Smart Approach in Retail Resilience

Net rental income £m 243 (3) Offices +4.0% 1 Retail -10.3% 1 (6) (31) (13) (2) 3 191 Developments and other HY 2021 HY 2020 Net divestment Like for like incl. CVAS and admins Provisions for outstanding rents and service charge income Provisions for deferred rents Provisions for tenant incentives 1 Like for like % excludes the impact of surrender premia, provisions for outstanding rent, service charge, deferred rents and tenant incentives 45 25

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