UNIVERSAL PARTNERS LIMITED
(Incorporated in the Republic of Mauritius)
(Registration number: 138035 C1/GBL)
SEM share code: UPL.N0000
JSE share code: UPL
ISIN: MU0526N00007
(“Universal Partners” or “UPL” or “the Company”))

SHORT FORM ANNOUNCEMENT: SUMMARISED UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER
ENDED 30 SEPTEMBER 2022

                                                       Quarter ended          Quarter ended        Year ended
                                                  30 September 2022 30 September 2021            30 June 2022
 Net asset value per share (“NAV”)*      GBP                     1.452                  1.449             1.438
 Profit / (loss) for the quarter / year  GBP                 1 046 280              (285 162)       13 977 271
 Earnings / (loss) per share             pence                    1.44                 (0.39)             19.25
 Headline earnings / (loss) per share    pence                    1.44                 (0.39)             19.25
* The NAV per share as at 30 June 2022 was GBP 1.438, post payment of the dividend of GBP 0.207 per share in November 2021

Universal Partners has a primary listing on the Official Market of the Stock Exchange of Mauritius Ltd (“SEM”) and a secondary
listing on the Alternative Exchange of the JSE Limited (“JSE”).

The principal activity of the Company is to hold investments in high quality, growth businesses across Europe, with a particular
focus on the United Kingdom (“UK”). The Company’s investment mandate also allows up to 20% of total funds at the time an
investment is made to be invested outside of the UK and Europe.

The Company’s primary objective is to achieve strong capital appreciation in Pounds Sterling (“GBP”) over the medium to long-
term by investing in businesses that meet the investment criteria set out in the Company’s investment policy.

In its ordinary course of business, the Company continually assesses various opportunities for new acquisitions as well as disposals
of assets in its portfolio.

Since its listing on the SEM and the JSE, the Company has worked closely with its investment advisor, Argo Investment Managers
(“Argo”), to identify potential investments that meet its investment criteria.

An update on investments held at the reporting date is presented below.

Dentex Healthcare Group Limited (“Dentex”)
www.dentexhealth.co.uk

Dentex is a dental consolidation group focusing on acquiring dental practices in the UK. Dentex has grown from 3 practices, when
UPL first invested, to 145 practices in October 2022. Around 85% of Dentex’s revenue is generated from the private market, with
the balance delivered from NHS services.

As per the announcement released on 25 August 2022, Dentex’s shareholders have entered into definitive transaction agreements
with Portman Dental Care (“Portman”) resulting in the merger of Dentex with Portman (the “Transaction”).

The last condition precedent outstanding is Competition and Markets Authorities approval in the UK and the purchase price will
only be finalised upon completion of the Transaction.

Dentex continues to perform in line with expectations, having completed the acquisition of 15 practices since the merger with
Portman was signed. Furthermore, the existing estate of practices is trading in line with expectations.

Consistent with the last quarter, in the short term, the Transaction will not have a material effect on the current valuation of Dentex
as reflected in the Company’s accounts. However, as the Transaction progresses to completion, an increase in the value of Dentex
is likely.

The price at which Dentex issues shares to dentists as part-payment for the purchase of their practices is currently GBP 2.40 per
share. Accordingly, UPL has maintained the valuation of Dentex at GBP 2.40 per share, which equates to a fair value of GBP 59.6m.

Workwell (formerly JSA Services Limited) (“WW”)
www.workwellsolutions.com

WW is one of the fastest-growing contractor accountancy and payroll solutions companies in the UK. Their services are designed
to meet the unique needs of contractors and freelancers, from one-person businesses to large employment agencies. They also create
bespoke solutions for temporary labour supply chains, helping their clients navigate the complexities of contractor payroll and
compliance.

During the financial year to 30 September 2022, Workwell continued to deliver on its strategy of being a consolidator of smaller
businesses in the contractor payment services sector, along with diversifying its revenue streams by providing value-added services
to the employment agencies that it services. Despite numerous challenges, including high inflation and a challenging economic
environment, the business achieved its financial goals for the year and enters the new year in a strong position.

In the year ahead, Workwell plans to continue growing organically and by acquisition, with an attractive pipeline of acquisition
targets under signed Heads of Terms and currently in due diligence.

During the reporting period, the sector experienced an unhelpful period of uncertainty on the legislative front. The UK government,
led by Liz Truss, announced that it intended to reverse changes that were introduced to IR35 legislation in April 2021 with effect
from April 2023. Jeremy Hunt, the new Chancellor of the Exchequer, subsequently reversed this decision with the existing IR35
rules remaining in place. Hopefully, all industry participants can look forward to a period of clarity and stability on the legislative
front.

SC Lowy Partners (“SC Lowy”)
www.sclowy.com

SC Lowy is a specialist financial group covering high-yield and distressed debt market-making and investment management, along
with its Italian and South Korean banking subsidiaries.

During the quarter to 30 September 2022, its flagship Primary Investment Fund delivered three consecutive months of positive
performance, a welcome turnaround after a period of negative performance. The Strategic Investment (“SI”) fund continued to show
excellent returns which proved helpful in completing fundraising for a second SI fund that closed in July. Management has identified
several attractive opportunities to deploy funds from SI 2 in the coming months. Depending on market conditions, fundraising for a
European-focused fund will commence in the months ahead.

