Capital & Counties Properties

Capital & Counties Properties PLC February 2019 Our assets Our assets are concentrated around two prime estates in central London with a combined value of £3.3 billion

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

Key L TfL The landowners’ map above is indicative. 100% Capco owned The Earls Court Lillie Square Capco has exercised Lillie Bridge Depot Consented The Covent Garden area has been magnified x 1.95 Partnership Limited; 50:50 its option under 100% TfL owned Earls Court Masterplan* an investment joint venture the CLSA relating vehicle with TfL with KFI to this land All figures relate to the year ended 31 December 2018 and represent Capco’s share of value. Capco share 63%

*excludes the Empress State Building which has separate consent for residential conversion The Earls Court landowners map above is indicative.

Key L TfL 100% Capco owned The Earls Court Lillie Square Capco has exercised Lillie Bridge Depot Consented Partnership Limited; 50:50 its option under 100% TfL owned Earls Court Masterplan* an investment joint venture the CLSA relating vehicle with TfL with KFI to this land Capco share 63%

*excludes the Empress State Building which has separate consent for residential conversion 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 — 2018

Total property value £3.3bn Weighted average cost of debt 2.9% LTV 18% Weighted average debt maturity 6.0 years Group undrawn facilities & cash £854m

Covent Garden Earls Court Properties

78 buildings 517 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 £108m 2 CLSA option 3.6m sq ft Gross income £68m Lillie Square (50:50 Capco:KFI) 1.0m sq ft Net rental income £58m

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

2 Option exercised in 2013

All figures relate to the year ended 31 December 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

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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 year ended 31 December 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

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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 £461m A4 West Crom well Road ROYAL BOROUGH OF Lillie Square £159m KENSINGTON & CHELSEA WEST KENSINGTON Other £38m W a r w ic £658m 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 Area includes 0.2m sq ft relating to Empress Place 1 Earls Court Partnership imited (currently not consented) (6337 Capco) 2 CHESEA Land subject to CLSA between Capco and LBHF 2 illie Suare (55 CapcoKFI) IIE SARE

3 3 BHF Estates (and subect to CSA) Lillie Bridge Depot – currently an operational depot 4 illie Bridge epot (1 ) owned by TfL FHA

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

All figures relate to the year ended 31 December 2018 and represent Capco’s share of value.