Chrysalis Investments Limited

While the NAV fell slightly over the period, this largely reflects a decrease in the valuations of comparable companies used to value Starling, together with the uncertainty discount applied to wefox, rather than the operational progress of the portfolio companies. The Board remains focused on maximising value for shareholders through the sale of the portfolio over the next three years and has now put in place the structures needed to manage the portfolio itself. The Board is engaging with fellow shareholders in the portfolio companies to bring about opportunities to sell over the period, and these timelines will be reflected in the valuation process. After taking direct management control of the portfolio on 21 August 2026, and as and when opportunities to sell arise, the Board will look to return the net proceeds to shareholders as efficiently as possible, in line with shareholder objectives.