4444000-SCE24/25 Bluewater Winter Garden

Service Charge Expenditure Report

Bluewater Winter Garden Greenhithe

2024-2025

About Landsec We create places that make a lasting positive contribution to our communities and our planet.

We bring people together, forming connections with each other and the spaces we create. And we provide our customers, partners and people with a platform to realise their full potential.

Meet Landsec Explanation of schedules Actuals Apportionment Summary of variances Additional information

Meet Landsec

Bluewater Shopping Centre - Greenhithe.

SHAPING PLACES THAT STAND THE TEST OF TIME

Service Charge Expenditure Report 2024-2025

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Inside this document Our obligations As a responsible Landlord we have a duty of care to act with professional care, diligence, integrity and objectivity in managing the provision of services within the property.

For best practice, we endeavour to provide our Customers with the following key elements; — Service Charge Customer Statement — Service Charge Expenditure Report — Service Charge Allocation and Apportionment — Service Charge Operational Overview of Variances

Actuals This report has been produced

by Landsec and relates to the service charge period of 1 April 2024 - 31 March 2025.

This service charge statement was prepared on an accruals basis.

Royal Institution of Chartered Surveyors (RICS) Professional Standard for Service Charges in Commercial Property, First Edition This report has been produced having regard to the best practice guidelines for service charges in commercial property and endorses the principles set out in the first edition of the RICS Professional Standard.

Both Landsec and the Tenant are still bound by the existing lease terms, which take precedence over the Professional Standard, but would encourage our customers, like ourselves, to be guided by The Professional Standard wherever possible.

Schedule of assumptions and exclusions Empty Unit Voids and Caps Where appropriate, costs are apportioned on a daily basis and it is confirmed that the Landlord bears an appropriate proportion of the service charge expenditure in respect to vacant premises. Likewise if any tenant has any form of concession, whereby their contribution towards the service charge is capped, or is lower than the apportion due, the Landlord pays the difference.

Service Charge Exclusions The service charge costs will NOT include:

VAT The Landlord has chosen to opt to tax the property. All service charge expenditure is shown exclusive of VAT. VAT will be charged at the appropriate rate on all service charge payments demanded/invoiced by the Landlord.

Certification Certification Period 1 April 2024 - 31 March 2025

Building

— Initial costs in relation to the original design and construction — Setting up costs that are part of the original development — Improvement costs above normal maintenance, repair or replacement except where an improvement can be justified to provide benefit to the customers — Redevelopment costs — Costs which relate to individual customers — Asset Management and rent collection costs Payment of Interest Where interest is available on normal commercial terms, on amounts we hold by way of the on-account service charge contributions, we credit a reasonable figure in lieu of interest on such sums following the deduction of bank charges and/or our charges in relation to the management of those accounts. We periodically review this position including the levels of interest receivable on normal market terms and the level of charges to ensure value for money is obtained.

Bluewater Shopping Centre I hereby certify that, according to the information available to me, the attached statement of service charge expenditure and accompanying information records the actual cost to the Landlord of providing the services to the property for the period 1 April 2024 - 31 March 2025, in accordance with the terms of the lease and, where practicable, the current edition of the RICS Professional Statement, Service Charges in Commercial Property, First Edition.

Signed:

Tora Prickett Director of Finance Operations On behalf of Land Securities Properties Limited

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Explanation of schedules

Schedules The service charge apportionment is based on floor area of the property and costs have been categorised under a number of standard headings to enable analysis of the information provided. Customers are required to contribute only towards those categories from which they derive benefit.

The service charge schedules are set out as follows: ALL Services which benefit all occupiers and to which all occupiers contribute.

WINTERGARDEN

Schedules Services which benefit occupiers of the Wintergarden shared seating area.

The cost summaries on the following pages show the actual expenditure for the service charge year and identify the allocation of costs across the various elements of the property (i.e. schedules). Where there is more than one schedule there is a separate column on the Allocation of Costs Summary for each. This is to ensure that costs are appropriately allocated and that customers only contribute toward the services from which they benefit.

Service Charge Expenditure Report 2024-2025

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Actuals 2024-2025 Year Ending 31 March 2025

Total Actuals

£24,373,301

Budget

£0

% Allocations Figures rounded to the nearest decimal point.

