Capital & Counties Properties

Capital & Counties Properties PLC July 2018 Our assets A central London focused property company

Covent Garden 100% Capco owned

Earls Court Properties

1 Earls Court Partnership Limited; an investment vehicle with TfL, Capco share 63%

2 Lillie Square 50:50 a joint venture with KFI

CLSA Land Capco has exercised its option under the CLSA to acquire LBHF land

TfL Lillie Bridge Depot 100% TfL owned

Consented Earls Court Masterplan

L TfL Key L TfL Consented 100% Capco owned 1 2 3 Capco has exercised Lillie Bridge Depot Consented 100% Capco owned 1 2 3 Capco has exercised Lillie Bridge Depot its option under 100% TfL owned Earls Court Masterplan* its option under 100% TfL owned Earls Court Masterplan* The Earls Court Empress State Lillie Square the CLSA relating The Earls Court Empress State Lillie Square the CLSA relating Partnership Limited; 100% Capco owned 50:50 The landowners’ map above is indicative. Partnership Limited; 100% Capco owned 50:50 to this land an investment joint venture to this land The Covent Garden area has been magnified x1.5 an investment joint venture vehicle with TfL with KFI vehicle with TfL with KFI Capco share 63% *excludes the Empress State Building which has separate consent for residential conversion *excludes the Empress State Building which has separate consent for residential conversion All figures relate to the period ended 30 June 2018 and represent Capco’s share of value. Capco share 63% The Earls Court landowners map above is indicative. The Earls Court landowners map above is indicative.

Capital & Counties Properties PLC The business 15 Grosvenor Street, London W1K 4QZ Telephone +44 (0)20 3214 9150 [email protected] www.capitalandcounties.com

Capco — H1 2018

Total property value £3.3bn Weighted average cost of debt 2.9% LTV 17% Weighted average debt maturity 6.5 years Group undrawn facilities & cash £886m

Covent Garden Earls Court Properties

78 buildings 514 units Consented development space (GEA)

Lettable area 1.2m sq ft Earls Court Partnership Occupancy 97% 1 Limited (63:37 Capco:TfL) 3.6m sq ft ERV £107m 2 CLSA option 3.6m sq ft ERV target by Dec 2020 £125m Lillie Square (50:50 Capco:KFI) 1.0m sq ft Gross income £64m

1 Area includes 0.2m sq ft relating to Empress Place (currently not consented)

2 Option exercised in 2013

All figures relate to the period ended 30 June 2018 and represent Capco’s share of value.

The information in this document is believed to be correct but is intended for guidance only and its accuracy is not guaranteed. It does not constitute an offer and must not be relied upon as a representation of facts or as otherwise forming the basis of a contract. Specific professional or specialist advice should be obtained before doing anything on the basis of the content of this document. Capital & Counties Properties PLC assumes no responsibility and shall not be liable to any person for any loss, damage or expense caused by reliance on the information in this document. REET DENMARK ST

UE ENU ANV RYE BUV TE SA ARFY BSUH TES AF SH T E E R T ST H TE UE O M R MT E N

R S O C M E H R T

S U T

E O

E T M N O M ENS RTS GARD

DENSHO C AR

SHORTS G H

I N E

N G

R L O L

S S

T S

R E R

U O E R

T A L

A D N

REE

EEN T QU E REA N G

RETAIL

U D

U N

P E

D P

P SPECIALISED

E E L R

E L

MELVITA

DUO CANTINA

L L RETAIL S

R LAREDO

T SUDA S

M RETAIL T S

S R

Covent Garden A

E T T

R E

I T

M N

E ʼ

S JAMIEʼS RELAX

A ITALIAN

E L

R T

N LONG MARTIN

T E

I PRETTY DISHOOM ACADEMY TWENTY 8 N BALLERINA OF FLOWERS TWELVE E RE

ACR C

ʼ NGG A S LON

BILLʼS THE WHITE DESA LO

PRODUCE COMPANY

L GEOX A EILEEN

JOULES FISHER N

STRINGFELLOWS REAL GREEK

JACKWOLFSKIN RUSSELL& E STORIES OTHER & HOBBS BROMLEY VACANT

THE WILLS JACK LEICESTER SQUARE BENNETT LK JAEGER LONDON ALLSAINTS Key:

