Smart Approach in Retail Resilience

Strength of debt metrics 31 March 2020 £1.3bn Undrawn Facilities and Cash No requirement to refinance until: Loan to value (LTV) 1 Weighted Average Interest Rate¹ Interest Cover¹ Weighted Average Drawn Debt Maturity1 Senior unsecured credit rating (Fitch) 30 September 2020 £1.0bn 2024 2024 34.0% 35.7% 2.5% 2.5% 3.8x 3.1x 7.5yrs 7.8yrs A A Unsecured debt covenants: Net Borrowings not to exceed 175% of Adjusted Capital and Reserves 40% 43% Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets 30% 33% Valuation headroom 45% 42% 1 Proportionally consolidated basis 31

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