Half-year Financial Report

MURRAY INTERNATIONAL TRUST PLC (the "Company")

Legal Entity Identifier (LEI):  549300BP77JO5Y8LM553

HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2026

Murray International Trust PLC (the "Company"), a globally diversified investment trust aiming to deliver an attractive and growing income, alongside long-term capital growth, is pleased to report strong performance for the six months ended 30 June 2026.

Virginia Holmes, the Company's Chair, commented:

"Against a macro backdrop of significant uncertainty and volatility, the Company has delivered robust performance, delivering both NAV growth and real capital growth ahead of the UK Retail Price Index, thereby meeting one of the Company's key investment objectives and performance benchmarks.

"In this environment, the Company's approach of maintaining a highly selective and disciplined investment style is more important than ever. A number of the portfolio's technology picks delivered significant share price performances, benefitting from the AI-related demand in areas where they hold market-leading positions. The portfolio's commodities holdings also benefitted, with BHP Group a standout performer as it successfully repositioned itself as a premier copper play. During the period under review, the Manager introduced a handful of new companies, including Blackstone, Union Pacific and Pfizer, all selected for their compelling long-term growth characteristics.

"The outlook for global equity markets remains broadly positive, supported by resilient economic growth, albeit periods of volatility are to be expected. Given the Company's robust, disciplined portfolio approach, the Board is very confident of the Company's ability to continue to deliver shareholder value, with long-term growth in dividends and capital ahead of inflation."

Highlights

Calendar

Expected Dividend Payment Dates

Dividends

Shareholder Engagement

Interim Board Report - Chair's Statement

Background

The first half of 2026 saw a mix of strong market performance, periods of volatility, and significant shifts in investor sentiment. Markets came under pressure in late February following the conflict in the Middle East, which led to a blockade of the Strait of Hormuz and disrupted global energy supplies. Rising inflation expectations and a more hawkish outlook from central banks prompted investors to adopt a more defensive stance, with energy stocks outperforming and U.S. assets benefiting from increased geopolitical uncertainty.

Sentiment improved during the second quarter as tensions eased and the Islamabad Memorandum helped bring the conflict to an, albeit temporary, end. Investors rotated back towards growth assets, with AI and semiconductor-related companies leading gains, supported by strong investment and long-term demand trends. Global equities advanced as risk appetite recovered, although expectations that interest rates could remain higher for longer remained a key focus and potential risk for the second half of the year.

Performance and Dividends

The net asset value (NAV) total return, with dividends reinvested, for the six months to 30 June 2026 was 10.5% compared with 12.4% for the Company's Benchmark Index (the MSCI ACWI High Dividend Yield Index in GBP). Over the six-month period, the share price total return was 9.9%, as the premium of the share price to the NAV narrowed marginally to 2.4% from 3.0% at 31 December 2025.  While the return is behind that of the Benchmark, the NAV total return and share price total return remain ahead of the Benchmark over one and five years. The Manager's Review contains more information about both the drivers of performance in the period and activity within the portfolio.

The first interim dividend of 2.8 pence per share (2025: 2.6p) in respect of the six months to 30 June 2026 is payable on 14 August 2026. The Board has today declared a second interim dividend of 2.8 pence per share (2025: 2.6p) for the current year which will be paid on 18 November 2026 to shareholders on the register on 2 October 2026 (ex-dividend 1 October 2026).

The Board remains committed to the Company's progressive dividend policy given the Company's investment objective to provide growing levels of income. This means that, in some years, revenue will be added to reserves while, in others, revenue may be taken from reserves to supplement earned revenue for that year to pay the annual dividend. Shareholders should not be surprised or concerned by either outcome as, over time, the Company will aim to pay out what the underlying portfolio earns in sterling terms.  As a long-established investment trust, the Company has the benefit of over £84.6 million of distributable revenue reserves on its balance sheet at 30 June 2026, which equates to 1.2 times the dividend in respect of 2025.

Management of Premium/Discount

Your Board continues to believe that, in normal market conditions, it is appropriate to seek to address temporary imbalances in the supply and demand for the Company's shares which might otherwise result in a recurring material discount or premium. The Board believes that this process is in all shareholders' interests as it seeks to reduce volatility in the discount or premium to underlying NAV whilst also making a small positive contribution to the NAV. 

