The Board has considered the level of dividend in the context of the NAV fall during the period and on this occasion is recommending a final dividend of 2.5 pence, which brings the total dividends for the year to 28 February 2023 to 5.0 pence which is a 6.7% yield based on the share price of 74.5 pence on 28 February 2023. It remains the Board's target to pay an annual dividend of 5.0 pence or 5% of the year end share price, whichever is greater at the time. In January 2023 an interim dividend for the year to 28 February 2023 of 2.5 pence was paid to all shareholders.

This was in addition to the 3.0 pence final dividend that had been paid in August 2022 and which related to the previous financial year ended 28 February 2022. The proposed final dividend will be paid on 10 August 2023 to shareholders on the register on 28 July 2023.