Smart Approach in Retail Resilience

Retail leasing & outlook • • Pragmatic approach focused on maximising occupancy Accepting lower rents to generate sustainable cash flow 439,000 sq ft retail leasing - - 161,000 sq ft over one year; 11% below previous passing rent¹, 8% below ERV1 Retail parks account for two-thirds of activity Encouraging pipeline of activity - Under offer on 495,000 sq ft; 17% below previous passing rent; 6% below ERV Retail outlook - Market will remain challenging; expect further falls in rent Working with high quality occupiers next D W Waterstones Currys PC World SPORTS DIRECT.COM H GREGGS ALDI WHSmith dfs H&M Sainsbury's Iceland sofology M&S Boots 1. Excludes temporary deals with terms of less than one year EST. 1884 37

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