[PPT] - Capital Markets Day Becoming the UKs leading income focused REIT 6 PowerPoint Presentation

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Capital Markets Day

Becoming the UK’s leading income focused REIT 6 February 2017

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Introduction and Strategic Overview

01

Redefine International P .L.C. Capital Markets Day

Mike Watters Chief Executive Offjcer

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Redefine International P .L.C. Capital Markets Day

Note: Webcast listeners please email all questions to questions@redefjneinternational.com

Asset showcase videos and an introduction to key members of our management team will be shown throughout the presentation

Agenda

Introduction and Strategic Overview Mike Watters (CEO) Income Focused Portfolio Adrian Horsburgh (Property Director) Break Effjcient Capital Structure Stephen Oakenfull (Deputy CEO) Financial Discipline Donald Grant (CFO) Conclusion and Outlook Mike Watters (CEO) Q&A

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Redefi ne International P .L.C. Capital Markets Day

Introduction to Redefj ne International P.L.C.

Who we are and what we do

Income focused UK‑REIT
Superior, sustainable and growing shareholder distributions
£1.53bn portfolio

– Retail (55%), Offj ces (19%), Distribution (11%) and Hotels (15%)

Secure income:

– Diversifj ed portfolio and tenant base – 7.8 years WAULT with over 30% indexed leases – 6.9 years debt maturity with over 95% of interest costs fj xed or capped – Industry leading cost ratios

A FTSE 250 Company

Europe’s two largest real estate markets: Top 20 assets by market value

UK

Manchester Leeds Edinburgh

London London

Bristol

Germany

Berlin Hamburg

77%

UK

23%

Germany

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Redefi ne International P .L.C. Capital Markets Day

10 year evolution to an established FTSE 250 UK REIT

UK-REIT conversion

>£700m market cap

Market value of portfolio £1.53bn

£490m AUK deal

Internalisation of management >£700m market c Internalisation of management >£7

EPRA

Inte

EPRA

Int

EPRA

io £1.5

EPRA

io £1.5

deal

EPRA

deal

Main board listed

Main board listed Dual listed JSE

Dual listed JSE

Internalisation of management

Internal

Internalisation of management

Internal

Internalisation of management

ement

Internalisation of management

ement

Internalisation of management

FTSE250

Marke

FTSE250

Mark

FTSE250

GPR Index

Intern

GPR Index

Intern Inte

EPRA

GPR Index

Inte

EPRA

GPR Index

RBDL hotel management

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RBDL hotel management

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m market c

RBDL hotel management

m market c gemen

RBDL hotel management

gemen m market c Internalisation of management

RBDL hotel management

m market c Internalisation of management

RBDL hotel management RBDL hotel management

Incentives aligned to shareholder returns

ernalisation o

Incentives aligned to shareholder returns

ernalisation o

Incentives aligned to shareholder returns

Corporate Governance Corporate Governance

Corporate Governance

£700m m

Corporate Governance

£700m m f manag

Corporate Governance

f manag £700m m Internalisation of management

Corporate Governance

£700m m Internalisation of management

Strengthened Board

alue of portfolio £

Strengthened Board

alue of p

Strengthened Board

alue of portfolio £

Strengthened Board

alue of portfolio £

Strengthened Board

Sustainability

GPR Index

Sustainability Sustainability

m market c

Sustainability

et c

Sustainability

Sustainability Sustainability

Sustainability

ket value of p

Sustainability

ket value of p

GRESB

EIT c

GRESB

EIT c

GRESB

.53bn

GRESB

53bn

GRESB

FTSE4Good

alue of p

FTSE4Good

alue of p

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Dual listed JSE

FTSE4Good

Green Fest

Foundation

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Foundation

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f mana

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f mana

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Foundation

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UK-REIT conversion

UK-REIT conversion UK-REIT conversion

et cap

UK-REIT conversion

et cap

The foundations have been laid to support future income and value growth

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Redefine International P .L.C. Capital Markets Day

Introducing the management team

Lean but intensive management

– Broad experience base – Allows fmexible, fast and effjcient decision making

Incentives aligned to shareholder returns
Specialists in our various markets and functions
Entrepreneurial approach balanced with disciplined asset

management and capital recycling

36 permanent employees at the centre, 32 in the UK

and 4 in Germany

6 shopping centre managers and 184 staff employed by

Redefjne Retail Management(1)

All low margin activities are outsourced

Skill set to deliver end-to-end value

(1) Cost included in service charge

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Redefi ne International P .L.C. Capital Markets Day

Recurring and predictable income returns are increasingly highly valued in a low economic growth and low interest rate environment

Why income – the case for our business model

Total returns from property are largely driven

by income

Increased attraction to:

– Predictable income returns – Capital preservation with growth potential

Trend of compounding income delivering long

term returns to continue

Management has ability to infm

uence income returns

Short term capital returns are volatile and

affected by external factors

Increasing income returns will drive sustainable

capital growth

30 years

73%

20 years

74%

10 years

140%

5 years

65%

Capital return Income return Source: MSCI, Lazarus

The composition of historic UK property total returns

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Redefi ne International P .L.C. Capital Markets Day

The role of REITs in an income deprived environment

Superior vehicle to traditional property funds
Well placed to provide investors with access to commercial

real estate returns, with a corporate wrapper which provides: – Corporate governance and transparency – Scale and liquidity – Asset backed income – Regular, sustainable and growing income‑led total returns – Effj cient gearing – Optimal overhead structure – Transparent tax structure

Alignment to global REIT capital requirements

REITs provide institutional and retail investors with access to transparent and liquid commercial real estate returns

Retail fund flows

2007 (3) Source: Lazarus analysis Net retail sales, property funds (12 month rolling, £bn, LHS) Sector NAV premium/discount (%, RHS) (2) (1) 1 2 3 4 (50) (40) (30) (20) (10) 10 20 2013 2012 2011 2010 2009 2014 2015 2008 2016

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Redefine International P .L.C. Capital Markets Day

Effjcient at converting gross income to

shareholder returns

Active at generating marginal income
Effective at income-led asset management
Solid allocation of capital
Diversifjcation benefjts
Proven track record

We are well placed to take the lead on income

Income is part of our DNA and an essential part of our investment strategy

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Redefi ne International P .L.C. Capital Markets Day

Income focused – Strategy

Sustainable long term income – infm

ation linked

Secure and growing distributions
Sensible debt levels
Limited volatility through the property cycle

Our business model is designed to continue provide superior, sustainable and growing shareholder returns

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Redefi ne International P .L.C. Capital Markets Day

A strategy suitable for interesting times

Deliberate decision to be more conservative to protect long term shareholder interests and reposition for attractive growth

Decision to be more fj

scally conservative

Move to EPRA distribution metric
Dividend to be rebased
Strong push to sell properties that have

reached the “sell by” date for us

Higher growth rates going forward

I think you will agree that we are living in most interesting times.

