End of week note for investment trust investors

Last week ended with President Trump agreeing to buy Russian diesel to help bring down fuel costs ahead of the US mid-term elections. He also claimed an “energy ceasefire”, which proved to be basically nonsense, and with oil still trading at $105 per barrel, his efforts have not worked. He is seemingly now re-examining new military strikes against Iran. The Houthis stepped things up with new strikes on Riyadh’s main airport, causing several injuries and a temporary closure, as well as Saudi Aramco’s headquarters, vowing more to follow. Markets seemed relatively unbothered by this activity. However, the turning point of the week was the release of US inflation data for September, which came in at 3.7%, ahead of expectations and up from 3.4% in August. US equities, particularly technology and small caps, fell post that, while US Treasury yields moved lower (i.e. prices rose) as investors rotated into bonds. Elsewhere, the IMF’s annual meeting described AI’s impact on employment as a “slow-moving tsunami” that could affect 40% to 60% of jobs worldwide over time, while the IMF and the Bank of England both warned that the growing risk of cyber-attack could erode trust in the financial system itself.

In the UK, GDP growth for the three months to August was 0.7%, a pleasant surprise, with it on course to be the second fastest-growing G7 economy this year. With less than two weeks to the Budget, this one could be significant. The Institute for Fiscal Studies said “steady as she goes” is no longer an option, given questions over the extent of the Chancellor’s “headroom”, and that either taxes rise or spending cuts will be needed. The IMF, meanwhile, offered some unexpected praise, noting that the UK is reducing its borrowing by nearly 4% of GDP between 2025 and 2031 and is projected to have the lowest annual borrowing in the G7 by 2031. Together with other news, this helped UK bond yields fall over the week, particularly at the long end of the curve - no bad thing ahead of the Budget.

In the investment trust sector, average discounts (excluding 3i Group) contracted by 0.3% to 11.8%. Given the backdrop, it was a poor week for the technology trusts and emerging markets (except India) but a better one for REITs. Saba Capital bought more Grainger, their leader Boaz Weinstein, has secured a seat on the board of SDCL Efficiency Income, and Scottish Oriental Smaller Companies has announced a strategic review following shareholder consultation. At Frostrow, City Natural Resources, Temple Bar, Ecofin Global Utilities and Vanneck Global Equity Income (our open-ended client) all held webinars with interested investors.

Do not be short of investment trusts or actively managed funds.

Forthcoming Frostrow and Industry events to note round the corner include:
Quoted Data Investors’ Choice Awards: CCJI, CYN and TMPL all up for awards (Frostrow clients) amongst many others. Please cast your votes here (closes 31 October 2026): https://info.quoteddata.com/investors-choice-awards-2026

2. Frostrow Recorded Investor Events

Aurora UK Alpha (ARR LN, UK All Companies, £264.4m mkt capn, 11.0% discount to NAV): the Phoenix investment team are available for meetings with investors in 2026. The latest update from the management team, from 26 January 2026, is available to view here:

https://www.youtube.com/watch?v=8BbZc9dgjB0

The link to a webinar that occurred on 29 September 2026 is copied here: Aurora UK Alpha plc (ARR) Half-Year Results & Investor Update Webinar, 29 September 2026

Biotech Growth Trust (BIOG LN, Healthcare & Biotechnology, £257.6m mkt cap, 5.9% discount to NAV): Co-portfolio manager, Josh Golomb, provided an update for investors via Investor Meet Company on 10 March 2026: https://www.investormeetcompany.com/meetings/investor-presentation-1001

A link to the presentation by Geoff Hsu at the AGM on 16 July 2026 can be found here: https://www.youtube.com/watch?v=izwHIML8spU

Kepler video: The Biotech Growth Trust: why now for global biotech innovation?

CC Japan Income & Growth Trust (CCJI LN, Japan, £370.5m mkt capn, 6.7% discount to NAV): please contact Frostrow Capital in order to arrange a meeting with management in 2026. In addition, we note CCJI QuotedData In the Hot Seat interview to view here:

https://www.youtube.com/live/eBmf8nisElM?si=O11Cr1IHSuQbv2A0

A webinar took place on 13 July 2026, do view it here:

https://www.youtube.com/watch?v=-ZQLFVnEnHM

A new podcast for CC Japan Income & Growth is now live on both sites. Link here: https://www.trustintelligence.co.uk/investor/articles/podcast-trust-issues-investing-in-japan-with-ccji-s-theo-wyld-retail-oct-2026

City Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £157.5m mkt capn, 3.0% premium to NAV): investor meetings available now. Please do speak to Frostrow Capital for interest in re-engaging with the management team. The webinar recorded on 16 October 2026 will be available to view via link here next week:

Custodian Property Income REIT (CREI LN, Property UK Commercial, £375.6m mkt capn, 19.9% discount to NAV): Richard Shepherd-Cross, lead manager, is available for meetings in 2026 (physical throughout UK, or zoom, as per preference). Richard also gives his most updated thoughts in the Investor Meet Company webinar which took place on 13 February 2026. You can view it here:

https://www.investormeetcompany.com/meetings/investor-presentation-997

A Custodian webinar took place on Monday 14 September 2026, do view it here:

https://www.youtube.com/watch?v=NG7CbqC3pFM

Ecofin Global Utilities & Infrastructure (EGL LN, Infrastructure Securities, £233.9m mkt capn, 2.0% discount to NAV) : Jean-Hugues de laMaze, lead manager of the Trust conducted an Investor Meet Company webinar on 27 May 2026, and for those who missed it, you can access it here:

https://www.investormeetcompany.com/meetings/investor-presentation-1038

The most recent EGL webinar from 23 September 2026 is available here: https://www.youtube.com/watch?v=w3SiZoc41Uk

Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £808.7m mkt capn, 7.6% discount to NAV): Frostrow highlight Nick Train’s presentation at the Company’s AGM on 15 January 2026, available to view here:

https://www.youtube.com/watch?v=2zZXsxaL9xQ

Link for the webinar of 15 July 2026:

https://www.youtube.com/watch?v=jE9n4ut7xl0

We further note the latest Edison Vantage Interview of Nick: https://vimeo.com/1235355781/8b0d412a49?share=copy&fl=sv&fe=ci

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £69.7m mkt capn, 0.7% discount to NAV): To watch the most recent update which took place on 24 March 2026 with Tom Treanor and Charlotte Cuthbertson, click here: https://www.investormeetcompany.com/meetings/investor-presentation-995

To watch the latest MIGO webinar post FY results and 30 June 2026 factsheet update, please view the event recorded on 27 July 2026 here - MIGO OPPORTUNITIES TRUST PLC - Annual Results

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £1,316.8m mkt capn, 0.0% discount to NAV): Read the latest quarterly Temple Bar IT newsletter here if your Bar is set high and your portfolio is your Temple: https://www.templebarinvestments.co.uk/media/insights/century-value-investing/

A retail investor webinar took place on 13 October 2026 and is available here to view: https://www.youtube.com/watch?v=3v---tWqUtw

Worldwide Healthcare Trust (WWH LN, Healthcare & Biotechnology, £1,289.3m mkt capn, 6.4% discount to NAV): See below the link to the latest WWH AGM presentation recording from 14 July 2026:

https://www.youtube.com/watch?v=-phskZBx8gE

In addition, the webinar recorded on 30 September 2026 is available here: https://www.youtube.com/watch?v=ub-goKeURcE

Link to webinar recording of 15 October 2026 available next week

Frostrow Investor Relations team – Messrs Grant Challis, Neil Winward, Matt Burrows, Nicholas Todd & Max Smith

Please contact us on ir@frostrow.com

Trump is doing his best to re-set the world geopolitical and trade order and in so doing will potentially re-set the investment landscape. Saba Capital have said they are “ready to buy billions more UK investment trusts [and they are] open to taking stakes in trusts that hold illiquid assets [now also]”. The UK Government have finally seen sense to allow their pension funds to invest in investment trusts to access a variety of assets such as infrastructure and private equity. Record ETF issuance continues, with now more active ETFs than passive and record open ended funds converting into ETFs also. Whether there is a “crack” in the bond market or not, the investment trust and actively managed fund sectors are here offering best in class active management from the world’s top fund managers in a variety of liquid and less liquid asset classes. They act as a strong complement to passive ETF holdings also.

DO NOT BE SHORT OF INVESTMENT TRUSTS AND ACTIVELY MANAGED FUNDS

Find us on the web: https://www.frostrow.com/

Find us on You Tube: https://www.youtube.com/channel/UCAptpfmx0HITqvlI68psd7Q

Check out our July 2026 summary podcast here: https://www.investormeetcompany.com/updates/frostrow-talks-trusts-july-2026-podcast/show

Frostrow Capital, bringing you high quality, differentiated product in a UK listed closed and open-ended form

3. Further investment themes evident in the investment trust sector this week include:

Discount / Premium control

A total of 326 corporate announcements from Tuesday this week on the LSE, of which 93 were in reference to share buybacks (28.5% of total). 7 referred to equity issuance.

