17 February 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 10.7% in January, outperforming the FTSE All Share total return Index which was up by 4.5% over the same period.

Markets were mostly upbeat in January, helped by improved sentiment on China's re-opening and indications that inflation was easing across many major economies. In the US headline CPI fell to 6.5% from 7.1%, with the Federal Bank hinting at a nearing of the end of the rate increase cycle, helping propel the S&P 500 Index which was up by 6.2% in the month. European markets were even stronger, with the Eurostoxx up 9.7% as the Eurozone PMI hit a seven-month high. In Australia, the RBA raised its rates for the ninth consecutive month as inflation hit 7.8% in Q4 2022, the highest level since 1990; the ASX 200 rose by 6.2% in January.

EM were strong, with China posting positive manufacturing and service sector data as it emerges from zero-Covid policy; Hong Kong's Hang Seng Index was up by 10.4% in January. Mexico and Vietnam were also strong, with the Mexico Bolsa up 12.6% and the Ho Chi Minh Index up by 10.3%. Indian markets lagged due to governance concerns at a major conglomerate, with the Sensex Index down by 2.1% over the month.

In January, currencies were mixed, with Sterling appreciating by 2.3% against the US Dollar and by 0.6% versus the Euro but depreciating by 1.5% against the Australian Dollar. In the commodities markets metal resources mostly strengthened, with copper prices up by 10.9%, gold up by 5.7% and nickel up by 0.9%. The Brent crude oil price weakened slightly, down by 1.7% in January.

PORTFOLIO

There were no changes to the top ten constituents of the UIL portfolio in January. Somers' valuation was up by 13.9% in the month, predominantly reflecting a recovery in the Resimac share price which climbed 27.3%, as sentiment in the property financials sector improved following the release of data showing that the worst of the correction in Australian home prices may have passed.

There was also a strong appreciation with AssetCo's share price which was up by 10.4% in the month, aided by buybacks, whilst UEM's price was up 4.9% on the back of underlying portfolio performance. Zeta Resources' share price was unchanged although there were robust performances at some of the investee companies in January including Copper Mountain Mining, up 32.2%, and Horizon Gold, up 12.9%.

The Market Herald's share price fell 16.0% following the announcement of a fully underwritten AUD 15.5m discounted rights issue at AUD 0.34 per share to repay debt associated with the acquisition of Gumtree, Autotrader and Carsguide.

DEBT

Bank borrowings of £50.0m drawn in Sterling remained unchanged over the month. There were no foreign exchange hedges in place during the month and as at the end of January 2023.

ZDP SHARES

The share prices of the 2024 and 2028 ZDP shares declined and the 2026 ZDP shares remained unchanged. The 2024 ZDP shares reduced by 1.2% to 123.50p, whilst the 2028 ZDP share price declined by 2.6% to 93.00p. The yields to redemption on the ZDP shares at the end of January were 6.7% for the 2024 ZDP shares, 7.8% for the 2026 ZDP shares and 9.0% for the 2028 ZDP shares.

OTHER

UIL's ordinary share price increased by 1.3% to 162.00p in January whilst the discount to NAV widened to 38.9%.

Name of contact and telephone number for enquiries:

Charles Jillings

ICM Investment Management Limited                                 +44(0)1372 271486