Investor Presentaiton

Private 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

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