Vpc Specialty Regulatory News (VSL)

29 September 2022

VPC SPECIALTY LENDING INVESTMENTS PLC

(the "Company" or "Parent Company" with its subsidiaries (together) the "Group")

Half-Year Report and Unaudited Financial Statements

For the Six-Month Period Ended 30 June 2022

The Board of Directors (the "Board") of VPC Specialty Lending Investments PLC (ticker: VSL) present the Company's Half-Year Report and Unaudited Financial Statements for the period ended 30 June 2022.

Enquiries

For further information, please contact:

A copy of the Company's Half Year Report will shortly be available to view and download from the Company's website, https://vpcspecialtylending.com. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into or forms part of this announcement.

All page numbers below refer to the Half-Year Report on the Company's website.

Further information on VPC Specialty Lending Investments PLC is available at https://vpcspecialtylending.com.

LEI: 549300UPEXC5DQB81P34

FINANCIAL HIGHLIGHTS

RETURN SUMMARY AS AT 30 JUNE 2022

Net Asset Value per Ordinary Share

105.51p

(30 June 2021: 106.19p)

(31 December 2021: 114.14p)

NAV (Cum Income) Return

- 4.06%

(30 June 2021: + 15.12%)

(31 December 2021: + 27.60%)

Total Shareholder Return at 30 June 20211

(based on share price)

- 5.21%

(30 June 2021: + 11.82%)

(31 December 2021: + 27.32%)

Dividends per Ordinary Share2

4.00p

(30 June 2021: 4.00p)

(31 December 2021: 8.00p)

Revenue Return

+ £13.21 million

(30 June 2021: + £9.60 million)

(31 December 2021: + £21.12 million)

Total Net Return

- £12.88 million

(30 June 2021: + £39.95 million)

(31 December 2021: + £73.21 million

Ordinary Share Price

at 30 June 2022

83.40p

(30 June 2021: 84.00p)

(31 December 2021: 92.20p)

Discount to NAV

at 30 June 2022

20.95%

(30 June 2021: 20.90%)

(31 December 2021: 19.22%)

1Net of issue costs.

2Dividends declared and paid which relate to the period.

INTRODUCTION TO THE COMPANY

VPC Specialty Lending Investments PLC (the "Company" or "VSL") provides asset-backed lending solutions to emerging and established businesses ("Portfolio Companies") with the goal of building long-term, sustainable income generation. VSL focuses on providing capital to vital segments of the economy, which for regulatory and structural reasons are underserved by the traditional banking industry. Among others, these segments include small business lending, working capital products, consumer finance and real estate. VSL offers shareholders access to a diversified portfolio of opportunistic credit investments originated by non-bank lenders with a focus on the rapidly developing technology-enabled lending sector.

The Company's investing activities are undertaken by Victory Park Capital Advisors, LLC (the "Investment Manager" or "VPC"). VPC is an established private capital manager headquartered in the United States with a global presence. VPC identifies and finances emerging and established businesses globally and seeks to provide the Company with attractive yields on its portfolio of credit investments. VPC offers a differentiated private lending approach by financing Portfolio Companies through asset-backed delayed draw term loans, which is referred to as "Balance Sheet Lending," designed to limit downside risk while providing shareholders with strong income returns. Through rigorous due diligence and credit monitoring by the Investment Manager, the Company generates stable income with significant downside protection.

This half year report for the period to 30 June 2022 includes the results of the Company (also referred to as the "Parent Company") and its consolidated subsidiaries (together the "Group"). The Company (No. 9385218) was admitted to the premium listing segment of the Official List of the Financial Conduct Authority ("FCA") (the "Official List") and to trading on the London Stock Exchange's main market for listed securities (the "Main Market") on 17 March 2015, raising £200 million by completing a placing and offer for subscription (the "Issue"). The Company raised a further £183 million via a C Share issue on 2 October 2015. The C Shares were converted into Ordinary Shares and were admitted to the Official List and to trading on the Main Market on 4 March 2016.

The Company's investment objectives are to:

v generate an attractive total return for shareholders of consistent distributable income and capital growth through asset-backed lending;

v achieve portfolio diversification to emerging and established businesses across different industries and geographies with the goal of building long-term, sustainable value; and

v enable shareholders to benefit from equity upside through equity-linked securities issued in conjunction with asset-backed lending.

