Transforming - Regenerating - Revitalising...On track for full year results in-line with the...

Transforming - Regenerating - Revitalising


POSITIVE FIRST HALF DEMONSTRATING ONGOING PROGRESS

STRONG PERFORMANCE

SOUNDSTRATEGY

Maintained long-run average total return of over 10% per annum• Over 90% of FY sales, planning for 529 plots and improved lettings agreed• RCF now £100m ending 2023, shares premium listed and indices expected

On track for full year results in-line with the Board’s expectations• Six acquisitions made for £50m to generate income and value gains• Large site discount of 20p/share reflecting significant latent portfolio value

Focus on large complex regeneration in North & Midlands markets• Further portfolio focus - sales of income sites with lower growth potential• Investing in a regional structure to give greater local presence and reach

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ONGOING CONFIDENCE


STRATEGY REMAINS CLEAR AND ROBUST

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STRATEGIC PRIORITIES

DevelopmentDriving the capital growth of our portfolio through delivery of planning permissions, remediation and infrastructure, before crystallising sales value

InvestmentEnsuring sustainable income generation through asset management of existing rental sites and direct development of new space

SectorsConcentrating on those property markets with strong, through-the-cycle returns (currently industrial & logistics and residential)

STRATEGIC PRIORITIES

RegionsLeveraging our strong relationships in our core areas in the North of England and Midlands to expand our land and property portfolio

AcquisitionsGrowing our portfolio by utilising capital to buy new sites tomaintain net asset value growth across the portfolio (including joint ventures)

FinancingMaintaining the Group’s low balance sheet gearing to complement risk-appropriate high operational gearing

Notes: Site numbers are for freehold, leasehold and joint ventures sites only.


OUR MARKETS AND GOVERNMENT POLICY SUPPORT GROWTHBEDS: RESIDENTIAL

National housing under-supply is driving consistently strong demand for land from housebuilders of all types

House price growth in our regions remains positive and is forecast to increase further – with stronger growth expected in the North West and Midlands

Housing remains the UK government’s key domestic priority, supported by continued incentives for new purchasers and new planning guidance through the NPPF designed to accelerate housebuilding

SHEDS: INDUSTRIAL & LOGISTICS

Steady demand for well-located industrial space continues, with supply continuing to be squeezed across all regions; UK vacancy rate stands at <6%

Industrial sector is forecast to continue to outperform both the office and retail markets in the medium-term

Local support for sustainable new commercial development remains strong, driven by the need for business rate receipts

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Source: Knight Frank (May 2018)

Source: Savills (July 2018)


DRIVING SECTOR-LEADING TOTAL RETURNS

Indi

cativ

e Va

lue

Add

Acquisitions Strategic Land Major Developments Income Generation

Time

Competitive advantage comes from our ability to add value through active management

rather than reliance on market movements

Capital Realisation

Recurring Income

Rein

vest

men

t of C

apita

l

Capital Receipt

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Acquisition & Land Assembly

Planning Approval

Land Preparation

Plot Sale / Build Out

Masterplanning

Infrastructure Development

Asset Management


CONTINUED PROGRESS IN 2018

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Acquisition & Land Assembly Masterplanning Planning Approval

Notes: (1) PPAs are agreements with landowners by which Harworth incurs the cost and risk of promoting land through planning.If successful, Harworth shares some of the value gain, after first recovering its costs, when the land is sold.

(2) Includes 495 plots on partnership sites(3) Includes freehold, PPA and overage sites

• Six sites purchased for £50 million which: already provide £3.1m of additional recurring income per annum; and could deliver a further c.2,000 plots and c.1m sq. ft of additional commercial space

• 7 Options and 10 Planning Promotion Agreements (PPAs)(1)

now in place to strengthen future land pipeline further

• Applications submitted for 875 residential plots(2) and 2.325m sq. ft of commercial space during the period

• Application for 2m sq. ft of commercial space submitted post period end

• Further applications to be made by year-end for 350 residential plots and 2.1m sq. ft of commercial space

• Outline planning consents granted for 529 residential plots, of which 444 were delivered from the Company’s first two PPA successes in Nottinghamshire and Derbyshire

