Title: Microsoft Word - 202504_ONWD_KID_Final(vi) FOR RELEASE URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_unit_doc_priip_kid&docid=f9e70f22-ca5e-4264-a290-87168efd6488&user=0coJdvFY9B7mAFypgDJVrsukaD1Kk1lGU5s9TveA7Wk= Published Time: Tue, 08 Jul 2025 14:38:22 GMT Number of Pages: 3 Markdown Content: ## PURPOSE There is no requirement for investors to receive a regulated Key Information Document ('KID') before buying these shares. This document provides you with key information about this investment product. It is not marketing material. It is to help you understand the nature and risks of this product and compare it with other products. Product: Onward Opportunities Limited (the “Company”) PRIIP Manufacturer: Onward Opportunities Limited ISIN: GG00BMZR1514 Further Information: Visit https://onwardopportunities.co.uk/ or call +44 1481 743030 Regulatory Authority: Guernsey Financial services Commission Date of Production: 28 April 2025 You are about to purchase a product which is not simple and may be difficult to understand. ## WHAT IS THIS PRODUCT? Type: Onward Opportunities Limited is a closed-ended investment company with Ordinary Shares listed on the Alternative Investment Market ("AIM") of the London Stock Exchange. Objectives: The Company seeks to generate risk-adjusted absolute returns for shareholders through investments primarily in equity and equity-related securities of UK smaller companies that are predominantly listed or admitted to trading on the London Stock Exchange. While the Company has no limitation on the size of companies in which it will invest, the Company typically expects to invest in companies with market capitalisations of no more than £250 million with a particular focus on those between £100 million at the time of investment. The Company will typically target minority stakes in investee companies of between 5% and 25% of the issued share capital. Intended retail investor: Typical investors for whom the Ordinary Shares are intended are institutional, professional, professionally advised or knowledgeable and financially sophisticated non-advised private investors who are capable themselves of evaluating the merits and risks of an investment in the Company and who have sufficient resources both to invest in potentially illiquid securities and to be able to bear any losses that may result from their investment. Retail investors may wish to consult an independent financial adviser prior to investing in the Ordinary Shares. Term: The Company has an indefinite life and there is no such maturity date. ## WHAT ARE THE RISKS AND WHAT COULD I GET IN RETURN? Risk Indicator The risk indicator assumes you keep the Product for 5 years. The actual risk can vary significantly if you sell at an early stage, and you may get back less. You may not be able to sell your product easily or you may have to sell at a price that significantly impacts on how much you get back. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level, and poor market conditions are unlikely to impact the capacity of the Company to pay you. However, the summary risk indicator only reflects historic share price volatility of the proxy. It excludes other risks inherent in the product and so does not show the full risk to the investor. You should be aware that the product may be illiquid. You may not be able to sell end your product easily or you may have to sell end your product at a price that significantly impacts on the performance of your product. # 1 2 3 4 5 6 7 Lower risk Higher risk # Key Information Document ISIN: GG00BMZR1514 PERFORMANCE INFORMATION The main factors which will affect the performance of the Company, are: (i) the ability of the Portfolio Manager to effectively identify, acquire and realise investments in accordance with the Company’s investing policy; (ii) the performance of the underlying investment portfolio; and (iii) the macroeconomic conditions in the UK. While the Company's shares are listed on AIM, being listed on a stock exchange does not guarantee liquidity for any company's shares. Lower levels of liquidity can reduce the correlation between movements in the NAV and the share price of the Company's shares, such that the shares may trade at a discount or a premium to NAV. Please note, references to risk and volatility presented in this document are based on movements in the NAV per share. We established the Summary Risk Indicator using a liquid risk proxy, which has a slightly higher risk than the Company. The liquid risk proxy used for the Company is the total return index of indices that form the FTSE AIM All- Share Index 1. The indices and weightings reflect the sector breakdown of the Company’s portfolio. This gives a daily performance proxy dating back to 1 January 2001. The average volatility observed over a rolling five-year period for the proxy was 11.1% per annum, however, during periods of stress, the volatility over a rolling one-year period rose to 23.9% per annum. The Company acknowledges that the portfolio is expected to be relatively concentrated. As a result, the material decline of one investment would have an adverse effect on returns. Based on the performance of the proxy, we have used a moderate performance scenario return of 0.9% for the recommended holding period of five years in the ‘What are the costs?’ section below. Since inception the Company has returned 7.3% per annum. What could affect my return positively? Specific factors which could affect returns of the Company positively could be positive performance of the underlying investment portfolio, as well as the ability of the Portfolio Manager to implement their investment policy. The Fund currently has a broad range of sector exposures through micro, small and mid-sized UK companies. Favourable movements in UK economic indicators, such as inflation and interest rates, are likely to positively impact on returns. The proxy’s best performance over a rolling one-year was 89.4%, and the proxy’s best performance over a rolling five-year period was 29.1%. The Company’s best performance over a rolling one-year period was 38.6%. What could affect my return negatively? Specific factors which could affect returns of the Company negatively would be underperformance of the underlying investment portfolio. Unfavourable government policies for small UK companies would also be expected to impact returns. General factors which would negatively impact returns would be poor economic performance from the UK markets. The proxy’s worst performance over a rolling one-year was -57.0%, over a longer rolling five-year period, the proxy’s worst return was -12.9% per annum. The Company’s worst performance over a rolling one-year period was -2.6%. What could happen under severely adverse market conditions? A severe adverse experience was a loss of 68.4% which occurred in the proxy between Jul 2007 and Mar 2009, the proxy took around 4 years to recover in Nov 2013. Under severely adverse market conditions, there is a risk that the portfolio companies deteriorate and the capital value of an investment in the Company’s shares could reduce significantly, potentially down to zero. ## WHAT HAPPENS IF THE COMPANY IS UNABLE TO PAY OUT? Shareholders of the Company are not covered by the Financial Services Compensation Scheme. If you sell your shares, your bank or stockbroker will receive cash on delivery of your shares and should pass that to you. > 1 This includes: the FTSE AIM Super Sector Industrial Goods and Services Index (46%), the FTSE AIM Super Sector Technology Index (22%), the FTSE AIM Super Sector Construction and Materials Index (9%), the FTSE AIM Super Sector Retail Index (8%), the FTSE AIM Super Sector Personal and Household Goods Index (8%) and the FTSE AIM Super Sector Media Index (7%). 3 # WHAT ARE THE COSTS? The summary cost information provided below is to help consumer understanding. The Company has expenses arising in relation to the management of the portfolio. The amounts shown are the cumulative costs of the product, for three different holding periods. The figures assume you invest £10,000, and the figures are estimates and may change in the future. It is important to note that these are internal costs in running the product and are not borne directly by investors. The Company’s share price already reflects market sentiment, and takes into consideration publicly disclosed information on expenses, which is set out in our Annual Reports and Financial Statements. As a result, the returns you achieve will be determined solely by the difference between the buying price and the selling price of shares, and the impact of any broking fees, stamp duty, and other platform charges. Costs over time The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs and show you the impact which all costs will have on your investment over time. Investment of £10,000 Scenarios If you cash in after 1 year If you cash in after 3 years If you cash in after 5 years Total Costs 405 GBP 1,342 GBP 2,206 GBP Reduction In Yield (RIY) per year 4.05 % 4.12 % 4.07 % Composition of costs The Table below shows: the impact each year of the different ty pes of costs on the investment return you might get at the end of the recommended holding period; and the meaning of the different costs categories. This table shows the impact on return per year based on a five-year holding period One-off costs Entry costs N/A No entry costs are payable when you purchase ordinary shares. Exit costs N/A No exit costs are payable when you dispose of ordinary shares. Ongoing costs Portfolio transaction costs 0.59 % The impact of the costs of the Company buying and selling underlying investments for the product. Other ongoing fees 2.67 % Total ongoing costs are estimated as 2.67% of your investment over the recommended holding period. Comprising of 1.5% management fees and 1.17% other ongoing costs. Incidental costs Performance fees 0.81 % The impact of the performance fee up to 12.5% of the amount which the Net Asset Value per share exceeds the hurdle of 6% pa. No performance fee will be payable if the hurdle rate is not achieved. Carried interests N/A No carried interest is payable. # HOW LONG SHOULD I HOLD IT, AND CAN I TAKE MONEY OUT EARLY? Recommended Holding Period (RHP): 5 years. The recommended investment holding period is a minimum five years. Ordinary Shares in the Company are designed to be long-term investments and the returns from them can be volatile during their life. The Ordinary Shares will trade continuously on the London Stock Exchange and you are not bound by any prescribed redemption or sale restrictions, and you should be aware of liquidity risks associated with this product. # HOW CAN I COMPLAIN? If you have any complaints about the Company, you may lodge your complaint by emailing OnwardOpportunities@nsm.group or writing to Onward Opportunities Limited, Les Echelons Court, St Peter Port, Guernsey, GY1 1AR. # OTHER RELEVANT INFORMATION We are required to provide you with further documentation, such as the Company's factsheet, latest prospectus, annual and semi- annual reports. These documents and other information relating to the Company are available online at https://onwardopportunities.co.uk/ . Depending on how you buy these shares you may incur other costs, including broker commission, platform fees and Stamp Duty. The person selling you or advising you about the Company will provide you with additional information about these.