AMORINO BIRDETTE BARBOUR Key facts SWAROVSKI HONEY LEVIS REISS

CALVIN

KLEIN  THE SUSSEX TOLET 1 MIN WALK COS

LONDON

VACANT PIZZA EXPRESS EAST TCG

ORIGINAL INDIA PENGUIN Retail F&B CO SUNGLASS

INAMO HUT iSMASH 1.2m sq ft ZIZZI

LES NEREIDES Floral Court ASPINALʼS CRANBOURN STREET VODAFONE OFFICE HOLLAND ZARA RE E BARRETT& CRANBOURN STREET NG AAC CR MUJI NLO G ECCO 78 buildings (514 units) LO LA BALLERINA

COVENT TIFFANY& CO YSC BUILDING L LEICESTER

PANDORA ENTRANCE GAP KIDS KIDS GAP SPADEKATE KASTNER D

& TOLET

BY PAULBY SMITH

TOLET E FIVE GUYS GARDEN MASALA OVENS THREE SQUARE GAP CAFE R REISS LULULEMON ZONE ATHLETICA

STANFORDS BOOKS STANFORDS U

I SCRIBBLER CHARLOTTE C PS BUSABA R EATHAI Occupancy 97% LONDON TILBURY

THEATRE BOOKINGS BOW STREET

ARKET E LE JEUNE

BELLA ITALIA CHOCOLATIERS MAGISTRATES TK MAXX TK A S COURT

CALZEDONIA

BAGERIET KIKO THE NAGS N VACANT C

T BLOOM HEAD PUB

Value £2.6bn CAMPER E E

H WAY OUT

THE TINTIN TINTIN THE

AGNES B AGNES

R PAUL SMITH WHITE

SHOP

NIGEL A DIPTYQUE

HALL

RADLEY LION PUB

LIMA R

LEGEND THE SHOP

PIZZA FOOTWEAR

FLORAL

ERV £107m OFFICE

I PILGRIMS G

AT BLUEBIRD EMERGENCY SERVICES N

JIGSAW

SNAPPY U/O A

SNAPS WAHLBURGERS G ENT. R

SKECHERS

T BAKER TED KENT & CURWEN& KENT

ERV target £125m by Dec 20 REE SIMURGH R AL ST C OR

I FL

UNDER ACCESSORIZE

OFFER

R B C & LAMB

DEVELOPMENT

THE GARRICK CLUB LE GARRICK FLAG MAC

DEVELOPMENT J O WINE BAR TREVOR SORBIE FRENCH SOLE FRENCH O

K UNDER

TOLET TO LET TO ROYAL OPERA A

Gross income £64m UNDER LET TO TOLET 3INA

U/D S S U/O MICHAEL KORS HOUSE W

TOBIKO M

S T KIKKI.K

RITUALS J

R A R

G E

E M S O A PETERSHAM NURSERIES PETERSHAM BOOTS

PETERSHAM S D E

STEAK NURSERIES BODY SHOP OFFICE K ER T

R & CO S

A TI R R S I

C S ENT. CAMBRIDGE GUINNESSLULU

COM VIET K SATCHEL COMPANY T BUCHERER N D MULBERRY U

GALERIA MELISSA GALERIA E R

T FRÈRES MARIAGE AMORINO S KAREN MILLEN TUMI

APPLE

E R T E G

WATERSTONES CARLUCCIOS R

R BURBERRY

PALM COURT PALM

FARROW T E FLORAL MOLESKINE Y PETERSHAM FLORAL LINDA T NURSERIES

E E MAXWELLʼS S

HACKETT COURT CLOSMAGGIORE OFFICE T COURT SANDRO

E KURT GEIGER L W

PETERSHAM

NURSERIES BT E B T A

SNOG FLORAL STREET O

N LETTO

GANDYS N A A W L

HARDYʼS Y S HOUSE ARCADE PAPERCHASE ʼ ROYAL OPERA S E

T WILDWOOD N OLD I CHANG R T KEE E T R ROUNDHOUSE TOM DAVIES E E

A T E THE N. PEAL R

M LINKS BURTON

LONDON T & BUNS & OLIVIA COVENT GARDEN BOUTIQUE DECIEM

BUNS

AFRICOLOGY

BEAUTY GODIVA S T REET LADUREE S T S FORD KING DIOR TREET TOM

Tiffany & Co., James Street ING S BOBBI K ANGLESEY OF S CHANEL L

OF MARQUESS

MONICA MONICA

JO MALONE JO BROWN VINADER L T STEFANEL

