Schroder Oriental Income Fund Limited

Half Year Report for the six months ended 28 February 2026

Schroder Oriental Income Fund Limited (the "Company") hereby submits its Half Year Report for the six months ended 28 February 2026 as required by the Financial Conduct Authority's Disclosure Guidance and Transparency Rule 4.2. 

Nick Winsor, Chair of the Company, commented: "Performance was strong in both absolute and relative terms, led by effective stock selection across several Asia-Pacific markets - particularly within technology, resources and selected financials. The Board remains convinced that the Portfolio Manager's focus on quality companies with attractive dividend prospects and potential for capital growth over the long term remains the best way to navigate current market volatility."

Key highlights

·    During the period under review, the Company delivered a NAV per share total return of +35.3%, outperforming the Reference Index (MSCI AC Pacific ex Japan Index, sterling terms) by 4.6 percentage points. The share price total return for the six months to 28 February 2026 was +38.1%.

·    The Company has increased its dividend every year since launch and is recognised as part of the AIC's "next generation" dividend heroes. The Board continues to target full dividend hero status later this year, upon reaching twenty consecutive years of dividend growth.

·    Following a review of the Company's distribution profile, the first three interim dividends will be increased to smooth payments across the year and reduce reliance on the final dividend; this is a timing adjustment only and does not change the Company's overall dividend policy.

The Company's Half Year Report is being published in hard copy format and an electronic copy of that document will shortly be available to download from the Company's web page at: Schroder Oriental Income Fund Limited

The Company's Half Year Report will shortly be uploaded to the Financial Conduct Authority's National Storage Mechanism and will be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism 

Enquiries:

Schroder Investment Management Limited

Chair's Statement

I am pleased to present my interim report as Chair of the Company. Markets have been unusually volatile in recent months and, against this backdrop, the strong performance of our investment portfolio in the reporting period has been particularly satisfying.

Performance

Asian equities surged in the six months to end-February 2026, reversing earlier consolidation and brushing aside geopolitical noise, with Korea dramatically outperforming. The region's benchmark rose 30.7% versus a 10.1% gain globally as measured by MSCI World (in Sterling terms), led by AI-linked semiconductor winners such as Samsung Electronics and SK Hynix as memory price expectations jumped on tightening supply fears. During the period under review, the Company's NAV per share total return was +35.3%, thus outperforming the Reference Index (MSCI AC Pacific ex Japan Index in Sterling terms) by 4.6 percentage points. The share price total return for the six months ended 28 February 2026 was 38.1%.

Performance was strong in both absolute and relative terms, led by effective stock selection in technology, resources and selected financials across several Asia-Pacific markets. The biggest allocation benefit came from maintaining an underweight to China, especially to large internet platform stocks, which outweighed the negative impact of being underweight Korea and overweight Singapore. The portfolio remained focused on core Asia Pacific ex Japan markets, with selective additions and exits, a continued tilt towards technology and financials (though moderated), and small rotations within telecoms and consumer exposures.

Due to the exceptional performance during the period, the Company has accrued a performance fee of £5,246,000. We would like to remind investors that this is the last year that a performance fee will be paid. You can read a more detailed account of the Company's performance in the Investment Managers' Review starting on page 6 of the Half Year Report.

Revenue and dividends

Net assets have grown during the period under review, compared to the 12 months prior, which has led to an increase in costs. Dividends inevitably lag the NAV, which has led to a reduction in net revenue return after taxation compared with the prior period; however, the long-term outlook for dividends remains strong.

The Company has paid a first and second interim dividend for the year ending 31 August 2026 of 2.00 pence per share and 2.50 pence per share respectively (2025: 2.00 pence per share for both). 

In February 2026, the Board reviewed the Company's distribution profile and noted that dividend payments have become weighted disproportionately towards the year end. The Board has determined that a measured uplift to the first three interim dividends would help to achieve a more even distribution pattern across the year and reduce reliance on the final dividend. This approach is intended solely to smooth the timing of distributions, rather than to signal any change in the Company's overall dividend policy.

Following on from this decision, the second interim dividend announced in April 2026 has been set at a higher level than in prior periods and subject to the Company's distributable income, market conditions and the Board's ongoing assessment, the Board currently expects the third interim dividend to be broadly in line with the second interim dividend. As a result, the final dividend is expected to represent a smaller proportion of the total annual distribution than in recent years with the size of the final dividend being determined in light of the payments made throughout the year.

