Title: 240105843.pdf URL Source: https://documentscdn.financialexpress.net/Literature/575D00D654E0C10FBCF9601588C900FF/240105843.pdf Number of Pages: 3 Markdown Content: developnorth.co.uk # Review of the Quarter to # 30 November 202 5 The financial year ha s seen the base rate decrease to 3.75 % after a narrow vote to hold them at that level at the February 202 6 meeting. Market consensus is that rates will continue to fall during 2026 with Capital Economics forecasting a drop to 3.0%. January 202 6 inflation figure showed CPI at 3. 0%, the lowes t since March 2025 . The Bank of England believe inflation will fall back to 2% later this Sp ring . Year on year house prices are up by 1. 0% across the country (Halifax House Price Index January 2026 ) with the North East recording 1.2% annual growth and Scotland having the second highe st regional annual growth at 5.4% . DVNO made two exciting announcements in recent months. The first was the issue of a new pro spectus on the 16 January 2026 to support a £58m fundraise to pivot from a sing le asset lender to a multi -real est ate platform . Th is represents a signi ficant milestone for Develop North, setting out its prop osed strategy to scale the company into a £300m multi -asset investment company and to invest in opportuni ties across the North East. W ith major inward investment, £5.15 bn of dev olution funding a nd growing institutional interest in UK regions, this i s an exciting tim e for the North East. By providing flexible , locally informed capital, we can contribute to regional rege neration , job creation and economic growth . Th e link to the full announce ment can be found here : https://www.londonstockexchange.com/news -article/DVNO/publication -of -a- prospectus/17418042 The second was the appointment of Michell e Percy with effect from 26 January 2026 as Chief Executi ve Officer . Michelle brings more than 30 years of senior leadership experience across the public and private sect or s, with a strong track record in property regen eration , inv estment and strategic development. She spent almost nine years at Newcastle City C ouncil, where she played a leading role in building public -private partner ships a nd attracting inward investment . Michell e’s appointment will also significantly support the fund's ambitions to raise its international profile, drive new investment into the Company, and promote economic growth across the North East region. 2.1 % NAV total return for this financial year Attributed as follows (as a % of 30 Nov 202 4 NAV): • 5.01 % increase in dividends paid • 2.33 % de crease in NAV per share Ticker DVNO Launched 24 January 2017 Domicile UK Listing LSE Main Market Ordinary shares 24,978,201 Market cap £17.234 m Share price 69 p NAV per share (cum income) 77.48p Price discount to NAV 10.94 % Forecast Yield 5. 80 % Dividends 1.0p/quarter Dividend cover 0.41 Gearing 35 % (max. 35%) Portfolio Manager Tier One Capital Ltd Annual Management Fee (% of net assets) 0.25% on assets from £0m to £100m 0.50% on assets above £100m Financial year end 30 November Dividend payment dates Jan, Apr, Jul, Oct OCF 0.0 % Develop North PLC (DVNO) is an investment company listed on the LSE Main Market. It targets a 4.0p annual dividend and 5% NAV total return, through a diversified portfolio of fixed rate loans: • Secured over land and/or property in the UK, primarily regional (i.e. loans to property developers) • Targeted towards both residential and commercial property developments # Quarterly factsheet 30 November 202 5developnorth.co.uk Senior & Profit Senior Mezzanine 0% 2% 4% 6% 8% 10% 12% 14% 16% Senior Senior & Profit Mezzanine Residential Commercial Cash North East Scotland North West Cash # Portfoli o at a glance # 16 £24.7m £1. 5m Loans Portfolio value Average loan size # 9.9% 100% 70 % Average coupon Secured LTV developnorth.co.uk # Investmen t risks The value of investments and any income will fluctuate, and investors may not get back the full amount invested. When making an investment into an investment trust you are buying shares in a company that is listed on a stock exchange. The price of the shares will be determined by supply and demand. Consequently, the share price of an investment trust may be higher or lower than the underlying net asset value of the investments in its portfolio and there can be no certainty that there will be liquidity in the shares. The investment trust may use borrowings to invest in the market. The use of borrowings may enhance total return when the investment trust’s assets are rising, but it will have the opposite effect when asset values fall. The use of borrowings may increase the volatility of the share price and the net asset value per share. In certain circumstances the investment trust may be required to repay borrowings, and this could adversely affect income and capital returns. # Important information This document is marketing material and is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy are therefore not applicable nor are any prohibitions to trade before publication. The information provided is for illustrative purposes only, it should not be relied upon as a recommendation to buy or sell securities. Where individuals or the business have expressed opinions, they are based on current on current market conditions, they may differ from those of other investment professionals and are subject to change without notice. For more information on our products, please refer to the relevant Key Information Document (KID), Alternative Investment Fund Managers Directive document (AIFMD), and the latest Annual or Half Yearly Financial Reports. This information can be found at www.developnorth.co.uk. Portfolio manager Tier One Capital Ltd Portland House, New Bridge Street West, Newcastle upon Tyne NE 1 8AL T: 0191 222 0099 E: info@tieronecapital.co.uk Broker Cavendish Capital Markets Ltd 1 Bartholomew Close, London, EC1A 7BL T: 020 7220 0557 E: aworne@cavendish .com # Furthe r information