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POLLEN STREET GROUP LIMITED 2026 Interim Results 15 September 2026 Scaling a specialist private markets platform PRIVATE AND CONFIDENTIAL © POLLEN STREET 2026
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AGENDA 2 Lindsey McMurray CEO Crispin Goldsmith CFO KEY HIGHLIGHTS INVESTMENT STRATEGY FINANCIAL PERFORMANCE OUTLOOK 01 02 03 04
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KEY HIGHLIGHTS Private Equity and Private Credit Manager focused on Mid - Market in Europe 3 Strategy in place for 20 years We are an alternative asset manager. We invest with the structural changes that we believe are shaping the future of the industry, with specialist knowledge and what we believe to be best practices in a complex and changing environment. £ 8 .5bn Total Assets under Management (AUM) £5.5bn Fee Paying Assets under management (FP AUM) £4.2bn Private Equity 3.4 % Reported Return on Net Investment Assets (7.4% underlying 2 ) 18% YoY growth in FP AUM Further fundraising momentum Hanover Square launched Preparing for PE VI Total AUM £ 4.3 bn Private Credit 1. All figures as at 30 June 2026, unless otherwise stated 2. Adjusted for the impact of holding in Shawbrook Group PLC, and equalisations
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AUM GROWTH 4 TOTAL AUM (£bn) TOTAL FP AUM (£bn) Strong investor support evidenced by AUM growth 2.6 3.5 4.2 4.2 1.6 1.9 2.9 4.3 4.2 5.4 7.1 8.5 2023 2024 2025 Jun-2026 2.0 2.6 3.1 3.1 1.4 1.4 2.1 2.43.4 4.0 5.2 5.5 2023 2024 2025 Jun-2026 Private Equity Private Credit TOTAL AUM FEE PAYING AUM • Fundraising in line with plan, with credit platform scaling strongly providing embedded growth • £1.8bn1 of undeployed committed capital across Private Credit funds giving visibility on fee-paying AUM growth 1. As at 30 June 2026
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TOP QUALITY INVESTOR BASE Diversified, institutional LP base across strategies with strong global geographic reach 5 35% 27% 21% 8% 4% 4% INVESTOR TYPE – FULL LP BASE Asset and Wealth Managers Pension Plans Banks and Insurance Consultant GEOGRAPHY – PE V North America Europe Global Middle East INVESTOR BASE – Broadening and deepening ▪ Growing cross-sell opportunity across strategies ▪ Strong relationships with global consultants ▪ Continued geographic diversification, with strong demand from new and existing investors ▪ Platform built to scale 48% 34% 17% 0.3% 0.3% GEOGRAPHY – CREDIT IV1 Family Office and HNW Sovereign Wealth, Foundations and Endowments UK 27% 25%21% 14% 14% 1. Includes commitments raised alongside Credit Fund IV
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INVESTMENT COMPANY PERFORMANCE RETURN ON NIA 7.4% Underlying1 (3.4% Reported) 8.8% HY25 underlying AVERAGE GROSS INVESTMENT ASSETS HY26 £518m £512m HY25 6 AVERAGE INVESTMENT ASSETS (£m) Robust portfolio with idiosyncratic issue producing returns below target 38% Debt as a % of Gross Investment Assets; £190.6m drawn leverage; Undrawn leverage £48.0m 102 276 57 53 19 Credit - Pollen Funds Credit - Direct Equity - Pollen Funds Equity - Direct Equity - Direct Mark-to-Market Other £518m Average Investment Assets £m Private Equity – GP Commitments 57 Private Credit – GP Commitments 102 Other fund investments 11 Direct Credit 276 Direct Fair Value Investments 53 Direct Mark-to-Market Investments 19 Gross investment assets 518 Cash 10 Third party debt (195) Net investment assets 333 1. Adjusted for the impact of holding in Shawbrook Group PLC, and equalisations
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INVESTMENT STRATEGY 7
