Investor Presentaiton

Consistent Long-Term Outperformance Targeting real returns and outperformance of FTSE All-Share TR • Aim to grow capital value and income over the long term (10 years) measured in real terms ● Target return of CPIH +3% to +6% over medium / long term • Aim to outperform FTSE All-Share Total Return over 10 years Annualised Performance Medium and Long-Term to 30 September 2023 +5.0% 20% +16.8% +15.0% 15% +11.8% +10.3% CPIH 10% 6.0% Target return CPIH 4.1% Half-year results 2023 5% +6.6% +7.0% Target return CPIH 2.8% +3.7% +5.4% +11.0% +9.6% 0% Over 3 years Over 5 years Over 10 years Caledonia NAVTR Caledonia Share Price TR ■FTSE All-Share TR Target +5.6% return CALEDONIA INVESTMENTS 6

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