MIGO OPPORTUNITIES TRUST PLC

Annual Report • Jul 11, 2025

Global Vision Diverse Opportunities Annual Report 2025 MIGO OPPORTUNITIES TRUST PLC MIGO Opportunities Trust plc/Annual Report 2025 MIGO Opportunities Trust plc / Annual Report 2025  INVESTMENT OBJECTIVE The objective of MIGO Opportunities Trust plc (the “Company” or “MIGO”) is to outperform SONIA plus 2% (the “Benchmark”) over the longer term, ffi   fi fl    The investment policy of the Company is set out on pages 1819 OVERVIEW OF STRATEGY – A unique investment proposition which exposes investors to the  investment companies  fi fiffi   fi  flfl  –  a higher conviction approach to managing MIGO, to align with the    NET ASSETS+ £ million LAUNCH DATE  10-YEAR NAV TOTAL RETURN+ % ONGOING CHARGES RATIO+ %    Glossary on pages  to  *  Welcome to our 2025 Annual Report COMPANY SUMMARY Benchmark  Alternative Investment Fund Manager (“AIFM”) and Investment Manager  Capital structure  Management fee  , April It has s will be of MIGO  Seepage26 Website  MIGO Opportunities Trust plc /  CONTENTS Strategic Report 2 Company Performance 3 Message from Nick Greenwood 4 Chairman’s Statement 6 AVI Introduction 7 Q&A with our Portfolio Managers 8 Our Top 10 Holdings 10 Investment Manager’s Report 14 10 Year Record and Performance Since Inception 15 Portfolio Valuation 17 Portfolio Analysis 18 Business Review Governance 32 Board of Directors 33 Directors’ Report 37 Corporate Governance Report 45 Audit Committee Report 48 Directors’ Remuneration Report 50 Directors’ Remuneration Policy 51 Statement of Directors’ Responsibilities in respect of the Financial Statements 52 Independent Auditors’ Report Financial Statements 57 Income Statement 58 Statement of Changes in Equity 59 Statement of Financial Position 60 Statement of Cash Flow 61 Notes to the Financial Statements Further Information and Notice of AGM 71 Shareholder Information 72 UK AIFMD Disclosures 73 Glossary and Alternative Performance Measures 76 How to Invest 77 Notice of Annual General Meeting 82 Explanatory Notes to the Resolutions 84 Contact Details of the Advisers KEY HIGHLIGHTS Chairman’s Statement Nick Greenwood Message Portfolio Our Top 10 Holdings Business Review Read more on pages 4 and 5 Read more on page 3 Read more on pages 10 to 13 Read more on pages 8 and 9 Read more on pages 18 to 31 01 G FS SI MIGO Opportunities Trust plc / Annual Report 2025 SR G Strategic Report / Company Performance Performance Summary 1 year 3 years 5 years 10 years Since Launch Net Asset Value (5.4%) (4.4%) 55.3% 90.7% 238.1% Share price (5.3%) (6.9%) 54.7% 103.4% 240.1% SONIA plus 2% 7.1% 19.7% 25.3% 45.1% 127.6% * Alternative Performance Measure, see Glossary on pages 73 to 75. ** 6 April 2004. Source: Morningstar. Total Return Performance to 30 April 2025 As at 30 April 2025 As at 30 April 2024 % movement Net asset value (“NAV”) per share 342.5p 362.6p (5.5)% Share price 327.0p 346.0p (5.5)% Share price discount to NAV per share (4.5)% (4.6)% Net assets 65.9m 81.7m (19.3)% NAV volatility 8.9% 6.1% Gearing 15.2% 6.1% Ongoing charges ratio 1.7% 1.5% * Alternative Performance Measure (“APM”), see Glossary on pages 73 to 75. fi beginning on page 4, the Investment Manager’s Report beginning on page 10 and the overview of the key performance indicators on page 20. Financial Highlights -2 0 2 4 6 8 10 12 14 16 -6 -4 -2 0 2 4 6 8 April 24 May 24 June 24 July 24 Aug 24 Sept 24 Oct 24 Jan 25 Feb 25 March 25 April 25 Nov 24 Dec 24 Percentage of Return (%) Source: Morningstar.. One Year Total Return Performance to 30 April 2025 Company Share Price Company NAV per Share SONIA +2%  MIGO Opportunities Trust plc / Annual Report 2025 Message from Nick Greenwood It’s nearly time to hang up my investment trust anorak as I step back from the day-to-day management of MIGO Opportunities Trust plc. The Company was launched at a time when the fund management industry believed that tracking error was the key metric. Perfectly sensible managers would happily tell you that they were bearish about the prospects for Vodafone despite it being their largest holding. This was because the stock dominated the UK indices, and an underweight position still required a material investment. MIGO took the then radical stance that we would only take positions in trusts where we believed that we would achieve positive absolute returns. I would like to sound my appreciation to all those who have helped along the way, notably Daniel Lockyer in the early days and more recently Charlotte Cuthbertson who joined the MIGO team in 2017 and became the long-term heir apparent. I have enjoyed literally travelling the length and breadth of the country, from Aberdeen to Mousehole in Cornwall, updating an incredibly supportive share register. Without wishing to duplicate too much of what has been said elsewhere in this report, recent years have been hostile for investors in investment trusts. Headwinds have included chronic over supply, consolidation of the wealth management industry and poorly drafted cost disclosure rules. This toxic mix has led to widespread discounts creating a fi employing an activist approach. Asset Value Investors has a long track record in this arena and is particularly well equipped to generate strong returns in the current environment. Nick Greenwood NICK GREENWOOD  G SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 Strategic Report / Chairman’s Statement Overview of the year MIGO currently has around 40 holdings in total. The purpose remains the same as ever, to identify undervalued attractive themes in the investment trust sector trading at a discount. However, the Board and AVI believe that larger stakes in a more targeted investment company portfolio will enable fl aiming to accelerate superior returns from the wide discount opportunities in the sector. Performance-driven fee structure and capital return mechanism To align MIGO shareholders’ interests with this more targeted approach, the Board has agreed a revised fee structure with AVI. This will reduce the management fee to 0.35% per annum on the lower of MIGO’s market capitalisation and net asset value (NAV) (currently 0.65% per annum on market capitalisation) and add a performance fee of 15% of NAV total returns in excess of a SONIA + 3% hurdle, subject to a high watermark. Overall fees payable by the Company in any year will be capped at 2.5% per annum of the lower of MIGO’s market capitalisation and NAV. The Company estimates that the overall fee payable to AVI in any year will be lower under the new arrangement until NAV total return exceeds approximately 9% per annum. The Board has also agreed with AVI that AVI, as part of the revised fee structure, will reinvest 25% of any performance fee paid into MIGO shares. This proposal is subject to an aggregate 5% cap on AVI’s interest in MIGO shares, and a minimum 3-year hold period for shares acquired under this mechanism. To ensure that MIGO remains nimble and is best able to exploit the relevant opportunity set, the Board also expects to introduce a capital return mechanism in the future to limit NAV rising above £150 million. To be implemented at the Board’s discretion to optimise shareholder alignment, this will also potentially provide liquidity for shareholders. The Board believes a capital return mechanism, combined with the revised fee structure, will avoid a misaligned incentive for AVI to gather assets rather than focus on delivering shareholder returns. These changes reinforce MIGO’s commitment to leading investment company best practice, by proactively aligning the portfolio to the investment opportunity, and strengthening alignment between shareholders, manager and Board. Portfolio changes will be fi returns from existing maturing investments, ff The Portfolio Managers, however, expect that the bulk of these changes will be completed within 12 months, subject to market conditions. The Board also reiterates its ongoing commitment to MIGO’s existing share buyback approach, dividend policy and 3-yearly realisation opportunity. The Board is very optimistic about the fi  fi covered in this annual report. During the year, equity markets have been volatile but with an upwards bias – and there fifi leadership shifts from the US to international markets and from Growth to Value investing. The investment trust sector has continued to bear the weight of over-regulation, competition from passive investment funds and consolidation in the wealth management sector, although the Portfolio Managers are fithe Company’s solid portfolio will produce good returns irrespective of the . The wide level of discounts to NAV per share across the sector remained a theme during the year. Despite MIGO’s tight discount record in recent years, even your Company could not avoid a 2.8% at the time of writing). During the year under review, your Company’s net asset value (“NAV”) per share fell to 342.5p (2024: 362.6p), a total return of -5.4% (2024: +11.3%). The Company’s share price ended the year at 327.0p (2024: 346.0p), giving a total share price return of -5.3% (2024: +9.6%). The total return performance chart gives a longer-term picture, showing the NAV return per share over 5 years as +55.3% and the share price return over the same period as +54.7%. At the end of the year under review, the Company traded at a discount of 4.5% to  We believe the strategy of the Company is best measured against a “cash plus” benchmark, and accordingly the Company does not have a formal equity benchmark against which the Board reviews long-term performance or that our Investment Manager invests towards. Over the year, the Company’s formal cash benchmark, SONIA plus 2%, fi  A comprehensive appraisal of the performance of, and developments within, your portfolio during the year under review and since 30 April 2025 is provided in the Investment Manager’s Report. RICHARD DAVIDSON Introduction I am pleased to present the Annual Report for MIGO Opportunities Trust plc (“MIGO” or the “Company”) covering the year ended 30 April 2025. Undoubtedly there is much to discuss fi for shareholders came after the year-end with changes to our portfolio management team and investment approach. As announced on 18 June 2025, MIGO’s Board fi Limited (“AVI”), its AIFM and Investment Manager, that Nick Greenwood wishes to step back from his role as MIGO’s co-manager after over 20 years’ involvement with the Company and 45 years in the industry. Nick will remain an AVI employee and will become a consultant to the team. I would like to thank Nick personally ff he has contributed to this Company over this time – he has been a great manager and a great colleague. ff from 18 June 2025, Charlotte Cuthbertson is joined in co-managing MIGO by Tom Treanor, Director and Fund Manager at AVI. Charlotte and Tom are supported by AVI’s 11-strong research team. More focused and activist approach The Board and AVI have also decided to implement a higher conviction approach to managing MIGO, to align with the current opportunities in the investment trust sector. This will see MIGO’s portfolio concentrating over time to focus on 10-15 core holdings.  MIGO Opportunities Trust plc / Annual Report 2025 Dividend The results attributable to shareholders for the year ended 30 April 2025 are shown in the Financial Statements. The Board has fi and will only do so in the future if, under fi be paid to maintain UK investment trust status. Subject to investment trust rules, any dividends and distributions will continue to be at the discretion of the Board. Board Change As previously reported, Hugh van Cutsem retired from the Board of MIGO on 10 July 2024. This was announced on 14 March 2024 and followed 14 years of service to MIGO, during which he proved to be a great advocate of the Company and added his considerable experience and insights to the Board’s decision making. 2024 Realisation Opportunity ff shareholders the latest three-yearly opportunity to realise their shares for cash at a small discount to NAV as required by the Company’s Articles of Association. 1,188,066 shares were realised in the course of the exercise, or 5.3% of shares in issue. These shares were bought back by the Company and subsequently cancelled, and it was not necessary to create a realisation share class. Considering the relatively small number of shares which were realised, the Board is reassured that shareholders agree with the Directors and Investment Manager about the continuing positive long-term opportunities presented by MIGO. Share Issues and Share Buybacks At the year-end, the Company’s shares traded at a discount of 4.5% to the net asset value per share, having traded at a discount of 4.6% at the 2024 year-end. In comparison, the unweighted average discount across the whole investment companies universe has contracted from 19.98% to 16.34% over the  During the year ended 30 April 2025, no new shares were issued. A total of 2,103,354 shares was repurchased in addition to the 1,188,066 realised shares, in order to restrict any undue widening in the Company’s share price discount to NAV per share. While the Company does not target any particular share price or discount level for buybacks, the buybacks conducted during the year were at discounts ranging from 2.0% to 4.9%. As at the date of this report, the discount stands at 2.8% and 336,014 further shares have been repurchased since the year-end. The Board is unanimous in its support of the buyback policy to keep any discount volatility to a fi in at a double discount (MIGO shares’ discount to NAV and the unweighted average discount to NAV of the underlying holdings, 32.1 4 Sector Cost and Regulation Issues I already commented in the last annual and fi (“OCF”) which is the charge paid over a year quoted on the ‘Key Investor Information’ (“KID”) document and which the Board, alongside many investment trust specialists, consider misleading. Whether actual and underlying fi or in a layered approach, this can lead to double - counting, and in an industry where low fee levels are sometimes misunderstood as the simplest way to evaluate value, this can become a problem. Having lobbied the Association of Investment Companies and HM Treasury to intervene fi investment companies should be excluded fi product and service categories, the sector still fi fi respect of the proposed new retail disclosure framework is not overly promising, as we do not believe that the FCA’s aim to help consumers make better decisions will be achieved. We also do not believe that listed investment companies should be included within the scope of the new “Consumer Composite Investment” (CCI) Rules. Listed investment companies are equities rather than “products” and investors are shareholders who are served and protected under the UK Listing Rules, including in relation to disclosure of costs and expenses which can be easily viewed in the companies’ report and accounts. Furthermore, the FCA’s proposed new approach, as currently drafted, will prevent investment companies like MIGO from ffThis misleading way of disclosing costs will make the whole sector look more expensive than it really is, thereby reducing demand and liquidity. The proposed cost disclosures undermine the sector’s capacity to compete fairly with open-ended ff passive strategies. The Board of MIGO supports the AIC’s recommendations to boost competitiveness fi by, amongst other factors, ending misleading aggregation of costs, including the aggregate costs of underlying funds with the ongoing charges of investment companies with active strategies, and abolishing the requirements for fi fi result in misleading information for investors. Annual General Meeting The AGM of the Company this year will be held on Wednesday, 18 September 2025 at 12 noon at 25 Southampton Buildings, London WC2A 1AL. The notice convening the AGM can be found at the back of this document, together with an explanation of all resolutions. The Directors look forward to  Outlook With new ideas by the AIFM and Investment Manager to structure MIGO’s portfolio and strengthen its performance, the Board believes the outlook is good for shareholders. A more activist approach to our portfolio companies will give the Portfolio Managers more agency and increase their ability to obtain better results. Our investment ff opportunities given the material widening of discounts unrelated to fundamental prospects in many cases. Your board would like to thank shareholders for their continued support throughout the last 12 months and going forward. Richard Davidson Chairman 9 July 2025 * The full investment companies universe as defined by Deutsche Numis including both equities and alternative asset investment companies.  