FY 2016 RESULTS PRESENTATION

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1 MARKET TECH HOLDINGS LIMITED FY 2016 RESULTS PRESENTATION June 2016

2 INTRODUCTION FY 2016 Financial Review Property Portfolio Asset Management Coworking Digital Assets Looking Ahead Appendix

16 ACRES OF PRIME REAL ESTATE IN LONDON S CAMDEN TOWN INCLUDING THE ICONIC MARKETS AND ATTRACTING OVER 28 MILLION VISITORS PER YEAR (1) Creating a world class destination where people can live, work

3 16 ACRES OF PRIME REAL ESTATE IN LONDON S CAMDEN TOWN INCLUDING THE ICONIC MARKETS AND ATTRACTING OVER 28 MILLION VISITORS PER YEAR (1) Creating a world class destination where people can live, work and play by providing best in class workspace, food, entertainment and residential facilities (1) Source TFL data based on 2013 figures for annual entry and exit for Camden Town and Chalk Farm Road tube stations. 3

4 OPERATIONAL & FINANCIAL HIGHLIGHTS A YEAR OF TRANSFORMATION AND PROGRESS Portfolio Valuation 988m Property Valuation +31% Like-for-like +12% EBITDA 20m +67% NAV 166.3p +12% ERV 80.1m +27% Contracted rents up 24% to 33m Acquisition of 6 properties at a value of 150m Secured planning permission for 98,000 sq ft mixed use redevelopment of Camden Lock Market Digital revenue 102m (2015: 10m) Successful launch of Interchange coworking providing > 900 desks across 43,000 sq ft 197m net proceeds from equity, 900m debt facility Strengthened management team with 5 hires 4

5 VALUATION STRONG PORTFOLIO PERFORMANCE WITH LIKE-FOR-LIKE (1) INCREASING 12% (17% EXCLUDING DEVELOPMENT) DEVELOPMENT 282m OFFICE 239m NON MARKET 301m RESIDENTIAL 10m 988m +12% (LIKE-FOR-LIKE) MARKET RETAIL / F&B 356m MARKET (2) 405m COWORKING 49m RETAIL 52m DEVELOPMENT 282m (1) 31 st March 2016 (2) Including coworking 5

6 Introduction FY 2016 FINANCIAL REVIEW Property Portfolio Asset Management Coworking Digital Assets Looking Ahead Appendix

7 GROUP PROFIT & LOSS REVENUE PROGRESS Year to 31 st March % Property Digital Revenue % Property Digital EBITDA % Net finance costs (12.6) (15.9) Profit before tax 7.4 (3.9) Tax (2.8) (0.3) Non-controlling interests (1.2) (0.2) Earnings from continuing activities 3.4 (4.4) Adjusted EBITDA per share 4.50p 4.41p 2% Adjusted earnings per share 0.77p (1.65)p Statutory earnings per share 1.43p 16.05p All figures apart from statutory are adjusted to remove the impact of exceptional items, non-cash depreciation and amortisation, sharebased payment charges and foreign currency exchange gains / losses. 7

8 RENT BRIDGE STRONG GROWTH WITH SIGNIFICANT POTENTIAL (0.5) m March 15 Contracted LfL Offline Offline for Heritage for heritage Worksworks Acquisitions March 16 Contracted Under-rented Development March 16 ERV 8

9 GROUP BALANCE SHEET STRONG CAPITAL STRUCTURE As at 31 st March 'm 'm Investment property (1) Other non-current assets Other assets & liabilities (28.6) (36.6) 1, Cash and cash equivalents Borrowings (290.5) (181.5) Convertible loan notes (111.1) (108.0) Net Debt (252.1) (203.6) Capital restructuring completed 197m net equity placing in July 2015 Refinancing completed with 10 year 900m AIG facility of which 300m was drawn at year end and 100m drawn post year end Reduced cash cost of debt to 2.7% (2015: 3.6%), effective interest rate of 4.9% (2015: 6.4%) Cash and committed facilities exceeds Hawley Wharf CapEx De-risked funding Net assets % fixed LTV 26% 28% Cash & committed facilities Weighted average cost of finance (2) 2.7% 3.6% (1) Investment property includes 8.6m (2015: nil) of office space used by the Group, shown as part of PP&E in the financial statements. (2) Proforma cash cost (3) Subject to conditions Weighted average term to maturity of 8.4 years (2015: 2.9 years) Future funding flexibility 96.5m of assets not committed Future phased drawdown from AIG facility (3) 9

