Secure Income REIT Plc Results for the year ended 31 December 2020

www.SecureIncomeREIT.co.uk 1. Introduction Nick Leslau

2. Results Sandy Gumm

3. Portfolio update Mike Brown

4. Outlook Nick Leslau

Q&A Secure Income REIT Plc What we do . A specialist UK REIT investing in real estate assets with long term inflation protected rental income

Who we are . Experienced board chaired by Martin Moore with Leslie Ferrar, Ian Marcus & Jonathan Lane as independent directors together with Nick Leslau, Mike Brown and Sandy Gumm representing the Management Team . Externally managed by the Prestbury team with its successful track record in real estate and which owns 12.4% of the Company and which invested £5.8m cash in further interests in SIR during 2020

Track record . Established in June 2014 building on a privately owned portfolio carefully selected for secure, long term inflation protected income characteristics, we have built the business since then to deliver 1: . 15.3% p.a. TAR to December 2020 . 12.8% p.a. TSR to 31 December 2020 closing price of 300.0p (and 15.1% p.a. to 354p close on 9 March 2021) . Compares to FTSE EPRA NAREIT UK index of 2.8% p.a. over the period . Dividends paid throughout the pandemic period

1 IRR over the period 3 Secure Income REIT Plc What we own . 161 Key Operating Assets: 159 throughout the UK and 2 in Germany . £1.95bn portfolio valuation at December 2020 independent valuation . £1.2bn / 379.3p EPRA NTA and £192m uncommitted and unfettered cash EPRA NTA per share (pence) at 31 December 2020

Uncommitted cash (& 0.5p other NTA) 59.8 Budget Hotels 81.4

Leisure Healthcare 112.8 125.3

4 1. Introduction Nick Leslau

2. Results Sandy Gumm

3. Portfolio update Mike Brown

4. Outlook Nick Leslau

Q&A Results highlights

. SIR’s robust balance sheet and strong liquidity enabled us to: . provide tailored support to four of our tenant companies whose businesses suddenly closed in March 2020, providing breathing space for them to stabilise their businesses to better recover post pandemic; . continue to pay dividends during the year; and . leave SIR well positioned to resume its own strong growth trajectory.

6 Results summary: Balance sheet

31 December 2020 30 June 2020 31 December 2019

• Portfolio independent valuation £1,946.9m £1,958.7m £2,083.1m

• EPRA NTA £1,229.2m £1,252.0m £1,391.3m

• EPRA NTA per share 379.3p 386.4p 429.4p

• Net LTV 36.4% 35.3% 31.9%

• Uncommitted cash £192.0m £219.6m £234.2m

Pence per share EPRA NTA per share 2016 to 2020 440 420 400 380 360 340 320 300 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20

7 Results summary: Earnings and returns

2020 2019

• Adjusted EPRA EPS 3.5p 15.3p Principally concessions impact

• Dividends per share 15.7p 16.3p Maintained: concessions are temporary

• Annualised dividend / EPRA NTA 3.8% 3.9%

• Annualised dividend / share price 4.9% 3.9% 4.1% on 9 March 2021 price of 354p

• Returns since June 2014 Listing • TAR (IRR over 30 June 2014 EPRA 15.3% p.a. NTA) • TSR (IRR over issue price at listing) 12.8% p.a. FTSE EPRA NAREIT UK 2.8% p.a.

Adjusted EPRA EPS Dividends and DPS 16.3p 14.7p 15.3p 15.7p 13.6p 11.3p

10.5p 13.9p 13.6p 2.6p 5.9p 0.0p 3.5p £12.0m £31.2m £41.4m £52.5m £50.8m 2014 2015 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Adjusted EPRA EPS Impact of rent concessions

8 Adjusted EPRA EPS

2020 2019 pence per share pence per share Like for like (LFL) taking account of 2019 hospitals sale and before concessions Rent net of property outgoings before concessions 34.2 33.9 Finance costs (net) (14.9) (15.0) Admin & tax (5.3) (5.3) LFL earnings before concessions 14.0 13.6 Rent concessions (10.5) - LFL portfolio after concessions 3.5 13.6 Earnings from Hospitals sold in 2019: Rent net of property costs - 3.0 Finance costs - (1.3) Adjusted EPRA EPS 3.5 15.3

. Like for like earnings were impacted by the rent concessions: . Adjusted EPRA recognises the rent concessions in the period of cash impact . concessions not spread as required by IFRS which is exacerbated by SIR’s very long leases, resulting in very small adjustments for a very long time

9 Rent concession cash flow impact

Actual Contracted H1 ‘20 H2 ‘20 2020 H1 ‘21 H2 ‘21 2021 £m £m £m £m £m £m Hotels CVA reduction (4.8) (9.7) (14.5) (4.3) (4.6) (8.9) Merlin six months rent (8.9) (8.8) (17.7) - 17.7 17.7 deferred to Sept 2021 Pubs rent free for improved (0.5) (0.6) (1.1) - - - lease terms Cash flow rent impact (14.2) (19.2) (33.3) (4.3) 13.1 8.8

Costs of concessions (0.7) -

Earnings impact £m (34.0) 8.8

Earnings impact p/share (10.5p) 2.7p

. Assuming no further concessions, 2020 is the point of deepest impact of the concessions, with that effect reversing to a positive contribution in 2021 and all rents returning to their original contractual lease terms from January 2022

. Since 30 June 2020, £3.3m of rents temporarily switched to monthly payment but no further rent reductions granted

. Collections of post concession rents remained very strong 1 1 Rent collections over the year are summarised at slide 39 10 Rent concession cash flow: temporary impact

Contractual rents £m p.a.

140 Merlin recovery exceeds 130 Travelodge concession in 2021

120 Contractual terms have us back 110 on track from January 2022

100

90 2020 cash flow and 80 Adjusted EPRA EPS maximum concessions 70 2019 2020 2021 2022 2023 2024 2025

Annualised rent receivable ex concessions Annualised rent receivable post concessions

Expected rents on the basis of contractual terms at 10 March 2021; this is an illustration of contracted revenue, not a profit forecast 11 EPRA NTA per share over the year

Distributions maintained as surplus cash used to ride through the concessions impact

Rent net of all outgoings contributed 9.6p per share EPRA EPRA NTA per share (pence) 31 Dec 2019 31 Dec 2020

. An EPRA NTA bridge showing first and second half movements is included at slide 40

12 Capital structure at 31 December 2020

. All debt is non recourse in £m structurally ring fenced Portfolio valuation 1,946.9 facilities . Covenant levels designed Gross debt (928.3) with suitable risk adjusted Cash 219.7 headroom and cure rights . Lenders have supported all Other net liabilities (inc rent in advance) (9.1) tenant support measures

EPRA NTA 1,229.2

Net LTV 36.4%

. £192.0m Uncommitted Cash at 31 Dec 2020, outside of debt structures and net of creditors: . created flexibility in supporting tenants when needed; and . provides a platform for SIR’s return to its growth trajectory

