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3 September 2019

Instinctif property tour

rdireit.com

3 September 2019 | Instinctif property tour

Important notice

This document has been prepared by and is the sole responsibility of the directors (the “Directors”) of RDI REIT P.L.C. (the “Company”), and has been prepared solely in connection with a presentation to be held to provide a market update on the Company. This document does not and is not intended to constitute, and should not be construed as, an ofger, inducement, invitation

• r commitment to purchase, subscribe to, provide or sell

any securities, services or products of the Company in any jurisdiction, or any part of any solicitation of any such ofger, inducement, invitation or commitment, or to provide any recommendations for fjnancial, securities, investment or

• ther advice or to take any decision. You are encouraged to

seek individual advice from your personal, fjnancial, legal, tax and other advisers before making any investment or fjnancial decisions subscribing for or purchasing any securities. 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 difger 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, the Company (nor its Directors, offjcers, employees, agents, brokers, fjnancial advisers or representatives) undertakes any

• bligation to update or revise any forward looking statements,

whether as a result of new information, future events or

• therwise. You should not rely on forward looking statements,

which speak only as of the date of this presentation. No representations or warranties are or will be made by the Directors, the Company nor any adviser or person acting

• n their behalf as to the accuracy or completeness of the

information or opinions communicated in this presentation. None of the Directors, the Company nor any adviser or person acting on their behalf, shall (without prejudice to any liability for fraudulent misrepresentation) have any liability whatsoever for loss however arising, directly or indirectly, from the use

• f information or opinions communicated in relation to this

presentation.

Disclaimer

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Agenda

Introduction and strategic priorities Stephen Oakenfull

Deputy Chief Executive Offjcer

Conclusion Stephen Oakenfull

Deputy Chief Executive Offjcer

Q&A Portfolio overview Adrian Horsburgh

Property Director

Financial Donald Grant

Chief Financial Offjcer

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Introduction

• Robust operational metrics despite headwinds
• Recent acquisitions signifjcantly outperforming

pre-existing portfolio

• Volatile political and economic backdrop
• Challenging retail landscape
• A more decisive approach to strategic priorities

required

Lower leverage capital structure Continued reduction in retail More focused capital allocation Accelerate strategic priorities

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More focused capital allocation

Including further material reduction in retail Aviva (£177.2m market value)

• 100% retail
• Highly leveraged
• Negative reversion and outlook

Germany (£244.2m market value)

• 100% retail
• Above average leverage
• Low growth outlook

Mature (£88.2m market value)

• £29.0m retail and £59.2m

regional offjces

• Weaker demographics
• Mature, secondary assets

Retail

21%

Hotels Offices Industrial & distribution

23%

43%

13%

U K ( 2 8 % ) G e r m a n y ( 1 5 % )

Retail parks & other

15%

London serviced

• ffices

10%

London

• ffices

Hotels Offices

33%

22%

20%

6 2 % i n G r e a t e r L

• n

d

• n

S t r u c t u r a l c h a n g e a n d s t r

• n

g d e m

• g

r a p h i c s

Industrial & distribution

£1.6bn market value Strategic disposals £1.1bn market value

Following strategic disposals and assuming no re-investment

• 5.9% Topped up NIY
• 6.2% Reversionary yield
• 5.5% Topped up NIY
• 5.9% Reversionary yield
• 100% UK focused
• 79% in Greater London

and South East

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nil 1.4% 0.8%

Debenhams (% of gross rental income)

6.8%

Annualised EPS as a % of NAV (UK REIT ave. 4.0%)

6.3%

Indicative annualised underlying earnings per share (p)

Delivering sustainable income and dividend returns

Strategic disposals to result in material reduction in leverage and retail exposure

LTV 48.5%

LTV (UK REIT ave. 29%)

c.22% 43%

Retail exposure

(1) Assumes interest saving of 3.5% on debt repaid. (2) Indicative underlying EPS and leverage, assuming share buy-back at £1.50.

Strategic disposals

HY19 (annualised)

13.9 30% 40%

(2)

35%

(2)

(1.9)

Aviva

12.0

Group ex Aviva

(2.1)

Germany

(1.2)

Mature assets

1.3

Interest cost reduction(1)

0.5

Overhead reduction

10.5 c.12.0

(2)

c.11.2

(2)

Base and upside

36% 45.4% 30% – 40% 5.5% – 5.9%

29% 24% 46% 37% 39% 32% 24% 43% 41% 27% 30% 38% 30% 23% 37% 34% 34% 42% 20% 21% 14% 22% 36% 33% 28% 40% 31% 47% 47% 41% 56% 51%

Typically higher retail exposure and/or higher leverage

Safestore Big Yellow Primary Health Properties Assura Unite LondonMetric Segro Supermarket Income REIT GCP Student Living Secure Income REIT Sirius Warehouse REIT Tritax Big Box Picton Regional REIT Grainger Empiric Student Property Hansteen Derwent London Shaftesbury Great Portland Estates Workspace Helical McKay Securities NewRiver Landsec British Land RDI REIT Town Centre Hammerson Capital & Regional Intu Properties

180 160 140 120 100 80 60 40 20

P/NAV (%) LTV (next)

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Peer group ratings – sector exposure and leverage

P/NAV and LTV

Source: Factset, Peel Hunt, Stifel, Panmure Gordon – data refmects analysts' estimates of the next NAV and LTV as at 28 August 2019.

Current share price 101.4 pence(2)

37.5 30.7 41.1 109.3 33.2 142.5 26.8 12.0 8.9 190.2

London offices (incl. London serviced offices) Distribution industrial & auto EPRA NAV Hotels Subtotal UK Retail Subtotal Germany UK mature assets(3) Cash and other

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Sum of the parts analysis

EPRA NAV per share (pence)(1)

As at 28 February 2019 (excl. Aviva)

81% weighted toward Greater London & South Sectors benefjting from positive structural change Subject to disposal process

(1) NAV per share contribution based on the Group's economic share of the market value of the assets less the associated debt or pro-rata debt secured against the assets. (2) Share price as at 29 August 2019. (3) UK mature assets include £29.0m of retail assets and £59.2m of regional offjces.