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First close of open - ended Hanover Square Fund High - quality pipeline – £5bn Disciplined deployment – c.50% invested Performance strong in a more complex market Private Equity V – 74% deployed CONTINUED SOLID PERFORMANCE ACROSS THE PLATFORM 8 Full sector coverage with deep sub - sector expertise Note: There is no guarantee that the target sectors, portfolio construction and investment criteria objectives will be achiev ed. Targets are presented as a guideline for investors only. The targets have been based on a variety of factors and assumptions, including, among others, investment strategy, volatility measures, risk tolerance and market conditions. Targets are not intended to be, and are not, a prediction, projection or guarantee of f uture performance and should not be relied upon as an indication of future performance. PSC’s beliefs and assumptions utilised in setting such target returns may or may not prove to be correct and there can be no assurance that such target returns are attainable or will be realised, and actual results may vary materially - as with any investment, losses (including total losses) are possible Private Equity Private Credit Portfolio Management is key
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PRIVATE EQUITY 9 Building sustainable leadership Building leadership in regulatory and governance workflow – embedding trust Transforming data into intelligence AI - led product development Enhanced cross - selling Systematic and structured approach to sales and go - to - market. Go - to - market – the science of selling Scientific pricing Best practice guidance and high - quality governance layer Taking fragmented data sources and immature data practices to centralised and augmented data with single view of the customer, empowering the business Digital transformation Centralised view of KPIs enhances management oversight across all layers of the business. Real - time insights enable faster decision - making and client management Geographic expansion Product expansion Consolidating market presence M&A Systematic origination Dedicated in - house M&A function Structured & disciplined execution Structural Performance Alignment
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Embedded growth from existing borrowers High quality pipeline - £5bn+ PRIVATE CREDIT 10 Deep and growing pipeline from new and existing borrowers Pipeline Portfolio Initial facility signed and utilised Originate Growing with borrowers – we share in their success Pollen Street increasingly known as go - to provider Increasing demand following continued retrenchment of large banks. Creates demand for: Typical Credit Deal – Following intense & detailed diligence and underwriting 3 - year availability £50 - 100m facility Borrowers draw down as they originate. Typically upsized after 18 months and further extend maturity date Prepayment fees and non - calls Grow Protect Further embedded growth – c.20 upsizes per year Stretch senior financing Certainty of execution Trusted longer - term partners 1 32 Jun-25 Dec-25 Jun-26 ~2.2 ~2.5 ~5.0 Pipeline Deals £bn Drawn 25 - 75% on day - 1 Note: Based on internal Pollen Street estimates, figures are illustrative
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FINANCIAL PERFORMANCE 11
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H1 OVERVIEW 12 Increasing fee - paying AuM Growing assets under management through new fund launches and successful capital raises across strategies. Strong Fund Manager performance Balancing earnings growth with disciplined platform investments to support long-term value creation. Delivering cash returns to shareholders Progressive dividend policy along with share buybacks. 01 02 03 04 Investment Company returns below target in H1 Key detractor was a mark-to-market holding in Shawbrook. Excluding this performance in line with full year expectations.