£5,000,000

£10,000,000

£15,000,000

Management

£2,871,971

11.8%

Utilities

£2,209,361

9.1%

Soft Services

£12,481,222

51.2%

Hard Services

£3,221,618

13.2%

Income

(£363,612)

(1.5%)

Insurance

£31,789

0.1%

Exceptional Expenditure

£3,920,953

16.1%

Service Charge Expenditure Report 2024-2025

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Actuals Year Ending 31 March 2025

Service charge expenditure schedule

Actuals (£) Budget (£) Variance (£) Variance % Actuals (£)

2024-2025 2024-2025 2024-2025 2024-2025 2023-2024 Management Management Fees 934,670 934,670 945,633 Accounting Fees 17,038 8,496 8,542 100.5% 386 Site Management Resources 1,681,032 1,830,840 (149,807) (8.2%) 1,296,702 Health, Safety & Environmental 239,231 217,349 21,882 10.1% 61,590 Management Total 2,871,971 2,991,355 (119,384) (4.0%) 2,304,311 Utilities Electricity 1,897,752 2,170,652 (272,901) (12.6%) 1,993,545 Gas 153,389 78,267 75,122 96.0% 42,818 Water 158,220 74,670 83,550 111.9% 192,426 Utilities Total 2,209,361 2,323,589 (114,229) (4.9%) 2,228,790 Soft Services Security 3,316,096 3,114,969 201,127 6.5% Cleaning & Sustainability 6,776,446 6,739,895 36,551 0.5% Landscaping & Environment 1,594,109 1,142,656 451,454 39.5% Marketing & Promotions 794,569 1,066,560 (271,990) (25.5%) Soft Services Total 12,481,222 12,064,080 417,142 3.5%

3,637,051 6,187,345 963,785 741,845 11,530,026

Hard Services Mechanical & Electrical Service 2,768,108 2,526,017 242,092 9.6% Lifts & Escalators 266,364 334,712 (68,348) (20.4%) Suspended Access Equipment 15,414 15,959 (545) (3.4%) Fabric Repairs & Maintenance 171,732 84,565 87,167 103.1% Hard Services Total 3,221,618 2,961,252 260,366 8.8%

1,649,449 235,635 1,300,706 3,185,790

Income Income from Commercialisation (346,596) (346,596) (283,690) Other Income (17,016) (17,016) Income Total (363,612) (346,596) (17,016) (283,690) Insurance Engineering Insurance 31,789 64,224 (32,435) (50.5%) 28,145 All Risks Insurance Cover 3,000 (3,000) (100.0%) Insurance Total 31,789 67,224 (35,435) (52.7%) 28,145 Sub-Total Service Charge Expenses

20,452,348

2.0%

18,993,372

Exceptional Expenditure Major Works 3,920,953 4,547,882 (626,929) (13.8%) LCR Survey fees 10,120 (10,120) (100.0%) Exceptional Expenditure Total 3,920,953 4,558,002 (637,049) (14.0%)

4,143,663 18,000 4,161,663

Total Service Charge Expenses

23,155,035

24,373,301

20,060,904

24,618,906

391,444

(245,606)

(1.0%)

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Actuals Year Ending 31 March 2025

Allocation of costs (1 of 3)

TOTAL (£)

ALL (£)

WINTERGARDEN (£)

Management Management Fees 934,670 934,670 Management Fees 934,670 934,670 Accounting Fees 17,038 17,038 Audit Fees 17,038 17,038 Site Management Resources 1,681,032 1,681,032 Staff Costs 1,385,778 1,385,778 Site Offices/Accommodation 295,254 295,254 Health, Safety & Environmental 239,231 239,231 Health & Safety 239,231 239,231 Management Total 2,871,971 2,871,971

-

Utilities Electricity 1,897,752 1,897,752 Electricity - Lighting 1,897,752 1,897,752 Gas 153,389 153,389 Gas 153,389 153,389 Water 158,220 158,220 Water 158,220 158,220 Utilities Total 2,209,361 2,209,361