CHAIRMAN'S STATEMENT

This report covers the half-year results for the Company for the period to 30th June 2022. Over this period, the Company delivered a total return of -4.06% and declared quarterly dividends totalling 4.00 pence per share. While share prices have been volatile this year, our asset value has remained stable and, more importantly, our dividend has remained unaltered.

It has been an unpredictable and volatile macroeconomic environment. After two years of resilience during the pandemic, 2022 has brought further economic and geopolitical challenges. These include persistently high inflation, a rising interest rate environment, and war in Ukraine. I am therefore encouraged that our Investment Manager has continued to manage risk effectively while supporting Portfolio Companies.

The Company and the Investment Manager were deeply saddened to note the death of Her Majesty Queen Elizabeth II on 8 September 2022, and offer their sincere condolences to The Royal Family.

THE COMPANY'S BUSINESS ACTIVITY

The Company continues to generate positive returns from its core lending business. The core lending business, which represented 70% of the total portfolio at 30 June 2022, is unquestionably the most important aspect.

In our last Annual Report, we highlighted that the Company benefited significantly from its equity interests during 2021 but I feel it is important to remind investors that they were for the most part a by-product of its core lending activity. The equity interests have been volatile in the year to date and their fall has led to an overall negative NAV return for the period. This was largely because the equity interests derived from the core lending business give us equity participation (at minimal cost) in the high-growth technology companies to which we lend and such entities have seen their share prices fall this year. During this review period, the proportion of our overall portfolio represented by equity investments has reduced from 26% to 22%. This reduction is partly resulting from equity sales conducted during the period, and partly because of market movements. Therefore, while equities experienced a significant decline through the first six months of 2022, particularly in terms of lower equity valuations for the technology sector, we consider this to have had only a muted impact on the Company.

Similarly, our entry into the SPAC market in 2021 was a result of the Investment Manager's extensive deal sourcing network in the fintech universe and SPAC deals presented a low-cost way to capitalise on this network for the benefit of our shareholders. SPACs raise capital in an initial public offering and use the cash to merge with a private company and take it public, usually within two years. However, this year, the SPAC market has struggled against the backdrop of rising interest rates, and the derating of technology companies. Our SPAC holdings have been no exception to this industry trend. To date, the Company has only invested £3.9 million in SPACs, which represented approximately 1.4% of Net Asset Value.

Returning to the core lending business, this continues to benefit from a secure lending position, which delivered minimal capital losses and a high level of income generation that supports regular dividend payments. Most of the Company's asset-backed investments are delayed draw, floating rate senior secured loans that have equity subordination. These asset-backed investments are also backed by underlying collateral consisting of consumer loans, small business loans, and other types of collateral.

Lastly, the Audit Committee now has a standing item dedicated to Environmental, Social and Governance ("ESG") factors, showing the commitment to responsibility and transparency in this space.

More information about the performance of the Company's investments can be found in the Investment Manager's Report.

INVESTOR ENGAGEMENT

Demonstrating income resilience is also another important aspect of the Company's approach. In June 2022, the Board of Directors undertook an engagement exercise with a significant number of major shareholders. We took the opportunity to ask them why they owned shares in the Company, the place their investment occupied within their broader portfolio, and what we provided that was most important to them. Of the shareholders we contacted, the majority communicated that the Company's ability to deliver a stable and predictable level of income return was overwhelmingly the most important factor in their investment decision.

We continue to live in an era where achieving a consistent level of investment income is no small feat, and many of our investors communicated that the dependability of our dividend payments provided them the opportunity to invest in other more growth-focused investments, knowing that their income targets and requirements would continue to be met. We found our discussions with shareholders to be both instructive and reassuring, serving as a valuable reminder of their expectations of the Company and the importance of our income stream. The Board will therefore continue to carry out regular engagement exercises and solicit shareholder feedback on a regular basis.

THE COMPANY'S ESG IMPACT

As an investment trust, the Company does not itself have employees, property, factories, and the like, and our ability to positively impact what we contribute flows to the greatest extent from our Investment Manager and the opportunities we are invested in through the portfolio. The Investment Manager aims to operate and invest responsibly, ethically, and fairly and we continue to review our environmental, social, and governance ("ESG") stance. Decisions taken are made with due consideration to long-term sustainability and impact on stakeholders. For example, the Directors and Investment Manager are mindful of their carbon footprints if they are required to travel on Company business.