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UK Hotels

• Trusted brands
• Simple, effjcient operating model
• Higher margins with lower volatility
• Lower capex requirements
• Market leading operator with aligned interests

RBH managed hotels (incl. acquired IHL hotels)

90% by value in Greater London, Gatwick and Edinburgh

£81.3 (+2.3%)

Revenue per available room

£95.5 (+1.4%)

Average room rate

83.9% (+60bps)

Weighted average occupancy

Other Gatwick Integrally linked to the North terminal Edinburgh RDI portfolio growth driver over last 2 years Greater London Occupancy has remained consistently high since acquisition

63% 8% 10% 19%

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Germany

• Strategic decision to exit Germany
• Strong investment market but structural changes

in retail a global issue

• Supports reduction in retail and leverage
• Simplifjes the corporate structure and reduces

FX and tax risk

Risk free rate Office 3.1% 3.1% 3.9% 4.2% 4.2% 2.6%

• 0.3%

Prime high street Retail warehouse park Shopping centre Logistics warehouse Multi-family house 3.8 8% Range min/max, last 10 years Current (Q2 2019) Mean, last 10 years Forecast: Q2 2020 7% 6% 5% 4% 3% 2% 1% 0%

• 1%
• 2%

Source: Savills

Prime yields

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Owned model Leased model

(c.20% EBITDA margin)

London serviced offjces

• Market leading operator with aligned interest
• Service-led approach, consistent 5-star Google ratings
• Quality and personalised service is a key difgerentiator
• No co-working, lower density, higher amenity space

and good sound insulation

• Strong property fundamentals
• Demand remains strong

London serviced offjces

Exposure to Crossrail and Southbank markets

£69.0 (+0.9%)

EBITDA per sqft

94.5% (+230bps)

Average desk occupancy

63.4%

EBITDA as % of total revenue

30 months

Average length of stay

£685 (+0.1%)

Average desk rate (licence fee only)

£826 (+0.9%)

Total revenue per available desk

Performance relative to 31 August 2018.

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London exposure

• Despite Brexit, anticipated to retain status

as a leading global city

• Unique geographical position
• Largest cluster of fjnancial and professional

services in Europe

• 8.8m people rising to 10m by 2040
• GDP per capita 35% higher than rest of UK
• Global leader in talent

City (metro area) Country Category Ranking Change 2018-2028 2008 2018 2028 New York US Resilient 1 1 1 – Tokyo Japan Resilient 2 2 2 – London UK Resilient 3 3 3 – Los Angeles US Resilient 4 4 4 – Shanghai China Emerging resilient 23 11 5 6  Chicago US Resilient 5 5 6

• 1

 Beijing China Emerging resilient 24 14 7 7  Paris France Resilient 6 6 8

• 2

 Shenzhen China Emerging resilient 20 13 9 4  Dallas US Resilient 10 8 10

• 2

 Source: Savills.

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London Southbank offjces

Development value backed by major regeneration area

Marble Arch Liverpool Street Moorgate Farringdon Aldgate Tower Hill Fenchurch Street Monument Bank Mansion House St Paul’s Blackfriars Southwark Borough Waterloo Lambeth North Westminster St James’s Park Charing Cross Piccadilly Circus Green Park Hyde Park Corner Leicester Square Covent Garden Goodge Street Bond Street Oxford Circus Tottenham Court Road Chancery Lane Holborn Temple Embankment Barbican London Bridge Bermondsey Aldgate East Cannon Street

127 Charing Cross Road Canbury Business Park Liverpool Street St Paul’s Monument Holiday Inn Express Waterloo

Newington House Market value: >£20m Ownership: 100% Net rental income: £1.2m Gross ERV: £1.5m WAULT: 3.6 years Coburg House, Newington Causeway Market value: >£10m Ownership: 100% Net rental income: £0.5m Gross ERV: £0.7m WAULT: 4.8 years

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London offjces: Charing Cross Road

• Valuation +38% since acquisition in 2016
• New TCR Crossrail Station bringing additional

1.5m people within 45 minute travel time

• Passenger numbers anticipated to increase

30% to 70m per year

• 380,000 sqft of pre-lets within area achieving

rents of c.£90 per sqft

• Planning permission granted to increase

lettable area by 47%

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Distribution and industrial

Camino Park, Crawley Southwood Business Park, Farnborough Investing in structural change

• Major rent review completed

post period end (+£0.9m; +55%)

• Further £0.4m of rent subject

to review and expected to deliver growth of >60%

• +76.2% (+£32m) in value since

acquisition

• +3.6% (+£1.0m) in value since

acquisition in September 2018

• Post period end:
• Refurbishment of last vacant

unit complete

• The completion of recent

regears, rent reviews and new leases has secured an additional £0.2m of rental income

• Structural changes in

consumer behaviour driving demand

• Take up of space in H1 2019 of

16m sqft, 28% above long-term average

• UK national supply of c.34m

sqft – approximately one year's supply

• London and South East

vacancy at 3.8%

• UK-wide rental growth has

averaged 3.8% over last fjve years

Source: Savills.