URBAN

DECAY AESOP

LONDON

NARS

TO LET TO

ENT. E BETFRED

CLAUDIE

PIERLOT

OAKLEY CLINIQUE T M EE S BE AT ONE TRU

HSBC MOLTON AVEDA SR A LL BUNS & BUNS TO LET BROWN E

W SS R PENHALIGONʼS U

WELLINGTON TESCO A R

COLOGNE CHOCOLAT T DANIEL

BENʼS

ATELIER

CRABTREE

BRORA

E HOTEL

SUSHISAMBA

I S

E N W i S WHITTARD PAUL CAFE A

E COVENT GARDEN S

ʼ T

MORELLIʼS S POLLOCKS THEATRE MOOMIN CARAT

PYLONES

P T ET HARRIS E MILLER ELL STR T

PAPIRO MARKET BUILDING USS REE ROYAL ST PAULʼS EAST R P T

SHOP U/O LL S THE THE E USS P R

GELATORINO

IL IL P INDIA I I L VENCHI

CHURCH I CO. A I A SUGER SIN A PEYTON &

Z BOULANGERIE

BALTHAZAR

A STARBUCKS STARBUCKS BALTHAZAR BYRNE

TUTTONS REDFARM

Z HOTEL Z Z N Z BEDFORD ST. OFFICES A AUGUSTUS

A COACH HARRIS

Z E & HORSES

Z C

BOULEVARD

BRASSERIE PASTA BROWN A

DIRTY MARTINI SAGAR A

ADVENTURE B TO LET TO A

& SNUFF & T

SEGAR E H

STA TRAVEL OYSTERMEN CORA PEARL CORA

D CABOURN NELL OF W

AVOBAR NELSON E

BAILEY

CHEANEY

B LE PAIN QUOTIDIEN NIGEL F SHAKE SHACK

EDWIN R T ENT. THE HENRIETTA VYTA AUBAINE LONDON FILM OLD DRURY ENT. O E E I MUSEUM BO N E L E

R NATWEST BANK OFFICE THE RUSSELL L EAT TOKYO E R B I

D D T ON THE BAB

WAGAMAMA N

Y S S

E T

R S G BODEANʼS BBQ W

F R K

T D U PENHALIGONʼS T E R C

O CAFE ROUGE B O THE OPERA E

E O D TAVERN T F N E T

T S O PATISSERIE R ET HENRIETTA S TSRETREET I TA S O IET VALERIE HENR CICCHETTI UNDER DEVELOPMENT UNDER LONDON TRANSPORT V F T

T CICCHETTI D

GIFTSHOP MUSEUM A R R T D ENT. MAMIEʼS R ET

LTM

OFFICE E E THE REAL McCOYʼS REAL THE E SWEENEY OLIVER DIN TAI FUNG TAI DIN

HENRIETTA HOTEL HENRIETTA

FLAT IRON FLAT R

K-WAY D T B E E S FRED PERRY FRED THE BEECHAM OFFICE S T

TONI FRENCHIE BELLA STRADA COTE K

OFFICE OFFICE B C & GUY ALL BAR E ITALIA O

T JUBILEE HALL MARKET T

ONE THE IVY C S U I

STICKS ʻNʼ SUSHI ʻNʼ STICKS T

R MARKET V

A A

OFFICE GRILL BYRON T R E

S BURGERS

ENT. ENT. T Y O

THE MAPLE LEAF PUB LEAF MAPLE THE E HOLLAND H

ENT. ENT. OF WOK OF SCHOOL U PRIMA & BARRETT T MEATMARKET FIRE & STONE & FIRE T U/D SAPORI CINNAMON E

ABUELO BACKRUB

DOUBLE SHOT DOUBLE COFFEE

OFFICE CAFF È H DʼITALIA

BAZAAR OFFICE NERO MABELS PRIMROSE R RULES A

WAHACA RUFFIANS BAKERY NANDOS GRAYS & The Shop at Bluebird, Floral Street M FEATHER CAFE MURANO I THE LADY RESIDENTIAL W N MAGAZINE P VACANT CG FRANCO T T CG O TAVISTOCK STRETE REET E RESTAURANTS MANCA TAVISTOCK S SIAM EATERY GRIND CAFF È NERO E N LONDON KRYOLAN L S I LOVE I UK CHAMPAGNE CHANDO CHAND S L & FROMAGE T S P OS P T BRAVISSIMO LACE LACE HUDSON HOUSE KAFENEO HELD FOR R ELLIS BRIGHAM I R MAIDEN LINGERIE N L E DEVELOPMENT PORTERHOUSE ANE

