Interim Report for the 6 months ended 31 July 2026

ICG-Longbow Senior Secured UK Property Debt Investments Limited

Interim Report And

Unaudited Condensed Interim Financial Statements

For the six months ended 31 July 2026

All capitalised terms are defined in the Glossary of Capitalised Defined Terms unless separately defined.

Financial Highlights

Key Developments

·       The Company has two investments remaining, both of which are in advanced exit processes as described below.

·       The Southport hotel asset is under offer for sale, however given the time it is taking to conclude the sale, there is no assurance this transaction will complete.  

·       Substantially all of the properties securing the RoyaleLife portfolio are also under offer for sale; the largest pool of assets to a single buyer with the balance to individual purchasers.

·       Following a reassessment of current market pricing driven by bidding activity on the portfolio assets, there has been a further diminution in the capital valuation of the Company's remaining assets of £3.41 million.

·       As at 31 July 2026, the Company has recorded a decrease in NAV per share of 2.96 pence compared to 31 January 2026.

·       After period end, the Company and its co-lenders settled their litigation claim against the original valuer of the RoyaleLife portfolio.  The Company's share of the settlement proceeds has led to an improvement in pro forma NAV of 1.31 pence per share as at the date of this report, compared to the 31 July 2026 figure. 

Performance

·       NAV of £17.22 million as at 31 July 2026 after ECL adjustments of £(39.63) (31 January 2026: £20.80 million after ECL adjustments of £(35.31) million), (31 July 2025: £23.27 million after ECL adjustments of £(31.96) million).

·       NAV per share as at 31 July 2026 of 14.19 pence (31 January 2026: 17.15 pence), (31 July 2025: 19.19 pence).

·       Loss after tax of £(3.59) million for the six months ended 31 July 2026 (31 July 2025: profit of £0.05 million).

·       Loss per share for the period of 2.96 pence (31 July 2025: profit of 0.04 pence).

Dividend

·       No dividends were declared or paid in the six months to 31 July 2026 (six months to 31 July 2025: nil). 

Investment Portfolio

·       As at 31 July 2026, the Company's investment portfolio comprised two loans with an aggregate principal balance of £42.11 million, and a carrying value after provision for ECL of £14.93 million (31 January 2026: two loans with an aggregate principal balance of £41.98 million, and a carrying value of £18.21 million).

·       The Company is seeking to realise the remaining investments through open market sales. The Investment Manager continues to seek opportunities to enhance value and so maximise recoveries.

*Unless stated otherwise, loan balances are stated gross of ECL provisions for impairment.  A comparison to the carrying value of the loans is set out in Note 4 to the accounts.

Corporate Summary

Investment Objective

In line with the revised Investment Objective and Policy approved by shareholders at the Extraordinary General

Meeting in January 2021, the Company is undertaking an orderly realisation of its investments.

Structure

The Company is a non-cellular company limited by shares incorporated in Guernsey on 29 November 2012 under

the Companies Law. The Company's registration number is 55917, and it has been registered with the GFSC as

a registered closed-ended collective investment scheme. The Company's ordinary shares were admitted to the

premium segment of the FCA's Official List and to trading on the Main Market of the London Stock Exchange as

part of its IPO which completed on 5 February 2013. The issued capital comprises the Company's ordinary shares

denominated in Pounds Sterling.

Investment Manager

The Company has appointed ICG Alternative Investment Limited as external discretionary investment manager, under the Alternative Investment Fund Managers Directive (AIFMD), within a remit set by the Board.

Chairman's Statement

Introduction

On behalf of the Board, I present the Unaudited Condensed Interim Financial Statements for the Company for the six months ended 31 July 2026.

As at the date of these statements, the assets securing both of the Company's remaining investments are under offer for sale, with the Southport hotel sale the more advanced.  The Investment Manager reports below with more detail on the latest position in the sales processes.  We are also pleased to report that the Company has now settled the litigation associated with the RoyaleLife loan, as set out further below. 

Your Board does recognise that these processes have proved to be extremely protracted, and notwithstanding any assurances we may be able to give in our reporting to you, ultimately the full exits of these two remaining loans have been heavily delayed. The Board shares shareholders' frustration with these delays. The Board though is satisfied that the Investment Manager continues to employ their best endeavours to complete these sales at fair prices. 