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Earnings underpinned by stable and predictable revenue streams FINANCIAL OVERVIEW 13 NET INVESTMENT INCOME GROUP EBITDA TAXES + D&A + Central NET INCOME HY26 £m 40.2 HY25 £m 33.0 (24.1) (23.7) 16.1 9.3 5.7 13.3 21.8 22.5 (1.9) 19.9 19.6 (2.9) FUND MANAGEMENT REVENUE FUND MANAGEMENT EBITDA FUND MANAGEMENT COSTS Management Fees £33.9m: Contracted, highly visible and recurring revenue streams Performance Fees £6.4m: Underpinned by consistent and predictable credit performance fees Investment Income: Stable underlying performance, impacted by: Mark-to-market movements (3.8%) Equalisation impact from the above- target final close of Credit IV (0.2%) Adjusted 1 41.4 17.7 31.0 27.9 Reported Long-term contracted revenues High Growth High Margin Strong cash returns to shareholders YoY % 22% 2% 73% (57)% (3)% 2% 59% Adjusted 1 (3)% (9)% (29)% (29)% Reported 1. Adjusted for £8.4m of catch-up fees related to the HY25 reporting period
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FEE PAYING AUM (£bn) ▪ FP AuM growth driven by continued strong fundraising and deployment ▪ 18% YoY growth in FP AuM, HY26 vs HY25 ▪ Further growth embedded from deployment of existing Credit funds ▪ Steady growth in FP AuM and deployment supports Fund Management Income ▪ Fund Management revenue grew 22%, on a like-for-like basis HY26 vs HY25 (adjusting for the impact of catch-up fees) ▪ Fund Management EBITDA up 73% on a like-for-like basis, H1 2026 vs H1 2025 (adjusting for catch-up fees) ▪ On track to meet or exceed consensus expectations for the full-year 4.0 4.7 5.2 5.5 FY 24 HY 25 FY 25 HY 26 26.8 33.0 40.2 HY 24 HY 25 HY 26 8.0 9.3 16.1 HY 24 HY 25 HY 26 Management fees driving growth ASSET MANAGER GROWTH 14 1. Adjusted for £8.4m of catch-up fees related to the HY25 reporting period ADJUSTED FUND MANAGEMENT EBITDA (£m) 1 ADJUSTED FUND MANAGEMENT INCOME (£m)1
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Credit carry currently underpinning the forecast. PE carry provides significant upside but recognition still some years off PERFORMANCE FEES 15 FUND FAIR VALUE BASIS IFRS 15 BASIS PRIVATE EQUITY CARRY Private Equity Fund IV Active Accelerator I Active Private Equity Fund V Embedded upside Accelerator II Embedded upside PRIVATE CREDIT CARRY Private Credit III Active Private Credit IV Active Separately Managed Accounts Active Dashed border = embedded carry upside, not currently in forecast 43% of Performance Fees 57% of Performance Fees
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INVESTMENT COMPANY PERFORMANCE 16 INVESTMENT COMPANY ASSETS (£m) Average net investment assets Balance sheet has delivered consistent underlying returns with conservative gearing 38% Debt as a % of Gross Investment Assets; £190.6m drawn leverage; Undrawn leverage £48.0m 329 319 333 0 50 100 150 200 250 300 350 400 HY 24 HY 25 HY 26 RETURN ON NIA 7.4% Underlying1 (3.4% Reported) 8.8% HY25 underlying1 AVERAGE GROSS INVESTMENT ASSETS HY26 £518m £512m HY25 RETURN ON NIA 7.4% (3.8%) (0.2%) 3.4% Underlying Shawbrook Equalisation Reported Underlying return on NIA 1. Adjusted for the impact of holding in Shawbrook Group PLC, and equalisations 9.7% 8.8% 7.4%
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2026 PRIORITIES AND OUTLOOK 17
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STRATEGIC PRIORITIES 2026 01 SCALE 03 RETURNS 02 INVEST Fundraise ▪ Complete Credit IV fundraise ▪ Consider further Credit vehicles ▪ Prepare for PE VI Grow Fee - Paying AuM ▪ Deploy capital already raised Dividend Progression ▪ 10-year history ▪ Coverage built from asset manager earnings growth Share Buybacks ▪ Clear valuation dislocation Platform Investment ▪ Talent & team development ▪ Technology & data capabilities Profitability Targets ▪ Scalable infrastructure growing operational leverage ▪ Balancing short term profitability with investment for growth 18 Scale AuM , Deliver Returns, Invest for Growth Compounding shareholder value through disciplined growth, capital returns & platform investment
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CONTACT DETAILS WWW.POLLENSTREETGROUP.COM Lindsey McMurray CEO lindsey.mcmurray@pollencap.com Crispin Goldsmith CFO crispin.goldsmith@pollencap.com 19
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APPENDIX 20
