Interim Results November 2014 DISCLAIMER This presentation - PowerPoint PPT Presentation

Interim Results November 2014

DISCLAIMER This presentation (hereinafter "this document") has been prepared by Hibernia REIT plc (the "Company") and WK Nowlan REIT Management Limited ("WNRML"), the Company’s investment manager, for information purposes only . This document has been prepared in good faith but the information contained in it has not been independently verified and does not purport to be comprehensive. The Company is not undertaking any obligation to provide any additional information or to update this document or to correct any inaccuracies that become apparent. This document is neither a prospectus nor an offer nor an invitation to apply for securities. The information contained in this document is subject to material updating, completion, revision, amendment and verification. This document does not constitute or form a part of any offer for sale or solicitation of any offer to buy or subscribe for any securities. Any prospective investor must make its own investigation and assessments and consult with its own adviser concerning any evaluation of the Company and its prospects. No representation or warranty, express or implied, is given by or on behalf of the Company, its group companies, WNRML or any of their respective shareholders, directors, officers, employees, advisers, agents or any other persons as to the accuracy, completeness, fairness or sufficiency of the information, projections, forecasts or opinions contained in this presentation. In particular, the market data in this document has been sourced from third parties. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in any of the information or opinions in this document. Certain information contained herein constitutes "forward-looking statements", which can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target" or "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or contemplated in such forward looking statements. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. There is no guarantee that the Company will generate a particular rate of return. The Company has not been, and will not be, registered under the US Investment Company Act of 1940, as amended, and investors are not entitled to the benefit of that Act. 2

Agenda Operating and financial highlights Market update Portfolio summary Conclusion and outlook 3

OPERATING AND FINANCIAL HIGHLIGHTS Overview Highly active but disciplined period of investment • € 397m invested and committed in Dublin property in 12 transactions (since IPO € 476m) - Competition avoided where possible: 87% of acquisitions (1) off-market and 44% through secured loans - Have walked away where prices exceed our valuations - High quality Dublin property portfolio assembled • 81% Dublin CBD offices, remainder across Dublin residential, office development sites and industrial - Dublin CBD office portfolio yield on cost 5.5% (5.8% on contracted rent) off average rents of € 34psf - Substantial development opportunities, majority with existing planning - Strong financial performance • NAV of 104.7 cent, up 8.6% since March 14 - Driven by 9.6% valuation uplift on contract price in weighted avg. hold period of 3.9 months - Funding in place to take advantage of investment opportunities • Secondary equity issue successfully completed in early November: current cash and committed facilities - of € 330m € 100m revolving credit facility entered in August 2014 - Further incremental firepower of c. € 360m if leveraging existing equity base to 40% LTV - Maiden dividend declared • € 2.0m to be paid over enlarged share capital: 0.3 cent per share - (1) Since IPO by purchase price 4

OPERATING AND FINANCIAL HIGHLIGHTS Delivery since IPO Strategy proposed at IPO Achieved  Deployed € 476m across office, residential, and  Build diversified portfolio of property types  industrial property assets in 13 acquisitions  € 408m investment properties  € 69m in secured loans  81% by value of property portfolio in Dublin CBD offices Majority in prime office buildings    NIY on cost: 5.5% (1)  NIY on cost on contracted rent: 5.8% (2)  Full scale development of up to 15% of NAV 6% by value in Dublin CBD office development sites    All office acquisitions within Dublin CBD; ex-CBD  Primarily Dublin CBD or Greater Dublin area  acquisitions both with good transport links  Ability to enter JVs Option for vendor to enter into JV structure on Windmill   Lane development  Deploy a significant portion of the net proceeds  Net proceeds fully invested within 9 months of IPO  within 18 to 24 months  € 100m RCF in place, LTV well below 40% if fully drawn  Gearing not to exceed 40% of portfolio  € 25m drawn as at 30 Sept   Portfolio valuation as at 30 September 2014 shows  TSR of 10-15% p.a. (pre-taxation)  9.6% uplift on purchase price on weighted average period from exchange of 3.9 months Maiden dividend of 0.3 cent per share declared  Hibernia has delivered on its strategy since IPO (1) Post completion of acquisition of The Forum (2) Assumes The Forum is completed and option for Hardwicke House and Montague House is exercised 5