-

Soft Services Security 3,316,096 3,316,096 Security 3,263,037 3,263,037 CCTV maintenance & repairs 53,060 53,060 Reception/Front Cleaning & Sustainability 6,776,446 6,037,199 Cleaning 5,448,054 4,717,302 Waste Management 1,034,775 1,027,817 Hygiene services/toiletries 220,267 218,730 Pest Control 73,352 73,352 Landscaping & Environment 1,594,109 1,594,109 Landscaping (External) 456,431 456,431 Landscaping (Internal) 14,356 14,356 Bus services costs & station rates 3,593 3,593 Gritting and Clearance 92,352 92,352 Seasonal Decorations 1,000,794 1,000,794 Public Wi-Fi 26,584 26,584 Marketing & Promotions 794,569 794,569 Marketing & Promotions 794,569 794,569 Soft Services Total 12,481,222 11,741,975

739,247 730,752 6,958 1,537 739,247

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Actuals Year Ending 31 March 2025

(2 of 3)

ALL (£)

WINTERGARDEN (£)

Hard Services Mechanical & Electrical Service 2,768,108 2,768,108 Fire Precautions Maintenance 367,310 367,310 Fire Precautions Repairs 1,818 1,818 General Engineering Maintenance 2,117,494 2,117,494 General Engineering Repairs 133,486 133,486 Lighting/Electrical Maintenance 48,441 48,441 Lighting/Electrical Repairs 93,953 93,953 General Machinery Heat/Air/Cool-Repair Heating/Air Conditioning/Comfort Cooling Maintenance 5,607 5,607 Lifts & Escalators 266,364 266,364 Lift/Escalator Maintenance 242,593 242,593 Lift/Escalator Repair 23,771 23,771 Suspended Access Equipment 15,414 15,414 Suspended Access Equipment 15,414 15,414 Fabric Repairs & Maintenance 171,732 171,732 Internal Maintenance 25,982 25,982 Internal Repairs 51,583 51,583 External Maintenance 89,966 89,966 External Repairs 4,201 4,201 Hard Services Total 3,221,618 3,221,618

TOTAL (£)

-

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Actuals Year Ending 31 March 2025

(3 of 3)

TOTAL (£)

ALL (£)

WINTERGARDEN (£)

Income Income from Commercialisation (346,596) (346,596) Promotional Income (346,596) (346,596) Other Income (17,016) (17,016) Income Total (363,612) (363,612)

-

Insurance Engineering Insurance 31,789 31,789 General Engineering Insurance/Inspection 31,789 31,789 All Risks Insurance Cover General Insurance Insurance Total 31,789 31,789

-

Sub-Total Service Charge Expenses

19,713,101

739,247

Exceptional Expenditure Major Works 3,920,953 3,920,953 Major Building Works 3,920,953 3,920,953 LCR Survey fees LCR Survey fees Exceptional Expenditure Total 3,920,953 3,920,953

-

Total Service Charge Expenses

20,452,348

24,373,301

23,634,054

739,247

Service Charge Expenditure Report 2024-2025

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Apportionment

This apportionment represents the position at 31 March 2025.

Where there have been changes in apportionment or tenancies during the year then the figures shown are only indicative. Along with balancing invoices/credit notes, we have issued individual statements showing a full breakdown relevant to each customer.

Apportionment Basis Service charge expenditure is apportioned according to gross internal floor area, based on the ‘weighted floor area’ method and there is a weighted floor area discount for the following: - Marks & Spencer - Sportsdirect.com Retail Limited

The following percentage multipliers apply: Range Range (sq. ft.)

First 5,383 sq ft Next 10,765 sq ft Next 32,293 sq ft Next 107,641 sq ft Next 382,118 sq ft

% Weighting 100% 80% 60% 40% 20%

- John Lewis Partnership - Gravity

(1 of 4)

- Dinotropolis - Showcase Cinema

Address

ALL (SQ FT)

Factors WINTERGARDEN (%)

Defined Unit Contribution (MSU4) Balance to Apportion MSU1 MSU2 MSU5 MSU6 MSU8 KL04 KL09 KL11 KL13 L001 L002 L003 L004 L005 L006 L009A L009B L010 L011 L014 L015A L015B L016 L019 L020 L021 L024 L025 L029 L030 L034/L035 L036 L037 L041 L042 L043 L044 L045 & FA1 Storage L046 & LATM04/05 L049 L050A L050B / L051 L051A L052 L053A L053B L054B L056 L057 L058 L058A L059 L060 L061 L062 L064/L065 Bluewater L066A L067 L068 Part L069 L070-L072 & Remote Store L076A

