THE MERCHANTS TRUST PLC

Legal Entity Identifier: 5299008VJFXCUD2EG312                                                                            

Directorate Change

As part of its long-term succession planning, the Board of The Merchants Trust plc announces the following changes to its Board.

Retirement of Chair

Colin Clark, Chair of the Company, has informed the Board of his intention not to stand for re-election at the 2027 Annual General Meeting and will step down as Chair and as a Director of the Company with effect from 30 September 2026.

The Board would like to sincerely express its thanks to Mr Clark for his dedicated service and steady guidance during his tenure as Chair. He has led the Company through a period of considerable market and geopolitical uncertainty, and the Board is grateful for his commitment and judgement through this time.

Board Succession and Role Changes

The following appointments will take effect from 30 September 2026:

Appointment of Chair

·      Karen McKellar will succeed Mr Clark as Chair of the Company. Ms McKellar is currently the Company's Senior Independent Director and Chair of the Remuneration Committee.

Appointment of Senior Independent Director and Chair of Remuneration Committee

·      Neil Galloway will be appointed Senior Independent Director and Chair of the Remuneration Committee.

Appointment of New Director

The Board has commenced a search for an additional Director. Further details will be announced in due course.

Karen McKellar commented: "I would like to thank Colin personally for his outstanding leadership and significant contribution to The Merchants Trust. Given the successful long term track record of the Company, I am privileged to have the opportunity to continue to build on the strong foundations Colin helped establish."

Regulatory Disclosure

There are no further disclosures required pursuant to UK Listing Rule 6.4.8R in respect of the above appointments.

Enquiries: Nira Mistry & Kirsten Salt, Company Secretary - Tel: 020 3246 7000