Having grown its dividend every year since launch, the Company is classed in the AIC's next generation of dividend heroes and it remains the Board's aim to achieve full dividend hero status later this year, on the completion of twenty years of consecutive dividend growth.

Gearing

The Company has a £75 million revolving credit facility with The Bank of Nova Scotia. During the period, the average gearing was 3.5%, contributing modestly, net of financing costs, to your Company's overall performance.

Discount management

The Board endorses share buybacks when the market price significantly undervalues the portfolio and closely monitors the Company's share price relative to its NAV, committing to repurchase shares to manage this situation effectively.

During the six months to 28 February 2026, the Company repurchased 3,154,589 ordinary shares. Following this period, as of 20 May 2026, the Company acquired an additional 2,293,186 ordinary shares. The Board remains confident in the intrinsic value of the Company's investments and will continue to repurchase shares when the discount to NAV is above 5%.

Board changes

I would like to take the opportunity to welcome Shaun Lacey, who has joined the Board as an independent non-executive director. Shaun was appointed to the Board in April 2026, following a rigorous selection process using independent search firm Thomas and Dessain. Shaun is a highly experienced wealth management and banking executive with over 45 years' industry experience and more than 20 years' executive Board and corporate governance experience. Based in Guernsey, he has particular expertise in offshore jurisdictions and regulated environments, developed through longstanding senior leadership roles and regular engagement with the Guernsey regulator.

Schroders combination with Nuveen

On 12 February 2026, the Board of Schroders plc announced that they had agreed terms of a recommended cash acquisition by Nuveen, to combine the two businesses. The transaction is not expected to complete until Q4 2026. The Board of Schroder Oriental Income Fund Ltd have been informed that Nuveen's intention is to maintain continuity across Schroders' existing investment and client-facing functions, and the Board will monitor progress in this regard.

Further details are available on the Schroders website: https://www.schroders.com/en/global/individual/nuveenoffer/.

Outlook

Since the period end, Asian markets initially sold off and remain volatile as a result of the Middle East conflict which has driven energy prices higher, weighing on a region that imports much of its oil and gas via inflation and rates. That said, the region's fundamentals and policy frameworks look more resilient than in past cycles, and the key swing factor is duration. An initial bout of disruption could prove manageable if it fades relatively quickly.

Artificial Intelligence-related investments continue to provide an important tailwind for parts of Asian technology, even if the sector remains cyclical. Overall, the approach remains selective and opportunity led for now: staying cautious where energy and policy sensitivity is highest, keeping a meaningful underweight to China, crystallising gains in areas that have run hard, and maintaining an overweight to Australia and Singapore. Valuations still look attractive versus developed markets, even if they are less obviously cheap relative to the region's own history.

The Board remains convinced that the Portfolio Manager's focus on quality companies with attractive dividend prospects and potential for capital growth over the long term remains the best way to navigate current market volatility. Sector-leading investment performance is evidence that this approach is as relevant today as it was when the Company was founded over 20 years ago.

Nick Winsor

Chair

20 May 2026

Investment Manager's Review

Introduction

The six‑month period to the end of February 2026 proved to be a very strong one for Asian markets. After a period of consolidation to November, the region shook off geopolitical concerns over Venezuela and Greenland to rally sharply through to the period end - albeit unevenly, with Korea up an exceptional 121% over the six months, while markets such as China and Indonesia were broadly flat.

The 30.7% return for the regional benchmark over the six months was far stronger than the 10.1% rise in global indices over the same period in sterling terms. In part, this was because the artificial intelligence ("AI") theme continued to play out more strongly in Asia than elsewhere, given the region's exposure to key players that are direct beneficiaries of increased AI capital expenditure (capex). Samsung Electronics and SK Hynix were the standout performers, as expectations for memory semiconductor prices surged, with ever-increasing AI-related demand leading to concerns over shortages among some customers.

Against this backdrop, the Company's net asset value ("NAV") delivered strong absolute and relative returns, recording a total return of 35.3% and outperforming the index by 4.6% over the period. Stock selection was the principal driver, particularly in Australia, Taiwan and the smaller ASEAN¹ markets, while the underweight position in mainland China also contributed positively.

¹Association of Southeast Asian Nations.

