March 2021 reducing by EUR0.1m compared with 31 March 2020. ? All let units are subject to the rental cap regulations. Key asset management transactions by property ? Central Quay, South Docks: In November 2020 we agreed to let 12,000 sq. ft. to Hines Real Estate Ireland Limited

("Hines") on a long lease on terms in line with the June 2020 ERV. Hines previously occupied 8,000 sq. ft. in

Clanwilliam Court and its lease there was terminated. The move resulted in a net increase in Hibernia's contracted

annual rent of EUR0.2m. In January 2021 we let a 3,000 sq. ft. ground floor unit to Europ Assistance S.A. on a

10-year lease, adding EUR0.1m to contracted rent, in line with the September 2020 ERV. Separately, Invesco has served

notice to exercise a break option on its lease of 11,000 sq. ft. in the building with effect from November 2021:

this will result in a 12-month rental penalty. ? 2 Cumberland Place, Traditional Core: Construction of the 58,000 sq. ft. office building is approaching completion

(see further details above). In April 2020 we agreed to lease 24,000 sq. ft. to 3M Digital Science Community Ltd, a

subsidiary of 3M Company, on a 10-year lease on terms ahead of the September 2019 ERV. ? Hardwicke House, Traditional Core: In December 2020, two rent reviews over 30,000 sq. ft. were concluded modestly

ahead of ERV at the date of review, adding EUR0.6m to contracted rent. ? Gateway, D22/24: In July 2020 we agreed lease extensions for two of the terminals to July 2021 and we have agreed a

rent review on another unit of the site, which is also let on short term rolling leases. In total these agreements

have increased our contracted rent by EUR0.2m per annum. ? Marine House, Traditional Core: Most of the leases in the 41,000 sq. ft. office building expired in June 2020. We

have taken the decision to offer short term lease arrangements to align with the neighbouring blocks in Clanwilliam

Court, where leases mostly expire in late 2021 or early 2022. At present Marine House is 53% occupied, generating

rent of EUR0.8m per annum. Key in-place office properties with vacancy at period end

As noted above, the in-place office portfolio vacancy rate at 31 March 2020 was 7% and it remained at this level at 31 March 2021, excluding Marine House and Clanwilliam Court, where the leases are being run down to facilitate redevelopment of the properties in the near term. Including Marine House and Clanwilliam Court, the office vacancy rate at 31 March 2021 was 9%. The main office investment assets with vacancy are: ? Central Quay, South Docks: 11,000 sq. ft. of office accommodation available to lease; ? The Forum, IFSC: all 47,000 sq. ft. of office accommodation and 50 car parking spaces are available to lease; and ? Other: 9,000 sq. ft. of available space. Future rent reviews, break options and lease expiries

The table below summarises upcoming rent reviews and lease expiries by financial year, as well as setting out the ERVs for this space, at 31 March 2021. As noted in the footnote below, only a relatively small amount of income, EUR6.0m, is subject to break options over the next five years. 


              Current income                                        ERV @ Mar-21 
 FY           Expiries for near term   All other lease   Rent       Expiries for near term   All other lease   Rent 
              development              expiries          review     development              expiries          review 
Mar-21        EUR0.1m                    EUR0.1m             EUR2.9m      EUR0.1m                    EUR0.1m             EUR3.2m 
Mar-22        EUR3.6m                    EUR0.7m             EUR11.6m     EUR3.6m                    EUR0.7m             EUR11.9m 
Mar-23        EUR6.0m                    EUR0.7m             EUR8.8m      EUR6.0m                    EUR0.5m             EUR8.2m 
Mar-24        -                        EUR3.3m             EUR4.8m      -                        EUR3.3m             EUR4.7m 
Mar-25        -                        EUR2.9m             EUR11.4m     -                        EUR2.9m             EUR11.2m 
Total         EUR9.7m                    EUR7.7m             EUR39.5m1    EUR9.7m                    EUR7.4m             EUR39.3m1

Note: The table above shows upcoming rent reviews and expiries: break options amount to an additional EUR6.0m over the period to Mar-25 as follows :EUR0.2m in FY22, EUR2.8m in

FY23, EUR1.4m in FY24 and EUR1.5m in FY25

1. EUR9.0m of this income is capped & collared at next review and a further EUR4.0m is subject to upward only rent review provisions.

