INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST PDF Free Download

INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2016 1

AGENDA OVERVIEW AND HIGHLIGHTS FINANCIAL RESULTS STRATEGIC UPDATE + DEVELOPMENT AND TRADING PORTFOLIO + INVESTMENT PORTFOLIO + SPECIALIST PLATFORMS SUMMARY APPENDICES + APPENDIX 1: OVERVIEW + APPENDIX 2: FINANCIALS + APPENDIX 3: PORTFOLIO STATS + APPENDIX 4: ECONOMIC CHARTS 2

OVERVIEW AND HIGHLIGHTS 3

HY2017 HIGHLIGHTS ENCOURAGING PROGRESS MADE DESPITE CHALLENGING ENVIRONMENT Development and trading guidance reassessed + 11.5m of development and trading gains in H1 (H1 guidance 8m) with 11m secured in H2; 22.5m in the year to date + EPRA NAV at 272p after payment of supplemental dividend; development and trading portfolio reported at cost (will mark to market from end of FY2017) + Investment portfolio value of 180.1m (initial yield maintained at c7%) disposals of 17.0m, valuation decline of 7.9m (including share of JVs) + Overheads: targeting a contribution of 2m in FY2018 through a reduction in recurring overhead and from net management fees from specialist platforms + Interim dividend maintained at 2.4p per share PROGRESS ON STRATEGIC INITIATIVES Major regeneration project wins in core regions + Focus on fewer, larger mixed-use regeneration projects: 8 Albert Embankment, Cockpit Yard, Westminster Industrial Estate (London City Region) and Mayfield (Manchester) + Good visibility on trading profits in next few months + Investment portfolio impacted by EU referendum; conditions improved in recent weeks despite ongoing economic and political uncertainty + Repositioning investment portfolio to align to Group s focus on regeneration + Creating specialist platforms for growth and efficiency 4

FINANCIAL RESULTS 5

HY2017 PERFORMANCE HY2017 HY 2016 FY2016 Development and trading gains 11.5m 12.5m 51.1m EPRA Net Asset Value (NAV) (2) 340.8m (1) 342.7m 363.5m Basic NAV 340.5m (1) 342.9m 363.3m EPRA NAV per share 272p (1) 274p 291p Basic NAV per share 272p (1) 274p 291p (Loss)/Profit before tax ( 11.7m) 1.4m 25.8m EPRA (loss)/earnings per share (1.8p) 0.4p 17.1p Basic (loss)/earnings per share (9.9p) 0.4p 17.1p Dividend per share (in respect of period reported) 2.4p 2.4p 5.9p Supplemental dividend per share declared - - 8.0p Net debt 128.0m 203.3m 161.4m Gearing 37.6% 59.2% 44.4% (1) After payment of supplemental dividend ( 10.0 million/8p per share) declared for FY2016 and paid in June 2016. (2) The development portfolio is reported at the lower of cost and net realisable value at the end of August; a full EPRA NAV will be reported at the end of the financial year to value the development and trading assets at fair value. 6

Pence per share MOVEMENT IN EPRA NAV THROUGH THE PERIOD NOTE: Development and trading assets not revalued, held at lower of book cost or net realisable value. 295 291 290 3.5 285 8.0 Valuation reduced by 4.6% on a like for like basis 280 279.5 2.6 6.3 9.2 8.5 275 3.3 0.1 1.1 272 270 265 EPRA NAV Feb 2016 Final dividend FY2016 Supplemental dividend FY2016 Adjusted EPRA NAV Investment portfolio contribution Property Development revaluations & trading contribution Operating costs Net interest costs Taxation Other EPRA NAV Aug 2016 7

ANTICIPATED GAINS TO FY2019 Full year guidance reassessed to a range (to allow for impact of uncertain market trading conditions) m 80 155-175m 3-5 year target + 50m plus pa + 12% post-tax total return* 70 60 65-70 72 55-65 63 50 40 35-40 42 30 20 10 0 51 46 11 27 11.5 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Realised gains (H1) Realised gains (H2) Expected gains Revised guidance (October 2016) Previous guidance (April 2016) *Total returns: the growth in our basic net asset value including dividends 8

