1. Civitas Social Housing PLC

2. 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 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

3. 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

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

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

6. 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 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

7. 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

8. 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

9. 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

10. 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”

11. 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