Key Risk Indicators Dashboard

Castleton Capital Partners • Financial Risk & Credit Exposure Monitoring

$1.2B AUM • FCA Regulated • FY24 Q2 (as of Jun 30, 2024)

ICR Headroom Below Target Threshold

Current headroom 14.2% vs. policy minimum 20%. Q3 FY23 EBITDA compression event ongoing — treasury monitoring weekly.

Counterparty HHI

0.162

-8% vs Q1

Days Sales Outstanding

47.3

+12% vs Q1

ICR Headroom %

14.2%

-28% vs Q1

Below 20% target

Liquidity Coverage Ratio

127%

+3% vs Q1

Unhedged FX Exposure

€18.2M

+22% vs Q1

Hedge ratio: 71%

Debt Maturity (18mo)

31.4%

-5% vs Q1

$376M maturing

Interest Coverage Ratio Headroom % — Weekly Tracking

Current ICR

4.28x

Covenant Floor

3.75x

Headroom

14.2%

Counterparty Concentration (Top 10)

HHI: 0.162 • Threshold: 0.18 • Diversification improving

Credit Limit Utilization by Tier

Avg Utilization

62.4%

90th Percentile

87.1%

Liquidity Coverage Ratio — 12-Month Trend

FX Exposure Delta vs. Hedge Ratio

Currency	Net Exposure	Hedge Ratio	Unhedged
EUR	€62.8M	71%	€18.2M
USD	$41.3M	88%	$5.0M
CHF	CHF 12.4M	65%	CHF 4.3M
JPY	¥890M	92%	¥71M
CAD	C$8.7M	78%	C$1.9M
AUD	A$6.1M	54%	A$2.8M

Debt Maturity Wall — Rolling 60-Month View

Next 18 Months

$376M

31.4% of total debt

Refinancing Pipeline

$240M

63.8% coverage

Weighted Avg Maturity

3.2 years

ECL Reserve Adequacy Ratio

Actual Reserve

£14.8M

Model ECL (Under IFRS 9)

£12.3M

Adequacy Ratio

120.3%

Reserve surplus: £2.5M vs. model

Cash Conversion Cycle — Quarterly

DSO

47.3d

DIO

22.1d

DPO

31.8d

Covenant Headroom Velocity — Rate of Change per Quarter

Covenant Status Summary

Interest Coverage

At Risk

14.2%

Headroom (target: 20%)

Net Leverage

Healthy

38.7%

Headroom

Debt Service Coverage

Healthy

27.3%

Headroom

Min Net Worth

Healthy

42.1%

Headroom

Risk Mitigation Actions in Flight

ICR Headroom Recovery Plan

Reduce discretionary SG&A by £2.1M/quarter; accelerate portfolio runoff of 3 underperforming positions (£18M AUM); renegotiate covenant floor from 3.75x to 3.50x (in legal review).

In Progress

Owner: CFO • Target: Restore >20% by Q4 FY24

EUR Hedge Ratio Enhancement

Deploy €12M in 6-month FX forwards to lift EUR hedge ratio from 71% to 85%; reduces unhedged exposure to €9.4M (policy compliant).

Approved

Owner: Treasury • Execution: July 15, 2024

Debt Maturity Diversification

Refinance £180M of Q1 FY25 maturities into 5-year term facility; shifts 18-month concentration from 31.4% to 18.2%.

Underway

Owner: Head of Capital Markets • Target close: August 2024