• 10,638 residential plots consented and 12.13m sq. ft of consented commercial space under ownership as at 30 June 2018(3); the majority are utilised within the Group’s Major Developments


CONTINUED PROGRESS IN 2018

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Plot Sale / Build Out

• Remediation and site infrastructure works ongoing on 14 sites classed as ‘Major Developments’, underpinning our sales and direct development programmes

• Infrastructure works accelerated atSimpsons Park (former HarworthColliery), Prince of Wales (Pontefract)and Torne Park (Rossington) tosupport sales programme

• 339 consented residential plots sold at profit, with a further 71 consented residential plots sold after 30 June 2018

• Over 90% of budgeted sales for the year completed, exchanged or agreed by 30 June 2018

• Further direct development being undertaken at AMP(1) and in joint venture with Lancashire County Pension Fund at Logistics North

• New headline rents secured in first half on our direct developments at Logistics North/AMP, emphasising strong market fundamentals

• Installed energy capacity on our land remains at 159.7MW, which continues to generate rents and royalties

• Gateway 36 Phase 1 sold for £15.8m after half year-end as part of active churn strategy to improve breadth and quality of income portfolio

Notes: (1) Advanced Manufacturing Park, Rotherham

Land Preparation & Infrastructure Development Asset Management


CONTINUED STRONG NET ASSET VALUE GROWTH For the twelve months ending 30 June 2018, EPRA NNNAV per share rose by 10.9% to 130.8p,

(NAV by 9.5% and EPRA NAV by 11.1%)

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Six months to 30 June (£’m) 2018 2017

Profit on disposal

Revaluation gains1

Total TotalManagement Market

Major DevelopmentsFurther progress at Logistics North reflecting higher values from an upcoming sale and the signing of a new lease, partially offset by weaker expected sales at one residential site

(0.0) 1.9 (0.6) 1.3 2.3

Strategic LandMinor uplift at Cinderhill ahead of likely 2019 planning submission (0.0) 0.1 0.0 0.1 3.3

Business SpaceLettings of directly developed units at new headline rents at the AMP and Logistics North, sales progress at Gateway 45, and expected value increases on upcoming income site sales as part of sales process

(0.1) 3.0 2.2 5.1 2.0

Natural ResourcesRecognition of the development and subsequent valuation of ongoing income from surface water management

0.3 3.7 0.0 4.0 1.3

Agricultural LandMinimal changes in the period (0.0) 0.0 0.0 0.0 1.2

Total 0.1 8.7 1.7 10.5 10.1

VALUE GAINS UNDERPINNED BY MANAGEMENT ACTIONS

Notes: (1) Revaluation gains include the £2.9m mark to market movement on development properties, all of which is within Major Developments

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Over 80% of our revaluation gains continue to come directly from active management• As in previous years, value gains are weighted towards the second half of the year


Harworth continues its policy of actively asset managing itsincome generating sites. With some of these mature incomegenerating sites now having limited further value upliftpotential, Harworth intends to sell a limited amount of thesesites each year and to reinvest the proceeds

The proceeds will be re-invested in sites which: are higherincome yielding; and/or have asset management potential;and/or offer direct development opportunities, to driveenhanced returns

Year to date, we have sold three principal income sites (totalproceeds were £20.5m and all sites were sold at or abovebook value), including Gateway 36 Phase 1 for £15.8m in July

HELIXTenant: MOTOR DEPOT LTDUnit size: 75,000 sq. ftBuildingcomplete: September 2016 Lease signed: February 2018Rent: £5psfLease length: 15 years

AT GATEWAY 36

UNIT 2Tenant:Unit size:Buildingcomplete: Lease signed: Rent:

Lease length:

DRIVE-THRU UNITTenant: FIELDROSE LTD

(KFC/Taco Bell)Unit size: 4,700 sq. ftBuildingcomplete: September 2016Lease signed: September 2016Rent: c. £24.80psfLease length: 20 years

