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Slide 2: Helical Annual Results 2018
24 May 2018 RESULTS HIGHLIGHTS Gerald Kaye FINANCIALS Tim Murphy PORTFOLIO HIGHLIGHTS Matthew Bonning-Snook SUMMARY Gerald Kaye Helical Annual Results 2018
Slide 3: Results Highlights
is EY RESULTS HIGHLIGHTS GERALD KAYE . 24 May 2018 Helical Annual Results 2018 3 a
Slide 4: The Transformation
THE TRANSFORMATION 1. Disposal of non core assets: — Industrial / logistics — Retirement Villages — Retail — Offices outside of London and Manchester 2. Provide greater focus to create a business that is understood clearly by the investor community 3. Reduce LTV 24 May 2018 Helical Annual Results 20
Slide 5: Loan to value and portfolio composition
• • 100.0% 3% 90.0% 18% 11% 24% 80.0% 13.0% 70.0% 17.0% 6% 60.0% 5% 86% 50.0% 55.0% LTV 51.4% LTV 40.0% 39.9% LTV 30.0% 20.0% 54% 63% 10.0% 0.0% March 2016 March 2017 March 2018 London Offices/Mixed Use Manchester Offices Logistics Non-Core LTV
Slide 6: Strategy
STRATEGY * Focus — London - office and mixed use investment, development and refurbishment — Manchester - office investment and refurbishment Continue to add to the high quality portfolio of multi-let office buildings in geographic clusters * Providing contemporary and existing work places — Flexibl
Slide 7: Profit Before Tax
PROFIT BEFORE TAX (2017: £41.6m) TOTAL DIVIDEND PER SHARE +10.5% from 2017 SALE/VALUATION GAIN (2017: £38.6m) TOTAL ACCOUNTING RETURN +5.3% 24 May 2018 EPRA NAV PER SHARE -11% NET RENTAL INCOME (2017: £47.0m) SEE-THROUGH LOAN TO VALUE (pro-forma 371%)
Slide 8: Operational Highlights - Sales
OPERATIONAL HIGHLIGHTS - SALES TOTAL SALES TO MAY £493.7m 24 May 2018 Helical Annual Results 2018
Slide 9: Operational Highlights - Lettings
OPERATIONAL HIGHLIGHTS - LETTINGS LONDON OFFICES MANCHESTER OFFICES TOTAL LETTINGS UNDER OFFER 341,363 sq ft 123,374 sq ft 466,315 sq ft 5,625 sq ft Shepherds Bulla 24 May 2018 Helical Annual Results 2018
Slide 10: Increasing Rental Income
INCREASING RENTAL INCOME Cc (e) = £60.3m = £60 mLondon ™ Manchester Offices =Non Core £50 £40 £30 £20 £10 £0 T T Passing Rent as Contracted Rent Contracted Rent New Tower Reversionary Unlet Space - Unlet Space - at March 2018 FY2019 2020+ Letting Rent Complete Under Construction 24 May 2018 Helical
Slide 11: Investment Case
INVESTMENT CASE 1. Rental / capital growth from existing portfolio: — Existing rent - £270m — Contracted rent - £35.5m — ERV - £60.3m 2. Profit / valuation increases from lettings at: y/ is — One Creechurch Place, EC3 iy, S — One Bartholomew, EC1 ; YY ( — The Tower, The Bower, EC1 YY . - The Loom, E
Slide 12: London remains destination of choice for foreign capital and business
+ London remains destination of choice for both foreign capital and multinational business * Latest Reuters poll of 119 firms in City estimated 5,000 jobs lost or moved as a result of Brexit * 171,000 new jobs to be created in Greater London 2017 — 2022 (Oxford Economics) * Crossrail opens Q4 2018 *
Slide 13: Tim Murphy
. TIM MURPHY Ee / I 24 May 2018 13
Slide 14: Headline Numbers
