Smart Approach in Retail Resilience

Reconciliation of Underlying Profit 6 months to 30 September 2019 IFRS loss after tax attributable to shareholders Net valuation loss Profit on disposal of investment and trading properties Capital financing costs Non-controlling interests Taxation Underlying Profit and EPRA Earnings 2020 £m £m (404) (730) 576 875 (21) (19) 43 11 (43) (36) 1 6 152 107 On a proportionally consolidated basis including the Group's share of Joint ventures and Funds and excluding non-controlling interests in the Group's subsidiaries. 63

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