21 May 2025

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

Publication of monthly factsheet

The latest monthly factsheet for UIL Limited ("UIL" or the "Company") will shortly be available through the Company's website at:

https://www.uil.limited/investor-relations/factsheet-archive

Monthly commentary

PERFORMANCE

UIL's net asset value ("NAV") total return was marginally up in April by 0.01% slightly outperforming the FTSE All Share total return Index which decreased by 0.2% over the month.

April was a volatile month for markets. Initially markets sold off sharply as US President Trump announced on "Liberation Day" a raft of what he described as "discounted reciprocal tariffs" to be imposed on most goods imported into the USA. China's tariff was initially 34%, Thailand's 36%, South Korea's 25% (joining Mexico and Canada at that rate) and Vietnam was allocated a rate of 46%. The rate for most countries was set at 10%. After China responded with increased tariffs on US imports, China's rate was raised, eventually reaching 145% with China imposing a 125% tariff on US goods. After a week of volatile markets which saw the US Dollar weaken and US treasury yields rise, President Trump postponed the introduction of tariffs on most markets (except China) by three months and by the end of the month, many markets were higher than they had been at the end of March.

The flipflopping of tariff rates has resulted in considerable uncertainty over where US trade policies will end up. Uncertainty over tariffs that may (or may not) be imposed from July will inevitably weigh on economies globally and we expect corporates to defer investment decisions. The fall in industrial commodity prices, with Brent Crude oil down by 15.5% and copper down by 9.4% in April, indicates that the market is expecting a global slowdown in economic activity. If energy prices remain low, inflationary pressures from the tariff should be dampened and in many markets interest rate reductions should continue. Notwithstanding the economic uncertainty, this should be positive for equity valuations.

US markets largely recovered from their intramonth lows ending April mixed, with the S&P 500 Index down by 0.8% and the Dow Jones Index down by 3.2%. European markets also ended the month mixed, with the FTSE 100 Index down by 1.0%, the Eurostoxx Index down by 1.7%, but the DAX Index in Germany advanced by 1.5%. In Australia, the ASX 200 Index ended April up by 3.6%.

Gold continued to gain in price, ending the month up by 5.3%, as investors continue to look for safe havens given concerns around tariffs and the impact on future growth. The US Dollar weakened especially against European currencies. Against the US Dollar, the Euro gained 4.7% and Sterling gained 3.5%. Sterling was 0.8% stronger against the Australian Dollar.

PORTFOLIO UPDATE

UIL's top ten holdings are disclosed on a look through basis, taking into account the underlying

investments of Somers Limited and Zeta Resources Limited. There was no change to the constituents of the top ten holdings during the month.

Resimac continues to be the largest holding on a look through basis, and its share price declined by 2.9% during the month. The share price of Utilico Emerging Markets was up by 1.9% during April.

ORDINARY SHARES

The share price of the ordinary shares was up by 7.4% to 116.00p in April.

ZDP SHARES

The share price of the 2026 ZDP shares increased by 2.3% to 134.50p whilst the 2028 ZDP shares increased by 2.7% during April to 116.00p.

Name of contact and telephone number for enquiries:

Charles Jillings

ICM Investment Management Limited                                 +44(0)1372 271486