The Board and the Investment Manager remain committed to ensuring the Company's culture is aligned with its stated purpose, values, and strategy. The Company has several policies and procedures in place to assist with maintaining a culture of good governance, including policies and procedures relating to all aspects of diversity, including gender diversity. The Company recognises that diversity enables it to benefit from a wider range of skills, knowledge, experience, backgrounds, and perspectives. Through the Company's lending and investment activities, it can have a positive impact on the world in which we operate. Because of this, the Investment Manager is committed to leading by example, taking a positive and progressive approach to responsible investing, and seeking to play its part in building a more sustainable financial system.

OUTLOOK

While the pandemic provided many challenges to navigate, the portfolio showed its resiliency over the last six months. We believe this resilience comes from a combination of the nature of the assets we invest in, the types of risk and security measures we take, and the Investment Manager's credit expertise in choosing to lend to the right people and businesses and then closely following those borrowers. This gives us confidence that the Company's investments are well positioned to weather continued volatility or the potential deterioration in the credit environment which may be on the horizon.

That said, we remain in a period of heightened uncertainty, with inflation still at worryingly high levels, and interest rates on an upward path. The outlook is all the more challenging because interest rates have been at historic lows for many years. We can draw a great deal of comfort from the fact that the Company's asset-based, senior secured credit strategy was designed to offer greater structural protections than traditional lenders, with an emphasis on capital preservation and income generation across market cycles. Moreover, its core lending activity - which is largely conducted on a floating rate basis - was conducted during this low-interest rate environment, which offers a significant element of protection as we move into an era of higher rates.

Additionally, it has been satisfying to see the Investment Manager has raised capital for a new fund during the review period. This demonstrates the strength of the Investment Manager and its team, commitment to the asset class, positive recognition of its investment philosophy and approach, and its ability to respond to the needs of investors with innovation and conviction.

Finally, your Board and I would like to thank shareholders for their continued support.

Graeme Proudfoot

Chairman

28 September 2022

INVESTMENT MANAGER'S REPORT

PERFORMANCE REVIEW

Despite the continued challenging societal, economic, and market activity during the first half of the year, the Company believes the portfolio remains in a strong position due to the protections structured into the balance sheet investments.

During the period, the Company generated a total return of -4.06% for shareholders, declared dividends for the period of 4.00 pence per share and the NAV per share as at 30 June 2022 was 105.51. The Company generated gross revenue returns of 5.88% as a percentage of NAV in the first half of 2022 from the Company's balance sheet investments, continuing the strong performance trend of the past few years. Gross capital returns of -8.15% were primarily driven by unrealised losses from the Company's privately-held and publicly traded equity investments. Finance costs were -0.76% and operating expenses and management fees were -0.97% for the period. A full summary of the returns can be found below:

PORTFOLIO UPDATE

Overall, the Company is seeing an increase in demand for private debt as a practical alternative to growth equity financing for emerging businesses. As geopolitical issues and continued market uncertainty have dampened start-up funding globally in the first half of 2022, the evidence suggests that growth-stage companies are increasingly turning to debt financing to support their expansion plans. The Company encountered a similar trend during the Global Financial Crisis in 2008, where businesses began increasingly looking for non-traditional sources of capital. The Company expects this trend to continue.

The Company's asset backed investment portfolio primarily consists of senior secured floating rate credit facilities with interest rate floors typically in the 1.0% to 2.0% range. Recent moves in interest rates have positively affected revenue returns as rates on the Company's facilities reset on a monthly basis. In the last few months, short-term interest rates have increased materially, reaching 2.29% for three-month rates (at 30 June 2022). Further rises in short-term rates would continue to increase the revenue returns in the near term but could potentially lead to greater credit risk as portfolio companies start to see a corresponding increased interest expense.

