LEI: 5299008VJFXCUD2EG312

As recommended by the AIC, net asset values are calculated on both a capital and a cum-income basis.

The Merchants Trust PLC announces that at close of business 15 September 2026:

1)   based on the par value of the company's long term debt and preference shares, the capital net asset value per ordinary share was 664.16p.

2)   based on the market value of the company's long term debt and preference shares, the capital net asset value per ordinary share was 677.43p.

3)   based on the par value of the company's long term debt and preference shares, the cum-income net asset value per ordinary share was 680.71p.

4)   based on the market value of the company's long term debt and preference shares, the cum-income net asset value per ordinary share was 693.98p.

In the valuation of the company's long term debt at market value, the margin added to the yield of the relevant reference gilt is derived from the spread of A UK corporate bond yields over gilt yields, with the exception that the Loan Notes issued on 18 December 2017 are valued at the yield over the reference gilt at which they were issued.

Enquiries:

Nira Mistry                    

Tel: 07 554 224 339

16 September 2026