Q3 update for the three months ended 31 October 2024

Performance Overview - Portfolio Return on a Local Currency Basis for Q3 FY25 was 3.1%, with annualised returns of 16.0% over the last 5 years [2] - NAV per Share Total Return for Q3 FY25 was 3.0%, with long-term compounding returns of 13.8% annualised over the last 5 years [3] - Share Price Total Return for Q3 FY25 was (7.5)%, but showed strong growth of 16.1% over the last year [2] Portfolio Activity - Total New Investments in Q3 FY25 amounted to £35.2m, with £27m in Primary investments, £5m in Direct investments, and £4m in Secondary investments [4][22] - Total Proceeds from realisations in Q3 FY25 were £34.4m, including 12 Full Exits with a weighted average Uplift to Carrying Value of 18% [3][22] - Closing Portfolio value at 31 October 2024 was £1,445m, with 53% in Primary investments, 32% in Direct investments, and 15% in Secondary investments [4][15] Dividend and Share Buyback - Q3 FY25 dividend per share was 8.5p, with the Board intending to pay total dividends of at least 35p per share for FY25 [3][25] - Since October 2022, the company has returned £50m to shareholders through buybacks, reducing share count by 6% and adding 47p to NAV per Share [3][23] - The opportunistic share buyback programme for FY26 has been renewed for up to £25m, running alongside the long-term buyback programme [26] Balance Sheet and Liquidity - Cash balance at 31 October 2024 was £6m, with total available liquidity of £107m, increasing to £158m pro forma for the increase in credit facility post period-end [24][26] - Net debt at 31 October 2024 was £95m, with the Portfolio representing 111% of net assets [24] - The revolving credit facility was increased from €240m to €300m, enhancing balance sheet flexibility [26] Investment Strategy - The company focuses on buyouts of profitable, cash-generative businesses in developed markets, primarily in North America and Europe [13][14] - The medium-term target portfolio composition aims for 40-50% Primary, 30-35% Direct, and 25-30% Secondary investments [15] - Investments managed by ICG accounted for 31% of the Portfolio [14] Realisation and New Investment Activity - Realisation Proceeds in Q3 FY25 were £34.4m, with 12 Full Exits at a weighted average Uplift to Carrying Value of 17.9% [22] - New Investments in Q3 FY25 totalled £35.2m, with 76% in Primary, 14% in Direct, and 10% in Secondary investments [22] - One new fund Commitment of £7.5m was made during the quarter [20]