Net Asset Value

Achilles Investment Company Limited

LEI: 213800IVO9DDEIJD7724

NET ASSET VALUE

The estimated un-audited net asset value per share ("NAV"), calculated in accordance with the guidelines of the Association of Investment Companies, for Achilles Investment Company Limited at the close of business on 31 May 2025 was 107.72p (cum income).

Achilles Investment Company Limited's second-largest portfolio holding is in Empiric Student Property plc ("ESP"). The Board is pleased to note ESP's announcement of 5 June 2025 regarding a possible offer for the company. The realised and unrealised gains since the month-end in this holding would have added approximately 1.16p to estimated un-audited net asset value per share. Unrealised gains based on ESP's closing bid price on 6 June 2025.

Enquiries:

Company Secretary

NSM Funds Limited                                                                            +44 (0) 1481 743030