10 NAV BRIDGE FOUNDATION TO ACCELERATE NAV GROWTH Digital (12.7p) Property (154.7p) 500 m 148.1p 166.3p 167.4p 10

11 CAPEX REQUIREMENTS DEVELOPMENT AND EXPENDITURE Committed 74.6 Stables Market c. 5.1m Hawley Wharf c. 179m Full financing in place to complete both developments m FY17E FY18E FY19E Total Pipeline Camden Lock Market c. 30m (planning granted) FY17E ( m) FY18E ( m) FY19E ( m) TOTAL ( m) Camden High St. c. 3.5m (planning submitted) 101 Camley St. (1) c. 55m (planning granted) Stables Market Hawley Wharf Camden Lock Market c.30.0 Camden High St Camley St. (acquisition) (1) Total Union Street Market c. 20m (planning to be submitted) Further opportunities Stables Market master plan Camden Wharf Hawley Crescent (1) Acquisition due to complete November

12 Introduction FY 2016 Financial Review PROPERTY PORTFOLIO Asset Management Coworking Digital Assets Looking Ahead Appendix

PROPERTY PORTFOLIO DIVERSIFIED MIX OF ASSET TYPES Property Red Book NLA Passing Rent ERV OCC (1) 1. Stables Market 249.6 195.0 14.9 17.

5 100% 5. Camden Wharf 51.2 49.0 1.6 2.7 100% 6. 31 Kentish Town Road 10.2 10.0 0.3 0.3 100% 7. 251-259 Camden High Street 14.3 4.4 0.

0 0.9 1.1 100% 11. Hawley Wharf 281.5 30.2 12. 49 Chalk Farm Road 5.0 6.0 0.2 0.2 100% 13. Herbrand Street 56.9 66.0 2.8 3.3 100% 14.

13 PROPERTY PORTFOLIO DIVERSIFIED MIX OF ASSET TYPES Property Red Book NLA Passing Rent ERV OCC (1) 1. Stables Market % 2. Camden Lock Market % 3. Union Street Market % Jamestown Road % 5. Camden Wharf % Kentish Town Road % Camden High Street % 8. The Interchange Building % 9. Utopia Village % Hawley Crescent % 11. Hawley Wharf Chalk Farm Road % 13. Herbrand Street % 14. Camley Street Schedule to complete November 2016 Other % % (1) % of NLA 13

14 OFFICE / RETAIL YIELD & RENT COMPARISONS OFFICE RENT PER SQ FT ( ) RETAIL RENT PER SQ FT ( ) , West End King's Cross City Clerkenwell Shoreditch MKT (1) Covent Garden - James Street Oxford Street Carnaby Street Marylebone Camden High Street - MKT Borough Markets - MKT (3) OFFICE YIELD (%) RETAIL YIELD (%) 4.9% 4.3% 4.3% 4.2% 4.0% 3.5% 5.2% 4.5% 4.2% 3.0% 2.8% 2.8% 2.5% MKT (2) (1) Shoreditch Clerkenwell Kings King s Cross City West End MKT (2) (4) Borough Camden High Marylebone Street - MKT(5) Covent Garden Carnaby Street Oxford Street (1) Excluding coworking (2) MKT yield reflects average non-market yield based on March 2016 valuations (3) MKT based on average overall rent / sq ft (4) MKT yield reflects all market assets based on March 2016 valuations (5) Camden High Street rent reflects prime equivalent yield based on March 2016 valuations 14

15 Introduction FY 2016 Financial Review Property Portfolio ASSET MANAGEMENT Coworking Digital Assets Looking Ahead Appendix

16 RECENT LETTING ACTIVITY OFFICE COMPLETIONS RETAIL / F&B DEALS UNDER OFFER RETAIL / F&B COMPLETIONS SINCE JAN 2016 STRONG OCCUPIER DEMAND UNDERPINNING RENTAL GROWTH 16

251-259 CAMDEN HIGH STREET STRATEGY Reconfigure 5 retail units to provide c.

17 CAMDEN HIGH STREET STRATEGY Reconfigure 5 retail units to provide c.2,600 sq ft of additional retail area Increase rent passing from 500,000 to 900,000 per annum ( 400 ITZA) Target national multiples to maximise yield compression Net Profit - 5,000,000 / yield on cost 10% TIMING Planning submitted with decision expected June 2016 Secure vacant possession end September 2016 PC and handover end March 2017 DEALS COMPLETED / UNDER OFFER Unit 259 Body Shop concept store signed, 400 per sq ft ITZA Two additional units under offer at 400 per sq ft ITZA 17

