Hammerson: retail real estate specialists Market-leading platform in Ireland 29 September 2015 Major new platform of high quality retail real estate in Europe’s fastest growing economy

Strategic acquisition of loan portfolio secured against market-leading retail mall portfolio for €1.85 billion • Opportunity to become Ireland’s leading retail property owner • Joint venture with Allianz • Clear strategy in place for route to asset ownership • Hammerson share of acquisition cost expected to be €1.23 billion (£0.91 billion) (1)

Dundrum shopping centre is an exceptional 1.5 million sq ft super-prime retail asset with significant rental reversion potential • Ireland’s pre-eminent retail mall and leisure destination • Platform also includes The and The Pavilions shopping centres, as well as Dundrum Phase 2 and Dublin Central Development Site

Gain exposure to fast-growing consumer economy in Ireland • GDP growth faster than any other Eurozone country, +5% in 2015F (2) • Retail sales up 7% over last twelve months to July 2015 (3)

Significant value upside from asset management and development opportunities • Synergies with Hammerson’s existing portfolio • Further 2.2 million sq ft of retail and leisure space and 27 acres of development

Attractive financial metrics • Acquired at reversionary yield of 4.6% (4) • Projected 5-year ungeared IRR of 7-8% • Immediately EPS accretive; medium term accretive to NAV per share

(1) Consideration relates to Hammerson’s resulting participation in the underlying assets (50:50 JV with Allianz at and Dundrum Phase 2; 50% investment 2 in The Ilac Centre; 50% investment in The Pavilions, Swords; 100% in Dublin City Centre Development site; 100% investment in The Pavilions development site) (2) OECD (3) Irish Retail Sales Index (Central Statistics Office) (4) Reversionary yield on assets, excluding properties held for development

Acquisition in line with Hammerson’s strategy

Hammerson strategy Transaction rationale

 Premium retail and leisure space, minimal vacancy, high reversionary potential High quality retail  Positioned to deliver long-term resilient rental growth

 Incremental 2.2 million sq ft of retail and leisure, 35% of Dublin’s shopping centre space Market-leading European position  Hammerson’s enlarged European real estate portfolio of over 20 million sq ft across 12 countries (1)

Benefit from  Ireland demonstrating strongest macroeconomic fundamentals in Eurozone strengthening consumer trends  Consumer confidence driving strong growth in retail sales and rental growth

 High level of overlap with existing expertise – compelling asset management initiatives Operational excellence identified  Hammerson marketing, multi-channel and commercialisation capabilities to enhance returns

 Leverage skills and deploy capital to deliver profitable schemes Development potential  Prospect of considerable job creation and benefits to local community  Best in class assets to create schemes with future potential

 Clear focus on Portfolio offers attractive yields, clear upside potential and total return profile consistent shareholder  Innovative approach to acquiring prime assets in competitive investment markets returns  Working with existing JV partner to spread risk and enhance transaction execution success

(1) Hammerson-managed retail and leisure net internal area 3 Ireland offers fastest GDP growth in Eurozone

