Investor Presentaiton

Capital structure and liquidity Target is a conservative capital structure: - - want to significantly reduce net debt to approximately £1bn - target an investment grade rating in order to enable access. to debt capital markets lower net debt reduces financial risk and returns volatility. Our gross debt has: no material maturities within the next 12 months no covenants - is attractively priced Pro forma* liquidity post rights issue and QPE is £1.8bn 3i * On the basis of the fundraising of £732m (pre expenses) and post QPE transaction 16

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