The Lindsell Train Investment Trust (LTIT LN, Global, £114.8m mkt capn, 14.3% discount to NAV): circa 6.5m shares were validly tendered at 95% of NAV of 9 October 2026, albeit the maximum number to be tendered was 4m shares (32.5% of share capital). Following a scale-back exercise, shareholders who validly tendered a number of Shares greater than their basic entitlement will have a number of Shares equal to their basic entitlement purchased in full plus approximately 20.89% of their excess applications. (Frostrow client)

Vietnam Holding Limited (VNH LN, Country Specialist, £60.5m mkt capn, 10.6% discount to NAV): 14.7% of share capital was tendered for redemption for 2026 at 371.45pps

Saba news

Grainger (GRI LN, £1,300m mkt capn): Saba Capital's holding increased from 9.2% to 10.1%

SDCL Efficiency Income Trust (SEIT LN, Renewable Energy Infrastructure, £373.9m mkt capn, 54.8% discount to NAV): all resolutions passed at the General Meeting, including resolutions appointing Boaz Weinstein (representing largest shareholder, Saba Capital) and Richard Pavry (representing second largest holder, General Atlantic)

Gearing news

Sirius Real Estate Limited (SRE LN, £1,470m mkt capn): announced that Fitch Ratings has reaffirmed the Company's Long-Term Issuer Default Rating and senior unsecured rating at BBB, with a Stable Outlook. In its rating rationale, Fitch highlighted the strength of the Group’s credit metrics, with EBITDA net interest cover of around 7x in FY26 and net debt to EBITDA around 6x throughout the forecast period, further demonstrating the strength of Sirius’ balance sheet. It also expects the Group to maintain leverage at or below its long-term loan-to-value policy.

Strategic review update

The Scottish Oriental Smaller Companies Trust (SST LN, Asia Pacific Smaller Companies, £305.0m mkt capn, 6.6% discount to NAV): announced that, following consultation with a number of its largest shareholders, it has decided to undertake a strategic review of the Company's future options. Discussions with shareholders have highlighted the importance of scale and secondary market liquidity, alongside investment performance, in meeting shareholders' long-term needs. The Board continues to believe in the merits of investing in Asian smaller companies. The Strategic Review will therefore focus on options that preserve shareholders' access to this investment opportunity through a vehicle with the scale and liquidity appropriate to their needs. This will include consideration of a potential combination with another investment company. The Board has decided not to proceed with the conditional tender offer in light of the shareholder feedback.

Results / updates

Patria Private Equity Trust quarter end 30 June 2026 update (PPET LN, Private Equity, £878.1m mkt capn, 30.2% discount to NAV): NAV TR +1.3% vs FTSE All Share +4.7%; share price TR +7.2%; New investments totalled £52.8m across three primary fund commitments and two secondary investments. Drawdowns were broadly in line with recent quarters at £57.7m and distributions from the underlying portfolio were £24.5m (prior quarter: £43.8m), reflecting a quieter period for realisations amid geopolitical instability and uncertainty around the software sector. No secondary sales were made by the Manager during the period. This resulted in increased use of PPET's revolving credit facility and a small increase in the overcommitment ratio to 40.2%, the lower end of our 30–65% target range, and PPET retains £230.7m of available cash and undrawn credit facility.

Ruffer Investment Company September 2026 update (RICA LN, Flexible Investment, £829.2m mkt capn, 4.5% discount to NAV): September was a challenging month for financial markets and the Ruffer strategy. As yields rose to multi-decade highs, equities and bonds fell together, yet the subdued nature of equity and credit market volatility meant that the positive returns from portfolio’s protections did not offset the fall in the other assets. RICA believe the bond market now presents a compelling value opportunity. While a continued grind down for bonds may be painful for the fund in the near term, further yield-induced market pain should trigger the protections, whereas a retracement in yields would benefit the portfolio’s equities and bonds. 8.8m shares have been repurchased in Q3 2026

Artemis UK Future Leaders HY results to 31 July 2026 (AFL LN, UK Smaller Companies, £113.7m mkt capn, 12.6% discount to NAV): NAV TR +1.6% vs Deutsche Numis Smaller Companies plus AIM +0.9%; share price TR +2.1%; the Company aims to distribute all available revenue income quarterly. The policy target is a 4% dividend yield (based on the year-end share price) for the year ending 31 January 2027, subject to normal circumstances. Over the past six months managers Mark Niznik, William Tamworth and Anna Pugh have all increased their personal investments in AFL and since their appointment have collectively bought 868,000 shares in the Company. Valuations of UK smaller companies remain very attractive relative to both larger companies and international peers.

