Title: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx/ URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_class_doc_factsheet_private&id=951bff63-4319-4144-854c-6ff1c70d90be&user=hl_website_documents Published Time: Wed, 18 Feb 2026 09:44:26 GMT Number of Pages: 2 Markdown Content: JANUARY 2026 Closed end investment company, traded on the London Stock Exchange For more information visit www.uil.limited A DIVERSE PORTFOLIO BY GEOGRAPHY AND SECTOR Registration Number: 39480 PORTFOLIO SUMMARY TOP TEN HOLDINGS on a look through basis % of Group investments 1 Horizon Gold Limited 20.5% > 2W1M 18.8% > 3Resimac Group Limited 16.5% > 4Utilico Emerging Markets Trust plc 9.3% > 5Allectus Quantum Holdings Limited 7.6% > 6MoneyMe Limited 3.8% > 7CoreHealth Technologies Inc 2.9% > 8Alliance Nickel Limited 2.8% > 9Roxmore Resources Inc. 2.5% > 10 West Hamilton Holdings Limited 2.2% > Total 86.9% PERFORMANCE UIL’s net asset value (“NAV”) total return was up by 8.8% in January, outperforming the FTSE All Share total return Index which was up by 3.1% over the month. Over the last three months UIL’s NAV total return was up 9.3% against the FTSE All Share total return Index of 5.7%. Most markets remained positive in January. The S&P 500 Index started the year with a 1.4% gain during the month however the US Dollar fell by 2.0% against Sterling. In January, the FTSE 100 Index was up by 2.9% and the Euro Stoxx Index was up by 2.7%. The ASX 200 Index was up by 1.8% and the New Zealand Exchange was down by 0.9%. Commodity prices were all progressive with Brent crude oil up by 16.2% during the month at USD 70.69. The gold price was up by 13.3% at USD 4,894.23 and nickel was up by 7.5%. Copper was up 4.3% in January. Sterling appreciated 2.0% against the US Dollar, and 0.8% against the Canadian Dollar. However, the New Zealand Dollar and the Australian Dollar declined 3.0% and 2.9%, respectively, during the month. PORTFOLIO UPDATE UIL’s top ten holdings are disclosed on a look through basis, taking into account the underlying investments of Zeta Resources Limited. There was no change to the constituents of the top ten holdings during the month. Horizon Gold’s share price was up by 20.9% in January making it number one in UIL’s look through portfolio. Resimac’s share price declined by 1.6% in January. Utilico Emerging Markets’ share price was up by 7.1% during the month. Alliance Nickel’s share price was up by 33.3% and Roxmore Resources was up by 20.1% in January. ORDINARY SHARES The share price of the ordinary shares ended the month at 160.00p, an increase of 4.6%. The discount to NAV widened from 32.4% to 35.0%. UIL’s first quarterly interim dividend of 2.00p per ordinary share in respect of the year ending 30 June 2026, was paid on 9 January 2026. ZDP SHARES The 2026 ZDP share price increased 0.7% to 144.50p and the share price of the 2028 ZDP shares was down by 0.4%, ending the month at 124.00p. Charles Jillings ICM Investment Management Limited and ICM Limited Registered Office: Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda UK Contact: Telephone: 01372 271 486 OBJECTIVE UIL Limited (“UIL”) seeks to maximise shareholder returns by identifying and investing in compelling long term investments worldwide, where the underlying value is not fully recognised. INVESTMENT APPROACH To seek to invest in undervalued investments. This perceived undervaluation may arise from any number of factors, including technological change, market motivation, prospective financial engineering opportunities, competition, management underperformance or shareholder apathy. UIL has the flexibility to make investments in a wide range of sectors and markets. KEY DATES Launch date* 14 August 2003 > Year end 30 June > AGM November > Ex-dividend dates September, December, March & June > Dividend paid dates September, December, March & June > 2026 ZDP Shares Expiry 31 October 2026 > 2028 ZDP Shares Expiry 31 October 2028 *Utilico Investment Trust plc – UIL’s predecessor SECTOR SPLIT OF INVESTMENTS > Financial Services 42.7% Gold Mining 24.4% Technology 14.3% Resources 6.9% Other 3.6% Electricity 2.1% Water 2.0% Ports 1.8% Renewables 0.6% Airports 0.6% Infrastructure Investments 0.5% Telecommunications 0.5% GEOGRAPHICAL SPLIT OF INVESTMENTS > Australia 57.8% UK 19.1% USA 4.7% Asia 4.7% Latin America 3.8% Canada 2.9% New Zealand 2.2% Bermuda 2.2% Middle East/Africa 1.4% Europe (excluding UK) 1.2% Important Notes The information presented on this document is solely for information purposes and is not intended to be, and should not be construed as, an offer or recommendation to deal in UIL. Investments in UIL are subject to investment risks and the value of investments and the income derived from them may fall as well as rise and investors may not get back the principal amount invested. Past performance is not indicative of future performance. Investors should read the prospectus along with the supplement(s) and seek relevant professional advice before making any investment decision. The information presented has been obtained from sources believed to be reliable, but no representation or warranty is given or may be implied that they are accurate or complete. The Investment Managers reserve the right to make any amendments to the information at any time, without notice. Issued by ICM Investment Management Limited (registered in England: 08421482), which is authorised and regulated by the Financial Conduct Authority (FRN: 630094) .FUND DETAILS TOTAL RETURN INCLUDING DIVIDENDS 1 month 3 months 1 year 3 years 5 years Inception Share Price 4.6% 10.2% 45.7% 19.9% (0.8%) 508.2% NAV per share 8.8% 9.3% 41.7% 5.3% (16.4%) 509.1% FTSE All-Share Index 3.1% 5.7% 21.1% 44.5% 80.8% 488.9% ORDINARY SHARES Ticker: UTL NAV per share at launch of UIT 1 99.47p NAV per share (cum income) 246.17p Share price 160.00p Discount to NAV (35.0%) Annual average compound return (including dividends) 8.4% Historic dividend per share 8.00p Historic dividend yield 5.0% Ongoing charges figure excluding performance fees 3.1% Shares in issue 90,439,504 1 Utilico Investment Trust plc – UIL’s predecessor 2 includes 2.3m 2026 ZDP shares held by UIL 3 includes 0.8m 2028 ZDP shares held by UIL > 4 based on final redemption values INVESTMENT MANAGERS UIL is managed by ICM Limited and ICM Investment Management Limited, which is authorised and regulated by the Financial Conduct Authority. www.icm.limited INVESTMENT MANAGEMENT FEE 0.5% of gross assets plus Company Secretarial Fee. PERFORMANCE FEE 15% of the outperformance over benchmark subject to minimum hurdle of 5% and high watermark, capped at 2.5% of adjusted equity funds. CAPITAL STRUCTURE Gross Assets less Current Liabilities £292.0m Debt £0.7m ZDP shares 2026 2 £36.5m ZDP shares 2028 3 £32.2m Shareholders' Funds (Ordinary Shares) £222.6m £292.0m Gearing (based on AIC definition) 29.7% Gearing AIC – standardised gearing calculation as recommended by the AIC is based on net assets ZDP SHARES 2026 2028 Accrued Capital Entitlement 146.07p 130.60p Share Price 144.50p 124.00p Discount to NAV (1.1%) (5.1%) ZDP Cover 4 7.56x 3.81x Yield to Redemption 4 6.5% 7.8% ZDP Redemption Value 151.50p 152.29p Shares in issue 25.0m 25.0m Ticker UTLH UTLI UIL News # A DIVERSE PORTFOLIO BY GEOGRAPHY AND SECTOR PERFORMANCE For more information visit www.uil.limited Registration Number: 39480 Registered Office: Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda UK Contact: Telephone: 01372 271 486 FOLLOW US