Presentation to Trafford Centre Noteholders

1. Presentation to Trafford Centre Noteholders 30 September 2013

2. Presentation to Trafford Centre Noteholders Intu Properties plc • Corporate overview • David Fischel • Financial details • Matthew Roberts • intu Trafford Centre overview • Mike Butterworth • Questions • Appendices This presentation includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Intu Properties plc to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Any information contained in this press release on the price at which shares or other securities in Intu Properties plc have been bought or sold in the past, or on the yield on such shares or other securities, should not be relied upon as a guide to future performance

3. Corporate overview David Fischel, Chief Executive

5. Scale, focus and quality set Intu apart

6. Welcome Four themes • Building momentum – reinforcing our destinations • Created nationwide consumer-facing brand, intu, offering an engaging and digitally-connected experience • Improved financial flexibility and strengthened balance sheet • Steady occupancy and letting progress Page 6

7. Leading change Positioning centres as “must have” destinations for retailers • Providing great retail and leisure experiences • Enhancing our dynamic retail and leisure destinations • Digitally connected • Significant benefits of nationwide brand

8. Financial details Matthew Roberts, Finance Director

9. Overview of first half 2013 results • Valuation up 1.0 per cent (IPD down 1.1 per cent) • Underlying earnings 7.4p (2012 8.1p) - impact of tenant failures offsetting rental uplifts • Interim dividend of 5p • NAV per share 377p • £1,150m refinancing via Secured Group Structure • Robust financial position: debt to assets ratio 48.6 per cent, 7.6 years average debt maturity and £250m of cash and committed facilities at half end • In July raised £125m of debt on intu Midsummer Place Page 9

10. Valuation – significant out-performance Valuation gain £70 million, +1.0% (IPD benchmark -1.1%) Page 10

11. Underlying earnings (1) Includes (2013 £2.9 million; 2012 £2.9 million) convertible bond interest charged directly to reserves in financial statements but included in the calculation of EPS

12. Like for like net rental income Rental uplifts offset by impact of tenant failures

13. Net debt to assets 48.6% Robust financial position (1) In addition £125m of debt secured on intu Midsummer Place in July 2013 Page 13

14. New debt funding platform BONDS £1.15 b new debt • Refinanced 1/3rd of Group’s debt in March 2013; significantly derisked 2015-2017 maturities • 50% loan to value achieved at competitive margins • Highly successful ‘A’ rated bond issue • Diversifies sources of funding • Operational flexibility • Blended 4.4% cost • Weighted maturity extended from two to ten years on these assets Flexible, ring-fenced security pool

15. Debt maturity Impact of SGS on 31 December 2012 maturity profile • Weighted average debt maturity of 7.6 years • Largely fixed, weighted average cost 5.2 per cent • £250m of cash and committed facilities • In July 2013 £125m raised on • intu Midsummer Place • 2013-2017 Capex: £49m committed; £200m uncommitted (excludes major extensions) 31 December 2012 as reported Pro forma, adjusted for 2013 refinancing 30 June 2013 maturity profile Page 15

16. intu Trafford Centre – key metrics 30 June 2013 • Valuation (1) • Valuation of £1,750m • intu Trafford Centre topped up net initial yield of 4.9% and nominal equivalent yield of 5.3% • Ratio of outstanding loan note to intu Trafford Centre valuation: 42% • Rent(1) • Annual property income of £79.3m; ERV of £104.1m • Headline rent prime ITZA psf £400 • Occupancy (2) • Current occupancy rate of 96% by rent as at 30 June 2013 (1) Excludes Barton Square and other land holdings (2) Occupancy defined as passing rent of let and under offer units expressed as a percentage of the passing rent of let and under offer units plus ERV of unlet units, excluding development and recently completed properties. Units let to tenants currently in administration and still trading are treated as let and those no longer trading are treated as unlet Sitelocation

17. intu Trafford Centre operating cash flow* • * Proforma cash flow basis, excluding the exceptional cash flow of REIT entry, corporation tax and interest rate floor termination • Excludes £0.4m of premiums received • Excludes £0.7m of premiums received Source: The Trafford Centre Limited Quarterly Reports: Cash flow statement and management commentary.

18. June 2013 Quarterly report 1.30 : 1 • Components: • Rental and other income less costs £76.0 million • Interest payments and note amortisation £58.3 million (£43.6m interest, £14.7m amortisation) Debt Service Cover Ratio (DSCR)Calculated using twelve months historic cash flows

19. Debt Service Cover Ratio and Interest Cover Ratio History Temporary decrease due to rent free for major tenant during store expansion

20. Trafford Centre loan notes analysis • Initial launch February 2000 • Second issue July 2005 • Issue size (total) £864.5m • Outstanding amount – 30 June 2013 £727.6m(1) • Fixed: Floating(2) ratio 66% : 34% • Security Trustee Deutsche Bank • Hedge counterparties Deutsche Bank & RBS • Liquidity facility Lloyds Banking Group • Cash Manager Deutsche Bank • For analysis by class see slide 16 • Floating rate notes are fully hedged with interest rate swaps and caps Page 20

