Victoria Acquisition of Graniser

N O V E M B E R 2 0 2 1

ACQUISITION

OF GRANISER

CERAMICS

INVESTOR PRESENTATION

10 November 2021

Disclaimer

• This presentation has been prepared by and is the sole responsibility of the directors of Victoria P.L.C. (the "Company"). This presentation has been prepared for information purposes only and does not constitute a recommendation or advice regarding the shares of the Company nor a representation that any dealing in those shares is appropriate nor an offer or invitation to issue or sell, or the solicitation of an offer to subscribe or purchase, any securities of the Company, nor shall this presentation or any part of it form the basis of, or be relied on in connection with, any investment decision in relation thereto.
• The Company accepts no duty of care whatsoever to the reader of this presentation in respect of its contents and the Company is not acting in any fiduciary capacity. The information contained in the presentation has not been independently verified, nor does this presentation purport to be all-inclusive or to contain all of the information that an investor may desire to have in evaluating whether or not to make an investment in the Company. No reliance may be placed for any purpose whatsoever on the information contained in this presentation and no warranty or representation is given by or on behalf of the Company or any of its subsidiary undertakings nor its directors, employees, agents and advisers as to the accuracy or completeness of the information or opinions contained in this presentation and no liability is accepted by any of them for any such information or opinions. Nothing in the foregoing is intended to or shall exclude any liability for, or remedy in respect of, fraudulent misrepresentation. In all cases potential investors should conduct their own investigations and analysis concerning the risks associated with investing in shares in the Company, the business plans, the financial condition, assets and liabilities, business affairs of the Company and the contents of this presentation, and consider obtaining independent advice as to the legal, tax, accounting, financial, credit and other related advice prior to making an investment. The information and opinions contained in this presentation are provided as at the date hereof.
• This presentation may contain, and the Company may make verbal statements containing "forward-looking statements" with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition, performance, strategic initiatives, objectives and results. Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "seek", "may", "could", "outlook" or other words of similar meaning. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the control of the Company, including amongst other things, economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the effect of competition, the effect of tax and other legislation in the jurisdictions in which the Company operates, the effect of volatility in the equity, capital and credit markets on the Company's profitability and ability to access capital and credit, the effect of operational risks and the loss of key personnel, and changes in the political, social and regulatory framework in which the Company operates. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance.
• As a result, the actual future financial condition, performance and results of the Company may differ materially from the plans, goals and expectations set forth in any forward-looking statements. Any forward-looking statements made herein by or on behalf of the Company speak only as of the date they are made. Whilst the directors believe all such statements to have been fairly made on reasonable assumptions, there can be no guarantee that any of them are accurate or that all relevant considerations have been included in the directors' assumptions. Accordingly, no reliance whatsoever should be placed upon the accuracy of such statements, all of which are for illustrative purposes only, are based solely upon historic financial and other trends and information, including third-party estimates and sources (which are believed to be reliable, but this should not be taken as an indication or guarantee of the accuracy or completeness of such data), and may be subject to further verification. Accordingly, undue reliance should not be placed on any of the data contained in this presentation.
• Except as required by applicable law or regulation, the Company expressly disclaims any obligation or undertaking to publish any updates or revisions to any forward- looking statements contained in this presentation to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based after the date of this presentation or to correct any inaccuracies in, or omissions from, this presentation which may become apparent. No statement in this presentation is intended to be a profit forecast, and no statement in this presentation should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

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Table of contents

1. Victoria Investment Track Record
2. Ceramics Industry

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03 Graniser Overview

04 Acquisition Rationale and Synergy Upside

Victoria Investment Track Record

In the 9 years since the current board was appointed by shareholders

SHAREHOLDER RETURNS1	TOP LINE GROWTH	OPERATING PROFIT2
£63.55	£662m	£127m
Current value of £1	FY2021 Revenue	FY2021 Underlying EBITDA
invested in October 2012	+27%	+39.6%
+6,255%
Growth since 2012	CAGR since 2012	CAGR since 2012

OPERATING MARGIN	CASH GENERATION	EARNINGS PER SHARE
19.2%	£0.77	£0.30
FY2021 underlying EBITDA	FY2021 underlying operating	FY2021 diluted adjusted EPS4 5
margin	cash flow per share3 5	+22.8%
+970bps	+38.9%
Growth since 2012	CAGR since 2012	CAGR since 2012

Note

1. Calculation as of November 9, 2021. Assumes all dividends re-invested.
2. EBITDA shown before exceptional and non-underlying items. 2012-2021 CAGR calculation adjusted for IFRS 16.
3. Underlying operating cash flow per share before interest, tax, and exceptional items. Underlying operating cash flow per share is an alternative performance measure as shown in the 2021 Annual Report.
4. Adjusted EPS shown on a fully-diluted basis.
5. Excludes the dilution impact of unutilised preferred equity funding at the year-end, which was deployed for acquisitions post year-end.

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CERAMICS INDUSTRY OVERVIEW