HEADLINE NUMBERS SEE-THROUGH INCOME STATEMENT March 2016 March 2017 March 2018 Notes £m £m £m Total property return - Net rental income 43.4 47.0 36.1 - Development profits / (losses) 27.5 (5.7) (8.0) - Gain on sale and revaluation of investment properties 93.7 38.6 40.7 164.6 79.9 68.8 Total accoun
Slide 15: Income Statement
INCOME STATEMENT 50 £9.1m 40 £46.0m £30.8m 30 £(4.1)m £(8.7)m 20 £(13.2)m £(8.3)m £(26.5)m -20 Other IFRS profit before tax NetRents Dev n Netfinance costs Other 2017 £47.0m £7.1m - (£12.8)m (£18.7)m (£21.2)m (€£0.9)m £0.5m £38.6m - - £0.7m £1.8m £41.6m + Net rents have reduced by 23% * EPRA loss of
Slide 16: EPRA Net Assets per Share
EPRA NET ASSETS PER SHARE 540 4 520 4 S500 4 A480 | (2.3)p 468.0p 460 440 420 400 31 March EPS Investment Development Retail Bond Derivative Other Dividends 31 March 2017 Gains Surpluses Redemption Financial 2018 Realised Instruments 2017 455.7p O.5p 32.2p (5.8)p - (0.7)p (5.5)p (3.7)p 472.7p 24 May
Slide 17: Debt Summary
DEBT SUMMARY + Increased our investment facility with Aviva by £45m to £124m + Agreed a £50.9m five year development and investment facility for Farringdon East, EC1 * £102m investment facility with Deutsche Pfandbriefbank AG repaid 2017 2018 * £80m Retail Bond due June 2020, repaid early with £8.7m
Slide 18: Investment portfolio value and loan to value
£1,400 100.0% 90.0% £1,200 80.0% £1,000 70.0% 60.0% £800 50.0% £600 40.0% £400 30.0% 20.0% £200 10.0% £0 0.0% 2013 2014 2015 2016 2017 2018 2018 Value of investment portfolio Value of trading and development stock Loan to value including unsecured debt • • •
Slide 19: Net Cash Flow Movements
NET CASH FLOW MOVEMENTS March March March 2016 2017 2018 £m £m £m Cash generated from/(used by) 385 (81) 26.4 on operations Acquisitions (377.1) - (24.3) 90 Capex (28.0) (89.3) (71.5) 80 Joint ventures 941 16 (4.7) 70 Net disposal proceeds 121.8 156.3 337.6 co Dividends paid (14.4) (3.6) (10.2) £ &
Slide 20: Summary
SUMMARY — - at 31 March 2018 a Contracted ERV Gross rents (ERV including Farringdon East) 27.0 35.5 60.3 - Additional finance costs - - (0.9) (4.4) 4] 28.0 OBJECTIVES 1. To achieve ERV 2. To reduce finance costs through lettings BALANCE SHEET 1. To extend debt maturity 2. To provide additional firep
Slide 21: Portfolio Highlights
PORTFOLIO HIGHLIGHTS MATTHEW BONNING-SNOOK " i _- 24 May 2018 Helical Annual Results 2018
Slide 22: The Tower, The Bower
272,913 sq ft (17 floors) 6 tenants Completed November 2016 Let 202,974 sq ft - 74.4% 115,910 sq ft Hyperion (11-17* floors) 31,958 sq ft Enstar (7* and 8¢ floors) 15,994 sq ft Coverys (6" floor) 15,969 sq ft Travelers (3 floor) 22,357 sq ft Dell Corp. (st and part 279 floors) 786 sq ft Illy (Retail
Slide 23: 25 Charterhouse Square, EC1
25-CHARTERHOUSE SQUARE, EC] , 38,355 sq ft offices ) 5,138 sq ft retail/restaurant/showroom 4 tenants ; Completed March 2017 - Fully let December 2017 6th Floor £75 psf Anomaly 5th Floor £75 psf Anomaly 4th Floor £75 psf Peakon 34 Floor £75 psf Anomaly 2-¢Floor £75 psf Hudson Sandler 1s Floor £77 ps
Slide 24: The Loom, E1
