Funding profile:

OCI had total outstanding commitments of £805 million, as at 30 June 2024. These will be met by:

• Proceeds from future realisations: the staggered profile of the Oakley Fund Investments is expected to generate regular and ongoing proceeds for OCI as the funds progress through their life cycle. As the Oakley portfolio matures, the Oakley Funds will distribute disposal proceeds to OCI. Looking across the portfolio, Fund III and Fund IV are both within their realisation phase, with two exits in Fund IV expected before the end of the year, and both are expected to generate significant proceeds over the short to medium term.

• Cash and available credit: as at period end, the Company's cash and available credit was £184m. In addition, the Revolving credit facility can be increased by a further £50 million subject to agreement by all parties.

• Direct Investments: at period-end, Direct Investments were £223 million, comprised of equity and a loan to Time Out and preferred equity in North Sails. These are expected to be realised in the short to medium term, in line with the Board’s stated ambition to focus on Oakley Fund Investments.

The below considerations are factored in when assessing OCI’s unfunded commitments against its liquidity sources:

• Uncalled commitments: Oakley Funds are not expected to call all commitments as the manager aims to retain flexibility. Therefore, a proportion of commitments are likely to remain uncalled.

• Net cash flows: Oakley Fund Investments have historically started to return cash during the investment period, with the cash available to fund future cash requirements. Therefore, the net cash funding requirement is likely to be substantially lower than fund commitments, based upon historical performance.

• The Board aims to strike the right balance between maximising NAV growth through commitments to, and deployment via, the Oakley Funds and other capital allocation considerations, and ensuring an appropriate cash contingency is maintained.

Modelled cash flow forecasts are stress tested to give comfort that the amounts being committed are sufficient to optimise NAV growth while also ensuring adequate liquidity to meet these future fund commitments. The OCI Board is, therefore, confident that it will have sufficient funds to meet its commitments through the investment horizon of the Funds.