Delivering change Delivering great experiencesBusiness Overview May 2014

Improved customer experience driven by motivated customer service attracting leading retailers is a powerful virtuous circle creating value for our shareholders, employees, communities and partners.

We will remain focused on achieving strong returns over the medium term from each of our assets individually, including through our significant plans for development, and through their combined power as the only UK national branded network of prime centres.

Super-regional centres (62%)1 intu Trafford Centre 2 intu Lakeside3 intu Metrocentre4 intu Braehead5 intu Merry Hill (acquired May 2014)6 Cribbs Causeway, Bristol

Town and city centres (38%)7 Manchester Arndale8 intu Derby (acquired May 2014)9 St David’s, Cardiff 10 intu Eldon Square11 intu Watford12 intu Victoria Centre13 intu Milton Keynes 14 intu Chapelfield15 intu Uxbridge 16 intu Potteries 17 intu Bromley

Illustrative asset valuation1

1

2

3

45

67

8

9

1011

1213

1415

£8.5bn

Asset valuation1617

Intu owns and operates some of the best shopping centres, in some of the strongest locations, right across the country.

Our focus, scale and quality set us apart Creating value for shoppers, retailers and shareholders

2/3of the UK’s population live within a 45 minute drive time of one of our centres

Balanced approach to risk intu brand

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Our enablers Robust capital structure

4Generating

value for shareholders

1Providing

the perfect shopping

experience

2Establishing

enduring relationships with retailers

3Delivering long-term

growth

Our customers

Our business model

12 of UK’s top 25in our shopping centres

4

10

3

17

12

11 2

14

15

16

17

9

6

13

85

Our centres attract some

400mcustomer visits a year

1 31 December 2013 Annual Report £7.6 billion plus 20 March 2014 valuation reports for intu Merry Hill (£408 million) and intu Derby (£390 million).

Intu aims to provide great retail and leisure experiencesThis drives rental levels over the long term

We aim to create the best places to eat, drink, shop and socialise. We manage our centres to offer a mix of attractions to encourage our visitors to come from further, for longer, more often. This reinforces their position as must have locations for retailers.

As well as offering an evolving mix of the retail brands our customers want to see, with best flagship shopfits, and the catering and leisure options to encourage them to stay into the evening, we are focused on improving their overall experience in our centre including events, quality of service and environment:

— we have changed the look and feel of all our directly-managed centres with the roll out of the new brand’s refreshing style in the form of physical signage and new uniforms

— with the in-sourcing of facilities management and World Class Service training, we have aligned our teams with our nationwide brand aspirations and values, allowing us to take more control of the customer experience

— our fibre-optic infrastructure now provides high quality Wi-Fi in nine centres with the final four to follow in early 2014

— as the only nationwide branded network of prime UK shopping centres, we can now entertain customers with quality events which offer a unique proposition to commercial partners, for example a weekend-long nationwide performing arts expo, student nights attracting over 100,000 and generating over £2 million incremental sales, Hello! magazine-branded fashion shows plus the nationwide tour of a flagship arts programme, Elephant Parade

Digitally connectedA year ago we announced our strategy to offer a digitally connected shopping centre experience.

Today we have high quality Wi-Fi available free to shoppers at nine of our centres and  further launches imminent.

With almost two million customer connections to date, and well over half of registrants opting in to receive marketing information, feedback on the quality of the service has been strong.

intu Trafford Centre is the UK’s most digitally-connected centre, the first in the  country to offer 4G which is now being rolled out to eight more intu centres.

Our websites attract visits from an annual nine million unique devices, of which around two thirds are now mobile compared to barely none two years ago.

We chose to invest in an owned rather than out-sourced fibre-optic backbone and Wi-Fi network infrastructure, seeing it as the heart of our digital strategy. This means we manage the entire digital customer journey and the data which results from it. We also benefit from operating synergies as elements of building management, lighting and security systems migrate onto our robust and scalable platform.

And with brands including Sky already contracting to use it, we anticipate many opportunities to increase revenue by offering services to commercial partners.

