Third Quarter Interim Management Statement

Robert Noel, Chief Executive, said: “We have had a good third quarter with robust operational
performance including record footfall in our shopping centres and continued letting momentum in our
development programme. In London, rental value growth continued and the 186,000 sq ft of
development lettings we completed in the quarter were ahead of our valuers’ most recent estimates. In
Oxford, we are transforming the city’s major shopping centre and have made good leasing progress two
years ahead of opening. We are delivering on our clear strategy for the business and, despite economic
and political uncertainty, are confident in the strength of demand for our schemes.”

Key Highlights:

Portfolio changes

• Disposals of £450.5m during the quarter bringing the total to £852.6m for the nine months to 31
• December 2015 (excluding trading properties)
• Disposals in the quarter were 1.8% ahead of 30 September 2015 valuation(1)
• Trading property disposals of £124.3m in the quarter with a profit on disposal of £21.4m(2)
• Acquisitions of £6.8m during the quarter and £99.8m for the nine months to 31 December 2015
• Development and refurbishment expenditure of £67.9m for the quarter and £292.2m for the nine

(1)Excludes Haymarket House, SW1, an asset held for sale at 30 September 2015 at the agreed sale price (2)This relates to the completion of 78 of the 85 apartments pre-sold at Kings Gate, SW1 Developments

• £13.7m of development lettings in the quarter, with a further £4.2m in solicitors' hands
• 1 & 2 New Ludgate, EC4, now 95% let or in solicitors’ hands
• The Zig Zag Building, SW1, completed in November 2015 and now 88% let
• 20 Eastbourne Terrace, W2, on track for completion in April 2016, now 62% pre-let or in solicitors’ hands
• 1 New Street Square, EC4, on track for completion in July 2016, and is 100% pre-let
• Nova, SW1, on track for completion in September 2016, now 25% pre-let or in solicitors’ hands
• Oriana, W1 - Phase ll (pre-sold), on track for completion in November 2016, now 100% pre-let
• Westgate, Oxford, on track for completion in October 2017, now 45% pre-let or in solicitors’ hands
• Resolutions to grant planning consent for 337,000 sq ft achieved at Nova East, SW1, and 1 Sherwood Street, W1.

Occupancy

• £9.9m of investment lettings in the quarter, with a further £11.9m of lettings currently in solicitors' hands
• Voids in the like-for-like portfolio 2.3% (30 September 2015, 2.8%)
• Retail Portfolio like-for-like voids 1.8% (30 September 2015, 2.1%)
• London Portfolio like-for-like voids 3.0% (30 September 2015, 3.6%)
• Units in administration 0.3% (Retail Portfolio 0.5%, London Portfolio nil%) up from 0.2% at 30 September 2015.

Retailer sales and footfall

• On a same centre basis, retailer sales were up 1.2% this quarter on the same quarter last year (BRC non-food benchmark up 1.5% including online sales), and up 4.3% for the 52 weeks to 3 January 2016 (BRC non-food benchmark up 3.0% including online sales)
• On a same store like-for-like basis, retailer sales were down 0.8% this quarter on the same quarter last year (BRC non-food benchmark up 0.6% including online sales), and up 2.7% for the 52 weeks to 3 January 2016 (BRC non-food benchmark up 2.2% including online sales)
• Footfall in our shopping centres was at record levels, up 1.7% this quarter on the same quarter last year (national benchmark down 2.3%), and up 4.2% for the 52 weeks to 3 January 2016 (national benchmark down 1.3%).

Financials

• Adjusted net debt of £3,528.4m (30 September 2015, £4,008.3m)
• Group LTV on a proportionate basis at 31 December 2015, 24.3% based on 30 September 2015 asset values, compared with 26.5% at 30 September 2015
• Weighted average cost of debt 5.0%, weighted average maturity of 9.0 years
• Cash and undrawn facilities of £1,625.5m
• Third interim dividend of 8.15 pence per share will be paid on 8 April 2016, entirely as a Property Income Distribution (PID), to shareholders on the register on 11 March 2016.

-Ends-