1. Court 10 December 2010 Financial Statements for the year ended 31 st July 2010

2. Review of the Financial Statements for the year ended 31 st July 2010 Highlights from the accounts for the year ended 31st July 2010 Results for the year to 31st July 2010 Cash Flow for the year to 31st July 2010 Balance Sheet at 31st July 2010 Financial Indicators Key Features from the 6 year review Summary of our projected cash flow for the 4 year period to 31st July 2014

3. Highlights from the Accounts for the year ended 31st July 2010 20102009 Income growth7%4% Retained Surplus£7.5m£6.7m Operating Cash Flow£17.0m Gross Capital Expenditure £100.5m£67.1m Net Cash Position£20.7m£30.1m University of York Pension Fund improvement/ (deterioration) in net value £9.6m(£11.1m) Net Worth£201.6m£158.4m

4. Results for the Year 2009/10 £m 2008/09 £m 2007/08 £m Income242.9226.0210.8 Expenditure237.0220.6204.6 Surplus pre tax 5.9 5.4 6.2 Surplus as % of Income 2.4% 2.9%

5. Cash Flow 2009/10 £m 2008/09 £m Net cash generated from Operating Activity17.0 Returns on investment and servicing of finance(3.2)(1.4) Capital grants, sale of fixed assets, endowments37.620.1 Other receipts0.1(1.1) Loans received35.0 0.2 Total Inflow86.5 34.8 Expenditure on fixed assets and investments94.662.2 Loans repaid 1.3 1.2 Total outflow95.9 63.4 (Decrease) in cash(9.4)(28.6)

6. Balance Sheet 31 July 2010 £m 31 July 2009 £m Fixed Assets336.0252.8 Investments & Endowments11.111.5 Cash and deposits20.730.1 Other net current (liabilities)(43.8)(36.7) Total assets less current liabilities324.0257.7 Funded by: Loans106.773.9 Deferred grants and provisions121.697.5 Endowments8.28.7 Pension liability15.725.3 Reserves71.451.8 Minority Interest 0.4 0.5 324.0257.7

7. Financial Indicators Operating Surplus as a Percentage of Income 2009/107.0% 2008/095.6% 2007/085.5% 2006/073.2%

8. Financial Indicators Gearing Ratio 2009/1028.4% 2008/0919.4% 2007/089.3% 2006/0714.9%

9. Financial Indicators Annualised Debt Servicing as a Percentage of Income 2009/103.3% 2008/093.0% 2007/083.2% 2006/073.9%

10. Key Features from the 6 Year Review 2010 £m 2009 £m 2008 £m 2007 £m 2006 £m 2005 £m Income243226211187167152 Expenditure237221205184167153 Surplus6563--(1) Cash Inflow17 13 115 Capital Expenditure1016735202732 Net Worth202158143144136127 Staff (fte)3,0232,9562,8892,8012,7672,655 Students (fte)12,82311,72211,08410,60010,3399,767

11. Review of Projected Cash flow over the next 4 years Capital Expenditure 2010/11 £m 2011/12 £m 2012/13 £m 2013/14 £m Total £m Heslington East56172075 Heslington West252211765 8139137140 Grants1062119 Net Investment7133116121 Operating Cash202224 90 5111(13)(18)31 Fund by cash/investments(7)(4)(13)(18)(42) EIB301545 Asset disposal28 5111(13)(18)31

12. Summary Consistent surpluses Improving operating margins and cashflow Strong performance in the first quarter of 2010/11 Excellent year providing strong base