18 THE OFFICE OPPORTUNITY CONTRACT AN ADDITIONAL 3,000,000 OF RENT AREA SQ FT CURRENT RENT CURRENT RENT / SQ FT ERV RED BOOK ERV / SQ FT Hawley Crescent 19, , , Jamestown Road 10, , , The Interchange Building 65,000 1,887, ,100, Camden Wharf 1 st & 2 nd 24, , ,150, Utopia Village 45,000 1,300, ,500, ,045,940 8,105,000 KEY LEASE EVENTS Hawley Crescent April 2017 rent review 10 Jamestown Road June 2017 rent review Interchange December 2016 rent review The surrender and re-letting of the 1 st and 2 nd floors of Camden Wharf Leasing vacant space in Utopia Village Finalising outstanding rent reviews in Utopia Village STRONG EVIDENCE TO SUPPORT CRITICAL LEASE EVENTS 3 rd Floor Camden Wharf 7,000 sq ft at 65 per sq ft (MarketTech) 32 Jamestown Road 20,000 sq ft at per sq ft Centro 1&2 28,111 sq ft at 55 per sq ft 18

STABLES MARKET STRATEGY Increase consumer engagement, dwell time and spend through a phased occupational masterplan Refurbishment programme to run in parallel with masterplan phasing Work with

19 STABLES MARKET STRATEGY Increase consumer engagement, dwell time and spend through a phased occupational masterplan Refurbishment programme to run in parallel with masterplan phasing Work with specialist partners to curate the best content in London PHASE 1 DELIVERY F&B Upgrade 3 new restaurant signings at rents 10% in excess of ERV 5 new restaurant concepts under offer at rents 10% in excess of ERV 3 new restaurant units under offer at ERV or above FUTURE INITIATIVES Fashion Coworking Opening October 2016 Fashion Street March 2017 Camden Music Market March 2017 Basement A&B Museum March

DEVELOPMENTS HAWLEY WHARF: 5 ACRE CANAL-SIDE DEVELOPMENT TOTAL COMMERCIAL RESIDENTIAL

Description 5 acre canal side mixed use development Restaurants, bars, artisan

Development Costs 212m Remaining Development Costs 179m (1) (2) Total ERV 30m (1)

20 DEVELOPMENTS HAWLEY WHARF: 5 ACRE CANAL-SIDE DEVELOPMENT TOTAL COMMERCIAL RESIDENTIAL GDV 640m 462m 178m NLA 398k sq ft 229k sq ft 169k sq ft Planned Timing Description 5 acre canal side mixed use development Restaurants, bars, artisan workshops, cinema and employment space Private and affordable residential flats Total Development Costs 212m Remaining Development Costs 179m (1) (2) Total ERV 30m (1) Excludes residential rental income (2) Excludes advertising, branding and events 20

18 School hand-over Full marketing launch / commercial anchors contracted Building A0

21 HAWLEY WHARF DELIVERY & MARKETING PROGRAMME Q2 16 Marketing soft launch Q4 16 Q2 17 Q4 17 Hand-over building C for fit out PC south viaducts Q2 18 Q3 16 Q1 17 Q3 17 Q1 18 Q3 18 School hand-over Full marketing launch / commercial anchors contracted Building A0 fitted and PC PC building A1/A2/C/D/E PC North and East viaducts 21

CAMDEN LOCK MARKET EXISTING SHORT TERM STRATEGY Finalise all lease renewals by Q4 2016 Increase revenues by 20% through

July 2016 Finalise relocation programme ahead of redevelopment Leisure 7,612 48,000 REDEVELOPMENT PLAN USE NLA SQ FT Start

22 CAMDEN LOCK MARKET EXISTING SHORT TERM STRATEGY Finalise all lease renewals by Q Increase revenues by 20% through unit / stall reconfiguration plan USE NLA SQ FT Retail/F&B 29,880 Office 10,507 KERB at Camden Market signed and launching July 2016 Finalise relocation programme ahead of redevelopment Leisure 7,612 48,000 REDEVELOPMENT PLAN USE NLA SQ FT Start Date by Q PC - Q Costs c. 30m ERV 14.2m Retail/ F&B 60,431 Office 19,526 Leisure 18,262 98,

23 Introduction FY 2016 Financial Review Property Portfolio Asset Management COWORKING Digital Assets Looking Ahead Appendix

COWORKING SPACE SPACE AS A SERVICE IS ONE OF THE BIGGEST OPPORTUNITIES IN REAL ESTATE KEY BENEFITS TO OUR GROWING PROFESSIONAL COWORKING COMMUNITY IN CAMDEN ACCESS TO A FULL ECOSYSTEM The opportunity

