Investor Presentaiton

GROSS AND NET DEBT RECONCILIATION 53 As at 30 September 2013 (£m) Gross debt (principal value) IFRS Adjustments: Issue costs and premia Fair value hedges Other items Gross Debt (IFRS basis) Market value of derivatives Group JVs & Funds Total 2,687 2,507 5,194 (7) (11) (18) 61 61 20 20 20 2,761 2,496 5,257 29 94 123 (112) (210) (322) 2,678 2,380 5,058 Cash & liquid investments Net debt (IFRS basis) EPRA Adjustments: Mark to market on effective cash flow hedges and related debt (50) (88) (138) adjustments Net Debt (EPRA Basis) 2,628 2,292 4,920 British Land

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