R-EVOLUTIONTenant: BARNSLEY MBCUnit size: c.65,000 sq. ft (3 units)Buildingscomplete: January 2016Lease signed: Pre-let in 2015 Rent: £4.75psfLease length: 25 years

Gateway 36 in Autumn 2015

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SALES OF MATURE INCOME SITES TO ENHANCE RETURNS


GROWING INCOME TO COVER ALL BUSINESS OVERHEADSSix months to 30 June(£’000)

CapitalGrowth

Income Generation

Central Overheads

2018Total

2017 Total

Dev’mnt2 Other

Revenue (rent, royalty and operations) 11,032 106 10,771 - 21,909 22,920

Cost of sales (11,096) (436) (3,259) - (14,791) (15,323)

Overheads - (1,153) (1,327) (3,415) (5,895) (6,557)

Profit excluding value gains - (1,483) 6,185 (3,415) 1,287 1,040Profit from disposals1 (64) 15 171 - 122 127

Valuation gains (1,491) 73 8,959 - 7,541 7,689

Pension charge - - - (27) (27) (24)

Operating profit before exceptionals (1,555) (1,395) 15,315 (3,442) 8,923 8,832Exceptional items (590) 62

Interest and finance costs (1,738) (1,169)

Profit before tax 6,595 7,725Tax (1,108) 8,873

Profit after tax 5,487 16,598

Earnings per share 1.71p 5.37p

Dividend per share 0.278p 0.253p

Revenue and cost of sales2018 reflects increased income generation and development sales offset by 2017 M&G promote

Tax2018 tax in-line with normal rates after 2017 deferred tax benefit

DividendInterim dividend of 0.278p per share, 10% growth on 2017 interim dividend

A

B

C

A

B

C

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Notes: (1) Profits/(losses) from disposals of property categorised as investment, overages, development and assets held for sale(2) Revenue less cost of sales does not cast as the impairment of development properties of £1,491k has been included within Valuation gains


SIGNIFICANT DEBT AND EQUITY ADVANCES

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RCF EXTENSION PREMIUM LISTING• On 29 May, Harworth announced the

formal start of a process to transfer its shares from standard to premium listing. The transfer completed on 1 August 2018

• Whilst Harworth was already voluntarily complying with premium listing corporate governance standards, this adherence will now be compulsory

• We believe premium listing could increase liquidity, raise our profile and provide an appropriate platform for continued sustainable growth

• We expect to be included in the UK FTSE indices from 24 September

• On 30 April, Harworth extended its Revolving Credit Facility (RCF) from £75m to £100m by bringing Santander in alongside RBS

• The terms of the RCF remained as per the February 2018 extension with a margin of 210bps over LIBOR and Feb 2023 expiry

• The additional debt capacity was used to acquire the Nufarm site, which increased the quality of our income as well as providing potential development angles

• Our policy of low gearing remains unchanged with a target gearing of 10% to 15% LTV


MANAGING ANNUAL CASH FLOWS TO FUND GROWTH Disciplined approach with investment in infrastructure and acquisitions funded through disposals

• Higher H1 LTV reflecting significant acquisitions and normal skewing of sales in second half• Prudent gearing provides headroom and flexibility whilst recognising higher operational gearing

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Position as at 30 June 2018 £'000Drawn bank borrowings - RCF 88,491 Net loan/ value 19.0%Infrastructure loans 20,365Gross interest bearing debt 108,856 Net debt/ NNNAV 23.8%Cash 7,718Capitalised Fees 966 Interest Cover 2.65xNet Debt 100,173


PORTFOLIO IS MANAGED TO DIVERSIFY RISK

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PORTFOLIO CONCENTRATION PORTFOLIO SECTOR SPLIT

Notes: (1) Total value of all property – Investment (£256.3m), Development (£209.4m), Joint ventures (£22.4m), Available for sale (£28.2m), Overages (£2.0m) and Owner Occupied Assets (£0.8m) plus mark to market value of development properties (£8.7m)