Sustainability/ESG

Improving our sustainability performance is a key strategic priority. In the four years to December 2020 (our sustainability data is measured on a calendar year basis), we achieved a reduction of over 50% in greenhouse gas emissions intensity from landlord-obtained utilities in our managed offices on a like-for-like basis and a reduction of over 55% on an absolute basis. Our performance in 2020 (a reduction of 26% in greenhouse gas emissions intensity from landlord-obtained utilities in our managed offices on a like-for-like basis and on an absolute basis when compared against 2019) was helped by the reduction in office usage due to the pandemic and also as a result of the real-time energy monitoring system we have installed in our managed office buildings. We received our third successive EPRA Gold Award for the quality of our sustainability performance disclosures in 2020, our first four star GRESB rating and a B minus rating in our response to the CDP Climate Change questionnaire - a positive result for our first submission.

As mentioned in previous statements, a major area of focus for us in the financial year was assessing pathways towards Net Zero Carbon emissions and considering the disclosure recommendations of the TCFD. In April 2021 we published "Transforming Dublin Responsibly", our Sustainability Statement of Intent. This replaced our existing Sustainability Strategy, setting long-term targets for the business, including commitments to become a Net Zero Carbon business by 2030 and to fully align our disclosures with the TCFD recommendations by 2022. For further details please see the sustainability section of our website (https://www.hiberniareit.com/sustainability).

Financial review 


As at                      31 March 2021 31 March 2020 Movement 
IFRS NAVPS                 173.6c        179.8c        (3.4)% 
EPRA NTAPS1                172.7c        179.2c        (3.7)% 
Net debt1                  EUR278.8m       EUR241.4m        +15.5% 
Group LTV1                 19.5%         16.5%         +3.0pp 
Financial year ended       31 March 2021 31 March 2020 Movement 
(Loss)/profit after tax    (EUR25.2m)       EUR61.0m       (141.3)% 
EPRA earnings1             EUR42.2m         EUR38.1m       +10.8% 
Diluted IFRS EPS           (3.7)c        8.8c          (142.0)% 
EPRA EPS1                  6.3c          5.5c          +13.4% 
Proposed final DPS1        3.4c          3.0c          +13.3% 
FY21 DPS1                  5.4c          4.75c         +13.7%

1. An alternative performance measure ("APM"). The Group uses a number of such financial measures to describe its performance, which are not defined under IFRS and which are therefore considered APMs. In particular, measures defined by EPRA are an important way for investors to compare similar real estate companies. For further information see Supplementary Information at the end of this report.

The key drivers of the 6.5 cent decrease in EPRA NTA per share since 31 March 2020, were: ? A 9.9 cent per share reduction due to revaluation losses on the property portfolio, including a 0.5 cent per share

reduction from active developments: 6.9 cent of these revaluation losses came in the first quarter; ? A 6.3 cent per share increase from EPRA earnings; ? Payment of the FY20 final dividend and FY21 interim dividend, which reduced NTA by 5.0 cent per share; and ? Other items, primarily the share buy-back, which increased NTA by 2.1 cent per share.

EPRA earnings were EUR42.2m, up 10.8% (or EUR4.1m) compared with the prior financial year due to: ? A full year of income from leases agreed in the prior year, which added EUR5.1m to earnings. These included leases

within completed office developments (e.g. 1SJRQ, 2WML) and leases in our office investment assets (e.g. South Dock

House, Observatory); ? Activity in the current financial year, including rent reviews, new lettings, acquisitions and rent waived, which

added EUR0.8m to earnings; ? Lease expiries and terminations, which reduced earnings by EUR1.2m; and ? A modest increase in costs (primarily a larger finance expense due to a larger drawn debt position) which reduced

earnings by EUR0.6m.

The Group recorded an after-tax loss of EUR25.2m in the financial year, a reduction of 141.3% over the prior year profit after tax of EUR61.0m, due to revaluation losses on the investment property portfolio of EUR67.6m (2020: revaluation gain of EUR22.9m). Funding position

Group leverage target: our through-cycle target remains a loan to value ratio of 20-30%.

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