Investor Presentaiton

Private Capital (cont'd) Five further investments represent over 70% of the Private Capital pool's value STONEHAGE FLEMING • AİR SERV 'CUSTOMERS FOR LIFE LIBERATION -GROUP- CALEDONIA INVESTMENTS Valuation £157m Investment Return 11.7% Return £143m Held at cost Year of Investment 2019 Year of Investment 2023 Valuation Return Year of Investment £135m 2.3% 2016 Sector Financials Sector Consumer discretionary Sector Consumer discretionary 33.9% • Equity Stake: International multi-family office Good earnings growth across both Family Office (new client wins and increased activity level with existing clients) and Investment Management (recovery in equity markets) Successful integration of Maitland private client business . Provides machines on revenue share or rental basis to fuel station forecourt operators across UK and Western Europe Business is trading well, earnings slightly ahead of expectations, demonstrating good year on year growth Given the business entered the portfolio in April, its valuation is held at cost . Equity Stake: 99.7% Equity Stake: 82.4% Leading designer and manufacturer of air, vacuum and jet wash machines Pubs, bars, brewing and inns business • Estate is dominated by quality destination pubs • Some adverse impact from cost inflation and weaker consumer demand Traded slightly below expectations in spring and summer Integration of Cirrus Inns progressing well Half-year results 2023 13

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