G FS SI MIGO Opportunities Trust plc / Annual Report 2025 SR G Strategic Report / AVI Introduction Finding unique investment opportunities ABOUT ASSET VALUE INVESTORS Asset Value Investors Limited (“AVI”) is the Company’s Alternative Investment Fund Manager. AVI was established in 1985 to take over the management of one of the oldest listed investment companies in London. AVI has a long history of running investment trusts and investing in them. AVI’s strategy is to seek out-of-favour companies whose assets are misunderstood by the fi underlying assets. This specialist research-driven approach is still a unique combination nearly 40 years later. AVI: RESPONSIBLE INVESTORS AVI believes that the integration of Environmental, Social, and Governance (ESG) and sustainability considerations into its investment strategy is not only integral to comprehensively understanding each investment’s ability to create long-term value but is aligned with its values as responsible investors. Aligned with the PRI AVI is aligned with the UN-supported Principles for Responsible Investment (PRI)’s and believes that an economically ffifi is a necessity for long-term value creation. AVI became a signatory to the PRI on 9 April 2021. AVI believes a balanced approach is required when implementing these principles. Active Ownership AVI’s proprietary ESG monitoring system helps to identify weaknesses in a company and empowers itff where appropriate. Through constructive engagement, AVI encourages and expects investee companies to take meaningful action in remedying weaknesses in the context of long-term value creation. MIGO’s CORE VALUES Unique A unique portfolio investing in discount and special situations in the closed- ended sector. Experienced Finding opportunities in UK closed- ended funds for over two decades. Diversified fi of sectors and geographies, but going forward within a more concentrated portfolio. Engaged Seeking out good quality, misunderstood companies and engaging to improve shareholder value. Active ffi overlooked investment opportunities. Patient A long-term horizon allows the Portfolio Managers to wait patiently for rewarding outcomes. Managed by AVI. Visit the website at: www.assetvalueinvestors.com For AVI’s approach to ESG issues, please see AVI’s website at: https://www.assetvalueinvestors.com/responsible-investing/esg- approach/  MIGO Opportunities Trust plc / Annual Report 2025 A More Focused and Activist Approach Charlotte Cuthbertson and Tom Treanor on how MIGO will evolve to a more focused and activist approach. Q Tom, can you give us a quick synopsis of your career to date? How did you get involved in investment trusts? A fi years, joining us an investment analyst in 2011. AVI has a long history of investing in investment trusts within our broader global strategy focusing on discounted assets. Given I had spent the previous nine years at a specialist closed-ended fund data company (Fundamental Data, later acquired by Morningstar) in a variety of roles, it was perhaps unsurprising that I gravitated towards the investment trusts part of AVI Global Trust’s portfolio where we ended up materially increasing our exposure and in which I helped reinvigorate AVI’s reputation for activism and engagement. As AVI’s team expanded, I became Head of Research in a role overseeing the Global investment team while continuing my work on the closed-ended fund part of the portfolio I’m extremely excited to be joining Charlotte as co-manager of MIGO at a time when the London-listed closed- ended fund market is presenting the most attractive opportunity set I can recall seeing in my career. Q Is there a good example of activism and engagement you have done previously? A Hipgnosis Songs Fund (SONG) was a recent fi SONG came to market in 2018 in the latter stages of an issuance boom in alternative income vehicles that began in the wake of the Global Financial Crisis when developed market central banks cut rates to near-zero, depriving investors of income from more traditional sources such as government bonds The proposition behind SONG made a lot of sense: after years in the doldrums due to piracy, the advent of the streaming model was transformative for the economics of the music industry. Music revenues became much more recurring, predictable, and forecastable, and allowed an asset class to develop in publishing and recorded rights to music. SONG, however, was not the right vehicle. A weak Board failed to oversee a poorly fl team of questionable competence, and the company found itself trading at a huge discount to reported NAV. We built up a large stake in the business, becoming the largest shareholder and – working with other shareholders – replacing several directors. The new appointees then oversaw a successful sales process for the company at a material premium to the prevailing share price. Q Why do you think activism is the right way to produce returns for investors? A It’s far from the only way but we do think it forms a very important part of our toolkit. We owe it to our shareholders to work as hard as we can to unlock value by narrowing or eliminating discounts to NAV and activism is key to that. We engage with all our investee companies and can usually achieve results in private. But having the willingness to go public if required and the experience of doing so is an important backstop. In a world where we may see many of the functions of investment management taken over by AI, we think the art of engaging with other shareholders and management to improve companies and leave them in a better place than where we found them is always going to be an inherently human pursuit.. Q What are the benefits of running a more concentrated portfolio? A fi We do a lot of work on each holding and, when or if our thesis is proven right on a stock, we want the impact to be properly fl that having fewer holdings can actually reduce risk if it means that we have more time to underwrite the investment case for each one. And lastly, engagement and activism are time-consuming, and we want to ensureffi for each holding. Q Charlotte, what engagement and activism has MIGO done prior to this change? How will it be different going forward? A Activism and engagement have always been part of the MIGO process. While many managers know how to manage their underlying investments well, they may lack experience in running an investment trust. We aim to support both managers and boards in navigating this aspect. Since joining AVI, we have been able to leverage the long history the company has fi area. We will not need to engage heavily on every stock in the portfolio, but where we see scope for activism to help narrow a discount, we now have the expertise to be more proactive with a higher chance of successful outcomes. Q How has MIGO developed since joiningAVI? A What made AVI an appealing home for MIGO was its dedicated focus on investment trusts. Being part of a supportive and specialised environment has been fi contribution from the wider investment team have been invaluable, and since MIGO’s arrival, we have enjoyed the collaboration with colleagues. Q What should investors expect in the next 6-12 months? A Refocusing the portfolio takes time, but we are hopeful that in 12 months the trust should be far more concentrated in the core names we believe will drive returns for shareholders going forward. MIGO Annual Report Q&A CHARLOTTE CUTHBERTSONTOM TREANOR Changes to MIGO Opportunities Trust - Asset Value Investors  G SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 The top ten equity investments make up 43.6% of the portfolio, with operating businesses spread across a range of sectors. Top 10 Share of Portfolio as at 30 April 2025 1 Visit our investment platforms: www.assetvalueinvestors.com/MIGO/ how-to-invest/platforms/ Focus on small and mid-cap opportunities Strategic Report / Our Top 10 Holdings 5.6% of portfolio (2024: 1.9%) 41.6% discount Chrysalis was launched back in 2018 to solve the problem that young fast-growing companies were choosing to stay private for longer with the exciting period of a stock’s development coming before listing. fl bubble conditions post Covid. Markets quickly became concerned that their young cash hungry companies fi and ever since Chrysalis has languished on very wide discounts. The portfolio has matured and we expect exit proceeds to be used for accretive share buybacks. Source / Starling Bank Limited 2. CHRYSALIS INVESTMENTS Purpose built residential property trust, PRS REIT, has properties throughout the UK. Strong rental growth has preserved valuations in a rising interest rate fi discount to that valuation, however, shareholders pushed the trust to go through a strategic review, the result of which was a formal sales process. Source / PRS REIT 5.9% of portfolio (2024: nil) 13.2% discount 1. THE PRS REIT 3.9% of portfolio (2024: 1.1%) 48.3% discount This trust came late to the new issue boom and as a result raised rather less than hoped. The portfolio has a wide variety of technologies and geographies including Spanish solar and Brazilian Hydro. It failed to build a following in a market which was already heavily oversupplied and as a result languished on a wide ffi envisage the trust surviving despite some of the assets, notably Brazilian Hydro, being attractive. The board has moved the trust into an orderly wind down and the shares have rallied sharply in response. Source / VH Global Energy 6. VH GLOBAL ENERGY INFRASTRUCTURE 3.8% of portfolio (2024: 6.0%) 45.6% discount Georgia Capital focusses on the fast-growing Georgian economy having a stake in the London listed Lion Finance (previously Bank of Georgia) as well as stakes in private companies in pharmacy, education and insurance. The country lies at the crossroads of Western Asia and Eastern Europe. It has become a conduit between the region and Western Europe and as such fi on capital-light, larger scale investment opportunities fi Georgia’s fast-growing economy. Source / iStock, Credit /ff 7. GEORGIA CAPITAL PLC 2 3 4 5 % of MIGO portfolio Top 10 43.6% Other holdings 56.4% 100.0% 100.0% 43.6%  MIGO Opportunities Trust plc / Annual Report 2025 5 3.9% of portfolio (2024: 2.8%) 42.8% discount Phoenix Spree owns a portfolio of 2,000 residential apartments in Berlin, in predominantly altbau (residential buildings in the 19th and 20th century) multiapartment ff fi premiums to end users versus valuation as a rental unit. Therefore, the portfolio is in realisation mode, quickening up the pace of individual unit sales to end investors to capture this premium over and above NAV. Source / Phoenix Spree 5. PHOENIX SPREE DEUTSCHLAND 3.8% of portfolio (2024: 3.7%) 33.9% discount Managed from Hamburg, Aquila European operates solar parks in Iberia as well as wind farms in Scandinavia and Greece. A rise in interest rates has eliminated demand for many of the recently launched alternative closed ended investment funds which has led to them falling to wide discounts. Like VH Global Energy Infrastructure the trust failed to reach critical mass fi announced post period end. Source / AERI 9. AQUILA EUROPEAN RENEWABLES 3.6% of portfolio (2024: nil) 41.3% discount Life Science REIT has a unique business model where fi (Oxford, Cambridge, London) to develop or convert ffi market to service life science companies. These locations are key to servicing the multitude of life science startups that often come out of the universities of aforementioned cities. Source / Life Science REIT 10. LIFE SCIENCE REIT 6 7 8 9 10 56.4% 4.9% of portfolio (2024: 4.2%) 41.8% discount Baker Steel Resources focuses on unlisted mining companies. It is a developer of mines and creates value from acquiring promising deposits and uses its intellectual capital to gain the required planning permissions. Once fully permitted the trust then typically sells to a multinational which will build the mine and take the project into production. The current portfolio is mature with many of the assets ripe for realisation. At the current discount, we believe the cash from these realisations should be handed back to ff Source / Baker Steel Capital 3. BAKER STEEL RESOURCES TRUST 3.8% of portfolio (2024: 6.1%) 22.1% discount Vietnam specialist which invests in growth equity in privately negotiated opportunities across listed, private equity and state-owned enterprise assets. The trust takes a long-term active approach. The team takes fi in Vietnam. Source / VinaCapital 8. VINACAPITAL VIETNAM OPPORTUNITY FUND 4.4% of portfolio (2024: 4.2%) 34.3% discount Oakley Capital Investments is a closed ended fund which invests in the private funds run by Oakley Capital, fi of fast-growing businesses in the consumer, education, services, and technology sectors. Its process focuses on less intermediated markets and complex deals which avoids the auction process, sourced by a network of entrepreneurs who believe in the Oakley philosophy. We fi continued NAV outperformance arising from realised exits, and the continued earnings growth of its portfolio. Source / Cegid 4. OAKLEY CAPITAL INVESTMENTS  G FS SI MIGO Opportunities Trust plc / Annual Report 2025 SR G Strategic Report / Investment Manager's Report Contributors & Detractors CONTRIBUTOR 1.8% of portfolio 41.9% discount Amedeo Air Four Plus Amedeo Air Four Plus (AA4) was our best performer during the year. AA4 is an aircraft fl B777s leased to Emirates and Thai Airways. ffi to deliver ordered planes has created a backlog for new aircraft, driving up values for second-hand planes such as those owned by AA4. This makes it more likely that airlines such as Emirates extend leases length as delivery of new planes is further delayed. . CONTRIBUTOR 5.9% of portfolio 13.2% discount The PRS REIT Purpose-built residential rental property trust, PRS REIT, has returned 0.8% for MIGO. Although the assets were attractive given a national housing scarcity, PRS languished on a wide discount due to negative sentiment towards property trusts and a perceived overly close relationship between board and manager where shareholders were not a priority. As such, we were involved in the requisition where two new board members were announced as well as a strategic review. This is a classic example of where sentiment towards a trust can be dire at a time when there is strong demand for the assets it owns. This environment will continue to throw up fi prepared to sift through the sector’s rubble. CONTRIBUTOR 3.6% of portfolio 35.0% discount Cordiant Digital Infrastructure As is often the case with investment trusts, ff the contagion that spread from the troubles of sole sub-sector peer Digital 9 Infrastructure (DGI9). Launched at a similar time and both CHARLOTTE CUTHBERTSON NICK GREENWOOD Performance April is the cruellest month… T.S Elliot’s oft misquoted and misinterpreted opening line from the Waste Land is, if using most people’s interpretation, a decent fi fifi of our annual period. President Trump’s ff all the US trading partners caused markets to plunge. For those who are more literary minded, however, the Waste Land’s depiction of death, rebirth and a period of loss is particularly pertinent. Especially for those of us who, after two years of investment trusts being in the doldrums, are looking for another way to say that Spring is coming in a way that is marginally more interesting, especially for our ever-patient shareholders. MIGO’s Net Asset Value (“NAV”) return of -0.65% and share price return of -3.2% over the period is disappointing. The essentially fl in world markets. Much of 2024 saw the continuation of the long term trend where the US’ outperformance of global markets was driven by a narrow band of growth stocks. Post Mr. Trump’s election as President, however, we appear to be moving into a ff agenda causing serious ructions throughout fi In the world of closed-ended funds discounts have remained, on the whole, fairly wide. fi BBGI Global Infrastructure being bought by a large Canadian asset manager, the sector is still struggling to attract investors in a market which is chronically oversupplied and in dire need of new sources of demand. We still believe there are returns to be made in the sector. Many trusts have great assets which will be appealing to buyers and the wide discounts should continue to attract private capital who are willing to purchase them at prices far higher than the current share prices. Although it has taken longer than expected, and progress has been slower than we would have liked, we remain very optimistic about the returns that can be made for MIGO. “Trusts continue to go through their Schumpeterian phase, with mergers, wind- ups and takeouts continuing apace.”  