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Distribution and industrial: Bicester

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UK retail parks

Development of "drive-thru" units Priory Park, Merton More resilient to structural change

• Costa "drive-thru" pods
• £2.0m development costs
• 12.7% yield on cost
• Strong leasing activity
• Re-let units subject to CVA
• ALDI; 20 year term, index

linked

• The Gym; 15 year term, fjxed

uplifts

• Net income +£70k
• CVA challenges but more

resilient to structural change

• Restrictive planning regime
• Typically good access and free

parking

• Better suited to 'click & collect'
• Portfolio 74% by value in

London and the South East

• Approaching full occupancy
• Six CVAs, all re-let
• Annualised net rent +3.5%

since acquisition

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UK shopping centres

• Reduced to two assets, 6% of portfolio

(post Aviva)

• West Orchards, Coventry part of short-term

disposal plans

• St Georges, Harrow
• North London Suburb with good transport links
• Footfall +5% YOY
• Vue cinema terms agreed for 20 year lease extension
• In advanced discussions to upsize key anchor tenant
• One of the strongest performing Wilko stores in the UK
• Fully occupied and stable

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Aviva shopping centre portfolio

• Facility is non-recourse to Group
• Standstill Agreement reached on 23 April 2019
• Income and net assets derecognised from

Standstill Agreement date

• Consensual sales process underway
• No equity expected to be realised on sale

28 February 2019 Underlying earnings (6 months) (£m) Underlying earnings (6 months) (p) EPRA net asset value (£m) EPRA net asset value per share (p) Loan to value (%) Cost

• f debt

(%) UK Retail % of portfolio market value (%)

As reported 26.4 6.94 779.7 204.4 48.5 3.5 28.2 Aviva portfolio (3.7) (0.97) (54.1) (14.2) (3.1) (0.4) (8.9) Excluding Aviva portfolio 22.7 5.97 725.6 190.2 45.4 3.1 19.3

Note: Aviva shopping centre portfolio includes four UK shopping centres: Grand Arcade, Wigan; Birchwood, Warrington; Weston Favell, Northampton and Byron Place, Seaham.

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2019 dividend position

• UK REIT's minimum distribution requirement
• 90% of "UK property rental income"
• UK property rental income includes Aviva fjnanced

shopping centre income to 23 April 2019, but;

• Excludes German sourced income and 'other' income
• H1 19 dividend of 4.0p
• Minimum H2 19 dividend of c.6.0p to support

REIT requirement

• Covered by underlying earnings excluding

Aviva income

28 February 2019 Underlying earnings (6 months) (p) Underlying earnings (annualised) (p) Underlying earnings (unrestricted)(1) (p)

UK (excl. Aviva) 4.92 9.84 9.84 Aviva portfolio 0.97 1.29(2) n/a UK property rental income 5.89 11.13 9.84 Germany 1.05 2.10 2.10 Group 6.94 13.23 11.94 UK REIT minimum distribution requirement 5.3 10.0

(1) Unrestricted i.e. excluding Aviva portfolio earnings restricted within Aviva fjnancing facility. (2) Income estimate to 23 April 2019.

Minimum required distribution is comfortably met

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• German disposal
• Subscale following disposal of Supermarket portfolio in

December 2017

• Core cost base required to maintain platform no longer

meets the Group's cost ratio targets

• Overheads run at c.10% v c.7% in the UK portfolio
• Tax effjciencies being eroded by new and proposed legislation
• Removes FX risk and volatility
• UK Shopping centres
• Structural changes mean operating with higher rates of

vacancy and more tenant-friendly lease arrangements

• Greater landlord voids and caps meaning less cost

effjcient to run

• Ofgshore footprint
• New HMRC legislation brings non-resident landlords within

charge of UK Tax from April 2019

• As a UK REIT we remain tax effjcient, but change eliminates

most benefjts of ofgshore holding structures

• In the medium term we expect this change to deliver cost

effjciencies as these structures are bought on shore

• Resultant headcount reduction and associated

savings

Cost effjciencies and streamlining the portfolio

Medium-term target retained: EPRA cost ratio <15%

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Outlook and conclusion

Committed to deliver superior, sustainable and growing income Focused capital allocation to preferred sectors Accelerate reduction in leverage targeting reduced LTV range

• f 30% – 40%

Covered dividend policy maintained Lean and improving cost structure More aggressive reduction in retail Active asset management and market leading

• perational partners

Accelerated strategic priorities aimed at maintaining sector leading income metrics through the cycle

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Appendices

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Weighted % of Annualised EPRA average EPRA portfolio by Market gross rental topped Reversionary lease length

• ccupancy

% As at 28 February 2019 market value Properties Area (m2) value (£m) income (£m) ERV (£m) EPRA NIY up yield yield (years) (by ERV) Indexed

UK Commercial Offjces – Serviced 10 4 15,473 163.4 10.6 10.7 5.8 5.8 5.8 n/a n/a — Offjces – Greater London 7 4 14,938 113.9 5.3 6.1 4.1 4.2 4.9 3.2 99.5 12.8 Offjces – Regions 3 9 28,091 59.2 4.4 4.8 6.4 6.5 7.7 4.6 89.6 22.0 UK Offjces 20 17 58,502 336.5 20.3 21.6 5.3 5.4 5.9 3.8 95.1 8.1 Distribution & Industrial 11 5 109,066 172.8 8.4 10.0 4.5 4.5 5.4 3.4 98.2 3.6 Automotive 3 35 17,358 43.7 2.9 2.3 6.3 6.3 4.9 10.9 100.0 100.0 UK Commercial 34 57 184,926 553.0 31.6 33.9 5.1 5.2 5.6 4.6 96.9 15.4 UK Retail Shopping centres – Aviva 11 4 117,736 177.2 18.1 14.8 8.0 8.3 7.6 8.7 94.5 36.1 Shopping centres – Other 6 2 40,971 91.9 8.2 7.6 7.1 7.3 7.5 4.5 98.6 9.3 Shopping Centres 17 6 158,707 269.1 26.3 22.4 7.7 7.9 7.6 7.4 95.9 27.7 Retail Parks 11 6 60,784 181.6 12.3 11.8 5.5 6.3 6.1 7.4 96.5 11.1 Other Retail — 1 5,834 4.8 0.6 0.4 6.4 9.8 8.4 3.6 79.7 — UK Retail 28 13 225,325 455.5 39.2 34.6 6.8 7.3 7.0 7.3 95.9 22.1 UK Hotels Greater London 12 7 29,426 186.7 12.3 12.3 5.5 5.5 6.2 n/a n/a — Regional 8 6 31,392 129.9 11.2 11.2 6.4 6.4 7.3 n/a n/a 0.9 RBH managed portfolio 20 13 60,818 316.6 23.5 23.5 5.9 5.9 6.6 n/a n/a 0.4 Travelodge 3 5 16,573 48.3 2.4 2.6 4.7 4.7 5.0 17.7 100.0 95.3 UK Hotels 23 18 77,391 364.9 25.9 26.1 5.7 5.7 6.4 17.7 100.0 9.3 Total UK 85 88 487,642 1,373.4 96.7 94.6 5.8 6.0 6.3 6.8 96.5 16.5 Europe German Shopping Centres 11 3 45,946 182.0 10.2 9.9 4.6 4.7 5.1 5.1 99.2 95.0 German Retail Parks and Other 4 10 48,331 62.2 4.3 4.3 5.8 5.8 6.5 5.1 98.3 94.7 Total Europe 15 13 94,277 244.2 14.5 14.2 4.9 5.0 5.4 5.1 98.9 94.9 Total 100 101 581,919 1,617.6 111.2 108.8 5.7 5.9 6.2 6.5 96.9 26.7 Ownership breakdown: Wholly owned (at 100%) 64 70 446,854 1,039.0 70.8 68.0 5.6 5.9 6.1 6.5 96.7 34.4 Assets with minority holdings (accounted for at 100%) 34 27 121,611 553.9 38.6 39.0 5.8 5.8 6.3 7.5 98.5 11.4 Held in joint ventures (proportionate %) 2 4 13,454 24.7 1.8 1.8 6.5 6.5 6.8 5.0 99.9 51.8 Total (excluding Aviva shopping centres) 97 464,183 1,440.4 93.1 94.0 5.4 5.6 6.0 5.8 97.5 24.9