Despite difficult macro-economic conditions in South Korea, Cheoun Savings Bank performed in line with expectations. In Italy,
Solution Bank has continued with its impressive turnaround and is well positioned to benefit from increased net interest margin as
interest rates rise across the Eurozone.

Xcede Group (Formerly Techstream Group) (“Xcede”)
www.xcede.com

Xcede is a global recruitment specialist operating across the UK, Europe, North America, Africa and Asia. It specialises in the data
analytics, technology, cyber security, digital, embedded software and energy sectors and assists clients with the placement of both
permanent and contractor candidates.

As previously communicated, UPL advanced a further GBP 1.5m of shareholder loan funding in July 2022 and, in September 2022,
committed to providing up to a further GBP 2.85m of shareholder loan funding, of which GBP 1.35m was advanced during
September. The funds will be utilised to support the working capital in the business following significant growth in the contractor
book.

To date, Net Fee Income and trading margins are holding up well, but constant vigilance of these areas is being exercised. A detailed
review of the cost base and the management of working capital is underway and appropriate measures are being implemented. The
board of Xcede believes that these actions will result in a more robust business that delivers increased profitability and cashflow.

Propelair
www.propelair.com

Propelair has reinvented the toilet to deliver, through its unique IP and design, one of the most water efficient, economical and
hygienic systems available. The Propelair toilet utilises 1.5 litres of water per flush versus a traditional toilet that uses around 9
litres of water per flush. In addition, through its vacuum system it significantly reduces pathogen distribution and improves health
and hygiene.

As previously reported constructive progress has been made in this year, particularly in relation to the sale of units in the Middle
East and South Africa, where they have traded ahead of budget. However, the Company is still significantly behind its original
business plan and, accordingly, we continue to value this investment at a nominal GBP 1.

Financial review

Interest income of GBP 175,711 mainly comprised of interest earned from the loan to Xcede.

During the quarter, UPL earned raising fees of GBP 57,500 for providing additional shareholder loans to Xcede.
Dividend income of GBP 165,973 relates to an accrual raised on the preferred shares subscribed for by Universal Partners in Xcede.

The Board is of the opinion that, at the end of the quarter under review, the valuation of Xcede should remain unchanged.
Accordingly, an amount equal to the dividend accrual of GBP 165,973 has been provided for during the quarter.

The Company’s investment in SC Lowy is reflected at its original cost and is denominated in US Dollars (“USD”). During the
quarter, the translation effect of exchange rate movements between the USD and the GBP resulted in a foreign exchange gain of
GBP 1,386,022.

Management fees paid during the quarter amounted to GBP 558,758 incurred in terms of the investment management agreement
between the Company and Argo. General and administrative expenses amounting to GBP 181,889 were incurred. The accrual for
performance fees is calculated on the revaluation of the Company’s investments. These fees, which are recalculated quarterly, only
become payable to Argo if the Company realises the expected profit on disposal of the investments. No performance fees are payable
to Argo until a successful exit of an investment has been achieved. These fees are paid as and when each investment is exited.
During the quarter under review, there was a partial reversal of the accrual previously recognised, which had a positive impact on
the income statement of GBP 358,060.

The Company drew down an additional GBP 4.7 million from the Rand Merchant Bank (Mauritius) facility during the quarter in
order to advance the Xcede loan. Interest accrued on the facility was GBP 162,057 for the quarter.

Short-form announcement

This short-form announcement is the responsibility of the directors and is only a summary of the information in the full
announcement and accordingly does not contain full or complete details. The full announcement was published on SENS on 9
November 2022, and can be found on the Company’s website www.universalpartners.mu and can be accessed using the following
JSE link https://senspdf.jse.co.za/documents/2022/jse/isse/UPLE/Q123Result.pdf.

Any investment decisions by shareholders and/or investors should be based on the full announcement released on SENS and
published on the Company’s website.

Copies of this report are available to the public, free of charge, at the registered office of the Company, c/o Intercontinental Trust
Limited, Level 3 Alexander House, 35 Cybercity, Ebene 72201, Mauritius.

Copies of the statement of direct or indirect interest of the Senior Officers of the Company pursuant to rule 8(2)(m) of the Securities
(Disclosure of Obligations of Reporting Issuers) Rules 2007 are available to the public upon request to the Company Secretary at
the Registered Office of the Company at c/o Intercontinental Trust Limited, Level 3 Alexander House, 35 Cybercity, Ebene 72201,
Mauritius. The Board of Universal Partners accepts full responsibility for the accuracy of the information in this communique.

In line with the Company’s investment strategy to achieve long-term growth in NAV, dividends are not declared on a regular basis.
Accordingly, no dividend has been declared for the quarter under review.

The Board of Universal Partners accepts full responsibility for the accuracy of the information contained in this announcement.

By order of the Board
Mauritius – 9 November 2022

Company Secretary
Intercontinental Trust Limited


For further information please contact:

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     Tel: +27 11 722 3050                           Tel: +230 402 0890                                 Tel: +230 403 0800