Title: 242079376.pdf URL Source: https://documentscdn.financialexpress.net/Literature/1756ABAF22F8036F1358DF8F390D9F33/242079376.pdf Number of Pages: 2 Markdown Content: APRIL 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 24.6% > 2W1M Group Limited 17.3% > 3Resimac Group Limited 15.0% > 4Utilico Emerging Markets Trust plc 8.5% > 5Allectus Quantum Holdings Limited 8.4% > 6Roxmore Resources Inc. 3.2% > 7CoreHealth Technologies Inc. 2.7% > 8MoneyMe Limited 2.6% > 9Alliance Nickel Limited 2.1% > 10 West Hamilton Holdings Limited 2.0% > Total 86.4% PERFORMANCE UIL’s net asset value (“NAV”) total return was up by 0.6% in April, compared with the FTSE All Share total return Index which was up by 2.8%. Over the last three months UIL’s NAV total return was 12.6% outperforming the FTSE All Share total return Index which was up by 2.1%. The US-Israeli strikes on Iran and retaliatory actions by Iran, largely paused from 8 April 2026 when a tentative ceasefire came into place. Progress on a possible peace agreement, leading to an early end to the conflict is unpredictable. April was a positive month for the markets, the S&P 500 Index was up by 10.4% and the Euro Stoxx Index was up by 5.6%. The ASX 200 Index was up by 2.2% and the FTSE 100 Index was up by 2.0% during the month. Commodity prices were mixed in April with nickel up by 14.0% and copper was up by 5.6%. The gold price was down by 1.1% at USD 4,617.85 and Brent crude oil declined by 3.7% ending the month at USD 114.01. Sterling appreciated 3.0% against the US Dollar and 0.5% against Canadian Dollar. Whilst the Australian Dollar was down by 1.8% and the New Zealand Dollar declined by 0.2% 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 were no changes to the constituents of the top ten holdings during the month. Horizon Gold remained number one in UIL’s look through portfolio despite its share price decreasing 9.4% during April. Utilico Emerging Markets’ share price was up by 6.6% in the month. Roxmore Resources’ share price increased by 32.5% in April, as it announced the results of a Preliminary Economic Assessment of its Converse Gold Project on 20 April 2026. This envisages a 14-year, open-pit, heap leach mine producing an average of 246,000 ounces of gold per year, generating an after-tax NPV 5% of USD 2.7bn, IRR of 43%, and 2.2 years payback period, at long term consensus gold price of USD 3,600/oz (increasing to after-tax NPV 5% of USD 4.5bn, IRR of 60%, and 1.6 years payback period, at a spot price of USD 4,700/oz). MoneyMe was up by 4.9% whilst Alliance Nickel’s share price was down by 12.5% during the month. ORDINARY SHARES UIL’s ordinary share price ended the month at 199.00p, a decrease of 1.0%. The discount to NAV widened from 26.6% to 27.7%. ZDP SHARES The 2026 ZDP share price was up by 1.7% at 148.00p and the 2028 ZDP share price was down by 0.4% ending the month at 128.50p. 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 38.3% Gold Mining 30.0% Technology 14.5% Resources 5.8% Other 3.8% Electricity 2.2% Water 2.1% Ports 1.4% Renewables 0.6% Telecommunications 0.5% Infrastructure Investments 0.4% Airports 0.4% GEOGRAPHICAL SPLIT OF INVESTMENTS > Australia 60.3% UK 17.6% USA 5.3% Asia 4.3% Latin America 3.7% Canada 2.7% Bermuda 2.0% New Zealand 1.9% Middle East/Africa 1.4% Europe (excluding UK) 0.8% 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 (1.0%) 25.6% 80.6% 71.0% 10.9% 664.0% NAV per share 0.6% 12.6% 79.9% 49.1% (10.1%) 586.1% FTSE All-Share Index 2.8% 2.1% 25.2% 44.7% 66.9% 501.3% ORDINARY SHARES Ticker: UTL NAV per share at launch of UIT 1 99.47p NAV per share (cum income) 275.25p Share price 199.00p Discount to NAV (27.7%) Annual average compound return (including dividends) 8.8% Historic dividend per share 8.00p Historic dividend yield 4.0% Ongoing charges figure 1.4% 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 £318.5m Debt £0.0m ZDP shares 2026 2 £36.9m ZDP shares 2028 3 £32.7m Shareholders' Funds (Ordinary Shares) £248.9m £318.5m Gearing (based on AIC definition) 25.9% Gearing AIC – standardised gearing calculation as recommended by the AIC is based on net assets ZDP SHARES 2026 2028 Accrued Capital Entitlement 147.79p 132.41p Share Price 148.00p 128.50p Premium/(Discount) to NAV 0.1% (3.0%) ZDP Cover 4 8.41x 4.19x Yield to Redemption 4 4.8% 7.0% 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