The Board has been pleased to see that the strong performance that the Company has delivered is being recognised by the market to the point where the Company's share price has been trading at a premium to the cum-income NAV for most of the period. As a consequence, the Company sold 4,964,044 Ordinary Shares from Treasury which amounted to an increase in the issued share capital of 0.8%, raising £17.6 million at a weighted average premium of 1.5%.

At 5 August 2026, the latest practicable date prior to publication of this Half Yearly Report, the NAV (including income) per share was 360.45 pence and the share price was 369.0 pence equating to a premium of 2.4% per Ordinary share and the Company had sold a further 350,000 shares from Treasury.

Gearing

At the period end, the Company's borrowings consisted of £110 million of unsecured loan notes which are fully drawn with £50m repayable in 2031 and the remainder in 2037. The weighted cost of these fixed-rate loan notes is 2.56%. The borrowings represented a net gearing level of 4.0% based on the Company's NAV at 30 June 2026 (31 December 2025: 4.4%).

Since the period end, the Board has approved an agreement with Natixis for a £100m multi currency unsecured evergreen revolving credit facility.

Ongoing Charges Ratio ("OCR")

During the review period, the OCR has fallen slightly, ending the six months at 0.47% (31 December 2025: 0.50%). The Board remains focused on controlling costs and delivering value to shareholders. A full breakdown of the OCR calculation is provided below.

Board Composition

As part of the Board's long-term succession planning, Claire Binyon will be retiring as a Director at the Annual General Meeting in April 2027, by which time she will have served on the Board for nine years. Accordingly, the Board has commenced the process of identifying her successor who will join the Board in time to undertake a comprehensive handover from Claire.

Outlook

The outlook for global equity markets remains broadly positive, supported by resilient economic growth, solid corporate earnings, and continued investment in artificial intelligence and digital infrastructure. However, the recent de-escalation and then sudden re-escalation of tensions between the U.S. and Iran highlight that geopolitical risks remain elevated, are difficult to predict and could continue to drive periods of market volatility.

While the backdrop remains supportive, risks persist, and a selective approach is warranted. Any further disruption to global energy supplies could add to inflationary pressures, while a higher-for-longer interest rate environment may limit valuation expansion across equity markets. In addition, market leadership has become increasingly concentrated in a relatively small group of AI-linked companies, raising questions about the sustainability of recent market gains if investment spending moderates or earnings expectations are not met. As a result, periods of volatility are likely as markets balance strong structural growth trends against an uncertain geopolitical and economic backdrop.

Shareholder Engagement

Shareholders' views are very important to the Board and I encourage you to email me if you have feedback on the Company at [email protected]. If you would like to receive regular updates from the Company, then please sign up using the QR code on page 30 of the published Half Yearly Report.

Virginia Holmes
Chair
6 August 2026

Interim Board Report - Manager's Review

Summary

The first half of 2026 has, in many respects, echoed the volatility and resilience seen in the prior year, with global equity markets navigating a complex interplay of strong performance and underlying fragility. Investor sentiment remained broadly constructive through much of the period, underpinned by resilient economic growth, particularly in the US, and a growing expectation that monetary conditions would gradually ease. However, this optimism was repeatedly challenged by external shocks, most notably a renewed escalation of conflict in the Middle East, which introduced bouts of volatility across energy markets and risk assets, serving as a reminder of the ever-present geopolitical overhang.

Despite these headwinds, equity markets continued to advance, driven in large part by the extraordinary strength of technology stocks. A relatively narrow cohort of mega-cap companies, once again, accounted for a disproportionate share of index gains, with investor enthusiasm centred on artificial intelligence, digital infrastructure, and next-generation computing. The magnitude of these moves has been striking, pushing valuations higher and prompting growing debate as to whether parts of the market have become detached from underlying fundamentals.

Beneath the surface, however, market leadership has been less stable. Periodic rotations into more cyclical and value-oriented segments emerged, particularly during phases of improving macroeconomic data and stabilising interest rate expectations. Yet these rotations proved fleeting, with capital repeatedly flowing back into growth and technology names. This dynamic reflects both the strength of structural growth narratives and a degree of caution among investors regarding the durability of the broader economic expansion.

