Hibernia REIT Plc

Hibernia REIT plc

Company update July / August 2014 DISCLAIMER

This presentation (hereinafter "this document") has been prepared by Hibernia REIT plc (the "Company") and WK Nowlan REIT Management Limited ("WNRML"), the Company’s investment manager, for information purposes only. This document has been prepared in good faith but the information contained in it has not been independently verified and does not purport to be comprehensive. The Company is not undertaking any obligation to provide any additional information or to update this document or to correct any inaccuracies that become apparent. This document is neither a prospectus nor an offer nor an invitation to apply for securities. The information contained in this document is subject to material updating, completion, revision, amendment and verification. This document does not constitute or form a part of any offer for sale or solicitation of any offer to buy or subscribeforanysecurities.Anyprospective investor must make its own investigation and assessments and consult with its own adviser concerning any evaluation of the Company and its prospects. No representation or warranty, express or implied, is given by or on behalf of the Company, its group companies, WNRML or any of their respective shareholders, directors, officers, employees, advisers, agents or any other persons as to the accuracy, completeness, fairness or sufficiency of the information, projections, forecasts or opinions contained in this presentation. In particular, the market data in this document has been sourced from third parties. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in any of the information or opinions in this document. Certain information contained herein constitutes "forward-looking statements", which can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target" or "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or contemplated in such forward- looking statements. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. There is no guarantee that the Company will generate a particular rate of return. The Company has not been, and will not be, registered under the US Investment Company Act of 1940, as amended, and investors are not entitled to the benefit of that Act. This Presentation is available only to persons who are (1) both Qualified Institutional Buyers as defined in Rule 144A under the US Securities Act of 1933, as amended, as well as Qualified Purchasers within the meaning of section 2(a)(51) of the US Investment Company Act of 1940, as amended, or (2) outside the United States and not US persons as defined in Regulation S under the US Securities Act of 1933, as amended.

2 Agenda

Operating and financial highlights

Market update

Acquisitions

Conclusion and outlook

3 OPERATING AND FINANCIAL HIGHLIGHTS

Overview

. Highly active period since full year results to 31 March 2014 – Completed eight acquisitions, totalling €267m, primarily of Dublin CBD offices – Three new hires including CFO, bringing management team to 12 – Support from the wider WKN team of 33 people

. Portfolio taking shape – Have invested €336m, over 90% of net proceeds raised in December 2013, with a further €63m committed – Summary of portfolio statistics – 76% (by cost) in Dublin CBD offices, remainder between residential and logistics, all within Dublin – Portfolio NIY 4.1% (4.7% post rent free periods / abatements) – Strong reversionary potential: weighted average contracted rents for offices of €33 per sq. ft. – Development project at Wyckham Point and development opportunities at Windmill Lane and Gateway sites

. Outlook – Very high level of transaction volumes in Dublin office market currently and NAMA to accelerate portfolio sell-down – Management are finding attractive acquisition opportunities within the Dublin office market, particularly in off-market and loan spaces – Hibernia is considering various funding options: in first instance seeking to put in place debt

4 OPERATING AND FINANCIAL HIGHLIGHTS

Our strategy has not changed since our IPO

Investment criteria Target property types and locations

. Majority in Grade A or Grade B office buildings that can . Balanced portfolio of property types be acquired close to or below replacement cost

− Principally institutional quality, well located, income . Appropriate allocation to producing commercial property − Retail assets with low tenant risk e.g. in Dublin’s prime shopping districts that have historically performed well Up to 30% of portfolio allocated to “value-added” − − Industrial assets in prime locations close to good properties e.g. requiring refurbishment or tenanting transport links and leased to strong tenant covenants − Prime Dublin residential, infill residential schemes in − Full scale development not envisaged other than in close proximity to public transportation and within 6 miles special circumstances of limited risk and not above 15% of CBD of portfolio

. Primarily Dublin CBD and Greater Dublin area Illustrative targeted portfolio breakdown

. Lot sizes – typically €10m–€50m

. Targeting Total Shareholder Return of 10-15% p.a. (pre-taxation) with a substantial income element when fully invested