Portfolio analysis

NOTE: WAULT and occupancy excludes RBH managed hotels portfolio and serviced offjce portfolio. Relevant operational metrics disclosed separately.

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Income expiry profjle

Earliest of lease break/expiry

Annualised Earliest of lease break/expiry profjle gross rental FY19(1) FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28+ As at 28 February 2019 income (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m)

UK Commercial 21.5 1.2 3.4 3.2 2.0 4.0 2.0 0.5 1.0 0.3 3.9 UK Retail 39.2 2.4 3.1 2.4 6.3 2.7 1.8 3.1 1.6 3.9 11.9 UK Hotels 2.4 — — — — — — — — — 2.4 Total UK 63.1 3.6 6.5 5.6 8.3 6.7 3.8 3.6 2.6 4.2 18.2 Germany 14.5 0.2 2.6 0.9 1.1 2.6 2.1 0.8 0.6 0.8 2.8 Total (excl. RBH managed hotels and London Serviced Offjces) 77.6 3.8 9.1 6.5 9.4 9.3 5.9 4.4 3.2 5.0 21.0 RBH managed hotels 23.5 London Serviced Offjces(2) 10.1 Total 111.2 (1) Includes £2.0 million recurring commercialisation and car park income. (2) Excluding leases to gym operators.

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Top 20 properties (by market value)

Top 20 properties make up >60% of total portfolio

% of EPRA Weighted EPRA portfolio by Ownership topped Reversionary average

• ccupancy

% As at 28 February 2019 market value % Area (m2) EPRA NIY up yield yield lease length (by ERV) Indexed

Berlin, Schloss-Strassen Center 4.9 100.0 18,588 4.1 4.4 4.9 5.7 98.2 91.2 Crawley, Camino Park Distribution Centre 4.6 100.0 33,171 3.6 3.6 5.1 4.1 100.0 10.5 Northampton, Weston Favell 4.5 100.0 30,802 7.7 7.9 7.6 7.0 96.1 53.8 Hamburg, Bahnhof Altona 4.4 100.0 15,042 4.9 4.9 5.3 3.5 100.0 97.9 London, Harrow, St George's 4.2 100.0 20,332 6.2 6.2 6.2 2.9 100.0 14.8 London, Monument, St Dunstan's 4.1 80.0 5,428 5.7 5.7 5.7 n/a n/a — Wigan, Grand Arcade 3.7 100.0 41,481 9.0 9.4 6.8 7.9 94.1 36.9 London, Charing Cross Road 3.6 100.0 3,716 3.2 3.2 3.9 3.9 100.0 33.7 London, Watford, The Arches Retail Park 3.1 100.0 11,599 5.7 6.0 5.3 8.5 100.0 — Bridgwater, Express Park Distribution Centre 3.0 100.0 47,207 5.6 5.6 6.0 2.7 100.0 — Top 10 40.1 London, Southwark Holiday Inn Express 3.0 82.5 3,936 5.6 5.6 6.1 n/a n/a — Banbury, Banbury Cross Retail Park 2.9 100.0 16,631 5.5 6.3 6.8 6.3 88.2 5.0 Edinburgh, DoubleTree Hilton 2.7 82.5 7,250 6.2 6.2 6.9 n/a n/a 3.1 London, Merton, Priory Retail Park 2.3 100.0 6,276 3.6 5.4 5.1 6.1 100.0 19.0 London, Liverpool Street, New Broad Street 2.1 80.0 3,291 5.2 5.2 5.2 n/a n/a — London, St Pauls, Little Britain 2.0 80.0 3,429 5.4 5.4 5.7 n/a n/a — London, Earl's Court Holiday Inn Express 2.0 82.5 2,781 5.8 5.8 6.3 n/a n/a — London, Limehouse Holiday Inn Express 2.0 82.5 5,747 5.4 5.4 5.9 n/a n/a — Ingolstadt, City Arcaden 1.9 100.0 12,316 5.0 5.0 5.1 7.7 100.0 97.5 London, Waterloo, Boundary Row 1.9 80.0 3,326 7.1 7.1 7.1 n/a n/a — Top 20 62.9 Aviva fjnanced UK shopping centres

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Rent subject to upcoming rent reviews (incl. serviced income)

Annualised Rent roll subject to rent gross rental FY2019 FY2020 FY2021 FY2022 FY2023 review as at 28 February 2019 income (£m) (%) (%) (%) (%) (%)