Adding to this backdrop, primary markets have reopened with renewed vigour, signalling a return of risk appetite. A wave of high-profile listings has captured investor attention, most notably the long-anticipated IPO of SpaceX, which has been met with significant demand and elevated valuations. While such developments point to improving market confidence and liquidity conditions, they have also fuelled concerns that pockets of exuberance may be emerging, particularly given the concentration of returns and increasingly optimistic positioning.

Overall, the first six months of 2026 reinforce a familiar theme: global equity markets remain capable of delivering strong returns even amid uncertainty, but the balance between opportunity and risk appears increasingly finely poised. In this environment, maintaining a disciplined and selective investment approach remains as important
as ever.

Performance

Absolute performance over the first six months of 2026 was robust. However, the Company's NAV total return was 10.5%, lagging the Benchmark return of 12.4%. Despite this relative underperformance, the Company delivered real growth ahead of the UK Retail Price Index ("RPI"), which rose by 3.6%, thereby meeting one of the Company's key investment objectives and performance indicators.

Year to date, investments in the UK, Latin America and North America have been the principal regional detractors to relative performance. From a sector perspective, exposures to Financials, Health Care and Technology have weighed on returns relative to the Benchmark. Longer-term relative performance remains positive. Nevertheless, it is important to understand and evaluate the factors behind this year's underperformance and to assess whether the positions that have detracted from relative returns continue to offer attractive long-term investment opportunities.

Stocks Adding to Performance

(* all share price movements figures have been converted to sterling)

Samsung Electronics (+129%*) experienced a significant share price rally in the first half of 2026, which saw the share price more than double inside 6 months. This transformative performance was primarily driven by a "super cycle" in AI-driven memory demand and the company's successful HBM4 (next generation high bandwidth memory) strategy, which included beginning mass production for NVIDIA's Vera Rubin platform in February. Financially, Samsung achieved record-breaking results, including a first quarter operating profit of 57.2 trillion Korean Won, supported by an 85% surge in the average selling prices of its core DRAM (short-term working memory) and NAND (longer term memory storage) memory chips. Strategic partnerships with NVIDIA, Advanced Micro Devices (AMD) and OpenAI further solidified its competitive moat, while full utilisation of its most advanced chip production facilities attracted major clients such as Tesla. Beyond semiconductors, the successful launch of the "agentic" Galaxy S26 series and AI-integrated consumer electronics maintained Samsung's hardware leadership during this high-growth period. We have continued to move capital away from Samsung through this period of price strength, mindful of the overall portfolio exposure and the low dividend yield that is now on offer.

BE Semiconductor (Besi) (+113%*) saw its share price reach new highs by mid-2026, driven by its leadership in the AI-fuelled advanced packaging super-cycle. The primary catalyst was the "take-off" of hybrid bonding technology, with Besi raising its 2030 installed base target to up to 2,200 systems due to rapid adoption in logic, HBM4 and co-packaged optics (CPO). Financially, Besi also reported robust first quarter earnings with orders of €269.7 million - a 104.5% year-on-year increase. Strategic positioning was bolstered by expanded partnerships with TSMC for its cutting-edge chip stacking technology and high-volume demand from customers such as AMD, Intel, and Nvidia. We took the decision to sell out of Besi during the period. It is a fine business, but we believe this is well reflected in its valuation, and its low dividend yield makes it difficult to justify, given the investment objective.

Taiwan Semiconductor Manufacturing Company (TSMC) (+59%*) experienced a significant share price rally during the first half of 2026. This performance was underpinned by robust financial growth as the company reported first quarter revenue of US$35.84 billion, followed by even stronger second quarter revenue of US$39.80 billion. Profitability remained exceptionally high, characterised by an EBIT margin of 58.1% during the first quarter. Market sentiment was bolstered by a broad recovery in semiconductor demand and TSMC's dominant competitive positioning as a critical supplier for advanced AI applications. By mid-June, the company's market capitalisation reached approximately US$1.9 trillion, reflecting investor confidence in its technological leadership and its ability to scale production to meet the aggressive requirements of the global AI infrastructure build-out. As with Samsung, we have continued to move capital away from TSMC through this period of price strength, mindful of the overall portfolio exposure and the low dividend yield that is now on offer.

