Util Regulatory News (UTL)

19 September 2023

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 NAV total return was up by 2.2% in August, outperforming the FTSE All Share total return Index which declined by 2.5% over the same period.

After strong performance in June and July, equity markets were mostly weaker in August, reacting to mixed economic statistics that add uncertainty to the market outlook. In the US, consumer and government spending remains strong, but the housing market has stalled, and the number of job vacancies continue to decline. Following July's rate increase, analysts expect one final rate rise this year from the Federal Reserve, but probably not at September's meeting. The Bank of England raised rates by 25bps during the month, following the European Central Bank's similar rate rise at the end of July. The S&P 500 declined by 1.8%, the FTSE 100 declined by 3.4% and the Eurostoxx Index was down by 3.9%. In Australia, the ASX-200 declined by 1.4%.

In China, market confidence remains low and international investors continue to reduce their exposure to the country. Weakness in the housing market, concerns over real estate developers' debt and slowing factory activity all weighed on stocks. The Hang Seng Index declined by 8.5% in August and the Shanghai Composite fell by 5.2%. Weakness in China also weighed on industrial commodity prices.

In the currency markets, the US Dollar strengthened against most currencies whilst Sterling had a mixed performance. Sterling declined 1.5% against the US Dollar but was flat against the Euro. However, Sterling appreciated by 2.5% against the Australian Dollar and 2.9% against the New Zealand Dollar.

Many commodities weakened in August, although oil prices firmed by 1.5% to USD 86.86 per barrel, on the back of threats of tightening global supply. Copper and nickel gave up most of July's gains, down 5.9% and 9.1% respectively.

PORTFOLIO

There were no changes to the top ten constituents of the UIL portfolio in August.

Somers' valuation increased by 3.5%, reflecting the Resimac share price which increased by 13.4% in August following the release of Resimac's 2023 results. Resimac is also a top ten direct shareholding for UIL.

The Market Herald's share price was up by 1.7% in the month and the value of Allectus Capital increased by 1.5%. Zeta Resources' NAV rose by 0.7% in August and with share price unchanged, the discount widened to 21.8%.

DEBT

Bank and other debt increased over the month to £43.1m drawn in Sterling and Australian Dollars. There were no foreign exchange hedges as at the end of August 2023.

ZDP SHARES

The share prices of the 2026 and 2028 ZDP shares decreased over the month by 0.4% to 112.00p and by 0.8% to 90.75p respectively. The price of the 2024 ZDP shares was unchanged at 123.00p.

OTHER

UIL's ordinary share price decreased by 3.4% to 140.50p in August and the discount to NAV widened to 31.8% from 27.8%.

Name of contact and telephone number for enquiries:

Charles Jillings

ICM Investment Management Limited +44(0)1372 271486