(1) 1. Compelling macro indicators Real GDP growth: Strong growth is returning to Ireland • GDP growth rate of +5% in 2014 & 15F 6% Overview 4% • Unemployment is falling, fiscal deficit continues to narrow 2% and public debt is on a downward path 0% (2%) Real GDP growth • Market recovery (4%) Projected GDP growth (6%) 2. High levels of Foreign Direct Investment 2007 2008 2009 2010 2011 2012 2013 2014 2015F 2016F (“FDI”) Forecast growth in GDP vs. Employment(2) • Significant FDI attracted by low corporate tax and a highly Employment, CAGR 2015F – 2017F Themes in the Irish market 2.0% skilled workforce within the Eurozone Ireland 1.5% Spain Intu Properties plc ("Intu" or the "Company") notes the recent press speculation relating to a potential acquisition of Midsummer Place 1.0% Austria UK Shopping Centre (the "Centre") in Milton Keynes. The Company Italy N'lands Belgium confirms that it is in advanced discussions to acquire the Centre from 0.5% Germany Finland 3. Improving consumer sentiment France Legal & General Property. Portugal • Consumer sentiment at highest level since 2006 0.0% Intu has adequate cash and undrawn facilities to fund the 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% acquisition, but is also considering additional funding options, • Household wealth boosted by rising real wages and house Real GDP, CAGR 2015F – 2017F including an equity placing. price inflation A further announcement will be made as appropriate. Retail sales improvements(3) • Consistent growth in retail sales over the last 3 years 120 Strong retail sales reaching 7%(3) uplift in last 12 months driving prime rental 110.4 27-Feb-13: PLACING TO FUND THE ACQUISITION OF growth MIDSUMMER PLACE, MILTON KEYNES 110 Intu Properties plc ("Intu", the "Company" or the "Group") today announces an underwritten placing of up to 86.0 million new 100 ordinary shares of 50 pence each in the capital of the Company (the "Placing"), representing up to 9.9 per cent. of the Company's issued 97.8 share capital immediately prior to the Placing. Up to 50 per cent. of 90 the Placing may be denominated in Rand… 2009 2010 2011 2012 2013 2014 2015

(1) OECD 4 (2) Capital Economics; “Sustainable rate” used as proxy for 2017 forecast growth in GDP, employment and consumer spending in the UK (3) Ireland Retail Sales Index (Central Statistics Office)

Pick up in prime rents in Dublin, but with considerable capacity for further Exp. no. months to rate rise reversion

Highest forecast rental growth in Europe(1) Considerable capacity for retail rental growth Overview in Dublin (2) ● Expectations have shifted out Change in Retail Property Capital Values, Q1 2015H – Q4 ● Fed still likely to hike this year, but timing is open 2019F Dublin Retail Property, Zone A Rent (€/m2)

• Market recovery Dublin Madrid Frankfurt 12,000 Real GDP QoQ Global China Barcelona UK Consensus forecasts1 All UK(4) Themes in the Irish market Munich Berlin 9,000 Intu Properties plc ("Intu" or the "Company") notes the recent press Paris speculation relating to a potential acquisition of Midsummer Place Lisbon Shopping Centre (the "Centre") in Milton Keynes. The Company confirms that it is in advanced discussions to acquire the Centre from Milan Legal & General Property. ● World economy cruising near trend growth Antwerp 6,000 ● Weaker China unlikely to bring about Intu has adequate cash and undrawn facilities to fund the global recession Hamburg acquisition, but is also considering additional funding options, Brussels including an equity placing. Rome A further announcement will be made as appropriate. Athens 3,000 End of Fed QE Rotterdam 27-Feb-13: PLACING TO FUND THE ACQUISITION OF Amsterdam MIDSUMMER PLACE, MILTON KEYNES Helsinki 0 Intu Properties plc ("Intu", the "Company" or the "Group") today Vienna announces an underwritten placing of up to 86.0 million new Start of Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 ECB QE Lyon ordinary shares of 50 pence each in the capital of the Company (the 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 "Placing"), representing up to 9.9 per cent. of the Company's issued 0% 25% 50% share capital immediately prior to the Placing. Up to 50 per cent. of Grafton Street Henry Street Dundrum (c) the Placing may be denominated in Rand… ● Too early for ECB’s QE to be completely priced in Yield Impact Rent Impact (3) ● ECB ready to ease policy if required

(1) Capital Economics 5 (2) CBRE (3) Dundrum rental tone showed modest growth in period post opening (March 2005) due to lack of leasing events (4) Forecast change in IPD UK retail capital values shown from Q4 2014 to Q4 2019 Platform encompasses key retail centres in Dublin

Central Development Airport Site Ilac

Jervis

M50 Parliament Square M50

Ilac M50 Dublin Central Development Site Jervis

The central sites are located close to the prime retail streets of Dublin

Dundrum is located in the affluent southern suburbs of Dublin M50 • Catchment area contains over 1.8 million people

Dundrum Phase 2 • Estimated €2bn available to spend per annum within a 30 minute catchment Dundrum Town Centre • 71% of the catchment is ABC1 The Square