OUTLOOK FOR FY2017: DEVELOPMENT AND TRADING GAINS Project name Previous (1) FY17 Forecast (2) FY17 Realised H1/17 12 Hammersmith Grove 10m Dublin: The Vertium Building 4-5m 4-5m Other 7m 5-6m 3m 2-3m Maidstone 4m 2-4m 2-4m Forecast (2) H2/17 Profit trigger Letting: 90% of office space, impacted by EU referendum (FY2018) Ashford (Powergen site) 3m 4m 4m Site disposal completed Entire building under offer (Oct-16) triggering profit payment entitlement Percy Place (sold); Beacon & Nutgrove (sold); Robswall (sell remaining units); Pembroke Road (sale of consented site) Exchange of contracts (Phase 1); secure planning and sell Phase 2 (BTR) The Old Vinyl Factory 3m Birmingham International Park 2m 8m 8m Norwich 2m Secure planning and sell consented residential site; funding and letting of Record Store building (FY2018) Planning secured, contracts exchanged, completion subject to JR only (Nov-16) Sale of consented site marketing commenced, impacted by EU referendum (FY2018) Woking 2m 2-6m 2m 0-4m Secure planning and sell Other (8 projects) 9m 8m 2.5m 5.5m Guidance 42m 35-40m 11.5m 23.5-28.5m (1) Previous guidance (April 2016) (2) Revised guidance (October 2016) 9

DEBT FINANCE HY2017 m FY2016 m Gross debt 177.3 213.3 Cash (49.3) (51.8) Net debt 128.0 161.5 Gearing 37.6% 44.4% Share of net debt in joint ventures 44.1 43.6 Net debt including joint ventures 172.1 205.1 Gearing including joint ventures 50.5% 56.4% Analysis of gross debt (excluding JVs) Fixed rate 41.7% 35.1% Capped / SWAP 37.8% 30.1% Floating rate 20.5% 34.8% Weighted average interest rate 5.0% 4.9% Weighted average maturity 4.8 years 4.5 years 10

m DEBT MATURITY PROFILE 80 70 70 60 60 50 50 40 30 31.4 40.0 69.5 40 30 20 22.7 20 10 0 27.9* 8.3 8.7 2.5 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26 Corporate Drawn - Investment Drawn - Development 10 0 *Terms of refinance agreed ** On Balance Sheet 11

IMPROVING BUSINESS EFFICIENCY Overhead Analysis Core recurring overhead (1) LTIP charge Close down historic tax structuring HY2017 m 9.5 0.8 0.4 Efficiency Gains Reduction in recurring overhead (1) Platform management fees Offsetting costs Net management fees (2) FY2018 m 1.9 (0.9) 1.0 1.0 10.7 2.0 (1) Targeting a 5% reduction in FY2018 (2) Across specialist platforms + Reduction in recurring overhead (from FY2018) + Additional revenue net management fees from specialist platforms and major schemes 12

FINANCIAL HIGHLIGHTS H1 gains ahead of expectation with good progress and clear visibility on H2 pipeline Anticipated gains from secured pipeline of 155-175m to FY2019; target over 50m of development and trading gains per annum, with a 12% post-tax annual return (within 3 5 years) Business efficiencies of 2m in FY2018 through overhead reduction and net management fees from specialist platforms Strong balance sheet and focus on capital efficiency 13

STRATEGIC UPDATE 14

ON TRACK WITH STRATEGIC INITIATIVES FEWER, LARGER PROJECTS To drive better returns + 4 major projects signed with a GDV of over 1.5bn potential to realise U+I profits in excess of 90m from FY2020 + Mayfield; 8 Albert Embankment, Cockpit Yard, Westminster Industrial Estate + Increasing profit per project over 5 year period REPOSITIONING INVESTMENT PORTFOLIO Align to core regeneration theme + Early progress to build a regeneration focussed portfolio targeting 10% net IRR + 17m of assets sold during the year plus a further c 125-140m of identified disposals in the short to medium-term SPECIALIST PLATFORMS To improve returns, efficiency and delivery options for our projects + Re-evaluating opportunities to create off-balance sheet Build to Rent platform + JV signed to secure income producing assets in London City Region + Options to leverage expertise in office in core markets 15