MIGO Opportunities Trust plc / Annual Report 2025 investing in digital infrastructure, the two trusts have been lumped together despite fi portfolio companies and balance sheet of Cordiant were far superior to that of DGI9 but, when the latter entered distress in 2023, Cordiant’s share price fell in concert. This allowed us to arbitrage the gap between perception and reality. CONTRIBUTOR 4.9% of portfolio 41.8% discount Baker Steel Resources Trust Baker Steel Resource Trust’s portfolio of mines and mining deposits made good progress over the year and the trust’s assets are now more mature. Despite the likelihood of realisations in the not-too-distant future, the shares languish at a discount of over 40%. It ffi the managers any mandate to make further investments. Instead, we expect the board to focus on returning capital to shareholders in order to narrow the discount. DETRACTOR 2.0% of portfolio 54.6% discount Ecofin US Renewables Infrastructure Trust We are very disappointed with the outcome of the first part of the sales process at Ecofin US Renewables (RNEW) and the share price responded accordingly. After failing to reach a critical size, RNEW was left with assets across the US and a management team that had become lost after Ecofin’s merger with Tortoise. The trust was a perceived fire-seller of assets and the price the board achieved for its distributed generation assets was considerably lower than the published NAV. Tbilisi, Capital of Georgia Source / iStock, Credit / ff  G SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 Strategic Report / Investment Manager's Report continued DETRACTOR 1.5% of portfolio 6.2% discount Geiger Counter After its surge to over $100/lb at the beginning of fi to sit around the mid-$60 mark. We sold half our position in Geiger Counter during its strong run in fi the world and particularly the huge data centres required for AI would support the nuclear industry. Although we have seen some large US tech companies looking at using nuclear, the lead fi. Geiger Counter, and uranium stocks in general, tend to get over excited around these headlines and then fall back when there is a fl and Geiger Counter’s shares, have weakened over the year. . DETRACTOR 3.9% of portfolio 48.3% discount VH Global Energy Infrastructure VH Global Energy Infrastructure detracted 0.6% ff general malaise of the renewables investment trust sector, further compounded by the late-in-the- cycle timing of its IPO and the trust failing to reach a critical size before the market sea-change as a ff ff for many mainstream investors. Post period end, however, the trust announced it was moving ff handing cash back to shareholders. The shares have responded accordingly and are up 36% (39% since the year-end. Contributors & Detractors Life Science REIT  MIGO Opportunities Trust plc / Annual Report 2025 All this results in a backdrop for markets that ff have been contending with since the fi back, particularly in the US, has been fairly spectacular from the lows of early April we are already seeing cracks appear and investors questioning whether their large allocation to US equities is right moving forward. After such a long spell of low-cost, US index hugging products being the only game in town, we are quietly excited by the prospect of investors looking for other areas of the market for their returns. This new environment will suit MIGO much more than the one which we are departing. Trusts continue to go through their Schumpeterian phase, with mergers, wind-ups and takeouts continuing apace. We believe we are in a healthy “clean up” phase after vast sums of paper were issued ff discount hunters who look for catalysts this fi . Charlotte Cuthbertson Nick Greenwood Asset Value Investors Limited 9 July 2025 Rockwood Strategicfi investment but we sold out of the last of the fi opportunities elsewhere. Although we rate the manager, Richard Staveley’s success in investing in a private equity-style in the UK microcap market has meant the trust has gained a loyal following and trades at a premium. The investment in Schiehallion generated an 81% IRR for the trust. We had bought Schiehallion in 2023 at around a 40% discount when investors had shunned early-stage ff with their high growth style. We believed that companies such as SpaceX were much further developed in their lifecycle than investors perceived them to be andff valuation approach much more conservative than many peers. Write-downs were fewer and smaller than feared by the market and the fi our position. Outlook Although there has been a considerable amount of back-pedalling since “Liberation Day” it is undeniable that President Trump is upending a world order that has stood since the end of WWII. US exceptionalism, which has dominated investing over the past 20 years appears to be in its death throes. For the fi, indices across the rest of the world are outperforming the US. fi continue to concern us. Ageing populations and ballooning welfare budgets, as well as a new imperative to increase defence spending, leave us wondering how most Western governments are planning on reducing their fi will have an impact on GDP growth rates as well as hamstringing Central Banks on their ability to cut rates. DETRACTOR 3.8% of portfolio 33.9% discount Aquila European Renewables Another detractor that has had some post-period good news is Aquila European Renewables (AERI). Much like ENRG, AERI’s smaller market capitalisation meant it struggled to attract shareholder interest and fell to a wide discount as interest rates rose. The trust was pushed into winddown in Mayfl a perceived sluggish sales process allowed the shares to drift. In May 2025, the trust announced that it had sold their Portuguese hydropower asset and they expected the remaining portfolio to be sold in two bulk sales. . CHANGES There has been a considerable amount of turnover in the portfolio. What would have been considered a wide discount in the past may now be less attractive given the deep discounts which exist in the current environment. We have sold out of many legacy names where we no longer see a catalyst or where trusts have performed so well that the capital is best recycled into more exciting opportunities. We sold out of CQS Natural Resources as the discount had tightened considerably with the activist Saba taking a position. Given our preference for reducing underlying equity exposure, we sold out of Ecofin Global Utilities at a ~10% discount and recycled the money into infrastructure exposure where we believe portfolio wind-ups and sales of assets will provide nearer term catalysts on wider discounts. NB Private Equity was sold due to its relatively tight discount vs the wider peer group and a lack of near-term catalysts. * This refers to Austrian economist Joseph Schumpeter’s creative destruction theory where old technologies or industries are “destroyed” in order for new ones to take their place, creating economic growth.  G SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 10 YEAR RECORD As at 30 April 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 NAV per share 342.5p 362.6p 328.6p 362.6p 345.9p 223.1p 275.6p 276.4p 248.7p 182.4p Share price 327.0p 346.0p 318.5p 355.5p 346.0p 214.0p 276.5p 273.0p 242.3p 164.3p Share price (discount)/premium to NAV per share (4.5)% (4.6)% (3.1)% (2.0)% 0.0% (4.1)% 0.3% (1.2)% (2.6)% (9.9)% Total net assets (£m) 65.9 81.7 79.8 94.7 93.1 62.6 77.2 75.2 62.9 46.1 Gearing 15.2% 6.1% – – 2.1% – – 6.7% 8.0% 10.8% PERFORMANCE SINCE INCEPTION (6 APRIL 2004) Total Return Performance to 30 April 2025 -2 0 2 4 6 8 10 12 14 16 -40 -20 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 2004 2005 2006 2007 2008 2009 2010 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2011 2012 % 2025 Source: Morningstar.. Company Share Price Company NAV per Share SONIA +2% Strategic Report / 10 Year Record and Performance Since Inception  MIGO Opportunities Trust plc / Annual Report 2025 Strategic Report / Portfolio Valuation As at 30 April 2025 Company Investment Sector Region Valuation 2025 £’000 % of portfolio The PRS REIT† Property UK 4,041 5.9 Chrysalis Investments Alternatives Global 3,840 5.6 Baker Steel Resources Trust Mining Global 3,374 4.9 Oakley Capital Investments Private Equity Europe 3,024 4.4 Phoenix Spree Deutschland† Property Europe 2,698 3.9 VH Global Energy Infrastructure Equity Global 2,663 3.9 Georgia Capital Equity Europe 2,624 3.8 VinaCapital Vietnam Opportunity Fund Private Equity Asia Pacific 2,610 3.8 Aquila European Renewables† Alternatives Europe 2,585 3.8 Life Science REIT† Property UK 2,470 3.6 Top ten investments 29,929 43.6 Cordiant Digital Infrastructure Property Europe 2,464 3.6 River UK Micro Cap Equity UK 2,255 3.3 Tufton Assets Equity Global 2,176 3.2 Real Estate Investors Property UK 2,030 2.9 International Biotechnology Trust Equity North America 1,865 2.7 AVI Japan Opportunity Trust Equity Japan 1,861 2.7 RTW Biotech Opportunities Equity North America 1,812 2.6 Schroder British Opportunities Trust Equity UK 1,654 2.4 Seraphim Space Investment Equity Global 1,611 2.3 Augmentum Fintech Private Equity Europe 1,593 2.3 Top twenty investments 49,250 71.6 Hansa Investment Co Equity Global 1,487 2.2 Tetragon Financial Group Alternatives Global 1,446 2.1 Ecofin US Renewables Infrastructure Trust Alternatives North America 1,347 2.0 Amedeo Air Four Plus Alternatives Global 1,273 1.8 Life Settlement Assets Alternatives North America 1,252 1.8 EPE Special Opportunities Private Equity UK 1,199 1.7 Ground Rents Income Fund Property UK 1,103 1.6 Geiger Counter Mining Global 1,060 1.5 Marwyn Value Investors Private Equity UK 1,058 1.5 NB Private Equity Partners Private Equity North America 1,057 1.5 Top thirty investments 61,532 89.3 15 G SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 Company Investment Sector Region Valuation 2025 £’000 % of portfolio New Star Investment Trust Equity Global 1,050 1.5 GCP Infrastructure Investments Alternatives UK 683 1.0 abrdn European Logistics Income† Property Europe 678 1.0 US Solar Fund Alternatives North America 664 1.0 SDCL Energy Efficiency Income Trust Alternatives Global 661 1.0 Baillie Gifford Shin Nippon Equity Asia Pacific 654 0.9 Sherborne Investors (Guernsey) Equity Global 625 0.9 Macau Property Opportunities Fund† Property Asia Pacific 552 0.8 VPC Speciality Lending Investments Alternatives North America 527 0.8 Dunedin Enterprises Investment Trust†^ Private Equity Global 488 0.7 Top forty investments 68,114 98.9 Pantheon International Private Equity Global 324 0.5 abrdn Property Income Trust Property UK 132 0.2 CEPS Equity UK 121 0.2 Better Capital PCC† ^ Private Equity UK 84 0.1 Duke Capital Alternatives UK 62 0.1 Reconstruction Capital II† ^ Equity Europe 30 0.0 Total investments in the portfolio 68,867 100.0 Other current liabilities (including net debt) (2,950) Net asset value 65,917 * AIM/NEX Listed † In liquidation, in a process of realisation or has a fixed life. ^ Unlisted or trading of shares currently suspended. Investments in companies that have previously been written down to nil net book value, but where ownership in the company is retained, are not disclosed in this table. Strategic Report / Portfolio Valuation continued As at 30 April 2025  MIGO Opportunities Trust plc / Annual Report 2025 Strategic Report / Portfolio Analysis As at 30 April 2025 Portfolio by geographical exposure Portfolio asset allocation 2025 2024 Global 33.5% 29.2% UK 25.6% 20.1% Europe 23.8% 21.8% North America 12.9% 16.0% Asia Pacific (ex-Japan) 5.9% 7.7% Japan 2.8% 2.1% India 0.0% 5.1% Africa 0.0% 0.4% Other current assets and liabilities -4.5% -2.4% 2025 2024 Equity 34.2% 43.5% Property 24.4% 11.7% Alternatives 21.8% 14.5% Private Equity 17.4% 21.1% Mining 6.7% 11.6% Other current assets and liabilities -4.5% -2.4% Geographical exposure (comparison with 2020) 2020 Global 36.0% UK 32.1% Asia Pacific (ex-Japan) 8.1% Europe 8.1% North America 4.8% Cash 4.0% Japan 3.6% India 3.2% Emerging Markets 0.1% Portfolio asset allocation (comparison with 2020) 2020 Equity 37.0% Property 24.1% Private Equity 18.1% Mining 11.7% Other 4.7% Cash 4.0% Forestry 0.4%  G FS SI MIGO Opportunities Trust plc / Annual Report 2025 SR G Strategic Report / Business Review The Strategic Report, set out on pages 2 to 31, contains a review of the Company’s business model and strategy, an analysis of its performance during the year ended 30 April 2025 and its future developments, and details of the principal risks and challenges it faces. Its purpose is to inform the shareholders of the Company and help them to assess how the Directors have performed their duty to promote the success of the Company. In particular, the Chairman’s Statement on pages 4 and 5 and the Investment Manager’s Report on pages 10 to 13 concentrate on the outlook for the current year and the factors likely to affect the position of the business. The Strategic Report contains certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the time of their approval of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information. Further information on how the Directors have discharged their duty under section 172 of the Companies Act 2006 can be found on pages 27 to 30. Business Model The Company is an externally managed investment trust and its shares are admitted to the closed-ended investment funds category ffi  The Company has been approved by HM Revenue & Customs as an authorised investment trust under sections 1158 and 1159 of the Corporation Taxes Act 2010, subject to there being no subsequent serious breaches of regulations. In the opinion of the Directors, ff to enable it to continue to qualify for such approval. The purpose of the Company is to provide a vehicle for investors to gain exposure to a portfolio of companies which have been undervalued by the markets in which they are traded, through a single investment. The Company’s strategy is to create value for shareholders by addressing its investment objective, which is set out below. As an externally managed investment trust, all of the Company’s day-to-day management and administrative functions are outsourced to service providers. As a result, the Company has no executive directors, employees or internal operations. The Company is an Alternative Investment Fund (“AIF”) under the UK Alternative Investment Fund Managers Directive (“UK AIFMD”) and has appointed Asset Value  Investment Fund Manager (“AIFM”) and ff close of business on 15 December 2023. The Board has retained overall responsibility for risk management and has appointed AVI to manage its investment portfolio. Marketing, company secretarial and administrative services are outsourced to Frostrow Capital 27 for further information). The Board remains responsible for all ff setting the parameters for monitoring the investment strategy and the review of investment performance and policy. It also has responsibility for all strategic policy issues, including share issuance and buybacks, share price and discount/premium monitoring, corporate governance matters, dividends  Further information on the Board’s role and the topics it discusses with the Investment Managers is provided in the Corporate Governance Report beginning on page 37. Investment Objective The objective of the Company is to outperform SONIA plus 2% (the “Benchmark”) over the longer term, principally through ffi closed-ended funds (SONIA being the Sterling Overnight Index Average, the Sterling Risk-Free Reference Rate preferred by the  fi fl better return to shareholders over the longer term than they would get by placing money on deposit. The Benchmark is a target only and should not be treated as a guarantee of the performance of the Company or its portfolio. Investment Policy The Company invests in closed-ended  fl to invest in investment funds listed or dealt on other recognised stock exchanges, in unlisted closed-ended funds (including, but not limited to, funds traded on AIM) and in open-ended investment funds. The funds in which the Company invests may include all types of investment trusts, companies and ff fl class of security issued by investment funds including, without limitation, equity, debt, warrants or other convertible securities. In addition, the Company may invest in other securities, such as non-investment fund debt, if deemed to be appropriate to produce the desired returns to shareholders. The Company is unrestricted in the number  The Company invests in listed closed-ended investment funds that themselves have stated investment policies to invest no more than 15% of their gross assets in other listed closed-ended investment funds. However, the Company may invest up to 10%, in aggregate, of the value of its gross assets at the time of acquisition in closed-ended investment funds that do not have such a stated   MIGO Opportunities Trust plc / Annual Report 2025 Board Diversity The Board is fully supportive of all aspects of diversity and the importance of having a range of skilled, experienced individuals with fi its obligations. Further information on Board diversity as well as the Board’s diversity policy can be found in the Corporate Governance Report, on pages 37 and 44. 2024 Realisation Opportunity ff opportunity to shareholders. The outcome of this is discussed in the Chairman’s Statement. Further details are also given on pages 34 35 under “Capital Structure”. Board Focus and Responsibilities With the day-to-day management of the Company outsourced to service providers, the Board’s primary focus at each Board meeting is reviewing the investment performance and associated matters such as, amongst other things, future outlook and strategy, gearing, asset allocation, investor relations, marketing, and industry issues. In line with its primary focus, the Board retains responsibility for all the key elements of the Company’s strategy and business model, including: • investment objective and policy, incorporating the investment guidelines and limits, and changes to these; • whether the manager should be authorised to gear the portfolio up to a pre-determined limit; • review of performance against the   • consideration of share issuance and buybacks and premium/discount management; • review of the performance and continuing appointment of service providers; and • ff oversight, risk management and corporate governance.  