Smart Approach in Retail Resilience

Illustrative future income profile breakdown (cash basis) For the year to 31 March 2021 2022 2023 2024 2025 Total Accounting Basis As at 30 September 2020 £m £m £m £m £m £m Current Passing Rent 485 480 Contracted uplifts4 12 Pre-lets of Committed Developments¹ 22 24 14 6 1 57 22 22 19 Contracted rent 564 499 Letting of completed developments 6 Lease Expiries - Development pipeline (3) (1) (1) Letting of Committed Developments1 - speculative 1 Letting of Near Term Developments¹ - 7 6 5 (5) (5) 23 24 18 - 20 27 22 RPI Linked Leases² Reversion³ Vacancies 1 1 1 1 4 4 1 33 11 (1) (2) (3) 6 CO 6 33 27 659 576 Letting of Medium Term Developments (excl. Canada Water & Eden Walk) 81 64 On a proportionally consolidated basis including the Group's share of joint ventures and funds. Figures based on valuation rent and include assumptions on outstanding rent review settlements 1 Assumes lettings contracted are rent producing at practical completion 2 Assumed at 2.5% per annum 3 Includes reversion on expiries and open market rent reviews within 5 years 4 Includes £2m agreement for lease rents 57

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