U+I BUSINESS MODEL PIPELINE PLANNING Main Value Driver CONSTRUCTION PRACTICAL COMPLETION TRADING RETAIL / LEISURE BUILD TO RENT RETAINED ASSETS PPP DEVELOPMENT BUILD TO SELL OFFICE WAREHOUSE STUDENT COMMUNITY ASSETS DISPOSED ASSETS LAND DISPOSAL 16

DEVELOPMENT AND TRADING PORTFOLIO 17

DEVELOPMENT PIPELINE: MAJOR PPP PROJECTS Scheme Region Acqn Date GDV Max U+I Equity Profit Range Timeframe Planning Application Scheme details Mayfield Quarter Manchester Sept 2016 850m 20m 40-60m FY2020-2024 Mid 2017 PPP mixed-use regeneration project (24 acres); 1,300 residential units; 800k sqft offices; hotel & retail; U+I to act as DM, funding soft costs. 8 Albert Embankment London City Region August 2016 380m 10m 25-35m FY2021-2022 Mid 2017 PPP mixed-use regeneration project (2.5 acres); 265 residential units, hotel, 70k sqft office, fire station & museum, retail. Profit shared with ultimate long-term funding partner. Cockpit Yard, Holborn London City Region October 2016 105m 4m 10-12m FY2022 End 2017 PPP mixed-use regeneration project; 100 residential apartments; new library and arts facility in Holborn area. Morden Wharf, Greenwich Westminster Industrial Estate, Charlton* Preston Barracks, Brighton Circus Street, Brighton Lichfield Town Centre London City Region London City Region London City Region London City Region Midlands March 2012 October 2016 July 2014 April 2008 July 2011 605m 13m 15-20m FY2019-2021 Mid 2018 Mixed-use regeneration project (19 acre); c1,200-1,500 residential units plus c300k sqft other uses; U+I has a Leasehold interest; Development Agreement with the Freeholder. 175m 8m 10-13m FY2021 End 2017 Mixed-use regeneration project (5.4 acre); Partnership with Royal London, JV with Galliard Homes; 400 residential apartments and associated creative floor space. 150m 8m 10-12m FY2020-2021 Mid 2017 Mixed-use regeneration project (5 acres); JV with University of Brighton; 400 residential units, 50k sqft offices, 500 student beds and ancillary retail. 120m 10m 8-10m FY2018-2020 Secured PPP mixed-use regeneration project (2.2 acres) in Brighton City centre; 142 residential units, 30,000 sqft of Office space, 450 student bed accommodation, 10,000sqft of ancillary retail space and community assets. 80m 7m 4-5m FY2019 Secured PPP mixed-use regeneration project (2.8 acres); local Authority partnership to provide a new town centre in Lichfield; retail, leisure, residential, car park. 2.5bn 80m 122-167m * This is a private-private partnership very similar to PPP due to the structure of the scheme 18

