15 August 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 1.4% in July, underperforming the FTSE All Share total return Index which increased by 3.1% over the month.

Global markets in July remained mixed, with pressure increasing on the US Federal Reserve to cut interest rates in September on the back of softer inflationary and labour market data. Headline inflation in the US fell to 3.0% YoY, the second consecutive month of being lower than expected and the US unemployment rate rose to 4.1% indicating a slowing labour market. The attempted assassination of Donald Trump, and the withdrawal of President Biden from the US presidential race, leading to the endorsement of his vice president Kamila Harris, added to the market volatility. In July the S&P Index was up by 1.1% whilst the Nasdaq Composite Index struggled being down by 0.75%, affected by concerns around whether big tech stocks can deliver on their heavy AI investments. The US Dollar weakened during the month, depreciating 1.6% against Sterling.

Within Europe, the European Central Bank (ECB") kept interest rates on hold in July as expected, although Christine Lagarde, the ECB President indicated there could be a possible cut in September. The Eurostoxx Index was marginally down for the month by 0.4% with the Euro depreciating 0.6% against Sterling. In comparison, the FTSE 100 Index was up by 2.5%. UK equities performed well post the Labour landside general election victory, aided by hopes of a rate cut as the Consumer Price Index remained flat at 2.0% for June.

Emerging markets fared better in July, helped by the weaker US Dollar and expected interest rate cuts. Within Asia, the Indian Sensex Index increased again in July by 3.4% as investors reacted positively to the new Modi coalition government continuing their focus on reformist policies as reiterated in the Indian Budget. China continues to be the drag, with the Chinese Shanghai Composite Index down by 1.0% and the Hong Kong Hang Seng Index down 2.1% as the third plenum failed to excite investment sentiment. Within Latam, market performance was also mixed with the Brazilian Bovespa up by 3.0% helped by the prospect of US interest rates cuts and the Mexican market was up by 1.2%. Exchange rates for the Latam markets continue to be a struggle with the Brazilian Real depreciating 3.3% against Sterling and the Mexican Peso depreciating 3.4% over the month.

In the commodities markets, Brent Crude oil declined by 6.6% on back of expectations of slower global growth, which also affected the price of copper and nickel, down by 4.9% and by 4.1% respectively. The gold price for the month was up by 5.2%, reaching yet another all time high as geopolitical tensions continue to heighten and potential interest rate cuts loom during the month.

PORTFOLIO

There were no changes to the top ten constituents of the UIL portfolio in July.

Zeta's share price was up again in July, by 8.0% boosted by the announcement Zeta made on receiving 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. Carebook Technologies was also up 9.1% in July.

UEM's NAV total return for the month was down by 1.2% whilst UEM's share price was up by 0.9% in July, with its discount to NAV narrowing to 16.9% from 18.6%.

There were no realisations and £0.1m of purchases during the month.

DEBT

Bank and other debt remained at £2.9m, all drawn in Sterling.

ZDP SHARES

In July, the share prices of the 2024, 2026 and 2028 ZDP shares appreciated by 0.4%, 2.1% and 1.5% respectively.

OTHER

UIL's ordinary share price increased from 103.50p to 105.00p in July and the discount to NAV narrowed from 36.6% to 34.0%.

The third quarterly interim dividend of 2.00p per ordinary share in respect of the year ending 30 June 2024 was 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