Cisco Systems' (+54%*) share price surged in the first half of 2026 as the company established itself as a critical AI infrastructure leader. The strength was driven by record third quarter revenue of US$15.84 billion and a 35% surge in total product orders, fuelled by strong demand in networking and a multi-billion-dollar campus refresh. Explosive demand from large cloud computing service providers including Amazon, Microsoft and Google led Cisco to raise its full year AI infrastructure order guidance to US$9 billion, a 4.5 times year-on-year increase. Strategic product launches, including the elite-tier Silicon One G300 networking chip and the AI-native Cisco Cloud Control platform, solidified its competitive positioning against peers. Furthermore, a restructuring plan focused on realigning resources toward AI and security, alongside robust capital returns of US$2.91 billion in Q3, bolstered investor confidence. As with other technology investments, we have reduced exposure to Cisco into the price strength witnessed in the first half.

BHP Group's (+36%*) share price performed strongly in the first half of 2026 as it repositioned itself as a premier copper play. This rally was underpinned by a 31% surge in copper prices and resilient iron ore prices that stubbornly remained above US$100 per tonne. Financially, BHP reported first half revenue of US$27.9 billion, up 11% year-on-year, and a robust underlying EBITDA margin of 58.4%. Strategic positioning was bolstered by record iron ore production at its operations in Western Australia, and upper-half performance guidance for copper assets such as Escondida. Significant corporate developments further fuelled investor confidence, including the realisation of US$4.8 billion through strategic divestments, a US$4.3 billion silver streaming deal with Wheaton Precious Metals, and a smooth leadership transition to new CEO Brandon Craig, all while advancing major growth pillars such as the Jansen potash project.

Stocks Detracting from Performance

CME Group's (-19%*) stock price declined as investors reacted to a combination of cooling market activity and new regulatory challenges. While the company delivered the strongest first-half financial results in its history, the market focused on a significant slowdown in the second quarter following a record-breaking start to the year. Interest rate and energy derivatives volumes fell 22% and 33% respectively compared with the prior quarter, as participants reduced activity following the heightened volatility caused by the Middle East conflict in March 2026. The company also faced competitive pressure, losing market share in crude oil and US natural gas derivatives, with natural gas market share falling to its lowest level since 2024. Sentiment was further impacted by regulatory approval of new "perpetual" trading products for platforms such as Kalshi and Coinbase, which some investors fear could disrupt CME's core business. We continue to monitor developments in this area but remain attracted to the business model of exchange operators, including CME Group.

Infosys (-40%*) experienced significant share price weakness in the first half of 2026, as the market became increasingly focused on the potential for AI to disrupt traditional software and IT services business models, particularly where value has historically been derived from labour-intensive delivery and recurring licensing structures. Automation, code generation, and AI-native platforms could compress margins, alter pricing power and accelerate competition, raising questions around the durability of incumbent earnings. While AI also presents opportunities for efficiency and new product innovation, the balance of risks has created uncertainty around how much of the benefit will accrue to existing players versus being competed away over time. These concerns have surfaced for companies such as Infosys. While full-year revenue grew 9.6%, sentiment was dampened by soft full-year 2027 organic growth guidance. Despite robust AI activity, including 4,600 projects and continued investment in its proprietary AI platform, competitive intensity has led to "AI deflation," where productivity gains were passed back to clients, offsetting new revenue growth. This is a name that we will continue to monitor and we are currently assessing the investment thesis.

Ping An Insurance (-22%*) had resilient underlying operations in the first half of 2026, but its share price remained under pressure as strong new business growth was offset by earnings volatility, investment-related concerns and regulatory uncertainty. While first-quarter operating profit after tax increased 7.6% to RMB 40.78 billion, overall profit attributable to shareholders fell 7.4% compared with the previous year. This was largely due to losses on parts of its investment portfolio as Chinese stock markets remained volatile and interest rates stayed low, continuing to weigh on investment returns. Investor sentiment also remained cautious towards the quality of Ping An's investment portfolio, with ongoing concerns about its exposure to the property sector and the reduction of China Securities Finance's stake in the company, which weakened perceptions of institutional support. In addition, continued regulatory scrutiny of the fintech sector, potential changes to insurance distribution rules and product regulation, and questions over whether the asset management business can sustain its recent recovery contributed to a more cautious outlook despite otherwise solid operational performance. We remain comfortable with the holding, especially given the level of income it provides.

