Viscount Chandos

1
Preliminary Results Presentation
20th March 2001
2
2000 Preliminary Results
Profit and Loss Account 2000
1999 Movement Net rental
income 57.0m 45.5m 25 Profit on sale of
investment properties and investments 4.1m
2.1m Profit before tax 13.4m 12.8m 5 Tax -
0.4m Earnings per share 13.4p 12.2p
10 Dividends per share 5.5p 5.0p 10 Income
cover - recurring 1.5 1.6
3
2000 Preliminary Results
Balance Sheet
2000 1999
Movement Fully diluted shareholders
funds 363.7m 416.6m Fully diluted NAV per
share 360p 376p -4 NN NAV per share 323p 330p -2
Gearing - proforma 110 134
Net Asset Value per share after contingent
deferred tax and adjustment of debt to market
value
4
NAV Analysis

million pence per
share

(diluted) 25th December 1999 416.6 376.4 Reval
uation (33.7) (33.4) Tax on disposals (6.5) (6.5)
Retained profit 8.0 8.1 Share purchases
(20.7) 15.1 25th December 2000 363.7 359.7

5
Property Assets
Fixed Current Property
Property million Assets
Assets Total
At 25th December 1999 946 35 981 Acquisitions 21 5
26 Refurbishment development 42 14 56 Disposals
(2) (34) (36) Reclassification as Joint
Venture (38) - (38) Revaluation (34) - (34) At
25th December 2000 935 20 955 Disposals since
year end (184) - (184) Proforma 751 20 771
6
Disposals
million Sale
Book FRS3 Prior
Yr HC
Proceeds Value
Profit Valuation Profit As
at 25 Dec Trading 35.4 35.1 - - 0.3
Investment 1.6 1.4 0.2 0.1 0.3 CenterPo
int 25.0 21.1 3.9 18.1 22.0 Total 62.0
57.6 4.1 18.2 22.6 Since
Yr End Industrial 89.6 8.9 8.9
Westway 43.1 6.5 6.5 St Andrew
House 19.6 10.7 10.7 Sauchiehall 31.0 (1.3) (1
.3) Other 0.6 (0.2) (0.2) Total 183.9 183.9 - 24
.6 24.6 Total to date 245.9 42.8 47.2
7
Operating Review
Shopping Centres

2000 1999 Net
income 39.2m 34.6m 13.3 ERV 47.0m 44.6m 5.4
Valuation 519.15m 520.2m Capex 17.5m Income
return 6.3 Capital return -3.4 Total return
2.9 Av equiv yield 7.7 7.2 Initial
yield 6.8 6.2
8
Operating Review
Shopping Centres

• Business managers
• Community focus
• Value retailing
• Active tenant mix
• Group marketing initiatives
• Trade/footfall increases
• Market share

9
Operating Review
Shopping Centres
176 Transactions 8.77m Void level -1.4 to
3.8 Ancillary income 20.7 to 4 net rent
level Weekly footfall 2 to 2.43m Service
charge 20 less than JLL Oscar
benchmark Marketing expenditure 19 more than
peer group
10
Shopping Centres
Zone A Rents
Pallasades, 60-225 Pavillions 180 Birmingha
m New Street 250 Bull
Ring 275 Shopping City, 50-115 High
Road 120 Wood Green Ashley Centre,
105 Sutton 95 Epsom Guildford 210
Kingston 250 Howgate Centre,
Falkirk 70-87.50 High Street 75 Livin
gstone 80 Stirling 105
11
Shopping Centres
Zone A Rents
Selborne Walk, 60-84 High Street 40 Waltham
stow Trinity Centre, 70-100 Bon
Accord 160 Aberdeen Alhambra Centre,
40-65 Cheapside 110 Barnsley
Liberty 2, Romford 50-103 Brewery 2
5 overall Market Street 65 South
Street 95 Liberty 1 180
12
Pallasades, Birmingham
Centre Review

2000 1999
Acum 1998 Net Rent 9.6m 8.5m 7.1m ERV 10.
8m 10.6m 8.9m Valuation 121.0m 122.5m 97.5m C
apex 0.3m 1.3m 98.3m Equivalent
yield 7.0 6.7 7.1 Void ERV 3.6 4.6 5.8 Av
weekly footfall 1m
1m 1m Service
charge per sq ft 5.17 6.76 6.19
Pallasades Zone A 90-225 Birmingham Zone
A 250 Pavillions 180 Bull Ring 275
13
Alhambra Centre, Barnsley
Centre Review

