Investor Presentaiton

Private Equity Funds Providing exposure to over 600* companies operating in North America and Asia £963m invested in 75 funds managed by 44 managers 58% focused on the North American small-mid market buyouts and 42% on Asian growth/VC funds Performance Portfolio (Em) CALEDONIA INVESTMENTS First Value 30 Sep % of Net Invested 2023 Assets High Vista Strategies** Axiom Asia funds 2015 123.5 4.3 2012 88.1 3.1 Decheng funds 2016 57.4 2.0 • 4.6% return in the six months driven by modest valuation growth from both North American and Asian holdings Asia Alternatives funds 2012 47.3 1.6 Unicorn funds 2018 39.6 1.4 Realisations and new investments Other 607.2 20.6 £65m capital deployed in the period, including secondary purchase of two Decheng fund positions totaling £13m Total 963.1 33.0 £15m distributions received evenly balanced between North America and Asia Annualised Performance - total return 30% +24.1% • Level of distributions declined compared to last two years, reflecting more challenging funding conditions New commitment 25% 20% 15% +19.2% +17.1% Internal target 10% • $50m committed to one US mid-market industrials fund 5% . Total uncalled commitments of £427m (65% North America, 35% Asia), expected to be drawn over next 3 to 4 years 0% Over 3 years Over 5 years Over 10 years Half-year results 2023 * Via our direct private equity holdings - excludes fund of funds holdings **Formerly Aberdeen US PE funds 19

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