UIL Ltd.

Net Asset Value • Jun 29, 2021

National Storage Mechanism | Additional information

RNS Number : 5314D

UIL Limited

29 June 2021

29 June 2021

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

This announcement contains inside information

NAV based valuation for Somers

The Board of UIL Limited ("UIL" or the "Company") announces that the Company will move to valuing its investment in Somers Limited ("Somers") at its net asset value ("NAV").  This will lead to an increase in UIL's reported NAV.  For example, had this valuation approach been adopted for UIL's NAV as at 28 June 2021, announced earlier today, the reported NAV of 395.11p per share would have increased to 435.09p per share.

The low level of transaction volume in Somers' shares led to UIL, earlier this year, moving away from valuing Somers at its share price to a valuation at a 15% discount to Somers' NAV.  UIL also stated that it intended to reduce such discount later in the year.  In light of accounting best practice and continuing low volumes in Somers' shares, it is therefore now considered appropriate to move to valuing UIL's investment in Somers at its underlying NAV and this will commence with UIL's NAV as at 29 June 2021, to be announced tomorrow.

Name of contact and telephone number for enquiries:

Charles Jillings, Alastair Moreton

ICM Investment Management Limited

Telephone: 01372 271486

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