details of the principal risks, and how they are managed, follow within this business review. In addition, the Company will not invest more than 25%, in aggregate, of the value of its gross assets at the time of acquisition in open-ended funds. There are no prescriptive limits on allocation of assets in terms of asset class or geography. There are no limits imposed on the size of hedging contracts, save that their aggregated value will not exceed 20% of the portfolio’s gross assets at the time they are entered into. The Board permits borrowings of up to 20% of the Company’s net asset value (measured at the time new borrowings are incurred). The Company’s investment objective may fi cash or near cash being held. Dividend Policy It is the Company’s policy to pursue capital growth for shareholders with income being a secondary consideration. This means that the Company’s Investment Manager is frequently drawn to companies whose future growth fi of dividend income for shareholders. The Company complies with the United Kingdom’s investment trust rules regarding distributable income which require investment trusts to retain no more than 15% of their income from shares and securities each year. The Company’s dividend policy is that the Company will pay the minimum dividend required to maintain investment trust status. Results and Dividend The results attributable to shareholders for the year ended 30 April 2025 are shown on page 59. The Board has not recommended a fi (2024: 0.6 pence per share). The Board At the date of this report, the Board of the Company comprises Richard Davidson  Gulliver (Chair of the Audit Committee and SID) and Ian Henderson. All Directors are independent non-executive directors and served throughout the year and up to the signing of this report. They will stand for re-election at the forthcoming Annual General Meeting. Hugh van Cutsem, as already noted in the last Annual Report, resigned on 10 July 2024. Further information on the Directors can be found on page 32.  G FS SI MIGO Opportunities Trust plc / Annual Report 2025 SR The Company’s Board of Directors meets at least four times a year. At each quarterly meeting it reviews performance against a number of key performance measures Key Performance Indicators NAV and the movement of the NAV compared with the notional returns available for cash – defined as SONIA plus 2%, the Company’s Benchmark^ The Directors regard the Company’s net asset value (“NAV”) return per share as being the overall measure of value delivered to shareholders over the long term,  A full description of performance during the year under review and the investment portfolio are contained in the Investment Manager’s Report beginning on page 10.  was (5.4)% (2024: 11.3%), compared with the Benchmark return of 7.1% (2024: 6.9%). NAV volatility^ The Company aims to deliver its performance with a lower level of volatility in the NAV than equity markets. For the year to 30 April 2025, the Company’s NAV had a volatility of 8.9 volatility of the Deutsche Numis All Share Total Returns Index (inc Investment Companies) of 12.8 The movement in the Company’s share price One of the most immediate measures of the value of the Company’s Ordinary shares is their price. The Board regularly considers the Company’s investment performance and other ways in which share price performance may be enhanced, including the ff The Ordinary share price decreased by 5.5% (2024: increased by 8.6%) over the year. Further details are 4 and the Investment Manager’s Report10. Share price in relation to the NAV per share The Board believes that an important driver of an investment trust’s discount or premium over the long term is investment performance together with a proactive marketing strategy. However, there can be volatility in the discount or premium during the year. Therefore, the Board requests authority each year to buy back and issue shares with a view to limiting the volatility of the share price discount or premium. During the year under review, no new shares were issued by the Company (2024: none). New shares will only be issued at a premium to the Company’s cum-income net asset value at the time of issue. 3,291,420 shares were bought back during the year (2024: 1,760,000), and 336,014 shares were bought back after the year-end (2024: 75,000). The Company’s Ordinary share price in relation to the NAV per share during the year ended 30 April 2025 has ranged from a discount of <0.1% (2024: 0.7%) to a discount of 5.1% (2024: 5.8%). At the year end, the shares traded at a discount of 4.5% to the NAV per share (2024:  across the whole investment companies universe was 16.34% (2024: 19.98%) # .  ^ See Glossary on pages 73 to 75 for definition and calculation methodology. # Source: Deutsche Numis. Strategic Report / Business Review continued  MIGO Opportunities Trust plc / Annual Report 2025 The Board considers that the risks detailed within this report are the principal risks currently facing the Company to deliver its strategy. The Board is responsible for the ongoing fi the principal risks faced by the Company. The Audit Committee, on behalf of the Board, has established a process for the regular review of these risks and their mitigation. This process is in line with the UK Governance Code and the FRC’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting. Principal Risks, Emerging Risks and Risk Management During the year ended 30 April 2025, the Audit Committee has carried out a robust assessment of the emerging and principal risks facing the Company, including those that would threaten its business model, future performance, solvency and liquidity. The Committee also considered the controls in place to mitigate the inherent risks and whether additional controls or actions were required to bring the residual risk down to an fi with the controls that are in place, although it is important to note that the systems in place cannot eliminate the risk of failure to achieve the Company’s investment objective. Further details as well as a summary of the Company’s approach to risk and how principal risks and uncertainties were dealt with during the year under review, are set out below. In addition, information about the Company’s risk assessment and internal control procedures is provided in the Audit Committee Report beginning on page 45. The principal risks are categorised under the following broad headings: • investment risks; • strategic and business risks; • operational risks; and • legal, regulatory and tax risks. Principal Risk Mitigation Market and discount risk  The Company aims to capitalise on the opportunities that ffied fl of those funds and their underlying assets. Additionally, the Company is exposed to the risk that the market price ff purchasing funds whose market price is at a discount to NAV fi also lead to exposure to poorly performing companies. ff be to amplify the gains or losses the Company experiences. Investors should be aware that by investing in the Company they are exposing themselves to the market risks associated with owning publicly traded shares, and the additional fied funds. To manage this risk the Board and the AIFM have appointed the Investment Manager to manage the portfolio within the remit of the investment objective and policy and borrowing limits. Compliance with the investment policy and borrowing limits is monitored on a daily basis by the AIFM and reported to the Board monthly. At the year-end the Company had 15.2% borrowings (2024: 6.1%). The Investment Manager monitors the volatility, discount, quality of underlying assets, and level of gearing within the portfolio holdings and potential investments. The results of this feed into the stock selection process and consideration of the portfolio constituents.  on the performance of the portfolio, encompassing, inter alia, the rationale for stock selection decisions, the make-up of the portfolio, and portfolio company updates. Going forward, changes will be made to MIGO’s portfolio to implement a higher conviction approach in order to align with the current opportunities in the investment trust sector. This will see MIGO’s portfolio expecting to concentrate over time. Cash, Interest rate, Other price, Currency, Liquidity and Credit risk  For information on cash, interest rate, other price, currency, liquidity and credit risk please see Note 16 to the Financial Statements on pages 68 to 70. INVESTMENT RISKS  Increased  Decreased  No change  G FS SI MIGO Opportunities Trust plc / Annual Report 2025 SR Principal Risk Mitigation Company’s business objectives and strategy  The Company and its shareholders are exposed to the risk, particularly if the investment strategy and approach are unsuccessful, that the Company may be viewed unfavourably resulting in a widening of the share price discount to NAV per share. Since the year-end, the Board and AVI have concurrently decided to implement a higher conviction approach to managing MIGO, to align with the current opportunities in the investment trust sector. This will see MIGO’s portfolio concentrating over time to focus on 10-15 core holdings. In managing this risk the Board reviews the Company’s investment objective in relation to market and economic conditions and the performance of its peers and discusses at each Board meeting the Company’s future development and strategy. MIGO had a total of 45 holdings as at 30 April 2025. The Board and AVI believe that, going forward, larger stakes in a more fl engagement with boards, aiming to accelerate superior returns from the wide discount opportunities in the sector. The Board monitors the discount trend and considers how share ff marketing and the possibility of share buybacks. Given the size of the Company, the Board is conscious of the impact of share buybacks on liquidity and the ongoing charges of the Company. Key person risk  The loss of a key employee of the Investment Manager could result in the deterioration of the performance of the Company.  Managers as part of its annual review. During the year under review, Nick Greenwood and Charlotte Cuthbertson worked Managers of MIGO within the wider team of AVI, receiving any necessary support as and when needed. Since the year-end, Nick Greenwood has informed the Board and AVI that he wished to step back from his role as MIGO’s co-manager after over 20 years’ involvement with the Company. The Board has agreed with ff in co-managing MIGO by Tom Treanor, Director and Fund Manager at AVI. Charlotte and Tom will continue to be supported by AVI’s wider 11-strong research team, and Nick remains an AVI employee and will become a consultant to the team. Company duration risk   ff Depending on the structure of the realisation opportunity and the level of take-up, this could reduce the size of the Company to an unattractive level. The Articles contain provisions for Shareholders to elect to realise all or part of their holdings of Ordinary shares at three-yearly intervals. The Board formulates the appropriate manner in which such a ff the relevant service providers. In particular, the investor sentiment prior to the realisation opportunity in 2024 was monitored by the Investment Manager and the Company’s corporate broker and only 5.3% of MIGO’s issued share capital was realised and bought back by the Company, a good result in current markets. The next realisation opportunity is due toff2027. STRATEGIC AND BUSINESS RISKS Strategic Report / Business Review continued  MIGO Opportunities Trust plc / Annual Report 2025 Principal Risk Mitigation Global Risk  fi abroad might lead to volatile markets impacting the Company’s performance and reduced investor appetite for the Company’s shares. Global events, such as another pandemic, acts of war or ff companies or result in the Company’s service providers being unable to meet their contractual duties. fi present both opportunities and, in the absence of adequate regulation, risks.  are being monitored and discussed, where relevant, between the Board and the Investment Manager as part of the portfolio review at every Board meeting.  companies and monitor the impact of any material events on their business, and update the Board accordingly. Ongoing charges risk  fi over a year quoted on the ‘Key Investor Information’ (“KID”) document. The OCF has long been considered misleading ff investment trusts. Whether actual and underlying costs are fi platforms and readers will add them up, and in an industry where low fee levels are sometimes misunderstood as the simplest way to evaluate how value is delivered, this can become a problem. The Board of MIGO, together with many other industry participants, has previously lobbied the Association of Investment Companies and fi fi OCF across all retail product and service categories because they flshare price. This should show companies like MIGO as competitive as they really are. fi new retail disclosure framework does not, in the Board’s view, help consumers make better decisions.  should not be included within the scope of the new “Consumer Composite Investment (“CCI”) Rules, as listed investment companies are equities rather than “products” and investors are shareholders  in relation to disclosure of costs and expenses which can be easily viewed in the companies’ report and accounts. Furthermore, the FCA’s proposed new approach, as currently drafted, will prevent investment companies like MIGO from competing ffMisleading cost disclosures will make the whole sector look more expensive than it really is, thereby reducing demand and liquidity. The Board of MIGO supports the AIC’s recommendations fi industry by ending misleading aggregation of costs and abolishing the fi fi. STRATEGIC AND BUSINESS RISKS   G FS SI MIGO Opportunities Trust plc / Annual Report 2025 SR Principal Risk Mitigation ESG and Climate Change Risk  Risks related to the environment, social issues and  or bad governance on portfolio companies, MIGO itself or its service providers could have an adverse impact on operational performance and may lead to a reduction in demand for the Company’s shares as investors seek greater  At every Board meeting, the Board receives updates including  Managers and the Company Secretary. Due to the nature of the Company and its investment policy, any ff   AVI’s website www.assetvalueinvestors.com/responsible-investing/. UK Legal and Regulatory Risk  The Company and/or the Directors might fail to comply with legal requirements in relation to FCA dealing rules  the Companies Act 2006, relevant accounting standards, the Bribery Act 2010, the Criminal Finances Act 2017, the Association of Investment Companies (“AIC”) Statement of  any other applicable regulations. This could result in reputational damage to the Company or in its shares being suspended from listing which would result in a loss of investment trust status and gains within the portfolio being subject to Capital Gains Tax. The Board monitors regulatory change with the assistance of Frostrow and its external professional advisers to ensure compliance with applicable laws and regulations including the Companies Act 2006, the AIFMD, the Corporation Tax Act 2010 (“Section 1158”), the Market Abuse Regulation (“MAR”), the Disclosure Guidance and Transparency  The Board reviews compliance reports and internal control reports fi statements and revenue forecasts. The Depositary reports twice yearly to the Audit Committee, fi with the AIFMD, MIGO’s Articles of Association and with investment restrictions and leverage limits. The Directors attend seminars and conferences to keep up to date on regulatory changes and receive industry updates from the Company Secretary. The Company Secretary also presents a quarterly report on changes in the regulatory environment, including AIC updates, and how changes have been addressed. LEGAL, REGULATORY AND TAX RISKS Principal Risk Mitigation Service provider risk  The Board is reliant on the systems of the Company’s service providers and as such a disruption to, or a failure of, those systems could lead to a failure to comply with law and regulations leading to reputational damage to the Company  fi This encompasses disruption or failure caused by cyber crime or hybrid working practices and covers dealing, trade fi operational functions. To manage these risks the Board: receives reports from the AIFM  regulations; reviews internal control reports and key policies of the AIFM, Investment Manager, Custodian and Frostrow; reviews reports from the Depositary; maintains a risk matrix which details the risks to which the Company is exposed and the controls relied upon to manage those risks; and receives updates on pending changes to the legal and regulatory environment and progress towards the Company’s compliance with any relevant future changes. fi they have all necessary business continuity procedures in place ff security awareness and holding team and client meetings via video conference calls as and when required. The Board continues to monitor the performance of all service providers. OPERATIONAL RISKS Strategic Report / Business Review continued  MIGO Opportunities Trust plc / Annual Report 2025 Emerging Risks The Company has carried out a detailed assessment of its emerging and principal risks. The International Risk Governance fi one that is new or is a familiar risk in a new or unfamiliar context or under new context conditions (re-emerging). Failure to identify emerging risks may cause reactive actions rather than being proactive and, in a worst- case scenario, could cause the Company to become unviable or otherwise fail or force the Company to change its structure, objective or strategy. The Audit Committee reviews a risk register  detail as part of this process to try to ensure that both emerging and well-known risks are fi Any emerging risks and mitigations are added to the risk register.  