Directorate Change

Caledonia Investments plc ("Caledonia" or the "Company") announces that the board has appointed Will Wyatt as David Stewart's successor as Company Chair. David will retire from the board at the Company's forthcoming annual general meeting (the "AGM"). In addition, The Hon Charles Cayzer has decided not to stand for re-election as a non-executive director at the AGM.

Will successfully led Caledonia as Chief Executive for over a decade until becoming a non-executive director in July 2022. He is a member of the Cayzer family and has a deep understanding of Caledonia's culture, investment strategy and long-term approach.

Will's appointment as David's successor follows the completion of a formal, rigorous and transparent process undertaken by the Company's Nomination Committee led by Guy Davison, Senior Independent Director. Major shareholders, who were consulted in advance, confirmed their broad support for Will's appointment.

David Stewart, Caledonia's Chair, commenting on these changes, said:

"I am very pleased to announce Will as my successor. He has a unique perspective and long-standing knowledge of the business, which I am sure will serve the Company well as he takes on this new role. I wish him every success.

Charles has been ever-present on the board of Caledonia since 1985, two years before Caledonia disposed of its stake in British & Commonwealth Holdings Plc. He has helped guide the strategy and has played a key part creating Caledonia's unique culture both as an executive and latterly, as a non-executive director. We shall miss his wisdom and extensive experience and wish him a long and happy retirement after four decades of service.

On a personal note, it has been an absolute privilege to serve as Chair, and as I step down at this year's AGM, I do so with confidence in Caledonia's future."

Will Wyatt, non-executive director and Chair elect, commented:

"It is an honour to be appointed as Chair, and I look forward to continuing to work with the board and management team in this new capacity.

On behalf of the board, I would like to thank David for his 11 years as a director, nine years of which were as Chair. During this time he led the board through many major events including Brexit, the Covid-19 pandemic and the ensuing turbulence in financial markets. His leadership and contribution have helped ensure that Caledonia remains well positioned to execute its long-term strategy."

Caledonia is a FTSE 250 self-managed investment trust company with a long track record of delivering consistent returns and progressive annual dividend payments to shareholders.

Our aim is to generate long-term compounding real returns that outperform inflation by 3% to 6% over the medium to long term, and the FTSE All-Share index over 10 years.

We are a long-term investor and hold investments in both listed and private markets across three pools: Public Companies, Private Capital and Funds. Each has a strategic allocation of capital, investment strategy and target return. The result is a well-balanced diversified portfolio of investments with a global reach.

For additional information on Caledonia, please visit www.caledonia.com.