Smart Approach in Retail Resilience

Loan to value (LTV) As at 31 March 2020 £m Valuation movement Acquisitions Capital Disposals spend Operating cashflow Other As at 30 Sept 2020 £m 13 10,315 Total properties 11,157 (842) Other 131 1 investments LTV assets 11,288 (841) Adjusted net 3,854 debt Other (12) LTV liabilities 3,842 119 (132) 2 (109) 121 (241) 124 (250) (62) (1) 24 12 10,339 50 30 3,696 6 (6) 124 (250) (62) 36 3,690 LTV 34.0% 2.7% 0.7% (1.5%) (0.5%) 0.3% 35.7% On a proportionally consolidated basis including the Group's share of Joint ventures and Funds and excluding non-controlling interests in the Group's subsidiaries. 69

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