As a consequence of the above, during the period there was little activity of note within the portfolio. While there are clearly investment-specific reasons for this, there have also been market-wide challenges which the Investment Manager reports on below, where the initial momentum in UK property markets coming into 2026 appears to have stalled somewhat, initially owing to the conflict in Iran and more recently wider macro concerns on the interest rate environment.  This has led to delayed decision making by occupiers and investors.

This has inevitably led to a reassessment of current market values for the two remaining assets. Using a consistent valuation methodology from prior periods, and taking into account emerging bidding evidence for the RoyaleLife portfolio assets, the Board has recognised further ECL charges of £4.23 million as at 31 July 2026, comprising £3.41m of reductions to carrying values and £0.82m of net impairments to default interest accrued on the investments.  This is discussed in more detail below.

The Southport hotel continues to remain under offer for sale, with the delay in moving to exchange of contracts due to a complex negotiation with the freeholder (the local Council) on the structure of the lease.  Despite this the trading performance of the hotel has been robust, ahead of both prior year and budget, with the property reaping the benefits of the Open Championship golf being held at nearby Royal Birkdale.  Nonetheless, during the reporting period, we advanced at the request of the administrator a further £0.13m to support the asset.

The rise in UK mortgage rates over the last several months has led to a slowdown in the velocity of home sales, as has been observed in the reporting of a number of the listed housebuilders.  The Company has similarly seen this in home sales within the RoyaleLife portfolio, which slowed over the summer after a strong start to the year.   

Within the wider RoyaleLife portfolio, I can report to you that following a sales process run by Savills, the majority of the portfolio sites (by number and value) have now been placed in exclusivity for sale.  The balance of non-core sites are being sold separately; of these, one sale completed after period end with four others in contract and offers in hand for a further three.  Finally, two further sites are being held while asset management initiatives are completed and will be marketed thereafter.

More positively, I am able to report to you some further news on the RoyaleLife loan.  As we have advised previously, the Company is party to a litigation claim against the original valuer of the portfolio in respect of an alleged negligent valuation of the assets securing the loan. While the Company's disclosures on this have necessarily been limited by the ongoing litigation, I am now pleased to be able to report that the Company and its co-lenders have reached a settlement. 

While an initial formal settlement offer was received during the reporting period (the Company's share of which is included in the NAV reported herein), final settlement was reached after period end and shortly before issuance of this report.  The Company's share of the agreed settlement proceeds has led to an increase in the Company's pro forma NAV, as at the date of this report, of 1.31 pence per share, taking the Company's total pro forma NAV to 15.50 pence per share.

The Board is pleased to have been able to resolve this matter without the cost and delay of a potential trial, and to secure what we consider to be a fair outcome for shareholders. 

Valuation and Impairment

The Board and Investment Manager, as in prior periods, have considered the appropriate carrying values for the remaining investments taking into account the range of expected proceeds and the expected timing of returning capital to shareholders.

I noted in our Annual Report and Financial Statements dated 31 January 2026 that your Board remains mindful of the opportunity costs of holding these non-income producing assets but continues to conclude that an accelerated 'fire sale' of the investments would lead to adverse outcomes for shareholders compared to the current strategy of seeking fair and reasonable prices from the ongoing sale processes.

In aggregate, ECL provisions totalling net £4.23m have been charged during the reporting period, reflecting both a reduction in expected capital receipts and a charge in respect of accrued but unpaid default interest. 

·      In respect of the Southport loan, £0.59m, comprising £0.26m of accrued but unpaid default interest, a working capital injection of £0.125m and £0.2m in respect of the delay in concluding the sale.

·      In respect of the RoyaleLife loan, the additional ECL provision of £3.74m comprises £0.65m of accrued but unpaid default interest, with the balance being an adjustment to carrying values as a direct result of third party bid prices for the portfolio received during the formal marketing process. The level of the ECL provision takes account of a formal offer to resolve the litigation claim, which was received during the period.  This is the first time we have been able to include such an allowance in the Company's NAV, reflecting the formal nature of the offer received. 

·      In respect of the Affinity loan, which was repaid in a prior period, a reversal of £0.1m in the previous ECL owing to the receipt of a final wrap up payment from the LPA receiver.

As set out above, post-period end the Company and its co-lenders agreed to settle the RoyaleLife litigation at a level materially above that at the balance sheet date.  After allowing for certain legal costs and expenses, this will reverse the above ECL position by £1.59 million on a pro forma basis.