. Ability to enter joint ventures

. Gearing not to exceed 50% of portfolio (Irish REIT Office RetailIndustrial Residential limit) and not expected to exceed 40% of portfolio at time of borrowing

5 OPERATING AND FINANCIAL HIGHLIGHTS

Summary of acquisitions to date

. Since commencing operations in January 2014, have deployed €336m (over 90% of net IPO proceeds) and have a further €63m committed Acquisitions to date

Acquisition Initial Acquisition Acquisition Name Location completion date investment Type Net initial yield type structure

Dorville Portfolio (key Dundrum, 28‐Feb‐14 €67m Primarily n/a Off‐market Loan asset: Wyckham Point) Dublin 16 Residential

New Century House Mayor Street, 01‐May‐14 €47m Office c.6%(1) Off‐market Property Dublin 1

Gateway Site Newlands Cross, 07‐May‐14 €10.1m Industrial c.5%(2) On‐market Property Dublin 22

Montague House and Hatch Street Upper 16‐May‐14 €18.3m(3) Office c.8% Off‐market Loan Hardwicke House and Adelaide Road, Dublin 2

Chancery Building and Chancery Lane, 30‐Jun‐14 €16m Office c.7% Off‐market Loan Chancery Apartments Dublin 8

Notes (1) Once rent abatement period ends in September 2015 (2) Gross initial yield (3) Hibernia REIT has the right to take full ownership for an incremental €41.75m

6 OPERATING AND FINANCIAL HIGHLIGHTS

Summary of acquisitions to date (cont’d)

Acquisitions to date

Acquisition Initial Acquisition Acquisition Name Location completion date investment Type Net initial yield type structure

Hanover Building Hanover Quay, 16‐Jun‐14 €20.2m Office c.7% Off‐market Loan Dublin 2

Windmill Lane Windmill Lane, 13‐Jun‐14 €7.5m Development site n/a Off‐market Property Dublin 2

Observatory Sir John Rogerson’s 16‐Jul‐14 €51.5m Office c.4%(1) On‐market Property Quay, Dublin 2

Guild House and Guild Street, 18‐Jul‐14 €90.8m Office c.7% Off‐market Property Commerzbank House Dublin 1

Total €328m Total including acquisition costs €336m

Since commencing operations in January 2014, have deployed €336m (over 90% of net IPO proceeds) and have a further €63m committed

Notes (1) Once rent free periods end in 2015 and 2016

7 Agenda

Operating and financial highlights

Market update

Acquisitions

Conclusion and outlook

8 MARKET UPDATE

Irish economic backdrop supportive of continued recovery in property market

Domestic demand to contribute to growth in 2014 Employment growth has picked up 10% 2% 6% 8% 4% 6% 1% 4% 2% 0% 2% 0% 0% -1% -2% -2% % YoY -4% -4% -2% Data -6% released -6% -3% since IPO -8% -8% -10% -4% -10% -12% Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014f 2015f Domestic demand GDP Quarterly (LHS) Annual (RHS) Source: CSO, Goodbody Source: CSO

PMIs are well into positive territory Consumer confidence has risen since the end of the bailout

65 100

90 60 80 55 70

50 Index 60 Data 50 Data released released 45 since IPO 40 since IPO

40 30 May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May 11 11 11 11 12 12 12 12 12 12 13 13 13 13 13 13 14 14 14 08 08 08 09 09 09 10 10 10 11 11 11 12 12 12 13 13 13 14 14

Services Manufacturing Composite Source: Bloomberg, Markit Source: Factset

9 MARKET UPDATE

Commercial property market recovering strongly, particularly office sector

Commercial property is continuing its recovery Capital values are currently at c.1999 levels

1,600 600

1,400 580

1,200 560

1,000 540 520 800 500 600 480 Data Capital value index value Capital 400 Capital value index value Capital released 460 200 since IPO 440 0 420 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 1977 1981 1984 1986 1988 1990 1992 1994 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Source: Jones Lang LaSalle Source: Jones Lang LaSalle