A weaker US dollar provided an additional boost over the period, typically a supportive backdrop for commodity prices. The strength in base metals and gold prices drove a strong rally in resource stocks. Materials was the second best performing sector after information technology ("IT").

China was notable for its underperformance, with weakness across many sectors including the large internet platform companies. The domestic economy remains weak and, although the strong trade balance has been supportive, there are growing concerns about the sustainability of growth without further stimulus to boost consumption and business confidence.

Other laggards included Indonesia and India, both of which saw significant foreign selling over the period. Neither market is seen as a direct beneficiary of the AI theme, given their limited exposure to IT hardware. Both also faced their own challenges, however. In Indonesia, ongoing governance concerns weighed on sentiment, culminating in MSCI placing the country under review for a potential downgrade to its frontier market status. Meanwhile, in India, where the economic outlook remains challenging, with government investment slowing and US tariff policy an overhang, earnings have disappointed, which has meant valuations still look full despite meaningful underperformance.

Performance and positioning

The Company's NAV made strong absolute and relative gains over the period, with stock selection the primary driver. In Taiwan, the holdings in semiconductor packager ASE Technology and fabless chip designer MediaTek were the standout contributors, while in Australia, diversified miner Rio Tinto and supermarket operator Woolworths both performed strongly. Stock selection was also positive in parts of Southeast Asia, with Singaporean banks DBS and OCBC adding value, as well as Philippine port operator ICTSI.

Geographically, the Company's portfolio remains focused on core Asia Pacific ex Japan markets such as Taiwan, Australia, Korea, Hong Kong, China and Singapore. A significant underweight to China was among the most important contributors to relative performance over the period, with limited exposure to internet platform giants such as Tencent and Alibaba proving particularly beneficial. This was partially offset by the portfolio's underweight exposure to Korea and overweight position in Singapore, which detracted from relative performance.

Although reduced during the period, we continue to run a substantial underweight to China versus the benchmark, partly offset by an overweight to Hong Kong. New positions here included Techtronic Industries, a Hong Kong‑listed power tools company that derives most of its revenues from the US. The stock had sold off on concerns over the US housing market, providing an opportunity to invest in a business with lucrative exposure to the professional tools market at an attractive prospective yield.

Other new purchases included Weichai Power, a Chinese industrial company with growing exposure to data‑centre power supply equipment. We also continued to build the positions in Macau gaming company Galaxy Entertainment, as well as electric vehicle ("EV") battery manufacturer CATL and insurer Ping An. We exited the holding in China Yangtze Power due to a deteriorating growth outlook and uncertainty around its capital allocation strategy.

Australia remains something of an anti‑AI play given its limited direct exposure to the theme, but it has been benefiting from an improvement in its terms of trade as commodity prices continue to pick up. With relatively little new base metal supply coming to market at a time of rising demand - driven largely by the electrification theme - the outlook for resource companies remains constructive. The underlying economy has also proven remarkably resilient, although this has begun to feed through into inflation, prompting the Reserve Bank of Australia to continue to raise rates.

Against this backdrop, we increased the portfolio's overweight exposure to Australia. In addition to our resource holdings, we added Scentre Group, a leading Australian shopping mall operator benefiting from very limited new supply, and Woolworths, a domestic supermarket operator. As a net energy exporter, Australia is less directly affected by the Middle East conflict than many of its regional peers, though rising energy costs will likely still place further upward pressure on domestic inflation impacting the outlook.

In Southeast Asia, we remain most exposed to Singapore, which continues to benefit from its growing status as a regional wealth management hub and from the broader development of its neighbours. Financials have performed well here, and we have started to trim positions in certain holdings that have done well, including Singapore Telecom and REIT CICT (CapitaLand Integrated Commercial Trust).

Beyond Singapore, we maintain exposure to some of the smaller ASEAN markets such as Indonesia, Vietnam, Thailand and the Philippines, where aggregate valuations remain well below historical averages. However, with the implications of the Middle East conflict still unclear, we are cautious about adding to these markets for now, despite their underperformance - they have typically been more sensitive to rising energy costs and potentially tighter global monetary policy. Indonesia in particular also faces concerns over domestic policies and the knock‑on effect to growth and government finances.

