Full Year Results Presentation

Gross and net debt reconciliation As at 31 March 2021 Group £m JVs & Funds £m Less non- controlling interests Total £m £m 79 (3,183) Gross Debt (principal) (2,291) (971) IFRS adjustments: Issue costs and premia 12 3 15 Fair value hedge adjustments (131) (131) IFRS gross debt (2,410) (968) 79 (3,299) Market value of derivatives 7 (9) (2) Cash 154 104 (10) 248 IFRS net debt (2,249) (873) 69 (3,053) Adjustments: Remove market value of derivatives Remove fair value hedges Adjusted net debt 2 113 (2,938) 80 68

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