Taylor Wimpey's (-24%*) share price struggled during the first half of 2026 as the homebuilding sector faced a combination of persistent economic pressures and new legal uncertainties. The company entered the year with a smaller backlog of orders following a period of buyer hesitation caused by government budget changes in late 2025. While mortgage availability improved, many potential buyers continued to struggle with high costs, especially those looking for their first home. This led to weaker demand and lower sales rates. Profit margins were squeezed by a combination of softer home prices and rising expenses for materials and labour. While the investment has been disappointing thus far, we believe the stock offers good value and an attractive dividend, so we are prepared to sit tight with Taylor Wimpey for now, although it will remain one of the smaller holdings within the portfolio.

Pt Telkom Indonesia's (-36%*) weak first half performance in 2026 reflected both cyclical and structural concerns. The company implemented a significant voluntary accounting policy change to modernise its network asset reporting and support the planned spin-off of its fibre infrastructure business, Infranexia. The change, which included the reclassification of certain network assets and a reduction in the useful lives of drop cable and other last-mile infrastructure, resulted in substantial non-cash depreciation charges that materially reduced reported earnings during the first half of 2026. The more significant issues for investors were evidence that Telkom's competitive advantages in both mobile and fixed broadband were narrowing. Regulatory uncertainty, higher operating costs and macroeconomic weakness amplified these concerns, resulting in a sharp de-rating of the shares. Sentiment was also affected by the suggestion that MSCI, a leading global index provider, could downgrade Indonesia to frontier market status, owing to corporate governance concerns linked to the involvement of a newly established sovereign wealth fund.

These were all valid concerns and prompted a review of the Company's small holding, despite the attractive level of income offered by the company. We subsequently sold the position after the period end.

Income Generation

Despite the geopolitical uncertainty, conflict in the Middle East and market rotations seen during the period, the income picture, both for the portfolio and more generally, remains robust. This underlines the benefits of maintaining exposure to a broad range of companies and sectors globally.

Whilst the portfolio generated total income of £49.7 million during the period under review, compared to £52.3 million, for the first half of last year, the portfolio's underlying dividend outlook remains strong. Of the 26 companies that have declared full-year dividend intentions, 22 increased their full-year dividend distributions, with CME and Hon Hai increasing their dividends by 127% and 24% respectively (the figure for CME is impacted by the timing of its special dividend payment). Conversely, only two companies cut their dividends: Mercedes-Benz by 19% and BE Semiconductor by 28%. Both cut their dividends for very similar reasons, namely declining earnings and cash flows from the prior financial year. These cuts were in line or less than expected, as the companies' payout ratios were in line or higher than the prior year. Finally, a couple of companies held their dividends flat, namely Pfizer and Kone and again, this was broadly in line with our expectations.

We remain alert to the potential impact of currency fluctuations, particularly when investing globally with an unhedged portfolio where over 90% of assets are denominated in currencies other than Sterling. So far in 2026, the currency picture remains balanced. While Sterling has strengthened against certain Asian currencies, including the Indonesian Rupiah, Korean Won and Thai Baht, movements against the Euro and US dollar have been modest. Meanwhile, Sterling weakened against other currencies such as the Mexican Peso, Australian dollar and Brazilian Real.

Changes to the portfolio

Turnover has been 12.7% of gross assets thus far this year, which is roughly in line with expectations given the market moves that we have seen. As discussed earlier, a considerable amount of that trading has been to reduce holdings which have been performing very well. That includes consistently managing weights within the portfolio's technology stocks. To reiterate, we exited the position in BE Semiconductor after its 113% (sterling adjusted) share price appreciation in the first half of the year meant that both its valuation and the dividend yield it offered were hard to justify going forward. We also continued to sell down exposure to Taiwan Semiconductor Manufacturing Company, Samsung Electronics, Cisco Systems and Broadcom throughout the first half of the year. We reduced exposure to BHP Group, TotalEnergies and Shell following strong share price performance, the latter two having been bid up on the Middle East conflict and elevated oil and gas prices, which tend not to last. We also exited the holding in German automotive giant, Mercedes-Benz. This was a frustrating investment for us and an example of where the thesis did not play out as expected. Although the income derived from the stock over the holding period was attractive, we misjudged the extent to which competition, particularly from China, would impact the investment case and weigh on margins and returns.

