Full Year Results Presentation

Strength of debt metrics 31 March 2020 £1.3bn Undrawn Facilities and Cash No requirement to refinance until: Loan to value¹ Weighted Average Interest Rate¹ Interest Cover1 Weighted Average Drawn Debt Maturity1 Senior unsecured credit rating (Fitch) Unsecured debt covenants: 31 March 2021 £1.8bn 2024 2025 34.0% 32.0% 2.5% 2.9% 3.8x 3.0x 7.5yrs 7.6yrs A A Net Borrowings not to exceed 175% of Adjusted Capital and Reserves Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets 40% 33% 30% 25% Valuation headroom 45% 46% 1 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. 11

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