Octopus Renewables Infrastructure Trust (ORIT LN, Renewable Energy Infrastructure, £318.1m mkt capn, 30.4% discount to NAV): announced that it has signed a conditional agreement to acquire Barnsdale Solar Park.. The asset is a 55 MWp solar project located in West Yorkshire and is currently under construction. Once operational, it is expected to generate clean electricity equivalent to the annual needs of approximately 19,000 homes. Barnsdale has been awarded a fixed price, CPI-linked government-backed CfD running until 2041. The acquisition by the Company is conditional upon the site meeting the relevant requirements ahead of the CfD commencement deadline, which we expect to be satisfied in March 2027. The total acquisition price, including remaining construction costs, will amount to approximately £34.6m. The Company continues to pursue further construction-stage investment opportunities alongside asset sales, as part of its capital recycling programme.

RTW Biotech Opportunities update to end September 2026 (RTW LN, Healthcare & Biotechnology, £728.5m mkt capn, 15.9% discount to NAV): NAV -7.7% vs Russell 2000 Biotech Index -5.3% / Nasdaq Biotech Index -0.1%; Many therapeutic names weakened during August and September, while a small group of large constituents supported the index. Moderna, a popular short position, was the main driver of sector performance. 22 biotech IPOs year to date vs 8 for 2025 in total; US interest rates increased by 25bps but "RTW expects tightening to matter less for biotech than it did in the recent bear market for several reasons. The size of the move is small relative to that multi-year cycle, and the one-year correlation between the XBI and Treasury yields has turned positive (+0.84), indicating that M&A, clinical catalysts and earnings have become larger drivers of the sector than rates alone."

Ecofin Global Utilities and Infrastructure Trust September 2026 update (EGL LN, Infrastructure Securities, £233.9m mkt capn, 2.0% discount to NAV): NAV TR -3.9% vs S&P Global Infrastructure Index -3.5% / MSCI World Utilities Index and -3.2%; share price TR -3.1%. This was a tougher month due to rising long bond yields, with the US 10-year hitting 5.3% and both the Fed and ECB hiking by 25bps. The manager is leaning in, and the structural story is intact. Gearing rose to 7.2% from 5.5% at end-August, as the manager saw stocks that looked unfairly hit by rising interest rates. Meanwhile, data-centre power demand is a tailwind: Vistra’s affiliate Luminant signed a 20-year PPA for a Texas data centre, and Fortum signed a 22-year nuclear PPA with Google. Holdings such as Vistra, RWE, SSE, Iberdrola and Drax contributed positively.

TwentyFour Income Fund September 2026 (TFIF LN, Debt – Structured Finance, £1,015.9m mkt capn, 2.0% premium to NAV): NAV TR +0.4%; September was an active month for the Fund. In the CLO market, the portfolio managers continued to add US BB CLO positions at SOFR+5%. They also continued to build the Fund’s significant risk transfer exposure, adding an Italian corporate SRT during the month at Euribor+850bp. In addition, the Fund invested in a UK logistics commercial mortgage-backed securities transaction, where AAA spreads of SONIA+135bp looked attractive. Gearing increased to 4% during the month to reflect current market opportunities, while the Fund retained flexibility.

The Mercantile Investment Trust HY results to 31 July 2026 (MRC LN, UK All Companies, £1,710.0m mkt capn, 9.7% discount to NAV): NAV TR +5.6% vs FTSE All Share, ex FTSE 100, ex investment trusts +3.9%; share price TR +5.5%; Performance was supported by strong stock selection in the Software & Computer Services, Financials and Construction sectors while UK housebuilder Bellway detracted. The Company repurchased 51.2m shares into Treasury at an average discount of 9.7%, providing a 0.7% uplift to NAV. Total dividends for the year so far of 3.20pps (3.10pps +2025). Anthony Lynch, who has co-managed the Company's portfolio for the past fourteen years will step-down as Portfolio Manager with effect from 31st October 2026, having taken on new responsibilities within JPMAM. The Company's portfolio will continue to be managed by Guy Anderson. Manasij Hajra, a member of The Mercantile team for the last seven years, will join Guy Anderson as co-Portfolio Manager with effect from 1st November 2026. Gearing of 17.2% (14.4% 31 January 2026)

