AIF

Alternative Investment Fund; as at 30 June 2024, Oakley Capital Investments Limited is a non-EU AIF.

Attribution analysis: movement in NAV and investments

1. Realised gains/(losses) represent the change in realised gains/(losses) during the period and are adjusted to remove the impact of reclassifications from unrealised gains/(losses) to realised gains/(losses) that occurred upon realisations during the period. Unrealised gains/(losses) have also been adjusted accordingly.

2. Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the period, and income and expenses of the underlying fund during the period.

3. Unrealised gains/(losses) include FX on the conversion of period end fund holdings from the Funds’ reporting currency (euros) to pounds, plus unrealised gains/(losses) on the Funds’ portfolio investments and any change in OCI’s share of fund holdings. Changes in provisional profit allocation (‘carry’) are apportioned across the realised and unrealised gains.

4. Distributions include redemptions, loan repayments (including accrued interest and arrangement fees) and transfers.

Attribution analysis: movement in portfolio companies

Realised and unrealised gains/(losses) are presented for the portfolio companies and direct equity investments only. This chart, therefore, excludes realised and unrealised gains/(losses) on the other assets/(liabilities) of the Funds, including income and expenses of the underlying fund, FX on the conversion of period-end fund holdings from the Fund’s reporting currency (euros) to pounds and any change in OCI’s share of fund holdings.

Auditor

KPMG Audit Limited or such other auditor as appointed from time to time.

Average Entry Multiple

The average EV/EBITDA multiple of Oakley’s current portfolio, weighted by OCI’s look-through fair value at period-end.

Board/Directors

The Board of Directors of the Company.

CAGR

Compound Annual Growth Rate.

Commitments

The amount committed by an investor to the Funds whether or not such amount has been advanced in whole or in part.

Company/OCI

Oakley Capital Investments Limited, a company incorporated with limited liability in Bermuda and registered number 40324.

DACH region

Austria, Germany and Switzerland.

Discount to NAV

The amount by which the Net Asset Value per share exceeds the share price, calculated as the share price divided by the Net Asset Value per share.

EBITDA

Earnings before interest, taxation, depreciation and amortisation and used as the typical measure of portfolio company performance.

Equity ticket

The amount invested in a company by the Fund.

EV/EBITDA multiple

The EV/EBITDA multiple compares a company’s Enterprise Value (‘EV’) to its annual EBITDA used in the valuation of the underlying companies. The EV/EBITDA multiple in the report is weighted by OCI’s look-through fair value of the underlying investments at period-end.

Exchange rate

The GBP:EUR exchange rate at 30 June 2024 was £1: €1.1813.

Five-year p.a. total return

Annualised Total NAV Return per Share calculated over a five-year period.

Fund facilities

This includes debt facilities provided by the Company to the Oakley Funds and to the General Partners of the Oakley Funds.

Fund I/Oakley Fund I

Oakley Capital Private Equity L.P.

Fund II/Oakley Fund II

Those limited partnerships constituting the Fund known as Oakley Capital Private Equity II, comprising Oakley Capital Private Equity II-A L.P., Oakley Capital Private Equity II-B L.P., Oakley Capital Private Equity II-C L.P. and OCPE II Master L.P.

Fund III/Oakley Fund III

Those limited partnerships constituting the Fund known as Oakley Capital Private Equity III, comprising Oakley Capital Private Equity III-A L.P., Oakley Capital Private Equity III-B L.P., Oakley Capital Private Equity III-C L.P. and OCPE III Master L.P.

Fund IV/Oakley Fund IV

Those limited partnerships constituting the Fund known as Oakley Capital IV, comprising Oakley Capital IV-A SCSp, Oakley Capital IV-B SCSp, Oakley Capital IV-C SCSp and Oakley Capital IV Master SCSp.

Fund V/Oakley Fund V

Those limited partnerships constituting the Fund known as Oakley Capital V, comprising Oakley Capital V-A SCSp, Oakley Capital V-B1 SCSp, Oakley Capital IV-B2 SCSp, Oakley Capital V-C SCSp and Oakley Capital V Master SCSp.

General Partners (GP)

Oakley Capital I Limited in respect of Fund I (previously Oakley Capital GP Limited), Oakley Capital Two Limited in respect of Fund II (previously Oakley Capital II Limited) and Oakley Capital Three Limited in respect of Fund III (previously Oakley Capital III Limited), all exempted companies incorporated in Bermuda. Oakley Capital IV S.à r.l. in respect of Fund IV, Oakley Capital Fund V S.à.r.l. in respect of Fund V, Oakley Capital Origin S.à.r.l. in respect of the Origin Fund, Oakley Capital Origin II S.à r.l. in respect of the Origin II Fund, PROfounders Capital III S.à.r.l in respect of PROfounders Capital III-A and Oakley Touring Venture GP S.à.r.l in respect of Oakley Touring Venture Fund, private limited liability companies incorporated in Luxembourg.