UK Commercial Offjces – Serviced(1) 10.6 95.3 95.3 95.3 96.6 95.3 Offjces – Greater London 5.3 — 9.8 8.8 24.8 3.5 Offjces – Regions 4.4 48.8 8.9 7.3 22.5 23.2 UK Offjces 20.3 10.6 4.5 3.9 12.0 5.9 Distribution & Industrial 8.4 13.6 9.4 23.4 20.7 — Automotive 2.9 43.2 25.7 8.0 — 22.5 UK Commercial 31.6 13.2 7.7 9.4 13.2 5.9 UK Retail UK Shopping Centres 26.3 2.7 6.9 6.1 33.1 4.5 UK Retail Parks 12.3 14.3 12.6 25.5 9.1 17.6 UK Other Retail 0.6 — — — 35.5 — UK Retail 39.2 6.3 8.6 12.1 25.6 8.6 UK Hotels RBH managed portfolio(1) 23.5 100.0 100.0 100.0 100.0 100.0 Travelodge 2.4 57.5 — 10.3 28.8 — UK Hotels 25.9 100.0 100.0 100.0 100.0 100.0 Total UK 96.7 32.5 30.2 32.5 39.6 29.6 Germany Shopping Centres 10.2 18.3 14.8 14.6 13.9 4.6 Retail Parks and Other 4.3 7.7 6.9 6.3 5.7 4.9 Germany 14.5 15.2 12.5 12.1 11.5 4.7 Total 111.2 30.2 27.9 29.9 36.0 26.4 (1) Includes room rates, licence fee and adjacent services income subject to market changes each year.

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Debt facilities and covenants

As at 28 February 2019

Lender last Lender last Principal debt Cost of ICR / DSC reported LTV reported Principal debt (proportionate) debt Covenant ICR/DSC(1) Covenant LTV(1) Lender Currency £m £m Maturity (%) (%) (%) (%) (%)

AUK HSBC, RBS, Barclays GBP 250 250 Jan-2024 3.3 175 369 70 49 AUK facility 250 250 Serviced Offjce Portfolio Deutsche Bank GBP 48.9 48.9 Aug-2022 3.2 170 292 80 61 Serviced Offjce Portfolio Barclays GBP 23.4 23.4 Dec-2019 2.9 387 597 55 43 26 Esplanade Lloyds Bank GBP 16.8 8.4 Dec-2022 6.1 n/a n/a 75 74 UK Offjces 89.1 80.7 Kwik Fit portfolio Aviva GBP 9.6 9.6 Jun-2029 6.4 n/a n/a n/a n/a UK Automotive 9.6 9.6 Aviva fjnanced UK Shopping Centres Aviva GBP 144.7 144.7 Apr-2042 5.5 120 159 85 84 St George’s, Harrow Berlin Hyp GBP 37.0 37.0 Apr-2021 2.9 200 285 70 52 West Orchards, Coventry Santander GBP 11.0 11.0 Nov-2021 4.2 200 446 50 37 UK Retail 192.7 192.7 RBH Hotels portfolio Aareal Bank GBP 113.4 113.4 Nov-2021 3.1 175 399 67.5 53.7 IHL Portfolio Santander GBP 48.3 48.3 Jul 2020-Dec 2021 3.3 150-350 315-564 57.5-65 39-50 UK Hotels 161.7 161.7 Europe Bahnhof Altona, Hamburg HSH Nordbank Euro 38.6 38.6 Feb-2024 2.7 250 329 70 62 Schloss-Strassen Center, Berlin HSH Nordbank Euro 53.2 53.2 Mar-2021 1.9 250 278 65 61 Ludwigsstrasse, Ingolstadt Postbank Euro 16.6 16.6 Jun-2023 1.3 150 379 65 53 German shopping centres 108.4 108.4 Premium Portfolio Munchener Euro 9.4 9.4 Feb-2020 1.3 150 379 n/a n/a OBI Portfolio BayernLB Euro 11.6 11.6 Dec-2022 1.6 160 577 n/a n/a Bremen/Lindenhofg BayernLB Euro 3.0 3.0 Oct-2019 2.0 10 12 57.5 n/a Waldkraiburg BayernLB Euro 4.1 2.1 Jun-2024 1.7 300 660 53 49 Kaiserslautern BayernLB Euro 3.2 1.7 Jun-2024 1.7 200 653 58 58 Hückelhoven BayernLB Euro 5.7 3.0 Jun-2024 1.7 200 530 62 59 German supermarkets and retail parks 37.0 30.8 Total 848.5 833.9 (1) Relevant fjnancial covenants as last reported to lenders. LTV metrics may vary from those calculated with reference to the Group's reported market values.

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Reconciliation of underlying earnings

Six months ended 28 February 2019

Company Underlying IFRS proportionately consolidated EPRA adjustments specifjc adjustments earnings proportionately Group JVs Total Group JVs consolidated Group JVs consolidated