In IT, our largest sectoral exposure, we added a position in Quanta Computer, a beneficiary of the AI‑driven shift to high-end servers, while selling out of Largan, a Taiwanese company with underlying exposure to smartphone demand. Having trimmed TSMC and ASE Technology following their strong performance, this leaves us with a small underweight to the sector at the period end.

Financials remains the second‑largest sector and we continue to be overweight, although we have moderated that exposure by selling two banks - Singapore's UOB and Japan's SMFG - and reducing the position in Australian insurer Suncorp. It is a diverse sector spanning banks, insurers and exchange companies, and with interest rates potentially shifting, we are watching the outlook for margins closely - a firming in rates would be helpful, as long as the extent of any increase does not choke off growth or impact asset quality. Elsewhere, we are selectively overweight real estate, although exposure remains small in absolute terms.

In telecommunications, we sold out of HKT Trust in Hong Kong and initiated a position in True Corp in Thailand, which has resumed paying dividends after market consolidation led to an improvement in profitability.

Investment outlook

Since the period end, Asian markets saw a significant correction in March following the US-Israeli attacks on Iran. The region, however, rebounded strongly in April, helped by a sharp improvement in sentiment over the Middle East conflict following a temporary ceasefire (despite the fact that the Strait of Hormuz remained effectively shut), combined with continued strength in the AI supply chain. The Strait of Hormuz - through which roughly 20% of global oil passes - has effectively been blocked, while Iranian counterattacks, prior to the ceasefire, targeted oil export infrastructure across the Gulf region. Together these developments have caused oil and gas prices to surge.

This is a meaningful headwind for Asia, which is a net importer of oil and gas. Higher energy prices worsen external accounts and inflation rates, and could make some countries more vulnerable to rising global interest rates. That said, many Asian economies now have stronger external positions than historically, which, coupled with positive real interest rates, should allow them to weather the impact better than would previously have been the case. However, with the availability of oil and gas increasingly becoming an issue we have started to see a number of countries introduce measures to reduce energy consumption such as government employees working from home.

The key question for markets is the duration of the conflict. If oil flows resume quickly, the impact should be manageable. The longer the conflict continues, however, the greater the risks become - both regionally and for the global economy.

Notwithstanding the near-term uncertainty created by conflict in the Middle East, the outlook for AI-related spending by US hyperscalers remains a pivotal consideration for Asian markets. Their return on investment continues to be scrutinised as a guide to the durability of that spend - though for now, forecasts continue to be revised upwards. In the US, there is increasing differentiation between companies seen to be generating strong returns on this investment and those that are not, but increased AI capex continues to benefit IT hardware companies across Asia.

Nevertheless, the semiconductor industry remains cyclical, even within a structural growth trend. As a result, the supply side - particularly for memory - has been an increasing focus for us, given the exceptional returns recently seen. Supply coming onstream this year is limited, and we do not expect meaningful capacity additions until the second half of 2027. That said, as previous cycles have shown, companies are adept at bringing forward supply - and share prices tend to anticipate this.

Higher prices also risk destroying some end demand, particularly in more mature and price‑sensitive areas such as smartphones, tablets and PCs. This could weigh on margins and volumes for related manufacturers and brands. Taken together, these factors have meant that we have been slowly trimming our IT positions, leaving the portfolio marginally underweight the sector.

While the growth in AI capex has been a tailwind for Asia, attention has more recently turned to the potential losers from disruption. Platform companies that had previously benefited from scale and network effects - including online travel and e‑commerce businesses - face the risk of being potentially disintermediated by AI agents. Our exposure to these companies is limited.

The outlook for the Chinese market remains largely unchanged. The economy continues to benefit from a strong external sector, while the domestic economy remains weak, held back by oversupply and a lack of demand. There has been some hope for further stimulus measures to bolster consumption but, for now, the focus remains on reducing excessive capacity and competition. On the positive side, geopolitical tensions with the US appear less strained, with certain tariffs and restrictions being eased on both sides. We have added to our exposure in China, though we remain substantially underweight, offset partially by our overweight position in Hong Kong.

Much of the strong Asian market performance in recent months has been narrowly focused on certain themes, rather than reflecting a broad‑based recovery in earnings. This has pushed valuations higher, and the market now trades above long‑term averages on most metrics. That said, the region as a whole remains attractively valued relative to developed markets.