economic environment in many countries, fl wars in Ukraine and Gaza. remained with us during the year to the point of investor appetite in equities reducing dramatically. During the year under review, elections in a number of countries, including the USA, and their results, have emerged as new risks which have already led to uncertainty in the markets. Since the year-end, the war between Israel and Iran and the possibility of that confrontation spreading further with as yet unforeseen consequences, has again added to uncertainly in global markets. Whilst it is not possible to mitigate the above emerging risks directly, the Board regularly reviews the premium and discount levels and considers ways in which share price performance may be enhanced to prevent MIGO becoming unattractive to shareholders. The Investment Manager, Frostrow and Deutsche Numis are in regular contact with larger investors to ensure that MIGO’s objective is still in line with shareholders’ objectives. There are also regular updates for all shareholders by way of factsheets, annual and half-yearly reports and other documentation on the Company’s website. The experience and knowledge of the Directors is useful in these discussions, as are update papers and advice received from the Board’s key service providers such as the AIFM and Investment Manager and the Company’s corporate broker. In addition, the Company is a member of the AIC, which provides regular technical updates, draws members’ attention to forthcoming industry and regulatory issues and advises on compliance obligations. Going Concern The content of the Company’s portfolio, trading activity, the Company’s cash balances and revenue forecasts, and the trends ff performance are reviewed and discussed  The Board has considered a detailed assessment of the Company’s ability to meet its liabilities as they fall due, including tests ff fi market liquidity, on the Company’s NAV, its fl Based on the information available to the Directors at the date of this report, including the results of these stress tests, the conclusions  the Company’s cash balances, and the liquidity of the Company’s listed investments, the fi fi operation for at least the next 12 months and that, accordingly, it is appropriate to continue to adopt the going concern basis in preparing the fi The Directors have also considered the fact that ff opportunity in 2024 with the option to either retain or realise their investment. Only 5.3% of issued share capital was realised in ffi market conditions which the Board sees as a strong endorsement of MIGO going forward. The changes to the management of MIGO and its portfolio have also been received positively by the market following the announcement on 18 June 2025. Further information is available in the Chairman’s Statement on pages 4 and 5. Long-Term Viability Statement In accordance with the UK Corporate Governance Code, the Directors have carefully assessed the Company’s current position and prospects as described in the Chairman’s Statement and the Investment  21 to 24 and have formed a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over fi has chosen a three-year horizon in view of the long-term nature and outlook adopted by the Investment Manager when making decisions while recognising the limitations and uncertainties inherent in predicting market conditions in making this assessment. In addition, the realisation opportunity is ff To make the assessment and in reaching the conclusion of long-term viability, the Audit Committee has considered the Company’s fi portfolio and meet its liabilities as they fall due: • the portfolio is principally comprised of investments traded on major international stock exchanges. Based on historic 81.6% of the current portfolio could be liquidated within 30 trading days and 54.0% in seven days under normal market conditions.  portfolio going forward, the Board expects that the majority of investments can be liquidated speedily if necessary. • the expenses of the Company are predictable and modest in comparison with the assets and there are no capital commitments foreseen which would alter that position; and • the Company has no employees, only its non-executive Directors. Consequently, it does not have redundancy or other employment-related liabilities or responsibilities. Stress tests and scenarios which considered the impact of severe stock market volatility on fl ability to meet its liabilities were undertaken. The results demonstrated that even in the most ffi ffi portion of its listed holdings, in order to be able to meet its liabilities as they fall due. Based on the information available to the Directors at the time, it was concluded that it was reasonable for the Board to expect that the Company will be able to continue in operation and meet its liabilities as they fall due over the next three fi The Directors have also considered the fact that the majority of shareholders decided to hold on to their shares following the Realisation Opportunity in September 2024, with the result that the net asset value of the Company  the Company to continue in operation. For more details about the Company’s capital structure and the 2024 Realisation Opportunity, 34 and 35. Finally, AVI as the Company’s AIFM and Investment Manager is not proposing to change MIGO’s existing investment policy apart from establishing a higher-conviction portfolio and having a more activist approach.  manager of investment trusts, and the Board fi sector expertise and supportive analyst resource as well as its distribution and marketing channels. Further information can be found in the Chairman’s Statement on pages 4 and 5.  G FS SI MIGO Opportunities Trust plc / Annual Report 2025 SR The Audit Committee considers the potential impact of the Company’s principal risks and various severe, but plausible, downside scenarios, as well as the following assumptions in considering the Company’s longer-term viability: • there will continue to be demand for investment trusts; • investors will wish to continue to have exposure to the type of companies that the Company invests in, namely closed-ended investment funds; • the Board and the Investment Manager will continue to adopt a long-term view when making investments; • the threats to the Company’s solvency or  will be managed or mitigated as outlined on pages 21 to 24; • regulation will not increase to a level that makes running the Company uneconomical; and • the performance of the Company will continue to be satisfactory. The continuing uncertainty in the global economy as well as the ongoing wars in Ukraine and Gaza, have contributed to fl pressures world-wide. The new confrontation between Israel and Iran is adding to these pressures. These were factored into the key assumptions made by assessing their impact on the Company’s key risks and whether the key risks had increased in their potential to ff market conditions. As part of this review, the fi and prolonged decline in the Company’s performance and prospects. This included a range of severe but plausible downside ff substantial falls in investment values and the impact of the Company’s ongoing charges ratio, which were the subject of stress testing. Furthermore, the Audit Committee considered the operational resilience of the Company’s service providers, and thereby the operational viability of the Company. During the year under review all key service providers have again been contacted with regard to their business continuity systems as well as their IT and cyber security systems to prevent fraudulent activity of any kind. No issues were raised and the Audit Committee was reassured that all key service providers were operating well and to their normal high service standards. Based on the results of this review, the Directors have formed a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the next three fi Management Arrangements AIFM and Investment Manager  the Company’s Alternative Investment Fund Manager (“AIFM”) and Investment Manager under an Investment Management Agreement (“IMA”) dated 26 July 2023 and ff  Under the terms of the IMA, the AIFM and Investment Manager provides, inter alia, the following services: • risk management services; • monitoring the Investment Manager’s compliance with the Company’s investment objective and investment policy and reporting any non-compliance in a timely manner to the Investment Manager and the Board; • determining the net asset value per share on a daily basis; • maintaining professional indemnity insurance at the level required under the AIFM Rules; • preparing the monthly factsheets for the Company; • upholding compliance with applicable tax, legal and regulatory requirements; • seeking out and evaluating investment opportunities; • deciding the manner by which monies should be invested, divested, retained or realised; • deciding how rights conferred by the investments should be exercised; • analysing the performance of investments made; and • advising the Company in relation to trends, market movements and other matters ff and policy of the Company. During the year ended 30 April 2025, the management fee payable to the AIFM was calculated at an annual rate of 0.65% of the adjusted market capitalisation of the Ordinary Shares and 0.5% of the adjusted market capitalisation of any Realisation Shares in issue at the time. Following the 2024 Realisation Opportunity, there are no realisation shares in issue. Since the year end, the Board of MIGO has agreed a revised fee structure with AVI. This will reduce the management fee to 0.35% per annum on the lower of MIGO’s market capitalisation and net asset value (NAV) and add a performance fee of 15% of NAV total returns in excess of a SONIA + 3% hurdle, subject to a high watermark. Overall fees payable by the Company in any year will be capped at 2.5% per annum of the lower of MIGO’s market capitalisation and NAV. The management fee continues to accrue daily and is payable monthly in arrears. In addition, as part of the revised fee structure, AVI will reinvest 25% of any performance fee paid into MIGO shares, subject to an aggregate 5% cap on AVI’s interest in MIGO shares, and a minimum 3-year hold period for shares acquired under this mechanism. If the Company as a whole moves to a realisation basis following a future Realisation Opportunity, then the AIFM will be paid 0.5% of the adjusted market capitalisation of the Company as a whole. Details of the fees paid to the AIFM for its services during the year are set out in note 3 to the Financial Statements on page 63. The Company invests in AVI Japan Opportunity Trust plc (“AJOT”), another investment trust company managed by AVI. The Company does not pay management fees on the value of its investment in AJOT. The IMA may be terminated by six months’ written notice from either party subject to the provisions for earlier termination as set out therein. fi within the IMA relating to compensation payable in the event of termination of the agreement other than the entitlement to fees which would be payable within any notice period. Continuing Appointment of the AIFM and Investment Manager The Board, through the Management  performance of the AIFM and Investment Manager under review. It is the opinion of the Directors that the relationship with AVI is working well and that the appointment of AVI as AIFM and Investment Manager is in the best interests of shareholders as a whole. In coming to this decision, the Board took into consideration, inter alia, the following: • That, further to the announcement on 18June 2025, Charlotte Cuthbertson will be joined in co-managing MIGO by Tom Treanor, Director and Fund Manager at AVI. Charlotte and Tom will continue to be supported by AVI’s wider 11-strong research team, and Nick Greenwood remains an AVI employee and will become a consultant to the team. • That the investment performance of MIGO is encouraging relative to that of the markets in which the Company invests. Strategic Report / Business Review continued  MIGO Opportunities Trust plc / Annual Report 2025 marketing, distribution and investor relations service by actively engaging with professional investors, typically discretionary wealth ffi IFAs and a range of execution-only platforms. Regular engagement helps to attract new investors and retain existing shareholders, and over time results in a stable share register made up of diverse, long-term holders. There is a continuous programme of one-to-one meetings with professional investors around the UK. These include regular meetings with “gate keepers”, the senior points of contact responsible for their respective organisations’ research output and recommended lists. The programme of regular meetings also includes autonomous ffi groups, as well as small independent organisations. Some of these meetings  of the meetings do not, which means the Company is being actively promoted while the  fi from involvement in the regular professional investor seminars run by Frostrow and AVI in  and Dublin, or webinars which are focused on buyers of investment companies. Frostrow produces many key corporate documents, including annual and half-yearly reports. All Company information and invitations to investor events, including updates from the Investment Manager on portfolio and market developments, are regularly emailed to a growing database, overseen by Frostrow, consisting of professional investors across the UK.  other advisers and the Investment Manager in particular in their engagement with stakeholders by writing articles, drafting announcements and monitoring press coverage for the Company. fi regular press coverage, with articles appearing in respected publications that are widely read by both professional and self-directed private investors. The latter typically buy their shares via retail platforms, fi the Company’s share register.. Depositary and Custodian  as Depositary under an agreement dated 11 October 2023 (the “Depositary ff of business on 15 December 2023. The Depositary Agreement is terminable on 90 calendar days’ notice from either party.  has been appointed as the Company’s Custodian under an agreement dated  ff 15 December 2023. Following an initial term of three years, the Custody Agreement may be terminated by the Company by giving 60 calendar days’ notice and by the Custodian by giving 180 days’ notice. Stakeholder Interests and Board Decision- Making (Section 172 Statement) The Directors’ overarching duty is to act in good faith and in a way that is the most likely to promote the success of the Company as set out in Section 172 of the Companies Act 2006. In doing so, Directors must take into consideration the interests of the various stakeholders of the Company, the impact the Company has on the community and the environment, take a long-term view on consequences of the decisions they make as well as aiming to maintain a reputation for high standards of business conduct and fair treatment between the members  fi Company in achieving its investment objective and helps to ensure that all decisions are made in a responsible and sustainable way. In accordance with the requirements of the Companies (Miscellaneous Reporting) Regulations 2018, the Company explains how the Directors have discharged their duty under Section 172 below. To ensure that the Directors are aware of, and understand, their duties they are provided fi join the Board as well as receiving regular and ongoing updates and training on the relevant matters. Induction and access to training is provided for new Directors. They also have continued access to the advice and services of the Company Secretary and, when deemed necessary, the Directors can seek independent professional advice at the Company’s expense. The schedule of Matters Reserved for the Board, as well as the Terms of Reference of its committees, are reviewed on an annual basis and further describe Directors’ responsibilities and obligations and include any statutory and regulatory duties. The Audit Committee has the responsibility for the ongoing review of the Company’s risk management systems and internal controls and, to the extent that they are applicable, risks related to the matters set out in  risk register and are subject to periodic and regular reviews and monitoring. • That the remuneration of the AIFM and Investment Manager is reasonable. In particular, the Board believes that the agreed changes reinforce MIGO’s commitment to leading investment company best practice, by proactively aligning the portfolio to the investment opportunity, and strengthening alignment between shareholders, Investment Manager and Board. Company Secretary, Marketing and Administration Company secretarial, marketing, and administrative services are provided by  an agreement dated 1 February 2016 and novated on 24 April 2020 and 27 July 2023.   