27,727 26,527 25,459 20,962 34,742 125 288 257 285 841 1,264 2,143 3,835 2,055 2,210 3,106 520 1,506 1,432 5,050 2,182 2,246 1,819 2,095 2,270 3,172 2,169 2,614 1,101 9,744 4,421 1,212 1,666 8,088 1,724 1,440 2,063 3,147 1,086 1,956 1,517 2,782 266 3,418 287 861 217 228 3,429 240 544 2,567 2,071 3,043 4,304 5,439 2,331 636 894 1,343 14,783 268

-

ALL (£) 23,634,054

WINTERGARDEN (£) 739,247

TOTAL (£) 24,373,301

ALL (£)

Actuals WINTERGARDEN (£)

TOTAL (£)

4,732,472 18,901,582 739,247

4,732,472 19,640,829

551,478 527,610 506,384 416,931 691,017 2,486 5,728 5,112 5,669 16,727 25,141 42,624 76,278 40,874 43,957 61,778 10,343 29,954 28,482 100,444 43,400 44,673 36,180 41,669 45,150 63,091 43,141 51,992 21,899 193,803 87,933 24,107 33,136 160,865 34,290 28,641 41,033 62,593 21,600 38,905 30,173 55,334 5,291 67,984 5,708 17,125 4,316 4,535 68,202 4,774 10,820 51,057 41,192 60,525 85,606 108,181 46,363 12,650 17,782 26,712 294,024 5,330

Apportionment

-

551,478 527,610 506,384 416,931 691,017 2,486 5,728 5,112 5,669 16,727 25,141 42,624 76,278 40,874 43,957 61,778 10,343 29,954 28,482 100,444 43,400 44,673 36,180 41,669 45,150 63,091 43,141 51,992 21,899 193,803 87,933 24,107 33,136 160,865 34,290 28,641 41,033 62,593 21,600 38,905 30,173 55,334 5,291 67,984 5,708 17,125 4,316 4,535 68,202 4,774 10,820 51,057 41,192 60,525 85,606 108,181 46,363 12,650 17,782 26,712 294,024 5,330

Service Charge Expenditure Report 2024-2025

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Apportionment

(2 of 4)

Address L077 L079 L080 L085 L089A L090/L091 L092 L094/L095 L096 L098 L099 L100A L100B L101/L102 Bluewater L103 L104 L105/L106 L107 L108 L109A L109B L112/113 L114 L116 L117 L121 Bluewater U124 Bluewater L122 L125 L126 L127 L128 L129 L130 L131 L132 L133 L134A L058B U001 U002 U003 U004 U005 U006 U006A U007 U008 U009 U010 U011 U012 U013A U014 U015 U016 U017 U018 U019 U020 U021 U022 U023 U024 U025 U026 U028B/U029 U030 U031/U032 U033 U035 U036 U038 U041 U043

Factors

Actuals

ALL (SQ FT)

WINTERGARDEN (%)

ALL (£)

WINTERGARDEN (£)

TOTAL (£)

5,036 2,983 250 1,941 8,026 10,418 5,528 3,201 2,295 1,782 1,637 1,545 1,035 4,198 5,843 478 4,188 3,485 1,534 950 890 2,824 1,966 4,064 1,289 6,637 5,139 331 2,740 2,317 938 6,569 3,922 2,295 3,997 3,519 3,789 2,780 1,451 945 1,158 1,859 3,772 1,636 987 335 1,560 1,213 2,937 1,166 1,843 1,714 5,001 3,208 2,189 2,858 1,838 1,566 2,062 1,565 915 1,802 2,449 3,166 2,629 6,656 7,377 6,965 15,136 7,020 1,622 1,118 8,654 6,649 888

-

100,165 59,331 4,972 38,606 159,640 207,216 109,947 63,667 45,647 35,444 32,560 30,730 20,586 83,498 116,216 9,507 83,299 69,316 30,511 18,895 17,702 56,169 39,103 80,832 25,638 132,001 102,214 6,584 54,498 46,085 18,657 130,664 78,008 45,647 79,500 69,992 75,363 55,294 28,860 18,796 23,032 36,975 75,025 32,540 19,631 6,663 31,028 24,126 58,416 23,192 36,657 34,091 99,469 63,807 43,539 56,845 36,558 31,148 41,013 31,128 18,199 35,842 48,710 62,971 52,290 132,383 146,719 138,541 301,053 139,623 32,261 22,237 172,131 132,256 17,662

