Smart Approach in Retail Resilience

CVAs and Administrations Data since April 2017 Contracted Number Annualised contracted rent lost by Quarter (£m) rent reduction £m % split of of Stores Units 14 Number of units in c.3,000 ■CVA - stores closing ■CVA - reduced rents Admins - stores closing portfolio 12 ■Admins - reduced rent Stores under 296 CVA/admins 10 Administrations 19.2 120 Unaffected 4 3% Reduced 6.5 21 18% Rents 9 Closures 12.7 95 79% 4 CVAS 20.5 176 Unaffected 70 40% 2 Reduced 15.4 80 45% Rents Closures 5.1 26 15% Total FY18 Total FY19 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Total Rent Impact 39.7 6.8% of total group contracted rent has been lost due to CVAS and Administrations since Apr 2017 49 61

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