Smart Approach in Retail Resilience

Valuation movement - Offices 6 months to 30 Sep 2020 West End City Offices Valuation £m Change Change Yield movement ERV movement £m % 1 Bps2 %2 4,116 (105) (2.5) +11 2.2 2,535 (106) (4.0) +3 (1.7) 6,651 (211) (3.1) +8 0.7 Campuses represent 82% of the Offices portfolio 1 Valuation movement during the period (after taking account of capital expenditure) of properties held at the balance sheet date, including developments (classified by end use), purchases and sales 2 Excluding committed developments, assets held for development and residential assets 74

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