-

100,165 59,331 4,972 38,606 159,640 207,216 109,947 63,667 45,647 35,444 32,560 30,730 20,586 83,498 116,216 9,507 83,299 69,316 30,511 18,895 17,702 56,169 39,103 80,832 25,638 132,001 102,214 6,584 54,498 46,085 18,657 130,664 78,008 45,647 79,500 69,992 75,363 55,294 28,860 18,796 23,032 36,975 75,025 32,540 19,631 6,663 31,028 24,126 58,416 23,192 36,657 34,091 99,469 63,807 43,539 56,845 36,558 31,148 41,013 31,128 18,199 35,842 48,710 62,971 52,290 132,383 146,719 138,541 301,053 139,623 32,261 22,237 172,131 132,256 17,662

Apportionment

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Apportionment

(3 of 4)

Address U044 & Storage HKL10 U045 U045A/U062A/EVL06A U045B U049 U050 U051/U052A U052B U053 SVU03/U055 U056 U058 U062 U063 U069 U070A U070B U071 U072 U073A U073B U074 U075 U075A U076C U077 U078A/U078B U080 U082B U085 U087 U088 U089 U090A U090B U091 U092/U093 U094A/U094B U095 U096/U098 U099 U100 U101 U102 U103 U104A U104B U105 U109 U110 U111 U112 U112A U113 U114 U115 U116 U117 U118 U119 U120 U125 U126 U127 U128B/U129 U132/U134 U135 U136 U137 EVL01 EVL02 EVL03 EVL04 EVL05 EVL06

Factors

Actuals

ALL (SQ FT)

WINTERGARDEN (%)

ALL (£)

WINTERGARDEN (£)

TOTAL (£)

1,151 2,062 69 303 2,005 1,607 1,562 787 1,164 3,377 1,204 1,706 1,411 1,319 925 354 747 1,108 1,143 10,989 257 910 1,293 9,929 1,191 1,584 2,426 2,375 274 3,896 2,169 1,951 3,272 4,594 269 4,047 8,704 1,256 502 2,528 5,403 2,402 1,304 1,303 1,000 1,888 1,967 12,334 1,751 1,124 1,168 638 1,887 242 1,098 1,315 1,862 2,148 3,337 1,645 1,619 2,424 2,106 2,576 8,088 7,968 1,189 1,651 1,437 3,226 547 472 1,070 853 905

0.8% 4.4% 13.1% 6.6%

22,893 41,013 1,372 6,027 39,879 31,963 31,068 15,653 23,152 67,168 23,947 33,932 28,065 26,235 18,398 7,041 14,858 22,038 22,734 218,578 5,112 18,100 25,718 197,490 23,689 31,506 48,253 47,238 5,450 77,491 43,141 38,805 65,080 91,374 5,350 80,494 173,117 24,982 9,985 50,282 107,465 47,775 25,936 25,916 19,890 37,552 39,123 245,321 34,827 22,356 23,231 12,690 37,532 4,813 21,839 26,155 37,035 42,723 66,372 32,719 32,202 48,213 41,888 51,236 160,865 158,478 23,649 32,838 28,582 64,165 10,880 9,388 21,282 16,966 18,000

5,766 32,608 96,870 48,751

22,893 41,013 1,372 6,027 39,879 31,963 31,068 15,653 23,152 67,168 23,947 33,932 28,065 26,235 18,398 7,041 14,858 22,038 22,734 218,578 5,112 18,100 25,718 197,490 23,689 31,506 48,253 47,238 5,450 77,491 43,141 38,805 65,080 91,374 5,350 80,494 173,117 24,982 9,985 50,282 107,465 47,775 25,936 25,916 19,890 37,552 39,123 245,321 34,827 22,356 23,231 12,690 37,532 4,813 21,839 26,155 37,035 42,723 66,372 32,719 32,202 48,213 41,888 51,236 160,865 158,478 23,649 32,838 28,582 64,165 16,646 41,996 118,152 16,966 66,751

Apportionment

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Apportionment

(4 of 4)