We have reinvested a considerable amount of the proceeds from the sales of all of the above into existing stocks held in the portfolio, which have either been weak over the same period or where we have increasing levels of conviction. We have continued to maintain weights in several healthcare companies in the portfolio, including Bristol-Myers Squibb, Sanofi, AbbVie, Medtronic and Merck, as we believe these stocks offer good value, alongside attractive and sustainable dividends. We also added to existing holdings in Europe, where share prices were relatively weak amid the conflict in the Middle East, reflecting the region's proximity to the conflict and reliance on imported oil and gas. Stocks including elevator and escalator manufacturer and servicing group Kone, Spanish retailer Inditex and Italian bank Intesa Sanpaolo were all topped up. We also added to Mexican bank, Grupo Banorte and Chinese insurance giant Ping An during the first half of the year.

The impact of the trading in technology companies has been to reduce exposure to that space by around 7% overall. In addition to adding to existing stocks, we have also introduced a handful of new companies so far this year.

Blackstone is the world's largest alternative asset management firm with US$1.3 trillion in assets under management. The stock, like the alternative sector more widely, has been weak in the first half of this year as the market has grown increasingly concerned around the scale of retail flows away from private equity and credit funds. This has led to gated withdrawal limits being implemented in certain quarters. We share some of these concerns and believe that they could continue to weigh on sentiment for some time. That said, we believe Blackstone stands out as a strong, long-term investment opportunity due to its massive scale and diversification, as well as its ability to identify and profit from major global trends. The stock offers an attractive dividend yield at present, and while sentiment has been weak with regard to retail flows on private credit funds, Blackstone continues to see strong institutional demand for its infrastructure and energy transition products. As the world's largest manager of alternative assets, the company uses its vast portfolio, spanning hundreds of companies and thousands of real estate properties, to gather unique data that helps it stay ahead of the broader market. Currently, Blackstone is heavily focused on high-conviction areas such as AI infrastructure, data centres and the transition to cleaner energy, which are expected to drive significant growth for many years.

We also initiated a new holding in US-based pharmaceutical giant Pfizer. The company faces the challenge of older products losing patent protection, including Comirnaty, its COVID-19 vaccine, and parts of its pneumococcal portfolio. While Pfizer has secured settlements extending exclusivity for Vyndamax, a treatment for a rare heart condition, until 2031, it remains involved in ongoing litigation relating to alleged patent infringements and efforts to prevent the early market entry of generic competitors to drugs such as Eliquis and apixaban, which are used to prevent and treat blood clots. To counter this, the company is investing in new growth areas such as oncology and obesity treatments. Pfizer offers an attractive investment case for long-term income investors by combining a high level of cash return with a stabilising business strategy. By focusing on strong cash generation and disciplined capital allocation, Pfizer aims to provide reliable returns as it navigates the development of its next-generation breakthrough therapies, although this is likely to be a name that will require patience.

We also added two new holdings within the industrials space. The first, Union Pacific, serves as a foundational pillar of the US economy, operating a massive rail network that connects 23 states and multiple border crossings. This essential infrastructure creates a powerful competitive advantage, as the high costs of building new rail lines make it nearly impossible for new rivals to enter the market. The company is particularly strong in transporting high-value goods such as chemicals and energy products, where its unique geographic reach allows it to maintain steady pricing even during economic shifts. For long-term investors, Union Pacific offers remarkable consistency, evidenced by nearly two decades of growing dividend payments to shareholders. By aggressively investing in new technology such as automated safety systems and fuel-efficient locomotives, it continues to improve its reliability and cost-effectiveness compared to trucking. We believe this combination of a durable business model, essential service and disciplined financial management makes it a resilient choice for growth and income over the coming years.