J Chamberlain, 1898

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Redefine International P .L.C. Capital Markets Day

Strategic Priority: Become the UK’s leading income focused REIT Superior, sustainable and growing shareholder returns

Scaleable Business Efficient Capital Structure Income Focused Portfolio Financial Discipline

High quality portfolio
Limited volatility through

the cycle

Invest in opportunities

across sectors

Suffjcient scale
Cost effjcient portfolio
Effjcient conversion of rental

income into profjt

EPRA cost ratio

(excl direct vacancies) <15%

Covered dividend
>£1bn market cap
Improved liquidity
Recycle capital
Limit volatility
Multiple sources of capital
Strong balance sheet
Operational fmexibility
Competitive cost of capital
Committed to deliver upper quartile income yield
Secure income
Total returns driven by “real” income growth
Capital appreciation

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Redefi ne International P .L.C. Capital Markets Day

Strategic Priority: Become the UK’s leading income focused REIT Superior, sustainable and growing shareholder returns

Scaleable Business Effi cient Capital Structure Income Focused Portfolio Financial Discipline

High quality portfolio
Limited volatility through

the cycle

Invest in opportunities

across sectors

Suffj

cient scale

Cost effj

cient portfolio

Effj

cient conversion of rental income into profj t

EPRA cost ratio

(excl direct vacancies) <15%

Covered dividend
>£1bn market cap
Improved liquidity
Recycle capital
Limit volatility
Multiple sources of capital
Strong balance sheet
Operational fm

exibility

Competitive cost of capital
Committed to deliver upper quartile income yield
Secure income
Total returns driven by “real” income growth
Capital appreciation

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Redefine International P .L.C. Capital Markets Day

Income Focused Portfolio Adrian Horsburgh Property Director

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Redefi ne International P .L.C. Capital Markets Day

Strategic Priority: Income Focused Portfolio

Income Focused Portfolio

Superior, sustainable and growing shareholder returns

Scaleable Business Effi cient Capital Structure Income Focused Portfolio Financial Discipline

High quality portfolio
Limited volatility through

the cycle

Invest in opportunities

across sectors

Suffj

cient scale

Cost effj

cient portfolio

Effj

cient conversion of rental income into profj t

EPRA cost ratio

(excl direct vacancies) <15%

Covered dividend
>£1bn market cap
Improved liquidity
Recycle capital
Limit volatility
Multiple sources of capital
Strong balance sheet
Operational fm

exibility

Competitive cost of capital
Committed to deliver upper quartile income yield
Secure income
Total returns driven by “real” income growth
Capital appreciation

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Redefine International P .L.C. Capital Markets Day

Portfolio last reported

Market value £1.5bn as at 31 August 2016 Completed and integrated the transformational £490m AUK acquisition;

ngoing steps to significantly improve the quality of the portfolio

Retail: 55% Commercial: 30% Hotels: 15% UK shopping centres: 22% German retail: 20% UK retail parks: 13% Logistics: 11% Offjces: 19%

5.8%

EPRA NIY

7.8yrs

WAULT

97.7%

Occupancy

77%

UK

23%

Germany

Sector specialism across Retail, Offjce, Logistics and Hotels

Income Focused Portfolio

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Redefine International P .L.C. Capital Markets Day

Income-led property philosophy and strategy

Primary focus on acquiring and owning assets underpinned by occupier demand

Invest in property fundamentals rather than being

sector specifjc

Understand occupier demand and economic rents:

– Each asset has an income-led business plan with clearly identifjed opportunities to add value – Ongoing investment in our assets – Recycle capital from assets once value has been maximised Owners of strong property fundamentals with clearly identified value-add opportunities to support future income security and delivery of market beating growth

Distribution and Industrial Retail Parks

Current targeted sectors:

Areas undergoing structural change

Income Focused Portfolio

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Redefine International P .L.C. Capital Markets Day

Continuously improving quality of portfolio

Economic growth

locations

Positive structural

change

Long WAULTS (8.2 years)
Indexed rents

(53% indexed)

High cash on cash

returns

Continued void

reduction (void 7.2%)

Commercialisation
Expansion capex

focused on high yielding

pportunities
Reconfjguration of

existing space

Since 31 August

2016 disposed of £98.9m assets

41%

Core secure income

32%

Growth income

20%

Income-led asset management

pportunities

7%

Mature assets

All values as reported for 31 August 2016

We aim to have approximately 70% of total returns driven by secure and growing income; remainder through active asset management

% portfolio by market value

Income Focused Portfolio

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Redefine International P .L.C. Capital Markets Day

Resilient income profile with 80% of gross rental income beyond 5 years to first break option

Income security

Clear income visibility with WAULT of 7.8 years supported by diversifjed portfolio

FY2017 FY2018 FY2019 FY2020 FY2021 FY2026+ FY2025 FY2024 FY2023 FY2022 UK Retail UK Hotels Europe UK Commercial

5.0 3.1 1.6 6.8 4.1 10.4 9.7 7.5 7.1 44.7

Tenant Profjle

Diverse and high quality

sources of rental income

Over 550 tenants
Over 30% of portfolio

subject to index‑linked rents Top 10 tenants

As at % of gross 31 August 2016 rental income Units

UK Government 5.4 10 B&Q 3.9 5 VBG(1) 3.5 4 Tesco 3.5 1 Edeka 3.3 34 Royal Mail 2.2 2 Primark 1.9 1 OBI 1.8 3 Debenhams 1.6 2 Wilko 1.6 4

(1) German government‑backed social insurance body (Note: sold post year end) All values as reported for 31 August 2016