Address EVL07 EVL08 EVL09 & Storerooms EVL21 & EVL22 EVL10 EVL11 EVL12 EVL13 EVL16 EVL18 EVL19 EVU02 EVU03/EVU05 EVU06 SVL01 & External Seating Area SVL02 SVL03 SVL04 SVL05 SVL06 L073-L075 Bluewater SVL07 & adjacent Seating Area SVU01 SVU02 SVU03A SVU04 SVU05 SVU07 SVU08 SVU09 WVL01/02 WVL03/WVL04 WVL05 WVL06 WVL07/WVL08 WVL09 WVL10 WVL11 WVL12 WVL13 WVL14 WVL15 WVL16/U01 WVL18/WVU18 - Lower Level WVL19 WVL22 WVL26 WVU03 WVU04 RS13 F & B Preperation Kitchen MSU7 L063 SVU06 U107/U108 Bluewater L007/L008 Bluewater U130/U131 Bluewater L012A/L012B Bluewater U037 Bluewater L022/L023 Bluewater L110/L111 Bluewater L115 Bluewater MSU10 Bluewater L039/L040, Bluewater L123/L124 Bluewater L086/L088 Bluewater L047/L048 Bluewater L031 Sub-Total Total

Factors

Actuals

ALL (SQ FT)

WINTERGARDEN (%)

ALL (£)

WINTERGARDEN (£)

TOTAL (£)

692 672 1,135 4,866 3,600 570 570 2,346 5,686 285 978 10,923 5,784 5,957 4,191 3,660 4,028 4,007 9,207 11,865 3,163 2,824 10,965 2,633 6,883 6,660 2,500 2,903 3,821 469 465 249 284 515 684 176 220 279 7,100 3,456 4,122 10,866 5,569 4,548 4,005 251 2,475 1,122 594 24,335 4,206 1,132 5,517 6,138 6,849 1,811 914 3,569 4,360 1,870 14,442 6,384 674 7,733 3,643 9,262

4.6% 7.1% 12.6% 20.8% 19.7% 3.5% 6.7% -

13,764 13,366 22,575 96,784 71,603 11,337 11,337 46,662 113,098 5,669 19,452 217,265 115,039 118,492 83,358 72,797 80,116 79,699 183,126 236,001 62,912 56,169 218,088 52,370 136,902 132,462 49,725 57,740 75,999 9,328 9,249 4,953 5,649 10,243 13,605 3,501 4,376 5,549 141,214 68,739 81,986 216,131 110,759 90,459 79,659 4,992 49,227 22,316 11,815 484,020 83,657 22,515 109,724 122,088 136,218 36,021 18,179 70,987 86,720 37,194 287,245 126,973 13,406 153,800 72,459 184,224

34,185 52,824 93,387 153,651 145,854 25,688 49,663 -

47,949 66,190 115,962 250,435 217,458 37,025 61,000 46,662 113,098 5,669 19,452 217,265 115,039 118,492 83,358 72,797 80,116 79,699 183,126 236,001 62,912 56,169 218,088 52,370 136,902 132,462 49,725 57,740 75,999 9,328 9,249 4,953 5,649 10,243 13,605 3,501 4,376 5,549 141,214 68,739 81,986 216,131 110,759 90,459 79,659 4,992 49,227 22,316 11,815 484,020 83,657 22,515 109,724 122,088 136,218 36,021 18,179 70,987 86,720 37,194 287,245 126,973 13,406 153,800 72,459 184,224

950,313 950,313

100.00% 100.00%

18,901,582 23,634,054

739,247 739,247

19,640,829 24,373,301

Apportionment

Service Charge Expenditure Report 2024-2025

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Summary of variances Year Ending 31 March 2025

Variance (with exceptional expenditure)

(1.0%)

£24,373,301

Variance (with exceptional expenditure) Variance against budget

Actuals 2024-2025

£24,618,906

Variances

Budget 2024-2025

Variance (without exceptional expenditure)

(£245,606) Variance 2024-2025

Variance (without exceptional expenditure)

X.X%

Variance against budget

£XXXXXXX

Actuals 2024-2025

£XXXXXXX Budget 2024-2025

£XXXXXXX Variance 2024-2025

Service Charge Expenditure Report 2024-2025

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Summary of variances Year Ending 31 March 2025

Management

Utilities

£2,991,355

£2,323,589

Budget

Budget

£2,871,971

£2,209,361

Actuals

Actuals

(£119,384)

(£114,229)

Variance

Variance

Management Fee — Fees for managing and administering services through the course of the year aligned with the budget.