Portfolio properties

Other key shopping centres in the 6 2km Dublin Metropolitan Area 2.2 million sq ft of prime space and sustainable development opportunities

Contracted rent (1) Hammerson portfolio (2) Ultimate Hammerson / Allianz 50:50 JV

5% 1% 11%

17%

66%

Dundrum Town Centre Dundrum Dundrum Phase 2 Development Site Swords Pavilions Ilac Shopping Centre Dublin Central Development Site Other Dundrum assets (inc Phase 2)

Total rent: €45m (£33m) (1)

The Pavilions, Swords (3) The Ilac Centre (4) Dublin Central Development Site (100%)

(1) Hammerson share 7 (2) Hammerson portfolio participation under long-term Allianz joint venture structure (3) 50% co-ownership with IPUT (25%) and Irish Life (25%). Development site 100% Hammerson (4) 50% co-ownership with Irish Life (50%) Dundrum Town Centre: Ireland’s premier retail and leisure destination

• Award-winning Irish retail destination, located 5km Area south of Dublin city centre, opened in 2005 1.5 million sq ft • 120 shops, 38 restaurants, 12 screen VIP cinema and 3,400 parking spaces Catchment • Attracts prominent global retailers 1.8 million – Anchored by Harvey Nichols, House of Fraser, M&S and Penney’s

Annual footfall – 63% of income from international brands 18 million – 13% rental income from restaurants and leisure • Average dwell time 1 hour 50 minutes

% leased • Loyal customers, average of 39 visits per year 98% • Landing point for retailers entering Ireland

WAULT to expiry / to break Top Tenants

(a)(b) (a)(b) 15 yrs /12 yrs (b)

(a)(b) Contracted rent (b) (b) (b) €60 million (b)

(a) Only location in Ireland 8 (b) First store in Ireland Applying Hammerson’s depth of expertise and wide-reaching tenant relationships to drive value

Rising Dublin prime headline rents support Selection of retailers in Hammerson portfolio not reversion potential at Dundrum (1) yet represented at Dundrum

7,000 Hugo Boss

6,000 & Other Stories

5,000 Growth

potential PSF Zone A ZonePSF

4,000 € Michael Kors Mint Velvet Tommy Hilfiger

3,000

2,000 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 2013 2014 2014 2014 2014 2015 2015 2015

Grafton Street reported Dundrum reported

(1) CBRE; Company information 9 Financial details of transaction

EUR GBP (1)

JV loan purchase price €1.85 billion £1.37 billion Initial loan acquisition

Hammerson share €0.93 billion £0.69 billion

Upon Hammerson overall cost of property property €1.23 billion £0.91 billion portfolio(2) ownership

• Underlying property assets have initial yield of 4.0% and reversionary yield of 4.6%

• Expected ungeared IRR of 7-8%

(1) GBP/EUR exchange rate £1:€1.353 10 (2) Includes balancing payment to Allianz for property assets, and stamp duty, property investment taxes and other loan acquisition fees

• DTC and the other assets are intended to be brought within the direct ownership of the Group and retained in Intention to own property the long term as part of Hammerson’s portfolio of leading retail assets

Irish precedents • Loan to own process is precedented in the Irish market for NAMA loans

Timing • Expected to complete within a maximum of [6] months Clear financing strategy and programme of capital recycling

Funding plan Impact on LTV (%)

• Consideration €1.23 billion (£0.91 billion) 45% 40% LTV guidance 40% 38% • Existing financial resources 36%

• Bridge facility of €1.0 billion (£0.74 billion), repayable within 35% 33% 18 months, to be refinanced by a combination of: 25% ‒ disposal programme

‒ future capital market issuance 15% Jun-15 Pro-forma post Execute current Further disposals (1) • Ongoing disposal programme Jewel acquisition disposal (£300m) programme ‒ Acceleration of current disposal programme, up to (£200m) £200 million already identified assets Committed to long-term strategy of prudent ‒ Further disposal programme £300 million by end of leverage in line with 40% LTV guidance and 2016 10x net debt/EBITDA

