Half Year Results Presentation 6 months ended 31 December 2015 Agenda

• Introduction - Edward Ziff, Chairman and CEO • Strategy overview • Active first half • Good financial performance

• Financial Performance & Portfolio Overview - Duncan Syers, FD

• Portfolio Activity • Leeds – Merrion House, Merrion Hotel & Whitehall Riverside Scheme • Capital Recycling Programme • CitiPark

• Investment Case & Outlook

• Questions

2 Strategy Overview

• Intensive asset management based on local knowledge • Conservative funding • Regional focus - Leeds, Manchester, suburban • Ongoing capital recycling • Investment in car parking

Focus on shareholder returns, proven by 55 years of unbroken dividends

3 Active first half

Active asset management in a low growth market • Portfolio re-positioning and capital recycling • Acquisition in suburban London for £6m • Two disposals for £13.1m – Glasgow, Leeds

• Creating investments on development sites • Merrion House, Merrion Hotel and Premier Inn on Whitehall Road • Adding £7.5m to assets and £2m to income in FY17 and FY18

• Ongoing asset management of existing portfolio • 104 transactions in 6 months and like for like passing rent up by £0.8m (4.6%)

• Car parking • Profits increased due to strong portfolio of acquisitions • Value of freehold assets increased

4 Delivering Total Shareholder Returns

6m to Dec 15 12m to Dec 15 PLC 28.4 Holdings plc 58.8 Safestore Holdings plc 27.8 Big Yellow Group PLC 36.9 Capital & Regional plc 15.6 Capital & Regional plc 27.9 Tritax Big Box REIT Plc 15.0 PLC 27.1 Primary Health Properties PLC 13.8 Town Centre Securities PLC 26.7 Town Centre Securities PLC 13.3 Tritax Big Box REIT Plc 24.1 A&J Mucklow Group plc 9.2 Primary Health Properties PLC 23.5 plc 8.3 Derwent London plc 23.1 7.6 plc 20.1 Workspace Group PLC 7.5 19.0 plc 7.1 Assura PLC 17.6 Empiric Student Property Plc 7.1 A&J Mucklow Group plc 16.5 SEGRO plc 7.0 Standard Life Investments Property Income… 15.5 Shaftesbury PLC 5.4 Empiric Student Property Plc 15.1 McKay Securities PLC 5.0 McKay Securities PLC 14.8 Standard Life Investments Property Income… 5.0 PLC 14.3 Properties plc 4.5 LondonMetric Property Plc 13.4 FTSE All-Share / Real Estate Investment Trusts 3.9 Great Portland Estates plc 13.4 LondonMetric Property Plc 3.9 FTSE All-Share / Real Estate Investment Trusts 10.6 Schroder Real Estate Investment Trust Ltd 2.9 Custodian REIT PLC 5.1 Custodian REIT PLC 1.9 Company PLC 4.7 Hansteen Holdings PLC 1.4 Land Securities Group PLC 4.5 British Land Company PLC 0.8 Schroder Real Estate Investment Trust Ltd 4.2 Land Securities Group PLC (0.9) plc 2.4 Hammerson plc (1.1) Intu Properties plc (1.3) Redefine International P.L.C. (1.4) Redefine International P.L.C. (2.7)

(10) (5) 0 5 10 15 20 25 30 35 (20) (10) 0 10 20 30 40 50 60 70

Source: Lazarus Partnership 5 Financial Performance and Portfolio Overview H1 2016 Income Statement

H1 2016 H1 2015 Property Car park Total Property Car park Total rental operations £'m rental operations £'m £'m £'m £'m £'m • Rent flat overall for first half Net revenue (less admin cost) 5.0 1.7 6.7 5.1 1.4 6.5 • Milngavie up £430k Other income 0.4 - 0.4 0.3 - 0.3 • up £250k • Merrion House down £700k Operating profit 5.4 1.7 7.1 5.4 1.4 6.8 • Finance charges higher Finance cost (3.9) (3.9) (3.4) (3.4) development spend builds up Underlying profit 1.5 1.7 3.2 2.0 1.4 3.4 • JV income is Merrion House Profit on disposal - - - 0.8 - 0.8 • Car park increase both organic Revaluation gains - portfolio 7.6 0.5 8.1 10.1 (1.0) 9.1 and from acquisitions Share of profits - joint ventures 0.4 0.4 0.0 0.0 Profit before taxation 9.5 2.2 11.7 12.9 0.4 13.3

7 H1 2016 Balance Sheet

Consolidated balance sheet as at 31 December 2015 Dec-15 Jun-15 £'m £'m • £6m acquisitions, £3.5m disposal (£13m Investment properties 303.3 296.7 disposals to date in 2016) Development properties 27.1 23.4 Car parks 23.8 20.9 • £3.5m spend on car parks refit (incl equipment) 354.2 341.0 and £0.5m increase in value Joint ventures 19.3 19.3 • Merrion House JV now on site Other non current assets 2.1 1.2 • £2m spend on portfolio Total non current assets 375.6 361.5 Properties held for sale 6.7 3.5 • £8m total revaluation gain 382.3 364.7 • NAV up 4.4% in six months Net borrowings (184.8) (179.6) Other sundry assets/(liabilities) (6.8) (2.2) 190.7 182.9 NAV per share 359p 344p

8 Net Revenue Bridge

Net Revenue (£'000) 10000

9500

9000 +750 +531 -150 -962 +382

8500 9365

8814

8000

7500 Six months ended 31 Acquisitions Disposals New lettings Surrenders Car Parks Six months ended 31 Dec 14 Dec 15 9 Net Asset Bridge

Net Assets (£ '000s)

