Transport For London Extension of Government Support Package (0157T)

TIDM40CT

RNS Number : 0157T

Transport For London

22 March 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.

Transport for London ("TfL")

22 March 2021

Extension of Government Support Package

TfL announces that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") has been extended by approximately 7 weeks.

On 1 November 2021, TfL announced that an extraordinary funding and financing support package (the "H2 Funding Package") had been agreed between TfL and the DfT to contribute towards TfL's forecast funding shortfall, arising from the loss of passenger revenue as a result of the coronavirus pandemic. The H2 Funding Package provides support for the period from 18 October 2020 to 31 March 2021.

While TfL continues discussions with the government with respect to the long-term funding, the terms of the H2 Funding Package have been amended to define the funding period as 18 October 2020 to 18 May 2021. All other provisions of the H2 Funding Package will remain in place.

TfL will receive two additional instalments of extraordinary grant support totalling GBP260m and a periodic top up payment pursuant to the terms of the H2 Funding Package. It is estimated that the top up payment will amount to approximately GBP225m depending on the actual passenger revenue over the period between 1 April 2021 and 18 May 2021.

The terms of the original H2 Funding Package can be found at:

https://content.tfl.gov.uk/transport-for-london-settlement-letter.pdf

For further information, please contact:

Transport for London

5 Endeavour Square

London E20 1JN

Email: GroupTreasury@tfl.gov.uk

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