#1Half-Year Results Six months ended 30 September 2023 www.caledonia.com EIS CALEDONIA INVESTMENTS#2Cautionary Statement CALEDONIA INVESTMENTS This presentation contains certain statements that are, or may be deemed to be, forward-looking. Phrases such as "aim", "plan", "intend", "should", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations of the Company about future events, and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Any forward-looking statement is based on information available to the Company as of the date of the statement, it can give no assurance that these expectations will prove to be correct. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements should therefore be construed in the light of such factors. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. All written or oral forward-looking statements attributable to the Company are qualified by this caution. Other than in accordance with legal and regulatory obligations, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Half-year results 2023 1#3Caledonia Overview NAV Growth CALEDONIA INVESTMENTS Self-managed investment company Net assets of £2.9 billion Targeting long-term compounding real returns CPIH +3% to +6% Progressive dividend policy Successful track record Strong consistent long term NAV growth 56 consecutive years of dividend increases. Established by the Cayzer family History dates from late 1800s Remain a supportive long-term shareholder NAV total return growth since 2003 Caledonia NAV TR FTSE All-Share TR CPIH+4.5% 700 600 500 400 300 200 INVESTIMENT INVESTMENT COMPANY 100 2003 OF THE YEAR AWARDS 2023 WINNER FLEXIBLE aic DIVIDEND HERO 2008 2013 2018 2023 Dividend Growth Annual dividend / share (p) 80 +175p special +100p special 70 60 50 40 30 20 10 0 2003 2008 2013 2018 2023 Half-year results 2023 2#4We Are A Long-Term Investor With the aim of generating consistent returns for our shareholders We invest in high quality companies that have the potential to generate exceptional long-term value CALEDONIA INVESTMENTS We buy to hold, investing in high quality companies with strong market positions and fundamentals, alongside investments in private equity funds with track records of success We build rewarding relationships and a deep understanding of our investments Half-year results 2023 Our robust and disciplined investment process aligns with our risk appetite, with ESG factors embedded As a self-managed vehicle, we invest from the balance sheet ensuring our interests are wholly aligned with our shareholders This has delivered NAVTR that has outperformed FTSE All-Share TR by >5% p.a. over the last 10 years, resulting in cumulative outperformance of 112% 3#5A Well-Balanced Portfolio Provides shareholders with access to both private and public companies globally CALEDONIA INVESTMENTS Public Companies Strategic Allocation: 30%-40% • Global portfolio Businesses that we understand, with underlying growth and pricing power • Around 30 high quality companies . • across two strategies (Capital and Income) Total return target of 10% p.a. on Capital portfolio and 7% p.a. on Income portfolio (3.5% yield on cost) 9.0% p.a. (10 year return) 30% NAV Private Capital Strategic Allocation: 25%-35% • Direct investments focused on high quality, UK mid-market companies Significant owners working in partnership with companies to drive value through business improvement • • Prudent capital structures Target portfolio of 6 to 8 companies Total return target of 14% p.a. (2.5% yield on cost) 14.5% p.a. (10 year return) · Private Equity Funds Strategic Allocation: 25%-35% Proven private equity managers • Focus is on North American mid- market companies (58%) • Asian growth portfolio invested in new economy sectors (42%) • Total return target of 12.5% p.a. 36% 19.2% p.a. 33% NAV NAV (10 year return) Half-year results 2023 4#6A Well-Balanced Portfolio (cont'd) Diversified by sector and geography CALEDONIA INVESTMENTS Provides shareholders with access to companies operating across diverse sectors with global exposure Geography (Headquartered) Sector