Pursuant to the Managed Wind-Down announced on 14 December 2023, the Company proposes to conduct an orderly realisation of its assets in a manner that seeks to optimise the value of the Company’s investments whilst progressively returning cash to shareholders. In particular:

·  the Board expects that approximately £115 million would be returned to shareholders in the first half of 2024 at, or close to, NAV (subject to shareholder approval and the appropriate use of the Company’s distributable reserves) with further returns of cash to follow as value is realised from the Company’s private markets portfolio in a timely and efficient manner;

·  approximately £107.3 million of the Company’s private markets portfolio (valued as at 30 November 2023) is expected to mature between 2024 and 2027 (the “First Tranche”). It is intended that the proceeds from the First Tranche will be returned to shareholders in a timely manner as the investments mature;

·  the remaining £81.5 million of the private markets portfolio (valued as at 30 November 2023) is expected to mature between 2029 and 2033 (the “Second Tranche”). As market conditions improve, opportunistic secondary sales of Second Tranche assets would be considered by the Company in order to realise value from these assets in a timely manner;

10/01/24

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How much, if any, will have dropped out of the expected return ?

Current share price 82p NAV 107p capital £245.5 million