18 July 2024

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

Publication of monthly factsheet

The latest monthly factsheet for UIL Limited ("UIL" or the "Company") will shortly be available through the Company's website at:

https://www.uil.limited/investor-relations/factsheet-archive

Monthly commentary

PERFORMANCE

UIL's NAV total return declined by 4.9% in June, underperforming the FTSE All Share total return Index which declined by 1.2% over the month.

Global stock markets were mixed in June. In the US, the Federal Reserve kept rates on hold and US markets continued to appreciate, with the S&P 500 gaining 3.5% in June. The European Central Bank did cut rates as expected in early June and European markets were generally weaker with the Eurostoxx and FTSE 100 down 1.8% and 1.3% respectively over the month, ahead of French and UK elections in early July. In Australia, the ASX-200 advanced by 0.9%.

In emerging markets, there were strong technology sector driven rallies in the Taiwanese and Korean markets. Both markets are large constituents of the MSCI EM Index, which was up 4.7% in Sterling terms over the month. India's SENSEX Index gained 6.9% in response to the re-election of Narendra Modi as Prime Minister in a coalition government which many commentators saw as a "Goldilocks outcome". In contrast, Claudia Sheinbaum's stronger than expected majority in Mexico's presidential election was taken negatively by the market, with a 5.0% decline in the MEXBOL Index in June accompanied by a 6.7% decline in the value of the Mexican Peso versus the US Dollar. Chinese equity markets were also weaker, with the Shanghai Composite down by 3.9% and the Hang Seng Index down by 2.0%.

Sterling weakened by 0.7% against the US Dollar and 1.1% against the Australian Dollar, whilst gaining 0.6% against the Euro in June. There were significant moves in Latin American currencies, with the Mexican Peso declining by 6.1% against Sterling and the Brazilian Real weaker by 4.9%.

In the commodities markets, Brent Crude oil bounced back, rising 5.9% for the month after weakness in May. The nickel price declined by 12.5% and copper was down by 4.6%. The gold price was stable.

PORTFOLIO

There was one change to the top ten constituents of the UIL portfolio in May, with WT Financial replacing Arria NLG due to a write-down in Arria's carrying valuation.

The merger between Waverton and London & Capital completed at the end of June with the cash proceeds allowing Somers to make a substantial dividend distribution to its shareholders, including UIL. Adjusted for this distribution, Somers' NAV declined by 1.6% in the month, principally due to a 7.5% decline in the share price of Resimac, which is also held directly by UIL.

Zeta's share price rose by 4.2% over the month, with its net tangible assets ("NTA") increasing by 1.2%. Subsequent to the month end, Zeta announced that it has received a non-binding letter of notice from its major shareholders, UIL and General Provincial Life Pension Fund, who together hold 95% of the Zeta shares in issue, that they are considering acquiring the shares in Zeta that they do not currently own by compulsory acquisition.

A periodic review of the valuation of Allectus Capital's portfolio resulted in a 21.2% decline in its NAV.

UEM's NAV total return for the month was 0.2%. UEM's share price total return eased by 1.3% in June, with its discount to NAV rising to 18.6% from 17.2%. The Market Limited's share price fell by 3.2% over the month whilst Carebook Technologies' share price was unchanged. WT Financial's share price was up 8.6% in June.

Realisations totalled £1.0m and there were no material purchases during the month.

DEBT

Bank and other debt reduced to £2.9m from £11.1m, all drawn in Sterling.

ZDP SHARES

In June, the share prices of the 2024, 2026 and 2028 ZDP shares appreciated by 0.8%, 2.1% and 1.6% respectively.

OTHER

UIL's ordinary share price was unchanged at 103.50p in June while the discount to NAV narrowed from 39.8% to 36.6%.

The third quarterly interim dividend of 2.00p per ordinary share in respect of the year ending 30 June 2024 was declared and will be paid on 31 July 2024 to shareholders on the register as at 5 July 2024.

Name of contact and telephone number for enquiries:

Charles Jillings

ICM Investment Management Limited                                 +44(0)1372 271486