Dividend Declaration

In February, the Board reviewed the Company's distribution profile and noted that dividend payments had become disproportionately weighted towards the year end. Accordingly, the increase in the second interim dividend from 2.0 pence per share (the first interim dividend) to 2.5 pence per share reflects the Board's intention to provide shareholders with a smoother dividend distribution in the financial year ending 31 August 2026. There is no change to the Company's overall progressive dividend policy.

Consistent with this, and subject to the Company's distributable income, market conditions and the Board's ongoing assessment, the Board currently expects the third interim dividend to be broadly in line with the second interim dividend. As a result, the final dividend is expected to represent a smaller proportion of the total annual distribution than in recent years with the size of the final dividend being determined in light of the payments made throughout the year rather than simply by looking at the final dividend from last year.