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FLAGSHIP STRATEGIES DRIVEN BY MARKET OPPORTUNITY AND TRACK RECORD 21 Deal track record as at 31 March 2026. Past performance is not necessarily indicative of future results and there can be no a ssurance that Pollen Street will achieve its objectives or will avoid substantial losses. Some figures are based on Pollen Stree t internal calculations which have not been audited and are subject to change. Actual results may differ from the results presented. Please also refer to the notes on investment performance at the back of the presentation 1. Based on completed deals between inception of strategy and March 2026 for Senior Credit ABL strateg y only. 2. Gross unlevered IRR as at 31 March 2026. These returns are illustrative based on the assumptions outlined. Expected gross performance results shown gross of investment mana gement and performance fees, as well as all organisational and ongoing fund fees, costs and expenses (including audit and depository services). See appendix for further notes. 3. Targe t returns do not relate to any specific time period and are internal management aspirations, which are estimated and based on c urrent expectations and assumptions. There can be no assurance that target returns will be achieved with respect to any investme nt and actual results may differ materially from what is assumed by management. 4. Private equity track record across all private equity funds including Fund I/II (financial and busi ness services deals only), Fund III, Fund IV and Accelerator I as at 31 March 2026. 5. Realised and part-realised portfolio companies only. Fund I / II is Financial and Business services deals only. This information is based on internal PSC calculations and estimated, has not been audited and is subject to change. Past per formance is not indicative of future results. Complementary credit and equity flagships sharing deal flow, network and industry expertise across mid - market Europe PRIVATE EQUITY 5 SENIOR ABL CREDIT Loans (£25m–150m) to borrowers directly secured on assets that generate contractual and predictable cash flow c.80% of opportunities sourced directly1 LTV 60-90% with first-loss equity provided by the borrower; highly structured with an average of 10+ covenants c.£5.5bn invested across 130 transactions since 2016, with zero losses and delivering 11.5% Gross Unlevered IRRs2 4th Flagship Fund raised £2.5bn Control investments (€40m–200m) in mid-market financial and business services Strong track record across multiple market cycles with aggregated realised returns of 2.8x gross and 2.7x net4 Average portfolio company EBITDA growth of 4.4x on realised deals5 Delivered in excess of €1.7bn in co-invest opportunities to LPs over last 10 years 5th Flagship Fund raised €1.5bn Target Net 11-12% Unlevered, 14-15% Levered3Target Net 20%+ 3 Private Equity Fund III Accelerator I Private Equity Fund V Accelerator II Private Equity Fund IV Private Credit IIIPrivate Credit IV Separately Managed Accounts > Specialism and deep domain expertise leading to proprietary sourcing Deal flow, network, industry expertise shared across verticals > Rigorous and consistent IC across process and strategies > Capabilities across the capital structure
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PRIVATE EQUITY STRATEGY Mid - market European financial services offers a compelling opportunity… 22 Mid - market focus We see opportunities in change. We invest aligned with megatrends reshaping financial services. Long - term structural growth drivers Technological developments and a deep understanding of customer behaviour enable agile businesses to gain market share. Driving value together Core to our approach is working shoulder-to-shoulder with the leadership across our portfolio. Creating long-term value through our investment period and beyond. The private equity strategy targets buy-outs of founder-led businesses, aiming to create value through rapid profit growth led by our industry expertise and strategic action
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PRIVATE EQUITY STRATEGY A disciplined investment approach designed to deliver resilient performance through market cycles 23 Payments Lending Wealth Financial Software Insurance Professional Services Leading sub - sector themes Middle and Back- office Automation Distribution Consolidation Embedded Payments Sectors
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Strong credit protection through prudently structured senior exposures backed by stable, cash generative assets PRIVATE CREDIT STRATEGY 24 DIVERSE ASSET BACKING Senior loans directly secured on highly diverse tangible assets maintains credit protection BESPOKE STRUCTURING Highly structured investments seek to create strong downside protection and align incentives CONSERVATIVE LEVERAGE ON ASSETS Substantial credit protection from borrower cash equity, asset pool profits and corporate guarantee COVENANT HEAVY Comprehensive covenants designed to promote alignment and enable proactive portfolio management ROBUST CASH GENERATION Lend against highly cash generative, short-duration, granular assets Senior secured lending to non - bank lenders, leasing businesses, technology companies, and other companies with diverse portfolio s of assets Capital preservation is the core of the strategy SENIOR BORROWER CASH EQUITY (equity in asset pool) BORROWER CORPORATE EQUITY (recourse through corporate guarantee) Asset pool at cost ASSET POOL PROFITS TYPICAL CAPITAL STRUCTURE Substantial credit protection Our focus