We also invested in Fastenal, a leading global wholesale distributor of industrial and construction supplies. Fastenal is an attractive long-term investment because it has built an essential, highly integrated role within the industrial supply chain that is difficult for competitors to replicate. The company sets itself apart by placing inventory and expert staff directly inside customer factories and construction sites, creating a "sticky" relationship where customers rely on them for daily operations. This model goes beyond simple sales - it provides a reliable safety net that helps manufacturers avoid costly downtime. Fastenal is also a leader in the use of digital tools and automated supply systems, giving customers real-time visibility into inventory usage and improving efficiency for both parties. By focusing on large, stable partnerships in sectors such as aerospace and energy, the company ensures a predictable stream of business even when the broader economy is uncertain.

The final new position in the portfolio is North American energy infrastructure company, ONEOK. We believe this represents a compelling long-term investment due to its massive, 60,000-mile network of essential energy infrastructure that connects major production areas to vital global markets. The company's business model is built on stability, with approximately 90% of its earnings coming from steady fees rather than volatile commodity prices. This structure has supported 12 consecutive years of earnings growth and a disciplined approach to returning value to shareholders through consistent dividend increases. Recent strategic acquisitions have further strengthened ONEOK by adding scale and providing access to new high-growth regions such as the Permian Basin. By focusing on "wellhead to water" services (transporting energy from where it is produced directly to export docks), ONEOK is well positioned to meet rising domestic and international demand for years to come. Its integrated assets and reliable customer service create a durable competitive advantage that stabilises income even during market shifts.

Eagle-eyed shareholders will notice that five of the portfolio's new investments so far this year have been companies listed in the US. The portfolio historically has, and continues to have, an underweight position to the US, which stood at 15% at the halfway point of the year. As we have often stressed, this is not driven by a negative top-down view of the US. The country is home to many of the world's best run and most innovative companies. However, we continue to make full use of the global remit entrusted to us by shareholders, maintaining meaningful allocations to companies across Asia, Latin America and Europe, where we continue to find high-quality businesses offering attractive combinations of value, income and long-term growth potential. This reflects the bottom-up opportunities we see and our belief that better combinations of value, quality and yield can often be found outside the US. The US is also one of the lower-yielding equity markets globally, and given its sizeable representation in global benchmarks (53% in the case of our benchmark, the MSCI ACWI High Dividend Yield Index) a neutral or overweight position would make it extremely challenging to meet the objective of covering Murray International's own dividend payments from the underlying income generated by its holdings. That said, this does not prevent us from increasing exposure to the US if we identify attractive opportunities at the stock level which do offer reasonable value and a suitable level of income. The addition of several US-listed companies this year reflects just that - particularly given the level of capital freed up from reducing exposure to a number of very low-yielding technology holdings in the US and elsewhere in the first half of 2026.

Finally, fixed income exposure in the portfolio declined further to less than 2% of gross assets as of 30 June 2026, following the maturity of a Mexican bond. This is expected to decline further as two remaining Indian corporate bonds reach maturity later this year.

Outlook

Looking ahead, the outlook for global equity markets appears increasingly balanced between continued opportunity and a growing set of risks that warrant careful attention. Geopolitical uncertainty remains a central concern, with tensions in the Middle East showing little sign of durable resolution and the potential to disrupt energy markets and investor sentiment at short notice. Combined with ongoing frictions across other regions, this creates an environment where sudden shifts in risk appetite cannot be discounted.

At the same time, there are emerging questions around the sustainability of the current economic expansion. While headline growth has remained resilient, there is mounting evidence of a more uneven, 'K-shaped' or divergent dynamic beneath the surface, with some companies and sectors continuing to perform strongly while others face increasing pressure. Strength in corporate investment, particularly the ongoing capital expenditure cycle linked to artificial intelligence and digital infrastructure, continues to mask potentially more fragile underlying consumption trends. This raises an important question for markets: if the AI-led investment cycle, which has been a key pillar of earnings growth and market leadership, were to moderate, where would valuation support come from. Current pricing in parts of the technology sector appears predicated on the persistence of exceptional growth rates, leaving limited margin for disappointment. A slowdown in capital spending, or even a reassessment of its pace and returns, could therefore have outsized implications for broader index performance.

