Investor Presentaiton

Private Capital Portfolio as at 30 September 2023 Value First 30 Sep Portfolio (Em) Invested 2023 7IM 2015 248.5 Cobehold 2004 178.8 Stonehage Fleming 2019 157.0 AIR-serv Europe 2023 142.5 Liberation Group 2016 135.0 Cooke Optics 2018 102.3 Other 63.0 Total 1,027.1 Geographic Distribution Total Income £11.6m Half-year results 2023 Annualised Returns Sector Distribution 3 years 5 years 10 years 29.4% 12.3% 14.5% 0 0 Financials 57% ■Consumer Discretionary 30% ■Industrials 12% ■Healthcare 1% ■UK & Channel Islands 80% ■Europe 17% ■N America 3% CALEDONIA INVESTMENTS 31

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