DEVELOPMENT PIPELINE: PRINCIPAL TRADING SCHEMES Scheme Region Acqn Date GDV Max U+I Equity Profit Range Timeframe Planning Application Scheme details 12 Hammersmith Grove London City Region Nov 2010 120m - 8-12m FY2018 Secured 170k sqft NIA offices with ancillary restaurant adjacent to Hammersmith tube; Forward funded with Aberdeen; profit share based on waterfall calculation with rent and yield variable; balancing payment trigger is PC+2yrs or 90% let on office NIA. Blackhorse Road London City Region Aug 2016 125m 10m 7-10m FY2018-2021 March 2017 3 acre site with potential for 345 homes and commercial space; U+I act as DM; fixed land price post planning with added value shared 50/50. Victoria Way Ashford, Kent London City Region Nov 2015 12m 1m 3-4m FY2018 July 2016 U+I exchanged contracts with HCA to acquire 2 sites opposite Ashford International Station; proposed development will consist of an 18,000 sqft Aldi, Curious Brew Brewery, 120 bed hotel, 216 apartments and ancillary retail/workshop uses; exit by land disposals. Maidstone, Kent London City Region Kensington Church Street London City Region Dec 2015 March 2011 12m 6m 4m FY2017 October 2016 4.9 acres site comprising 2 phases; Phase 1 consent for 192 residential units; Phase 2 will comprise 310 units, including 220 PRS units; exit by land disposals. 300m 8m 5-10m FY2018-2020 March 2017 Planning targeted on appeal; 46 resi units, 40k sqft offices, 30k sqft retail. 569m 25m 27-40m 19

OUR VISION IS TO CREATE LONG-LASTING SOCIAL AND ECONOMIC CHANGE FOR THE COMMUNITIES IN WHICH WE BUILD AND SUSTAINABLE VALUE FOR OUR SHAREHOLDERS 20

DEVELOPMENT PIPELINE: MAJOR PPP PROJECTS MAYFIELD, MANCHESTER 8 ALBERT EMBANKMENT MORDEN WHARF CIRCUS STREET, BRIGHTON LICHFIELD WESTMINSTER INDUSTRIAL ESTATE COCKPIT YARD PRESTON BARRACKS, BRIGHTON 21

NEW PROJECTS: MAYFIELD MANCHESTER (appointed September 2016) + 850m urban regeneration with the Mayfield Partnership (Manchester City Council, Transport for Greater Manchester & LCR) + Competitive bid process; + 5m initial equity investment rising to 20m + Develop a mixed-use community on 24-acre site adjacent to Piccadilly Station (1,300 homes and hotel with office, leisure and retail space) + Planning submissions: Q3 2017 22

NEW PROJECTS: LONDON CITY REGION (appointed March - October 2016) 8 ALBERT EMBANKMENT WESTMINSTER INDUSTRIAL ESTATE, CHARLTON COCKPIT YARD, HOLBORN 23

TWO AND A HALF YEARS IN, WE HAVE SOME REAL MOMENTUM AND A PIPELINE OF OPPORTUNITY 24

INVESTMENT PORTFOLIO 25

INVESTMENT PORTFOLIO: OVERVIEW EXISTING PORTFOLIO 21 ASSETS 191m* OPTIMISE ASSETS: SWANLEY & KILLINGWORTH DISPOSE 14 ASSETS FUTURE PORTFOLIO Regeneration INITIAL ASSETS: CHARLTON RIVERSIDE, DEPTFORD, HARWELL, SIDCUP, WOOD GREEN 2-4 years to transition *Valuation as at 31 August 2016 (includes JV stakes) 26

INVESTMENT PORTFOLIO: TOP FIVE ASSETS Project name* Overview Key statistics* The Furlong Shopping Centre, Ringwood The Killingworth Centre, Newcastle Borough Parade, Chippenham Kingsland Shopping Centre, Thatcham 85,000 sqft retail centre anchored by Waitrose Key tenants: AGA; Crew Clothing; Fat Face; Gerry Weber; Holland & Barrett; Jaeger; Jones Bootmaker; Joules; Hobbs; Phase Eight; Paperchase; Waterstones Retail centre anchored by Morrisons (not owned) Key tenants: Matalan; 28 further retail units (including Wilkinsons, Poundworld, Card Factory, McDonalds, Specsavers, Betfred) Retail centre anchored by Waitrose Key tenants: Argos; Café Nero; New Look; Patisserie Valerie; Waterstones Retail centre anchored by Waitrose Key tenants: Costa Coffee; Lloyds Pharmacy Crown Glass Shopping Centre, Retail centre anchored by Waitrose (not owned) Nailsea Key tenants: Boots; Costa Coffee; HSBC; JD Wetherspoon; Poundland; WHSmith Valuation: 25m - 35m Valuation change: Running yield: 6.1% WAULT: 5.3 years ERV growth: 0.5% Top Zone A rent: 75 Valuation: 15m - 25m Valuation change: Running yield: 8.1% WAULT: 2.4 years ERV growth: 3.1% Top Zone A rent: 35 Valuation: 15m - 25m Valuation change: Running yield: 7.6% WAULT: 4.5 years ERV growth: 2.4% Top Zone A rent: 53 Valuation: 15m - 25m Valuation change: Running yield: 5.6% WAULT: 10.6 years ERV growth: 0% Top Zone A rent: 40 Valuation: 5m - 15m Valuation change: Running yield: 7.7% WAULT: 5.6 years ERV growth: 2.6% Top Zone A rent: 42 *Valuation change movement from end February to end August 2016 (includes capital expenditure): (over 2% increase/decrease) (under 2% increase/decrease) *ERV growth (August 2015/August 2016) 27