Financials 0 ■North America 40% ■UK & Channel Islands 38% ■ Asia 15% ■Europe 7% ■Financials 23% ■Industrials 19% ■Consumer Discretionary 18% ■Information Technology 12% ■Healthcare 10% ■Consumer Staples 6% ■Materials 6% ■Communication Services 3% Energy 1% ■Real Estate 1% ■Utilities 1% Primarily investments in platforms & investment managers Half-year results 2023 5#7Consistent Long-Term Outperformance Targeting real returns and outperformance of FTSE All-Share TR • Aim to grow capital value and income over the long term (10 years) measured in real terms ● Target return of CPIH +3% to +6% over medium / long term • Aim to outperform FTSE All-Share Total Return over 10 years Annualised Performance Medium and Long-Term to 30 September 2023 +5.0% 20% +16.8% +15.0% 15% +11.8% +10.3% CPIH 10% 6.0% Target return CPIH 4.1% Half-year results 2023 5% +6.6% +7.0% Target return CPIH 2.8% +3.7% +5.4% +11.0% +9.6% 0% Over 3 years Over 5 years Over 10 years Caledonia NAVTR Caledonia Share Price TR ■FTSE All-Share TR Target +5.6% return CALEDONIA INVESTMENTS 6#8Half-Year Results Six months ended 30 September 2023 Half-year results 2023 EAS CALEDONIA INVESTMENTS 7#9Highlights Six months ended 30 September 2023 Net assets per share 5,203p (£2.9bn) Dividend 18.9p Share price 3,360p Half-year results 2023 +3.7% Total return +4.0% +0.6% Total return CALEDONIA INVESTMENTS All investment pools contributed to NAV growth • • Private Capital +5.9% - Key driver was the agreed sale of 7IM Acquisition of AIR-serv Europe Public Companies +2.8% Reflecting mixed performance of major markets Private Equity Funds +4.6% 1 Modest gains across North American and Asian portfolio Limited impact of foreign exchange across the pools Dividend . Interim dividend of 18.9p declared • 4.0% increase on 2022 half-year dividend People • Rob Memmott appointed as CFO 8 00#10Private Capital Six months ended 30 September 2023 Half-year results 2023 EAS CALEDONIA INVESTMENTS 9#11Private Capital Direct investments in established high quality businesses £1,027m invested in nine predominantly UK focused companies, with the top six representing c.94% of value Performance CALEDONIA INVESTMENTS Value First 30 Sept % of Net Portfolio (£m) Invested 2023 Assets 7IM 2015 248.5 8.6 Cobehold 2004 178.8 6.2 . 5.9% increase in the six months Stonehage Fleming 2019 157.0 5.5 • Performance predominantly driven by the agreed sale of 7IM Operating metrics AIR-serv Europe 2023 142.5 5.0 Liberation Group 2016 135.0 4.7 Cooke Optics 2018 102.3 3.6 ● Continued robust operating performance across the majority of the portfolio Other 63.0 2.7 Total 1,027.1 36.3 • EV/EBITDA valuation multiple of between 9x14x* and a net debt/EBITDA of c.2x* Realisations and new investments • . Agreed sale of majority stake in 7IM, expected cash proceeds of £255m, representing a £58m uplift to March carrying value and a 2.3x multiple to cost** Acquisition of majority stake in European division of AIR-serv for £142.5m % Annualised Performance - Total return +29.4% 30% 25% 20% 15% +14.5% +12.3% Internal target 10% 5% 0% Over 3 years Over 5 years Over 10 years Half-year results 2023 *Pro forma - excluding the agreed sale of 7IM ** Valued at 30 September 2023 at £248.5m: 3% discount to cash proceeds in recognition of the very limited degree of transaction execution risk 10 10#12CALEDONIA INVESTMENTS Private Capital (cont'd) 7IM - AUM tripled over period of ownership • Investment thesis: Corporate & Investment Timeline 2002:7IM founded, backed by Killik SEVEN Investment Management KILLIK & Co 2015: Majority acquisition by Caledonia CALEDONIA PRIVATE CAPITAL 2019: Dean Proctor appointed as CEO 2020: Acquisition of Partners Wealth Management PWM 2020: Acquisition of Find A Wealth Manager find a wealth manager.com 2023: Bolt-on acquisition Investment: Date: Sept 2015 • Stake: c.£74m for 94% ownership • - Expand direct to consumer distribution - Management succession - Invest in people and operations Ownership: New CEO, Chair & Exco change c.£54m of follow-on capital ⚫ Four acquisitions to expand direct to consumer offering ⚫ c.