Lease expiries to first break by gross rental income (%)

Income Focused Portfolio

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Redefine International P .L.C. Capital Markets Day

Actively drive income growth

Case study: £490m transformational AUK acquisition completed in March 2016

Income yield (1) on purchase increased by 40 bps to 5.8%(2)
Lettings – regional offjces’ voids reduced from 20% to 3%(2)
Distribution – rental growth +14% and WAULT +30%
Retail Parks – 100% let and strong demand from F&B and leisure
ccupants
Disposals – Grosvenor Street and Manchester, 14.6% premium

to book value

210 Deansgate, Manchester (1) EPRA topped up yield (2) Pro‑forma including 201 Deansgate, Manchester disposal and City Point, Leeds letting post 31 August 2016 Income Focused Portfolio

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Redefine International P .L.C. Capital Markets Day

Delivering on business plans

Case study: Camino Park, Crawley Business Plan assumption Exit price IRR Geared IRR £46.8m 7.6% 11.8% Revised targets Exit price IRR Geared IRR £55m (+17.5%) 11.5% (+390bps) 18.4% (+660 bps) At acquisition Price Income ERV Vacancy £42m £2.4m(1) £3.0m 4.1%(1) Only 11 months later Price Income ERV Vacancy £45m (+7.1%) £2.7m (12.5%) £3.2m (6.7%) 100% let

Every property has a business plan, each varies in its complexity, risk and return

(1) Following expiry of Northern Foods in December 2015 Income Focused Portfolio

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Redefi ne International P .L.C. Capital Markets Day

Further asset management opportunities identifj ed

Clear pipeline of further income-led asset management opportunities

Short term 1 – 2 years Long term 5+ years Medium term 3‑5 years

Leasing activity Reconfj guration/ expansions/development

Rental income opportunity pipeline

Income Focused Portfolio

Camino Park, Crawley Charing Cross Road Charing Cross Road Albion Street, Derby Bahnhoff Center, Hamburg Omnibus, Reigate Crescent Centre, Bristol Priory Retail Park, Merton Banbury Cross Retail Park The Arches Retail Park, Watford City Arcaden, Ingolstadt Charing Cross Road Continued indexation

f circa 30%
f portfolio

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Redefine International P .L.C. Capital Markets Day

Market outlook supports our asset allocation decisions

Largely insulated from potential Brexit volatility

UK Commercial: Offjces

Limited supply and

speculative development

Secondary space lost to

residential and student accommodation

Resilient take up in West End

(London) and Southbank

UK Retail

Not all retail is bad

– Convenience and value growing – “Right” retail parks show strong demand from leisure, F&B and commercialisation

Residential development
Infmation impact on retailers

UK Hotels

London limited service hotels

showing resilient trading performance

UK Commercial: Logistics

Focused on mid box and

last mile distribution

Positive impact from online

retailing

Germany

Berlin and Hamburg Europe’s

top two investment cities (source: ULI)

Largely index linked (98%)
Historically low interest rates
Return of infmation and higher interest rates
Growing urbanisation
Expand within sphere of infmuence where metrics support the case

We will continue to invest capital where we see the ability to deliver the best risk-adjusted returns

Income Focused Portfolio

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Redefine International P .L.C. Capital Markets Day

Disposal strategy

AUK adds additional scale allowing a more active approach to repositioning our portfolio for growth

Strategic disposals Low growth assets with potential long term structural income risks VBG portfolio

Acquired in JV in 2012
Gross acquisition cost of €84.9m
Yield on equity of c. 19%
Sold in 2017 for €106.0m
Geared IRR of 27%

Realising value following active asset management Once income is maximised, through reconfjguration, refurbishment or lease activity, the asset is considered for potential disposal Delta 900, Swindon

Inherited through Wichford reverse

take‑over

Government tenant vacated in

March 2014

15 year lease agreed with

Oxford Brookes University at 20.8% above ERV

Sale exchanged at £3.6m, a 31%

premium to book value Opportunistic disposals Realise attractive prices are considered

n a risk‑adjusted basis taking

into consideration future capital commitments, planning and letting risk 201 Deansgate, Manchester

Acquired as part of AUK transaction
Purchase price of £25.8m
Low initial yield
Sold for £29.2m, 14% above

book value

Higher quality portfolio to support longer term holds and lower transaction costs

Income Focused Portfolio

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Conclusion: Income Focused Portfolio

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Redefi ne International P .L.C. Capital Markets Day

Income Focused Portfolio

Sector/geographic agnostic Property fundamentals Leading income focused REIT

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Redefine International P .L.C. Capital Markets Day

Effjcient Capital Structure Stephen Oakenfull Deputy Chief Executive

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Redefi ne International P .L.C. Capital Markets Day

Strategic Priority: Effj cient Capital Structure Superior, sustainable and growing shareholder returns

Scaleable Business Effi cient Capital Structure Income Focused Portfolio Financial Discipline

High quality portfolio
Limited volatility through

the cycle

Invest in opportunities

across sectors

Suffj

cient scale

Cost effj

cient portfolio

Effj

cient conversion of rental income into profj t

EPRA cost ratio

(excl direct vacancies) <15%

Covered dividend
>£1bn market cap
Improved liquidity
Recycle capital
Limit volatility
Multiple sources of capital
Strong balance sheet
Operational fm

exibility

Competitive cost of capital
Committed to deliver upper quartile income yield
Secure income
Total returns driven by “real” income growth
Capital appreciation

Effi cient Capital Structure

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Redefine International P .L.C. Capital Markets Day

Weighted average debt maturity of 6.9 years
No material maturities until 2020
Weighted average cost of debt 3.4%
Over 95% of debt at fjxed or capped rates
£303 million AUK facility provides fmexible capital structure

and cost of debt effjciencies

Non‑recourse debt funding
German assets funded with Euro debt providing natural

FX hedge

Net Euro exposure:(2)

– 21% of NA V – 27% of EPS

Current capital structure last reported

(1) Net of £34.3m of cash (2) At 31 August 2016, prior to sale of VBG portfolio (3) Refjnancing terms agreed to reduce LTV to 61.6% with LTV covenant of 85%

