Full Year Results Presentation

Retail Parks: affordable and support fulfilment Attractive market drivers £ + Affordable: OCRs at current ERVS of 11% Complementary to online; click & collect, returns, ship from store Preferred by retailers Retail Park value opportunity Illustrative example Attractive net initial yield of 8% + Retail & Fulfilment ERV decline, c.5% then stabilisation + Occupancy increase, c.5% + Yield compression Downside protection: alternative use and low capital value psf Double digit 5yr IRRs in base case 32 32

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