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The fintech sector continues to evolve and mature, particularly in Europe, where innovation remains strong and capital increasingly flows to companies with clear paths to profitability. Fintechs, both listed and private, have responded well, demonstrating resilience, adaptability, and, in many cases, significant progress toward profitability and scale. Policy support remains a powerful tailwind. The UK Government has positioned fintech as a central pillar of its Financial Services Growth and Competitiveness Strategy and continues to champion innovation and domestic capital formation. The Company has maintained a disciplined investment approach, focusing on category leaders with robust fundamentals, regulatory readiness, and the ability to scale sustainably across a more demanding, policy-driven market. With eight exits completed since IPO, all at or above the last published valuation, and over £100 million in realisations, the Company has a growing track record of value creation through multiple market cycles. This maturation has come through deliberate strategy, investing early, backing high-quality management teams and supporting their growth with capital and insight through cycles. The portfolio has evolved into a mature and diversified set of high-potential businesses operating across Europe. The top 9 portfolio companies account for 79% of the invested NAV and delivered 33% revenue growth on average over the last 12 months, with four now profitable and others progressing steadily toward this milestone. A full update, including NAV as of 30 September 2025, will be provided in the Company's Interim Results.