Investor Presentaiton

Public 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

View entire presentation