Proportionate borrowings (as at 31 August 2016) LTV: 50.2% LTV covenant ave: 68.9% Weighted average maturity: 4.3 years LTV: 70.2%(3) LTV covenant ave: n/a Weighted average maturity: 17.8 years LTV: 59.7% LTV covenant ave: 72.4% Weighted average maturity: 3.1 years LTV: 53.4%(1) LTV covenant ave: 69.9% UK bank debt £466.5m (55%) Group £850.6m UK-non bank (fjxed rate) borrowings £178.2m (21%) Europe £205.9m (24%)

Well structured debt profile with covenant headroom

Efficient Capital Structure

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Redefi ne International P .L.C. Capital Markets Day

Progress since 31 August 2016

Pro‑forma leverage reduced to 49.6%(1) from 53.4%
£107.8m of sales completed at an average net initial yield of 6.2%
Debt reduced by £55.4m at average cost of debt of 4.2%

Aug 17 GBP Euro Refi/Sold/Repaid Aggregation of UK facilities to support ambition to move to unsecured debt financing New Aug 18 Aug 19 Aug 20 Aug 21 Aug 22 Aug 23 Aug 24 Aug 25 Aug 26 Aug 27 Aug 28 Aug 29 Aug 30 Aug 31 Aug 32 Aug 33 Aug 34 Aug 35 Aug 36 Aug 37 Aug 38 Aug 39 Aug 40 Aug 41 Aug 42 12.8 40.9 22.7 103.5 9.0 10.2 89.5 28.5 50.0 151.4 373.1 121.5

Debt maturity profi le (£m)

All data stated on a pro‑forma basis [refm ecting disposals of and debt reduction of £55.4m since 31 August 2016] (1) Prior to any potential reinvestment of disposal proceeds

Limited refi nancing risk

Effi cient Capital Structure

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Redefine International P .L.C. Capital Markets Day

Capital allocation

Target highest LTV facilities

Increase covenant headroom on more highly

geared facilities

Greatest re-pricing benefjt
Typically removing amortisation and

enhancing cash fmow

UK non-bank debt(1) 31 August 2016 Pro-forma Debt Cost of debt LTV Share of net income(3) £170.0m 5.8% 70.9% 50% £146.0m

c. 5.6%(2)

61.6% 100% Euro debt facility(1) 31 August 2016 Pro-forma Debt Cost of debt Amortisation LTV £44.2m 3.68% 2.0% p/a 67.9% £38.2m

c. 2.70%(2)

none 58.7%

Effective balance between leverage and reinvestment Achieving marginal returns on equity in excess

f our cost of debt

Yield on equity: c. 10.0% Yield on equity: c. 9.8%

(1) Terms agreed, completion anticipated prior to 28 February 2017 (2) Rates indicative and subject to completion (3) Restructuring terms include the “release” of a 50% income share (c. £1.5m pa) at a cost of c. £6.5m

Reducing leverage effectively whilst limiting impact on income

Efficient Capital Structure

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Redefine International P .L.C. Capital Markets Day

Disposals programme based on outlook for individual assets

and independent of decision to reduce leverage

Immediate focus on disposals of:

– Assets where business plans have been successfully executed and value creation maximised – Assets with bottom quartile IRRs, and often with negative rental and/or capital growth expectations

Continued capital recycling will be driven by:

– Commitment to improve the quality and growth profjle

f the portfolio

– Reduction in exposure to assets which are expected to deliver IRRs below our cost of capital – Opportunistic sales where offer prices are above our view of asset value/worth

Capital recycling & disposals

Disposals Reversionary Net rental since 31 August 2016 NIY on yield on income Proportionate (£m) Completion Book value Sales price sales price sales price impact

Watford, Exchange House October 2016 11.8 13.3 6.9% 5.8% (1.0) VBG portfolio January 2017 40.6 44.1 6.5% 4.9% (3.0) Manchester, Deansgate January 2017 25.5 29.2 3.6% 7.0%(1) (1.1) Other smaller sales Q2/Q3 FY2017 21.0 21.2 9.0% 7.4% (2.0) Total 98.9 107.8 6.2% 6.0% (7.1)

(1) Reversionary yield assumes 16,643 sqft of vacant space fully let (2) 31 August 2016 FX rates assumed Efficient Capital Structure

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Redefi ne International P .L.C. Capital Markets Day

Achieving a lower leverage model

Refj

nancing or extending facilities at lower leverage and a reduced margin

Revised dividend policy and pay‑out ratio to provide recurring improvement in cashfm
w and net debt
Capital recycling and investment to be undertaken at lower marginal leverage
Resulting in a lower cost of capital to be used to support growth and investment
Deleveraged balance sheet to support medium term target of moving toward a partially unsecured debt structure

Effi cient Capital Structure

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Redefine International P .L.C. Capital Markets Day

Continued incremental gains anticipated on cost of debt
Over 95% of debt fjxed or capped rates
Ratcheted margin structure of £303m AUK facility
Targeting average cost of debt of 3.3% in the short term

Cost of debt

Track record of reducing leverage effectively

Strategic target to strengthen our balance sheet by incrementally reducing LTV to 45% – 50%

FY2011 40% FY17 target LTV (%) Weighted cost of debt (%) 60% 55% 50% 45% 65% 70% 75% 80% 85% LTV (%)

75.4% 53.4% 3.3% 45–50% 5.0%

Cost of debt (%) 5.5% 3.0% 3.5% 4.0% 4.5% 5.0% FY2013 FY2014 FY2016 FY2015 FY2017 FY2012

Historic weighted average cost of debt and LTV

Efficient Capital Structure

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Redefine International P .L.C. Capital Markets Day

Conclusion: Effjcient capital structure

Medium Term Guidance

Medium term target Strategic targets Leverage

LTV: 45% – 50%
LTV: 40% – 50%

Sources of capital

More fmexible debt facilities
Revolving credit facilities
Wider shareholder appeal
Debt capital markets (unsecured)
Investment grade credit rating
Broad institutional shareholder base

Cost of capital

Capitalise on refjnancing at historically low

rates

Enhanced equity rating
Competitive cost of debt
Premium equity rating

Allocation of capital

Disposal of mature assets
Asset management capex
Effective de‑leveraging
Investment in growth assets
Headroom and liquidity to capitalise on
pportunities