Quarterly change in capital values by sector Quarterly change in rents by sector

7% 8% Data Data 6% released 6% released 5% since IPO since IPO 4% 4% 3% 2% 2% 0% 1%

0% -2% -1% -4% -2% Quarterly change Quarterly change -3% -6% Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Retail Office Industrial Retail Office Industrial

Source: IPD Source: IPD

10 MARKET UPDATE

Dublin residential market also showing strong growth from depressed levels

Residential prices now growing across the country Average residential property prices

30% 500,000

450,000

20% 400,000

350,000 10% 300,000

250,000

% YoY 0%

200,000

-10% 150,000

100,000 Data Data -20% released released since IPO 50,000 since IPO

0 -30% Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14

Dublin ex Dublin Dublin ex Dublin

Source: CSO Source: ptsb/ESRI, CSO, Goodbody

11 MARKET UPDATE

Rental market: Dublin office dynamics

Number of Grade A vacant buildings in Dublin IFSC, 2 and 4 Vacant space by geography and quality

10 IFSC 5,000 Grade A

9 Dublin 2 Grade B

Dublin 4 Grade C 8 2 4,000

6 3,000 3 5

4 2,000 7 Only 1 building of >50,000 sq. ft. 3 2

currently vacant, down from 5 at end of Thousands (sq.ft.) 1 Q2 2013 2 4 1 1,000 1 2 2 1 1 0 0 - 9,999 10,000 - 20,000 - 30,000 - 40,000 - 50,000 - 60,000 - 70,000 - 80,000 - 90,000 - 100,000 - 150,000 0 sq.ft. 19,999 29,999 39,999 49,999 59,999 69,999 79,999 89,999 99,999 149,999 sq.ft.+ sq.ft. sq.ft. sq.ft. sq.ft. sq.ft. sq.ft. sq.ft. sq.ft. sq.ft. sq.ft IFSC Dublin 2 Dublin 4 Rest of Dublin

Dublin City

Source: Jones Lang LaSalle Source: Jones Lang LaSalle

. Q2 take-up of 0.42m sq. ft. brings the year to date take up to 1.02m sq. ft. . Total take up for 2014 expected to be in line with 2013’s total of 1.92 million sq. ft. . Currently 1.3 million sq. ft. of active requirements in the market . Prime quoted rents in the city centre have increased to €45 per sq. ft. with rents in excess of €40 per sq. ft. being achieved . Evidence of longer leases of 20 – 25 years is more common in the market with first break options at year 10 in the city centre ) . CBRE forecasting prime rents at c.€60psf by 2020(1

Source: Jones Lang LaSalle Dublin Office Market Report Q2 2014, (1) CBRE Outlook 2014

12 MARKET UPDATE

Rental market: Dublin office dynamics (cont’d)

Dublin office take-up expected to be c.2m sq.ft. in 2014 Dublin geographic take-up

3.0 100% 90% 2.5 80% 36% 48% 44% 41% 2.0 70% 60% 1.5 50% 1.0 40% 30% 59% 64% 0.5 52% 56%

Million sq.ft. 20% 0.0 10% 0% 2011 2012 2013 H1 2014 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 City Centre Suburbs

Forecast Take Up 20 Year Average H1 2014

Source: Jones Lang LaSalle Source: Jones Lang LaSalle

Vacancy reducing and very limited new supply Q2 2014 Dublin take-up by sector

40 5.0 4.0 30 Suburbs 373,697 sq.ft. 3.0 20 2.0 10 1.0 0 0.0 CBD 650,649 sq.ft. Million sq.ft.

