Town Centre Securities : Year End Debenture Presentation Dec 2021

Results Presentation

Year ended 30 June 2021

Edward Ziff - Chairman & CEO

Stewart MacNeill - Group FD

Further progress in resetting and reinvigorating the business

Business Review - resetting and reinvigorating

Following our June 2020 year end we confirmed that a resetting and reinvigorating of the

business was underway:

• Strategy and business model remained appropriate but needed acceleration given events
• Key elements of acceleration to include:
• • Disposals of Retail and Leisure assets, either where they have matured following investment, or where they are under-performing
  • Continue to reduce proportion of Retail and Leisurein the portfolio
  • Reduce Gearing and LTV
  • Create headroom for future growthto enable us to bring forward development sites

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…delivered in the year:

• • Disposals of Retail and Leisure assets:
  • • £48.0m receipt following sale of nine properties. Further £3.85m in October 21
  • Continue to reduce proportion of Retail and Leisure in the portfolio (excl Merrion MSCP):
  • • Retail and leisure now 29% (FY20 40%), with pure retail only 21%*
  • Reduce Borrowings and LTV** (excludingfinance leases):
  • • Net borrowings down 21% (£38m) to £146m, LTV** down to 48.3% (FY20: 53.2%)
  • Create headroom for future growth:
  • • Headroom of £12m, with significant development pipeline in place
• Disclosure in FY20 and HY21 results included the Merrion MSCP within retail and leisure assets - with the prior year adjustments recognised in the current year, the Merrion MSCP is now excluded from the analysis of retail and leisure
• The calculation of LTV specifically excludes finance lease assets and liabilities. The FY21 statutory reporting and announcement of results includes all assets and financial liabilities (including finance lease right-of-use assets) and accordingly present a different percentage although the underlying

improving trend is the same. (These separately reported percentages were FY21: 51.3% and FY20: 56.0%)

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HY21 Financial Summary

A significant COVID-19 impact

Gross Revenue

£21.4m

(30%) YOY

EPRA earnings

£0.3m

Down £1.4m YOY

LTV*

48.3%

Down 550bps vs FY20

Final Dividend

1.75p

FY20: 1.75p

Statutory Loss

(£0.6m)

Up £23.5m YOY

EPRA NTA

284p

No change to restated FY20 equiv.

• Rent receipts remain strong averaging 92.6% over the entire Covid-19 period
• £6.2m earnings impact from COVID-19 in FY21
• • £4.5m CitiPark, £1.1m property, £0.6m ibis hotel
• Modest 0.3% LFL increase in Property values highlighting resilient and diverse nature of portfolio
• Final dividend 1.75p, uncovered but reflective of expected short-term nature of COVID-19 impact and cash benefit of sales. Total dividend for the year of 3.5p
• LTV* reduced to 48.3% following asset sales

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*LTV excludes finance leases and IFRS 16 finance lease adjustments

COVID-19 - bouncing back

• Both our CitiPark business and our ibis Styles Hotel started to improve at the end of FY21
• Recovery continuing to improve post year end
• CitiPark - was growing strongly prior to the crisis. FY21 revenues down 34% YOY
• Ibis Styles - HY21 revenues down 67% YOY
• Merrion Centre resilient, anchored by core retailers including Morrisons, Iceland and Boots

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