Efficient Capital Structure

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Redefine International P .L.C. Capital Markets Day

Financial discipline Donald Grant Chief Financial Offjcer

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Redefi ne International P .L.C. Capital Markets Day

Strategic Priority: Financial Discipline Superior, sustainable and growing shareholder returns

Scaleable Business Effi cient Capital Structure Income Focused Portfolio Financial Discipline

High quality portfolio
Limited volatility through

the cycle

Invest in opportunities

across sectors

Suffj

cient scale

Cost effj

cient portfolio

Effj

cient conversion of rental income into profj t

EPRA cost ratio

(excl direct vacancies) <15%

Covered dividend
>£1bn market cap
Improved liquidity
Recycle capital
Limit volatility
Multiple sources of capital
Strong balance sheet
Operational fm

exibility

Competitive cost of capital
Committed to deliver upper quartile income yield
Secure income
Total returns driven by “real” income growth
Capital appreciation

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Redefine International P .L.C. Capital Markets Day

Financial Discipline

Yesterday, today and tomorrow

Historic August 2016 Medium term target Rent collection 75% – 85% within 7 days Typically 90% within 7 days >95% within 7 days Cost control (EPRA cost ratio) Typically < 20% 14.9% Target 15% or less Interest cover 1.6x 2.7x >3x LTV > 80% in 2012 53.4% 45% – 50% Cashfmow Distributable earnings 100% (102% FY15) Distributable earnings 100% EPRA based dividend with 90% – 95% payout ratio Liquidity

No RCF
Asset specifjc debt
Minimal cash reserves
Improved fjnancial fmexibility

– £34m cash – £23m undrawn facilities – £155m RCF

Increase committed facilities
Hold minimal cash at hand

to avoid drag on earnings

Unsecured debt model with

limited amortisation

Financial Discipline

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Redefine International P .L.C. Capital Markets Day

Effjcient conversion of rental income into profjt

Managing an effjcient cost base is one of our core competencies

Focused on all items within the income statement

– Growing rental income; – Managing and securing our cost of debt; and – Driving effjciency from overheads

Lean but extremely engaged management team and

work force

Close management of both administrative overheads

and non‑recoverable costs (voids)

Continuing to capitalise on low interest rate environment

in both the UK and Germany How do we do it?

Cost conscious culture throughout the organisation
Profjtabillity focused performance management
Competitive tendering, coupled with strong partnerships

with advisers and service providers

Create scale where possible to leverage volume discounts
Flat internal structure, continued simplifjcation of both

Group structure and administrative processes

Financial Discipline

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Redefine International P .L.C. Capital Markets Day

One of the lowest EPRA cost ratios in the industry

14.9% at FY16

UK REIT 1 UK REIT 2 Redefine International UK REIT 4 UK REIT 5 UK REIT 6 UK REIT 7 UK REIT 8 UK REIT 9 UK REIT 10 UK REIT 11 UK REIT 12 UK REIT 13 UK REIT 14 UK REIT 15 10 20 30 40

EPRA cost ratio excluding vacancy

Market capitalisation >£3.5 billion

Source: Company reports and broker estimates Financial Discipline

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Redefine International P .L.C. Capital Markets Day

EPRA Based Dividend policy: Rebasing 2016

Providing greater fjnancial fmexibility in support of repositioning and leverage reduction

FY16 FY16 Underlying earnings Reported Rebased [including share of joint venture] £m £m Net rental income 89.3 Investment and other income 3.6 Administrative costs (11.4) Net fjnance expense (33.1) Wigan profjt share (1.5) Profjt share to be bought out from February 2017 Other items (2.8) Primarily minority interest EPRA earnings 44.1 44.1 Company adjustments: Reverse debt accretion charges (non‑cash) 3.1 3.1 Unwinding IFRS debt fair valuation FX gains and losses (0.9) (0.9) Arising in the income statement on monetary items Other items 3.1 — Discontinued Company adjustments Underlying earnings 49.4 46.3 Profjt on disposal of 16 Grosvenor Street (non‑recurring) 2.8 2.8 Included to normalise FY16 distributable earnings Distributable earnings 52.2 49.1

Financial Discipline

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Impact of H1 2017 disposals and debt prepayments

(1) Full year impact of AUK acquisition expected to add £2.5 million in net rent during 2017 (2) Disposals of £99 million at an average NIY of 6.2% completed

r targeted to complete since August 2016

– Annualised net rental impact of £7.1 million (c. £4.1 million in 2017) (3) Debt prepayments of £55.4 million at an average cost of 4.2% since August 2016 – Annualised fjnance cost saving of £4.0 million (c. £2.2 million in 2017) (4) Profjt share buy‑out achieved following debt prepayment £1.5 million per annum (c. £0.7 million in 2017)

3.1 0.3 4.1 2.2 0.7

2016 Distributable earnings Discontinued Company adjustments (cash retained) 2016 Rebased (1) Additional AUK rent net of Grosvenor Street gain (£2.5m-£2.8m) (2) Net rental impact

f disposals

(£7.1m p.a.) (3) Finance cost saving following disposals (£4.0m p.a.) (4) Profit share buy-out (£1.5m p.a) Adjusted 2016 applying growth and reinvestment assumptions

£52.2m £49.1m £47.6m (2.6pps)

c. 2.7 – 2.8pps
c. £48m – £52m
Weighted average shares on issue 31 August 2016: 1,637.2m
Shares on issue at 31 January 2017: 1,811.7m

Earnings £m

Financial Discipline

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Medium term guidance

Future dividends derived from EPRA based earnings with alignment to operating cashfmow
Pro‑forma weighted average cost of debt expected to fall to 3.3%
Pro‑forma LTV down to 50%

Medium term target

Net rental income growth 2% – 5% Administrative overheads 15% EPRA cost ratio Cost of debt 3.2% – 3.4% LTV 45% – 50% EPS basis Underlying earnings, an EPRA based measure Pay‑out ratio 90% – 95% EPS growth 3% – 5%, achieving “real” infmation adjusted growth

Financial Discipline

Committed to continue delivering upper quartile distributions for our shareholders

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Outlook & Conclusion Mike Watters Chief Executive Offjcer

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Commitment to become the UK’s leading income-focused REIT