OPERATING AND FINANCIAL HIGHLIGHTS Summary of acquisitions to date Contract Net initial signing Initial yield on Acquisition Acquisition Summary by cost Name month investment Type cost type structure Dorville Portfolio (key Feb € 67m Dublin Residential, n/a Off-market Loan (6) Asset type assets: Wyckham Point, Dublin CBD Office Loans + South Dock House and (Loans + receivables Dublin CBD receivables office Cannon Place) non-core assets) (1) € 69m development New Century House Mar € 47m Dublin CBD Office c.6% (2) Off-market Property 14% / Refurb € 26m Gateway Site Apr € 10.1m Industrial c.4% On-market Property 6% Montague House and May € 18.3m (3) Dublin CBD Office c.8% Off-market Loan Dublin Res Hardwicke House € 36m Dublin CBD 8% Chancery Building and May € 16m Dublin CBD Office c.7% Off-market Loan office Chancery Apartments Industrial € 336m 71% € 10m Hanover Building May € 20.2m Dublin CBD Office c.7% Off-market Loan (7) 2% Windmill Lane May € 7.5m Dublin CBD office n/a Off-market Property Purchase method development/refurb Purchased via Direct Property Observatory Jun € 51.5m Dublin CBD Office c.4% (4) On-market Property Loan Acquisition € 208m € 268m Guild House and Jul € 90.8m Dublin CBD Office c.7% Off-market Property 44% 56% Commerzbank House The Forum Aug € 37.8m (5) Dublin CBD Office c.7% Off-market Property 1-6 SJRQ Aug € 17.8m Dublin CBD office n/a Off-market Property development/refurb Cumberland House (8) Aug € 38m Loans + receivables 6% Off-market Loan On vs. off market BH Loan Portfolio Sep € 2m Dublin Residential n/a Off-market Loan On-market Total invested € 424m € 63m Off-market 13% Total committed to € 413m € 42m complete acquisitions 87% Acquisition costs € 10m Total deployed incl. € 476m acquisition costs Since commencing operations in January 2014, € 476m of capital deployed Notes (6) Transfer of Wyckham Point to direct property ownership now occurred (1) Dorville acquisition includes € 29m of assets (by cost) of non-core assets (i.e. held for sale) (7) Transfer to direct property ownership now occurred (2) Once rent abatement period ends in September 2015 (8) Hibernia has provided 6 month secured loan to owners of Cumberland House to facilitate a potential acquisition (3) Hibernia REIT has the right to take full ownership for an incremental € 41.75m (4) Once rent free periods end in 2015 and 2016 6 (5) Completed on 7 November 2014

OPERATING AND FINANCIAL HIGHLIGHTS Financial highlights as at 30 September 2014 30-Sep 31-Mar Balance sheet ( € ,000) ( € ,000) • Investment Properties 438,060 0 8.6% uplift in NAV driven by valuation increase on investment properties Loans 67,365 68,563 Current Assets 7,318 303,337 • Current liabilities principally comprises RCF drawings ( € 25m) and balance owed on Forum Current Liabilities (67,149) (933) acquisition ( € 35m) Non-Current Liabilities (42,681) 0 • Net Assets 402,913 370,966 Non-current liabilities in relation to deferred acquisition of Hardwicke & Montague House EPRA NAV per share (cent) 104.7 96.4 Income statement 30-Sep 31-Mar • Revenue 5,758 158 Increased revenue due to rental and interest income from properties and secured loans Revaluation of inv. properties 18,810 0 Other gains and losses 10,059 0 • Other gains & losses relates to gains on subsequent Operating expenses (2,578) (1,159) recognition of Dorville core assets as investment property at fair value Other (102) 155 Net income 31,947 (846) • Expenses growing as Investment Manager fee increases with invested NAV Basic and diluted EPS (cent) 8.298 (0.221) NAV increase due to valuation uplift: maiden dividend declared Note: Unaudited financials 7