1 1


LAND PIPELINE PROVIDES SIGNIFICANT FUTURE VALUE

RESIDENTIAL PIPELINE: PLOT NUMBERS COMMERCIAL PIPELINE: SQ. FT

As shown at Logistics North and the AMP, we pursue a mixture of deals to unlock maximum value. Residential deals are solely sales of serviced plots, whilst commercial deals encompass plot sales and a range of deals on our directly-developed commercial units

We retain the flexibility to respond to market conditions and ensure deals satisfy three key management tests: customer requirements; funding/covenants; and risks and returns

Significant future planning pipeline in place to augment existing consented landbank, providing much of the land supply to underpin future sales and our direct development programme

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Note: Planning pipeline numbers include sites where we have signed PPAs, Joint Venture agreements and taken overages.The above charts show indicative planning submission dates


LATENT VALUE REFLECTED IN LARGE SITE DISCOUNT

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BNP Paribas, our independent valuers, have analysed 10 of our residential Major Developments to determine the gap between the valuation as at 31 December 2017 and expected future plot sales value – the implied residual discount or ‘Large site discount’

LARGE SITE DISCOUNT

• 10 Major Development Sites, totalling 8,947 residential plots

• Average selling price: £194 psf / £194.9k per unit (including affordable housing requirement)

• Implied residual discount: £64.2m (20p per share)

• Waverley represents 27.4% of the discount, with Coalville also a significant proportion


FURTHER ACQUISITIONS MADE TO SUPPORT FUTURE GROWTH

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Month Site Acreage Cost Income (p.a) Potential development

UP TO MAY

Nufarm,Bradford

112

£45m in total

£2.1m Potential to deliver further commercial development on unoccupied 80-acres

Flaxby, N. Yorkshire

22 £1m Low site density (29%) provides opportunity for commercial development

Cinderhill,Derbyshire

112 N/A 810 new homes (wider site has potential for 3,000 plots and 0.45m sq. ft commercial space)

Bardon Hill,Leicestershire

53 N/A 0.46m sq. ft of new commercial space

JUNE Ironbridge,Shropshire

350 Not disclosed

N/A Major new mixed-use development; potential for over 1,000 new homes and some commercial space

£50m spent on six acquisitions to replenish the strategic land portfolio and further strengthen our recurring income base. The five key acquisitions were as follows:


GROWING VALUE FROM NEW SITES: NORTH

22-acre site in North Yorkshire secured for £8.75m plus acquisition costs, less than half a mile from A1(M)

• Site comprises a c.276,000 sq. ft commercial unit occupied by Ilke Homes Ltd, the modular homes manufacturer

• A 14-year lease was agreed with Ilke at a stabilised rent of £1m per annum, representing a stabilised net initial yield of 10.9% and a reversionary yield of 12.1%

• The site's very low density of 29% also provides a potential opportunity for further commercial development

112-acre site purchased for £32.45m plus acquisitioncosts, less than a mile from J26 of the M62

• Site comprises an agrochemical works set over 32-acres,alongside 80-acres of unoccupied land

• Let on a 50-year lease to Nufarm UK Ltd (from October2005) at a current passing rent of over £2.1m per annum,representing a net initial yield of 6.2% and a reversionaryyield of 7.0% based on fixed uplifts

• 80-acres of unoccupied land, which has the long-termpotential to deliver a major new commercial development

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NUFARM, BRADFORD FLAXBY, HARROGATE


GROWING VALUE FROM NEW SITES: MIDLANDS

Acquisition of 53 acres of greenfield land adjacent to ourexisting major residential development at Coalville

• Strategically located within two miles of Junction 22 of theM1

• Site already being promoted through the planning processfor a commercial scheme of up to 457,000 sq. ft ofmanufacturing, distribution and roadside uses

• Outline planning application to be submitted in the Autumn

Purchase from Uniper (UK) of the 350-acre formerIronbridge coal-fired power station in Shropshire

• Site comprises around 240 acres of brownfield land and aneighbouring parcel of over 100 acres of agricultural land

• Promotion of site with key local stakeholders has begun toestablish its future use, with consultation workshops takingplace in the autumn to explore the potential masterplan fora significant mixed-use development

