UIL

It is pleasing to report UIL delivered another strong NAV total return per ordinary share performance of 29.7% for the year to 30 June 2019. This once again outperformed the FTSE All-Share total return Index over the same period, which was only up by 0.6%. UIL has achieved growth in NAV over each of the last six years and has paid dividends in each of those years. Since inception in August 2003, UIL has distributed £68.3m in dividends, invested £26.1m in ordinary share buybacks and made net gains of some £271.0m for a total return of 637.1% (adjusted for the exercise of warrants and convertibles). This represents an average annual compound NAV total return since inception of 13.4%. The FTSE All-Share total return Index average annual compound total return for the same period was 8.1%.