In June, the Company took the opportunity to increase its credit reserves under IFRS9 by 18.9% or £2,351,199 during the period. In keeping with the Company's IFRS9 policy, these reserves are reviewed each month to assess the likelihood of incurring any loss either (i) in the normal course of events, or (ii) in an adverse scenario. Given the continued volatility and uncertainty evident in the macroeconomic environment, the Company continued to attribute a probability weighting of 100% to the likelihood of a "Stress Scenario". The Company will continue to review the IFRS9 reserves each month to determine the need for any further changes.

As discussed in the Chairman's Statement above, the SPAC market has struggled amidst recent market volatility and rising interest rates. Overall, SPAC losses in the Company are largely unrealized and inception-to-date performance remains at £2.43 million (0.83% of the Company's NAV as at 30 June 2022). Bakkt Holdings, Inc. ("BKKT"), a digital asset platform based in the United States, represents a large portion of losses in the first half of 2022. Despite volatility in the market, the Company has recognized positive inception-to-date returns on the BKKT investment equal to 0.73% of the Company's NAV as at 30 June 2022. The BKKT trading lock-up expires in October 2022, giving the Company additional flexibility in managing the position.

PORTFOLIO COMPOSITION

The Company continued to implement the strategy of deploying capital across a broad range of Portfolio Companies with a diversity of geographies, borrower types and credit quality. Below are the breakouts of the Company's portfolio composition as at 30 June 2022:

1Percentages calculated on a look-through basis to the Company's investee entities and SPVs.

2Calculations using gross asset exposure and not reduced for gearing. Excludes cash.

SUMMARY HIGHLIGHTS FOR THE FIRST HALF OF 2022

v January 2022: VPC Impact Acquisition Holdings III, INC. ("VPCC"), a special purpose acquisition company sponsored by Victory Park Capital and Dave, Inc. (NASDAQ: DAVE) announced that the business combination closed following approval by VPCC stockholders. On 17 January 2022, one of the Company's privately-held investments, Beforepay, closed its IPO and began trading on the Australian Stock Exchange under the ticker B4P.

v February 2022: The Company declared its 15th consecutive dividend of 2.00p for the three-month period to 31 December 2021.

v March 2022: VPC Impact Acquisition Holdings II (NASDAQ:VPCB) ("VPCB"), a special purpose acquisition company sponsored by VPC Impact Acquisition Holdings Sponsor II, LLC ("VPC Sponsor"), an affiliate of Victory Park Capital ("VPC"), and FinAccel, the parent company of Kredivo, the leading AI- enabled digital consumer credit platform in Southeast Asia, announced the mutual termination of their previously announced business combination agreement. On 31 March 2022, the Company paid its 16th consecutive dividend of 2.00 pence per share.

v April 2022: On 28 April 2022, the Company released its 2021 Annual Report, which can be found on the Company's website.

v June 2022: The Company announced that at its Annual General Meeting held on 13 June 2022, all the resolutions set out in the Notice of Annual General Meeting were passed by the requisite majority. On 14 June 2022, the Company declared its 17th consecutive dividend of 2.00 pence per share for the three-month period to 31 March 2022.

SUBSEQUENT EVENTS

v July 2022: On 12 July 2022, one of the Company's privately-held investments, WeFox (formerly known as Finance Fox), announced that it raised $400 million in a Series D round of funding, giving the German company a post-money valuation of $4.5 billion. The unrealised gain from the renewed valuation was accounted for in the Company's June NAV minus a 20% liquidity discount. Also on 12 July 2022, one of the Company's privately-held investments, Pattern Brands, announced that it raised $25 million in a Series B fundraising, on top of the $60 million of acquisition capital brought in last year, led by new investors Toba Capital, Verlinvest, and BAM Elevate, alongside existing investors Primary, RRE Ventures, and Victory Park Capital. The unrealised gain from the renewed valuation was accounted for in the Company's June NAV minus a 20% liquidity discount.

v August 2022: On 3 August 2022, ZeroFox, Inc., a VPC portfolio company and an enterprise software-as-a-service leader in external cybersecurity, reported the closing of its previously announced business combination with L&F Acquisition Corp ("L&F"), a special purpose acquisition company, and ID Experts Holdings, Inc. ("IDX"). On 4 August 2022, the combined company began trading under NASDAQ: ZFOX. Victory Park Capital was proud to be part of ZeroFox's journey, particularly in a challenging SPAC market environment.