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IRONBRIDGE, SHROPSHIRE BARDON HILL, LEICESTERSHIRE


RANGE OF OPPORTUNITIES TO REPLENISH THE PORTFOLIO

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We have moved to a regional structure to allow us to maximise existing and new localrelationships to increase the number of acquisition opportunities. Current position is:

Relevant acquisition opportunities available to the business, include:

• Purchasing major brownfield sites and potential urban extensions from corporates,administrators and the public sector;

• Securing options ideally on medium to long term opportunities or on adjacent land; and• Agreeing PPAs of scale/‘added value’ in our core regions, given higher success rate and

ability to leverage relationships

OPPORTUNITY TYPE NUMBER OF SITES

ACRES RESIDENTIAL PLOTS

COMMERCIALSPACE

Acquisition options 7 442 1,560 1.6m sq. ft

PPAs 10 451 3,778 0.4m sq. ft


POSITIVE FIRST HALF DEMONSTRATING ONGOING PROGRESS

STRONG PERFORMANCE

SOUNDSTRATEGY

Maintained long-run average total return of over 10% per annum• Over 90% of FY sales, planning for 529 plots and improved lettings agreed• RCF now £100m ending 2023, shares premium listed and indices expected

On track for full year results in-line with the Board’s expectations• Six acquisitions made for £50m to generate income and value gains• Large site discount of 20p/share reflecting significant latent portfolio value

Focus on large complex regeneration in North & Midlands markets• Further portfolio focus - sales of income sites with lower growth potential• Investing in a regional structure to give greater local presence and reach

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ONGOING CONFIDENCE


APPENDICES11 SEPTEMBER 2018

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A brief history 23 Net Asset Value growth H1 2018 vs FY 2017 27

Property portfolio – 2018 Movement and sales analysis

24 Summary of drawn financing facilities as at 30 June ‘18

28

Property portfolio – Further detail 25 Valuation Methodology 29

Income: Strategy, Progress and Trends 26 Disclaimer 30


A BRIEF HISTORY

2012-2014 2015 onwards

Harworth Estates was 24.9% owned by CfR plc

Re-launched as Harworth Group plc

• In December 2012, after a complex restructuring, UK Coal changed its name to Coalfield Resources plc (CfR) owning 24.9% of Harworth Estates

• Remaining 75.1% was owned by the pension trustees but in July 2013, the holding was transferred to the Pension Protection Fund (PPF)

• In November 2014, CfR agreed to buy the PPF’s 75.1% holding in Harworth Estates

• In February 2015, Harworth Estates agreed a new 5 year £65m RCF with RBS

• On 24 March 2015, CfR:

− Raised £116m through a share placing. This cash and issued shares were used to acquire the PPF’s shareholding in Harworth Estates. PPF became a 25% shareholder

− Renames itself as Harworth Group plc

• Andrew Kirkman appointed as Finance Director in January 2016

2004-2012

Property division within UK Coal plc

Property sales used to fund mining activities

Property sales used to pay down bank debt

Acquisitions central to replenishing portfolio

• In 1994, RJB Mining (founded in 1974) bought British Coal’s core activities

• Having changed its name in 2001, UK Coal established a property division in 2004, which was to become Harworth Estates

• In 2010, Owen Michaelson joined UK Coal to head up Harworth Estates

• Current management team formed from core of property division, supplemented by sector specialists recruited in the next 7 years

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PROPERTY PORTFOLIO(1) – 2018 MOVEMENT AND SALES ANALYSIS

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Notes: (1) Total value of all property – Investment (£256.3m), Development (£209.4m), Joint ventures (£22.4m), Available for sale (£28.2m), Overages (£2.0m) and Owner Occupied Assets (£0.8m) plus mark to market value of development properties (£8.7m)


PROPERTY PORTFOLIO – FURTHER DETAIL

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TOP TEN SITESSite Type Location Acres House plots Commercial space

