Full Year Results Presentation

FY22 income statement – key moving parts and sensitivities Gross Rents - Financing • • Annualised accounting gross rent of £426m as at 31 March 20211. Weighted average interest rate now 2.9% on gross debt of £3.2bn. • c.£12m will move into vacant possession for development, principally Euston Tower (VP as of April 2021). • Undrawn facilities of £1.7bn, with commitment fees of c.30bps p.a. . Increase of c.£19m of annualised accounting rents expected following the practical completion of 1 Triton Square in May 2021. Operating costs A key sensitivity will be rent collection in FY22, which we expect will continue being impacted to the extent that the rent moratorium continues to be in place. We currently expect our provision methodology to be consistent with that of FY212. As a reminder, the impact of tenant debtors and deferral provisions in FY21 was £65m, with an additional £18m of provisions for tenant incentives. We remain focused on controlling costs; however, we identify the following known increases: £2.5m annualised York House lease depreciation/rent, following partial sale in FY21. P&L credits of £2.9m taken in FY21 relating to the closure of the defined benefit pension scheme. 1 This incorporates the reduction to contracted rents as a result of CVAS and administrations prior to 31st March 2021 2 See further detail in note 10 to the condensed financial statements. Dividend Dividends will be paid semi annually in February and August at a fixed percentage of 80% of Underlying Earnings Per Share, based on the most recently completed six-month period. Capital activity • • Capital activity has the potential to significantly impact profits. For example, selling/acquiring £100m of Retail / Office assets could reduce / increase annual profits by c.£6.7m/c.£3.4m and LTV by C.0.6%. This is based on topped up NIY of 7.6% (Retail) / 4.1% (Offices) and marginal cost of debt of 0.9%. Post period capital activity (i.e. acquisition of Enfield and HUT, disposal of Beaumont Leys) is expected to increase underlying profit by £7m. 55 55

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