21. Trafford Centre loan notes amortisation by class [new chart to be inserted]

22. intu Trafford Centre overview Mike Butterworth, COO

23. intu Trafford Centre • 200 units (including over 65 catering and leisure units); approximately 1.4m sq. ft. retailand 0.3m sq. ft. catering and leisure space over 2 levels • Anchor tenants: Selfridges, Debenhams, John Lewis and Marks & Spencer • Opened to public in September 1998 • Major 240,000 sq. ft. homeware and leisure extension (Barton Square) opened in 2008 • Significant redevelopment of main entrance for additional catering in 2007 (The Great Hall) • Retailers significantly expanding in 2011, 2012 and 2013 include Marks & Spencer, Debenhams, Next, Superdry, Ernest Jones Sitelocation Page 23

24. c 310,000 sq ft devoted to catering and leisure • over 65 catering units generating an estimated £90m annual turnover • themed areas - The Orient, The Great Hall – adding a sense of theatre • Continuous evolution with brands including Tampopo, Zizzi, Nando’s and TGI • An unrivalled leisure offer: • Odeon Multiplex cinema, Legoland Discovery Centre, Paradise Island Adventure Golf, Aerial Extreme (treetops adventure course) • Sealife aquarium opened July • Events include: • Celebrity Christmas lights switch on • high profile fashion shows • firework displays Catering and leisure Sitelocation

25. Driving growth through active asset management Goal The right space at the right rent 3 1 2 Letting strategy + + Improving tenant mix Sustainability with key retailers Achieving ERV on review / renewal Outcome Tenant re-investment and commitment to the Centre Consistent growth in rental income Page 25

26. Recent openings • Openings in 2012 and 2013 include: • Nespresso - first stand alone UK store • Forever 21 – fourth UK store opened July • Wokooshii – new concept restaurant • Fat Face – new concept store • Hugo Boss – expansion from 3,000 to 5,500 sq ft Page 26

27. 2013 asset management activity • Victoria’s Secret – one of first five UK stores • Next – expansion to 40,000 sq ft - phased opening March to June 2013 • Sealife Barton Square – 21,000 sq ft leisure attraction opened July 2013 Page 27

28. Overview of Trafford Centre rent reviews and lease maturitiesSignificant opportunity in 2013 Rent reviews* Lease maturities* * As % of 30 June 2013 passing rent

29. Significant asset management opportunitiesFuture-proofed structure • Scope for asset management initiatives at Trafford Centre including: • original structure built to accommodate additional floors enabling cost effective expansion, e.g. • above Debenhams • along link bridge to Barton Square • opportunities to introduce MSU flagship stores through conversion of dormant space to additional retail, subject to planning permission • creation of space to enable unit re-configurations

30. Barton Square opportunitiesSecond storey retailing and roof • Scope for asset management initiatives at Barton Square including: • structure includes an additional floor enabling cost effective expansion • achieved retail consent for 93,000 sq. ft. on upper level • courtyard to be enclosed by glass roof to enhance environment • anticipate an increase in rental tone across Barton Square Sitelocation Page 30

31. Q&A

32. Appendices

33. UK’s top ranked shopping centres Source: PMA * Top shopping centres on basis of PMA Retail Score (June 2013). Intu shopping centres highlighted ~~ Adjoined by Midsummer Place, acquired by Intu in March 2013 Page 33

34. Continued attractiveness of prime UK shopping centres to investorsIntu valuation yield above long run average, wide spread over bonds • Prime UK shopping centres - attractive asset class for major international investors • Wide spread relative to risk free rate and corporate bonds

35. Large catchment area – 8.9 million people live within a 70-minute drive, 4.8 million within 45 minutes • Located c. 6 miles west of Manchester city centre immediately adjoining M60 motorway near its junction with the M6. 11,500 car and 350 coach parking spaces. 85% arrive by car and 15% by public transport. • Wealthy demographic - over 69% ABC1*, well above national average • Footfall of over 30 million per annum • Loyal customer base: 21% of visitors visit at least once per week and 56% visit at least monthly intu Trafford Centre catchmentNorth West is UK’s largest regional retail market outside London & the S.E. 70 minute drivetime around Trafford Centre Source: Experian * UK social groups A, B and C1, defined as members of households whose chief earner’s occupation is professional, higher or intermediate management or supervisory Page 35

36. intu Trafford Centre top 10 tenants • Includes BHS, Topshop, Topman, Miss Selfridge, Dorothy Perkins and Wallis

37. intu Trafford Centre analysis of rental income by Sales Category * Other includes banks, childrenswear, confectionery, electrical computer retailers, gifts / soft furnishings / furniture, health and beauty, opticians, outdoor clothing / equipment, music retailers, sportswear, toys, travel agents and office.

38. intu Trafford CentreIncrease in rental tone 2008 to 2012 2008 2012 Key

39. Trafford Centre loan notes analysis by class