13 Debt resilience: in built protections

. Six ring fenced facilities – no recourse to the Uncommitted Cash balance and no cross collateralisation . Financial covenants met throughout the period; consents and waivers granted as required to accommodate rent concessions with full support of our lenders and no other changes to debt terms . In built cash cure rights available (surplus cash can be injected into secured structures to cure breaches) but no need to deploy to date . Covenant headroom designed at loan inception: . Covenant ‘shock absorbers’ did their work in the year, without the need to inject cash or implement any other cures during the year . Looking ahead, as the cash flow low point is now behind us, interest cover and debt service cover covenant headroom at 31 December 2020 is at close to or in some cases better than pre pandemic levels

14 Covenant headroom at 31 December 2020

Value fall from latest valuation to Rent fall to trigger ICR trigger LTV default default Gross Gross debt LTV 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 2 x Travelodge £65.4m 33% 33% 46% 59% 62% facilities (10.6% NIY) (10.4% NIY) (structurally 68% 71% separate) £59.0m 31% 38% 51% (11.4% NIY) (11.1%NIY) Arena, Brewery, £60.0m 34% 32% 39% 57% 71% Pubs (8.8% NIY) (9.0% NIY)

Merlin leisure £380.4m 62% No LTV default test No LTV 29% after 27% default test waiver period

Healthcare £299.7m 48% 39% 38% 38% 35% (Ramsay & (7.3% NIY) (7.1% NIY) Orpea) Healthcare £63.8m 44% 45% 44% 44% 42% (Ramsay) (8.2% NIY) (8.0% NIY)

. Sensitivities are before any mitigating action such as exercise of cash cure rights . Having passed the cash flow low point, headroom is in most cases at least at or near pre Covid levels . Detailed covenant commentary is included at slides 42 to 46

15 Debt cost and maturities

. Interest cost fixed throughout the debt term . Weighted average maximum interest cost of 4.9% pa – level with 2019 . Weighted average term to expiry 3.1 years with first maturity in Autumn 2022 . £380 million leisure facility at 5.7% p.a. fixed rate . Continued exploration of optimal capital structure and refinancing approach . considering standalone or wider refinancing options . always seeking to balance protections and debt cost . expect an opportunity to increase cash flow and earnings and thereby increase dividends

16 Cash reserves . Uncommitted cash at 31 December 2020 of £192.0 million is held for: 1. Reserves for application to debt management or tenant assistance 2. Acquisitions to provide ability to move quickly to take advantage of opportunities 3. Returns to shareholders special dividends and / or capital . The liquidity buffer declined by £42.2m in the year principally through: . £34.6 million in supporting the dividends through the cash flow low point after the rent concessions, given their short term impact . £11.8 million used to cover finance costs during the Merlin rent deferral period (cash flow which will be recovered on receipt of the deferred rent in September 2021) . The Investment Adviser, Prestbury, does not earn a fee on the undeployed surplus cash from the Hospitals sale, saving the Company an annualised c. £0.9 million

17 1. Introduction Nick Leslau

2. Results Sandy Gumm

3. Portfolio update Mike Brown

4. Outlook Nick Leslau

Q&A Portfolio highlights

31 Dec 2020 30 June 2020 31 December 2019

• Portfolio independent valuation £1,946.9m £1,958.7m £2,083.1m

• Annualised passing rent before Covid £113.3m £111.8m £110.7m concessions

• Topped up Net Initial Yield 5.42% 5.32% 4.95% • Running yield by January 2022 (RPI at 5.58% 5.58% 5.25% valuer’s estimate)

• WAULT 20.2 years 20.8 years 21.0 years

. Overall portfolio valuation down 6.5%, 91% of which occurred in the first half

. H2 valuation down just £11.8m or 0.6%

. Amongst longest WAULT in UK REITs

19 2020 property valuations

Healthcare Leisure Budget Hotels Total

31 Dec Change 31 Dec Change 31 Dec Change 31 Dec Change 2020 since Dec 2020 since Dec 2020 since Dec 2020 since Dec £m 2019 £m 2019 £m 2019 £m 2019

Independent valuation:

31 Dec 2019 748.4 851.9 482.8 2,083.1

Revaluation, constant FX 20.7 2.8 % (65.2) (7.6)% (98.0) (20.3)% (142.5) (6.8)%

Euro FX - - 6.3 0.7 % - - 6.3 0.3 %

At 31 Dec 2020 769.1 2.8 % 793.0 (6.9)% 384.8 (20.3)% 1946.9 (6.5)%

. Healthcare and Budget Hotels valuations unchanged since June 2020

. Leisure down 1.5% in H2

. Leisure and Hotels valuations subject to RICS standard Material Valuation Uncertainty at December 2020, as they were at June 2020

20 Property yields

Healthcare Leisure Budget Hotels Total 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 2020 2019 2020 2019 2020 2019 2020 2019 Net Initial Yield (topped up)* 4.46% 4.46% 5.54% 5.07% 7.10%* 5.50% 5.42%* 4.95% Running Yield by Jan 22(1) 4.58% 4.71% 5.76% 5.35% 7.21% 5.83% 5.58% 5.25%

. Topped up Net Initial Yield up 47bps to 5.42%

. Running yield expected to rise to 5.6%(1) by January 2022 when rents should be restored to originally contracted levels

(1) Using valuers’ RPI assessments (Dec 2020: 2.5% pa on average, Dec 2019: 2.6% pa on average) and taking no account of any open market uplift on Ramsay Hospitals. 21 Contracted rents before temporary concessions

Healthcare Leisure Budget Hotels Total Change 31 Dec Change 31 Dec Change 31 Dec since 31 Dec 31 Dec 2020 since Dec 2020 since Dec 2020 Dec 2020 2019 Passing rent: £m 2019 £m 2019 £m 2019 £m £m

Like for like 36.6 2.8% 47.1 0.7% 29.2 2.9% 112.9 110.7 + 2.0% Euro FX - - 0.4 0.9% - - 0.4 - + 0.3% Total 36.6 2.8% 47.5 1.6% 29.2 2.9% 113.3 110.7 + 2.3%

All £32.5m p.a. rent Reviewed on with annual a staggered healthcare Travelodge reviews upwards only RPI five-yearly assets by passing rent: reviews in the year cycle with RPI have fixed 2020 22% } deferred (1.5% increase) uplifts annual 2021 24% } deferred 1 April 2020 uplifts 2022 39% £7.1m of fixed to 31 Dec 2023 11% annual increases of 2021 rolling 2024 4% 3.34% each July up and deferred to £1.3m Arena car Jan 2022 park lease expired in March

22 Environmental, Social & Governance Policies

. The Board is committed to holding high standards of diversity, inclusion, sustainability and social responsibility for the Company. The Board has two female and five male directors; the Investment Adviser’s Board has one female and four male directors and the Investment Adviser’s workforce as a whole has a 50/50 gender split

. Our hospitals serve a strong social purpose and have been at the forefront of the pandemic response

. In assessing any acquisition, agreeing the terms of any new letting or restructuring any of our existing leases we aim to include new environmental standards to the extent practicable.