Revenue 57.1 0.9 58.0 — — 58.0 — — 58.0 Rental income 55.8 0.9 56.7 — — 56.7 — — 56.7 Rental expense (6.2) — (6.2) — — (6.2) — — (6.2) Net rental income 49.6 0.9 50.5 — — 50.5 — — 50.5 Other income 1.3 — 1.3 — — 1.3 — — 1.3 Administrative costs and other fees (7.3) 0.1 (7.2) — — (7.2) — — (7.2) Net operating income 43.6 1.0 44.6 — — 44.6 — — 44.6 Loss on revaluation of investment property (30.4) (0.2) (30.6) 30.4 0.2 — — — — Loss on disposal of investment property (0.2) — (0.2) 0.2 — — — — — Other income and expense (0.2) — (0.2) 0.2 — — — — — Foreign exchange loss (0.2) — (0.2) — — (0.2) 0.2 — — Profjt from operations 12.6 0.8 13.4 30.8 0.2 44.4 0.2 — 44.6 Finance income 0.1 — 0.1 0.1 — 0.2 — — 0.2 Joint Venture interest income/(expense) 0.2 (0.2) — — — — — — — Finance expense (16.2) (0.3) (16.5) — — (16.5) 0.4 — (16.1) Change in fair value of derivative fjnancial instruments (2.2) 0.1 (2.1) 2.2 (0.1) — — — — (5.5) 0.4 (5.1) 33.1 0.1 28.1 0.6 — 28.7 Net impairment reversal/(impairment) of joint ventures and associate interests 0.1 (0.1) — (0.2) — (0.2) — — (0.2) Share of post-tax (loss)/profjt from joint ventures 0.2 (0.2) — 0.1 (0.1) — — — — Share of post-tax profjt from associate 0.5 — 0.5 — — 0.5 — — 0.5 Profjt before tax (4.7) 0.1 (4.6) 33.0 — 28.4 0.6 — 29.0 Taxation 1.4 (0.1) 1.3 (1.4) — (0.1) — — (0.1) Profjt for the period (3.3) — (3.3) 31.6 — 28.3 0.6 — 28.9 Profjt attributable to: Non-controlling interests (1.6) — (1.6) (0.9) — (2.5) — — (2.5) Profjt attributable to equity holders (4.9) — (4.9) 30.7 — 25.8 0.6 — 26.4 Weighted average number of shares (millions) 380.1 380.1 380.1 380.1 Diluted weighted average number of shares (millions) 381.4 381.4 381.4 381.4 Earnings per share (pence) (1.29) (1.29) 6.77 6.94

EPRA earnings proportionately

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Reconciliation of non-controlling interest

Six months ended 28 February 2019

Europe (several London individually Serviced Offjces IHL RHHL immaterial NCI) Total NCI Principal place of business United Kingdom United Kingdom United Kingdom Country of incorporation Isle of Man BVI BVI Germany NCI % 20.0% 25.9% 17.52% Various Summarised statement of comprehensive income £m £m £m £m £m

Rental income 1.6 1.1 1.2 0.1 4.0 Rental expense (0.6) (0.1) — — (0.7) Net rental income 1.0 1.0 1.2 0.1 3.3 Other income 0.2 — — — 0.2 Administrative expenses (0.2) — — — (0.2) Net operating income 1.0 1.0 1.2 0.1 3.3 Net fjnance costs (0.2) (0.2) (0.3) — (0.7) Profjt before tax 0.8 0.8 0.9 0.1 2.6 Tax — (0.1) — — (0.1) Profjt before and after tax 0.8 0.7 0.9 0.1 2.5 Shareholder loan interest (eliminates at RDI Group level) — — — — — Underlying earnings 0.8 0.7 0.9 0.1 2.5 Change in fair value of derivatives — — — — — Gain/(loss) on revaluation of investment property — (0.8) (0.1) — (0.9) Gain on disposal of subsidiaries — — — — — Foreign exchange loss — — — — — Deferred tax — — — — — Shareholder loan interest (eliminates at RDI Group level) — — — — — Non-underlying earnings — (0.8) (0.1) — (0.9) Total earnings 0.8 (0.1) 0.8 0.1 1.6

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London serviced offjce Income Statement

Six months ended 28 February 2019

London Serviced Offjces Rest of portfolio Group total Continuing operations £m £m £m

Revenue 8.8 48.3 57.1 Rental income 7.9 47.9 55.8 Rental expense (2.9) (3.3) (6.2) Net rental income 5.0 44.6 49.6 Other income 0.9 0.4 1.3 Administrative costs and other fees (0.7) (6.6) (7.3) Net operating income(1) 5.2 38.4 43.6 Gain on revaluation of investment property — (30.4) (30.4) Other gains and losses from operations — (0.6) (0.6) Profjt from operations 5.2 7.4 12.6 Net fjnance expense (1.2) (14.7) (15.9) Change in fair value of derivative fjnancial instruments (0.2) (2.0) (2.2) 3.8 (9.3) (5.5) Equity accounted profjts — 0.8 0.8 Profjt/(loss) before tax 3.8 (8.5) (4.7) Taxation — 1.4 1.4 Profjt/(loss) for the period 3.8 (7.1) (3.3) Profjt/(loss) attributable to: Equity holders of the Parent 3.0 (7.9) (4.9) Non-controlling interests 0.8 0.8 1.6 3.8 (7.1) (3.3) (1) Net operating income of Serviced Offjce Portfolio equates to EBITDA of the trading business.

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Aviva fjnanced UK shopping centre portfolio Income Statement

Six months ended 28 February 2019

Aviva fjnanced UK Shopping Centre portfolio Rest of portfolio Group total £m £m £m

Revenue 9.0 48.1 57.1 Rental income 9.0 46.8 55.8 Rental expense (1.1) (5.0) (6.2) Net rental income 7.9 41.7 49.6 Other income — 1.3 1.3 Administrative costs and other fees — (7.3) (7.3) Net operating income(1) 7.9 35.7 43.6 Gain on revaluation of investment property (17.9) (12.5) (30.4) Other gains and losses from operations — (0.6) (0.6) (Loss)/profjt from operations (10.0) 22.6 12.6 Underlying net fjnance expense (4.2) (11.4) (15.6) Other net fjnance expense (non-cash) (0.3) — (0.3) Change in fair value of derivative fjnancial instruments — (2.2) (2.2) (14.5) 9.0 (5.5) Equity accounted profjts — 0.8 0.8 (Loss)/profjt before tax (14.5) 9.8 (4.7) Taxation — 1.4 1.4 (Loss)/profjt for the period (14.5) 11.2 (3.3) (Loss)/profjt attributable to: Equity holders of the Parent (14.5) 9.6 (4.9) Non-controlling interests — 1.6 1.6 (14.5) 11.2 (3.3) Underlying earnings per share (contribution) 0.97 5.97 6.94

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Aviva fjnanced UK shopping centre portfolio Balance Sheet

As at 28 February 2019

Aviva fjnanced UK Shopping Centre portfolio Rest of portfolio Group total £m £m £m