24 COWORKING SPACE SPACE AS A SERVICE IS ONE OF THE BIGGEST OPPORTUNITIES IN REAL ESTATE KEY BENEFITS TO OUR GROWING PROFESSIONAL COWORKING COMMUNITY IN CAMDEN ACCESS TO A FULL ECOSYSTEM The opportunity to work, collaborate and socialise within a likeminded community MAXIMUM FLEXIBILITY AROUND SPACE & LEASE LENGTH You rent exactly what you need, no wasted space from renting too large offices or commitment to long term contracts you can grow within the same space CONVENIENCE From additional offices, to multiple meetings rooms, to comfortable break out areas and restaurants all fully serviced, cleaned and maintained, all included in the rates NO UPFRONT COMMITMENT & CAPEX No initial capex required or time wasted on fitting out your own office KEY BENEFITS TO SHAREHOLDERS Multiple revenue growth from rents, services and additional spend in foods and markets. Coworking and growing a community of technology & creative businesses in Camden Town is an important pillar of our place-making strategy 24

COWORKING MARKET SUCCESSFUL LAUNCH OF INTERCHANGE COWORKING ABOVE STABLES MARKET TENANTS INCLUDE Opening of Triangle Building with 278 desks (NLA 13k sq ft) in October 2015 now over 85% let Full

25 COWORKING MARKET SUCCESSFUL LAUNCH OF INTERCHANGE COWORKING ABOVE STABLES MARKET TENANTS INCLUDE Opening of Triangle Building with 278 desks (NLA 13k sq ft) in October 2015 now over 85% let Full launch of Interchange with opening of Atrium Building adding 650 desks (NLA 30k sq ft) in May 2016 already over 70% let Target NOI >25% above market standard leases Expected expansion to over 1,500 desks during FY2017 including music and fashion coworking Projected total yield on cost of 34% for Stables Market coworking (reflects a 17% incremental return on invested capital) 25

26 Introduction FY 2016 Financial Review Property Portfolio Asset Management Coworking DIGITAL ASSETS Looking Ahead Appendix

27 DIGITAL PORTFOLIO ESTABLISHED REVENUE & GROWTH DRIVERS NEW RETAIL TECH INNOVATION MOBILE MARKETING & ECOMMERCE RETAIL TECH CONTRIBUTIONS & SYNERGIES MOBILE MARKETING & ECOMMERCE Mobile technology & advertising marketplace Omni-channel retail and marketplace platform, online and in-store Established growth & revenue drivers: 102m revenue, up from 10m 8.3m EBITDA, up from 0.5m Portfolio companies benefiting parent knowledge base and resources to drive M&A and business growth E-commerce & distribution Marketplace & traffic driver Strategic acquisitions & partnerships in Retail Tech RETAIL TECH New omni-channel retail platform poised for online revenue growth and monetisation of offline retail Providing services to Camden Market retailers incl. EPOS and Offline Analytics 27

28 FOCUS: MOBILE MARKETING STRONG GROWTH AND STRATEGIC M&A ENFORCING GLOBAL LEADERSHIP POSITION IN HIGH GROWTH MOBILE ADVERTISING SPACE GLISPA CASE STUDY Over 1 billion users and 40,000 live campaigns in 187 countries Leading global player in high growth mobile advertising space OUR BUSINESS MODEL IN ACTION Opportunity identified: to expand and diversify Glispa s revenue streams, accelerate market share Execution: Glispa has benefited from the wider group s broad digital expertise and international connections, with a focus on increasing the range of services available to advertisers Outcome: a 63% increase in revenue and 28% increase in adjusted EBIT in the year to March

FOCUS: RETAIL ANALYTICS RETAIL ANALYTICS TECHNOLOGY PROVIDES LEVERAGE TO ASSET MANAGEMENT Returning visitors have grown from 22% in March 2016 to 26% in April 2016 which shows that we are building a

29 FOCUS: RETAIL ANALYTICS RETAIL ANALYTICS TECHNOLOGY PROVIDES LEVERAGE TO ASSET MANAGEMENT Returning visitors have grown from 22% in March 2016 to 26% in April 2016 which shows that we are building a more loyal customer base Dwell time has increased from 63.9 minutes to 65.7 across the same time period as content builds within the market VISITOR PROFILE 22% 26% REPEAT VISITORS Customer journey mapping is a compelling tool for promoting areas within the market to prospective operators 78% 74% NEW VISITORS March-2016 April-2016 AVERAGE VISITOR DWELL TIME ProvenderArea: 32.3% ProvenderArea: 66.4% 65.7 Min 63.9 Min March-2016 April

30 Introduction FY 2016 Financial Review Property Portfolio Asset Management Coworking Digital Assets LOOKING AHEAD Appendix