capitalisation of the Company, charged quarterly in arrears, is payable, subject to a minimum annual fee of £120,000. Frostrow’s fees will reduce from 25 basis points to 20 basis points on market capitalisation of the Company in excess of £100 million.  party on six months’ written notice. Frostrow provides the following services, inter alia, under its agreement with the Company: • marketing and shareholder services; • administrative and company secretarial services; • advice and guidance in respect of corporate governance requirements; • maintenance of the Company’s accounting records together with Waystone nk Group), to which a number of accounting functions have been delegated; • preparation of the annual and half yearly reports; and • ensuring compliance with applicable legal and regulatory requirements. In light of the high level of service provided by Frostrow in these areas, it is the opinion of the Directors that the continuing appointment of Frostrow is in the best interest of shareholders. Details of the fees paid to Frostrow for their services during the year are set out in note 4 to the Financial Statements on page 63. Company Promotion  out by the Company’s advisers AVI,   In particular, AVI, Frostrow and Deutsche Numis together provide a continuous, pro-active  G FS SI MIGO Opportunities Trust plc / Annual Report 2025 SR Stakeholders A company’s stakeholders are normally considered to comprise its shareholders, its employees, its customers, its suppliers as well as the wider community in which the company operates and impacts. The ff managed investment trust it has no fi are synonymous with its shareholders. In terms of suppliers, the Company receives professional services from a number of ff them being the Investment Manager. The Directors believe that fostering constructive and collaborative relationships with the Company’s service providers will assist in their promotion of the success of the fi The Board engages with representatives from its service providers throughout the year. Representatives from the Investment Manager and Frostrow are in attendance at each Board meeting. The services provided by the Investment Manager and Frostrow are fundamental to the long-term success of the Company. Furthermore, the Board believes that the wider community in which the Company operates encompasses its portfolio of investee companies and the communities in which they operate. Details of how the Board considers the needs and priorities of the Company’s stakeholders and how these are taken into account during all its discussions and as part of its decision-making are detailed below. All discussions involve careful consideration of the longer- term consequences of any decisions and their implications for stakeholders. Further details are set out below: Stakeholder group The benefits of engaging with the company’s stakeholders How the board, the portfolio manager and administrator have engaged with the company’s stakeholders Investors Continued shareholder support and engagement are critical to the continued existence of the Company and the delivery of its long-term strategy. Clear communication of the Company’s strategy and the performance against the Company’s objective can help the share price trade at a narrower discount or a wider premium to fi shareholders. New shares can be issued to meet demand without diluting net asset value per share for existing shareholders. Increasing the size of the fi costs. ff shares trade to their net asset value per share, the Company can buy back shares if the Board considers this to be in the best interest of the Company and shareholders as a whole. Shares can either be held in “treasury” or cancelled. Any shares held in treasury can later be sold in the market if conditions permit. The Company does not currently hold any shares in treasury. The Investment Manager, Frostrow and the Company’s corporate broker, on behalf of the Board, complete a programme of investor relations throughout the year. An analysis of the Company’s shareholder register is provided to the Directors at each Board meeting along with marketing reports from Frostrow. The Board reviews and considers the marketing plans on a regular basis. Reports from the Company’s corporate broker on investor sentiment and  Key mechanisms of engagement include: • the Annual General Meeting where shareholders have the  and to ask questions; • the Annual and Interim Reports of the Company, providing investors with a clear understanding of MIGO’s strategy, fi • the daily publication of the net asset value per share; •  • the Company’s website which hosts reports, video interviews with the ortfolio Managers and monthly newsletters; and • one-on-one investor meetings and online webinars. During the year under review, the Board engaged with investors in respect of the 2024 Realisation Opportunity via  report and the website, where the process was set out indetail. Since the year-end, the Board communicated to investors the change of co-manager, the new portfolio approach and a more performance-driven fee structure. An initial stock exchange announcement was followed by meetings with shareholders and webinars by the ortfolio Managers who explained their vision for MIGO’s portfolio changes in more detail. WHO? WHY? HOW? Strategic Report / Business Review continued  MIGO Opportunities Trust plc / Annual Report 2025 Stakeholder group The benefits of engaging with the company’s stakeholders How the board, the portfolio manager and administrator have engaged with the company’s stakeholders Investment Manager The relationship with the Investment Manager is fundamental to ensuring the Company meets its investment objective.  Manager is necessary to evaluate its performance against the Company’s stated strategy and to understand any risks or opportunities this may present.  Management costs are closely monitored and remain competitive. The Board meets regularly with the Company’s Investment Manager throughout the year both formally at the scheduled Board meetings and informally as needed. The Board also receives monthly performance and compliance reporting. The Investment Manager’s attendance at each Board meeting provides the opportunity for the Investment Manager and Board to further reinforce their mutual understanding of what is expected from both parties. Since the year under review, the Board and the Investment Manager have agreed a change of co-managers for MIGO, a more focused and activist approach, a performance driven fee structure and another possible capital return mechanism in addition to the Realisation Opportunity every three years. For more information please see the Chairman’s Statement on pages 4 and 5 Service Providers The Company contracts with third parties for other services including: depositary, custodian, investment accounting & administration as well as company secretarial and registrars. The Company ensures that the third parties to whom the services have been outsourced complete their roles in line with their service level agreements, thereby supporting the Company in its success and ensuring compliance with its obligations. The Board and Frostrow engage regularly with other service providers both in one-to-one meetings and via regular written reporting. Representatives from service providers are asked to attend Board and Audit Committee meetings when deemed appropriate. This regular interaction provides an environment where topics, issues and business development needs can be ffi Portfolio Companies Gaining a deeper understanding of the portfolio companies and their strategies assists in understanding and mitigating risks of an investment as well as identifying future potential opportunities. Day-to-day engagement with portfolio companies is undertaken by the Investment Manager. Details of how the Investment Manager carries out portfolio management as well as information on its investment approach can be found in the Investment Manager’s Report on pages 10 to 13. The Board receives updates at each scheduled Board meeting from the fi valuation reports and detailed portfolio and returns analyses. The Investment Manager’s engagement with portfolio companies includes active voting at their annual general meetings, discussions with their stakeholders and on-site visits where appropriate. WHO? WHY? HOW?  G FS SI MIGO Opportunities Trust plc / Annual Report 2025 SR WHAT? OUTCOMES AND ACTIONS What were the key topics of engagement? What actions were taken, including principal decisions? Key topics of engagement with investors • Ongoing dialogue with shareholders concerning the strategy of the Company, performance and the portfolio. • Ongoing dialogue about the impact of regulation and cost disclosures. • During the year, discussions were held in respect of the 2024 Realisation Opportunity. • Since the year-end, the Board and the Investment Manager have agreed a change of co-managers for MIGO, a more focused and activist approach, a performance driven fee structure and another possible capital return mechanism in addition to the Realisation Opportunity every three years. • The Investment Manager, Frostrow and the Company’s corporate broker meet regularly with shareholders and potential investors to discuss the Company’s strategy, performance, the portfolio and any other issues which might be raised. • Board lobbying of the FCA (please see Chairman’s Statement). • Shareholders are provided with performance updates via the Company’s fi  • Documents in respect of the choices available to investors under the 2024 Realisation Opportunity were uploaded on the Company’s website and were explained both on the website and in the annual report. 1,188,066 shares were realised in the course of the exercise, or 5.30% of shares in issue which, in view fi the majority of shareholders continue to share the Board’s positive outlook forMIGO. • The changes to the co-managers, new portfolio approach and new fee structure were communicated to shareholders via a stock exchange announcement, meetings with shareholders and webinars. Key topics of engagement with the Investment Manager on an ongoing basis •  business updates as well as any particular issues of engagement with portfolio companies. • Team composition • The impact of macro events on their business and the portfolio. • The impact of regulation and cost disclosures. • Updates are received by the Directors at every Board meeting and throughout the year in respect of economic and other factors which might impact on investment decision making. •   Managers. Other Service Providers • The Directors have frequent engagement with the Company’s other service providers through the annual cycle of reporting and due diligence meetings or discussions held by Frostrow on behalf of the Board. This engagement is completed with the aim ff oversight of the services provided. • fi service providers have been positive and the Directors believe their continued appointment is in the best interests of the Company. Portfolio Companies The Investment Manager, on behalf of the Board, has engaged with a number of portfolio companies: • in order to create value for shareholders, mainly to tighten discounts or to provide liquidity. •  change. Many trusts have to deal with increasing environmental legislation and are already working hard to improve their credentials. • in order to achieve good governance overall, as good governance means that board and management of portfolio companies are aware and proactive in their approach to all environmental and social issues. • In order to achieve better liquidity, the Investment Manager has lobbied a number of portfolio companies for increasing buybacks and changes in capital structure and capital allocation. • The Investment Manager is aware that trusts perceived to be falling behind  This issue therefore makes up an important part of the risk assessment when looking at possible investments. • For the Investment Manager good governance is the best way to ensure best value for shareholders. To this end, environmental and social factors as well as governance are discussed in meetings with managements. For more information about the Investment Manager’s engagement with portfolio companies, please see the Investment Manager’s Report on pages 10 to 13. Strategic Report / Business Review continued  MIGO Opportunities Trust plc / Annual Report 2025 Culture and Business Ethics The Directors agree that establishing and maintaining a healthy corporate culture among the Board members and in its interaction with the Investment Manager, other service providers and shareholders supports the delivery of the Company’s goals. The Board seeks to promote a culture of openness, debate and integrity through ongoing dialogue and engagement with all stakeholders. The Company is committed to carrying out business in an honest and fair manner with a zero-tolerance approach to bribery, tax evasion and corruption. As such, policies and procedures are in place to prevent these. As detailed in the Governance section, the Company has a number of policies and procedures in place to assist with maintaining a culture of good governance including those fl of interest. The Board assesses and monitors compliance with these policies as well as the general culture of the Board through Board meetings and, in particular, the annual evaluation process which is undertaken by each Director (for more information please see the performance evaluation section on 39 and 40). The Board strives to ensure that its culture is in line with the Company’s purpose, values and strategy. It also seeks to appoint the best possible service providers, including the Investment Manager, and evaluates their ff on a regular basis. The Board considers the culture of the Investment Manager and other service providers, including their policies, practices and behaviour, through regular reporting from these stakeholders and, in particular, during the annual review of the performance and continuing appointment of all service providers through its Management  Environmental, Human Rights and Social Issues The Company has no employees and the Board consists entirely of non-executive Directors. Day-to-day management of the Company’s business is delegated to the Investment Manager. As an investment trust that invests in other funds, the Company has very limited direct impact on the community or the environment and therefore the Company itself has no environmental, human rights, social or community policies. However, the Company acknowledges that it can have an indirect impact on the community or the environment, based on the portfolio companies that the Investment Manager  climate change are frequently discussed in meetings with portfolio companies, and are also part of the risk assessment when deciding on whether an investment should be made. For further details please see the Investment Manager’s Report on pages 10 to 13 and the Business Review on page 24. As an investment company, the Company does not provide goods or services in the normal course of business and does not have customers. All its operational functions are outsourced to third-party service providers. Accordingly, the Company falls outside the scope of the Modern Slavery Act 2015. The Company’s suppliers are typically professional advisers and the Company’s supply chains are considered low risk in this regard. In carrying out its activities and in relationships with suppliers, the Company aims to conduct itself responsibly, ethically and fairly. The Board expects its principal service providers also to have appropriate governance policies in place. Taskforce for Climate-Related Financial Disclosures (“TCFD”) The Company notes the TCFD recommendations fi Company is an investment trust with no employees, internal operations or property  Rules requirement to report against the TCFD framework. The Company