Common use of NPV Test Clause in Contracts

NPV Test. NPV Test = Consolidated Net Debt divided by NPV of Capital Rentals As at the Calculation Date 30 June 2022 (31 December 2021) Consolidated Net Debt £1,708.4m (£1,749.5m) NPV of Capital Rentals £3,307.5m (£3,381.6m) Discount percentage used to calculate present value (then current weighted average cost of the Senior Debt including hedging arrangements) 4.76% (4.65%)

NPV Test. NPV Test = Consolidated Net Debt divided by NPV of Capital Rentals As at the Calculation Date 31 December 2023 (30 June 2022 (31 December 20212023) Consolidated Net Debt £1,708.41,530.6m (£1,749.51,738.3m) NPV of Capital Rentals £3,307.53,282.3m (£3,381.63,205.5m) Discount percentage used to calculate present value (then current weighted average cost of the Senior Debt including hedging arrangements) 4.765.01% (4.655.05%)

NPV Test. NPV Test = Consolidated Net Debt divided by NPV of Capital Rentals As at the Calculation Date 30 June 2022 2023 (31 December 20212022) Consolidated Net Debt £1,708.41,738.3m (£1,749.51,649.5m) NPV of Capital Rentals £3,307.53,205.5m (£3,381.63,141.3m) Discount percentage used to calculate present value (then current weighted average cost of the Senior Debt including hedging arrangements) 4.765.05% (4.654.85%)

NPV Test. NPV Test = Consolidated Net Debt divided by NPV of Capital Rentals As at the Calculation Date 31 December 2020 (30 June 2022 (31 December 20212020) Consolidated Net Debt £1,708.41,932.9m (£1,749.51,916.2m) NPV of Capital Rentals £3,307.53,403.0m (£3,381.63,306.3m) Discount percentage used to calculate present value (then current weighted average cost of the Senior Debt including hedging arrangements) 4.764.64% (4.655.51%)

NPV Test. NPV Test = Consolidated Net Debt divided by NPV of Capital Rentals As at the Calculation Date 31 December 2022 (30 June 2022 (31 December 20212022) Consolidated Net Debt £1,708.41,649.5m (£1,749.51,708.4m) NPV of Capital Rentals £3,307.53,141.3m (£3,381.63,307.5m) Discount percentage used to calculate present value (then current weighted average cost of the Senior Debt including hedging arrangements) 4.764.85% (4.654.76%)