£40m investment in technology Businesses pivoted from pure investment manager to 'platform led' wealth manager Half-year results 2023 ZURICH AEGON TCAM ZİM 2007: Minority investment from Zurich & Aegon 2018: Acquisition of Tcam 2019: Strategy and brand re-set Lifetime AUM Growth (£bn) ■Intermediate ■ Direct 2020: Adrian Grace appointed as Chair P) Professional Adviser PAWARDS WINNER 2022: 7IM wins best platform at Professional Advisor awards ONTARIO TEACHERS' PENSION PLAN 2023: Agreed exit terms with Ontario Teachers' Pension Plan Board 21.8 20.9 20.2 18.1 14.6 13.3 12.4 10.9 10.1 7.7 III 2014 2015 2016 2017 2018 2019 2020 2021 2022 Sep-23 11#13Private Capital (cont'd) Investment in 7IM generated an IRR of 15% and a 2.3x multiple of cost Investment: Hold period: 8+ years • Sep 2023 valuation: c.£248.5m* • Distributions received/accrued to date: c.£44m Lifetime Returns (£m) Invested cost ■Capital gain Cumulative dividends 145 Exit: Agreement signed with Ontario Teachers' 117 98 97 Pension Plan Board on 5 Sep 2023 86 74 . Expected completion: by early 2024, subject to FCA change in control • Expected exit proceeds: c.£255m; IRR: c.15%; 2.3x multiple of cost 225 198 CALEDONIA INVESTMENTS 291 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Sep-23 Half-year results 2023 * Reflects expected cash proceeds less a 3% discount to equity value in recognition of the very limited degree of transaction execution risk 12 12#14Private Capital (cont'd) Five further investments represent over 70% of the Private Capital pool's value STONEHAGE FLEMING • AİR SERV 'CUSTOMERS FOR LIFE LIBERATION -GROUP- CALEDONIA INVESTMENTS Valuation £157m Investment Return 11.7% Return £143m Held at cost Year of Investment 2019 Year of Investment 2023 Valuation Return Year of Investment £135m 2.3% 2016 Sector Financials Sector Consumer discretionary Sector Consumer discretionary 33.9% • Equity Stake: International multi-family office Good earnings growth across both Family Office (new client wins and increased activity level with existing clients) and Investment Management (recovery in equity markets) Successful integration of Maitland private client business . Provides machines on revenue share or rental basis to fuel station forecourt operators across UK and Western Europe Business is trading well, earnings slightly ahead of expectations, demonstrating good year on year growth Given the business entered the portfolio in April, its valuation is held at cost . Equity Stake: 99.7% Equity Stake: 82.4% Leading designer and manufacturer of air, vacuum and jet wash machines Pubs, bars, brewing and inns business • Estate is dominated by quality destination pubs • Some adverse impact from cost inflation and weaker consumer demand Traded slightly below expectations in spring and summer Integration of Cirrus Inns progressing well Half-year results 2023 13#15Private Capital (cont'd) Five further investments represent over 70% of the Private Capital pool's value Half-year results 2023 • • Cooke COBEPA Valuation Return £102m -17.5% Valuation Return £179m 3.1% Year of Investment 2018 Year of Investment 2004 Sector Industrials Sector Financials Equity Stake: 93.2% Equity Stake: 5.2% Leading manufacturer of cinematography lenses Heavily impacted by Hollywood writers' and actors' strike Valuation written down in the six months, reflecting the reduction in sales and earnings Anticipate product demand will return in the medium to long term • Brussels based investment company, diverse global portfolio Portfolio of well-developed private businesses Investment philosophy reflects investing in transactions with moderate leverage that allow management to focus on the business Majority continue to perform well, with many delivering strong performance and valuation progression Small uplift in valuation driven by exits and operating performance CALEDONIA INVESTMENTS 14#16Public Companies Six months ended 30 September 2023 Half-year results 2023 EAS CALEDONIA INVESTMENTS 15#17Public Companies High quality companies where long-term ownership will be rewarded £865m invested in 30 companies, with a bias towards resilient companies with high returns on capital and pricing power Performance . 