Full Year Results Presentation

Retail Parks: crossover with urban logistics Role of retail parks in logistics Capital values converging Capital value, £psf Retail & Fulfilment • Used by retailers to support last mile delivery £600 • - Click & collect - Returns Ship from store Conversations on our space with third party logistics providers Retail parks have been acquired in the south east for conversion to logistics - Amazon/Pentavia retail park, Mill Hill Prologis / Ravenside retail park, Edmonton £500 £400 £300 £200 £100 £0 Mar 2018 Mar 2019 Mar 2020 Mar 2021 -Logistics BL Retail Parks Source: MSCI 33

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