Non-current assets Investment property 181.6 1,412.0 1,593.6 Trade and other receivables 2.2 27.9 30.1 Total non-current assets 183.8 1,439.9 1,623.7 Current assets Cash (of which £11.6m is restricted by Aviva) 13.7 34.9 48.6 Trade and other receivables 0.8 8.5 9.3 Total current assets 14.5 43.4 57.9 Total assets 198.3 1,483.0 1,681.6 Non-current liabilities Bank loans and borrowings (131.2) (642.9) (774.1) Other non-current liabilities (6.1) (5.3) (11.4) Total non-current liabilities (137.3) (648.2) (785.5) Current liabilities Bank loans and borrowings (0.8) (38.9) (38.7) Other current liabilities (6.1) (22.5) (28.6) Total current liabilities (6.9) (61.4) (68.3) Total liabilities (144.2) (709.6) (853.8) Net assets 54.1 773.7 827.8 EPRA NAV per share (pence) 14.2 190.2 204.4

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Portfolio metrics

excluding Aviva fjnanced shopping centres

London serviced offjces

New Broad Street, Liverpool Street Ownership: 80% Net rental income: £1.87m Gross ERV: £2.10m Newington House, Southwark Ownership: 100% Net rental income: £1.23m Gross ERV: £1.45m WAULT to break: 3.6 years St Dunstans, Monument Ownership: 80% Net rental income: £3.99m Gross ERV: £4.25m Charing Cross Road, London Ownership: 100% Net rental income: £2.00m Gross ERV: £2.42m WAULT to break: 3.9 years Little Britain, St Pauls Ownership: 80% Net rental income: £1.90m Gross ERV: £2.00m Canbury Business Park, Kingston Ownership: 100% Net rental income: £1.23m Gross ERV: £1.52m WAULT to break: 0.8 years Boundary Row, Waterloo Ownership: 80% Net rental income: £2.32m Gross ERV: £2.32m Newington Causeway, Southwark Ownership: 100% Net rental income: £0.52m Gross ERV: £0.70m WAULT to break: 4.8 years

London offjces

4

# of properties

11%

• f portfolio

£163.4m

Market value

5.8%

EPRA NIY

Key statistics

4

# of properties

8%

• f portfolio

£113.9m

Market value

4.1%

EPRA NIY

3.2 years

WAULT

99.5%

Occupancy

Key statistics

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Portfolio metrics

The Omnibus Building, Reigate Ownership: 100% Net rental income: £1.5m Gross ERV: £1.47m WAULT to break: 2.4 years The Esplanade, Jersey Ownership: 50% Net rental income: £0.86m Gross ERV: £0.88m WAULT to break: 3.2 years Exeter Street, Bretonside, Plymouth Ownership: 100% Net rental income: £0.24m Gross ERV: £0.81m WAULT to break: 4.0 years Park Place, Leeds Ownership: 100% Net rental income: £0.56m Gross ERV: £0.56m WAULT to break: 9.1 years Waterside Court, Leeds Ownership: 100% Net rental income: £0.40m Gross ERV: £0.47m WAULT to break: 0.3 years Lakeview Centre Park, Warrington Ownership: 100% Net rental income: £0.49m Gross ERV: £0.39m WAULT to break: 1.6 years Job centres (Dalkeith and Newcastle) Ownership: 100% Net rental income: £0.22m Gross ERV: £0.15m WAULT to break: 3.5 years Westwey House, Weymouth Ownership: 100% Net rental income: £0.11m Gross ERV: £0.11m WAULT to break: 51.2 years

Regional offjces

9

# of properties

4.1%

• f portfolio

£59.2m

Market value

6.4%

EPRA NIY

4.6 years

WAULT

89.6%

Occupancy

Key statistics

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Portfolio metrics

Camino Park Distribution Centre, Crawley Ownership: 100% Net rental income: £2.81m Gross ERV: £4.01m WAULT to break: 4.1 years Express Park Distribution Centre, Bridgwater Ownership: 100% Net rental income: £2.92m Gross ERV: £3.14m WAULT to break: 2.7 years Southwood Business Park, Farnborough Ownership: 100% Net rental income: £1.83m Gross ERV: £2.04m WAULT to break: 2.5 years Kingsthorne Industrial Park, Kettering Ownership: 100% Net rental income: £0.78m Gross ERV: £0.85m WAULT to break: 5.4 years

Distribution, industrial and automotive

Link 9, Bicester Ownership: 100% Net rental income: n/a Gross ERV: n/a WAULT to break: n/a Petrol Filling Stations

• No. of properties:

4 Ownership: 100% Net rental income: £0.69m Gross ERV: £0.70m WAULT to break: 13.7 years DSA portfolio

• No. of properties

4 Ownership: 100% Net rental income: £1.07m Gross ERV: £0.54m WAULT to break: 9.8 years Kwik Fit Portfolio

• No. of properties:

27 Ownership: 100% Net rental income: £1.16m Gross ERV: £1.05m WAULT to break: 10.2 years

40

# of properties

15%

• f portfolio

£216.5m

Market value

4.9%

EPRA NIY

5.3 years

WAULT

98.5%

Occupancy

Key statistics

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Portfolio metrics

Banbury Cross Retail Park, Banbury Ownership: 100% Net rental income: £2.81m Gross ERV: £3.48m WAULT to break: 6.3 years Arches Retail Park, Watford, London Ownership: 100% Net rental income: £3.05m Gross ERV: £2.82m WAULT to break: 8.5 years Priory Retail Park, Merton, London Ownership: 100% Net rental income: £1.42m Gross ERV: £2.00m WAULT to break: 6.1 years Queens Drive Retail Park, Kilmarnock Ownership: 100% Net rental income: £1.76m Gross ERV: £1.80m WAULT to break: 4.2 years Milton Road Retail Warehouse, Edinburgh Ownership: 100% Net rental income: £0.81m Gross ERV: £0.87m WAULT to break: 14.3 years St Davids Retail Park, Bangor Ownership: 100% Net rental income: £0.75m Gross ERV: £0.81m WAULT to break: 9.5 years Albion Street, Derby Ownership: 100% Net rental income: £0.33m Gross ERV: £0.43m WAULT to break: 3.6 years