MREALE SOLICITORS MREALE PONG

ENCANT RESI. PING NICHOLSON E

E HUNGARIAN CULTURAL HUNGARIAN

THEATRE

ADELPHI S

BB EAT

CONDESA CHRISTI CORPUS CATHOLIC CHURCHCATHOLIC

T SI-BAR-ITA BAKERY THEBIG EASY G E GOURMET

BURGER KITCHEN

POLPO CENTRE CARFAX T ENT. T PRINT A

A BE AT ONE

U O

R MAILBOXES, ETC. THE SOUTHAMPTON

A G

D G A MILK TRAIN

A A THE NORTH FACE

E TGI MOUNTAIN N

L WAREHOUSE H D A F FRIDAYS

STRAND TANDOORI B S

I A D

E T HONEST BURGERS S A

E U

R FITNESS

BILLʼS L S FIRST CARBON T E

T M

G R R

R W

S T COTSWOLD

E W

I COSTA

THE WHISKY THE CHEQUERS L E EXCHANGE OUTDOOR E A

D II

T P

T LL

LIA E E

E R

I T R MA

I T

V O

M E G

S S ENT.

S T WASABI R E B

T IE

H U Q VE BROCCOLI R T ENT.

S R

E ONE BEDFORD L

U/D

U T

STREET

E S E VACANT

D R S I

ENT. KIMCHEE

E G A T THE

U WILLIAM ENT. T E T EGGCELLENT EXETER DN T HILL H

CAFE R

R MANGER R U

PRET A PRET S

NC SOUFFL

C E

E T

SO SO E AA MOUNTAIN

AUSTIN R N WAREHOUSE N E E

N KAYE E É

O N E T N T O CHARING CROSS T ST REN ET l 5 MINUTE WALK ST RE ET All figures relate to the period ended 30 June 2018 and represent Capco’s share of value. STRAND CHARING CROSS E The landowners’ map above is indicative. For further information go to www.coventgarden.london R A U Q S R

TRAFALGA

C E

VICTORIA EMBAN

KMENT

G E For further information go to: Earls Court Properties www.myearlscourt.com www.lilliesquare.com

JOURNEY TIMES * The Earls Court Masterplan Knightsbridge 5 minutes Key facts Hyde Park Corner 7 minutes Indicatie landowners map o St Pancras Intl (Eurostar) 19 minutes the Earls Court pportunity Area Heathrow Airport 36 minutes ES KESI Value *Source: TfL Journey Planner IAE KESI ECPL £519m A4 West Crom well Road ROYAL BOROUGH OF Lillie Square £148m KENSINGTON & CHELSEA WEST KENSINGTON Other £40m W a r w ic £707m k R EARS CR

o a d ES KESI Earls Court Masterplan EARS CR Consented Development Space IAE

a (GEA) o EARLʼS COURT d R n EE R sq ft h E S t H

r E HI 1 o H ECPL 3.6m N 2 CLSA 3.6m 3 ES BRP Lillie R LBD 2.6m oad WEST BROMPTON LONDON BOROUGH OF RH E Total 9.8m HAMMERSMITH & FULHAM ES BRP IAE IAE 1 1 Earls Court Partnership imited Area includes 0.2m sq ft relating to Empress Place (6337 Capco) (currently not consented) 2 Empress State Building (1 PAC) 2 CHESEA Land subject to CLSA between Capco and LBHF 3 illie Suare (55 CapcoKFI) IIE SARE

3 BHF Estates (and subect to CSA) Lillie Bridge Depot – currently an operational depot illie Bridge epot (1 ) owned by TfL FHA

Earls Court Site 2018. Lillie Square Phase 1, complete. Lillie Square Phase 2, main construction has commenced.

All figures relate to the period ended 30 June 2018 and represent Capco’s share of value.