Investor Presentaiton

Private Capital (cont'd) Five further investments represent over 70% of the Private Capital pool's value Half-year results 2023 • • Cooke COBEPA Valuation Return £102m -17.5% Valuation Return £179m 3.1% Year of Investment 2018 Year of Investment 2004 Sector Industrials Sector Financials Equity Stake: 93.2% Equity Stake: 5.2% Leading manufacturer of cinematography lenses Heavily impacted by Hollywood writers' and actors' strike Valuation written down in the six months, reflecting the reduction in sales and earnings Anticipate product demand will return in the medium to long term • Brussels based investment company, diverse global portfolio Portfolio of well-developed private businesses Investment philosophy reflects investing in transactions with moderate leverage that allow management to focus on the business Majority continue to perform well, with many delivering strong performance and valuation progression Small uplift in valuation driven by exits and operating performance CALEDONIA INVESTMENTS 14

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