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PRIVATE CREDIT STRATEGY 25 Strong credit protection through prudently structured senior exposures backed by stable, cash generative assets SME LENDING GOVERNMENT BACKEDRESIDENTIAL REAL ESTATE LEASING/ASSET FINANCE Poorly served by traditional banks Growth in privately funded players winning market share Diverse sub-sectors ▪ Asset Based Loans ▪ Revenue Based Finance ▪ Working Capital Lending Focus on funding for SME housebuilders and property professionals Poorly served by traditional banks Focused on funding mass-market liquid homes ▪ Development ▪ Bridging Strategy aligns with government policies Government guarantees or backing to underlying assets Turns risk in quasi sovereign risk ▪ Receivables ▪ Guaranteed Loans ▪ Tax Receivables Trend away from ownership driving new business models ▪ Business Critical Assets ▪ Personal Critical Assets ▪ Cars, Trucks, Machinery, Stock etc ENERGY TRANSITION FUND & ROYALTY FINANCE CONSUMER ▪ EV Financing ▪ Solar ▪ Salary sacrifice ▪ Music ▪ Diversified Fund Finance ▪ Film ▪ Auto ▪ Secured ▪ Credit Cards ▪ Point of Sale
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INVESTMENT COMPANY (£m) HY25HY26 YoY % Income on Net Investment Assets 13.35.7 -57% FUND MANAGEMENT Management Fees 37.933.9 -11% Performance Fees 3.46.4 +86% Fund Management Income 41.440.2 -3% Fund Management Costs (23.7)(24.1) +2% FM EBITDA 17.716.1 -9% FM EBITDA Margin 43%40% -3pp GROUP Group EBITDA 31.021.8 -3% Earnings per share (p) 46.033.3 -28% Dividends per Share (p) 27.028.5 +6% High - quality earnings supported by long - term contracted management fees INCOME STATEMENT SUMMARY 26
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ITEM DEFINITION Asset-Based Lending Collateralised financing where loans are secured by a company’s assets with credit limits determined by the assets’ liquidation value. Asset Manager The business segment of the Group that is responsible for managing third-party AuM and the Investment Company’s assets. All activities of this segment reside in Pollen Street Capital Holdings Limited and its subsidiaries. AuM The assets under management of the Group, defined as: ▪ investor commitments for active Private Equity funds; ▪ invested cost for other Private Equity funds; ▪ the total assets for the Investment Company; and investor commitments for Private Credit funds. Average Fee-Paying AuM The fee-paying asset under management of the Group, defined as: ▪ investor commitments for active fee-paying Private Equity funds; ▪ invested cost for other fee-paying Private Equity funds; ▪ the total assets for the Investment Company; and ▪ net invested amount for fee-paying Private Credit funds. The average is calculated using the opening and closing balances for the period. Average Number of Shares Average number of closing daily ordinary shares, excluding treasury shares. Co-investment A direct investment made alongside or in a Fund taking a pro-rata share of all instruments. Combination The acquisition of 100 per cent of the share capital of Pollen Street Capital Holdings Limited by Pollen Street Limited (formerly Honeycomb Investment Trust Plc) with newly issued shares in Pollen Street Limited as the consideration that completed on 30 September 2022. Credit Assets Loans made by the Group to counterparties, together with investments in Private Credit funds managed or advised by the Group. Equity Assets Instruments that have equity-like returns; that is, instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuer’s net assets. Examples include ordinary shares or investments in Private Equity funds managed or advised by the Group. Carried interest receivable by the Group is not classified as an Equity Asset. Fair Value The amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fee-Paying AuM The fee-paying asset under management of the Group, defined as: ▪ investor commitments for active fee-paying Private Equity funds; ▪ invested cost for other fee-paying Private Equity funds; ▪ the total assets for the Investment Company; and ▪ net invested amount for fee-paying Private Credit funds. Fund Management EBITDA Fund Management Income less Fund Management Administration Costs. Fund Management Income The income of the Group’s Asset Manager according to IFRS reporting standards. Fund Management EBITDA Margin The ratio of the Fund Management Adjusted EBITDA and the Fund Management Income, expressed as a percentage. GLOSSARY 1/2 27