Outlook and conclusion

Superior, sustainable and growing shareholder returns

Scaleable Business Efficient Capital Structure Income Focused Portfolio Financial Discipline

Committed to deliver upper quartile income yield
Secure income
Total returns driven by “real” income growth
Capital appreciation

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Appendices

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Mike Watters CEO e: mwatters@redefjneinternational.com Stephen Oakenfull Deputy CEO e: soakenfull@redefjneinternational.com Donald Grant CFO e: dgrant@redefjneinternational.com Adrian Horsburgh Property Director e: ahorsburgh@redefjneinternational.com Janine Ackermann Head of Investor Relations e: jackermann@redefjneinternational.com Redefjne International P .L.C. 2nd Floor, 30 Charles II Street London SW1Y 4AE t: +44 (0) 20 7811 0100 Visit us online www.redefjneinternational.com @RedefjnePLC Redefjne International

Redefjne International Team

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Balanced exposure to retail, commercial and hotel sectors, supported by sector specialist asset managers

Where we operate

Geographical focus in Europe’s two largest and most liquid property markets

G e r m a n y

Europe UK Retail 15% 22% 36% 27% UK Commercial

Market value £1.5bn

UK Hotels

UK London Jersey Key UK Commercial UK Retail Hotels AUK German assets All data as reported for 31 August 2016

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AUK acquisition consistent with investment philosophy to invest in assets with resilient and growing income returns

Portfolio value increased by c.50%
Transaction completed in two tranches:

– Tranche I: 10 assets, completed in September and October 2015 for £256m – Tranche II: 9 assets, completed in March 2016 for £205m

High quality institutional assets, 75% located in economic

growth areas

Pre‑completion disposal of Grosvenor Street, London

realising £2.8m net profjt

Transformational milestone achieved with AUK in 2016

AUK Retail valued at £200m(1) (8 properties) AUK Offjces valued at £132m(1) (6 properties) AUK Distribution & Other valued at £125m(1) (5 properties)

All data as reported for 31 August 2016

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£1.5bn portfolio enhances ability to allocate & recycle capital into new opportunities to deliver the best risk adjusted returns

Portfolio repositioned for further income growth

AUK improves portfolio exposure to sub-sectors with good income and value growth prospects

Exposure to assets with stronger fundamentals providing

income‑led asset management opportunities

More active capital recycling
Investment market remains strong for secure income
Disposals to focus on mature and underperforming assets

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Greater London Big 6 UK cities Big 5 German cities UK South Dominant regional shopping centres Other UK Retail Parks UK Regional Offices UK Hotels UK London Offices Germany Other UK Distribution & Industrial UK Automotive UK Shopping Centres 15% 29% 10% 11% 9% 17% 24% 12% 10% 22% 22% 6% 4% 2% 7% Market value by geography Market value by sector

All data as reported for 31 August 2016

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Our strategy remains clearly focused on income-led total returns

Repositioning the portfolio for continued growth

Actively increasing our exposure to targeted sectors with positive growth expectations

Reported Reported Sector exposure Pro‑forma 2016(1) 2015

(1)

by market value % % %

UK Shopping centres 23 22 33 UK Retail parks & other 14 13 — UK Offjces 13 16 12 UK Distribution & industrial 7 7 — UK Automotive 5 4 4 UK Hotels 16 15 22 Germany 22 23 29 Overall 100 100 100

Camino Park, Crawley (1) As reported at 31 August 2016

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Strategically targeted sectors

UK Retail – Market value £537m UK Commercial – Market value £418m UK Hotels – Market value £229m Europe – Market value £345m

6 wholly‑owned regionally

dominant shopping centres, tenanted by leading retailers including Tesco, Debenhams, Wilkos, Boots, H&M and TK Maxx

5 well located retail parks, of

which 4 assets are in London, UK South and “Big 6” UK cities

Other assets include high

street retail assets and a retail warehouse

8 limited service hotels in Greater

London and 1 hotel in Edinburgh

Branded Holiday Inn, Holiday

Inn Express, Crowne Plaza and DoubleTree by Hilton

25.3% holding in RedefjneBDL,

the UK’s largest independent hotel manager

15.5% holding in IHL, a hotel and

leisure focused listed entity

4 Greater London offjces some
f which present alternate uses
20 regional offjces, 5 AUK assets

with high vacancies

2 well located

distribution centres

Vehicle dealership, service

station and motor trade properties which provide defensive income on long leases, with leading brands including BP and Kwik Fit

87 properties in Germany
Almost 50% by value contributed

by 3 well located shopping centres in Berlin, Hamburg and Ingolstadt

Other assets include retail parks,

small discount supermarkets and government‑let offjces

Tenants are weighted to

non‑discretionary food stores and discounters Occupancy (%) 98.7 Lettable area (m2) 237,694 Annualised gross rental income (£m) 40.6 EPRA net initial yield (%) 6.3 # properties 14 WAULT (years) 8.8 Occupancy (%) 94.6 Lettable area (m2) 216,829 Annualised gross rental income (£m) 27.5 EPRA net initial yield (%) 5.4 # properties 64 WAULT (years) 6.1 Occupancy (%) 100.0 Lettable area (m2) 41,323 Annualised gross rental income (£m) 15.0 EPRA net initial yield (%) 6.1 # properties 9 WAULT (years) 10.3 Occupancy (%) 98.5 Lettable area (m2) 186,061 Annualised gross rental income (£m) 22.8 EPRA net initial yield (%) 5.6 # properties 87 WAULT (years) 6.5

All data as reported for 31 August 2016

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Portfolio analysis – reported

Portfolio summary

Annualised EPRA Weighted Values as at % of portfolio by Market gross rental topped Reversionary average EPRA voids 31 August 2016 market value value (£m) Properties Area (m2) income (£m) ERV (£m) EPRA NIY up yield yield lease length (by ERV) Indexed