Revenue and Profitability

Accrued income from the portfolio for the period totalled £0.95 million (31 July 2025: £2.34 million), however this has been offset by a net provision for ECL adjustments as set out above.  After accounting for these impairments, the Company recognised a loss for the period of £3.59 million (31 July 2025: profit of £0.05 million).

The loss per share for the period was 2.96 pence (31 July 2025: profit of 0.04 pence), reflecting the changes to the carrying values detailed above. Details of the ECL provisions are set out in the notes to the condensed accounts.

Dividend and Return of Capital

No dividends were paid in the period, and the Board does not envisage the declaration of any dividends henceforth. The Company will make capital distributions to shareholders at the earliest opportunity after realisation of the remaining portfolio assets.

NAV and Share Price Performance

The Company's NAV at 31 July 2026 stood at £17.22 million (31 July 2025: £23.27 million), reflecting the adjustments set out above. 

The Company's share price ended the period at 12.75 pence per share, down from 14.15 pence as at 31 January 2026. The share price reflected, at period end, a 10.1% discount to the Company's NAV.

The Company's share of the final settlement proceeds in the RoyaleLife litigation has led to an increase in the Company's pro forma NAV of 1.31 pence per share, taking total pro forma NAV as at the date of this report to 15.50 pence per share. 

Outlook

Your Board is acutely aware that the Company has been, and continues to be, delayed in realising its final two remaining investments while continuing to suffer mark downs in the value of the loans.  I want to reassure shareholders that the Board and Investment Manager remain focused on exiting the investments. Despite some previous 'false dawns', current signs of progress are encouraging.  I would like to thank shareholders for their continued patience.   

Jack Perry

Chairman

16 October 2026

Investment Manager's Report

Summary

As at 31 July 2026 the Company had two investments remaining, which are being managed and realised following enforcement processes. This report provides a summary update on the realisation process for each remaining investment.

Portfolio

Investment Update

Southport Hotel

The hotel securing the Company's Southport loan continues to be run by the administrator, through a specialist hotel operating partner and local management team.  The hotel is trading profitably and in the year to 31 July 2026 has outperformed, with EBITDA being ahead of both prior year (due to the positive impact of the Open Championship golf being held nearby in July) but also 15% ahead of budget, which took the expected golf revenue into account.  Trading figures for August were also strong - with EBITDA up 26% on budget and 28% on prior year - and early returns for September seem encouraging. 

Offsetting this positive hotel trading has been the cashflow drag of VAT liabilities, administrators' fees and the holding costs associated with the vacant commercial units adjoining the hotel (which form part of the Company's security).  As a result, during the reporting period and following a request from the administrator, the Company determined to provide a further £0.13 million of funding to support working capital, property holding costs and to allow for continued investment in the asset during the sales process.

As detailed in the annual report and accounts, the asset has been under offer for sale for an extended period, to an experienced North West-based hotelier.  While the headline bid price is ahead of the carrying value of the loan, there will be costs associated with the sale and other customary closing price adjustments to allow for.  We are also mindful of previous inconclusive sales processes and have adopted a probability-weighted approach to assessing recoveries. 

Conclusion of the sale requires the consent of the freeholder, being the local authority.  Over the reporting period this has expanded into a wider discussion on a restructure of the leasehold interest which the council is eager to conclude, albeit this has resulted in significant delay.  While we have received assurances from the council in writing on their commitment to the transaction, regrettably we have yet to conclude legal agreements. 

RoyaleLife

As previously advised to shareholders, substantially all of the assets securing the loan, along with the operating platform, were brought to market during the period, in a formal process targeted at qualified purchasers.   Four parties submitted credible bids, with two taken to a second round of bidding. The lenders, including the Company, have now selected a preferred bidder with the portfolio under exclusivity for sale. The pricing evidence from this process has informed the assessment of carrying value, as set out below.

Additionally, a number of smaller, non-core portfolio assets have been marketed separately.  One of those assets sold after period end, with completion of another three sales expected in the coming weeks and the balance during the latter part of Q4 2026.  There is, however, no assurance that all these sales will complete.

While the sales processes are underway the lenders have continued to support the wider business plan.  After a positive start to the year, increases to UK mortgage rates and the subsequent slowdown in the housing market have affected sales velocities, mirroring the experience of many of the listed UK housebuilders who have reported to market recently.

During the period, the Investment Manager continued to pursue negligence litigation against the original valuer of the RoyaleLife property assets, to which the Company is a claimant.  While for reasons of confidentiality and disclosure we have been largely unable to provide shareholders with our assessment of the case or the progress therein, we can now confirm that a formal settlement offer was received in the weeks leading up to period end, which has now been reflected in the Company's NAV as described elsewhere in this report.

