Modern Slavery Statement

1. Introduction

Mercia Asset Management PLC (“Mercia”), together with its subsidiary undertakings (the “Mercia Group”), is committed to conducting its business in a responsible, ethical and transparent manner. This commitment includes taking appropriate steps to help prevent modern slavery, forced labour and human trafficking from occurring within our operations or supply chain.
This Modern Slavery Statement outlines the measures we have taken during the financial year ending 31 March 2026 to identify, assess and mitigate the risk of modern slavery within our business activities, supply chains and investment activities.

2. Understanding Modern Slavery

Modern slavery is a serious violation of fundamental human rights and can take many forms, including slavery, servitude, forced or compulsory labour, debt bondage and human trafficking. It affects millions of people globally across a wide variety of industries and geographies.
While the nature of Mercia’s activities means that our direct exposure to modern slavery risks is considered relatively low, we recognise our responsibility to remain vigilant and to take appropriate action to reduce the risk of such practices occurring within our business relationships and wider value chain.

3. Our Business

Mercia is a UK-based specialist asset manager focused on providing venture capital, private equity and debt capital to businesses across the United Kingdom. Through its Ventures platform, Mercia invests in businesses operating principally, but not exclusively, within four sectors: Software, Life Sciences, Consumer, and Deep/Enabling Technology.
In addition to venture investing, Mercia provides a range of debt finance solutions to established businesses across multiple industries, including manufacturing, professional services, retail and service-based sectors. The Group comprises FCA-regulated investment management businesses, investment funds and operational entities supporting these activities.

4. Our Policies and Commitments

Mercia maintains a zero-tolerance approach to modern slavery and human trafficking. We are committed to operating with integrity, respect for human rights and ethical business conduct across all areas of our business.

Our approach is supported by a range of governance policies, compliance procedures and risk management frameworks designed to promote responsible business practices and identify potential areas of concern. These arrangements are regularly reviewed as part of our broader governance and compliance processes.

As a responsible investor, Mercia recognises the importance of environmental, social and governance (“ESG”) considerations in investment decision-making. We seek to encourage good governance and responsible business practices among the companies in which we invest and consider human rights-related risks, where material, as part of our investment processes.

Mercia is committed to conducting its business in a manner consistent with internationally recognised human rights principles and expects those with whom it does business to uphold similar standards.

5. Key Risks and Risk Management

Mercia seeks to identify, assess and manage risks associated with modern slavery and human trafficking across its operations, supplier relationships and investment activities.

Our People

Mercia considers the risk of modern slavery within its own workforce to be low, reflecting the nature of our business, regulatory obligations, and established recruitment and employment practices. We maintain appropriate procedures to ensure employees have the legal right to work and are treated fairly, consistently and with respect. Employees are expected to adhere to Mercia’s policies and professional standards, including those relating to conduct, equality, diversity and inclusion, whistleblowing, anti-bribery and ethical behaviour. We encourage employees to raise concerns through established reporting channels and are committed to ensuring such concerns are handled appropriately and confidentially.

Our Suppliers

Mercia’s supply chain is relatively limited and consists primarily of professional and business service providers, including legal advisers, accountants, banks, consultants, property service providers and technology partners. Given the office-based nature of these services and the regulatory frameworks applicable to many suppliers, we consider the risk of modern slavery, child labour and human trafficking within our supply chain to be low.
Nevertheless, we work with reputable suppliers whose values align with our own and expect suppliers to comply with applicable laws and uphold appropriate labour and human rights standards. Where appropriate, we may seek assurances regarding compliance and review supplier relationships if concerns arise. We believe our supplier oversight processes and reliance on established regulatory frameworks provide a proportionate response to the level of risk identified.

Our Investment Activities and Portfolio Companies

Mercia recognises that certain businesses and sectors may face heightened human rights risks through international operations, complex supply chains or overseas manufacturing arrangements. As part of our investment assessment process, we undertake due diligence appropriate to the nature, scale and complexity of each investment, including consideration of legal, commercial, operational, compliance, governance and material ESG factors.

Following investment, Mercia maintains ongoing engagement with portfolio companies and seeks to promote high standards of governance, risk management and responsible business practices. Where appropriate, discussions include workforce practices, supply chain management, ethical conduct and wider sustainability matters.

6. Training and Awareness

Mercia provides employees and management with training on a range of compliance and regulatory matters relevant to their roles and responsibilities.
Where appropriate, this training includes awareness of the Modern Slavery Act 2015, the identification of potential indicators of modern slavery and the importance of effective supply chain oversight. Employees are encouraged to remain vigilant and to report any concerns relating to unethical, illegal or inappropriate conduct.

7. Looking Ahead

Mercia remains committed to maintaining robust governance arrangements and promoting respect for human rights throughout its business activities.
We will continue to review our policies, procedures and supplier management practices to ensure they remain appropriate to the nature and scale of our operations and support our objective of preventing modern slavery and human trafficking.

Given the relatively low level of modern slavery risk currently identified within Mercia’s business model and supply chain, the Group does not presently utilise specific key performance indicators relating to modern slavery. However, this position will continue to be monitored and reviewed as part of our ongoing risk management framework.

This Statement is made by Mercia Asset Management PLC on behalf of the Mercia Group for the financial year ending 31 March 2026 in accordance with section 54(1) of the Modern Slavery Act 2015 and will be reviewed and updated annually.