Full Year Results Presentation

Valuation movement - Offices Financial Year to 31 March 2021 Valuation £m Change £m Change Yield movement ERV movement %1 Bps2 %2 West End 3,464 (137) (3.2) +13 2.0 City 2,568 (125) (4.6) +2 (1.6) Offices 6,032 (262) (3.8) +9 0.7 1 Valuation movement during the year (after taking account of capital expenditure) of properties held at the balance sheet date, including developments (classified by end use), purchases and sales 2 Excluding committed developments, assets held for development and residential assets 74 74

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