Caledonia Investments : 2023 annual general meeting presentation

About this update from Caledonia Investments Plc

Annual General Meeting 19 July 2023 www.caledonia.com David Stewart Chair www.caledonia.com Presentation of Final Results Year ended 31 March 2023 Mat Masters CEO Tim Livett CFO Tom Leader Head of Private Capital www.caledonia.com Highlights Year ended 31 March 2023 NAV total return +5.5% (2022: +27.9%) NAV per share 5068 pence +0.5% (2022: 5041p) Net assets £2,798m +0.5% (2022: £2,783m) Share price 3390 pence -4.2% (2022: 3540p) Annual dividend per share 67.4 pence +4.0% (2022: 64.8p) +5.5% NAV per share total return for year Private Capital and Funds pools generated good returns Favourable impact of fall in value of Sterling v. US dollar Payment of special dividend limited growth in NAV 4.0% increase in full year dividend CFO succession - Rob Memmott appointment announced Post year-end (April 2023): Acquired majority stake in European division of AIR-serv for £142.5m AGM 2023 3 Performance Track Record Consistent long term outperformance Aim to grow capital value and income over the long term (10 years) measured in real terms Target return of RPI +3% to +6% over medium / long term Aim to outperform FTSE All-Share Total Return over 10 years 20% +19.3% +5.5% Annualised Performance Target range: Medium and Long-Term long-term +15.7% RPI + 3%-6% 15% +13.8% RPI +11.6% +6.6% +10.8% +5.0% 7.9% RPI 10% +8.2% +9.4% 5.7% RPI 4.0% +5.8% +5.0% 5% 0% Over 3 years Over 5 years Over 10 years Caledonia NAVTR Caledonia Share Price TR FTSE All-Share TR AGM 2023 4

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