For more information visit intugroup.co.uk/ar2013

95%

Occupancy 31 December 2013

£419m

Illustrative passing rent Over

21m sq. ft.

of retail, catering and leisure space

Investing in our centres to reinforce their position and drive total return

We have made significant progress in the year with our pipeline of organic development opportunities:

— Two thirds of our 2.6 million sq. ft. of additional space has now received planning consent, including major extension projects in Watford, Nottingham and at intu Lakeside

— We have agreed with local authority partners in Watford and Nottingham a firm basis for major development

In the case of expansionary projects which create additional space for which direct incremental rent can be identified, we would expect most projects to generate a stabilised initial yield on cost in the range of six to ten per cent and at least seven per cent for major projects. Where no significant additional space is created, we assess project return in the context of an internal rate of return based on the overall impact of the expenditure on centre performance through enhancing the ambience, the tenant mix and the rental tone.

For more information visit intugroup.co.uk/ar2013

Creating destinations with a broader offerWe aim to provide the best places to shop, eat, drink and be sociable. To bring people from further, for longer, more often. 11 per cent of our rent now comes from food and leisure operators and with many of our centres now open beyond 6 pm, visitors can enjoy their offers well into the evening.

We know that if shoppers enjoy a drink, a meal or an event they stay longer and spend more, helping our retailers to thrive and attracting new brands and investment. So that’s why we are investing in improving the range, quality and environment of our dining and leisure offer.

Our £1.2 billion pipeline of development projects over the next ten years includes plans to create 1.5 million sq. ft. of new contemporary catering and leisure space – that’s an 80 per cent increase on today’s. 900,000 sq. ft. has already received planning consent and we have applied for a further 360,000 sq. ft.

Projects range from the new food court at intu Lakeside, a new dining quarter at intu Eldon Square, a major leisure destination in the heart of Watford, a street food concept at Midsummer Place to a nine screen cinema at intu Potteries.

These reinforce the long-term attractiveness of the assets and, with operators keen to expand into our high footfall destinations, contribute a sound financial return for shareholders.

000 sq. ft.1 Timing2 £m3

Committed projects4 99 2014–15 86Active management pipeline4 223 2014–18 215intu Watford – Charter Place 380 2014–17 100intu Broadmarsh redevelopment 51 2015–16 78intu Lakeside leisure extension 225 2015–17 80intu Lakeside Northern extension 438 2016–18 180intu Braehead extension5 475 2016–18 200Cribbs Causeway extension6 200 2018–20 30intu Victoria Centre extension 505 2018–20 240Major extension projects 2,274 908Total pipeline 2,596 1,209

1 Represents net additional floor space of retail, catering and leisure. 2 Indicative construction timing subject to change due to a number of internal and external factors. 3 Expected Intu investment. 4 Smaller committed and pipeline projects do not necessarily involve the creation of additional floor space. 5 Size excludes arena and hotel. 6 Intu share 33 per cent of total project cost of £90 million.

200

400

600

800

1,000

1,200

Debt maturity profile (£m)31 December 2013

* Includes £300m convertible bond

2014

2015

2016

2017

2018

*20

19–2

023

2024

–202

820

29+

£1.2 bn over 10 years

Substantial organic development pipeline

48.5%

Debt to assets ratio 31 December 2013

Market value of investment properties

£7,624m2012: £7,073m

Underlying earnings

£140m2012: £138m

Property revaluation surplus

£126m2012: £41m

Profit for the year

£364m2012: £159m

Net external debt

£3,698m2012: £3,504m

Debt to assets ratio

48.5%2012: 49.5%

Robust asset management approach, focused on medium-term total property return

— high occupancy at 95 per cent

— signed 201 long-term leases for £42 million new annual rent at an average four per cent above previous passing rent

— encouraging tenant investment in stores – £70 million in 2013

Financial performance affected by repositioning

— underlying earnings per share 15.0 pence (2012 – 16.1 pence) reflecting £10 million impact of tenants who entered administration in late 2012 and early 2013