2.8% return in the six months - 4.6% capital - Hill & Smith, Charter Communications, Microsoft, Oracle and Watsco delivered strong returns (10% to 30%). Offset by Croda, Spirax, Sarco, Texas Instruments and Thermo Fisher Scientific (2.2)% income - adverse performance in most holdings, partially offset by stronger performance of RELX, Watsco and Sabre Portfolio events CALEDONIA INVESTMENTS Value First 30 Sep % of Net Portfolio (Em) Invested 2023 Assets Watsco* 2017 73.9 2.6 Microsoft 2014 72.3 2.5 Oracle 2014 69.8 2.4 Texas Instruments* 2018 54.2 1.9 Philip Morris* Other 2021 49.3 1.7 545.4 18.9 Total 864.9 30.0 Annualised Performance - total return · Net portfolio investments of £17m • Income portfolio had a new position in RELX, the global provider of information-based analytics and decision tools. Increased positions in numerous portfolio companies including Symrise and Croda as valuations were attractive • Sold a portion of our positions in Oracle and Watsco following a period of strong share price appreciation 15% 10% +2.3% +7.8% 5% 0% +4.6% Over 3 years +11.9% +22 +3.3% Over 5 years +9.0% Internal targets +11.1% Capital Income +4.6% Over 10 years ■Public Companies Total Public Companies - Capital portfolio Public Companies - Income portfolio Half-year results 2023 *Held in both Capital and Income portfolios 16#18Public Companies (cont'd) Oracle - a long term investment that has generated a 16% annualised total return since inception Initial investment: 2014 Investment rationale Attractive risk/return dynamic with a reasonable entry price into a highly cash generative company benefiting from high levels of recurring profit providing downside protection with: Strong possibility of accelerated growth driven by transition to a cloud and subscription business model Significant share buybacks at highly attractive prices to drive substantial value • Ownership . Successful transition to cloud and subscription business model - growth has accelerated to mid/high single digits Oracle reduced share count by ~50% over the last decade at an average price ~$45 Traded around our holding - adding ~30% during the Covid pandemic and selling on recent price spike Half-year results 2023 140 Initial investment at 120 avg buy price of $41 100 80 $ 60 40 20 20 0 Mar-14 Sep-14 Mar-15 CALEDONIA INVESTMENTS ORACLE® Top slicing: number of trades Share Price Topped up our investment during Covid adding 30% at avg buy price of $49 holding by ~14% reducing 17 1 "Over the last 10 years we've reduced the shares outstanding by 47% at an average price that's about half the current share price." - ORCL CEO Q2 2022 Earnings Call Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 16% annualised total return Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23#19Private Equity Funds Six months ended 30 September 2023 Half-year results 2023 EAS CALEDONIA INVESTMENTS 18#20Private Equity Funds Providing exposure to over 600* companies operating in North America and Asia £963m invested in 75 funds managed by 44 managers 58% focused on the North American small-mid market buyouts and 42% on Asian growth/VC funds Performance Portfolio (Em) CALEDONIA INVESTMENTS First Value 30 Sep % of Net Invested 2023 Assets High Vista Strategies** Axiom Asia funds 2015 123.5 4.3 2012 88.1 3.1 Decheng funds 2016 57.4 2.0 • 4.6% return in the six months driven by modest valuation growth from both North American and Asian holdings Asia Alternatives funds 2012 47.3 1.6 Unicorn funds 2018 39.6 1.4 Realisations and new investments Other 607.2 20.6 £65m capital deployed in the period, including secondary purchase of two Decheng fund positions totaling £13m Total 963.1 33.0 £15m distributions received evenly balanced between North America and Asia Annualised Performance - total return 30% +24.1% • Level of distributions declined compared to last two years, reflecting more challenging funding conditions New commitment 25% 20% 