Since period end, we are pleased to confirm that agreement has now been reached to settle this litigation out of court, at a level higher than that provided for in the period-end NAV.  While the terms of the settlement are understandably confidential, we can confirm that the Company's share of the settlement proceeds has led to an increase in pro forma NAV of 1.31 pence per share, as described elsewhere in this report. 

Affinity

While this asset was sold in a prior reporting period, in May 2026 the Company received a final payment from the receiver of approximately £0.1m, reflecting post-closing adjustments and the wrap up of the receivership.  This has been applied in the accounts as a reversal of the previous ECL, and no further recoveries are expected from the investment. 

Reconciliation of Changes in Book Value

Economy and Financial Market Update

Despite an optimistic start to the year, the conflict in Iran in late February changed the year's economic trajectory materially. Immediate tensions were restricted to the Middle East; however; the knock-on effects on energy prices, inflation and interest rates spread globally. Against this backdrop, UK Prime Minister Keir Starmer resigned and was swiftly replaced by Andy Burnham, the UK's fifth prime minister in four years.

Despite external economic pressures, the UK economy showed signs of resilience. GDP expanded 0.6% in Q1 2026, driven primarily by services output (+0.8%), before slowing to 0.4% in Q2 as softening consumer demand weighed on activity. This softening in demand was reflected in a slight increase in unemployment in Q2 2026 to 4.9% (+0.2%). The UK nevertheless outperformed much of the Eurozone, where equivalent quarterly figures were weaker.

Inflation has continued to prove stubbornly resistant to target. CPI stood at 3.0% in the year to February before falling to approximately 2.8% in April and May, only to reverse course. August 2026 saw CPI rise back to 3.1%, driven by a sharp increase in motor fuel prices and higher fixed energy tariffs.

In recent months, markets have largely been focused on two structural factors - a global repricing of sovereign debt, and the dizzying rise of AI.  While equity markets continue to surge, seemingly impervious to the wider economic backdrop, bond markets are beginning to flash warning signals.

Within real estate, occupational demand generally proved more resilient than investor sentiment. Demand across offices, logistics, living and hotels remained concentrated on the highest quality assets, while development activity continued to be constrained by elevated construction costs, financing costs and planning challenges. A shortage of prime stock has increasingly become the defining characteristic of occupational markets. 

Occupational Demand / Supply

The UK office market held steady in H1 2026, with Central London take-up tracking to match the 11.4m sq ft recorded for full-year 2025. Behind these figures, tech- and AI-related leasing was the defining theme: The 0.7m sq ft transacted in Central London in H1 by AI firms was more than double the FY 2025 total, led by Anthropic's 160,000 sq ft lease at 1 Triton Square, NW1. The development pipeline remains constrained, with 47% of Central London space under construction representing refurbishment rather than new-build. Activity in the regions broadly matched London, with widespread rental growth leading to prime rents of £52.00 per sq ft and £48.00 per sq ft in Birmingham and Manchester respectively.

Within the industrial market, H1 2026 take-up totalled 10.9m sq ft, 16% below H1 2025, with build-to-suit activity particularly subdued at 720,000 sq ft. Third Party Logistics ("3PL") occupiers accounted for 45% of take-up, and second-hand stock rose to 42% of transactions versus 32% in prior years. Completions halved to 6.2m sq ft, and the national vacancy rate held stable at 7.1% as at Q2 2026, as the market rebalanced following years of speculative development.

A weakening consumer confidence backdrop did not prevent retail sales volumes from rising 4% year-on-year in Q2, boosted by summer sporting events. Retail park vacancy continued to decline, with prime rents now above pre-pandemic levels, and Oxford Street vacancy compressed to a 20-year low of 0.4%. Prime Central London rents rose 7.6% year-on-year in Q2, although shopping centre performance remained polarised.

The hotel sector delivered resilient H1 2026 trading, with occupancy and ADR holding in London and key regional cities. However, margin growth has become more challenging as wage inflation, business rates and operating costs continue to rise. Business rates became a particular challenge, with replacement of the Retail, Hospitality and Leisure relief scheme in favour of an adjusted multiplier.

