Smart Approach in Retail Resilience

Addressing the challenges in Retail Combination of active asset management and capital recycling Focused on delivering sustainable rents - Accepting lower rents where it makes sense - Keeping our assets full - Delivering security of cash flow MARKS& SPENCER MP Kingston Centre, Milton Keynes now yielding 8.0% • Underpins liquidity in a low interest rate environment • Supports our plan to recycle capital out of retail and into our mixed use business - £456m sales, 6.7% above book Opportunistic approach, carving out individual units from our centres M&S FOODHALL Serpentine Green, Peterborough now yielding 10.6% COSTA M&S HOODHALL 16

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