Consented Sold/Built Consented BuiltWaverley (Resi) Dev’t Yorkshire 454 3,890 1,218/850Coalville Dev’t Midlands 346 2,016 0Nufarm Inv’t Yorkshire 112 0.3m sq. ft 0.3m sq. ftRossington Dev’t Yorkshire 334 1,200 170/140 0.1m sq. ft 0 sq. ftWaverley (AMP) Inv’t Yorkshire 115 2.1m sq. ft 1.3m sq. ftLounge Inv’t Midlands 103 0.8m sq. ft 0 sq. ftAsfordby Inv’t Midlands 141 0.3m sq. ft 0.3m sq. ftRiverdale Park Dev’t Yorkshire 112 600 0 0.2m sq. ft 0 sq. ftGateway 36 Ph 1 AHFS Yorkshire 9 0.2m sq. ft 0.2m sq. ftThoresby Dev’t Midlands 460 800 0 0.3m sq. ft 0 sq. ft

TOTAL 2,186 8,506 1,388/990 4.3m sq. ft 2.1m sq. ft

Ownership Breakdown Acres30-Jun-17

Acres31-Dec-17

Acres30-Jun-18

Sites30-Jun-17

Sites31-Dec-17

Sites30-Jun-18

Freehold land 16,790 16,478 17,110 98 95 98Leasehold land 176 176 176 3 3 3Commercial Clawbacks 3,975 3,975 3,961 33 33 32Joint Venture Sites 376 376 376 5 5 5Sub Total 21,318 21,005 21,623 139 136 138Mineral Rights 726 726 726 12 12 12Third Party Agreements 190 190 451 8 8 10Options (Third Party Land) 1,469 1,554 442 5 6 7Total 23,702 23,475 23,242 164 162 167

Notes: Property types consist of: Development (Dev’t); Investment (Inv’t) and Assets Held For Sale (AHFS)


INCOME: STRATEGY, PROGRESS AND TRENDS The strategy remains to grow and improve the quality of recurring income to cover overheads

(including strategic land promotion) and interest, and ultimately cover tax and dividends

REVENUE BREAKDOWN

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MAJOR DEVELOPMENTS- ‘Promote fees’ pursued but will occur infrequently, for

example LN175 at Logistics North with M&G Real Estate- Recognition of sales of development properties

BUSINESS SPACE- Churn of mature assets, including sale of Gateway 36

Phase 1, for reinvestment in income-producing sites- Excellent progress with acquisitions, including Nufarm

and Flaxby in H1- Good progress with new lettings, including those in joint

venture at Logistics North

NATURAL RESOURCES- Core income from 159.7MW of low-carbon energy developments in place, alongside income from tipping

OPERATIONS- Coal fines contracts in place with three power customers- Income still forecast to decline in the medium-term


CONTINUED NET ASSET VALUE GROWTH In the six months ending 30 June 2018, EPRA NNNAV per share rose by 1.5% to 130.8p,

(NAV by 0.9% and EPRA NAV by 1.9%)

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SUMMARY OF DRAWN FINANCING FACILITIES AS AT 30 JUNE ‘18

Weighted average cost of debt of 2.9% (using 30 June 18 balances and rates) with a 0.84% non-utilisation fee on undrawn RCF amounts

− £45m fixed at 1.235% plus 210 basis point margin until July 2022

LENDER SITE AMOUNT DRAWN (£’K) INTEREST RATE END DATE

HCA(1) Waverley 6,093 2.2% plus EU Reference Rate February 2022

HCA(1) Harworth 3,968 2.2% plus EU Reference Rate

20 business days from the sale of last part of site, or December 2022

Leeds City Region Prince of Wales 206 2.49% December 2018

Sheffield City Region JESSICA AMP 7,431 2.2% plus EU

Reference RateDecember 2018/20 but with an ability to extend if development not let

GMIF Logistics North 2,649 3.0% plus EU Reference Rate December 2019

HCA(1) Village Farm,Murton 18 4.0% plus EU

Reference Rate20 business days from the sale of last plot or 30 September 2018

Infrastructure loans total 20,365

Santander/ RBS RCF

All sites. Floating debenture 88,491 ICE Libor rate plus

2.1%From 13 February 2018, this was extended to February 2023

Capitalised fees (966)

Total gross borrowings 107,890

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(1) HCA now known as Homes England


