Investor Presentaiton

Private 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

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