Odyssean Investment Trust PLC

Q4 2022 Update

Important Information

  • The information contained in this presentation is for the use of Professional and Institutional Investors only.
  • Past performance is not a reliable indicator of future performance and Investors may not get back the value of their original investment
  • The value of Odyssean Investment Trust PLC ("OIT") and the income derived from it may go down as well as up and is not guaranteed
  • Investment in OIT may not be appropriate for investors who plan to withdraw their money within 5 years
  • OIT's portfolio is focused towards small and mid-sized companies; these may involve a higher degree of risk than larger sized companies. OIT does not attempt to match the composition of any index
  • The Prospectus and the Key Information Document, available at www.oitplc.com, provide more information about the risk profile of Odyssean Investment Trust PLC
  • We draw readers' attention to the Disclaimers at the end of the presentation

Executive Summary - Q4 2022

A strong absolute and relative end to 2022

  • NAV per share rose 15.0%1,2 in the period. NSCI +AIM ex IC index ("Comparator") rose 6.9% 2,3
  • NAV per share growth of 5.5% in 2022. Net cash balance averaged 5%.
    • Comparator Index fell 21.9% over the same period
    • We estimate that the NAV per share performance would have been flat excluding M&A for portfolio companies4
  • Portfolio news:
    • Agreed bid for Devro. Bid talks at Curtis Banks announced in period (recommended bid announced 6th January 2023)
    • Elementis disposed of its US chromium chemicals division - improves earnings quality and reduces debt & cyclicality
    • James Fisher announces multiple disposals and a significant defence contract win in late December
  • Net cash ended the period at 3.1%, averaging 5% over the quarter
  • Whilst more volatility is possible during 2023, we feel confident of redeploying the proceeds from Curtis Banks and Devro into interesting medium to long term investment opportunities, of which there are many. We remain positive on the medium to long term NAV growth prospects
  • OIT's shares ended the period trading at c.1.1% premium to NAV per share of 172.3p1,2
  • c.6.3m OIT shares issued in the quarter. NAV at period end £190m. Blocklisting remains in situ

As at 31st December 2022. Performance measured from COB 1st May 2018 Source: 1 Odyssean Capital 2 Link Asset Services 3Bloomberg. 4 M&A impact calculated as uplift from value of position at close on

the day prior to announcement of bid (or announcement of bid talks), to subsequent value realised or carrying value at 31/12/22. The NSCI + AIM ex Investment Company index is only used for the

3

purposes of calculating performance fees. OIT does not attempt to match the composition of this index. The investment strategy is unconstrained and not benchmarked against any particular index. Past

performance is no guarantee of future performance and the value of investments can go up and down.

Performance update

NAV per share rose 15% in Q4, leaving NAV per share growth of 5.5% in 2022

180

160

140

120

100

80

60

Performance

%

Inception

Since

Annualised

Q4-22

CY22

CY21

CY20

CY19

since

to Dec-18

inception

inception

NAV Total Return Per Share1

+15.0%

+5.5%

+25.0%

+13.1%

+22.0%

-3.7%

+75.2%

+12.8%

Share price return3

+16.2%

+5.0%

+28.7%

+14.2%

+17.7%

-4.0%

+74.3%

+12.6%

NSCI + AIM ex IC Total Return3

+6.9%

-21.9%

+20.0%

+4.9%

+22.2%

-15.0%

+2.1%

+0.5%

Average cash balance2

5%

5%

8%

9%

17%

65%

17%

17%

Rebased NAV per share and share price

80%

NAV per share performance vs comparator index¹

vs comparator index1

70%

60%

50%

40%

30%

20%

10%

0%

-10%

OIT NAV NSCI&AIM OIT Share Price

As at 31st December 2022. Performance measured from COB 1/5/18, share performance since inception assumes IPO price of 100p. Source: 1Link Asset Services, Bloomberg, Odyssean Capital; Numis

Smaller Companies plus AIM ex Investment Companies Total Return Index. Rebased to start NAV 2 Link Asset Services, Odyssean Capital 3 Bloomberg. YTD - Year to Date; LTM = Last 12 months.

Past performance is no guarantee of future performance and the value of investments can go up and down. The NSCI + AIM ex Investment Company index is only used for the purposes of calculating

4

performance fees. OIT does not attempt to match the composition of this index. The investment strategy is unconstrained and not benchmarked against any particular index.

2022 Performance commentary

Multiple drivers of OIT's differentiated performance - not just M&A

Valuation &

capital allocation

disciplines

Stock-specific

catalysts/

characteristics

M&A activity

  • Our focus on absolute value avoided "crowded"/momentum trades, especially highly rated growth companies
  • Focus on absolute return drove re-allocation of capital during a volatile year
  • No use of gearing and content to run with cash balances in the portfolio
  • Outperformance of Chemring during Q1 2022
  • Curtis Banks - earnings positively correlated to rising interest rates
  • Portfolio has relatively high exposure to overseas earnings (>60% of sales1)
  • Ability of portfolio companies to manage through a period of higher inflation
  • Portfolio company reshaping - e.g. disposals at Elementis, James Fisher
  • Recommended bids for Euromoney and Devro during 2022
  • Bid talks announced at Curtis Banks in November 2022; Recommended Bid 6th Jan 2023
  • We estimate that the total impact of announced M&A2 during FY 2022 was 5% points of the absolute NAV per share performance
  • We estimate that the NAV per share excluding M&A would have been approximately flat during 2022, compared with the fall in the comparator index of c.22%
    • Strategy outperformance is not dependent on M&A

Source: Company filings 1 Factset 2 M&A impact calculated as uplift from value of position at close on the day prior to announcement of bid (or announcement of bid talks), to subsequent value realised or 5 carrying value at 31/12/22. Past performance is no guarantee of future performance and the value of investments can go up and down.

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Disclaimer

Odyssean Investment Trust plc published this content on 11 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 January 2023 15:46:12 UTC.