15% +19.2% +17.1% Internal target 10% • $50m committed to one US mid-market industrials fund 5% . Total uncalled commitments of £427m (65% North America, 35% Asia), expected to be drawn over next 3 to 4 years 0% Over 3 years Over 5 years Over 10 years Half-year results 2023 * Via our direct private equity holdings - excludes fund of funds holdings **Formerly Aberdeen US PE funds 19#21Private Equity Funds (cont'd) CenterOak Partners - Dallas-based lower mid-market control buyout fund Background to relationship • • • The US lower mid-market has been a core part of our investment strategy for the last 10 years and we have built a strong network of relationships over this time CenterOak makes control buyouts of small industrial growth, consumer and business services companies, where these can be transformed through operational efficiency and a "buy-and-build" value creation strategy Companies are typically founder-owned, where founders roll significant equity Caledonia's commitment Fund Name Vintage Year Fund Size Caledonia's Commitment Net MoM* Half-year results 2023 2021 Target company criteria • CenterOak PARTNERS CALEDONIA INVESTMENTS Enterprise Value: $50m - $500m Revenue: $50m - $500m / EBITDA: $7m - $35m • Total equity investment: $30m - $150m • 9 - 10 platform investments per fund Strong add-on acquisition pipeline Target investments • . CenterOak I CenterOak II 2015 $420m $690m • $30m 2.1x $30m 2.0x Typically first institutional capital into closely-held or family-owned businesses Can also be non-core subsidiaries or divisions of larger public or private companies Buy-and-build opportunities with time-tested executives Finding companies where they can improve net margins and grow revenue through operating efficiency * Returns are based on realisation to date plus Caledonia's NAV at 30 September 2023 20 20#22Private Equity Funds (cont'd) CenterOak Partners - Buy-and-build strategy in the US lower mid-market Portfolio Company Snapshots Sub-Sector Categories HVAC / Plumbing Portfolio Company Description Investment Date No. of Add-Ons Value Creation Half-year results 2023 • SERVICE CHAMPIONS Heating Cooling Water Electrical Auto Collision Repair Lawn Care COLLISIONRIGHT CenterOak PARTNERS CALEDONIA INVESTMENTS TURF MASTERS Pest Control PALMETTO Exterminators Provider of residential HVAC and plumbing maintenance, repair services in Western US Provider of auto body repair services across the Central and North-East US Provider of exterior residential services incl. lawn care services and exterior pest programmes Provider of pest control, termite and mosquito services Nov 2018 10 Aug 2020 23 Mar 2022 5 Sep 2022 1 Building and augmenting management teams by hiring C-suite execs / key functional staff to help scale best practices Upgrading systems and building out IT infrastructure: operating (ERP), accounting and business intelligence; including training Reporting: standardising KPIs, budgeting and board reporting 21#23Financial Review Half-year results 2023 EAS CALEDONIA INVESTMENTS 22#24Financial Overview Half £2.9bn NAV - strong balance sheet with zero structural leverage £2.9bn Portfolio value - high quality, diversified portfolio 4.1% Portfolio return - good returns across all investment pools £485m Pro forma liquidity - significant liquidity to support investments 4.0% Increase in interim dividend to 18.9p year results 2023 CALEDONIA INVESTMENTS 23#25Investment Portfolio & Returns Total portfolio return of 4.1% Investment Movement (Em) CALEDONIA INVESTMENTS Investments by Pool (£m) 2900 2850 Net investments £223m 120 2855 PE Funds £963m Private £1,027m £2,855m 263 2800 2750 -40 -23 Public £865m 2700 2650 Return Yield* % % 2600 Public Companies 2.8 4.2 2550 2535 Private Capital 5.9 4.7 2500 Investments Cash Yield From Investments Closing Portfolio Investments Private Equity Funds 4.6 n/a Opening Portfolio Realisations Total Return Total Portfolio Return 4.1 3.5 Investments Half year results 2023 *LTM yield on invested cost 24 224#26Change in Net Asset Value NAV return of 3.7% 3000 2950 NAV Movement (£m) 3.7% Investment portfolio gains £120m 18 2 25 2903 2900 -17 77 2850 2798 2800 2750 2700 Opening NAV Net Investment Gains Half year results 2023 Portfolio Investment Income FX Other Income Management Expenses Closing NAV Before Dividend Dividend -27 Closing NAV 2876 CALEDONIA INVESTMENTS Foreign Currency Exposure 0 ■US dollar 51% ■Euro 7% ■Pound sterling 39% Other currencies 3% 25#27Net Cash (Debt) & Facilities Significant liquidity available 250 200 222 150 100 50 Movement in Net Cash/(Debt) (£m) . 