Looking ahead, we expect underlying earnings to become a more significant driver of share prices. Encouragingly, we had started to see the earnings recovery broaden beyond the narrow set of AI beneficiaries to a wider base. Recent developments in the Middle East represent a clear impediment to this trend (with the latest data point showing some pull back), and the duration of the conflict will be key in determining whether that trajectory can be maintained.

Turning to dividends, the improvement in underlying earnings has started to feed through into local dividend payments. Of the companies in the portfolio at the end of the period that announced dividends during calendar Q1 over 70% increased them (interim or final) over last year, which is an encouraging sign.The region's relatively low aggregate payout ratio should provide some dividend resilience should profits come under pressure from the current geopolitical headwinds. The level of sterling versus Asian currencies will continue to influence the absolute level of dividends received.

In conclusion, it has been a strong period for the Company, with NAV returns well ahead of the benchmark driven by disciplined stock selection and considered portfolio positioning. While the emergence of conflict in the Middle East has introduced near-term uncertainty, the portfolio is, in our view, well placed to help weather the challenges ahead. The structural tailwinds driving Asian markets have solid foundations, and we continue to find attractive income opportunities across the region. We remain confident in the long-term outlook for Asian income investors.

Thank you for your continued trust in the Schroder Oriental Income Fund.

Richard Sennitt

Portfolio Manager

Schroder Investment Management Limited

20 May 2026

Interim Management Statement

Investment policy

The investment policy of the Company is to invest in a diversified portfolio of investments, primarily equities and equity-related investments, of companies which are based in, or derive a significant proportion of their revenues from, the Asia Pacific region. The portfolio is diversified across a number of industries and a number of countries in that region. The portfolio may include government, quasi-government, corporate and high-yield bonds and preferred shares.

Equity-related investments which the Company may hold include investments in other collective investment undertakings (including real estate investment trusts and related stapled securities), warrants, depository receipts, participation certificates, guaranteed performance bonds, convertible bonds, other debt securities, equity-linked notes and similar instruments (whether or not investment grade) which give the Company access to the performance of underlying equity securities, particularly where the Company may be restricted from directly investing in such underlying equity securities or where the Investment Manager considers that there are benefits to the Company in holding such investments instead of directly holding the relevant underlying equity securities. Such investments may be listed or traded outside the Asia Pacific region. Such investments may subject the Company to credit risk against the issuing entity. The Company may also participate, subject to regulatory and tax implications, in debt-to-equity conversion programmes.

The Investment Manager may consider writing calls over some of the Company's holdings, as a low risk way of enhancing the returns from the portfolio. The Board has set a limit such that covered calls cannot be written over portfolio holdings representing in excess of 15% of gross assets. However, the Company may only invest in derivatives for the purposes of efficient portfolio management. Investors should note that the types of equity-related investments listed in this paragraph are not exhaustive of all of the types of securities and financial instruments in which the Company may invest, and the Company will retain the flexibility to make any investments unless these are prohibited by the investment restrictions applicable to the Company.

Although the Company has the flexibility to invest in bonds and preferred shares as described above, the intention of the directors is that the assets of the Company which are invested (that is to say, which are not held in cash, money funds, debt securities, interest bearing gilts or treasuries) will predominantly comprise Asia Pacific equities and equity-related investments. The Company is required to obtain the prior approval of the ordinary shareholders to any material change to its published investment policy.

Principal risks and uncertainties

The principal risks and uncertainties of the Company's business fall into the following categories: strategy/competitiveness, investment performance, share price performance, geopolitical, market and currency, cyber and AI, and climate change.

A detailed explanation of the risks and uncertainties in each of these categories can be found on pages 35 to 37 of the Company's published Annual Report and Financial Statements for the year ended 31 August 2025.

The principal risks and uncertainties have not materially changed during the six months ended 28 February 2026. However, the Board reviewed the principal and emerging risks and noted an increase in geopolitical risk during the period under review. In particular, developments relating to the Middle East conflict have contributed to greater uncertainty in global markets. These matters will continue to be monitored and, where appropriate, reported in the next Annual Report and Financial Statements.

Going concern

Having assessed the principal risks and uncertainties, and the other matters discussed in connection with the viability statement as set out on page 38 of the Company's published Annual Report and Financial Statements for the year ended 31 August 2025, the directors consider it appropriate to adopt the going concern basis in preparing the interim report.

Related party transactions

There have been no transactions with related parties that have materially affected the financial position or the performance of the Company during the six months ended 28 February 2026.

