TERN  hosted an investor presentation and Q&A session on 9 January2025.Presentations were given by the portfolio companies, which reinforced that all three businesses have made significant progress with major key accounts and important strategic partnerships. Tern  has  created,  and  continues  to support, a  portfolio  of  businesses that are generating  significant  traction, underpinned  by  third-party  interest  and  financial  support. Tern  has  also gained exposure to Sure Ventures plc, which should be an additional source of income. Tern is  focused  on supporting portfolio growth to create significant shareholder value when there is a liquidity event. However, with the  businesses  attracting  sizable  investors, it is even  more  important  that Tern has sufficient capital to protect its position.