40 40 23 -15 -27 -20 -263 -50 Investments - Portfolio Cash yield from investments Dividends Paid Net Cash 31 March 2023 Realisations - Portfolio Management Expenses & other Net Debt 30 September 2023 Half year results 2023 CALEDONIA INVESTMENTS • £250m RCF facility - £112.5m to July 2025 - £137.5m to November 2027 £255m of 7IM sale proceeds expected in early 2024 Caledonia Net Debt 30 September 2023 £(20)m Caledonia Pro Forma Liquidity £485m* * Pro Forma liquidity: cash on balance sheet of £15m, undrawn RCF of £215m and 7IM sales proceeds expected in early 2024 of £255m 26#28Share Price Performance TSR of 0.6% in the six months • Longer term performance remains strong, with TSR outperforming the FTSE All-Share TR on a 3, 5 and 10 year basis 20% +15.0% 15% • Shorter term TSR has been impacted by sector sentiment and ongoing concerns about the macro-economic outlook 10% • Discount widened from 32.8% to 35.4% in the 5% period Half-year results 2023 Annualised Performance +11.8% +7.0% +3.7% 0% Over 3 years Over 5 years I Caledonia Share Price TR CALEDONIA INVESTMENTS +9.6% +5.6% Over 10 years FTSE All-Share TR 22 27#29Summary Half-year results 2023 EAS CALEDONIA INVESTMENTS 28#30Summary 1 The diverse portfolio remains well placed to deliver target returns over the long term both in terms of dividend and net asset growth for shareholders 2 Resilient portfolio capable of responding to the challenges posed by inflation, increased interest rates and potentially lower future growth in GDP 3 Robust balance sheet, with banking facilities to provide short term liquidity if required 4 CALEDONIA INVESTMENTS Our experienced team remain committed and are well placed to operate within current market conditions, focused on investing in good quality companies and funds operating in attractive markets Half-year results 2023 29#31Appendix Half-year results 2023 EAS CALEDONIA INVESTMENTS 30#32Private Capital Portfolio as at 30 September 2023 Value First 30 Sep Portfolio (Em) Invested 2023 7IM 2015 248.5 Cobehold 2004 178.8 Stonehage Fleming 2019 157.0 AIR-serv Europe 2023 142.5 Liberation Group 2016 135.0 Cooke Optics 2018 102.3 Other 63.0 Total 1,027.1 Geographic Distribution Total Income £11.6m Half-year results 2023 Annualised Returns Sector Distribution 3 years 5 years 10 years 29.4% 12.3% 14.5% 0 0 Financials 57% ■Consumer Discretionary 30% ■Industrials 12% ■Healthcare 1% ■UK & Channel Islands 80% ■Europe 17% ■N America 3% CALEDONIA INVESTMENTS 31#33Public Companies - Capital Portfolio Top holdings as at 30 September 2023 CALEDONIA INVESTMENTS Value 3 years 5 years 10 years First 30 Sep Annualised Returns 9.3% 11.9% 11.1% Top Holdings (£m) Invested 2023 Microsoft 2014 72.3 Oracle 2014 69.8 Sector Distribution Watsco* 2017 54.9 Charter Communications 2017 46.4 Thermo Fisher 2015 41.6 Texas Instruments* 2018 40.3 Hill & Smith 2012 40.2 Philip Morris* 2021 33.7 ■Information Technology 29% Industrials 18% Materials 16% ■Healthcare 11% ■Consumer Staples 9% ■Communication Services 7% ■Financials 7% ■Consumer Discretionary 3% Becton Dickinson 2015 30.9 Fastenal* 2020 28.8 Geographic Distribution Spirax Sarco 2012 27.6 Moody's Corporation 2022 27.5 Other investments 120.6 Total 634.6 0 ■North America 73% ■UK 21% ■Europe 3% ■ Asia 3% Half-year results 2023 * Also held in Income portfolio 32#34Public Companies - Income Portfolio Top holdings as at 30 September 2023 3 years 5 years 10 years Value Annualised Returns 4.6% 3.3% 4.6% First 30 Sep Yield** Top Holdings (£m) Invested 2023 % Annualised Yield 4.5% 4.7% 4.2% Watsco* 2020 19.0 5.9 Sector