Investor Presentaiton

Public Companies High quality companies where long-term ownership will be rewarded £865m invested in 30 companies, with a bias towards resilient companies with high returns on capital and pricing power Performance . 2.8% return in the six months - 4.6% capital - Hill & Smith, Charter Communications, Microsoft, Oracle and Watsco delivered strong returns (10% to 30%). Offset by Croda, Spirax, Sarco, Texas Instruments and Thermo Fisher Scientific (2.2)% income - adverse performance in most holdings, partially offset by stronger performance of RELX, Watsco and Sabre Portfolio events CALEDONIA INVESTMENTS Value First 30 Sep % of Net Portfolio (Em) Invested 2023 Assets Watsco* 2017 73.9 2.6 Microsoft 2014 72.3 2.5 Oracle 2014 69.8 2.4 Texas Instruments* 2018 54.2 1.9 Philip Morris* Other 2021 49.3 1.7 545.4 18.9 Total 864.9 30.0 Annualised Performance - total return · Net portfolio investments of £17m • Income portfolio had a new position in RELX, the global provider of information-based analytics and decision tools. Increased positions in numerous portfolio companies including Symrise and Croda as valuations were attractive • Sold a portion of our positions in Oracle and Watsco following a period of strong share price appreciation 15% 10% +2.3% +7.8% 5% 0% +4.6% Over 3 years +11.9% +22 +3.3% Over 5 years +9.0% Internal targets +11.1% Capital Income +4.6% Over 10 years ■Public Companies Total Public Companies - Capital portfolio Public Companies - Income portfolio Half-year results 2023 *Held in both Capital and Income portfolios 16

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