TMT Transport and Storage Q4 2001 Q4 2002 Q4 2003 Q4 2004 Q4 2005 Q4 2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q2 2014 Insurance and Pension Funds Banking and Fin. Occupied Stock Vacant Stock Under Construction Other

Source: Jones Lang LaSalle Source: Jones Lang LaSalle

13 MARKET UPDATE

Investment market: volumes of transactions picking up sharply

5,000

4,500

4,000

3,500

3,000

2,500 € millions 2,000

1,500 Ø €1,152m

1,000

500

0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Total Investment Volumes Loan Sales Forecast Direct & Loan 12 year average

Note: Excludes IBRC loan sales of €9.3bn nominal value

. H1 direct property sales of €1.7bn have already achieved 90% of total volume for 2013, when €1.9bn was transacted

. Large supply pipeline in H2 2014, with NAMA, Bank of Ireland and Ulster Bank expected to be the most significant sellers

Source: Jones Lang LaSalle

14 MARKET UPDATE

Irish property market recovery leading to increased disposals by NAMA in Ireland

NAMA’s Irish disposals continue to increase… …as focus shifts away from London back towards Ireland

Cumulative Irish Disposals by NAMA (€m) Irish Disposals as a % of NAMA total 3,000

2,500

2,000 50% 1,500

1,000 22%

500 13%

0 Q1'10 Q3'10 Q1'11 Q3'11 Q1'12 Q3'12 Q1'13 Q3'13 Q1'14 2012 2013 2014 YTD July

To date in 2014, our (total) sales are over €5bn. 50% of that has come from Irish sales” “ Frank Daly, NAMA Chairman, 4 July 2014

Senior figures within NAMA and the Irish government are suggesting that the rate of Irish disposals is likely to increase

New redemption target of 80% (of NAMA senior debt) by 2016 We currently estimate that we will need to sell about €6bn in Irish ” assets over the period from 2014 to 2016 “ Michael Noonan, Minister of Finance, 16 July 2014 “ ” Brendan McDonagh, NAMA CEO, 29 May 2014

Sales of NAMA-owned assets in Ireland have accelerated in recent months and this trend looks set to continue

Source: NAMA, Investec, press reports

15 MARKET UPDATE

NAMA’s portfolio well suited to Hibernia’s investment proposition

NAMA loans: split by geography (Dec-13) NAMA loans in Dublin: split by type (Dec-13)

Hotel & Other Leisure 3% 5%

Rest of World 10% Office Land 24% Rest of 13% Britain 12% Dublin 43% of €19.6bn(1) 38% NAMA’s total €7.5bn(2) portfolio is London Dublin based 18% Development 15% Retail 18% 64% of DCB Industrial NAMA’s Cork Residential 5% 2% Dublin assets 6% 20% Rest of in Hibernia Ireland target sectors 4%

Limerick Northern 1% Galway Ireland 2% 4%

Within the Dublin area, commercial office space and A significant portion of NAMA’s portfolio is in central other Hibernia investment priorities make up the Dublin and the adjacent commuter belt majority of assets

DCB = Dublin Commuter Belt Source: NAMA, Investec Note: Split of AuM in NAMA portfolio as of 31-Dec-2013 (1) NAMA carrying value of loans (total portfolio) as at 31-Dec-13 (2) NAMA carrying value of loans in Dublin as at 31-Dec-13 16 MARKET UPDATE

Investment market: availability of assets

Total value of commercial property transactions has increased significantly since IPO

NAMA . See prior slides

. Acceleration of sales expected to hit new target of redeeming 80% of senior debt (a cumulative €24 billion) by 2016

Banks . IBRC: The Residential Mortgage loan sale, completed on 6 June 2014, resulted in the disposal of 64% of IBRC’s Residential Mortgage book

. Ulster Bank: Disposal of £9bn in Irish investment and development loans kicked off in February 2014 with €850m sale process for portfolio of commercial loans

. Permanent TSB: To sell commercial loan book of €2.6bn

. Domestic banks: continue to make selective loan sales

Other . Private equity funds, active over last 18 months in Ireland, have become increasingly active in other EU markets and some are exploring opportunities to exit Irish assets particularly where project management expertise is required

. JV opportunities – NAMA has confirmed it will engage in JV opportunities with suitable partners, as have some PE funds, and these opportunities will most likely emerge where project management expertise is required

JLL forecasting direct property and commercial loan transactions totalling €4bn in 2014(1) (1) Source: Jones Lang LaSalle