Unilever 2019 18.4 3.5 Reckitt Benckiser 2020 18.0 3.0 National Grid 2015 17.5 4.6 Diageo 2020 16.7 2.4 Philip Morris* 2021 15.6 6.0 Fortis 2020 15.4 3.4 SGS 2020 15.1 2.1 Texas Instruments* 2020 13.9 4.0 Geographic Distribution Relx 2023 13.0 2.3 London Metric 2020 12.4 6.2 Other investments 55.3 4.9 Total 230.3 4.1 Distribution 0 0 Consumer Staples 35% Industrials 25% Utilities 16% Real Estate 10% ■Information Technology 6% ■Materials 5% ■Financials 3% ■UK 61% ■North America 33% ■Europe 6% Half-year results 2023 * Also held in Capital portfolio **LTM yield on invested cost CALEDONIA INVESTMENTS 33#35Private Equity Funds Top holdings as at 30 September 2023 CALEDONIA INVESTMENTS 3 years 5 years 10 years Value Annualised Returns 24.1% 17.1% 19.2% First 30 Sep Top Holdings (Em) Invested 2023 Sector HighVista Strategies* 2015 123.5 Distribution Axiom Asia funds 2012 88.1 Decheng funds 2016 57.4 Asia Alternatives funds 2012 47.3 Unicorn funds 2018 39.6 CenterOak funds 2015 38.9 Stonepeak funds 2016 36.2 Ironbridge funds 2016 34.0 Healthcare 21% I Information Technology 15% ■Consumer Discretionary 19% Industrials 25% Materials 6% Energy 4% ■Consumer Staples 4% ■Communication Services 4% ■Utilities 1% ■Financials 1% Other investments 498.1 Total 963.1 Geographic Distribution Half-year results 2023 * Formerly Aberdeen US PE funds North America 58% Asia 42% ■UK & Europe 0% 34#36Statement of Financial Position Six months ended 30 September 2023 Portfolio value* Other investments Total investments Property and PPE Other assets Cash Total assets External RCF Intra-group loans (non-consolidated) All other liabilities Net assets Half year results 2023 30 Sep 2023 £m 2,855 31 Mar 2023 £m 2,535 CALEDONIA INVESTMENTS Change £m 320 50 260 (210) 2,905 2,795 110 43 43 44 35 9 15 222 (207) 3,007 3,095 (88) (35) (35) (49) (266) 217 (47) (31) (16) 2,876 2,798 78 * Includes £249m classified as an asset held for sale in the Group's interim Statement of Financial Position at 30 September 2023, relating to the agreed disposal of 7IM 35#37Summary of Comprehensive Income Investment income portfolio Other investment income Capital gains portfolio Capital gains other investments Other income Total income Expenses - ongoing management -performance awards (allocated to capital expenses) exchange movements and other non-recurring items Finance costs Taxation Total comprehensive income CALEDONIA INVESTMENTS 30 Sep 2023 30 Sep 2022 £m £m Change £m 25 25 9* 9 95 121 (26) (7) (16) 6 1 2 (1) 123 132 (9) (12) (11) (1) (5) (3) (2) 5* 1 4 (6)* (1) - (6) 1 (2) 104 120 (16) Half year results 2023 * Other investment income, exchange movements and finance costs in the six months to 30 September 2023, primarily relate to an intra-group (non- consolidated) transaction 36#38Returns In The Period All three pools generated good, positive returns CALEDONIA INVESTMENTS 31 Mar 30 Sep 2023 Accrued Gains/ 2023 £m Investments Realisations income (losses) £m Income Return % Public Companies 837 41 (25) 12 865 12 2.8 Private Capital 824 157 2 44 1,027 12 5.9 Private Equity Funds 874 65 (15) 40 963 2 4.6 Portfolio 2,535 263 (40) 2 95 2,855 25 Other investments* 260 5 (208) I (7) 50 9 Total investments 2,795 268 (248) 2 88 2,905 34 Other net assets/ 3 (29) (liabilities) Net assets Half-year results 2023 2,798 2,876 3.7 * Other investments comprised legacy investments and cash and receivables in subsidiary investment entities. The £208m realisation principally reflects a 37 capital re-organisation, followed by a return of capital by an investment subsidiary#39Further Information If you have any questions, or to request a meeting, please contact us in the following ways: . Send an email to: [email protected] • Call us on tel: 020 7802 8080 • Website: www.caledonia.com The Company's ordinary shares are premium listed on the LSE under SEDOL: 0163992 or TIDM: CLDN. The ISIN is GB0001639920 Half-year results 2023 CALEDONIA INVESTMENTS 38#40Caledonia Investments plc Cayzer House 30 Buckingham Gate London SW1E 6NN Tel: +44 20 7802 8080 Web: www.caledonia.com CALEDONIA INVESTMENTS