. As the Group’s properties are held on long full repairing leases we do not have control over their day to day use. However we are close to our tenants and working with them to support their own considerable ESG efforts (further detail provided on slides 55 to 57).

23 Tenant covenants: Hospitals (40% of values)

2% Ramsay Health Care Limited (30% of pre concession income) . ASX50 company: market cap £8.1 bn 1 . A top 5 global private hospital operator and the largest private provider in Australia, France and Scandinavia

. Ramsay UK has provided more Covid support to NHS England than any other independent sector provider with over 500,000 NHS patients The Arena . New volume based agreement with NHSE from 1 January 2021 30% provides surge capacity for Covid pressures on seven days’ notice but also allows for return of private patients and routine NHS work

. Ramsay looks to opportunities from the £10bn of NHS contracts out to tender to ease very long waiting lists

Nightingale Hospital, London NW1 (2% of total pre concession contractual rentsCar) Park . Orpea: £5.7 billion market cap 1 . Central London's only private psychiatric hospital

Martin House – Part Basement

1 at 9 March 2021 market price and FX rate 24 Tenant covenants: (32% of values)

. The largest visitor attractions business in Europe and second only to Disney globally

. Taken private at £6bn EV mid 2019

31% . Over 130 attractions in 25 countries

. Much of latest lockdown has occurred during the period when

UK and German theme parks are closedThe Arenafor the winter in the ordinary course

. “After a very challenging year for the group, our Kirkbi (50%):£12bn equity experience in between lockdowns and our exciting future 75% Lego owner investment proposals for the UK and German theme parks allows us to look forward to the future with Blackstone Core Equity confidence that we can continue with our pre COVID-19 Partners: US$619bn growth trajectory.” , Merlin CEO, 3 March 2021 (£445bn) AUM Car Park . StrongManchester market support of Merlin’s traded bonds, trading above Victoria 1 CPPIB: (Canada Pension par andStation at 4.5% yield to maturity Plan Investment Board) C$476bn (£270bn) AUM . Well capitalised owners with long term investment horizons

Merlin Entertainments Merlin Martin House – Part Basement

1 at 9 March 2021 25 Merlin 2026 bonds 1 since 1 Jan 2020 Trading at 4.5% Yield To Maturity

The Arena

Manchester Victoria Station

Martin House – Part Basement

1 at 9 March 2021 26 Tenant covenants: Travelodge (20% of values)

. Established brand with very strong brand recognition and a national network of 586 hotels and over 44,500 rooms 1

. 78 of our 123 hotels and portfolio wide 395 of Travelodge’s UK hotels are currently open, mainly for business customers. Positive trade between lockdowns with summer occupancy quickly building to over 60% (compared to 80-85% typically) 26% . Travelodge was able to access financingThe in Arenathe private placement debt market for a £65 million issue in December 2020 and received £40m equity injection during 2020

. SIR’s valuation reflects £58,000 per room, c.80% of replacement June 2020 CVA - unique cost with zero land cost features: . no assets handed back by . Budget hotels show greater resilience than wider hotel market: tenant – network largely . Track record of faster recovery in recessionary times preserved (over 98% of . Less reliant on conferences and groupCar Park bookings 2019 EBITDA) . LessManchester reliant on international travellers Victoria . Rents not permanently . BenefitStation from cost conscious customers seeking better reset: concession period value expires Jan 2022 Martin House – Part Basement

1 at 31 December 2020 27 Travelodge 2025 bonds 1 since 1 Jan 2020 Trading at 7.6% Yield To Maturity

The Arena

Manchester Victoria Station

Martin House – Part Basement

1 at 9 March 2021 28 Other Leisure (9% of values)

ASM / SMG: Manchester Arena (4% of total pre concession contractual rents) . Arena operator SMG is part of ASM, the world’s largest venue management company with >300 venues in 21 countries . ASM’s credit is rated B1 by S&P noting that once live events begin to recover, ASM “will likely benefit from its leading market position in the outsourced venue management business” . The offices are open; the Arena should be able to open from 21 June and expects to be fully operational by September

The Brewery, Chiswell St, London EC1 (3% of total pre concession contractual rents) . The third largest catered event space in central London (after Grosvenor House and Park Lane Hilton) . Plans to open from 21 June and expects to be fully operational by September 2021

Stonegate Pubs (2% of total pre concession contractual rents) . Stonegate is the UK's biggest operator of pubs and raised £1.2bn in 2020 in a bond issue to refinance the Ei acquisition (issued at 96p and now trading at 105p 1 and a 7.0% yield to maturity) and also raised £50 million in debt and a £50m RCF at that time . The pubs plan to open fully on 17 May with beer gardens to open from 12 April

1 at 9 March 2021 29 Very long term income with no breaks

Weighted average term to expiry 20.2 years – no tenant breaks

98% of portfolio income has 16 years or more unexpired without break

Martin House – Part Basement

30 Share price relative to EPRA NTA since 1 Jan 2020

Source: Thomson Reuters Datastream as at 9 March 2021; Company Documentation 31 1. Introduction Nick Leslau

2. Results Sandy Gumm

3. Portfolio update Mike Brown

4. Outlook Nick Leslau

Q&A Outlook

. The huge number of people vaccinated bodes well for the Government’s announced relaxation of Covid restrictions: . UK’s ‘coiled spring’ of pent up demand (Bank of England’s Andy Haldane) . SIR’s leisure & hospitality assets should be major early beneficiaries . Management and Board’s priority is to eliminate the share price discount to net assets . Prestbury management team has a proven track record in this area . SIR’s balance sheet has proved to be resilient in difficult times, positioning the business for a return to growth . Low cost money alongside expansionary fiscal policy could be a catalyst for inflation, in which case SIR’s assets with their inflation protection should be become even more valuable . Dividends have been maintained through a very challenging year and the dividend should increase with our in built income growth through fixed and inflation linked rent reviews . Management has invested a further £5.8m of cash in its interests in SIR . Team interests worth c. £152m at December 2020 net asset value is the largest management holding by value among UK REITs . Every member of the Management Team has a personally significant investment in the business . Holding 12.4% of the Company, our interests are closely aligned with all shareholders