17 Agenda

Operating and financial highlights

Market update

Acquisitions

Conclusion and outlook

18 ACQUISITIONS

Location of Hibernia acquisitions

Office acquisitions all within CBD; ex-CBD acquisitions both with good transport links Central Dublin acquisitions

Dublin The Ward Airport Fairview Park Croke Park M1 Portmarnock N2/M2 Northwest M50 Business Park Northern Cross N3/M3 Ballymun Sutton Blanchardstown Beaumont Kings Inns Howth Castleknock Drumcondra Clontarf North Bull N4/M4 Phibsborough Island 2 9 Palmerstown Alexandra Basin Dublin River Liffey 9 2 8 8 5 6 4 7 7 N81 6 Ballsbridge Clondalkin Kimmage 5

3 Ballymount Blackrock N7/M7 St. Stephens 1 Wyckham Point Rathfarnham Green M50 Dundrum1 2 New Century House Tallaght 3 Gateway Site N11 4 MontagueGlenageary House and Hardwicke House 4 5 Chancery Building and Chancery Apartments M50 6 Hanover Building

7 Windmill Lane Herbert Park 8 Observatory

9 Guild House and Commerzbank House

Source: Google Maps, Visit Dublin, Jones Lang LaSalle Note: Hibernia acquisitions shown in red.

19 ACQUISITIONS

Summary of Dorville portfolio loan acquisition

. Off–market acquisition of €67m Dorville loan portfolio from Ulster Bank

. Gaining access to a portfolio of 16 assets, principally residential

. Hibernia to retain three “core” assets and undertake phased disposal of the other assets

Summary

Core assets Ascribed value

Wyckham Point Residential €30m

Cannon Place Residential €6m

South Dock House Office €5m

€41m

Non core assets Ascribed value

8 residential assets €19m

2 office assets €2m

3 development assets €5m

€26m

20 ACQUISITIONS

Wyckham Point

Acquisition type Dundrum, Dublin 16 Off-mkt On-mkt . Acquired as part of €67m Ulster Bank loan portfolio Property Loan  . Apportioned value of c. €30m . Comprises: Dev. opportunity  – Wyckham Point – 213 partially completed apartments – Mix of one, two and three bed apartments Property type – Excellent amenities incl. 3 acre park with lake, gym, creche Office . Prime south Dublin residential location Grade A – Good transport links CBD – close to Dundrum Shopping Centre Income producing Value-add space Retail Low tenant risk Prime Dublin

Industrial Prime location Good transport links Strong covenant

Residential Infill  Wyckham Point planned timeline to complete Good transport Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 links  Stage 1 - Pre Construction

Stage 2 - Construction

Stage 3 - Turn-key fit-out

21 ACQUISITIONS

Cannon Place

Acquisition type Herbert Road, Dublin 4 Off-mkt On-mkt . Acquired as part of €67m Ulster Bank loan portfolio Property Loan  . Apportioned value of €6m . Comprises 12 two and three-bed apartments in a 22 unit apartment block Dev. opportunity . Well-located modern estate – Walking distance from Sandymount and Ballsbridge villages Property type – Close to Lansdowne DART station and the Aviva Stadium Office Grade A CBD Income producing Value-add space Retail Low tenant risk Prime Dublin

Industrial Prime location Good transport links Strong covenant

Residential Infill Good transport links 

22 ACQUISITIONS

South Dock House

Acquisition type 1st Floor Offices, Hanover Quay, Dublin 2 Off-mkt On-mkt . Acquired as part of €67m Ulster Bank loan portfolio Property Loan  . Apportioned value of c.€5m, equating to €530psf capital value . Asset comprises Dev. opportunity – One floor of 8,942 sq ft in three office suites with parking for 9 cars – Let to 3 tenants (Open Hydro Ireland, Collins Stewart, Guggenheim Partners) Property type – Annual rent of €312k, average of €35psf Office – WAULT of three years Grade A  CBD  Income producing  Value-add space Retail Low tenant risk Prime Dublin