Seraphim Space Investment Trust FY results to 30 June 2026 (SSIT LN, Growth Capital, £461.1m mkt capn, 19.2% discount to NAV): NAV TR +102.9%; share price TR +119.4%; In May 2026, the Company raised £136.5m through a C share issue. £4m was deployed in three existing portfolio companies with the Company ending the year with £152.9m of cash and liquid resources and £42.2m in listed holdings. The Company received £6.2m in disposal proceeds from the exits of Arqit and Spire Global. In addition, HawkEye 360 completed an IPO on the NYSE in May 2026, providing further validation of the broader maturation of the SpaceTech sector. The Company also announced that it has invested a further $23.1m in existing portfolio company, Skylo Technologies Inc. The investment has been funded using the proceeds of the Company's £137m C Share issue.

Workspace Group quarter end September 2026 update (WKP LN, £669.3m mkt capn): noted resilient occupancy and rents despite slower customer activity, with 18 unfurnished deals completed at 8% above ERV and 18 under offer at 14% above ERV. Completed £138m in disposals since March 2025, progressing towards its £200m target by March 2027, though some transactions are taking longer due to market conditions. Total rent roll decreased by 0.6% to £126.6m, with total portfolio occupancy at 79.2%. The company is investing approximately £1.5m in 24 furnished units, targeting mid-teen incremental yield on cost, and expects over 100 more furnished units in 2027. Net debt at £754m with cash and undrawn facilities totalling £246m and a proforma LTV of 36%.

Fidelity Asian Values FY results to 31 July 2026 (FAS LN, Asia Pacific Smaller Companies, £376.5m mkt capn, 3.7% discount to NAV): NAV TR +6.1% vs MSCI AC Asia ex Japan Small Cap Index +9.1%; share price TR +7.8%; final dividend of 22pps (+7.3% 2025); "During the year, the weighting of information technology (‘IT’) stocks in the Index rose from around 19% to approximately 27%." Underweight in South Korea and India. The Company recently marked its 30th anniversary. Circa 3.9m shares were repurchased in the period, c5.8% of share capital enhancing NAV by 0.4%. Net gearing of 10.1% (3.4% 2025). Continuation vote to be held at this year's AGM (and every fifth year)

JPMorgan UK Small Cap Growth & Income FY results to 31 July 2026 (JUGI LN, UK Smaller Companies, £417.8m mkt capn, 9.2% discount to NAV): NAV TR +7.2% vs DNumis Smaller Companies plus AIM (ex IC's) Index +9.8%; share price TR +9.1%; 14.52pps total dividends, and target for FY 2027 of 14.92pps (The Company targets a 4% annual yield based on the unaudited NAV as at the end of the preceding financial year-end, meaning that the dividend moves broadly in line with NAV year on year); the Board recently announced a proposed combination with Aberdeen UK Smaller Companies Growth Trust. Gearing of 10.6% (8.1% 2025). The Company repurchased 9.7m shares (c7.5% of share capital) at an average discount of 10.1%

Wind down / asset realization news

Schroder European Real Estate Investment Trust quarter end 30 September 2026 update (SERE LN, Property – Europe, £77.0m mkt capn, 44.4% discount to NAV): The property portfolio was independently valued at €181.9m, a decrease of 1.7%. The reduction in value principally reflects the independent valuers applying more conservative assumptions to certain assets, particularly secondary offices, driven by leasing risk, evolving occupational market conditions and recent transactional evidence. Despite ongoing macroeconomic uncertainty across Europe, the portfolio continues to perform resiliently, and the valuation movement primarily reflects changes in market assumptions rather than underlying operating performance. Following shareholder approval of the managed wind-down strategy, the Board and Investment Manager remain focused on maximising value through active asset management and the disciplined execution of asset disposals.