SHE LOOM, E1 110,068 sq ft offices 36 tenants Refurbishment complete September 2016 Since 1* April 2017 new lettings totalling 38,965 sq ft Newly refurbished space being let at £52.50 - £55.00 psf 24 May 2018 Helical Annual Results 2018 24
Slide 25: The Shepherds Building tenants and rents
12 tenants Grind 24 May 2018 Rental progression and flexibility 141,141 sq ft office (NIA) 10,298 sq ft retail (GIA) PHASE 1- Fully let with Contracted Rent of £8m The Studio 18,283 sq ft £45 psf The Warehouse 9th Floor 7,665 sq ft £60.00 psf CBS Interactive 8th Floor 9,751 sq ft £60.00 psf 7» Floor
Slide 26: Floor areas and lettings
NIA Floor 11,356 sq ft v7 A. i a ie 11,353 sq ft 6 11356 sq ft 15 9,558 sq ft 4 10,048 sq ft B 9,559 sq ft 2 10,073 sq ft qt ft 9,509 sq ft 10 = 10,075 sq ft 9 Lot to existing — Phase I tenant 9,536 sq ft 8 ia 29,635 sq ft 10,024 sq ft 7 a 9,550 sq ft 6 10,047 sq ft 5 ri 9,483 sq ft 4 Previet to we
Slide 27: Barts Square residential phases
PHASE 1 * 144 residential units (plus 3,193 sq ft retail) * 133 sold * Average sales price - £1,560 psf * Tlunits available - 7Asales completed to date and 59 to complete as they are handed over in period to August 2018 PHASE 2 + Demolition commenced November 2016 * Completion Q3 2019 * 92 apartment
Slide 28: One Bartholomew Close, EC1
90 BARTHOLOMEW CLOSE, EC! 24,013 sq ft offices 6,282 sq ft restaurant unit Completion May 2018 Character office space over six floors behind retained facades Flagship restaurant unit on ground floor/basement ES 24 May 2018 Helical Annual Results 2018 28
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Slide 30: Farringdon East, EC1
=°FARRINGDON EAST, EC] 89,000 sq ft office scheme over Farringdon East Crossrail Station Floor Areas 5th Floor ¢.19,500 sq ft Offices 4th Floor ¢.19,500 sq ft Offices 3'9 Floor ¢.19,500 sq ft Offices 274 Floor c. 14,000 sq ft Offices 1st Floor c. 14,000 sq ft —_ Offices Ground Floor c. 2,500 sq ft R
Slide 31: Fully let offices
24 May 2018 150,470 sq ft offices fully let 32 tenants Contracted rent £6.49m Average rents now £45+ psf Continued strong occupational demand Since 1 April 2017, new lettings totalling 28,897 sq ft uy
Slide 32: Multi-let campus
57,289 sq ft multi let campus on 2 acre site 17 tenants Average rent at acquisition £24.50 psf New lettings at £40+ psf Contracted rent £1.59m (average rent £38 psf on offices) 24 May 2018 32
Slide 33: Fully let office building
* 243,701 sq ft + 13 tenants ¢ Fully let * Continuation of asset management initiatives * 34,000 sq ft of office space and Lee House reception planned refurbishment 24 May 2018 25,441 sq ft 4,278 sq ft let 5,625 sq ft under offer Heads of terms out on all vacant space 33
Slide 34: Dale House and Trinity Court, Manchester
DALE HOUSE, MANCHESTER + 53,265 sq ft * 10 tenants * Final stages of refurbishment programme * Since April 2017 new lettings totalling 45,137 sq ft TRINITY COURT, MANCHESTER * Redevelopment underway * Due for completion December 2018 * 59,109 sq ft once completed 24 May 2018 Helical Annual Results 2
Slide 35: Occupier Survey