INVESTMENT PORTFOLIO: OPTIMISE KILLINGWORTH CENTRE + Potential to optimise retail space: by splitting the existing Matalan unit + Successfully agreed lease re-structures with tenants to improve rental tone + Secured planning consent to develop two new units in the car park; under construction SWANLEY SHOPPING CENTRE + Planning permission submitted to develop residential units with retail and restaurant space on excess car park area + Tenant mix enhanced with food and beverage offering improved + Residential areas refurbished with full occupancy maintained throughout 28

INVESTMENT PORTFOLIO: REGENERATION CHARLTON RIVERSIDE HARWELL CAMPUS THE DEPTFORD PROJECT WOOD GREEN SIDCUP 29

SPECIALIST PLATFORMS 30

SUMMARY 32

SUMMARY U+I POSITIONED AS A LEADING REGENERATION DEVELOPER Regeneration expertise endorsed by selection as development partner at Cockpit Yard, 8 Albert Embankment and Mayfield (PPP) and Westminster Industrial Estate CONTINUED FOCUS ON STRATEGIC INITIATIVES Focus on fewer, larger mixed-use regeneration projects Repositioning investment portfolio to align to Group s focus on regeneration Creating specialist platforms for growth and efficiency DELIVER SUSTAINABLE SHAREHOLDER RETURNS New projects add over 1.5bn GDV to development and trading pipeline and 90m of potential profit beyond FY2020 (in line with stated equity metrics) to deliver target post-tax return of 12% over 3-5 years 33

APPENDICES 34

APPENDIX 1: BUSINESS STRATEGY 35

PRINCIPAL RISKS 36

DIVIDEND POLICY: GREATER VISIBILITY ON SHAREHOLDER RETURNS DEVELOPMENT + TRADING GAINS NET FINANCE COST OVERHEAD SHORTFALL CASH PROFIT ORDINARY DIVIDENDS CORPORATION TAX Ordinary dividend: Fixed + recurring NET FREE CASH FLOW Supplemental dividend: Paid from net free cash flow proportion intended to be broadly similar to the proportion paid in April 2015 (48%)/June 2016 (46%) REINVEST REDUCE DEBT RETURN CAPITAL Announced alongside FY results 37

A BALANCED APPROACH TO DEVELOPMENT AND TRADING MIXED-USE REGENERATION GAINS TRADING SHORT-TERM PROFIT FLOWS (1-3 YEARS) PLANNING GAIN IS OFTEN KEY ARBITRAGE/MISPRICING OPPORTUNITIES IRR OF >30% EQUITY MULTIPLE 1.5X PPP PROJECTS AND LARGER MIXED-USE PROJECTS (2-5 YEARS) MAX 20m EQUITY IN ANY ONE PROJECT BUT HIGH UPSIDE POTENTIAL IN ALL PLANNING GAIN IS KEY VALUE DRIVER PROJECTS DE-RISKED VIA FORWARD FUNDING OR PRE-SALES EQUITY MULTIPLE 2.0X 5.0X PROJECT DELIVERY TIME 05/13 FINANCIAL RESULTS 14/30 STRATEGIC UPDATE 32/33 SUMMARY 34/55 APPENDICES 38