UK Shopping Centres 22% 337.2 6 157,175 26.4 27.3 6.3% 6.5% 7.6% 8.4 1.9% 21.9% UK Retail Parks 12% 168.5 5 50,971 11.7 10.7 6.2% 6.5% 5.9% 8.1 — 2.1% UK Retail – other 2% 31.4 3 29,548 2.5 2.3 7.2% 7.2% 6.8% 16.7 1.0% — UK Retail 36% 537.1 14 237,694 40.6 40.3 6.3% 6.5% 7.0% 8.8 1.3% 14.8% UK Offjces – Greater London 6% 91.4 4 15,706 4.3 5.0 3.8% 4.3% 5.1% 6.3 — 36.6% UK Offjces – Regional 10% 158.5 20 79,433 12.7 13.2 6.1% 7.0% 7.8% 4.2 9.5% 25.3% UK Distribution and Industrial 7% 100.3 4 98,991 6.2 7.0 5.5% 5.8% 6.5% 6.0 4.0% — UK Automotive 4% 67.3 36 22,699 4.3 3.4 5.9% 5.9% 4.8% 11.8 — 67.2% UK Commercial 27% 417.5 64 216,829 27.5 28.6 5.4% 5.9% 6.4% 6.1 5.4% 27.8% Greater London & RBDL portfolio 12% 183.9 7 29,426 12.3 12.0 6.2% 6.2% 6.1% 9.3 — — Edinburgh, DoubleTree by Hilton 2% 31.1 1 7,250 2.0 2.5 6.0% 6.0% 7.4% 9.5 — 4.4% London, Enfjeld Travelodge 1% 14.2 1 4,647 0.7 0.7 4.8% 4.8% 4.8% 30.9 — 100.0% UK Hotels 15% 229.2 9 41,323 15.0 15.2 6.1% 6.1% 6.2% 10.3 — 5.3% Total UK 78% 1,183.8 87 495,846 83.1 84.1 5.9% 6.2% 6.6% 8.2 2.5% 17.4% German Shopping Centres 10% 160.2 3 34,903 8.7 9.9 4.5% 4.5% 5.8% 5.0 0.6% 98.1% German Supermarkets and Retail Parks 9% 144.4 80 129,037 10.7 10.6 6.2% 6.2% 6.9% 7.5 2.1% 97.0% German Offjces 3% 40.6 4 22,121 3.4 2.2 7.4% 7.4% 5.1% 6.9 2.7% 99.9% Europe 22% 345.2 87 186,061 22.8 22.7 5.6% 5.6% 6.2% 6.5 1.5% 97.9% Total 100% 1,529.0 174 681,907 105.9 106.8 5.8% 6.1% 6.5% 7.8 2.3% 34.7% Wholly owned 91% 1,388.1 98 575,898 94.8 97.2 5.8% 6.0% 6.6% 7.8 2.4% 28.1% Held in joint ventures (proportionate) 9% 140.9 76 106,009 11.1 9.6 6.7% 7.7% 6.6% 8.0 1.3% 91.8% Portfolio (excl AUK) 70% 1,072.4 155 464,727 77.2 76.7 6.1% 6.2% 6.7% 7.9 1.3% 46.2% AUK portfolio 30% 456.6 19 217,180 28.7 30.1 5.1% 5.7% 6.2% 7.6 4.6% 4.0%

All data as reported for 31 August 2016

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Portfolio analysis – pro-forma

Portfolio summary

% of Annualised EPRA Weighted portfolio by Market gross rental topped Reversionary average EPRA voids Total portfolio – Pro–forma(1) market value value (£m) income (£m) ERV (£m) EPRA NIY up yield yield lease length (by ERV) % Indexed

UK Shopping Centres 23% 337.2 26.4 27.3 6.3% 6.5% 7.6% 8.4 1.9% 21.9% UK Retail Parks 12% 168.5 11.7 10.7 6.2% 6.5% 5.9% 8.1 — 2.1% UK Other Retail 2% 31.4 2.5 2.3 7.2% 7.2% 6.8% 16.7 1.0% — UK Retail 37% 537.1 40.6 40.3 6.3% 6.5% 7.0% 8.8 1.3% 14.8% UK Offjces – Greater London 6% 79.6 3.3 4.2 3.2% 3.8% 4.9% 7.7 — 17.7% UK Offjces – Regions 8% 110.5 7.9 8.3 5.3% 6.4% 7.0% 4.7 6.6% 16.0% UK Distribution and Industrial 7% 100.3 6.2 7.0 5.5% 5.8% 6.5% 6.0 4.0% — UK Automotive 5% 67.3 4.3 3.4 5.9% 5.9% 4.8% 11.8 — 67.2% UK Commercial 26% 357.7 21.7 22.9 5.0% 5.6% 6.0% 6.9 3.6% 21.8% Greater London & UK South portfolio 13% 183.9 12.3 12.0 6.2% 6.2% 6.1% 9.3 — — Edinburgh 2% 31.1 2.0 2.5 6.0% 6.0% 7.4% 9.5 — 4.4% Enfjeld Travelodge 1% 14.2 0.7 0.7 4.8% 4.8% 4.8% 30.9 — 100.0% UK Hotels 16% 229.2 15.0 15.2 6.1% 6.1% 6.2% 10.3 — 5.3% Total UK 79% 1,124.0 77.3 78.4 5.8% 6.1% 6.5% 8.6 1.7% 14.9% German Shopping Centres 11% 160.2 8.7 9.9 4.5% 4.5% 5.8% 5.0 0.6% 98.1% German Supermarkets and Retail Parks 10% 144.4 10.7 10.6 6.2% 6.2% 6.9% 7.5 2.1% 97.0% German Offjces — — — — — — — — — — Europe 21% 304.6 19.4 20.5 5.3% 5.3% 6.3% 6.4 1.4% 97.5% Total 100% 1,428.6 96.7 98.9 5.7% 5.9% 6.5% 8.1 1.6% 31.5%

(1) Pro‑forma including all disposals and City Point, Leeds letting post 31 August 2016

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AUK portfolio – reported

% of portfolio Annualised EPRA Weighted AUK portfolio as at by market Market value gross rental Gross EPRA topped Reversionary average Voids (by 31 August 2016 value (£m) Properties Area (m2) income (£m) ERV (£m) NIY up yield yield lease length gross ERV) Indexed