(1) Includes acquisition total of £0.91 billion and proceeds from already contracted sales of Grand Maine and Bercy2 for £90 million 11

Net Debt 2,269 3,047 2,563 NAV 5,192 5,192 5,676 NAV p/s (2015E) 6.97 6.97 7.02

• DTC and the other assets are intended to be brought within the direct ownership of the Group and retained in Intention to own property the long term as part of Hammerson’s portfolio of leading retail assets

Irish precedents • Loan to own process is precedented in the Irish market for NAMA loans

Timing • Expected to complete within a maximum of [6] months Conclusion

Strategic acquisition of loan portfolio secured against market- leading Dublin retail mall portfolio for €1.85 billion

Dundrum shopping centre is an exceptional 1.5 million sq ft super-prime retail asset with significant rental reversion potential

Gain exposure to fast-growing consumer economy in Ireland

Significant value upside from asset management and development opportunities

Attractive financial metrics

12 Appendix I

NAMA overview 14

Dundrum Town Centre – floor plans 15

Further details on collateral assets 16-19

Proforma portfolio analysis 20

13 NAMA

Background

• Established in 2009 by the Irish Government to address the Irish banking system crisis • Acquired c.12,000 loans (with c.60,000 properties as security) with a nominal value of over €74.2 billion • In purchasing these loans NAMA has issued senior and subordinated debt of €31.8bn

Key objectives

• Managing the assets to achieve the best financial return for the State; and • Generate transactions which aim to contribute to a renewal of sustainable activity in Irish property

NAMA progress to date

• Generated >€29bn in cash flows since 2009 and is more than two years ahead of its original bond redemption target (having repaid 64% of its Senior Bonds in issue) • €24 billion generated from the sale of property and loans

14 Dundrum Town Centre Floor Plans

1 2 3

15 Dundrum Phase 2 development Large strategic development located adjacent to Dundrum Town Centre

• Site lies within the ‘MTC – Major Town Land Area Centre’, and is fully zoned for future 6 acres mixed-use / commercial development

• Planning process estimated at 18-24 months to complete, if pursued Lettable Area 83,735 sq ft • Previous 1.15 million sq ft planning permission established for retail, dining and leisure facilities Contracted rent • Desirable residential location and directly €1.3m adjacent to metro station with direct 15 minutes link to Dublin city centre

Investment stake • Currently let to income-producing retailers 50% (JV with Allianz) • Existing buildings include Dundrum Village Centre, 11 mixed-use properties and an additional 1.1 acre site

16 Swords Pavilions Thriving convenience and well-connected shopping centre in North Dublin

Investment stake • Prime location: in Swords, North Dublin, adjacent to main regional motorway 50% (1) – (IPUT (25%) and Irish Life (25%)) Over 600m of prime road frontage, allowing excellent visibility Lettable area – 2,000 car spaces 490,000 sq ft • Loyal customer base: The average customer visits 59 times per year Catchment – Young, high-spending demographic with 41% of 1 million visitors in the 25-44 bracket – Well-let tenant mix with 75 units and a cinema Annual footfall • Scope for expansion (1): Planning permission granted 12 million for a 1.2m sq ft mixed use (0.7m sq ft retail) extension that would make Pavilions a regional centre with a % leased larger catchment area 99% Top Tenants

WAULT to expiry/WAULT to break 11 yrs/ 7 yrs

Contracted rent (100% of centre) €15 million

(1) 16 acre site for development adjacent to The Pavilions shopping centre would be owned 100% by Hammerson, outside of the co-ownership with IPUT and Irish Life 17 Ilac Shopping Centre Situated at the heart of Dublin’s retail core

Investment stake • Prime location: In the heart of Dublin’s premier shopping area on Henry Street

