Full Year Results Presentation

EPRA Net Asset Value Metrics IFRS Net Assets EPRA NTA 1 31 March 2020 (£m) EPRA NDV2 31 March 2021 EPRA NRV³ EPRA NTA 1 (£m) EPRA NDV2 EPRA NRV³ 7,147 7,147 7,147 5,983 5,983 5,983 6 6 6 Deferred tax arising on revaluation movements Mark to market on derivatives and related debt 141 adjustments Adjust to fully diluted on exercise of share options Surplus on trading properties Non-controlling interests Deferred tax arising on revaluation movements Mark to market on debt Purchasers' costs Intangibles EPRA Net Assets Per share measure (pence) 1 Net Tangible Assets. 2 Net Disposal Value. 3 Net Reinstatement Value 141 115 115 18 18 18 14 14 14 13 13 13 9 9 6 (112) (112) (112) (59) (59) (59) (9) (1) (301) (268) 659 537 (11) (12) 7,202 6,762 7,872 6,050 5,678 6,599 773 726 845 648 609 707 EPRA NTA is considered to be the most relevant measure for the Group and is now the primary measure of net assets, replacing the previously reported EPRA NAV metric. EPRA NTA assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax. Due to the Group's REIT status, deferred tax is only provided at each balance sheet date on properties outside the REIT regime. As a result deferred taxes are excluded from EPRA NTA for properties within the REIT regime. For properties outside of the REIT regime, deferred tax is included to the extent that it is expected to crystallise, in accordance with the second recommended option per EPRA Best Practice Recommendations. EPRA NDV reflects shareholders' value which would be recoverable under a disposal scenario, with deferred tax and financial instruments recognised at the full extent of their liability. EPRA NRV reflects what would be needed to recreate the Group through the investment markets based on its current capital and financing structure. 66

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