Retail Parks 36.9% 168.5 5 50,971 11.7 10.7 6.2% 6.5% 5.9% 8.1 — 2.1% Retail – Other 6.9% 31.4 3 29,548 2.5 2.3 7.2% 7.2% 6.8% 16.7 1.0% — Retail Portfolio 43.8% 199.9 8 80,519 14.2 13.0 6.3% 6.6% 6.1% 9.6 0.2% 1.7% Offjces – Greater London 10.7% 49.0 1 3,776 1.8 2.3 2.6% 3.4% 4.4% 5.2 — 32.3% Offjces – Regional 18.1% 82.7 5 27,866 5.2 6.7 3.9% 5.2% 7.6% 4.3 16.2% 6.2% Offjces – Total 28.8% 131.7 6 31,642 7.0 9.0 3.4% 4.5% 6.4% 4.5 12.1% 12.9% Distribution and Industrial 22.0% 100.3 4 98,991 6.2 7.0 5.5% 5.8% 6.5% 6.0 4.0% — Automotive 5.4% 24.7 1 6,028 1.3 1.1 5.2% 5.2% 4.2% 8.6 — — Other – Total 27.4% 125.0 5 105,019 7.5 8.1 5.4% 5.7% 6.1% 6.5 3.5% — Commercial Portfolio 56.2% 256.7 11 136,661 14.5 17.1 4.4% 5.1% 6.3% 5.6 8.0% 6.1% Total Portfolio 100.0% 456.6 19 217,180 28.7 30.1 5.1% 5.7% 6.2% 7.6 4.6% 4.0% Tranche I 53.8% 245.7 10 154,431 17.2 16.8 6.2% 6.5% 6.4% 8.1 1.8% 1.4% Tranche II 46.2% 210.9 9 62,749 11.5 13.3 4.1% 4.9% 5.9% 6.8 8.2% 7.8%

Figures as at 31 August 2016

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AUK portfolio – pro forma

% of Annualised EPRA Weighted portfolio by Market gross rental topped Reversionary average EPRA voids AUK portfolio – Pro–forma(1) market value value (£m) income (£m) ERV (£m) EPRA NIY up yield yield lease length (by ERV) % Indexed

Retail Parks 39.1% 168.5 11.7 10.7 6.2% 6.5% 5.9% 8.1 — 2.1% Retail – other 7.3% 31.4 2.5 2.3 7.2% 7.2% 6.8% 16.7 1.0% — Retail Portfolio 46.4% 199.9 14.2 13.0 6.3% 6.6% 6.1% 9.6 0.2% 1.7% Offjces – Greater London 11.4% 49.0 1.8 2.3 2.6% 3.4% 4.4% 5.2 — 32.3% Offjces – Regional 13.3% 57.2 4.0 4.5 4.5% 6.4% 7.4% 4.7 8.5% 7.9% Offjces – Total 24.7% 106.2 5.8 6.8 3.6% 5.0% 6.0% 4.9 5.6% 15.5% Distribution and Industrial 23.3% 100.3 6.2 7.0 5.5% 5.8% 6.5% 6.0 4.0% — Automotive 5.7% 24.7 1.3 1.1 5.2% 5.2% 4.2% 8.6 — — Other – Total 29.0% 125.0 7.5 8.1 5.4% 5.7% 6.0% 6.5 3.5% — Commercial Portfolio 53.7% 231.2 13.3 14.9 4.6% 5.4% 6.1% 5.9 4.4% 6.6% Total Portfolio 100.1% 431.1 27.5 27.9 5.3% 5.9% 6.1% 7.8 2.4% 4.1%

(1) Pro‑forma including all disposals and City Point, Leeds letting post 31 August 2016

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Committed to delivering superior distributions to shareholders

Delivered value throughout a fjve year transformation

(1) Market cap as at 21 October 2016

Signifjcant efforts over the last 5 years have transformed both the corporate structure and asset base

Reverse takeover
f Wichford P.L.C.
Admitted to

Premium listing

UK‑REIT conversion

Internalisation of management

JSE secondary listing
Acquisition of Weston

Favell Shopping Centre for £84m

Repayment of over

£250m of legacy fjnancing facilities

£127m equity raise
German shopping

centre acquisition €189m

Included in the

FTSE 250 and EPRA indices

£55m equity raise
Acquisition of

German Retail Portfolio €157m

Sold non‑core assets,

including Cromwell and Swiss portfolio

£70m equity raise
£115m equity raise
£490m AUK

acquisition

2011 2012 2013 2014 2015 2016

31 August 2011

Market Cap (£m) 227 Portfolio Value (£m) 1,077 Underlying distributable earnings (£m) 20.3 LTV (%) 75.4

31 August 2016

Market Cap(1) (£m) 789 Portfolio Value (£m) 1,529 Underlying distributable earnings (£m) 52.2 LTV (%) 53.4

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Forward looking statements

This presentation does not and is not intended to constitute, and should not be construed as, an offer, inducement, invitation or commitment to purchase, subscribe to, provide or sell any securities of Redefjne International P.L.C. (the “Company”) in any jurisdiction, or any part of any solicitation of any such offer, inducement, invitation or commitment,

r to provide any recommendations for fjnancial, securities, investment
r other advice or to take any decision.

Neither the Company nor any of its members, directors, offjcers, employees, agents, affjliates, representatives, advisers or any other person (together, its “Related Persons”) makes any representation or warranty, express or implied, as to the accuracy or completeness of the information or opinions contained in this presentation. Nothing contained herein should be relied upon as a promise or representation as to the future. Neither the Company nor any of its Related Persons accepts any obligation or responsibility to advise any person of changes in the information set forth herein after the date hereof. To the fullest extent permitted by law, none of the Company or any

f its Related Persons accepts any liability whatsoever for any errors,
missions or inaccuracies in such information or opinions or for any

loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise in connection with the subject matter of this presentation or any transaction. The information contained in this presentation is not to be relied upon for any purpose whatsoever. Certain statements in this presentation may be forward looking

statements. By their nature, forward looking statements involve a

number of risks, uncertainties and assumptions about the Company and its subsidiaries and investments that could cause actual results or events to differ materially from those expressed or implied by the forward looking

statements. Forward looking statements contained in this presentation

regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Except as required by applicable law or regulation, neither the Company nor its Related Persons undertakes any obligation to update or revise any forward looking statements, whether as a result of new information, future events

r otherwise. You should not rely on forward looking statements, which

speak only as of the date of this presentation.

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Notes