does not have explicit sustainability investment objectives or policies and will not seek to apply a sustainability label under the FCA’s UK Sustainability Disclosure Requirements and investment labels regime (“SDR”). AVI reports on its own environmental,  and approach on their website www.assetvalueinvestors.com/responsible- investing/ AVI also became supporters of the TCFD in May 2021 and a signatory to the   the world’s leading proponent of responsible investment which entails the following commitments: •  analysis and decision making processes; • to be an active owner and incorporate  practices; •  issues by the entities in which we invest; • to promote acceptance and implementation  •  signatories; and • to report on activities and progress towards  The risks associated with climate change represent an increasingly important issue and the Board of MIGO and the Investment Manager are aware that the transition to a ff irrespective of their size, sector or geographic location. Therefore, no company’s revenues are immune and the assessment of such ff investment approach. Performance and Future Developments The Board concentrates its attention on the Company’s investment performance, the Investment Manager’s investment approach ff approach. The Board monitors the performance of the Company’s investment portfolio in relation to the Investment Objective and also its peer group. The Board is regularly updated by Frostrow on wider investment trust industry issues and regular discussions are held concerning the Company’s future development and strategy. A review of the Company’s performance during the  outlook for the Company can be found in the Chairman’s Statement on pages 4 and 5 and in the Investment Manager’s Review on pages 10 to 13. The Company’s overall objective and strategy remain unchanged, but the Board is excited about the changes which have been agreed since the year end to the management team, portfolio approach and fee structure of MIGO, which will allow the Company to remain in an optimal position to capitalise on the substantial current opportunities in the sector. For and on behalf of the Board of Directors Richard Davidson Chairman 9 July 2025  G FS SI MIGO Opportunities Trust plc / Annual Report 2025 SR Governance / Directors Board of Directors RICHARD DAVIDSON Independent Non-Executive Chairman Joined the Board on 18 December 2017 and became Chairman on  Richard is also the Chairman of the Management Engagement Committee Shareholding in the Company 87,000 Skills and Experience Formerly, he was a partner and manager of the Macro Fund at Lansdowne Partners. Prior to that, he was a managing director and No. 1 ranked investment strategist at Morgan Stanley, where he worked for 15 years. Other Appointments Richard is currently chairman of Aberforth Smaller Companies Trust plc. Standing for re-election Yes CAROLINE GULLIVER Independent Non-Executive Director Joined the Board on 29 December 2023 Caroline is the Chairman of the Audit Committee and Senior Independent Director Shareholding in the Company 10,000 Skills and Experience Formerly an Executive Director with EY, Caroline spent a 25 year career working with investment trusts and open ended investment companies, including audit, fund launches, reconstructions and mergers. She is a member of the Institute of Chartered Accountants of Scotland (CA). Other Appointments She is currently a non-executive director and chairman of the audit committee of abrdn European Logistics Income plc and Polar Capital Global Healthcare Trust plc. Standing for re-election Yes LUCY COSTA DUARTE Independent Non-Executive Director Joined the Board on 1 November 2022 Shareholding in the Company 6,115 Skills and Experience Lucy is a specialist in marketing strategy and investor relations in the investment trust sector. Formerly a director at Citigroup heading the emerging markets ECM team in London, she left Citigroup in 2007 and took a career break to raise her children, before starting work at SV Health Investors in 2016 as Investment Director for International Biotechnology Trust Plc. Other Appointments She is currently working part-time for Schroder Unit Trusts Limited, the managers of International Biotechnology Trust plc, and is a non-executive director of Fidelity Asian Values plc, and Allianz Technology Trust plc. Standing for re-election Yes IAN HENDERSON Independent Non-Executive Director Joined the Board on 1 November 2022 Shareholding in the Company 9,053 Skills and Experience Ian is an advertising professional, formerly a creative director at  subsidiary Masius. In 2008 he set up a new agency for Engine Group before leading an MBI to start specialist agency AML in fi fi internationally. Other Appointments  which has recently been acquired  fastest-growing marketing services group, of which Ian is ffi Standing for re-election Yes at the time of publication of this annual report  MIGO Opportunities Trust plc / Annual Report 2025 Committee Member Key Chair of Management Engagement Committee Chair of Audit Committee fffi   Report for the year ended 30 April 2025, the following information is set out in the Strategic Report: a review of the business of the Company including details of its objective, strategy and business model, future  fi   48 and 49.  Business and Status of the Company The Company is registered in England as a public limited company (registration number 05020752) and is fi admitted to the closed-ended investment funds category of the ffiList of the FCA and traded on the fi The principal activity of the Company is to carry on business as an investment trust. The Company has been granted approval from HM Revenue & Customs as an investment trust under Section 1158 of the Corporation Tax Act 2010. The Company will be treated as an investment trust company subject to the  change in this activity in the future.  Alternative Performance Measures fi57 to 70 set out the required statutory reporting measures of the fi range of criteria which are viewed as particularly relevant for the Company and investment trusts, which are summarised on page 2 20. The Directors believe that these measures enhance the comparability of information between reporting  under review have remained consistent with the prior year. fi7375. Directors ffi  Company can be found on page 32. Hugh van Cutsem retiredff director since 31 March 2010. Governance / Directors’ Report All independent Directors serve on both the Audit Committee and the Management Engagement Committee.  SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 G None of the Directors nor any persons closely associated with them had a material interest in the transactions, arrangements and agreements of the AIFM or the Investment Manager during the year. For information on related parties please see note 17 to the Financial Statements on page 70. The Board has adopted a policy whereby all Directors are required to stand for re-election annually, regardless of their length of tenure. The Board has concluded, following formal performance evaluation, that each of the Directors continues to demonstrate ff to the Company, independence from the Investment Manager and a keen desire to act in the best interests of the shareholders as a whole. Furthermore, the Board considers that the experience, expertise and knowledge contributed by each Director is of notable fi  each of the Directors at the forthcoming  77 to 83. Directors’ and Officers’ Liability Insurance Cover ffi was maintained by the Board during the year ended 30 April 2025. It is intended that this policy will continue for the year ending  There are no qualifying third party indemnity provisions in place. Beneficial Owners of Shares – Information Rights fi been nominated by the registered holder of those shares to receive information rights under Section 146 of the Companies Act 2006 are required to direct all communications to the registered holder of their shares  Computershare Investor Services PLC, or to the Company directly. Securities Carrying Voting Rights There are no restrictions concerning the transfer of securities in the Company; no special rights with regard to control attached to securities; no arrangements known to the Company between holders of securities that may restrict the transfer of securities; and no agreements to which the Company is ff successful takeover bid. Substantial Interests in the Company’s Share Capital The Company was aware as at 30 April and 30 June 2025, the latter being the latest practicable date before publication of the Annual Report: As at 30 April 2025 Number of ordinary shares held % of voting rights Hargreaves Lansdown, stockbrokers (EO) 2,118,721 11.01 Interactive Investor (EO) 1,868,238 9.71 AJ Bell, stockbrokers (EO) 1,734,634 9.01 Raymond James Investment Services 1,435,874 7.46 Rathbones 1,214,098 6.31 Transact (EO) 1,146,447 5.96 Charles Stanley 894,226 4.65 Quai Investment Services 866,923 4.50 Canaccord Genuity Wealth Management (ND) 833,200 4.33   * Source: RD:IR Investor Relations Services As at 30 June 2025 Number of ordinary shares held % of voting rights Hargreaves Lansdown, stockbrokers (EO) 2,062,223 10.90 AJ Bell, stockbrokers (EO) 1,849,007 9.77 Interactive Investor (EO) 1,828,262 9.66 Raymond James Investment Services 1,317,463 6.97 Rathbones 1,241,778 6.56 Transact (EO) 1,125,950 5.95 Charles Stanley 906,070 4.79 Quai Investment Services 866,923 4.58 Canaccord Genuity Wealth Management (ND) 864,700 4.57   * Source: RD:IR Investor Relations Services Capital Structure 18,910,363  enabling shareholders to elect at three-year intervals for the realisation of all or part of their holdings sff September 2024. fl    sff fi or repurchase mechanism(s), all remaining elected shares will be converted into realisation shares  to shareholders an opportunity to make a Realisation Sale Election, shareholders may instead serve  Governance / Directors’ Report continued  MIGO Opportunities Trust plc / Annual Report 2025  shares into Realisation Shares, the Company's portfolio will be split into two pools, which will be accounted for as two separate sub-portfolios, being (i) the continuation pool and (ii) the realisation pool, pro rata as nearly as practicable  and Realisation Shares respectively in existence as at the date on which the share capital of the Company is reorganised. Assets and liabilities will be allocated between the continuation pool and the realisation pool in such manner as in the Board's opinion best achieves the objective of splitting the Company's assets fairly between the continuation pool and the realisation pool. In particular, the Board may increase the proportion of cash to be allocated to a particular pool if it considers it would be equitable to both holders of Realisation Shares and continuing  that it is necessary or desirable to retain cash for the Company's working capital purposes, it may decrease the proportion of cash to be so allotted and the Board may choose an alternative allocation, or subsequently rebalance the pools, in respect of non-cash assets if it considers a pro rata allocation to be impracticable or that to do so would be equitable to both holders of Realisation Shares  The costs and expenses of re-designating any elected shares as Realisation Shares and the costs and expenses of admitting Realisation Shares to trading on the London Stock Exchange and of preparing and publishing any required prospectus in connection with the above will be borne by the realisation pool. The costs and expenses relating to the realisation of assets comprising the realisation pool will be attributed to the realisation pool also. The continuation pool will be managed in accordance with the Company's current investment objective and policy, whilst the realisation pool will be managed in accordance with an orderly realisation programme with the aim of making progressive returns of cash to holders of Realisation Shares. The precise mechanism for any return of cash to holders of Realisation Shares will depend upon the relevant factors prevailing at the time and will be determined at the discretion of the Board, but may include a combination of capital distributions, share buybacks and tender ff Company may be paid out of the share capital, share premium, retained earnings or any other source to the fullest extent permitted under the Companies Act 2006. The creation of Realisation Shares and the  the continuation and realisation pools are, however, conditional upon the aggregate net    £30m NAV Threshold is not met, no elected shares will convert into Realisation Shares and   objective and policy going forward will be to  with the aim of making progressive returns of cash to shareholders as soon as practicable. There are currently no Realisation Shares in  ff capital, or 1,188,066 shares, were realised and bought back by the Company. It is expected that ff shareholders in 2027.  able to exploit the relevant opportunity set, the Board also expects to introduce a capital return  NAV rising above £150m. To be implemented at  alignment, this will also potentially provide liquidity for shareholders. The Board believes a capital return mechanism, combined with the revised fee structure, will avoid a misaligned incentive for AVI to gather assets rather than focus on delivering shareholder returns. More information will be shared with investors in due course Share Issues and Buybacks The Directors have the authority to issue shares up to an aggregate nominal amount equal to one-third of the issued share capital of the Company. They also have authority to issue shares, or sell Treasury shares, up to  of the issued share capital for cash, without pre-emption rights applying. At the last Annual General Meeting held on 18 September 2024, the Directors were also granted the authority  issued share capital. These authorities will expire at the Annual General Meeting to be held on 18 September 2025, when resolutions to renew them will be proposed. The Company makes use of share buybacks and share issuances with the objective of achieving a sustainable low discount (or premium) to net asset value per share. Shares are not bought back – either for holding in Treasury or for cancellation – unless the result is an increase in the net asset value per  Treasury or issued as new shares at a premium   shares in issue was 19,246,377. No shares have been issued during the year, and none were issued after the year-end. During the year, 3,291,420 shares were repurchased for cancellation, and 336,014 after the year-end and up to the date of this report. Treasury Shares The Company may make market purchases of its own shares for cancellation or for holding in Treasury where it is considered by the ff  do so. During the year, and since the year end,  fi and since the year end were cancelled. Global Greenhouse Gas Emissions for theYear ended 30 April 2025 The Company is an investment trust, with neither fi or operational control of the assets which it owns. It has no greenhouse gas emissions to report from its operations nor does it have responsibility for any other emissions – producing sources as fi   investment portfolio. Consequently, the Company consumed less than 40,000 kWh of energy  Report is prepared and therefore is exempt from the disclosures required under the Streamlined Energy and Carbon Reporting criteria. Requirements of the UK Listing Rules R requires the Company to include certain information, more applicable to traditional trading companies, fi Report or a cross reference table indicating where the information is set out. The Directors fi made in this regard. Modern Slavery Act 2015 The Company does not provide goods or services in the normal course of business, fi not have customers. Therefore, the Directors do not consider that the Company is required to make a statement under the Modern Slavery Act 2015 in relation to slavery or ffi are typically professional advisers and the  be low risk in this regard. Anti-Bribery and Corruption Policy The Board has adopted a zero tolerance approach to instances of bribery and corruption. Accordingly, it expressly prohibits any Director or associated persons when acting on behalf  SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 G Governance / Directors’ Report continued of the Company, from accepting, soliciting, ff any payment, public or private, in the United  fi The Board applies the same standards to its service providers in their activities for   Corruption Policy can be found on its website at www.migoplc.co.uk. This policy is reviewed annually by the Audit Committee. Prevention of the Facilitation of Tax Evasion In response to the implementation of the Criminal Finances Act 2017, the Board adopted a zero-tolerance approach to the criminal facilitation of tax evasion. A copy of the   website at www.migoplc.co.uk. The policy is reviewed annually by the Audit Committee. Political Donations The Company has not made and does not intend to make any political donations. Corporate Governance The Corporate Governance report, which  policies is set out on pages 37 to 44. Common Reporting Standard (“CRS”) CRS is a global standard for the automatic exchange of information commissioned by the   the International Tax Compliance Regulations 2015. CRS requires the Company to provide certain additional details to HMRC in relation to certain shareholders. The reporting obligation began in 2016 and is an annual requirement.  