Industrial Prime location Good transport links Strong covenant

Residential Infill Good transport links

23 ACQUISITIONS

New Century House

Acquisition type Mayor Street, IFSC Dublin 1 Off-mkt On-mkt . Acquisition price €47m: equating to €587psf capital value Property  Loan . Asset comprises – 80,000 sq ft offices over six storeys with parking for 87 cars Dev. opportunity – Let to Bank of Ireland on FRI lease until 2024, with upward-only rent review in 2019 Property type – Annual headline rent €2.85m, or €32psf, with rental abatement until Office October 2015 Grade A  – Initial yield (post-abatement period): c.6% CBD  . Significant refurbishment work is about to be implemented by the tenant Income producing  Value-add space  Retail Low tenant risk Prime Dublin

Industrial Prime location Good transport links Strong covenant

Residential Infill Good transport links

24 ACQUISITIONS

Gateway Site

Acquisition type Newlands Cross, Naas Road, Dublin 22 Off-mkt On-mkt  . Acquisition price: €10.1m Property  Loan . Comprises – 14.1 acres (5.71 ha) with three large industrial/logistics facilities of 177,960 sq. ft. Dev. opportunity  – Buildings currently 46% occupied and producing an annual rental income of €517k or c.€5.5psf Property type – Initial yield c.5% Office . Strategic location adjacent to intersection of Ireland’s two busiest roads and Dublin’s Grade A light rail system CBD . Significant redevelopment potential Income producing Value-add space Retail Low tenant risk Prime Dublin

Industrial Prime location  Good transport links  Strong covenant

Residential Infill Good transport links

25 ACQUISITIONS

Montague House & Hardwicke House

Acquisition type Hatch Street Upper & Adelaide Road, Dublin 2 Off-mkt On-mkt . Acquisition price: €60m, equating to €692psf capital value Property Loan  . Acquisition from Hardwicke Group in partially deferred transaction structure – Initial acquisition of €18.25m of loans (giving operational control) with NIY of Dev. opportunity 7.7% – Right to take full ownership of the buildings any time up to mid-2016 for Property type incremental €41.75m Office . Assets comprise Grade A  – 88,483 sq ft of prime Grade A office space in two 5 storey buildings on contiguous CBD  back-to-back sites with 56 basement car parking spaces Income producing  – Both multi-let at avg rent of €30psf (Hardwicke €34psf, Montague €27psf) Value-add space – WAULT of 7 years Retail – 100% of rent to be reviewed during or prior to 2018 Low tenant risk – 28% with break clauses in 2016 Prime Dublin

Industrial Prime location Good transport links Strong covenant

Residential Infill Good transport links

26 ACQUISITIONS

Chancery Building & Chancery Apartments

Acquisition type Chancery Lane, Dublin 8 Off-mkt On-mkt . Acquisition price: €16m Property Loan  . Acquiring loans from Bank of Ireland, giving full ownership of assets . Assets comprise Dev. opportunity – a) office building with 33,799 sq. ft. space over 6 stories with 19 parking spaces – Allocated price of €15m for the offices equates to cap. val. of €445psf Property type – Fully let with WAULT of 9 years and 2 years to break Office – Average passing rent of €30psf Grade A  – Net initial yield 6.8% CBD  – b) four 2 bed apartments in same building with separate entrance Income producing  – Fully let on 1 year contracts Value-add space Retail – Allocated price of €1m for the apartments equates to a net initial yield Low tenant risk 6.1% Prime Dublin – c) a small 0.05 acre site with planning consent for a c. 13,900 sq. ft. NIA office building or a 45 ‘suite’ student accommodation building

Industrial Prime location Good transport links Strong covenant

Residential Infill Good transport links

27 ACQUISITIONS

The Hanover Building

Acquisition type Windmill Lane, Dublin 2 Off-mkt On-mkt . Acquisition price: €20.2m, equating to €360psf cap. val. and 7.3% NIY Property Loan  . Asset comprises 5 storey building and 13 underground parking spaces with: – a) 44,317 sq. ft. of office space on upper floors Dev. opportunity  – Fully let to BNY under leases running to 2026/7 with break clause in 2016 – Average passing rent on office space of €30psf Property type – b) 11,614 sq. ft. of retail space on ground floor Office – Fully let to Eurospar to 2032 with break clause in 2019 Grade A – Office and retail income all subject to rent reviews in 2017 and 2018 CBD  . South Docks area one of most popular office locations in recent years Income producing  . Adjoins the 1 acre Windmill Lane Site acquired in simultaneous transaction from a Value-add space  separate seller Retail Low tenant risk Prime Dublin

