2025 - H2 Letter to Shareholders

Dear Investors,

The JP Owner-Operators Fund releases its 2025 H2 Letter to Shareholders, which you can find attached to this bulletin and uploaded on the website's Insights section.

The letter covers business updates for our portfolio, includes a detailed review of our investment in International Petroleum, and addresses the question of how we recognise "exceptional management".

Yours,

John Putzfeld