APPENDIX 2: FINANCIALS 39

CONTRIBUTION TO NAV GROWTH m Net assets attributable to shareholders at 28 Feb 2016 363.3 Cash-related in the year m Non cash-related in the year m Contribution from investment property 3.4 3.4 Property revaluations (includes share of JVs) (7.9) (7.9) Contribution from development and trading portfolio 11.5 11.5 Operating costs (10.7) (10.7) Net interest costs (4.2) (4.2) Swap revaluations 0.2 0.2 Foreign currency movements (0.5) (0.5) Other 0.4 (0.4) Taxation (0.6) (0.6) Dividends (14.4) (14.4) Sub-total (22.8) (15.1) (7.7) Net assets attributable to shareholders at 31 Aug 2016 340.5 40

m NET DEBT, NET ASSETS AND GEARING 400 70% 363.3 350 335.5 346.4 342.9 340.5 60% 300 304.5 306.7 312.6 320.3 50% 250 40% 200 203.3 150 147.1 146.8 143.0 153.8 150.7 125.7 161.4 128 30% 100 20% 50 10% 0 Aug 12 Feb 13 Aug 13 Feb 14 Aug 14 Feb-15 Aug-15 Feb-16 Aug-16 Net assets (LHS) Net debt (LHS) Gearing excl JVs (RHS) 0% *on Balance Sheet 41

APPENDIX 3: PORTFOLIO STATS 42

DEVELOPMENT PIPELINE: MAJOR PPP PROJECTS Scheme Region Acqn Date GDV Resi rate (per sqft) Office rent (per sqft) Retail Rate (per sqft) Mayfield Quarter Manchester Sept 2016 850m 450 28 8 Albert Embankment London City Region August 2016 380m 1500-1700 52 30 Cockpit Yard Holborn London City Region October 2016 105m 1500 N/A 50 Morden Wharf Greenwich Westminster Industrial Estate, Charlton* London City Region March 2012 605m 600-800 30 20 London City Region October 2016 175m 650 15 N/A Preston Barracks, Brighton London City Region July 2014 150m 450 20 25 Circus Street, Brighton London City Region April 2008 120m 550 30 30 Lichfield Town Centre Midlands July 2011 80m 300 N/A 30 2.5bn * This is a private-private partnership very similar to PPP due to the structure of the scheme 43

DEVELOPMENT PIPELINE: PRINCIPAL TRADING SCHEMES Scheme Region Acqn Date GDV Resi rate (per sqft) Office rent (per sqft) Retail Rate (per sqft) 12 Hammersmith Grove London City Region Nov 2010 120m N/A 52.50 30 Blackhorse Road London City Region Aug 2016 125m 600 N/A N/A Victoria Way Ashford, Kent London City Region Nov 2015 12m 300 N/A N/A Maidstone, Kent London City Region Dec 2015 12m 340 N/A N/A Kensington Church Street* London City Region March 2011 300m 569m * Commercially sensitive due to planning process 44

INVESTMENT PORTFOLIO: ANALYSIS Type % of Portfolio (by value) Contracted Rent % of Portfolio Let ERV Vacant ERV WAULT Future Portfolio 14.6% 1.84m 12.4% 1.39m 0.54m 4.44 Optimise 17.4% 2.83m 19.07% 2.87m 0.15m 4.54 Disposal 68.0% 10.19m 68.58% 10.52m 0.29m 6.78 100% 14.86m 100% 14.77m 0.97m 6.07 45

APPENDIX 4: ECONOMIC CHARTS 46

AFFORDABILITY OF HOUSING IN LONDON Source: Capital Economics 47

AFFORDABILITY OF HOUSING IN LONDON Source: Capital Economics 48

AFFORDABILITY OF HOUSING IN LONDON Source: Capital Economics 49

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