disposal of Place des Halles, Strasbourg, and Intu disposal of 50% of Madrid 7 Xanadú and 50% of intu Chapelfield, Norwich (2) Based on annualised NRI for 6 months ending 30 Jun 2017 (3) Darker blue indicating top-10 largest combined group ownerships in UK shopping centres by value More relevant to ADD READING AND OSLO retailers expanding Oslo (check which centres are not across Europe included as ‘largest’) Aberdeen Gothenburg London Brent Cross, Croydon Italie 2, Les Trois Fontaines Paris Glasgow Madrid Xanadu, Las Rozas 14 Newcastle Barcelona La Roca Leeds European countries Dublin Manchester Frankfurt Wertheim Nottingham Dublin Dundrum, Kildaire Birmingham Manchester Trafford, Arndale Cardiff Oxford London Marseille Terrasses du Port Bristol Amsterdam 3 Wroclaw Birmingham Bullring / Grand Central, Merry Hill top-10 shopping centres Southampton Frankfurt Glasgow Braehead, Silverburn create a platform in Spain Brussels Bristol Cribbs Causeway, Cabot Circus Zweibrücken Prague Paris Munich 43% Zurich of portfolio in top-20 European cities (1) Spain Asturias Nice Milan Ireland Porto Zaragoza Marseille Multichannel Barcelona France - experiential shopping centres Lisbon - convenient retail parks Madrid United Mallorca Kingdom - luxury premium outlets Seville 0.0 1.0 2.0 3.0 4.0 5.0 - online affiliate website 2018 2017 Intu largest shopping centres Hammerson largest shopping centres 8 Premium outlets (VR and VIA Outlets) 8 (1) Oxford Economics Add footnotes, what constitutes Note: largest shopping centres defined as those over 500,000sq ft ‘largest’? Bullring, Birmingham 03 Enhanced operating and development platform 9 Enhanced operating and development platform Superior More Strong combined differentiated development operating destinations expertise platform Rigorous focus on Harmonised customer Expertise in property best brand mix services and branding development and across centres extensions F&B experts Enhanced events and Enlarged development Sophisticated promotions pipeline commercialisation Complementary digital strategies – affiliate website and bespoke apps Combination drives benefits for retailers, consumers and shareholders 10 Rigorous focus on best brand mix Market -leading delivery Rigorous focus on curating the right retail mix and brand adjacencies Close retailer relationships Leasing informed by dedicated consumer insights team Future opportunities Rituals, Bullring Nespresso, Oracle New portfolio Combined leasing expertise with enhanced leasing regional structure opportunities: intu Braehead and intu Lakeside - curate category clusters and zones intu Metrocentre - reconfigure large spaces and further improve brand adjacencies Smiggle, Dundrum Skinnydip, Brent Cross 11 F&B experts Market-leading delivery Diversity and innovation in F&B leasing Experienced F&B leasing team. Recent track record at Westquay, Victoria Gate and Silverburn Close relationships with established restaurant brands as well as start-ups Comptoir Libanais, Oracle Bill’s, Westquay Future opportunities intu Trafford Centre – trial curated street food intu Merry Hill – review and enhance current New F&B leasing F&B offer with extension opportunities: Mowgli, Grand Central Franco Manca, Oracle 12 Sophisticated commercialisation Market -leading delivery Maximise income from pop-ups, digital screens, sponsored events and enhance customer experience What/where is this Invest in high quality design and fit-out to improve returns Car park investment programme Innovative approach to pop-ups Amazing Chocolate Workshop, Brent Cross Beach bar pop-up, Oracle Future opportunities Roll out more sponsorship-led events Introduce more regionally-themed events Widen relationship with partners, e.g. AppearHere Up Market, Bullring Mercedes pop-up, Oracle 13 Enhanced destinations for consumers Harmonised branding and Enhanced events and Complementary digital customer service across centres promotions strategies B2C branding Events Affiliate online platform Customer service Sponsorship & promotions Bespoke apps Driving footfall & dwell time, benefitting consumers, retailers and communities 14 Deploy development expertise Strong development track record Intu development pipeline Les Terrasses du Port, Marseille 62,700 sq m 7% YoC intu Lakeside intu Merry Hill intu Watford intu Costa del Sol Victoria Gate, Leeds 37,500 sq m 6% YoC Add a lot more development Additional pipeline, UK and Spain £1.2 billion (1) – see p8&9 half year results release (1) Timeframe 2017-2020 15 Disciplined capital recycling to enhance future growth Rigorous portfolio assessment of enlarged group Real estate characteristics Asset location (e.g. size) Occupier profile Financial performance Multichannel relevance Consumer proposition Identified non-strategic assets At least £2 billion of disposals in short to medium term Enhance growth prospects through reinvestment 16 Reinvestment opportunities across a wide range of higher return growth channels Premium outlets Spain Ireland Developments Sales density growth 11% Sales density growth 11% Market rental growth 5.4% (2) ERV growth 4-5% p.a. (3) Hammerson pipeline £1.5bn (4) (1) confirm p.a. p.a. (1) 2012 2017 Value €0.6bn €1.5bn 2.0 Retail 9 villages 9 villages VIA €0.5bn 0 outlets Outlets 10 outlets 0.6 ) Puerto Venecia Dundrum Phase 2 Brent Cross London bn 119,000 sq m (£ GAV at Hammerson share Hammerson at GAV 100,000 sq m 90,000 sq m 2012 30-Jun-17 Bicester Village extension Madrid Xanadú Dublin Central Les 3 Fontaines, Cergy 15% YoC 153,000 sq m 5 acres 33,000 sq m (1) Value Retail sales density CAGR 2007-2016 17 (2) Retail property rental growth in 2016, according to Capital Economics as of Sep-17 (3) Hammerson’s published forecast ERV growth guidance (4) Total committed development cost
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