Industrial Prime location Good transport links Strong covenant

Residential Infill Good transport links

28 ACQUISITIONS

Windmill Lane Site

Acquisition type Windmill Lane, Dublin 2 Off-mkt On-mkt . Acquisition price: €7.5m Property  Loan . 1 acre development site adjoining Hanover Building in South Docks area . Existing planning consent for: Dev. opportunity  – 125,000 sq. ft. (net) office space – 9,000 sq. ft. retail Property type – 15 residential units Office . Price paid for land equates to €50psf on the net developable space Grade A . 12 month option to a party to invest on a side by side, equal cost basis on the CBD  redevelopment of the Hanover Building and the Windmill Lane Site Income producing Value-add space  Retail Low tenant risk Prime Dublin

Industrial Prime location Good transport links Strong covenant

Residential Infill Good transport links

29 ACQUISITIONS

The Observatory Building

Acquisition type Sir John Rogerson’s Quay, Dublin 2 Off-mkt On-mkt  . Acquisition price €51.5m Property  Loan . Asset comprises Dev. opportunity – a) 84,000 sq ft office over six storeys with parking for 47 cars – Allocated price of €49.8m for the offices equates to cap. val. of €590 psf Property type – 95% let with WAULT of 11 years and 4 years to break Office – Tenants include Riot Games, Publicis, Morgan Stanley & Realex Payments Grade A  – Low average rent of €26psf CBD  – Annual headline rent of €2.2m, with rent frees on €1.2m ending in 2015 and Income producing  early 2016 Value-add space – Initial yield (post-rent free periods): c.4.1% Retail – b) Eight partially completed 2 bed “live / work” units and two retail units Low tenant risk – Allocated price of €1.7m Prime Dublin

Industrial Prime location Good transport links Strong covenant

Residential Infill Good transport links

30 ACQUISITIONS

Guild & Commerzbank House

Acquisition type Guild Street, IFSC, Dublin 1

Off-mkt On-mkt . Acquisition price €90.75m Property  Loan . Purchase of two adjoining buildings in the IFSC. The buildings comprise: Dev. opportunity – 144,250 sq. ft. of office accommodation over five storeys with parking for 148 cars – Cap. val. of €629 psf Property type – 100% let with WAULT of 3 years to break and 11 years to expiry Office Grade A – Tenants include FBD Holding Ltd, BNY Mellon and Commerz Management  Services CBD  – Average rent of €39psf Income producing  – Annual headline rent of €6.1m Value-add space Retail – Initial yield: 6.6% Low tenant risk Prime Dublin

Industrial Prime location Good transport links Strong covenant

Residential Infill Good transport links

31 Agenda

Operating and financial highlights

Market update

Acquisitions

Conclusion and outlook

32 CONCLUSION AND OUTLOOK

Conclusion

. Highly active period since full year results to 31 March 2014 – Completed eight acquisitions, totaling €267m, primarily of Dublin CBD offices – Three new hires including CFO, bringing management team to 12 – Support from the wider WKN team of 33 people

33 Agenda

Appendix

34 APPENDIX

Strong board with mix of property and plc experience

Hibernia REIT plc Danny Kitchen Stewart Terence Colm Bill Nowlan Independent Harrington O’Rourke Barrington Non-Executive Non-Executive Independent Non-Executive Independent Director Chairman Non-Executive Director Non-Executive Director Director Non-Executive Chairman of Non-Executive Director of BWG Non-Executive Director of The Irish Non-Executive Chairman of Aer Previously Head of Property Governance Workspace Group plc and Group and Stafford Holdings Times and Chairman of Enterprise Lingus plc and CEO and Director of Investment of Irish Life from 1985 Non-Executive Director of LXB Previously a Partner Jones Lang Ireland Fly Leasing Ltd to 1995, the largest property fund Retail Properties plc Wootton (now Jones Lang LaSalle) Previously Managing Partner KPMG manager in Ireland. Established Previously Finance Director of Founding Partner of Harrington Ireland WK Nowlan in 1995, one of the Green Property plc Bannon Chartered Surveyors largest property asset managers in Ireland

