Rockwood Strategic : Presentation Q4 2022

Investor Presentation

December 2022

www.rockwoodstrategic.co.uk

Rockwood Strategic

"To invest successfully does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is

a sound intellectual framework for making decisions and the ability to keep emotions from corroding the framework."

Warren Buffett.

'Rockwood'

A petrified tree that has been infused with minerals and turned to stone, from the ancient Greek word πέτρα 'rock' and first started formation in the Devonian period 390m years ago.

'Strategic'

Strategy (also from the Greek word στρατηγία stratēgia, "art of

troop leader; office of general, command, general-ship") is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty.

Rockwood Strategic Plc

Long term capital, Goal oriented, Small Company focused - 'from acorns grow oak trees'

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Disclaimer

Important Information

• This Rockwood Strategic Plc presentation is intended for information purposes only and does not constitute an offer, solicitation or investment recommendation for the purchase or sale of any securities or financial instruments and should not be relied on by any person for making an investment decision. Any forecast, projection or target is indicative only and not guaranteed in any way and any views expressed in this document are those of the Rockwood's investment manager, Harwood Capital LLP (the "Investment Manager"), and do not constitute investment advice and may be subject to change without notice. Past performance is not a reliable indicator of current or future performance, and investors may not get back the original amount invested. Whilst the Investment Manager has used all reasonable endeavours to ensure the accuracy of information contained in this Factsheet, it cannot guarantee the reliability, completeness or accuracy of such content. Neither the Investment Manager nor the Company Rockwood Strategic Plc accepts any liability whatsoever for any loss (whether direct or indirect) arising from any use of this document or its contents, save as prohibited under applicable laws and regulations*. The Investment Manager is authorised and regulated by the Financial Conduct Authority and registered in England and Wales (Company Number: OC304213). Its registered office address is 6 Stratton Street, Mayfair, London W1J 8LD United Kingdom.
• * We have qualified this sentence with 'save as prohibited under applicable laws and regulations' because: the Investment Manager and the Company cannot limit their liability for fraud; the Investment Manager has an overriding duty to be fair, clear and not misleading in all its communications (under COBS 4); and Part 7 of the Financial Services Act 2012 creates criminal offences relating to certain misleading statements and practices.

Registered Office: 60 Gracechurch Street, London EC3V 0HR

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Executive Summary

"From acorns grow oak trees"

• Maximise and compound wealth long-term for shareholders
• Target the inefficient, micro-cap UK market with significant specialist experience
• Access full Harwood network also giving private markets perspective
• Deliver 15% IRR investments over long-term
• 100% focused, aligned fund manager with 'skin in the game'

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Investment Opportunity

• Structurally inefficient part of UK market
• Significant universe
• Many under-researched 'hidden gems', 'fallen angels', 'lost corporates' or maturing 'family' businesses
• Value & Recovery mindset differentiated, less competition
• Material due-diligence creating information advantage
• 'Engaged' approach enhances investment outcomes
• Long-termcapital vehicle, benefitting from illiquidity discount in target universe

Realised IRR 170.7%*

Realised IRR 27.2%*

*Source: IQEQ Fund Administrator, Harwood Capital

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