Civitas Social Housing PLC

People Experienced team with understanding and appreciation of the social housing sector within Investment Manager, Civitas Housing Advisors and the Board of Civitas Social Housing PLC Paul Bridge, CEO Over 20 years’ experience in all aspects of Social Housing and Chairman of Thames Valley Charitable Trust Housing Association 2008 to 2014 – Chief Executive of Homes for Haringey, an RP, with responsibility for 800 staff and 21,000 homes. The organisation was awarded ‘Housing Organisation of the Year’ in 2012 by the CIOH and gained Investors in People Gold Preceding 8 years – Director of Hyde Group (a G15 HA), which provides homes and services to more than 95,000 customers Throughout his career, has led the acquisition of thousands of homes in London and the South East and managed investment of several hundred million pounds into social housing Nick Abbey Forty years’ experience in the Social Housing, charity and care sectors 2010 – 2015: Chief Executive at the ExtraCare Charitable Trust Previously Group Director (Housing) at Sanctuary Housing, responsible for the management Group's 56,000 Social Homes CEO at Hereward Housing from 1992, a stock transfer landlord in Cambridgeshire Vice chair of the National Housing Federation Phil Ellis Over 33 years’ experience of institutional real estate investment Aviva Investors - 28 years as investment manager including Head of Institutional Property Funds during final 5 years Legal and General - following 5 years as real estate fund manager focused on asset management, investment and development Particular experience of working with investment consultants and pension funds on direct and indirect real estate strategies in client facing roles Andrew Dawber Adviser to and founder of PFI Infrastructure PLC, successful first public market infrastructure company Co-founder of forward-finance based Funding Affordable Homes Chartered Accountant with 25 years’ experience in banking/funds Responsible for communications and investor relations Gareth Jones 15 years’ experience in accounting and business analysis Qualified as a Chartered Accountant with Ernst and Young Acted as CFO for listed and private companies Responsible for overall financial reporting and analysis Tom Pridmore Specialist in real estate and residential development finance Co-founder of forward-finance based Funding Affordable Homes Qualified lawyer with 20 years’ experience in legal/real estate Responsible for sanctioning all property investment advice and portfolio monitoring

properties around the country Progress to date   £173 million, 141 properties, 889 tenancies and counting… £173 million invested 889 people 98 properties around the country 7 working with housing associations 61 local authorities in in supporting

Islington (29 tenancies) Weston-Super-Mare (18 tenancies) Portfolio 1 Watford (13 tenancies) Islington (29 tenancies) Shildon (3 tenancies) Weston-Super-Mare (18 tenancies)

Portfolio 2 Swansea (11 tenancies) Barnet (39 tenancies) Lambeth (18 tenancies) Barnet (22 tenancies)

Highlights First UK REIT dedicated to buying existing portfolios of built, regulated social homes in England and Wales Listed on the premium section of the London Stock Exchange in November 2016 raised £350m in oversubscribed IPO Forming a bridge between social housing and institutional capital, including local authority pension funds Dedicated to long-term ownership of homes and to maintaining properties within the regulated social housing sector Significant pipeline of new investment opportunities to support target to invest net IPO proceeds within 12 months An investment approach that promotes the wellbeing of residents and an increase in financial support for the regulated social housing sector

Portfolio overview – 23 June 2017 Key County Region Properties Tenancies 1 Durham North East 16 166 2 W Yorkshire Yorkshire & Humber 3 12 Lancashire North West 18 39 4 Derbyshire East Midlands 5 Nottinghamshire 10 82 6 Leicestershire 7 Northamptonshire 8 Lincolnshire 14 9 Staffordshire West Midlands 24 Gr. Birmingham 19 11 Warwickshire Worcestershire 13 Cambridgeshire East Bedfordshire 15 Hertfordshire Oxfordshire South East 17 Berkshire 29 Hampshire 43 Surrey 32 20 Kent 31 21 East Sussex 22 Gr. London London 160 23 Gloucestershire South West 70 Wiltshire 25 Somerset 33 26 Dorset 27 Devon 28 West Glamorgan Wales Total 141 889 Key Statistics Capital Deployed* £173m Properties 141 Tenancies 889 * calculated excluding purchase costs

Investment Approach A granular approach to investment with every single property subject to detailed and careful evaluation to ensure they are suitable and sustainable For each property acquired Civitas ensures: Subject to an independent valuation Physical inspection with any necessary improvements identified Validation of rent levels including independent appraisal Well located and suitable for individual requirements of tenants Appropriate scale of properties avoiding oversized units Appropriate RP in place to provide property management services Ongoing monitoring programme to ensure appropriate information received and updates acted upon including the release of retention monies against works completed

Investment Strategy - Example Housing Associations Decision to Rationalise Exit Certain Local Authorities Civitas Acquires Properties Provided on long term management agreements to new local RPs Stock rationalisation will result in certain RPs divesting properties to enhance focus and improve cost/performance ratios Civitas is well placed across England & Wales to acquire properties in multiple locations New management agreements entered into with local RPs who receive properties Benefits of working with Civitas: Maintain properties within regulated Social Housing sector for long term Achieve full social value for divestment Simultaneous disposal of properties over multiple locations Highly efficient transaction on a timely basis Support local RPs to secure stock without capital outlay

Social Impact and “Additionality” Civitas targets the objective of delivering sustainable returns to its shareholders by making socially relevant investments within the regulated social housing sector in England & Wales Of particular note Civitas seeks to: Increase the number of social homes by introducing new capital to the regulated sector Ensure that acquired properties are in appropriate locations to enable tenants to engage in their communities, to maintain or secure employment and to lead independent lives that are high quality Ensure that acquired properties are of an appropriate standard and to agree improvements where needed Support and work constructively with Housing Associations with whom Civitas signs management lease/agreements Enable tenants to enjoy long-term stable tenancies with certainty of occupation “Putting the needs and wellbeing of tenants at the centre of our investment strategy” Tenants Civitas Housing Associations Social Housing Sector “Supporting our Housing Association partners to deliver their social mission by increasing the number of homes under management and enhancing their income through retained service charges” “Introducing new equity capital into the regulated social housing sector to promote an increase in the number of social homes and by the redesignation of homes into the sector”

Summary CIVITAS First LSE-listed REIT offering pure-play exposure to Social Housing CAPITAL Introducing new capital into the social housing sector RESPONSIVE Responding to the need for rationalisation within the sector SUSTAINABLE Working closely with RP partners to ensure our agreements are both suitable and sustainable EXPERIENCED TEAM Team with understanding and appreciation of the social housing sector SOCIAL IMPACT Positive social impact by promoting the delivery of high quality homes where the well being of the tenants is central to investment objectives