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ITEM DEFINITION Group Pollen Street Group Limited and its subsidiaries. IFRS International Financial Reporting Standards as adopted by the United Kingdom. Internal Rate of Return The discount rate that makes the net present value of all cash flows from a particular investment equal to zero, effectively indicating the annualised rate of return that the investment is expected to generate. Investment Asset The Group’s portfolio of Equity Assets and Credit Assets. Investment Company The business segment of the Group that holds the Investment Asset portfolio and the debt facilities. The activities of this segment predominately reside within Pollen Street Limited, Pollen Street Investments Limited, Sting Funding Limited and Bud Funding Limited. Management Fee Rate The ratio of the Fund Management Income attributable to management fees and the Average Fee-Paying AuM, annualised and expressed as a percentage. Multiple on Invested Capital The return on an investment by comparing the total value realised to the initial capital invested, indicating how many times the original investment has been multiplied. Net Investment Assets The Investment Assets plus surplus cash, net of debt. Net Investment Asset Return The ratio of the income from Investment Company to the Net Investment Assets, expressed as an annualised ratio. Performance Fees Share of profits that the Asset Manager is due once it has returned the cost of investment and agreed preferred return to investors. Performance Fee Rate The ratio of the Fund Management Income attributable to carried interest and performance fees and the total Fund Management Income, expressed as a percentage. Performance-Related Earnings The earnings derived by the Asset Manager from performance-based fees, such as carried interest or performance fees, which are contingent upon achieving specific investment performance targets. Calculated as carried interest & performance fee income less an allocation of certain Fund Management Administration costs. Private Credit The Group’s strategy for managing Credit Assets within its private funds. Private Equity The Group’s strategy for managing Equity Assets within its private funds. Registrar An entity that manages the Company’s shareholder register. The Company’s registrar is Computershare Investor Services PLC. Reorganisation The reorganisation that was affected on 14 February 2024, to distribute the entire issued share capital of Pollen Street Capital Holdings Limited from Pollen Street Limited to the Company referred to as the Distribution. The Scheme and the Distribution are together referred to as the “Reorganisation". The Scheme The scheme of arrangement that was affected on 24 January 2024, to change the listing category of Pollen Street Limited’s shares to that of a commercial company from an investment company and to introduce the Company as a Guernsey incorporated holding company as the new parent of the Group. SMA Separately Managed Accounts Sterling Overnight Interbank Average Rate (“SONIA”) The effective overnight interest rate paid by banks for unsecured transactions in the British sterling market. Structured Loan Credit Asset whereby the Group typically has senior secured loans to speciality finance companies, with security on the assets originated by the speciality finance company and first loss protection deriving from the speciality finance company’s equity. Corporate guarantees are also typically taken. GLOSSARY 2/2 28
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THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES. IT IS SOLELY FOR USE AT AN INVESTOR PRE SENTATION AND IS PROVIDED FOR INFORMATION ONLY. THIS PRESENTATION DOES NOT CONTAIN ALL OF THE INFORMATION THAT COULD BE MATERIAL TO AN INVESTOR. This investor presentation (the “Presentation”) has been prepared by Pollen Street Group Limited (“Pollen Street”) and Pollen Street Capital Limited (“Pollen Street Capital”) in its capacity as Pollen Street’s investment manager during the year ended 30 June 2026. This Presentation and its contents are confidential and proprietary to Pollen Street and no part of it or its subject matter may be reproduced, redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding the relevant person’s professional advisers) or published in whole or in part for any purpose without the prior