RISKS AND UNCERTAINTIES

Although there are several risks and uncertainties, the Company believes that the most significant include:

v Rising interest rates: While the Company's investment portfolio primarily consists of floating rate credit facilities with interest rate floors, changes in interest rates could affect our investments, the profitability of the portfolio companies, and that of the underlying borrowers, potentially leading to lower returns or changes in repayments or default rates of the underlying borrowers.

v Potential risk of refinancing: The Company retains a right of first refusal ("ROFR") to match the credit facility terms offered by any third party on most of the Company's investments. In an instance where the market pricing and underlying risk for these deals are not in line with the Company's investment objectives, the Company will not exercise the ROFRs. The Company has a significant pipeline of undrawn capacity as well as new deal flow that allows the team to quickly reinvest the liquidity generated by a potential refinancing event in the near term. The increasingly competitive environment might affect the ability to quickly reinvest capital if this trend continues over the long term.

v Potential changes in credit risk: There is inherent risk in the Company's underlying investments of a borrower default and a majority of the underlying exposure is in the U.S. Given the short duration of the collateral in the portfolio, the underly portfolio companies continue to generate sufficient cash flow.

INVESTMENT MANAGER UPDATE

VPC had a robust first half of 2022. As at 1 August 2022, VPC's team included 48 employees across its locations in Chicago, New York, Los Angeles, Miami, Austin, and London. During the second quarter of 2022, VPC made several middle to senior-level hires across its investor relations, middle office, and front office teams. The Investment Manager continues to operate in a hybrid workplace, with employees working from the office and home for three and two days per week, respectively.

As it relates to portfolio management, the Investment Manager remains focused on proactive risk management and controls across its portfolio. Senior management holds multiple calls each week and the investment team is in regular contact with Portfolio Companies to proactively monitor risk and performance. Further, in June 2022, VPC's Asset Backed Opportunistic Credit ("ABOC") strategy held its final close on approximately $2.4 billion across its commingled vehicles and separately managed accounts. The Investment Manager is gratified by the strong support shown by its existing and new investors.

In June 2022, the Company declared its 17th consecutive quarterly dividend payment of 2.00p per share for the three-month period to 31 March 2022. In an era where high levels of income are increasingly hard to maintain, the Company is proud of its proven track record of earning consistently high returns for investors while protecting downside risk via credit enhancement and deep structuring expertise.

OUTLOOK

At the time of writing, the global economic outlook remains uncertain. The after-effects of the heart of the COVID-19 pandemic have given way to fears of persistently high inflation and negative global growth. Central banks are under pressure to fight inflation, which has resulted in interest rates rising to levels not seen in decades. In addition, the invasion of Ukraine by Russia has led to increased market volatility and widespread sanctions on Russian assets and individuals, contributing to a spiking oil price and concern over long-term energy valuations. The Company continues to monitor these risks closely and will do its best to make sure the portfolio can perform regardless of the economic environment, by offering capital protection and income generation throughout various market cycles.

As the Company navigates through the uncertainty, the Team exercises caution. The Company structures and underwrites investments with a focus on downside protection in addition to stress-testing collateral across various scenarios. For example, while the Company's investment portfolio primarily consists of floating rate credit facilities with interest rate floors, a rising interest rate environment has the potential to affect investments, the profitability of the Portfolio Companies (and that of the underlying borrowers), potentially leading to lower returns or changes in repayments or default rates of the underlying borrowers.

From a purely macroeconomic standpoint, we believe that the current portfolio's main advantages include the floating rate, shorter duration, and fully amortising underlying collateral. While the quality of the underlying credit performance of balance-sheet investments is critical, it is also important to emphasise the additional layers of protection beyond direct asset security. Due to the structured nature of the Company's balance-sheet investments, including (in most cases) corporate guarantees and significant first-loss protection, investments are generally not affected by changes in credit performance until a platform defaults and all corporate resources (separate from the borrowing base of loan collateral) are exhausted. In addition to monitoring credit performance, the team monitors the overall corporate performance of all Portfolio Companies, including attending board meetings as an observer and having weekly update calls with management.