Directors' responsibility statement

The directors confirm that, to the best of their knowledge, this set of condensed financial statements has been prepared in accordance with the Companies (Guernsey) Law, 2008, International Financial Reporting Standards and with the Statement of Recommended Practice, "Financial Statements of Investment Companies and Venture Capital Trusts" issued in July 2022 and that this Half Year Report includes a fair review of the information required by 4.2.7R and 4.2.8R of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Nick Winsor

Chair

For and on behalf of the Board

20 May 2026

Statement of Comprehensive Income

for the six months ended 28 February 2026

The "Total" columns of this statement represents the Company's Statement of Comprehensive Income, prepared in accordance with IFRS. The "Revenue" and "Capital" columns represent supplementary information prepared under guidance set out in the Statement of Recommended Practice for investment trust companies (the "SORP") issued by the Association of Investment Companies in July 2022.

The Company does not have any income or expense that is not included in net return for the period. Accordingly the "Net return" for the period is also the "Total comprehensive income" for the period.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.

Statement of Changes in Equity

For the six months ended 28 February 2026 (unaudited)

For the six months ended 28 February 2025 (unaudited)

For the year ended 31 August 2025 (audited)

Statement of Financial Position

as at 28 February 2026

Registered in Guernsey

Company registration number: 43298

Cash Flow Statement

for the six months ended 28 February 2026

Notes to the Financial Statements

for the six months ended 28 February 2026

1. Principal activity

The Company carries on business as a Guernsey closed-ended investment company.

2. Financial statements

The financial information for the six months ended 28 February 2026 and 28 February 2025 has not been audited or reviewed by the Company's auditor. These financial statements do not include all of the information required to be included in annual financial statements and should be read in conjunction with the financial statements of the Company for the year ended 31 August 2025.

3. Accounting policies

(a) Basis of accounting

The financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the accounting policies set out in the statutory accounts of the Company for the year ended 31 August 2025. Where presentational guidance set out in the Statement of Recommended Practice (the "SORP") for investment trusts issued by the Association of Investment Companies in July 2022, is consistent with the requirements of International Financial Reporting Standards, the financial statements have been prepared on a basis compliant with the recommendations of the SORP.

(b) Accounting estimates

In common with many other investment companies, the Board has chosen to adopt the 'allocation approach', as set out in the SORP, and has determined that basis of allocation of expenses to capital should reflect the long term split of returns in the form of capital gains and income. The Company allocates 60% of the management fee and finance costs to capital and the remaining 40% to revenue. The Board monitors the assumptions that underpin the basis of allocation.

4. Taxation

Taxation comprises irrecoverable overseas withholding tax deducted from dividends receivable. The Company became resident in the United Kingdom for taxation purposes on 1 September 2020 and has been granted approval as an investment trust under Sections 1158 and 1159 of the Corporation Tax Act 2010, from that date.

5. Earnings per share

6. Dividends paid

A second interim dividend of 2.50p (2025: 2.00p) per share, amounting to £5,650,000 (2025: £4,643,000) has been declared payable in respect or the year ending 31 August 2026.

7. Creditors: amounts falling due within one year

8. Share capital

Changes in the number of shares in issue during the period were as follows:

9. Net asset value per share

10. Financial instruments measured at fair value

The Company's portfolio of investments, which may comprise investments in equities, equity linked securities, government bonds and derivatives, are carried in the balance sheet at fair value. Other financial instruments held by the Company may comprise amounts due to or from brokers, dividends and interest receivable, accruals and cash at bank.

For these instruments, the balance sheet amount is a reasonable approximation of fair value.

The investments in the Company's portfolio are categorised into a hierarchy comprising the following three levels:

Level 1 - valued using quoted prices in active markets.

Level 2 - valued by reference to valuation techniques using observable inputs other than quoted market prices included within Level 1. Level 3 - valued by reference to valuation techniques using inputs that are not based on observable market data.

Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset.

At 28 February 2026, the Company's investment portfolio was categorised as follows:

There have been no transfers between Levels 1, 2 or 3 during the period (year ended 31 August 2025 and period ended 28 February 2025: nil).

11. Events after the interim period that have not been reflected in the financial statements for the interim period

The directors have evaluated the period since the interim date and have not noted any significant events which have not been reflected in the financial statements.