Property Investment Market

UK commercial real estate transaction volumes in H1 2026 totalled £23bn, down 8% year-on-year, with the US-Iran conflict weighing on investor confidence. Nonetheless the UK remained the most actively invested market in Europe, with all-property total returns of 2.5% and income returns of 2.8%.

The bifurcation between prime and secondary office assets remains firmly in place, with the former seeing some level of demand returning and the latter very little. H1 2026 investment volumes rose 7% year-on-year, with industry forecasts expecting the sector to attract c.£15bn for the full year, returning offices to the most invested CRE asset class. Central London values held broadly flat over H1, while Outer London/M25 assets declined 4.8%, with liquidity concentrated in prime stock. Regional office markets remain more thinly traded, although pricing appears broadly stable with prime regional yields at approximately 6.75%.

H1 2026 industrial investment remained a focus for institutional capital, with prime yields stable. Multi-let and well-located logistics assets attracted the widest buyer pool, however a lack of prime stock limited the overall volume.

Both retail parks and prime shopping centres remained attractive from an investment perspective, with Q1 2026 volumes reaching £1.5bn. Estimates placed the total return of retail as the highest of any traditional commercial sector following years of valuation drops. Retail parks remain the most sought-after subsector due to low vacancy, rental growth and limited supply, while the acquisition of Merry Hill by Redical provided a notable boost for the shopping centre market.

The first half of 2026 also brought an exceptional hotel investment market. Volumes exceeded £2.9bn, up 119% year-on-year, with London accounting for £1.7bn. Unlike H1 2024, where a handful of large portfolios drove headline volumes, H1 2026 activity was more broadly distributed, albeit the market remained focused on high-value, high-quality assets in core locations.

The UK residential for-sale market softened in H1 2026 as higher mortgage costs weighed on affordability and buyer sentiment. House prices rose circa 2% in early 2026 before tapering in Q2; the popular listings platform Rightmove downgraded its forecasts from 2% to between 0 and -2%. Two-year fixed rate mortgages peaked at 5.0% in April before easing to 4.6% by 1 July, but the outlook remains challenged. Sales agreed ran 13% below the baseline 2017-19 average in June, with London and the South East most affected.

Finance Markets

Contrary to widespread expectations early in 2026, base rates again failed to deliver the relief commercial real estate finance markets were seeking in H1 through July. SONIA swap rates continued to steepen: the 5-year rate reached approximately 4.45% by July 2026, as markets priced in the possibility of a Bank of England hike rather than further easing. This upward shift in the swap curve continued to dampen investment appetite, as the 'higher for longer' trajectory became truly embedded in the markets, with swaps further rising to approximately 4.7% at the time of writing.

While data on credit margins is sometimes unreliable or outdated, ICG observed a compression in prime lending margins in Q1 2026 before steadying in Q2 following the onset of the conflict in Iran.  Banking market liquidity remains robust, as does lender demand for larger-ticket loans supported by back leverage.  In the mid-market, liquidity can be patchier depending on the nature of the underlying asset.

Portfolio Outlook

As we have described in this report, some of the initial momentum in the transactions market coming into 2026 has become more subdued over the period, and at the time of writing sentiment continues to trend weaker as a function of geopolitical uncertainty and macroeconomic challenges, principally around rising benchmark interest rates and rates on sovereign bonds. 

Despite this backdrop and the relative lack of activity in the Company's two remaining loans, we are now beginning to make some progress on exit with the majority of assets securing the RoyaleLife loan now being under offer for sale along with some of the smaller non-core assets, one of which has now been sold.  While there is no assurance the largest sale will complete, we are actively pursuing it.   We are also pleased to have been able to settle the litigation accompanying the case, which we believe has delivered a positive outcome for shareholders in partial mitigation of the losses suffered on the loan.

ICG REAL ESTATE

16 October 2026

Directors' Responsibilities Statement

The Directors are responsible for preparing this Interim Financial Report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:

•    The Unaudited Condensed Interim Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the UK; and

•    The Chairman's Statement and Investment Manager's Report include a fair review of the information required by:

(i)   DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the Unaudited Condensed Interim Financial Statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

(ii)  DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position and performance of the entity during that period; and any changes in the related party transactions described in the last Annual Report and Financial Statements that could do so.

On behalf of the Board

Jack Perry

Chairman

16 October 2026

Principal Risks and Uncertainties

The Company invests primarily in UK commercial real estate loans of a fixed rate nature; as such, it is exposed to the performance of the borrower and the underlying property on which its loans are secured. 