OCCUPIER SURVEY Independent Survey - February 2018 - 47 occupiers (face to face meetings) The Loom, The Shepherds Building 25 Charterhouse Square, The Bower “With the benefit of hindsight how pleased are you that you decided to have your organisation located here?” 81% very pleased 13% slightly plea
Slide 36: Tenant testimonials
“The sole reason we came to this building was to help attract and retain employees” “[Helical are] very friendly and engaged in what their tenants do, and very helpful on our move into the building.” “| saw [Helical] very early on in our relationship, which has allowed us to pick up the phone if the
Slide 37: Summary
SUMMARY Focus of portfolio - Londonand Manchester | Flexibility for customers and to maximise income Upside potential from enduring quality of chosen assets Opportunity in our area of activity 24 May 2018 Helical Annual Results 2018 37
Slide 38: Helical Annual Results 2018
Helical Annual Results 2018
Slide 39: Appendix
APPENDIX ¢ a | — 24 May 2018 Helical Annual Results 2018
Slide 40: Investment Portfolio - Key Statistics
INVESTMENT PORTFOLIO - KEY STATISTICS Valuation increase of 4.5% in the year to March 2018 on a like for like basis for assets held as investments 9 PORTFeLIO VALUATION EPRA TOPPED UP REVERSIONARY (HB SHARE) CHANGE NET INITIAL YIELD YIELD - Completed, let and 59.2% 3.3% 45% 5.3% ILanrtem Cifiiees av
Slide 41: Property Portfolio - Helical's Share
PROPERTY PORTFOLIO - HELICAL’S SHARE FAIR VALUE % VALUE London Offices - Completed £502.9m 55.3% London Offices - Being redeveloped £211.3m 23.2% London Offices - Held for sale or future redevelooment £5.4m 0.6% London Residential £59.0m 6.5% TOTAL London Portfolio £778.6m 85.6% Manchester Offices -
Slide 42: Investment Portfolio
INVESTMENT PORTFOLIO CAPITAL VALUE VACANCY RATE WAULT PSF £* %** YEARS London Offices * Completed, let and available to let 910 8.3 58 * Being redeveloped 97 n/a n/a TOTAL London Portfolio 927 8.3 5.8 Manchester Offices * Completed, let and available to let 259 12.8 42 * Being redeveloped 309 n/a n/
Slide 43: Investment Portfolio Key Statistics
INVESTMENT PORTFOLIO KEY STATISTICS LEASE EXPIRIES AND TENANT BREAK OPTIONS 2019 2020 2021 2022 2023 Percentage of Rent Roll 1% 8% 7% 20% 1% Number of Leases 47 51 22) 25 15 Average Rent per Lease £71,792 £48,440 £81,294 £255,741 £228,817 TOTAL PORTFOLIO CONTRACTED RENT £M Rent lost at break/expiry
Slide 44: Top Tenants
TOP TENANTS RENT CONTRACTED RANK TENANT TENANT INDUSTRY (HELICAL) RENT ROLL 1 Endemol Shine UK Limited Media £3.7m 10.3% 2 Gopivotal (UK) Limited Technology £2.0m 5.6% S) Farfetch UK Limited Online retail £1.9m 5.2% 4 Anomaly UK Limited Marketing £1.4m 3.9% 5 CBS Interactive Limited Media £1.0m 2.9%
Slide 45: Disclaimer
DISCLAIMER Whilst we have taken all reasonable care to ensure that the information and material contained in this presentation is accurate at the time of its distribution, no representation or warranty, express or implied, is made as to its accuracy or completeness. The presentation should not be co
Slide 46: Slide 46
Slide 47: Helical Hanover Square
HELICAL 5 Hanover Square London WIS IHQ 0207 629 O113 www.helical.co.uk @helicalplc