Retail parks and other retail

7

# of properties

12.9%

• f portfolio

£186.4m

Market value

5.5%

EPRA NIY

7.2 years

WAULT

95.9%

Occupancy

Key statistics

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Portfolio metrics

St Georges, Harrow Ownership: 100% Net rental income: £4.45m Gross ERV: £4.48m WAULT to break: 2.9 years West Orchards, Coventry Ownership: 100% Net rental income: £2.54m Gross ERV: £3.05m WAULT to break: 7.1 years

Shopping centres

2

# of properties

6%

• f portfolio

£91.9m

Market value

7.1%

EPRA NIY

4.5 years

WAULT

98.6%

Occupancy

Key statistics

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18

# of properties

25%

• f portfolio

£364.9m

Market value

5.7%

EPRA NIY

83.9%

Occupancy

Key statistics

Portfolio metrics

UK Hotels

Hampton by Hilton, Gatwick Ownership: 74% Net rental income: £1.87m Gross ERV: £2.94m Holiday Inn Express, Southampton Ownership: 74% Net rental income: £1.43m Gross ERV: £1.59m Holiday Inn Express, Edinburgh Ownership: 74% Net rental income: £1.81m Gross ERV: £2.34m Holiday Inn Express, Dunstable Ownership: 74% Net rental income: £0.44m Gross ERV: £0.53m DoubleTree Hilton, Edinburgh Ownership: 83% Net rental income: £2.90m Gross ERV: £3.20m Holiday Inn Express, Redditch Ownership: 74% Net rental income: £0.40m Gross ERV: £0.61m Holiday Inn Express, Earl's Court Ownership: 83% Net rental income: £2.01m Gross ERV: £2.20m Holiday Inn Express, Southwark Ownership: 83% Net rental income: £2.89m Gross ERV: £3.12m

Managed Hotels

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Portfolio metrics

UK Hotels

Crowne Plaza, Reading Ownership: 83% Net rental income: £1.13m Gross ERV: £1.38m Holiday Inn Express, Park Royal Ownership: 83% Net rental income: £1.02m Gross ERV: £1.14m Holiday Inn Express, Limehouse Ownership: 83% Net rental income: £1.87m Gross ERV: £2.05m Holiday Inn Express, Royal Docks Ownership: 83% Net rental income: £1.30m Gross ERV: £1.45m Holiday Inn Express, Brentford Ownership: 83% Net rental income: £0.80m Gross ERV: £0.99m

Managed Hotels continued

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Portfolio metrics

UK Hotels

Travelodge, Perth Ownership: 74% Net rental income: £0.28m Gross ERV: £0.30m WAULT to break: 10.5 years Travelodge, Slough Ownership: 74% Net rental income: £0.70m Gross ERV: £0.78m WAULT to break: 10.6 years Travelodge, Enfjeld Ownership: 100% Net rental income: £0.80m Gross ERV: £0.80m WAULT to break: 28.4 years Travelodge, Leatherhead Ownership: 74% Net rental income: £0.40m Gross ERV: £0.44m WAULT to break: 10.6 years Travelodge, Belvedere Ownership: 74% Net rental income: £0.25m Gross ERV: £0.29m WAULT to break: 22.1 years

Leased Hotels

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Portfolio metrics

Germany

Schloss Centre, Berlin Ownership: 100% Net rental income: £3.49m Gross ERV: £4.13m WAULT to break: 5.7 years Bahnhof Altona, Hamburg Ownership: 100% Net rental income: £3.70m Gross ERV: £3.96m WAULT to break: 3.5 years City Arcaden, Ingolstadt Ownership: 100% Net rental income: £1.63m Gross ERV: £1.77m WAULT to break: 7.7 years

Shopping Centres

OBI, Schwandorf Ownership: 74% Net rental income: £0.60m Gross ERV: £0.65m WAULT to break: 5.2 years OBI, Herzogenrath Ownership: 74% Net rental income: £0.75m Gross ERV: £0.77m WAULT to break: 5.0 years OBI, Hucklehoven Ownership: 52% Net rental income: £0.36 Gross ERV: £0.40m WAULT to break: 8.1 years

DIY Portfolio

13

# of properties

17%

• f portfolio

£244.2m

Market value

4.9%

EPRA NIY

5.1 years

WAULT

98.9%

Occupancy

Key statistics

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Portfolio metrics

Germany

Frankfurt Ownership: 94% Net rental income: £0.14m Gross ERV: £0.16m WAULT to break: 4.0 years Molln Ownership: 94% Net rental income: £0.30m Gross ERV: £0.39m WAULT to break: 2.2 years Leipzig Ownership: 94% Net rental income: £0.49m Gross ERV: £0.64m WAULT to break: 3.1 years Waldkraiburg Ownership: 52% Net rental income: £0.30m Gross ERV: £0.31m WAULT to break: 4.7 years Kaiserslautern Ownership: 52% Net rental income: £0.19m Gross ERV: £0.21m WAULT to break: 7.0 years Bremen / Lindenhofg Ownership: 99% Net rental income: £0.37m Gross ERV: £0.42m WAULT to break: 4.4 years Munich Ownership: 94% Net rental income: £0.33m Gross ERV: £0.36m WAULT to break: 8.9 years

Other Retail

RDI REIT contact details

Mike Watters

Chief Executive Offjcer e: mwatters@rdireit.com

Stephen Oakenfull

Deputy Chief Executive Offjcer e: soakenfull@rdireit.com

Donald Grant

Chief Financial Offjcer e: dgrant@rdireit.com

Adrian Horsburgh

Property Director e: ahorsburgh@rdireit.com

RDI REIT P.L.C.

33 Regent Street London SW1Y 4NB t: +44 (0) 20 7811 0100

Visit us online

www.rdireit.com @RDIREIT RDI REIT