Portfolio Analysis

Analysis of Annual Rent by Term Unexpired
75% > 15 years income unexpired

Covenant Analysis of Annual Rent
90% directly or indirectly from the Government

Pharmacy Tenant Split By Rent
66% National Covenants

Rental increases achieved
• 2011 increase in rents to date - 3.42% per annum
  (2010: 3.22%)
• % of rent roll on fixed uplift – 2.02%
• % of rent roll index linked – 8.86%
• Balance open market effectively upwards only
• Historically rental increases have broadly tracked RPI
  increases – see below

Forthcoming Rent Reviews - Annual rent (£29.0m) at 30/6/11

Cumulative Cash Flow from rent reviews
Impact of average return on rent reviews over three years

Portfolio Analysis (incl. commitments)
• Total debt including commitments -
  £290.5million, LTV 56.6%
• Total rents receivable (incl. commitments) -
  £517.1million