VALUATION METHODOLOGY

Portfolio is valued twice yearly. Formal year-end valuation by BNP Paribas and Savills, and half year valuation by management with review by BNP Paribas and Savills

Valuation is property by property on the basis of Market Value (RICS Red Book definition) given the highest and best use of the portfolio

Valuation techniques for the broad categories of the portfolio are:

Business SpaceMarket comparison with direct reference to observable market evidence: rental values; yields; and capital values, adjusted for: the quality of the properties; the covenant profile of the tenants; and the volatility of cash flows

Development sitesResidual development appraisals, a form of discounted cash flow which estimates the current site value from future cash flows measured by observable current land and/or completed built development values and estimated developments costs and returns

Strategic landDiscounted cash flows, measured by current land values adjusted to reflect the: quality of the development opportunity; potential development costs; and likelihood of planning consent

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DISCLAIMER

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For the purpose of the following disclaimer, reference to this ‘presentation’shall be deemed to include reference to the presentation slides, thepresenters’ speeches, the question and answer session and any other relatedverbal or written communication.

This presentation, which has been issued by Harworth Group plc("Harworth"), comprises slides for a presentation in relation to Harworth’sresults for the half-year ended 30 June 2018 and is solely for use at suchpresentation. This presentation is confidential and may not be reproduced,redistributed or passed directly or indirectly to any person or published inwhole or in part for any purpose.

This presentation includes forward-looking statements with respect to thebusiness, performance and financial condition of Harworth. These forward-looking statements can be identified by the use of forward-lookingterminology, including without limitation the terms "estimates", "plans","anticipates", "targets", "aims", "continues", "expects", "intends", "may", "will","would", "could" or "should“ or, in each case, their negative or other various orcomparable terminology. These statements are made by Harworth’s directorsin good faith based on the information available to them at the date ofHarworth’s interim results announcement for the half-year ended 30 June2018. By their nature, these statements may involve risks, uncertainties orassumptions given future events and circumstances which are beyondHarworth's control, including amongst other things, fluctuations in the propertymarket for the price of land, the timing effect and other uncertainties of futureacquisitions, the effect of tax and other legislation or regulations in the UnitedKingdom, all or any of which can cause results and developments to differmaterially from those anticipated. Further details of certain risks anduncertainties were set out in Harworth’s Annual Report and FinancialStatements for the year ended 31 December 2017, available to view atwww.harworthgroup.com. Nothing in this presentation should be construed asa profit forecast. Except as required by applicable law or regulation, Harworthdisclaims any obligation or undertaking to update these statements to reflectevents occurring after the date these statements were published.

Actual results may differ materially from those expressed in forward-lookingstatements. As such, you are cautioned not to put undue reliance on anyforward-looking statements. No investment advice is being given in thispresentation. No representation, warranty or undertaking is given by, or onbehalf of, Harworth or any of its directors, officers, employees and advisersthat Harworth will achieve any results set out in such statement or as to theaccuracy, completeness or reasonableness of any projections, targets,estimates, forecasts, beliefs, opinions or information contained in or givenduring this presentation and no liability is accepted or incurred by any of themfor or in respect of the same, provided that nothing in this paragraph shallexclude liability for any representations or warranty made fraudulently.

In making this presentation available, Harworth makes no recommendation tobuy, sell or otherwise deal in shares in Harworth or in any other securities orinvestments whatsoever, and you should neither rely nor act upon, directly orindirectly, any of the information contained in this presentation in respect ofany such investment activity. Past performance is no guide to futureperformance. If you are considering engaging in investment activity, youshould seek appropriate independent financial advice and make your ownassessment.

By accepting these presentation slides, you agree to be bound by the aboveconditions and limitations.

This presentation does not constitute or form part of any offer or invitation tosell, or any solicitation of any offer to purchase, any shares in Harworth or anyother securities, nor shall it or any part of it, nor the fact of its distribution formthe basis of, or be relied upon in connection with, any contract or investmentdecision related thereof.

The financial results contained within this presentation are extracted fromHarworth’s interim results announcement for the financial half-year ended 30June 2018.

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