1 King’s Arms Yard, London EC2R 7AF T: H Albion Ventures Investing for Growth

Albion Ventures Investment Team Albion approach What we invest in Sector focus Contents 2

Generalist UK equity investor £325m funds under management £275m in VCTs £50m in Albion Community Power Over 150 investments made since business founded in 1996 Team of 30 covering the UK Albion Ventures LLP 3

Partners have an average tenure at Albion Ventures of 12 years Experience across the team includes corporate finance, accountancy, management consulting, property and medicine Investment Team Dr. Christoph Ruedig Partner Will Fraser-Allen Deputy Managing Partner Adam Chirkowski Investment Manager Dr. Andrew Elder Partner Emil Gigov Partner David Gudgin Partner Robert Henderson Investment Manager Henry Stanford Partner Robert Whitby-Smith Partner Marco Yu Investment Director Patrick Reeve Managing Partner 4 Ed Lascelles Partner Patrick Reeve Managing Partner Will Fraser-Allen Deputy Managing Partner Adam Chirkowski Investment Manager Dr. Andrew Elder Partner Emil Gigov Partner David Gudgin Partner Robert Henderson Investment Manager Dr. Christoph Ruedig Partner Henry Stanford Partner Robert Whitby-Smith Partner Marco Yu Investment Director

Albion Approach Supportive shareholder taking long term views (evergreen funds) Highly experienced and pragmatic team Deep knowledge of core sectors Strong relationships with outstanding management teams Flexible deal structures Quick decision making 5

What We Invest In Targeting 8-10 deals, approximately £30m invested per year in: Asset-backed investments Development capital Venture investments ×MBOs ×Acquisitions / Buy & Build 6

Investment Profile – Asset Backed Up to £12m invested in businesses underpinned by freehold assets Sectors: Education, Hotels, Care Homes, Pubs, Gyms, Renewable Energy, Cinemas, Wedding Venues, etc Team up with experienced operators with a 50/50 equity split Provide entire funding through a mix of debt and equity Target c.15% - 20% IRR on total funding 7

Investment Profile – Development Capital Typically invest £2-5m into profitable UK companies All sectors considered (as long as VCT qualifying) Clear expansion need for fundraising – working capital, capex, new market launch, sales and marketing acceleration, etc Mix of senior loan and equity Growth trajectory in expanding market Targeting 3-5x cash multiple / 30% IRR on equity investment 8

Investment Profile – Venture Investments Invest £500k-£5m in high growth, early stage companies Focus on companies at or close to profitability, typically generating ˃ £1m turnover from multiple customers Preference for sectors where we have experience, e.g. med-tech, B2B software Typically straight equity Targeting 5-10x cash multiple 9

VCT portfolio by sector 10

Sector Focus: Education Focus on independent schools (asset-backed) and training services (development capital) Current investment of £27m in two schools Previous experience in children’s nurseries Looking to increase portfolio weighting Dolphin Day Nurseries 11

Community scale renewable energy schemes of up to 10MW across all the Albion funds Hydro-electricity: 7 schemes in Snowdonia and North & Central Scotland Solar: 1,500 domestic rooftops in Cambridgeshire and Berkshire Wind:8 wind turbines in South Wales, Devon and Scotland Biogas:1 waste food biogas plant in Perth, Scotland Landfill Gas2 landfill gas projects Albion Community Power is looking to invest in more renewables projects, including acquiring operational schemes. Sector Focus: Renewable Energy 12

Invest across deal spectrum: asset-backed, development capital and venture Focus on following areas: o Care Homes o Pharma Development and Services o Diagnostics and Imaging o Healthcare IT £120m invested to date across 36 companies 19 exited 17 in portfolio Sector Focus: Healthcare 13

Venture and development capital deals Full spectrum of technology in the portfolio, from software and payments through to consumer internet and deep tech Looking for o capital efficient business models o annuity or transactional revenues o 30%+ annualised revenue growth Targeting B2B software, cybersecurity and hi tech manufacturing Currently have £54m invested in 22 companies (excl. Healthcare tech) Sector Focus: Technology 14

Compliance 15 This presentation is issued by Albion Ventures LLP for information purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, shares in any of the VCTs managed by Albion Ventures LLP or Albion Community Power PLC. It is provided on a confidential basis and accordingly should not be passed, distributed, published or reproduced in whole or in part or disclosed by the recipient to any other person, whatsoever. Albion Ventures LLP is authorised and regulated by the Financial Conduct Authority. CONFIDENTIAL