Full Year Results Presentation

Retail & Fulfilment Urban logistics: a strong growth market Attractive market drivers Forecast rental growth, London ERV growth, % 7.0 Growth of e-commerce 6.0 Demand for same day delivery 5.0 accelerating; expected to 4.0 double over 5 yrs 3.0 Limited supply given competing uses for land in 2.0 London 60% demand growth 2020-25, of which 70% focused on London 10 1.0 0.0 2021 2022 2023 ■PMA ■Gerald Eve CBRE 34 34

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