Full Year Results Presentation

Loan to value (LTV) As at 31 March 2020 £m Valuation movement Acquisitions Capital spend Disposals Operating Dividend Other cashflow As at 31 March 2021 £m Total properties 11,157 (1,245) Other 131 1 investments LTV assets 11,288 (1,244) Adjusted net 3,854 52 debt 52 Other (12) LTV liabilities 3,842 52 185 (1,040) 23 9,132 5 (109) (2) 26 52 190 (1,149) 21 9,158 230 (1,186) (149) 76 61 2,938 9 (3) 52 230 (1,186) (149) 76 70 2,935 LTV 34.0% 4.2% 0.3% 1.4% (7.8%) (1.3%) 0.7% 0.5% 32.0% 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. 69 69

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