Full Year Results Presentation

Deep dive on Retail • Our portfolio primarily comprises retail parks and open air schemes - Only 22% are traditional covered shopping centres Increasingly strong occupier base - Targeting well capitalised companies that are online compatible e.g. Next and JD Sports - As well as grocery and discount operators which are online resilient e.g. Home Bargains and Aldi Occupiers have a strong preference for out of town retail parks which support fulfilment Retail Portfolio - £2.6bn 53% 12% Open air schemes 22% Traditional covered shopping centres 13% • They support an online offer: 82% of stores offer click and collect¹ • Many key occupiers use their stores to complement their logistic networks, including shipping to their customers from store1 Shopping centres ■Leisure and other ■Retail Parks 1 Based on a internal survey covering 180 stores within our retail assets 22 22

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