The principal risks and uncertainties of the Company were identified in detail in the Annual Report and Financial Statements for the year ended 31 January 2026.

In addition to regular risk reviews, emerging risks are considered as they arise, to assess any potential impact on the Company and to determine whether any actions are required.

As a result of such risks emerging, the Audit and Risk Committee regularly reviews its assessment of the key risks faced by the Company, which are currently identified as the following:

·      The inability to secure the sale or refinancing of an underlying property will frustrate the timely repayment of capital;

·      Imprecision of valuations will impact the Company's ability to accurately determine collateral values and to appropriately consider the potential impairment of any particular investment;

·      A further deterioration in property market conditions or liquidity could likely result in a further reduction in shareholder value;

·      Portfolio diversification: the effect on the Company of challenges experienced on the smaller number of remaining investments is magnified and could lead to increased volatility in cash flows or net asset values;

·      Some of the Company's costs are fixed and will therefore consume a greater proportion of the Company's revenues as the Company shrinks, which will impact the amount of funds available for distribution to shareholders;

·      Complications with the liquidation process could affect timing of the final distribution to shareholders.

Condensed Statement of Comprehensive Income

FOR THE SIX-MONTH PERIOD TO 31 JULY 2026

All items within the above statement have been derived from discontinuing activities on the basis of the orderly realisation of the Company's assets.

The Company has no recognised gains or losses for either period other than those included in the results above, therefore no separate statement of other comprehensive income has been prepared.

The accompanying notes form an integral part of these Interim Financial Statements.

Condensed Statement of Financial Position

As at 31 July 2026

The Interim Financial Statements were approved by the Board of Directors on 16 October 2026 and signed on their behalf by:

The accompanying notes form an integral part of these Interim Financial Statements.

Condensed Statement of Changes in Equity

For the SIX-MONTH period to 31 July 2026

For the SIX-MONTH period to 31 July 2025

The accompanying notes form an integral part of these Interim Financial Statements.

Condensed Statement of Cash Flows

For the SIX-MONTH period to 31 July 2026

The accompanying notes form an integral part of these Interim Financial Statements.

Notes to the Unaudited Condensed Interim Financial Statements

For the six-month period to 31 July 2026

1. General information

ICG-Longbow Senior Secured UK Property Debt Investments Limited is a non-cellular company limited by shares and was incorporated in Guernsey under the Companies Law on 29 November 2012 with registered number 55917 as a closed-ended investment company. The registered office address is Floor 2, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 4LY.

The Company's shares were admitted to the Premium Segment of the Official List and to trading on the Main Market of the London Stock Exchange on 5 February 2013.

The unaudited condensed financial statements comprise the financial statements of the Company as at 31 July 2026.

In line with the revised Investment Objective and Policy approved by shareholders in the Extraordinary General Meeting in January 2021, the Company is undertaking an orderly realisation of its investments. As sufficient funds become available the Board returns capital to shareholders, taking account of the Company's working capital requirements and funding commitments.

ICG Alternative Investment Limited is the external discretionary investment manager.

2. Accounting policies

a) Basis of preparation

The Interim Financial Statements included in this Interim Report, have been prepared in accordance with IAS 34 'Interim Financial Reporting', as adopted by the UK and the Disclosure, Guidance and Transparency Rules of the FCA.

The Interim Financial Statements have not been audited or reviewed by the Company's Auditor.

The Interim Financial Statements do not include all the information and disclosures required in the Annual Report and Financial Statements and should be read in conjunction with the Company's Annual Report and Financial Statements for the year ended 31 January 2026, which are available on the Company's website (www.lbow.co.uk). The Annual Report and Financial Statements have been prepared in accordance with IFRS as adopted by the UK

Other than as set out above, the same accounting policies and methods of computation have been followed in the preparation of these Interim Financial Statements as in the Annual Report and Financial Statements for the year ended 31 January 2026. In particular the Company has adopted the same approach to valuation of financial instruments including critical accounting judgements and estimation of uncertainties as set out in detail in the notes to the Annual Report and Financial Statements for the year ended 31 January 2026.

There were no new standards or interpretations effective for the first time for periods beginning on or after 1 January 2026 that had a significant effect on the Company's financial statements. Furthermore, none of the amendments to standards that are effective from 1 January 2026, had a significant effect on the Company's interim condensed financial statements. It is not anticipated that any standard which is not yet effective, will have a material impact on the Company's financial position or on the performance of the Company's statements.