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RECONCILIATION OF EPRA NAV & NNNAV As at Balance Sheet (IFRS) Net Assets 31 Mar 13 £m Pence £m 30 Sep 13 Pence 5,687 568 6,106 604 14 5 Deferred tax arising on revaluation movements Mark to market on effective cash flow hedges and related debt 198 adjustments 20 20 138 14 Adjust to fully diluted on exercise of share options 58 00 37 4 Surplus on trading properties 10 1 12 1 EPRA NAV 5,967 596 6,298 623 Deferred tax arising on revaluation movements (14) (1) (5) (1) Mark to market of debt and derivatives (431) (43) (277) (27) EPRA NNNAV 5,522 552 6,016 595 49 49 British Land

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