Market concentration further amplifies this sensitivity. In the US, index returns remain heavily reliant on a small number of mega-cap technology companies, while a similar dynamic is increasingly evident in Asia. Markets such as Korea and Taiwan, driven by their exposure to the global semiconductor supply chain, now represent a larger share of regional and emerging market indices than some of the traditionally dominant economies, including China and India. While this reflects the importance of the technology cycle, it also introduces a narrower source of returns and heightens vulnerability to sector-specific shocks. In aggregate, while the backdrop remains supportive in certain respects, the concentration of returns, elevated valuations, and reliance on a relatively narrow set of growth drivers suggest that markets may be less resilient to shocks than headline performance implies.

As such, a continued selective and disciplined approach appears warranted as the year progresses. Regardless of the prevailing market environment, our focus remains on delivering a globally diversified portfolio of quality companies, with an emphasis on sustainable income and long-term capital growth.

6 August 2026

Interim Board Report - Directors' Disclosures

Principal Risks and Uncertainties

The Board has approved a matrix of the key risks that, in its assessment, affect the business. The major financial risks associated with the Company are detailed in note 18 of the 2025 Annual Report and the other principal risks are summarised below. These risks represent the principal risks anticipated for the remaining six months of the year. They can be summarised into the following categories:

-  Investment Strategy and Objectives;

-  Investment Portfolio Performance Risk;

-  Operational and Governance Risks;

-  Financial Risks; and

-  Macro and Geopolitical Risks.

Details of the management of the risks and the Company's internal controls are disclosed on pages 45 to 47 of the 2025 Annual Report.

The Board also has a process in place to identify emerging risks.  If any of these are deemed to be significant, these risks are categorised, rated and added to the Company's risk matrix. 

The Board monitors emerging risks and has reviewed the principal risks and uncertainties including prevailing geo-political concerns. The Board notes the Manager's robust and disciplined investment process which continues to focus on long-term company fundamentals including balance sheet strength and deliverability of sustainable earnings growth.  The Board, aided by the Manager, closely monitors all third-party service arrangements.

Related Party Transactions

Details of the transactions with the Manager including the fees payable to Aberdeen Group plc group companies are disclosed in note 11 of this Half Yearly Financial Report.

Going Concern

In accordance with the Financial Reporting Council's Guidance on Risk Management, Internal Control and Related Financial and Business Reporting, the Directors have undertaken a rigorous review and consider that there are no material uncertainties and that the adoption of the going concern basis of accounting is appropriate.  This review encompassed the global geopolitical environment which is increasingly destabilised by conflicts, tensions and other uncertainties. 

The Company's assets consist of a diverse portfolio of listed equities and bonds and the portfolio in most circumstances is realisable within a very short timescale. The Directors believe that the Company has adequate financial resources to continue its operational existence for 12 months from the date of this Half Yearly Report. Accordingly, the Directors continue to adopt the going concern basis in preparing these financial statements.

Directors' Responsibility Statement

The Directors are responsible for preparing the Half Yearly Financial Report in accordance with applicable law and regulations. The Directors confirm that to the best of
their knowledge:

-  the condensed set of Financial Statements has been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting);

-  the Interim Board Report includes a fair review of the information required by rule 4.2.7R of the Disclosure and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the financial year); and

-  the Interim Board Report includes a fair review of the information required by rule 4.2.8R (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so).

The unaudited Half Yearly Financial Report for the six months ended 30 June 2026 comprises the Interim Board Report, the Directors' Responsibility Statement and the condensed set of Financial Statements.

For and on behalf of the Board of Murray International Trust PLC

Virginia Holmes
Chair
6 August 2026

Condensed Statement of Comprehensive Income (unaudited)

Condensed Statement of Financial Position (unaudited)

Condensed Statement of Changes in Equity (unaudited)

Condensed Statement of Cash Flows

(unaudited)

Notes to the Financial Statements (unaudited)

For the six months ended 30 June 2026

Alternative Performance Measures

Summary of Net Assets

Summary of Investment Changes

Investment Portfolio

The Half Yearly Report will be printed and issued to shareholders in late August and further copies will be available on the Company's web site murray-intl.co.uk*.

* Neither the Company's website nor the content of any website accessible from hyperlinks on it (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

By order of the Board

ABRDN HOLDINGS LIMITED, SECRETARY

6 August 2026