Electricity — Decrease due to additional savings on consumption realised through LED lighting project and addition of PIR sensors in low usage areas.

Site Management Resources — YE2025 saw the implementation of the FM integrator model, this resulted in services being provided by CBRE, Mitie and Nurture. As a result of the change, the decision was made to bring some service partner personnel to direct Landsec employment, which has contributed to an overall Management decrease of (4.0%). Savings are also shown against IT equipment and rates.

Gas — Significant increase on investigation, the original budget allocation for this utility was set too low and did not reflect realistic consumption or pricing trends.

Water — Significant increase on investigation, the budget originally allocated for this utility was significantly underestimated. However, when compared to the previous year’s actual spend, the current cost reflects a 17.8% decrease.

Service Charge Expenditure Report 2024-2025

15

Summary of variances Year Ending 31 March 2025

Soft Services

£12,064,080 Budget

Budget

£12,481,222 Actuals

Actuals

£417,142 Variance

Variance

Security — Increase across staffing costs including Risk & Reward due to this lines budget originally sitting against cleaning.

Landscaping & Environment — Overspend driven by the Seasonal Decorations & Events cost code. In line with RICS Service Charges in Commercial Property code, 1st Edition, seasonal activations, amenities and facilities costs have been recovered through the service charge).

— CCTV maintenance & repairs This increase is primarily due to unexpected repair requirements that arose during the period, these were not anticipated in the original budget. Additionally, maintenance costs for Access Control and ANPR systems have now been included under this line, whereas these were not accounted for in the initial budget allocation.

Cleaning & Sustainability — Increase in costs for waste, this rise is attributed to a reduced void rate and an uplift in footfall, both of which have led to higher waste volumes and associated service requirements. However, this increase has been offset by reductions in staffing and window cleaning costs within the same category.

— The delivery of the seasonal activations resulted in the reallocation of costs and a move away from the commercialisation model that was deemed no longer financially viable, nor aligned to delivering an appropriate guest experience.

Marketing & Promotions — Savings achieved through contract negotiations with Media and content agencies.

Service Charge Expenditure Report 2024-2025

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Summary of variances Year Ending 31 March 2025

Hard Services

£2,961,252 Budget

Budget

£3,221,618 Actuals

Actuals

£260,366 Variance

Variance

Mechanical & Electrical Services — Overspend partly driven by critical plant replacements including pump station controls, air compressors and smoke curtain panels. During the 130- day FM Contract review and financial review it became clear that items were omitted from the original budget, these items contributed to an unbudgeted overspend but were partially offset by savings in Exceptional Expenditure works. For example, £28,600 for maintenance of the Building Management System and £32,000 for lighting maintenance.

Fabric, Repairs & Maintenance — Increase on internal maintenance & repairs, this variance is primarily due to critical washroom pipework repairs that were necessary during the period. In addition, maintenance costs for urinals and water coolers have been included under this line, whereas these were not accounted for in the original budget.

Lifts & Escalators — Savings achieved because of a programme of replacement has begun on 25-year-old equipment, resulting in fewer maintenance issues and a reduction in repair costs.

— Increase in external maintenance & repairs, this significant variance is due to compliance related repairs identified during ROSPA inspections of the children’s play areas, which required immediate attention. Additionally, critical replacements were carried out on fencing and raised flower beds that had deteriorated beyond economical repair. These works were essential to maintain safety standards and site presentation.

Service Charge Expenditure Report 2024-2025

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Summary of variances Year Ending 31 March 2025

Income

Insurance

(£346,596)

£67,224

Budget

Budget

(£363,612)

£31,789

Actuals

Actuals

(£17,016)

(£35,435)

Variance

Variance

Income from Commercial Partnerships — Commercialisation events and activations costs were level against budget.

Engineering Insurance — Insurance costs are lower than anticipated.

Service Charge Expenditure Report 2024-2025

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Summary of variances Year Ending 31 March 2025

Exceptional Expenditure

£4,558,002 Budget

Budget

£3,920,953 Actuals

Actuals

(£637,049) Variance

Variance

Major Works — Savings against anticipated forward funding payback as Solar PV project deferred and internal LED project paid in year. Also careful management of in year projects saw an overall (13.8%) saving against budget.