33 1. Introduction Nick Leslau

2. Results Sandy Gumm

3. Portfolio update Mike Brown

4. Outlook Nick Leslau

Q&A Any further questions? Please contact Nick, Mike or Sandy at

[email protected] Appendices

37. Glossary 38. Features of income security Financial reporting 39. 2020 rent collections 40. EPRA NTA bridge first and second half 2020 41. Strict ring fencing of borrowing risk 42. Detailed debt covenant commentary by facility 47. Dividend policy 48. Summary of EPRA measures Portfolio 49. Portfolio by rental value 50. Leisure portfolio 51. Healthcare portfolio 52. Budget Hotels portfolio 53. Analysis of review basis 54. RPI methodology change ESG 55. ESG policies and tenant initiatives Management Team and Board 58. Management track record, team and contract terms 61. Independent directors Notes 62. Forward looking statements 63. Disclaimer Glossary

Adjusted EPRA EPS EPRA EPS adjusted to exclude non-cash and non-recurring costs, calculated on the basis of time weighted shares in issue

DPS Dividends per share

Dividend Cover Adjusted EPS divided by DPS

EPRA European Public Real Estate Association

EPRA EPS A measure of EPS designed by EPRA to present underlying earnings from core operating activities

EPRA NTA A measure of NAV designed by EPRA to present the fair value of a company on a long term basis by excluding items such as interest rate derivatives held for long term benefit, net of an adjustment to exclude 50% of any deferred tax

EPS Earnings per share, calculated as the earnings over a period, after tax, attributable to members of the parent company divided by the weighted average number of shares in issue over the period

FRI Full Repairing and Insuring lease terms – where a tenant bears maintenance, repair and insurance costs

Key Operating Asset An asset where the operations conducted from the property are integral to the tenant’s business

Loan To Value or LTV The outstanding amount of a loan expressed as a percentage of property value

NAV Net asset value

Net Initial Yield Annualised net rents on investment properties expressed as a percentage of the investment property valuation, less purchasers’ costs

Net LTV LTV calculated as the gross loan amount, less cash balances, the net amount of which is dividend by property valuation

Prestbury Prestbury Investment Partners Limited, the investment adviser to the company

RevPAR Revenue per available room

Running yield The anticipated Net Initial Yield at a future date, taking account of any rent reviews in the intervening period

Topped Up Net Initial Yield Net Initial Yield adjusted to include notional rent in respect of let properties which are subject to a rent free period at the valuation date.

Total Accounting Return, or The movement in EPRA NTA per share over a period plus distributions paid in the period, expressed as a percentage of EPRA NTA per share TAR at the start of the period

Total Shareholder Return, or The movement in share price over a period plus distributions per share paid in the period, expressed as a percentage of the share price at the TSR start of the period

Weighted Average The term to the first break or expiry of a lease, weighted by rental value Unexpired Lease Term, or WAULT

37 Features of income security

. Our assets are let on individual leases with income protection at the site and tenant level and the majority of rental income has the further protections of parent guarantees

. Income security is assessed by reference either to the financial strength of the tenant or to the extent of asset cover provided by way of residual asset value.

• Site profitability creates Tenant • Financial strength attraction to alternative • Global spread operators • Financial strength • May include added • Alternative use • Assignment restrictions protection of public • Residual value company • Spread of operations transparency • Rent payable even in event of tenant’s business interruption Asset Guarantor

38 2020 Rent collections remained strong

March / April June / July Sept / Oct Dec / Jan £m £m £m £m Originally contracted 27.3 27.5 27.6 27.8

Merlin deferral - (8.9) (8.9) -

Short term reductions (4.8) (4.9) (4.8) (2.2)

Rescheduled to monthly - (1.0) (1.6) (4.0)

Actually due 22.5 12.7 12.3 21.6

Received when or before due (20.2) (12.7) (12.3) (21.3) Received after due date and before 31 (2.3) - - - December Rent arrears at 31 December 2020 - - - 0.3 (0.3) Received by end of January 2021 - - Rents from 2020 demand cycle still - - - - outstanding

39 EPRA NTA per share: H1 and H2 EPRA EPRA NTA per share (pence) 31 Dec 2019 30 June 2020 31 Dec 2020

40 Strict ring fencing of borrowing risk

Ring fenced groups by EPRA NTA Ring fenced EPRA NTA Merlin £246.0m Arena, Brewery, Healthcare 1 £323.4m Pubs Merlin (Ramsay & Orpea) 11% 24% Healthcare 2 £82.6m Hotels 2 (Ramsay) 13% Hotels 1 £132.2m

Hotels 2 £131.0m Hotels 1 13% Arena, Brewery, Pubs £119.7m Healthcare 1 31% Security groups £1,034.9m

Healthcare 2 Uncommitted Cash £192.0 8% Net exposure £842.9

. Four of the six facilities could individually be repaid in full from the Uncommitted Cash

41 Covenant headroom at 31 Dec 2020: Budget Hotels

Value fall from latest valuation Rent fall to trigger ICR to trigger LTV default default Gross Gross debt LTV 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 2 x Travelodge £65.4m 33% 33% 46% 59% 62% facilities 10.6% NIY 10.4% NIY

£59.0m 31% 38% 51% 68% 71% 11.4% NIY 11.1% NIY

. These two facilities are structurally separate, with the same arranger but different lender groups, however they have the same tenant and the same loan terms so we present them together

. Income cover has tightened through the rent concession period, however the significant lessening of the rent reduction from the start of 2021 has returned the ICR headroom to close to its pre Covid levels, and the return to originally contracted levels in 2022 should bring the headroom back to or better than December 2019 levels

. LTV has tightened with the valuation falls in the year. The portfolios are valued on average at a Net initial Yield of 7.1% at 31 December 2020 from 5.5% pre Covid. Yields would need to shift to more than 10.6% from December 2020 values before a default occurred, ignoring any mitigating action taken through cash cures or otherwise

42 Covenant headroom at 31 Dec 2020: Arena, Brewery, Pubs Value fall from latest valuation Rent fall to trigger ICR to trigger LTV default default Gross Gross debt LTV 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 Arena, Brewery, £60.0m 34% 32% 39% 57% 71% Pubs 8.8% NIY 9.0% NIY

. The portfolio securing this debt was valued at a Net initial Yield of 6.0% at 31 December 2020 and 5.5 % pre Covid.

. The ICR level is measured at 31 December 2020 at an unusually low point as we have excluded the late rental payment by one tenant whose rent was overdue at the date of testing but received very shortly afterwards, restoring income cover to 74%

. In any case, while the covenants have tightened, their high levels of day one headroom result in levels that remain significant at 31 December 2020 even though they have compressed through the rent concession periods.

