Full Year Results Presentation

Income statement Financial Year to 31 March 2020 2021 Change % Net rental income (£m) 478 367 (23.2%) Fees & other income (£m) 13 11 (15.4%) Administrative expenses (£m) (74) (74) Net finance costs (£m) (111) (103) (7.2%) Underlying Profit (£m) 306 201 (34.3%) Underlying tax charge1 (26) Underlying earnings per share (p) 32.7 18.8 (42.5%) Dividend per share (p) 15.97 15.04 (5.8%) 1 Underlying tax charge relates to the Corporation Tax charge incurred as a result of temporary suspension of dividend payments related to FY20. Underlying tax is included within the calculation of Underlying earnings per share. 8

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