50% • Diverse mix of 80+ retailers and catering units, (Irish Life (50%)) with footfall supported by two large anchors (Dunnes Stores and Debenhams) (1) Lettable area • €60m refurbishment in 2008 improved internal 160,000 sq ft design, external frontages and lighting • Easily accessible by public transport: Bus and Luas, 1,000 space car park Annual footfall • Upside drivers: Improve tenant mix leveraging on 18 million Hammerson’s expertise and 5 years WALT to break; refurbish Moore mall, untouched in 2008

% leased • Frontage on to Dublin Central Development site 99% Top Tenants WAULT to expiry / WAULT to break 10 yrs /5 yrs

Contracted rent (100% of centre) €10 million

(1) Dunnes Stores and Debenhams are not within portfolio ownership 18 Dublin Central Development Unique Dublin development site adjoining The Ilac Centre

• Rare opportunity: One of the largest and best- Land area positioned urban development sites in Europe 5.3 acres • Prime location: Positioned at the entrance to the prime Henry Street retail area Area (inc. in current planning) – footfall of 30m people / yr – established public transit system and planned 1.4 million sq ft extensions

• Contracted rent (on existing use) Enviable scale: Unique > 5 acre site assembled over a decade €2.4 million • Irreplaceable: Collection of numerous assets accumulated over a decade Investment stake – 15 groups of buildings 100% • Planning: Permission granted for a large scale mixed use centre – flexibility to pursue numerous development scenarios, including a capital city retail village, a new Henry Street grand gateway or a regional shopping centre

• Upside drivers: Opportunity for Hammerson to leverage its city centre development expertise

19 Pro-forma portfolio analysis

Hammerson shopping centres by size Portfolio breakdown by value (pro-forma as at (1) Shopping centre Size (m2) 30 June 2015) Dundrum Town Centre, Dublin 139,900 Bullring, Birmingham 126,300 Other / Cabot Circus, Bristol 109,600 developments 6% Highcross, Leicester 105,600 Premium Silverburn, Glasgow 99,700 Outlets Brent Cross, London 84,900 12% 31% WestQuay, Southampton 76,400 UK Shopping The Oracle, Reading 70,700 23% Centres Ireland Retail O’Parinor, Aulnay-sous-Bois 67,700 34% (loans) Centrale, Croydon 64,700 10% Les 3 Fontaines, Cergy-Pontoise 64,000 Les Terrasses du Port, Marseille 63,000 34% Italie Deux, Paris 13ème 57,300 Union Square, Aberdeen 51,700 Swords Pavilions, Dublin 45,500 41,000 Place des Halles, Strasbourg UK Retail Espace Saint Quentin 29,400 Parks Ilac Shopping Centre, Dublin 27,100 19% France Saint Sébastien, Nancy 24,000 13% 19% Victoria Quarter, Leeds 19,100 39% Nicetoile, Nice 17,600 SQY Ouest, Saint Quentin-en-Yvelines 17,600 48% Monument Mall, Newcastle 9,500

(1) Includes acquisitions total of £0.91 billion and contracted disposals of Grand Maine and Bercy 2 20

Disclaimer

This presentation contains certain statements that are neither financial results nor other historical information. These statements may be forward- looking in nature and are subject to risks and uncertainties. Actual future results may differ materially from those expressed or implied by these statements. Many of these risks and uncertainties relate to factors that are beyond Hammerson's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of governmental regulators and other risk factors such as Hammerson's ability to continue to obtain financing to meet its liquidity needs, changes in the political, social or regulatory framework in which Hammerson operates or in economic or technological trends or conditions, including inflation and consumer confidence, on a global, national or regional basis. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Hammerson does not undertake any obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date of these materials. Information contained in this presentation relating to the company or its share price, or the yield on its shares, should not be relied upon as a guide to future performance. Target yields or target returns are targets only. While this presentation has been prepared by Hammerson in good faith, so far as permitted by law, no responsibility or liability is accepted for its accuracy or sufficiency, or for any errors, omissions or misstatements, negligent or otherwise, relating to this presentation (save in the case of fraudulent misrepresentation). This presentation is for information purposes only. Nothing in this presentation constitutes investment advice and this presentation should not be relied upon as the basis for any investment decision.

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