Caledonia Investments plc

Completion of sale of minority interest in Stonehage Fleming

Caledonia Investments plc ("Caledonia") is pleased to announce the completion of the sale of its minority interest in Stonehage Fleming Family & Partners Limited ("Stonehage Fleming"), a multifamily office providing advisory services to many of the world's leading families and wealth creators, to Corient Private Wealth LLC ("Corient"), a US headquartered wealth management and advisory business.

Since acquiring its initial stake in July 2019, Caledonia has worked closely with Stonehage Fleming's management team to strengthen its position as the leading independent multi-family office in EMEA and the second largest globally. During this period, the business has achieved strong cross-border growth both organically and through targeted acquisitions, expanding internationally and broadening its service offering to meet the increasingly complex needs of its clients.

Caledonia received cash proceeds, net of transaction expenses of £290m. This includes the proceeds that were previously expected six and twelve months post completion. In addition, the contingent consideration has been confirmed as a payment of approximately £4m, split between two and three years following completion.  These proceeds combined with dividends received to date will represent a multiple on invested cost of 3.2 times, an IRR of 20% and a 33% uplift versus the 31 March 2025 carrying value.

On completion, Private Capital will represent approximately 23% of Caledonia's net asset value, compared with its strategic allocation range of 25-35%. The realisation further strengthens Caledonia's liquidity position and provides additional flexibility to support future investment opportunities. We expect to reinvest a meaningful proportion of the realised proceeds into Private Capital, while maintaining our disciplined approach of investing only where we identify high-quality businesses at attractive valuations. In the meantime, the proceeds will be held on deposit and assessed alongside opportunities for all three pools and share buybacks.

Commenting on the completed sale, Mat Masters, Caledonia's CEO, said:

"The sale of Stonehage Fleming is a fantastic outcome for Caledonia and an excellent example of our approach - investing in high quality compounding businesses and supporting management teams as they scale.

I would like to thank Giuseppe Ciucci and the Stonehage Fleming team for their partnership and my colleagues for their dedication in supporting the business throughout our ownership. We are very proud of what has been achieved and wish Giuseppe and his team every success in the next phase of Stonehage Fleming's growth."

1 June 2026

For further information contact:

END

Notes for editors:

Caledonia Investments plc

Caledonia is a FTSE 250 self-managed investment trust company with a long track record of delivering consistent returns and progressive annual dividend payments to shareholders.

Our aim is to generate long-term compounding real returns that outperform inflation by 3%-6% over the medium to long term, and the FTSE All-Share index over 10 years.

We are a long-term investor and hold investments in both listed and private markets across three pools: Public Companies, Private Capital and Funds. Each has a strategic allocation of capital, investment strategy and target return.

We buy to hold, investing in high quality companies with strong market positions and fundamentals, alongside investments in private equity funds with track records of success. The result is a well-balanced diversified portfolio of investments with a global reach.

In the Private Capital arena, Caledonia typically seeks to invest £50m to £150m in private companies, either on a majority or minority basis, where Caledonia provides enduring capital and support to investee company management teams over the longer term.  The Caledonia Private Capital portfolio includes Cobehold (the holding company of Cobepa, a European unquoted investment house), Cooke Optics (a UK manufacturer of premium cinematography lenses), Butcombe Group (an inns, restaurant and drinks business with a pub estate stretching from Southwest London to Bristol and the Channel Islands), AIR-serv Europe (a leading designer and manufacturer of air, vacuum and jet wash machines provided as turn-key solutions to fuel station forecourt operators) and Direct Tyre Management (the UK's leading independent provider of outsourced tyre management services to fleet operators).

For additional information on Caledonia Private Capital, please visit www.caledoniaprivatecapital.com and for Caledonia please visit www.caledonia.com.