Full Year Results Presentation

Illustrative future income profile breakdown (cash basis) For the year to 31 March As at 31 March 2021 2022 2023 2024 2025 2026 Total Accounting Basis £m £m £m £m £m £m Current Passing Rent Contracted uplifts4 Pre-lets of Committed Developments¹ 425 428 34 11 12 57 22 22 сл 5 27 23 Contracted rent 509 451 Letting of completed developments 4 4 3 Lease Expiries - Development pipeline (20) (1) (21) (18) Letting of Committed Developments 1 - speculative 1 22 15 38 31 Letting of Near Term Developments¹ - 6 30 36 31 RPI Linked Leases² 1 1 1 1 5 5 Reversion³ (5) (4) (6) (4) (7) (26) (23) Vacancies 36 36 29 581 509 Letting of Medium Term Developments (excl. Canada Water & Eden Walk) 105 82 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 2.9% per annum 3 Includes reversion on expiries and open market rent reviews within 5 years 4 Includes £3m agreement for lease rents 56 56

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