Investor Presentaiton

Public 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

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