43 Covenant headroom at 31 Dec 2020: Merlin leisure

Value fall from latest valuation Rent fall to trigger ICR to trigger LTV default default Gross Gross debt LTV 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 Merlin leisure £380.4m 62% No LTV No LTV 29% after 27%% after default test default test waiver period waiver period

. While there is no LTV default covenant there are LTV cash sweep covenants: . >80% LTV would trigger a partial cash sweep of an additional 1% p.a. amortisation and would require yields to shift to 7.0% to trigger it: 23% headroom at 31 December 2020 (28% at 31 December 2019) . >85% would trigger a full cash sweep and would occur at a net initial yield of 7.4%: 27% headroom at 31 December 2020 (32% at 31 December 2019)

. While the percentage fall in valuation required to trigger these tests has tightened, the net initial valuation yields at which they would occur has increased slightly as a result of the increases in rent in the year and the scheduled debt amortisation reducing the loan balance

44 Covenant headroom at 31 Dec 2020: Healthcare 1

Value fall from latest valuation Rent fall to trigger ICR to trigger LTV default default Gross Gross debt LTV 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 Healthcare £299.7m 48% 39% 38% 38% 35% (Ramsay & 7.3% NIY 7.1% NIY Orpea)

. Headroom on the LTV test has improved over the December 2019 level of 38% for the default test with the trigger level valuation yield improving from 7.1% to 7.3%.

. There is a full cash sweep LTV trigger at >74% LTV over which there is 35% headroom (NIY 6.8%)

. ICR headroom has improved from 35% to 38% through the rental increases in the year and the scheduled loan repayments

45 Covenant headroom at 31 Dec 2020: Healthcare 2

Value fall from latest valuation Rent fall to trigger ICR to trigger LTV default default Gross Gross debt LTV 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 Healthcare £63.8m 44% 45% 44% 44% 42% (Ramsay) 8.2% NIY 8.0% NIY

. Headroom on the LTV test has increased from 44% at December 2019 to 45% with the NIY trigger point increasing from 8.0% to 8.2% following the increase in rents during the year

. There is a cash sweep ICR trigger at 150% and headroom over that covenant has improved from 31% to 33%

. The ICR default test headroom has improved from 42% to 44%

46 Dividend policy

. Dividend policy has historically been to pay out Adjusted EPRA EPS 1:1 in covered quarterly cash dividend . In 2019, we undertook to top up the core dividend to compensate, short term, for the net income on the sold hospitals: 2.75p per share annualised in 2019 and 3.0p per share in 2020. . Reassessment of dividend policy in light of the pandemic: . Discontinued dividend top-up from the hospitals sale . Given temporary nature of rent concessions, supported dividends from liquidity buffer at the levels guided with the 2019 results: 3.65 pence per share per quarter currently, expected to rise to 3.95 pence in July 2021 assuming no further concessions required . Policy remains under review to maintain a resilient balance sheet

2016 2017 2018 2019 2020 2021 Dividend per share (p) year year year year Year Q1

Core dividend 5.9p 13.6p 13.9p 15.2p 14.4p 3.65p Hospitals income top-up - - - 1.1p 1.3p - Dividends paid 5.9p 13.6p 13.9p 16.3p 15.7p 3.65p

47 Summary of EPRA measures

2020 2019

• EPRA Net Tangible Assets per share 379.3p 429.4p

• EPRA Net Reinstatement Value per share 421.7p 474.6p

• EPRA Net Disposal Value per share 364.3p 417.9p

• EPRA Net Asset Value per share * 381.2p 431.1p • EPRA Net Initial Yield 4.44% 4.94% • EPRA Topped Up Net Initial Yield 5.40% 4.94% • EPRA Vacancy Rate 0% 0% • EPRA EPS 16.3p 16.9p • Adjusted EPRA EPS ** 3.5p 15.3p

• EPRA Capital Expenditure £0.5m £0.3m

• EPRA Cost Ratio inc direct vacancy costs 14.8% 17.5%

• EPRA Cost Ratio ex direct vacancy costs 15.1% 17.6%

• Adjusted EPRA Cost Ratio inc direct vacancy costs 18.4% 14.9%

• EPRA Cost Ratio ex direct vacancy costs 18.7% 15.0% • drawn up on the EPRA guidelines applicable prior to 1 January 2020 ** not an EPRA measure; calculation included in note 10 to the 31 December 2020 financial statements

Full details of calculations are included in supplementary information presented with the preliminary results announcement 48 Tenant covenants by contractual rent

Covenant by Rent Before Concessions

Other, 2% Stonegate, 2% Orpea SA, 2% The Brewery, 3%

Merlin Entertainments SMG, 4% Limited, 31% The Arena

Travelodge Hotels Limited, 26%

Manchester Victoria Station Ramsay Health Care Limited, 30%

Martin House – Part Basement

49 Leisure: £793m, 41% of total portfolio value

(1) (2)  Valued at £793.1m at 31 Dec 2020 on £47.5m of passing rent Sub-sector by value

• Merlin Theme Parks The Pubs Brewery 4% • Manchester Arena 8 acre complex 6% Manchester • The Brewery on Chiswell Street, London Arena • 18 Stonegate Pubs 12%

 Individual FRI leases with 22.1 year WAULT

Theme Park  Merlin – Theme Parks Theme Hotels Parks • 75% (£35.6m) of leisure portfolio rent - guaranteed by Merlin 15% 63% Entertainments Ltd : taken private in 2019 at a £6bn valuation or approx. 12x EBITDA multiple • Second largest visitor attractions company in the world and largest Rent review type by rent in Europe • Park and Hotel, Thorpe Park, and RPI - 5 Open Market Reviews yearly Heide Park and Hotel 1% 8% Fixed  Uplifts, av. SMG – Manchester Arena 3.06% pa • 8.5% (£4.0m) of leisure portfolio rent 22% • Now part of ASM, the world’s largest venue management company with over 322 venues in 21 countries

RPI - annual Leisure Portfolio Net Initial Yield of 5.54% at 31 Dec 2020 69%

(1) Includes £123.4m of German assets valued in Euros and translated at the 31 Dec 2020 exchange rate (2) Includes £7.1m of rent from German assets denominated in Euros and translated at the 31 Dec 2020 exchange rate 50 Healthcare: £769m, 39% of total portfolio value

Ramsay Location by value

 11 private hospitals valued at £716.4m at 31 Dec 2020, generating £34.4m of passing rent South West 5%  Let on individual fully repairing and insuring leases with a North West term to expiry of 16.3 years at Dec 2020 – no break clauses 9%  Rent increases by at least 2.75% p.a. throughout the lease term in May each year  Guaranteed by Ramsay Health Care Limited, one of the top Yorks five private hospital operators in the world, an ASX 50 company 11% with a market capitalisation of £8.1 bn (1);

Nightingale Hospital, London

 Let to a UK subsidiary of Groupe Sinoué on a fully repairing South East and insuring lease for 23.6 years from Dec 2020 59%  Central London’s only private psychiatric hospital – located in Midlands Lisson Grove, near Marylebone station 16%  Rent increases by 3.0% each May  Valued at £52.7 m at 31 Dec 2020 generating £2.2m of passing rent  Guaranteed by Orpea SA, mental health and aged care specialists, listed on Euronext with c. £5.6bn 1 market capitalisation

