Smart Approach in Retail Resilience

Smart approach and relative resilience in Retail • • • Rent collection ahead of market at 62% for September - - 69% for June quarter; 46%¹ for March quarter Concessions generally in exchange for lease re- gears, lease extensions or new space Rent collected from all of our top 10 customers Leasing structures are appropriate and deliver sustainable cash flows - 25% of our leases currently have an element linked to turnover vs. 22% five years ago Operating through lockdown - All retail assets are open 42% stores are open today, vs 15% in the first lockdown Fort Kinnaird M&S 1Lower due to 28% of rent deferred 38

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