Investor Presentaiton

STRONGLY PERFORMING BUSINESS: RETAIL Marked improvement in Retail: strengthening capital returns . • 7 Occupancy up to 98.4%; rents in admin low at 0.2% (0.9% in March 2013) Lettings ahead of ERV (3.3% in Q3, 3.8% in H1) Continue to outperform on footfall: flat in Q3 vs decline of 3% in broader market Capital Returns (%) H1 2012/13 H2 2012/13 H1 2013/14 Retail Parks (2.3) (0.8) 1.0 Superstores 0.5 (1.1) 2.1 Shopping Centres (0.3) (1.0) 0.3 Department Stores (0.6) 3.2 6.5 Leisure 0.0 (0.2) 2.0 UK Retail (1.0) (0.6) 1.5 British Land

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