Healthcare Portfolio Net Initial Yield 4.46% at 31 Dec 2020

(1) Market data as at 9 March 2021 51 Budget Hotels: £385m, 20% of total portfolio value

 31 Dec 2020 valuation £384.8m generating £29.2m(1) of passing rent Location by value

. 123 Budget Hotels with 6,577 rooms West North Midlands 6% − Top three assets in Manchester, Oxford & Edinburgh: average 9% lot size £19.4m East South East − Remaining 120 properties: average lot size £2.7m Midlands 38% 9% − Average rent of £4,435 per room including City Centre sites

 21.4 year weighted average unexpired lease term North West − no unexpired lease shorter than 17.6 years 12% − no break clauses

 Five yearly upwards only uncapped RPI rent reviews Scotland & Wales South West  Each hotel let to Travelodge Hotels Ltd – one of the UK’s leading hotel 11% 15% brands. Trading in the UK, Ireland and Spain with 586 hotels and over Tenure by value 44,500 rooms (2). Short Leasehold* 14%

Leasehold 19% Freehold & Virtual Freehold 67%

Hotel Portfolio Topped Up Net Initial Yield of 7.1% at 31 Dec 2020 * Leases with sub 80 years unexpired

(1) Includes August 2020 and October 2020 rent reviews payable from 1 Jan 2022 under CVA 52 (2) At 32 December 2020 Rent reviews

. Some reviews rolling up for payment after concession periods but remain a key feature against background of muted returns on other long income products 31 December 31 December 2020 2019

Reviewed Reviewed three or annually five yearly Total portfolio Total Portfolio

Uncapped RPI 25% 27% 52% 53%

Collared RPI 4% 2% 6% 6%

Total upwards only RPI-linked reviews 29% 29% 58% 59%

Fixed uplifts 38% 3% 41% 41%

Open market reviews - 1% 1%

67% 33% 100% 100% Total portfolio

. 58% of portfolio income is subject to upwards only RPI-linked reviews, the vast majority of which is uncapped RPI

. 67% of rents are reviewed annually

53 RPI methodology change

Proposed changes to RPI from 2030 . UK Government announced in November 2020 that the calculation of RPI will be amended from February 2030 to bring RPI in to line with CPIH in order to deal with mathematical flaws in its calculation . CPIH on average 0.8 percentage points lower than RPI over the past 10 years Relevance to SIR . 58% of SIR annual rent roll has RPI-linked reviews . 41% of SIR annual rent roll contains fixed uplifts and will not be affected by any reduction in inflationary increases . 10% of SIR RPI-linked rent reviews have a collar averaging 1.64% providing additional protection against a downward shift in the measure of inflation . Exact interpretation of the RPI clauses in our leases will depend on precisely how the UK Statistics Agency implements the change: worst case view is switch from RPI to CPIH, but our lease provisions may provide protection such that there is no change in some or all cases . To date long income transactions have demonstrated limited yield differential between leases with RPI or CPI linked reviews, with other property characteristics and covenant carrying greater weight

54 Environmental, Social & Governance Policies

. The Company is committed to operating in a way that takes account of the interests of its broad range of stakeholders, as set out in the Section 172 statement on the Company’s website

. The Board is committed to holding high standards of diversity, inclusion, sustainability and social responsibility for the Company. The Board has two female and five male directors; the Investment Adviser’s Board has one female and four male directors and the Investment Adviser workforce as a whole has a 50/50 gender split

. The Group’s properties are held on very long fully repairing and insuring leases. The vast majority of these leases have been in place for over 12 years and, typically for leases of that time, they do not include any tenant obligations for emissions reporting or improving environmental benchmarks, although they do include the usual requirement for compliance with laws and regulations including those relating to environmental matters.

. In assessing any acquisition and in agreeing the terms of any new letting we aim to include new environmental standards to the extent practicable.

. The nature of the contractual relationship with our tenants is such that we are not in a position to influence

environmental outcomes nor to report site CO2 emissions data and we are unlikely to be able to do so in the near term, with 17 years yet to expire before the first material lease expiry, however we are close to our tenants and working with them to support their own considerable ESG efforts

55 ESG: Tenant progress

Rent p.a. £m Merlin 35.6 Merlin Entertainments Limited has a “Responsible Business” section on its website, Entertainments www.MerlinEntertainments.Biz. That includes reports on a range of ESG issues covering health, Limited safety & security, people & communities, animal care & conservation, the environment and corporate governance.

The most directly relevant of these to the Company’s business is the Environmental Policy which includes, among other things, a commitment to comply with and where appropriate and practicable to exceed all relevant environmental legislation and a commitment to measure, monitor and make public their annual carbon emissions with a carbon reduction target of at least 2% year on year.

Ramsay Health 34.4 Care Limited Ramsay Health Care Limited has published a Corporate Governance Statement on the “Investors” section of their website, www.RamsayHealth.com. This covers in some detail their various governance policies and includes, on page 14 of that statement, their Sustainability policy. That report includes details of their Global Sustainability Committee and refers to the appointment during the financial year ended 30 June 2020 of a Group Sustainability Officer, responsible, among other things, for driving their sustainability programme.

Ramsay has been included in the FTSE4Good Global Index every year since 2011. That index identifies companies demonstrating strong ESG practices, measured against globally recognised standards. Every year since 2017, Ramsay received an MSCI ESG rating of AA. Ramsay also publishes a Sustainability Impact Report, available on its website, covering the various aspects of ESG including, in their 2020 report, specific commentary on their actions during the Covid-19 pandemic.

56 ESG: Tenant progress

Rent p.a. £m Travelodge Hotels 28.3 Limited Travelodge Hotels Limited’s latest public statements on ESG matters are made in its annual report for the year ended 31 December 2019, which is available at Companies House or on the Investors section of its website www.Travelodge.co.uk/investors. This includes, on pages 23 to 27, their sustainability reporting and social impact statement. That report includes the disclosure that their gross GHG emissions in 2019 represented a 7.9% reduction on those in 2018 and a 12.2% reduction in that period for the measure of emissions intensity relative to turnover. Travelodge’s reports that its ‘Energy Governance Group’ is continuing to drive positive change in this area.

ASM Global (parent 4.0 entity of SMG) ASM Group’s Corporate Responsibility Statement is available on the ‘our story’ section of its website, www.ASMGlobal.com. This includes an overview of their environmental policy, stating their intention to be industry leaders in this area and confirming that they undertake the measurement of GHG emissions, water consumption and waste reduction.

3.4 The Brewery on The Brewery’s Corporate Social Responsibility statement is available within a dedicated section of Chiswell Street their website www.TheBrewery.co.uk. The tenant and venue have achieved ISO20121 certification Limited for sustainability in event management, incorporating socially and environmentally responsible decision making.