LCR Survey Fees — 100% saving as survey costs built in to project lines where applicable.

Service Charge Expenditure Report 2024-2025

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Additional info

Accruals and prepayments schedule

Accruals (£) Prepayments (£)

2024-2025 2024-2025 Management Management Fees 311,557 Accounting Fees 8,603 Site Management Resources 139,130 Health, Safety & Environmental 96,210 Management Sub-total 555,501 -

Utilities Electricity 377,616 Gas 46,396 Water 37 Utilities Sub-total 424,049 -

Additional Info

Soft Services Security 243,578 Cleaning & Sustainability 87,584 Landscaping & Environment 69,101 Marketing & Promotions 29,713 Soft Services Sub-total 429,976

-

Hard Services Mechanical and electrical services 48,172 Lift & Escalators 54,829 Suspended Access Equipment 922 Fabric Repairs & Maintenance Hard Services Sub-total 103,923

(22,313) (22,313)

-

Insurance Engineering Insurance (15,936) Insurance Sub-total (15,936) Exceptional Expenditure Major Works 63,159 Exceptional Expenditure Sub-total 63,159 Total Total excluding Major Works

1,576,607 1,513,449

(38,249) (38,249)

Service Charge Expenditure Report 2024-2025

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Additional info

Landlord forward funding

Total project cost (£)

Amounts recovered in previous years to 31 March 2024 (£)

Amounts recovered in year ending 31 March 2025 (included in this reconciliation) (£)

3

£744,320

£504,000

£240,320

-

Interest on forward funding

£40,512

£26,093

£14,419

-

TOTAL £784,832

£530,093

£254,739

-

Summary of Forward Funded Projects

Existing projects LED Lighting project Back of House and Blue Car Park Decks 3B

Project start year

Number of years over which expenditure will be recovered

2022/23

Additional Info

Amounts to recover in future years (£)

Marketing Expenditure The marketing expenditure for the year ended 31 March 2025 and the contribution from the landlord is stated below: Total marketing expenditure

£ % £1,589,138 100%

Contribution from the Landlord

(£794,569) (50%)

Net marketing expenditure

£794,569

50%

Service Charge Expenditure Report 2024-2025

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Landsec.com/retail

THRO U G H COLL AB O R ATIO N AMO N G O UR E XC E P T I O N A L PA RT N E R S , W E A I M T O R A I S E THE GUEST EXPERIENCE TO NEW LEVELS. W E C A L L T H I S PA R T N E R S H I P…

ASSET OWNER

Our vision is to be viewed by our guests and brand partners as the leading operator of major retail destinations in the UK. Since managing the performance of our supply chain is essential to delivering this vision, we’ve changed the way we manage our service partners across our shopping centres and outlets.

We’ve launched ELEVATE, a cohesive way of working that fosters collaboration to drive innovation and achieve excellence.

SOFT SERVICES

HARD SERVICES

LANDSCAPING

Contacts James Waugh Centre Director Bluewater Management Suite, Upper Rose Gallery, Greenhithe, KENT DA9 9ST Mobile: +44 (0)7834 727 031 james.waugh@landsec.com

Claire Dunn Deputy Centre Director Bluewater Management Suite, Upper Rose Gallery, Greenhithe, KENT DA9 9ST Mobile: +44 (0)7955 269 658 claire.dunn@landsec.com

Lynn O’Brien Property Manager Bluewater Management Suite, Upper Rose Gallery, Greenhithe, KENT DA9 9ST Mobile: +44 (0)7834 431 277 lynn.obrien@landsec.com

Charlotte Goldberg Property Accountant 100 Victoria Street, London SW1E 5JL Tel: +44 (0)20 7024 5162 charlotte.goldberg@landsec.com

Service Charge Manager 100 Victoria Street, London SW1E 5JL Mobile: +44 (0)7711 136 227 michelle.robbins@landsec.com

Credit Control Billings and Statement of Accounts 100 Victoria Street, London SW1E 5JL creditcontrol@landsec.com

Land Securities Group PLC 100 Victoria Street, London SW1E 5JL +44 (0)20 7413 9000 investor.relations@landsec.com

landsec.com

Publication No. SCE2024/25 4444000 Bluewater Winter Garden

Michelle Robbins