Residential Secure Income (RESI LN, Property – UK Residential, £12.2m mkt capn, 90.2% discount to NAV): as part of an update on the proposed disposal of its Shared Ownership portfolio, the Board noted that completion has been delayed beyond the previously anticipated date of 30 September 2026 pending further technical verification relating to one property in the portfolio. The Company and the proposed purchaser continue to work towards completion, although a revised completion date cannot yet be confirmed, still targeting net consideration of approximately £13.5m, consistent with previous guidance. The Board remains focused on completing the disposal and returning available capital to shareholders as part of the Company’s managed wind-down. Subsequently, the Company confirmed that in accordance with the terms of the Fund Management Agreement with Gresham House Asset Management Limited in which 25% of the fund management fee is payable in the form of Ordinary Shares rather than cash, it has purchased 742,494 Ordinary Shares in the secondary market at an average price of 7.4p, with the shares subject to a minimum lock-in period of 12 months from 1 October 2026, being when the Fund Management Ordinary Shares became due and deliverable.

Asset purchase / disposal / portfolio news

Gore Street Energy Storage Fund (GSF LN, Renewable Energy Infrastructure, £250.3m mkt capn, 32.3% discount to NAV): announced a two-year tolling agreement with MAG Energy Solutions Inc, a leading North American energy solutions provider. The agreement covers 80% of the capacity of three of the Company's operational assets in Texas: Snyder, Sweetwater, and Westover (29.85 MW / 59.7 MWh total capacity, 23.9 MW / 47.8 MWh under the toll). The agreed toll price is c.£57,700/MW/year. The agreement starts from 19th October 2026, MAG will manage the bidding, scheduling, and dispatch of all three assets, taking over from GSET, the current optimiser. MAG will pay a fixed toll of c.£57,700/MW/yr (equivalent to £6.59/MW/hr) on 80% of each project's capacity, adjusted for asset performance. The remaining 20% of capacity will keep its merchant exposure. MAG will trade this capacity, and the resulting revenue will be shared between MAG and the Company. The agreement is part of an ongoing portfolio-wide effort to diversify revenue. Contracts provide a reliable base and limit downside risk, while merchant exposure maintains the opportunity for upside.

Syncona Limited (SYNC LN, Healthcare & Biotechnology, £763.9m mkt capn, 26.4% discount to NAV): announced that its portfolio company, Beacon Therapeutics, has presented data from its Phase II/III pivotal VISTA trial evaluating its investigational program, laru-zova, a gene therapy for the treatment of patients with X-linked retinitis pigmentosa. Beacon plans to engage with global regulatory authorities with initiation of a rolling Biologics License Application submission planned for later this year. If approved, laru-zova could become the first approved treatment for patients with XLRP, which is a rare inherited retinal disease that causes progressive loss of vision and can ultimately lead to blindness. Syncona’s holding in Beacon was valued at £183.4m as at 30 June 2026. The Company subsequently announced that it invested $10.1m in Omass Series C financing, with its holding written up by £4.7m (1pps, +9.4% 30 June 2026). Including new capital invested, Syncona’s holding value of OMass will be £56.0m, and on drawdown of the full Series C financing, Syncona’s ownership stake in the business will be 16.1%

Literacy Capital (BOOK LN, Private Equity, £174.0m mkt capn, 38.6% discount to NAV): sold its entire minority stake in Cubo Work to the majority shareholder of the business. As part of the agreement, financial terms have not been disclosed but it allows BOOK to focus on the future without further distraction and is an improvement on the valuation guidance given earlier this month.

International Public Partnerships Limited (INPP LN, Infrastructure, £2,461.1m mkt capn, 10.6% discount to NAV): announced that Ofgem published a notice setting out the proposed license and associated documentation for the Moray West Offshore Transmission project. This represents a key regulatory step towards financial close, anticipated in December 2026. INPP expects to invest c.£68m into the project upon financial close. This investment is expected to be funded using a combination of realisation proceeds, surplus cash and as previously highlighted, use of short-term corporate debt facilities to align with the timings of cash being received from the realisation activities. The Company's £350m corporate debt facility is c.£36m drawn with c.£180m committed by letters of credit, the majority of which is to support the Company's commitment to Sizewell C.

4. Sector data this week (AIC data, as at Thursday’s close)

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Equity Capital Markets / Investor demand

M&G Credit Income Investment Trust (MGCI LN, Debt – Loans & Bonds, £189.8m mkt capn, 0.9% discount to NAV) placing closes on 20 October 2026

Ex Dividend

FVEN 1.8pps, MRV 3.5pps, PHP 1.825pps, BIPS 3.0625pps, MTU 1.79pps, AFL 3.85pps, SMIF 0.917788pps

Frostrow Investor Relations team – Messrs Grant Challis, Neil Winward, Matt Burrows, Nicholas Todd & Max Smith

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