— property valuations increased 1.8 per cent, comparing favourably with IPD index which increased 0.8 per cent

— total property return 7.3 per cent (2012 – 6.0 per cent)

— net asset value per share (diluted, adjusted) reduced by 12 pence including reduction of 15 pence from early termination of interest rate swaps and 7 pence dilution from equity placing

Growth from acquisitions in UK and Spain with substantial organic development pipeline

— development pipeline now amounts to £1.2 billion programme over 10 years

— representing some 2.6 million sq. ft. of new retail, restaurants and leisure of which 1.8 million sq. ft. (£0.7 billion) has planning approval

— funding will include recycling of existing assets including possible disposals and introduction of partners

Transformed debt structure

— £1.8 billion refinanced through bond issues and new bank facilities

— achieved 40 basis points reduction in average cost of debt to 4.8 per cent and 2 year increase in weighted average maturity to 8 years

— cash, short-term investments and committed facilities of £325 million at 31 December 2013; £110 million further debt raised 2014 to date

Launched nationwide consumer-facing brand and digital proposition

— customer experience improved, with strong take-up of free Wi-Fi following installation of high capacity fibre-optic networks at nine centres; Intu owns platform and resulting data

— previously out-sourced facilities management and customer-facing teams brought in-house; all employees trained in World Class Service

— single brand for company and shopping centres bringing operating efficiencies and nationwide business opportunities

2013Net rental income

201220112010 £277m

£364m£363m£370m

2013Underlying EPS

201220112010 15.4p

16.5p16.1p15.0p

2013Dividend per share

201220112010 15.0p

15.0p15.0p15.0p

2013NAV per share

201220112010 390p

391p392p380p

For more information visit intugroup.co.uk/ar2013

2013 Highlights

Major acquisition and rights issue announced 20 March 2014includes Merry Hill and Derby, top 25 UK shopping centres, part-funded by £500m rights issue

This report contains ‘forward-looking statements’ regarding the belief or current expectations of Intu Properties plc, its Directors and other members of its senior management about Intu Properties plc’s businesses, financial performance and results of operations. These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Intu Properties plc and are difficult to predict, that may cause actual results, performance or developments to differ materially from any future results, performance or developments expressed or implied by the forward-looking statements. These forward-looking statements speak only as at the date of this report. Except as required by applicable law, Intu Properties plc makes no representation or warranty in relation to them and expressly disclaims any obligation to update or revise any forward-looking statements contained herein to reflect any change in Intu Properties plc’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Any information contained in this report 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.

ContactKate BowyerBusiness Relations DirectorT: +44 (0)20 7887 4220E: feedback@intu.co.uk

Key transaction highlights— Acquisition of 50% of Merry Hill, 100%

of Derby, 100% of Sprucefield for aggregate consideration of £867.8m

— Funded by £500m (gross) rights issue, £424m new debt facilities

— Completed on 1 May 2014

— Combined annual net rent £54.9m (Intu share)

— EPS accretive transaction in 2014 and overall capital structure maintained, together with the introduction of a new partner

— Merry Hill occupies a strategic West Midlands location filling a gap in Intu’s national coverage and provides opportunities to grow rental values and generate capital value growth over the medium term

— Derby provides an attractive income return, with potential for capital growth from yield compression

— Sprucefield, at a relatively low capital cost, provides the potential for development of further retail space over the longer term

intu Merry Hill 10 miles west of Birmingham1.4m sq. ft.2.9m people within 45 minutesfootfall 25m96% occupancy

intu DerbyEast Midlands’ third largest city1.3m sq. ft.950,000 people within 30 minutesfootfall 25m99% occupancy

“ A rare and attractive opportunity to acquire a further two prime shopping centres in line with our strategy to focus on the UK’s largest and most successful destinations”.

“ Strengthens Intu’s position as the leading owner, developer and manager of prime UK shopping centres filling in gaps in our national coverage and extending the footprint of our nationwide consumer facing brand and digital strategy”.

“Establishes a partnership with QIC, a major global investor, at Merry Hill”.

For full press release and more information visit www.intugroup.co.uk