Full Year Results Presentation

Net rental income £m (25) 478 Offices -1.0% 1 Retail -17.4% 1 (43) (53) (6) 14 2 367 2020 Net divestment Like for like incl. CVAS and admins Provisions for outstanding rents and service charge income Provisions for deferred rents Provisions for tenant incentives Developments 2021 1 Like for like % excludes the impact of surrender premia, provisions for outstanding rent, service charge, deferred rents and tenant incentives 5

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