Smart Approach in Retail Resilience

Gross and net debt reconciliation As at 30 Sept 2020 Group £m JVs & Funds £m Less non- controlling Total £m interests £m (3,128) (971) 113 (3,986) Gross Debt (principal) IFRS adjustments: Issue costs and premia 11 2 13 Fair value hedge adjustments (198) (198) IFRS gross debt (3,315) (969) 113 (4,171) Market value of derivatives 40 (9) 31 Cash IFRS net debt 196 108 (8) 296 (3,079) (870) 105 (3,844) Adjustments: Remove market value of derivatives Remove fair value hedges Adjusted net debt (29) 177 (3,696) 68

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