57 Proven track record of delivering shareholder returns

Prestbury Team Track Record

 The Prestbury Team has a strong track record including, between them, the management of three listed real estate investment vehicles, Burford Holdings Plc, Prestbury Group Plc and Max Property Group Plc

A Max Property Group Plc – Average Total Return of 17.1% p.a. (May-2009 – Sep-2014) vs. Peer Group1

17.1% 15.6%

9.2% 8.2% 6.6% 6.1% 5.1% return per Share per return Average NAV Total NAV Average Max London Metric London & Stamford LXB Metric Retail NewRiver Retail Conygar (Jan-13 - Sep-14) (May-09 to Sep-12) (Mar-10 to Sep-12)

B Prestbury Group Plc: Average Total Returns of 25% p.a. C Burford Holdings Plc – Total Returns of 34% p.a. (1997 – 2003) (1987 – 1997)

100 De-listing and 1,500 14.6x disposal of majority of portfolio 25% p.a. returns 1,250 75 1,000 34% p.a returns 750 50

Share 500 8.2% p.a returns 25 Rebased to 100 250 2.0x Prestbury NAV Per NAV Prestbury Indices Rebased to 0 0 Dec-1986 Dec-1988 Dec-1990 Dec-1992 Dec-1994 Dec-1996 Dec-1997 Dec-1998 Dec-1999 Dec-2000 Dec-2001 Dec-2002 Dec-2003 Burford NAV Progression Peers NAV Progression NAV per share Distributions Previous Distributions FTSE 350 Real Estate Index

1 Sources: Data compiled from company announcements and annual reports over the following periods: Max Property Group Plc (May 2009 to September 2014); London & Stamford Property Plc (May 2009 to September 2012); Metric Property Investments Plc (March 2010 to September 2012); LXB Retail Properties Plc (October 2009 to September 2014); LondonMetric Property Plc (January 2013 to September 2014); New River Retail Ltd (September 2009 to September 2014); and Conygar Investment Company Plc (May 2009 – September 2014). LondonMetric Property Plc was not listed as a cash shell but created through the merger of London & Stamford Property Plc and Metric Property Investments Plc which were listed in 2007 and 2010 respectively.

58 Proven management team: 145+ yrs combined experience

Strong Management Team Track Record

 Management team members have a strong track record of long-term investment in the companies they have managed (Burford, Prestbury, Helical Bar, Max Property Group Plc)

Nick Leslau Mike Brown Sandy Gumm Tim Evans Ben Walford Prestbury’s Chairman; Prestbury’s CEO; Prestbury’s COO; Prestbury’s Property Director Prestbury’s Senior Surveyor SIR Director SIR Director SIR Director  Over 37 years’ real  Over 36 years’ real  Over 28 years’  Over 28 years’ real  Over 16 years’ estate experience estate experience in experience in finance estate experience experience in property (Secure Income REIT Plc, funds and listed with extensive Plc board (Secure Income REIT investment, Max Property Group Plc, companies (Secure experience (Secure Plc, Prestbury, Jones refurbishment and Prestbury Group Plc, Income REIT Plc, Max Income REIT Plc, Lang LaSalle, Hill design Burford Holdings Plc) Property Group Plc, Prestbury Group Plc, Samuel Asset  Over 18 years with  Extensive Plc board Helical Bar plc, Burford Holdings Plc) Management, MEPC) Prestbury experience both as Threadneedle)  9 years with KPMG in  Over 18 years with  BSc (Hons) Est Man, executive and non-  Over 11 years with Sydney and London Prestbury MRICS executive Prestbury  Over 23 years with  MA Hons (Cantab),  Over 23 years with  BSc (Hons) Land Man, Prestbury MRICS Prestbury MRICS  BEc, CA (ANZ)  BSc (Hons) Est Man, FRICS Overseeing an experienced team of finance, property and administrative staff

59 Management team strongly aligned with shareholders

 Management Team’s £152m(1) shareholding the largest by value in the quoted UK Real Estate sector

 Prestbury exclusively offers all qualifying long lease deals to the Company

 Contract term to December 2025 – no renewal rights or termination payment at end of term; minimal termination payments on change of control (up to 4x previous quarter’s advisory fee)

 Incentive to achieve above target returns via incentive share awards of 20% of surplus after investor priority returns:

• Target is 10% growth in EPRA NAV plus dividends above higher of (i) previous year end EPRA NAV and (ii) EPRA NAV at time of last incentive share award (“high water `mark”)

• Paid in shares subject to lock-in with phased release over18 – 42 months

• High Water Mark established in 2019 – NAV fall in 2020 has not rebased the incentive fees. NAV per share growth plus dividends paid would need to exceed 140.4 pence per share in 2021 before any incentive fee is earned

• Save in the event of a sale of the majority of the business, incentive fees capped at 5.0% of EPRA NAV

• Contract to be reviewed by Remuneration Committee again in December 2022 or in the event that it is proposed that the Company moves to the Main List of the London Stock Exchange

 Management meets overhead costs and receives advisory fee on sliding scale relative to EPRA NAV : paid in cash quarterly 1.25% p.a. up to £500m, plus 1.0% p.a. between £500m to £1.0bn, plus 0.75% p.a. between £1.0bn and £1.5bn, plus 0.5% thereafter

 Surplus cash on hospitals sale excluded from fee entitlement – current saving approx. £0.9m per annum

(1) At 31 December 2020 EPRA NTA 60 Highly experienced board: Independent Directors

Governance Structure Strongly Aligned with Shareholder Interests

• Chairman highly experienced in long lease sector and independent of managers • 4 independent non-executive directors (including Chairman) • 3 management representatives on Board (Nick Leslau, Mike Brown and Sandy Gumm) must be in minority for all decisions

Experienced Independent Directors

Ian Marcus Martin Moore Jonathan Lane Leslie Ferrar, CVO Remuneration Committee Chair and Chairman Nominations Committee Chair Audit Committee Chair Senior Independent Director  Senior Non-executive director of Town Centre  Non-Executive Director and Chair of  Senior advisor to KKR and Senior  Senior Advisor to Morgan Stanley & Securities Plc. Lead Independent Director Audit Committee of Windmill Hill Independent Non-Executive Director until 2019 Chairman of EMEA Real Shurgard Self Storage SA Estate Investment Banking Asset Management and Member of at SEGRO Plc and non-executive he Council of the Economy of the  Senior Adviser to Eastdil Secured, Elysian director of BMO Commercial  Chairman of the board of Grosvenor Vatican and Chairman of its Audit Residences Limited, The Anschutz Property Trust Europe Committee  Entertainment Group and Work.Life Chairman of M&G Real Estate until  Policy Committee member of the  Advisor to the Diocese of  Member of Advisory Board, 2013 and CEO from 1996 to 2012 Redevco NV’s British Property Federation, Westminster Trustee of The Prince’s Foundation and  Chairman of the Guildhall School member of the Bank of England Member of the European Advisory Board of the  Former Non-Executive member of Trust Commercial Property Forum Wharton Business School Real Estate HMRC Risk & Audit Committee   Director, Trustee and chair of the Past President and board member of Faculty; President of Cambridge University  Treasurer to TRH the Prince of British Property Federation Land Society Development Board of Tenebrae Choir Wales and the Duchess of Cornwall  Past Chairman of the Investment  Former Chairman of Bank of England’s 2005 to 2012  Former member of the Government’s Property Forum, and Commissioner Commercial Property Forum. MD and  Formerly Non-Executive Chairman of of The Crown Estate Chairman of the European RE Investment Property Unit Advisory Panel, former member of the advisory board The Risk Advisory Group and Audit  Banking division of Credit Suisse; Past Committee member for the Chartered Surveyor of Resolution Real Estate Advisors Sovereign President of the British Property Federation; Former head of international LLP and former Director of Songbird Grant; past Chairman of the Investment Property expatriate tax at KPMG Forum, former Crown Commissioner Estates  Chartered Accountant

