Murray Income Trust PLC ("the Company")

Legal Entity Identifier (LEI):  549300IRNFGVQIQHUI13

2 April 2026

Update on Transition of Portfolio Holdings

The Board of Murray Income Trust PLC, the FTSE 250 investment company with net assets of approximately £911 million¹, is pleased to announce that, having taken over management of the company on 2 March, as of 31 March Artemis Fund Managers Limited had completed 98.7% of the portfolio transition. This reflects change of approximately 75% of the portfolio.

Peter Tait, Chair of Murray Income Trust, said: "The investment management team at Artemis has been successfully repositioning the portfolio of the Company over the past month despite the very considerable level of volatility in markets resulting from the Middle East conflict."

Artemis fund manager Andy Marsh said: "During periods of market dislocation we retain our focus on good companies run by good management teams.

"The key is that the businesses are generating sufficient cash - after paying down costs - to leave enough both to pay a dividend to shareholders and fund future investment in their business."

The portfolio transition will be complete shortly. The top 20 holdings and sector positioning are shown below.

Artemis has also increased net gearing in the portfolio from around 5.3% as at the end of February to 7.0% as at end of March.

At 31 March, the NAV per share (debt at fair value) is 966p and discount to NAV is 8.6%.

Artemis has waived its investment management fee until 2 December 2026.

¹ As at 31 March 2026

There are currently 46 holdings in the portfolio, with an expected range of 40-65 going forward. 72.0% of the portfolio is currently accounted for by the top 20 holdings.

Sources: Artemis as at 31 March 2026

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