Breadth of skill set and experience encompassing institutional property management and development in prime WK Nowlan REIT and value add space, with strong relationships with key decision makers in banking and property Management Kevin Nowlan Bill Nowlan Frank Kenny Frank O’Neill Tom Edwards- Chief Executive Investment Portfolio Chief Operations Moss Officer Director Management Officer Chief Financial Director Officer

>20 years of experience in the >40 years of experience advising >35 years of experience in the >20 years of experience in the Previously worked for 9 years at Irish property market on investment in Irish commercial Irish and US property markets Irish property market Credit Suisse in Investment Management Previous positions include Senior property Founder and CEO of Willett Previously, manager of WK Nowlan Banking Division with a particular Portfolio Manager at NAMA, Previously Head of Property Companies LLC, boutique Property Management Division, focus on corporate finance in the Portfolio Manager at Treasury Investment of Irish Life from 1985 investment company which covering Irish and UK properties real estate sector. He qualified as Holdings and Assistant Manager at to 1995, the largest property fund managed, developed and/or owned a Chartered Accountant at Anglo-Irish Bank plc manager in Ireland. Established 2 million sq ft of real estate PricewaterhouseCoopers in 2005 WK Nowlan in 1995, one of the largest property asset managers in Ireland

WK Nowlan . WK Nowlan is a property asset management company staffed by 33 professional staff with capacity to execute multiple Property transactions simultaneously . The team has a broad mix of skills covering all the key professional aspects of property management and development: surveyors and valuers, architects, engineers, portfolio managers and financial analysts Support . Capacity to execute multiple transactions simultaneously . Ability to manage complex commercial and residential projects

35 APPENDIX

Financial highlights as of 31 March 2014

Financial highlights

31 March 2014 . Gateway Site acquired [ ] Balance sheet €’000. NotesLoans acquired from Ulster Bank (Wyckham assets)

Loans 68,563 .. PrincipallyLoans acquired cash from + cash Ulster equivalents Bank (Wyckham of [ ]assets)

Current assets 303,337 . Principally cash + cash equivalents of €291.7m

Current liabilities (934) . Principally accrued acquisition costs and other trade payables

Net assets 370,966

EPRA NAV per share 96.4 cents

Income statement 31 March 2014 Notes

. Reflects operating expenses of €1.2m and modest interest income on cash Net loss (846) deposits

Basic and diluted loss per share (0.22) cents

Financials reflect the fact most of the acquisitions did not close in the first 90 days of operations

36 APPENDIX

Overview of the Irish REIT regime

Summary of Irish REIT regime

Established . Introduced by Finance Act 2013

Legal form . Irish incorporated PLC company with an allotted share capital of not less than €38,092

Shareholder requirements . No closely held company; 10% threshold for corporate shareholders

Listing requirements . Listed on the main market of a stock exchange in an EU Member State

Business restrictions . >75% of aggregate income derived from property rental business . >75% of portfolio market value must relate to property rental business . Within 3 years of commencement, the REIT must hold at least 3 separate assets, none of which having a market value >40% of total portfolio . Irish and non-Irish assets . Authorised sectors: commercial properties, industrial properties, residential properties

Leverage restrictions . Profit financing ratio of at least 1.25 : 1 . Profit financing ratio = property income plus property finance costs divided by property finance costs

Tax . Tax exemption for certain income from property rental business, 12.5% for non property rental income . Tax exemption for capital gains, 33.0% for non property rental assets . Dividend withholding tax of 20.0% . Irish stamp duty of 1.0% apply to the purchase of shares in a REIT

Distribution requirements . Property income: 85% . Capital gains: no distribution obligation

Source: European Public Real Estate Association

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