consent of Pollen Street. Failure to comply with this restriction may constitute a violation of applicable securities laws. The information contained in this document has not been independently verified by Pollen Street or any other person. No representation, warranty or undertaking, expressed or implied, is or will be made by Pollen Street or any other person as to, and no reliance should be placed on, the truth, fairness, accuracy, completeness or correctness of the information or the opinions contained herein (and whether any information has been omitted from this Presentation) for any purpose. To the extent permitted by law, Pollen Street, Pollen Street Capital and their respective directors, officers, employees, affiliates, advisers and representatives disclaim all liability whatsoever (in negligence or otherwise) for any loss, however arising, directly or indirectly, from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. The contents of this presentation are not to be construed as legal, business, financial or tax advice. Each shareholder should consult his, her or its own legal adviser, business adviser, financial adviser or tax adviser for legal, financial, business or tax advice. This Presentation includes industry data obtained from publications and studies conducted by third parties. Pollen Street may not have access to the facts and assumptions underlying any information extracted from such external sources. As a result, neither Pollen Street nor any of its affiliates, directors, officers, employees, agents or advisers nor any other person are able to verify such information or assume any responsibility for the correctness of any such information included in this Presentation. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained herein . The contents of this Presentation have not been examined or approved by the FCA or London Stock Exchange, nor is it intended that they will be so examined or approved. This Presentation contains certain forward-looking statements concerning, among other things, future performance. These forward-looking statements reflect Pollen Street’s intentions, beliefs and current management expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact Pollen Street’s actual performance. There may be other risks, including some risks of which Pollen Street is unaware, that could adversely affect Pollen Street’s results or the accuracy of forward-looking statements in this Presentation. Neither Pollen Street nor any of its affiliates, officers, advisers, nor any other person gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this Presentation will actually occur, in part or in whole. Other than as required by law, neither Pollen Street nor any of its affiliates, advisers, representatives nor any other person, have any intention or obligation to update this Presentation, including any forward- looking statements contained herein, to reflect new information, future events or risks that may cause the forward-looking events contained in this Presentation not to occur or to occur in a manner different from what is contained in this Presentation. Nothing in this Presentation is intended as a profit forecast or estimate for any period and no statement in this Presentation should be interpreted to mean that earnings, profit or earnings or profit per share or dividend per share for the current or future financial years would necessarily match or exceed the historical published earnings, profit or earnings or profit per share or dividend per share. Nothing in this Presentation is intended to be an asset valuation for the purposes of Rule 29 of the City Code on Takeovers and Mergers. This Presentation and any materials distributed in connection with this Presentation are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. In particular, the Presentation may not be forwarded on or distributed to any other person and may not be reproduced in any manner whatsoever, and in particular, may not be forwarded to any U.S. person or to any U.S. address. Any forwarding, distribution or reproduction of this document in whole or in part is unauthorised. Any failure to comply with these restrictions may constitute a violation of U.S. securities laws or of the securities laws of any other jurisdiction. Neither Pollen Street nor any other person accepts any liability to any person in relation to the distribution or possession of this Presentation in or from any jurisdiction. Nothing in this Presentation constitutes an offer or an agreement to sell or a solicitation of an offer or an agreement to buy securities or enter into any transaction or an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in any jurisdiction including the U.S.. No assurance is given that any transaction can or will be arranged or agreed. This document does not disclose all the risks and other significant issues related to an investment in any securities or any transaction. By attending or reading the Presentation, or accepting delivery of or electronically accessing or reviewing this Presentation or delivery of this Presentation you agree to the terms contained herein and to be bound by the foregoing obligations, restrictions, limitations and conditions and to maintain absolute confidentiality regarding the information contained in this Presentation. 29 DISCLAIMER 1/2
