Our office portfolio is predominantly in out-of-town locations where demand is strong for assets that provide worked with the ability to travel to work by car, access parking and avoid public transport. A proportion of our office income is government occupation.

Our traditional retail portfolio has reduced over the last few years with our exposure to the resilient subsector of neighborhood and convenience retail increasing. We expect traditional retail values to continue to improve.

A proportion of our portfolio retail holdings are discount retailers, offering substantially lower prices than those of their competitors, most of which traded well during the pandemic providing 'essential' services to the public, including Poundland and B&M Retail.

A number of our occupiers are health food and supplement specialists or retailers/pharmacies supplying general healthcare advice, prescription and non-prescription medication to the public, including Boots & Holland & Barrett, many of these are essential services.

Some tenants in this sector partially operated during 2021 and have benefitted from government support and initiatives. This sector experiences a sharp increase in trading once the restrictions were lifted. Occupiers include Costa Coffee and Dirty Martini.

Many well-known financial institutions and banks, insurance brokers and betting agencies are amongst our portfolio occupiers, a proportion of which are essential services, providing strong covenants such as Lloyds TSB, Santander UK Plc and Bank of Scotland.

Food store operators experiences very profitable trading during the pandemic driving many operations to expand their market presence, partially c-store operators, resulting in an increase in value in these assets. Occupiers include M&S, Co-op, Iceland.

The combined make-up of the remaining part of our portfolio includes Leisure operators (Gyms groups, Luda Bongo) Hotel operators (Vine Hotels/Travelodge), a number of car parks associated with our other holdings and small number of Assured Shorthold Tenancies.