200,000

195,000 +500 +124 -3902

190,000 +7574

185,000 +3547

180,000 190,721

182,878 175,000

170,000 Net assets at 30 June Underlying profit Revaluation of Revaluation of Car Revaluation of quoted Final dividend Net assets at 31 2015 Investment Properties Parking assets investments payable December 2015 10 Funding

Dec-15 Jun-15 • Facilities renewal ongoing Net debt £184.8m £179.6m • £70m 3 year RCFs with Lloyds and Loan to value 49.2% 48.9% Handelsbanken renewed during H1 Interest cover (underlying) 1.9 1.9 • £30m 3 year RCF with RBS renewed 22 Fixed rate debt - debenture £106.0m £106.0m February Weighted average cost of debt 4.1% 4.2% • Lloyds and RBS have 2 year extension options Bank facilities £105.0m £105m • Further facilities of £7m in documentation Weighted average maturity 9.8 8.9 • Overall reduction in borrowing costs from bank renewals 0.3%

11 Portfolio

Region split Lease expiries 8%

Leeds 30% 25% 0-5 years Manchester 5-10 years Scotland 40% 10+ years 55% London 12% 30%

Sector split 1% 5% 3% Retail & Leisure 14% Offices Car Parking Distribution Residential

77% 12 Portfolio Activity Leeds – Merrion Hotel

• Construction underway on 134-room Ibis Styles hotel and 4,000 sq ft Marco Pierre White Restaurant

• Site located outside the First Direct Arena, a 13,000 capacity entertainment venue in Leeds

• Target completion in H1 2017

• Build cost £9.2m, contractor on site stripping out

• Expected to add £0.6m to income, growing to £1m

14 Leeds – Merrion House

• Joint Venture with Leeds City Council

• Complete refurbishment of existing 120,000 sq ft of offices and creation of 50,000 sq ft of new office space

• Targeted completion in Q1 2018

• Budgeted build cost is £34m (£3m already spent), of which £18m to be funded by Leeds City Council

• Expected to add £5m to net assets and £0.9m to income on completion

15 Leeds – Premier Inn, Whitehall Riverside

• 25 year lease, inflation-linked

• Build cost £10m contractor on site with preparatory works

• Target completion H1 2017

• Estimated value upon completion is £12.5m

• Whitehall Riverside Scheme already has consent for over 400,000 square foot of office accommodation, restaurant, café and leisure space, as well as a 500 space multi-story car park

16 Capital Recycling programme

Disciplined capital recycling programme underway Disposal proceeds to be redeployed into higher growth opportunities in key geographies

Targeting further acquisitions with asset management potential • Real rental growth evident – strong retail tenant demand • Opportunities to create value through asset management • Asset management with changing tenants Wood Green, London • 4 retail units for £7.25m, combined income of £0.4m, yield of 5.5% • Good asset management and refurbishment potential to raise tone and rental income – converting upper floors to flats, repurpose retail units • Improving area and asset management opportunities

17 Capital Recycling programme

Disposals since 31 December 2015: • 33 Bothwell Street Glasgow (January 2016) • Sales proceeds £6.8m • Albion Place, Leeds (February 2016) • Sales proceeds £6.6m

Further c.£20m of assets earmarked for disposal

Proceeds to be redeployed into higher growth opportunities in key geographies of Leeds, Manchester, London suburbs 18 CitiPark

Strategy • Proactive acquisition and development programme • Addition and advancement of technology CITIPARK: HY16 Merrion Centre FY15 was a income Clarence Dock year of growth of Piccadilly Basin acquisitions £531k Further Tariff Street Further income Whitehall Road acquisitions growth to Clements Road proposed come Clipstone Street Watford Bell Street

20 year track record managing and creating returns from car parks

19 Outlook

• Total Shareholder Returns over last 6 and 12 months in top quartile of sector • We continue to achieve this by intensive management of our properties concentrating particularly on income: • Maximise the investment value of our development sites through selective development • Improve the quality and value of our portfolio through capital recycling: in general selling in Scotland and buying in suburban London • Grow our car parking business through careful management and selective acquisitions • We believe the current low interest and low inflation environment is here to stay • This will provide opportunities to grow our income and profits, make selective value enhancing investments, and therefore grow our asset value

20 Investment case

• Diversified portfolio in recovering regional markets • Secure income stream with reversionary potential • Targeted acquisition strategy where asset management and repositioning opportunities exist • Leeds, Manchester, London suburbs • Strong pipeline of developments underway for delivery over next two years • Conservative funding and family attitude • Secure, fully covered dividend

21 Supplementary information Portfolio analysis

% of Valuation Initial yield Reversionary Passing rent ERV Value portfolio % incr/(decr) (%) yield (%)

Retail & Leisure 5.7 6.0 94.7 25 2.1 5.7 6.0 Merrion Centre (excl offices) 6.5 6.9 109.9 29 0.7 5.6 5.9 Offices 3.2 4.6 53.8 14 1.9 5.5 8.0 Out of town retail 3.5 3.6 55.1 15 2.4 5.9 6.1 Industrial 0.3 0.4 4.7 1 6.0 5.9 7.7 Residential 0.5 0.5 9.5 3 (0.8) 4.7 4.6 19.5 21.9 327.7 87 1.5 5.6 6.3 Development property (car park income) 1.5 1.5 27.1 7 55.1 Car parks 1.2 1.2 20.5 5 2.8 Let portfolio 22.3 24.7 375.2 100 2.3 Voids (3%) 0.5 0.5 22.8 25.2

23 TCS Board

Executive Directors

Edward Ziff Richard Lewis Duncan Syers Ben Ziff Chairman and Chief Executive Property Director Finance Director MD CitiPark Non Executive Directors

John Nettleton Michael Ziff Ian Marcus Paul Huberman

24