Historically, private debt as an asset class has been seen as a stable choice in times of volatility. With an uncertain market environment and an especially volatile past few years, allocators have been increasingly turning to private debt for insulation from broader market shifts. Returns are also giving participants even more confidence in this asset class, particularly considering recent volatility in the public markets. Private debt has continued to exhibit strong performance, and the Company believes capital allocation to private debt could eventually overtake real estate. With inflation reaching new heights and interest rates on the rise, the Company believes inflows to private debt - and specifically strategies focused on asset-backed lending - will continue as investors seek alternatives to traditional fixed income. VPC's asset-backed, senior secured credit strategy aims to offer higher yields and greater structural protections than traditional lenders, with an emphasis on capital preservation and income generation across market cycles.

Victory Park Capital Advisors, LLC

Investment Manager

28 September 2022

DIRECTORS' RESPONSIBILITY STATEMENT

FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021

The Directors acknowledge responsibility for the Half-Year Financial Report and confirm that to the best of their knowledge:

(a) the unaudited consolidated financial statements have been prepared in accordance with UK-adopted IAS 34 'Interim Financial Reporting' and give a true and fair view of the assets, liabilities, financial position, and profit for the period of the Group as required by the Disclosure Guidance and Transparency Rules ("DTR") 4.2.4 R;

(b) the Interim Management Report (including the Chairman's Statement and the Investment Manager's Report) includes a fair review of the information required by DTR 4.2.7 R (indication of important events that have occurred during the six-month period to 30 June 2022 and their impact on the set of consolidated financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year); and

(c) the Half-Year Financial Report includes a fair review of the information concerning related party transactions as required by DTR 4.2.8 R.

Signed on behalf of the Board by:

Graeme Proudfoot

Chairman

28 September 2022

INTERIM MANAGEMENT REPORT

FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2022

CAUTIONARY STATEMENT

This Interim Management Report has been prepared solely to provide additional information to shareholders to assess the strategies of the Company and its subsidiaries (together "the Group"). The Interim Management Report should not be relied on by any other party or for any other purpose.

The Interim Management Report contains certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the time of their approval of the Half-Year Financial Report but such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

ACTIVITIES

The activities of the Group are described in the Chairman's Statement and in the Investment Manager's Report. Refer to the Chairman's Statement on page 6 and the Investment Manager's Report on pages 8 through 10 of the Half-Year Financial Report. Further refer to Note 1 to the consolidated financial statements.

STRATEGY AND INVESTMENT OBJECTIVES

The important events that have occurred during the period under review and the key factors influencing the consolidated financial statements are described in the Chairman's Statement and in the Investment Manager's Report.

Refer to the Chairman's Statement on page 6 and the Investment Manager's Report on pages 8 through 10 of the Half-Year Financial Report.

GOING CONCERN

As stated in Note 2 to the consolidated financial statements, the Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period not less than 12 months from the date of this Half-Year Report. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

There are a number of potential risks and uncertainties which could have a material impact on the Group's performance over the remaining six months of the financial period and could cause actual results to differ materially from expected and historical results. Refer to the Investment Manager's Report on pages 8 through 10 of the Half-Year Financial Report as well as Note 5 to the consolidated financial statements for the potential risks and uncertainties. The principal risks and uncertainties are consistent with those disclosed in the Annual Report for the year ended 31 December 2021 which can be found on the Company's website.

FINANCIAL PERFORMANCE

The financial and operational highlights of the Group can be found on pages 3 through 4 of the Half-Year Financial Report.

RELATED PARTY TRANSACTIONS

Related party transactions are disclosed in Note 13 to the consolidated financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2022

The financial statements on pages 13 to 41 were approved by the Board of Directors on 28 September 2022 and signed on its behalf by:

Graeme Proudfoot

Chair

28 September 2022

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2022

The total column of this statement represents the Group's statement of comprehensive income, prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies ("AIC"). All items in the above Statement derive from continuing operations. Amounts in Other comprehensive income may be reclassified to profit or loss in future periods.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021

The total column of this statement represents the Group's statement of comprehensive income, prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies ("AIC"). All items in the above Statement derive from continuing operations. Amounts in Other comprehensive income may be reclassified to profit or loss in future periods.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2021

The total column of this statement represents the Group's statement of comprehensive income, prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies ("AIC"). All items in the above Statement derive from continuing operations. Amounts in Other comprehensive income may be reclassified to profit or loss in future periods.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2022

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2021

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2022