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NOTES TO INVESTMENT PERFORMANCE – CREDIT “Invested” refers to the total funds invested, including transaction fees, in an investment by Pollen Street or its managed/advised funds. Non-GBP denominated invested capital has been translated to GBP at the applicable exchange rate at the date of funding. This exchange rate is assumed to stay constant through the life of the investment. “Realised” refers to the total cash proceeds from an investment, net of any realisation costs. Non-GBP denominated realised proceeds have been translated to GBP at the same exchange rate as at the date of funding the transaction. “Unrealised” refers to the unrealised valuation of the investments as of 30 June 2026 and has been determined by Pollen Street Capital in accordance with its valuation policy. There can be no assurance that the unrealised assets will be ultimately realised at the valuations shown herein. The ultimate proceeds received from unrealised investments may vary materially from the unrealised values. In applying the valuation techniques, Pollen Street Capital exercises significant judgment. Actual realised proceeds will depend on, among other factors, future credit performance of the assets, the macro economic conditions and any related transaction costs, all of which may differ from the assumptions on which the unrealised valuations contained herein are based. The unrealised value excludes stage 1 IFRS 9 impairment provisions and excludes any double counting that would result from effect interest rate accounting and cash recognition included in Realised above. “Total Value” is the sum of Realised and Unrealised. Gross IRRs are calculated based on the net cash flow from the portfolio aggregated on a monthly basis. Gross IRRs and Gross MOICs are calculated before fund expenses, management fees, and carried interest/performance fees, which in the aggregate may be substantial and would reduce returns. All calculations are performed before the impact of any leverage. All calculations are performed before the impact of taxation. “Track record” excludes run off legacy deals from Pollen Street Secured Lending plc which were made prior to PSC managing the vehicle. In addition it excludes the run off consumer organic loan originations in Pollen Street which does not form part of the strategy for PSC Credit. Past performance is not indicative of future results. NOTES TO INVESTMENT PERFORMANCE – EQUITY "Invested" or "Cost" refers to the total equity invested, including transaction fees and hedging costs, net of any syndication, in an investment by the funds. Non-GBP denominated invested equity has been translated to GBP at the applicable exchange rate as at the date of funding. “Realised” refers to the total cash proceeds from an investment, net of any realisation costs. Non- GBP denominated realised proceeds have been translated to GBP at the applicable exchange rate as at the date the proceeds are received by the fund. “Unrealised” refers to the unrealised valuation of the investments as of 30 June 2026 and has been determined by Pollen Street Capital in accordance with its valuation policy. There can be no assurance that the unrealised assets will be ultimately realised at the valuations shown herein. The ultimate proceeds received from unrealised investments may vary materially from the unrealised values. In applying the valuation techniques, Pollen Street Capital exercises significant judgment. Actual realised proceeds will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the unrealised valuations contained herein are based. “Total Value” is the sum of Realised and Unrealised. Gross IRRs are calculated based on cash inflows and outflows from portfolio companies aggregated on a quarterly basis. Gross IRRs and Gross MOICs are calculated before fund expenses, management fees, and carried interest, which in the aggregate may be substantial and would reduce returns. All calculations are performed before the impact of taxation. 30 DISCLAIMER 2/2