Investor Presentaiton

A 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

View entire presentation