Smart Approach in Retail Resilience

Results Overview 10.5p Underlying earnings per share -34.8% vs Sep 19 693p EPRA Net Tangible Assets per share -10.3% vs Mar 20 £10.3bn Portfolio valuation -7.3% vs March 20 (Retail -14.9%, Offices -3.1%) 35.7% Loan to value Incl: +270bps val'n declines, -80bps capital activity, -50bps retained earnings ₤1.Obn Undrawn facilities and cash No requirement to refinance until 2024 8.4p Dividend per share Fixed at 80% of underlying earnings 23 23

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