2000 1999
1998 Net Rent 2.0m 1.4m 1.3m ERV 2.
3m 1.9m 1.8m Valuation 25.5m 20.1m 20.1m Cape
x 6.0m 0.1m 0.7m Equivalent yield 8.2 8.0 8.0
Void ERV 4.2 10.0 15.3 Av weekly footfall
158,000
149,000 126,000 Service
charge per sq ft 3.48 3.40 3.26
Alhambra Zone A 40-65 Barnsley Zone A 110
14
Shopping City, Wood Green
Centre Review

2000 1999
1998 Net Rent 6.9m
4.6m 4.9m ERV 9.2m 8.7m 6.5m Valuation 97.9m
88.0m 65.3m Capex 9.8m 17.6m 13.5m Equivalen
t yield 8.0 7.8 8.3 Void ERV 4.1 7.3 5.7 A
v weekly footfall 178,000
135,000
205,000 Service charge per sq ft 2.89 4.15 4.30

Shopping Centre Zone A 50-115 Wood Green 120
15
Retail Parks

• Evolution of retail parks
• Destination retail parks
• Dominant Big Box anchor tenants
• Complimentary retailers high rents/growth
• Strategic objectives
• Extensions/refurbishment/redevelopment
• New developments

16
Retail Parks
Existing portfolio
Existing sq ft Proposed sq ft Aylesbury 95,000 20
0,000 Beckton 140,000 190,000 Hull 180,000 255,000
Renfrew 230,000 250,000 Stratford 155,000 230,000
Swansea 80,000 160,000 Wembley 230,000 230,000 Sm
aller parks 330,000 330,000 Total 1,440,000 1,845,
000
17
Retail Parks
New Developments
Existing sq ft Proposed sq ft Glasgow
(Auchinlea) 95,000 600,000 Oldbury 0 390,000 Total
95,000 990,000
18
Retail Parks
Achievements to date
19
Retail Parks
Transitional phase short term pain

• Capital value -5
• Strategic vacancies 2.7m per annum
• Voids 23 of ERV
• Adverse yield shift on smaller parks 0.6
• Planning delays

20
Retail Parks
Hull
On Acquisition December 1999

• Retail and leisure park of 180,000 sq ft
• Purchase cost 24 million
• Income on acquisition 1.23
  million (6.50 psf ave)
• DFS prelet 20,000 sq ft at 12 psf

21
Retail Parks
Completion medium term gain

• 1 to 3 years transformation to a prime
  destination park portfolio
• Anticipated
• additional income - 23m pa
• capital expenditure - 239m
• yield on cost 9.6
• Significant value creation
• Future opportunities through joint ownership

22
Xscape
Milton Keynes

• 424,000 net sq ft destination entertainment
  centre
• Successful opening in 2000 3 million visits
• 97 let
• Committed income
• at Dec 2000 3.8m pa
• by Dec 2001 5.5m pa
• Estimated income value 6.6m pa
• Capital injected 4.1m
• Valuation surplus 6.1m

23
Xscape
Rollout Programme
Proposed Acquisitio
n Planning Anchor Anticipated sq
ft progress Pre-lets Completion
Castleford 330,000 conditional obtained Cine-UK Sp
ring 2003 contract Braehead 400,000 exclusivity
submitted Winter 2003 agreement Castrop-Raux
el 1,000,000 under option submitted Pathe
Cinema Spring 2004 (the Rhur)
24
Summary

• Shopping Centres
• strong underlying income growth
• joint ownership
• no significant capex
• Xscape
• 1.7m sq ft roll-out
• joint ventures
• 100 owned brand
• Retail Parks
• substantial development pipeline
• 23m rental income
• 239m capex
• joint ventures, forward sales and banking

25
Summary

• Balance Sheet
• reduced gearing
• share buy-backs
• Management
• strong underlying growth
• leverage skills
• Long term sustainable returns

26
Preliminary Results Presentation
20th March 2001