IFRS

International Financial Reporting Standards. The Consolidated Financial Statements and Notes have been prepared in accordance with IFRS.

Investment Adviser

Oakley Capital Limited, a company incorporated in England and Wales with registered number 4091922, which is authorised and regulated by the Financial Conduct Authority; or any successor as Investment Adviser of the Oakley Funds.

IPO

Initial Public Offering.

IRR

The gross Internal Rate of Return of an investment or Fund. It is the annual compound rate of return on investments. Gross IRR does not reflect expenses to be borne by the relevant fund or its investors, including performance fees, management fees, taxes and organisational, partnership or transaction expenses.

Look-through

OCI look-through values are calculated using the OCI attributable proportion (determined as the ratio of OCI’s commitments to the respective Oakley Fund to total commitments to that Fund), applied to each investment’s fair value as held in the relevant Oakley Fund, net of any accrued performance fees relating to that investment, and converted using the period-end EUR:GBP exchange rate.

LTM

Last twelve months.

LTM EBITDA growth

Organic EBITDA increase over the last 12 months of the period ended 30 June 2024, weighted by OCI’s look-through fair value of the underlying investments at period-end.

MM

Money Multiple, which is Total Value divided by Total Cost Invested, illustrating return on capital.

NAV

Net Asset Value is the value of the Company’s total assets less total liabilities.

Net Debt/EBITDA Multiple

The Net Debt/EBITDA multiple compares a company's Net Debt to its annual EBITDA used in the valuation of the underlying companies. The Net Debt/EBITDA multiple in the report is weighted by OCI's look-through fair value of the underlying investments at period-end.

Oakley

The Investment Adviser, being Oakley Capital Limited.

Oakley Funds

The private equity funds: Fund I, Fund II, Fund III, Fund IV, Fund V, Origin Fund I, Origin Fund II, and venture funds: PROfounders III and Touring I and (as applicable) any successor Funds.

Oakley Group

Oakley Capital Group Holdings Limited as the ultimate holding company and controlling party, Oakley Capital Limited as Investment Adviser and Administrative Agent, Oakley Capital Manager Limited as the Manager, Oakley Capital Manager Sa.r.l as the AIFM , the General Partners, the Subadvisors and any other General Partner of successor Oakley Funds or any additional management or holding entities formed under the control of Oakley Capital Group Holdings Limited

Oakley Private Equity Portfolio

Fund I, Fund II, Fund III, Fund IV, Fund V, Origin Fund I, Origin Fund II and (as applicable) any successor Funds.

Oakley Venture Fund Portfolio

Touring Fund I and PROfounders III.

OCI

Oakley Capital Investments Limited.

OCI Direct Investments

Comprising of OCI's investment in Time Out and direct equity investment in North Sails.

Open Cost

In relation to the cost of investments, this is the open cost of the investment at 30 June 2024, i.e. the investment cost net of amounts realised from partial exits and refinancings, where applicable.

Origin I Fund

Those limited partnerships constituting the Fund known as the Origin I Fund, comprising Oakley Capital Origin A SCSp, Oakley Capital Origin B SCSp, Oakley Capital Origin C SCSp and Oakley Capital Origin Master SCSp.

Origin II Fund

Those limited partnerships constituting the Fund known as the Origin II Fund, comprising Oakley Capital Origin A SCSp, Oakley Capital Origin B1 SCSp, Oakley Capital Origin B2 SCSp and Oakley Capital Origin II Aggregator SCSp.

PROfounders III

Those limited partnerships constituting the Fund known as PROfounders III, comprising PROfounders Capital III SCSp and PROfounders Capital III-A SCSp.

Realised gross Money Multiple

The combined Total Proceeds divided by the combined Total Cost of all the Investment exited in the period.

SFS

The Specialist Fund Segment is a segment of the London Stock Exchange’s regulated Main Market.

Subadvisors

Subadvisors consist of Oakley Capital GmbH, Oakley Capital S.r.l and Oakley Capital S.L.U.

Total NAV per share return

A measure showing how the Net Asset Value (‘NAV’) per share has performed over a period of time, taking into account both capital returns and dividends paid to shareholders. Calculated as: (increase in NAV per share + dividends)/opening NAV per share.

Total Portfolio

Total Portfolio

Oakley Private Equity Portfolio

1,209.3

Oakley Venture Fund Portfolio

42.1

Other Oakley Fund assets/(liabilities)

(218.5)

OCI Direct Investments

222.6

Total Shareholder Return

Total Shareholder Return is the financial gain that results from a change in OCI’s share price plus dividends paid by the Company during the period, divided by the initial purchase price of the stock.

Touring I/Oakley Touring Venture Fund

Those limited partnerships constituting the Fund known as Oakley Touring Venture Fund, comprising Oakley Touring Venture A SCSp, Oakley Touring Venture B1 SCSp, Oakley Touring Venture B2 SCSp, Oakley Touring Venture C SCSp and Oakley Touring Venture Aggregator SCSp.

Vintage

References to the period the Fund was launched.