IN SUMMARY Strong progress throughout the year proving the effectiveness of the asset management and repositioning works Capital structure in place to support growth, with flagship Hawley Wharf

31 IN SUMMARY Strong progress throughout the year proving the effectiveness of the asset management and repositioning works Capital structure in place to support growth, with flagship Hawley Wharf development fully funded Significant reversionary potential across the portfolio Strengthened team in place to deliver on strategy Market Tech well-placed to deliver on vision of creating a vibrant and self-sufficient ecosystem centred on Camden Town, where Londoners and visitors want to live, work and play. 31

32 Introduction FY 2016 Financial Review Property Portfolio Asset Management Coworking Digital Assets Looking Ahead APPENDIX

our rich heritage, Camden is a world-class

variety of our premises cater for a unique

34 ENTERTAINMENT GROWING THE REVENUE OPPORTUNITIES THROUGH EVENTS EVENTS ARE A ELEMENTAL PART OF CREATING CAMDEN AS A DESITNATION, FOR LOCALS & VISITORS Based on our rich heritage, Camden is a world-class venue for events of all kinds The broad variety of our premises cater for a unique range of settings and better engagement with young professionals in Camden Events especially in conjunction of our coworking drive value to our ecosystem 34

35 IMPORTANT NOTICES The following presentation, including any printed or electronic copy of these slides, the talks given by the presenters, the information communicated during any delivery of the presentation and any question and answer session and any document or material distributed at or in connection with the presentation (together, the "Presentation"), has been prepared by Market Tech Holdings Limited (the "Company"). The information in the Presentation is not intended to form the basis of any contract. By attending (whether in person or by telephone) or reading the Presentation, you agree to the conditions set out below. The Presentation is provided for general information only and does not purport to contain all the information that may be required to evaluate the Company. The information in the Presentation is provided as at the date of the Presentation (unless stated otherwise). No reliance may be placed for any purpose whatsoever on the information or opinions contained or expressed in the Presentation or on the accuracy, completeness or fairness of such information and opinions. To the extent permitted by law or regulation, no undertaking, representation or warranty or other assurance, express or implied, is made or given by or on behalf of the Company, or any of its parent or subsidiary undertakings or the subsidiary undertakings of any such parent undertakings or any of their respective directors, officers, partners, employees, agents, affiliates, representatives or advisers, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in the Presentation. Save in the case of fraud, no responsibility or liability is accepted by any such person for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred, however arising, directly or indirectly, from any use of, as a result of the reliance on, or otherwise in connection with, the Presentation. In addition, no duty of care or otherwise is owed by any such person to recipients of the Presentation or any other person in relation to the Presentation. The Presentation does not constitute or form part of an offer or invitation to issue or sell, or the solicitation of an offer to subscribe or purchase, any securities to any person in any jurisdiction. Nothing in the Presentation is, or should be relied on as, a promise or representation as to the future. The Presentation includes certain forward looking statements, estimates, opinions and projections in relation to strategies, plans, intentions, expectations, objectives and anticipated future performance of the Company and its subsidiaries. By their nature, such statements, estimates, opinions and projections involve risk and uncertainty since they are based on various assumptions concerning anticipated results which may or may not prove to be correct and because they may relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company s ability to control or predict. No representations or warranties of any kind are made by any person as to the accuracy of such statements, estimates, opinions or projections, or that any of the events expressed or implied in any such statements, estimates or projections will actually occur. The Company is not under any obligation, and expressly disclaims any intention, to update or revise any such statements, estimates, opinions or projections following the date of this Presentation. No statement in the Presentation is intended as a profit forecast or a profit estimate. Certain industry and market data contained in this Presentation has come from third party sources, including research analyst reports produced in relation to the Company. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In particular, this Presentation contains information extracted from research analyst reports concerning the Company. This information is included for ease of reference and remains the responsibility of the research analyst and the Company accepts no responsibility for any such information, and the inclusion of such information in this Presentation should not be regarded in any respect as a confirmation or endorsement by the Company of the conclusions reached by the research analyst. In addition, certain of the industry and market data contained in this Presentation comes from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. 35

CONTACT www.market-tech.com investor.relations@market-tech.

36 CONTACT Third Floor, La Plaiderie Chambers, La Plaiderie, St Peter Port,Guernsey, GY1 1WG

2017 Half Year Results Presentation 10 August 2017

2017 Half Year Results Presentation 10 August 2017 Lawrence Hutchings Chief Executive 2 C&R a robust platform for growth Strong asset base and secure income Assets with dominant town-centre locations Focus