61 Important note on forward looking statements

This document includes forward looking statements which are subject to risks and uncertainties. You are cautioned that forward looking statements are not guarantees of future performance and that if risks and uncertainties materialise, or if the assumptions underlying any of these statements prove incorrect, the actual results of operations and financial condition of the Group may differ materially from those made in, or suggested by, the forward looking statements. Other than in accordance with its legal or regulatory obligations, the Company undertakes no obligation to review, update or confirm expectations or estimates or to release publicly any revisions to any forward looking statements to reflect events that occur or circumstances that arise after 10 March 2021.

62 Disclaimer

The information contained in these slides and communicated verbally to you, including the speech(es) of the presenter(s) and any materials distributed at or in connection therewith (together, the “Presentation”) is confidential. Reliance upon the Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. If any person is in any doubt as to the contents of the Presentation, they should seek independent advice from a person who is authorised for the purposes of the Financial Services and Markets Act 2000, as amended (the “FSMA”) or otherwise suitably authorised if in another jurisdiction and who specialises in advising on investments of this kind. Any investment decision should not be made based on the content of the Presentation but be made solely on the basis of the final announcement published by Secure Income REIT Plc (the “Company”). The contents of the Presentation shall not be taken as any form of commitment on the part of any person to proceed with any transaction.

The Presentation has been prepared by, and is the sole responsibility of, the Company. No undertaking, representation, warranty or other assurance, expressed or implied, is made or given by or on behalf of Stifel Nicolaus Europe Limited (“Stifel”), the Company or Prestbury Investment Partners Limited (the “Investment Adviser”) or any of their respective shareholders, directors, employees, advisers, agents or affiliates or any other person as to the fairness, accuracy or the completeness of the information or opinions contained herein, and to the extent permitted by law, no responsibility or liability is accepted by any of them for any such information or opinions. Notwithstanding the aforesaid, nothing in this paragraph shall limit or exclude liability for any representation or warranty made fraudulently.

The Presentation has not been approved by the Financial Conduct Authority (the “FCA”) and does not constitute, or form part of, an admission document, listing particulars, a prospectus or a circular relating to the Company, nor does it constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any ordinary shares in the Company (the “Ordinary Shares”). Further, neither the Presentation nor any part of it, or the fact of its distribution, shall form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract for Ordinary Shares. Any investment in Ordinary Shares should only be made on the basis of definitive documentation in final form.

The Presentation may not be copied, reproduced or further distributed, in whole or in part, to any other person, or published, in whole or in part, for any purpose without the prior written consent of the Company.

This Presentation is being distributed by the Company in the United Kingdom in accordance with Article 69 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”) made pursuant to section 21(5) of the FSMA. In addition, this Presentation is being distributed in the United Kingdom only to, and is directed only at, those persons falling within the following articles of the Financial Promotion Order: Investment Professionals (as defined in Article 19(5)); and High Net Worth Companies (as defined in Article 49(2)). Persons who do not fall within either of these definitions should not rely on the Presentation nor take any action based upon it but should instead return it immediately to the Company. The Presentation is exempt from the general restriction in section 21 of the FSMA relating to the communication of invitations or inducements to engage in investment activity on the grounds that it is made only to certain categories of persons.

The distribution of the Presentation in jurisdictions other than the United Kingdom may be restricted by law and persons into whose possession the Presentation comes should inform themselves about and observe any such restrictions. In particular, neither the Presentation nor any copy of it should be distributed, directly or indirectly, by any means (including electronic transmission) to any persons in Australia, Canada, Japan or the Republic of South Africa. This Presentation should not be distributed in or into the United States of America (or any of its territories or possessions) (together, the “US”) other than to “qualified institutional buyers” (“QIBs”) as such term is defined in Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”).

The Ordinary Shares have not been, and will not be, registered under the Securities Act or under the securities laws of any other jurisdiction, and are not being offered or sold (i) directly or indirectly, within or into the US, Australia, Canada, Japan or the Republic of South Africa or (ii) to, or for the account or benefit of, any US persons or any national, citizen or resident of the US, Australia, Canada, Japan or the Republic of South Africa, unless such offer or sale would qualify for an exemption from registration under the Securities Act and/or any other applicable securities laws.

63 Disclaimer

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Ordinary Shares have been subject to a product approval process, which has determined that the Ordinary Shares to be issued pursuant to the Placing are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Target Market Assessment”). Notwithstanding the Target Market Assessment, distributors should note that: the price of the Ordinary Shares may decline and investors could lose all or part of their investment; the Ordinary Shares offer no guaranteed income and no capital protection; and an investment in the Ordinary Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessment, Stifel will only procure investors who meet the criteria of professional clients and eligible counterparties. For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Ordinary Shares. Each distributor is responsible for undertaking its own target market assessment in respect of the Ordinary Shares and determining appropriate distribution channels. The Company is under no obligation to update or keep current the information contained in this Presentation or to correct any inaccuracies which may become apparent, and any opinions expressed in it are subject to change without notice. Neither the Company nor any of its directors, officers, employees or advisers accept any liability whatsoever for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection therewith. Stifel, which is authorised and regulated in the United Kingdom by the FCA, is acting as bookrunner and nominated adviser connection with the matters referred to herein, and will not be responsible to anyone other than the Company for providing the protections afforded to its clients, nor for providing advice in relation to the contents of the Presentation or any transaction or arrangement referred to herein. Apart from the responsibilities and liabilities, if any, which may be imposed on Stifel by the FSMA or the regulatory regime established thereunder, Stifel accepts no responsibility whatsoever, and makes no representation or warranty, express or implied, in relation to the contents of the Presentation, including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on behalf of it, the Company, the directors, the Investment Adviser or any other person in connection with the Company, the Ordinary Shares or the matters referred to herein, and nothing in the Presentation is or shall be relied upon as a promise or representation in this respect, whether as to the past or future. Stifel accordingly disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above), which it might otherwise have in respect of the Presentation or any such statement.

64