Investor Services PLC, has been engaged to fi with HMRC on behalf of the Company. Articles of Association  Association requires a special resolution to be passed by shareholders. Annual General Meeting The full Notice of the Annual General Meeting together with explanatory notes is set out on pages 77 to 83. The following resolutions will be proposed as special business: Resolution 9: Authority to allot shares up to approximately one-third of the ordinary shares in issue; Resolution 10: Authority to issue new shares or sell shares from Treasury for cash, up to  ordinary shares, at a price per share not less than the net asset value per share, and to disapply pre-emption rights in respect of those shares; Resolution 11: of shares in issue at the time of the AGM, either for cancellation or for placing into Treasury; and Resolution 12: Authority to hold general meetings  Resolution 9 will be put to shareholders as an ordinary resolution and Resolutions 10 to 12 will be proposed as special resolutions.   must be in favour of the resolutions for them to be passed. Special resolutions require that  of the resolutions for them to be passed. Recommendation The Directors consider that all the resolutions to be proposed at the AGM are in the best interests of the Company and its members as a whole. The Directors unanimously recommend that shareholders vote in favour of all the resolutions, as they intend to do in fi AGM Arrangements The AGM will be held on Thursday,  Board is looking forward to meeting investors. Shareholders are encouraged to view the www.migoplc.co.uk for further information nearer the time. Questions can be submitted to the Company Secretary at info@frostrow.com. Shareholders are also strongly encouraged to exercise their votes in respect of the meeting in advance. Voting by proxy will ensure that all  that attendance at the AGM is not possible or restricted or if the meeting is postponed. Further details about the voting process can be found in the Notice of Meeting on page 79. The results of the AGM will be made public via a regulatory announcement and posted on www.migoplc.co.uk after the meeting. Significant votes against at the 2024 Annual General Meeting   in respect of Resolution 14: to authorise the Company to re-purchase Elected shares in  voted in respect of Resolution 15: to authorise the Company to re-purchase Realisation shares in the market, were lodged against the Resolutions. In line with Investment Association guidelines, these votes against are fi  the votes cast in respect of Resolution 15 were in favour, the Resolutions were passed. The Board notes that the Resolutions had been carefully drafted to provide maximum fl any unplaced Elected shares and with Realisation shares, following the 2024   the implementation of the mechanisms that Resolutions 14 and 15 provided. Nonetheless, the Board understands the technical principles under which some shareholders have chosen to vote against these Resolutions, particularly in the very unlikely event that they had needed to be fully utilised, and also notes that buybacks are subject to shareholder elections and market conditions, limiting arbitrary use. fi shareholder support for its approach to returning capital via a range of mechanisms (including from shareholders who voted against Resolutions 14 and 15) and notes the limited   capital. This amount was bought back on 5 September 2024 necessitating no further action from the Company. Consequently, despite being passed, Resolutions 14 and 15 need have no further application for the time being. The Board takes the result of the 2024 Realisation  realisation approach as a strong endorsement  the opportunities that the Portfolio Mangers see. The Board continues to have an open dialogue ff mechanisms to exit investments, which can be seen as positive for liquidity. Audit Information ffi fi there is no relevant audit information of which   she ought to have taken as a Director to make   Auditors are aware of that information.  Richard Davidson Chairman 9 July 2025  MIGO Opportunities Trust plc / Annual Report 2025 Governance / Corporate Governance Report The Board and its Committees ff with the Board whose role is to promote the long-term success of the Company. The Governance framework of the Company fl managed investment company it has no employees and currently outsources portfolio management to Asset Value Investors Limited and company secretarial, administrative and marketing services to Frostrow Capital LLP. The Board generates value for shareholders through its appointment and oversight of the service providers and management of costs associated with running the Company. The Board Chairman – Richard Davidson Three additional non-executive Directors, all considered independent. (Please see page 32). Senior Independent Director - Caroline Gulliver.  • to provide leadership and set strategy, values and standards within a framework of ff • to ensure that a robust corporate governance framework is implemented; and • to challenge constructively and scrutinise performance of all outsourced activities. Audit Committee Chairman: Caroline Gulliver All independent Directors (The Chairman of the Board is also a member of the Committee)  •  fi and of the half-yearly report; • to oversee the risk and control environment; and • to have primary responsibility for the  auditors, to review their independence and performance, and to determine their remuneration. Meetings are held at least twice yearly and are arranged to coincide with the publication fi The Audit Committee Report is set out on pages 45 to 47. Management Engagement Committee Chairman: Richard Davidson All independent Directors  • to review the performance and remuneration of the AIFM and the  the IMA and Delegation Agreement and to consider any variation to the terms of these agreements; and • to review regularly the contracts, the performance and remuneration of  providers. Meetings are held at least once a year. The work of the Management Engagement Committee is set out on pages 26 and 27. fi  website at www.migoplc.co.uk. They will also be available for inspection at the AGM. The Directors have decided that, given the size of the Board, it is not necessary to form separate remuneration and nomination committees. The duties that would normally fall  Corporate Governance Statement The Company is committed to the highest standards of corporate governance and the Board is accountable to shareholders for the ff  plc has considered the principles and recommendations of the AIC Code of Corporate Governance published in February    as well as setting out additional provisions fi Company. The Board considers that reporting against the principles and provisions of the AIC Code (which has been endorsed by the Financial Reporting Council) will provide better information to shareholders. By reporting against the AIC Code, the Company meets  associated disclosure requirements under  as such does not need to report further on  irrelevant to the Company as an externally- managed investment company, including the provisions relating to the role of the chief  and the internal audit function.  www.theaic.co.uk viewed on the Financial Reporting Council website www.frc.org.uk. The AIC Code includes an explanation of how the AIC Code adapts the principles and provisions set out  investment companies. The Company has no Remuneration Committee, but otherwise has complied with the principles and provisions of the AIC Code. The Chairman of the Board is also a member of the Audit Committee, but this is considered acceptable due to his independence and the small number of Directors. However, under the terms of reference of the Audit Committee, the Chairman of the Board may not act as the Chairman of the Audit Committee. The Corporate Governance Statement on pages 37 to 44 Report on pages 33 to 36.  SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 G In addition to the above, the Board also notes   fi on or after 1 January 2025. The AIC has also provided a new AIC Code of Corporate  addresses all the principles set out in the new fi years beginning on or after 1 January 2025. In due course, the Company will report against the new AIC Code. The Board ff governance and the overall management ff fl that as an investment company it outsources investment management services to Asset Value Investors Limited as AIFM and company secretarial, administration and marketing services to Frostrow Capital LLP.  strategy, values and standards; to provide leadership within a controls framework which enable risks to be assessed and managed; to challenge constructively and scrutinise performance of all outsourced activities; and to review regularly the contracts, performance  service providers and Investment Manager. The Board is responsible for all matters of direction and control of the Company, including its investment policy, and no one individual has unfettered powers of decision. The Board consists of four non-executive Directors, who have substantial recent and relevant experience of investment trusts and fi  fi ffi ff details of the Directors, including details of fi 32.  Directors, none of the Directors has a contract of service with the Company nor has there been any other contract or arrangement between the Company and any Director at any time during the year. Directors are not entitled ffi The role of the Board is to promote the long-term sustainable success of the Company, generating value for shareholders and contributing to wider society. Board Leadership and Purpose Purpose and Strategy The Board assesses the basis on which the Company generates and preserves value over the long term. The Strategic Report describes how opportunities and risks to the future success of the business have been considered and addresses business model and how its governance contributes to the delivery of its strategy.  Policy are set out on pages 18 and 19. Strategy issues and all material operational matters are considered at Board meetings. Board Culture ff opinion, unique vantage points and areas of expertise. The Chairman encourages open debate to foster a supportive and co-operative approach for all participants. Strategic decisions are discussed openly and constructively. The Board aims to be open and transparent with shareholders and other stakeholders, and for the Company to conduct itself responsibly, ethically and fairly in its relationships with service providers. Diversity Policy The Board supports the principle of  is that the Board and its committees should be comprised of directors who collectively display the necessary balance of professional skills, experience, length of service and industry knowledge and that appointments to the Board and its committees should be made on merit, against objective criteria, including diversity in its broadest sense. The objective of the policy is to have a broad range of approaches, backgrounds, skills, knowledge and experience represented on the Board. The Directors believe that this will make the Board and its committees ff sustainable success of the Company and generating value for shareholders by ensuring there is a breadth of perspective among the Directors and the challenge needed to support good decision making. To this end, achieving a diversity of perspectives and backgrounds on the Board and its committees will be a key consideration in any director search process. The Board is aware that gender representation objectives have been set for FTSE 350 companies and that targets concerning ethnic diversity have been recommended for each FTSE 100 board to have at least one director of colour by 2021 and for each FTSE 250 board to have the same by 2024. When appointing new Board members, the Directors will consider gender and ethnic diversity besides knowledge, skills and experience. However, the Board does not feel that it would be appropriate to set targets as all appointments are made on merit. Board Diversity   encourage greater diversity on listed company ff   are women; (ii) at least one of the senior board positions is held by a woman; and (iii) at least one individual on the board is from a minority ethnic background.  as guidelines when appointing new Directors. The Company has chosen to align its diversity reporting reference date with the fi to maintain this alignment for future reporting  three targets on board diversity as at its chosen reference date, 30 April 2025: 50 individuals on the Board are women and a senior position, that of Chairman of the Audit Committee and SID, is held by a woman.  Board, and therefore more infrequent vacancies and opportunities for recruitment make achieving diversity on the Board a more challenging, but ongoing, process.  progresses over future years, the Company will continue to strive for increased diversity on its Board through its Diversity Policy.  process can be found under Appointments to the Board below.  details in respect of the three targets outlined above as at 30 April 2025 is disclosed as follows. Each Director volunteered how they wished to be included in the tables. Governance / Corporate Governance Report continued  MIGO Opportunities Trust plc / Annual Report 2025 (a) Table for reporting on gender identity or sex As at 30 April 2025 No. of Board members Percentage Number of senior positions on the Board Men 2 50% 1 (Chair of theBoard) Women 2 50% 1 (Audit Chair and SID) Not specified / prefer not to say – – –   (b) Table for reporting on ethnic background As at 30 April 2025 No. of Board members Percentage Number of senior positions on the Board White British or other White (including minority-white groups) 4 100% 2 Mixed/Multiple ethnic groups – – – Asian/Asian British – – – Black/African/Caribbean/Black British – – – Other ethnic group – – – Not specified/prefer not to say – – – * As an externally managed investment company, the Company has no executive directors, employees or internal operations. The Board has therefore excluded the columns relating to executive management from  financial officer are not applicable to the Company. In the absence of the aforementioned roles, the Board considers the Chair of the Audit Committee also to be a senior position on the Board. Caroline Gulliver serves as the Chair of the Audit Committee and as the Senior Independent Director. Directors’ Independence In accordance with the AIC Code, as part of the evaluation process, the Board has reviewed the independence of each individual Director and the Board as a whole. The AIC Code requires that this report should identify each non-executive Director the Board considers to be independent in character and judgement and whether there are relationships or circumstances which are ffff  it determines that a Director is independent notwithstanding the existence of relationships or circumstances which may appear to be relevant to its determination. Following formal performance evaluation,  Director to challenge and debate the activities of the AIFM and Investment Manager, the Board has concluded that each Director is independent in character and judgement. Furthermore, the Board is content that there are no relationships or circumstances which ff Director. Policy on Tenure The Board subscribes to the view that long-serving directors should not be prevented from forming part of an independent majority. It does not consider that  ability to act independently and, following appropriate, formal performance evaluations, believes that directors may be considered independent in character and judgement. The  fi to the strength of the Board and, as such, no limit has been imposed on the overall  Directors, including the Chairman. In view of its non-executive nature, the Board considers that it is not appropriate for directors to be fi new directors will be appointed with the expectation that they will serve for a minimum period of three years subject to shareholder approval. The Board has adopted a policy whereby all Directors will be required to stand for re-election annually, regardless of their length of tenure. Board Evaluation An evaluation of the Board and its  individual Directors is carried out annually. In addition to evaluations carried out by the Board collectively, the Management Engagement Committee on behalf of the Board considers annually whether an external evaluation should be undertaken by an independent agency. The Chairman acts on the results of the  strengths and addressing the weaknesses of the Board and recommending any areas for development. If appropriate, the Chairman will propose that new members are appointed to the Board or will seek the resignation of  During the year ended 30 April 2025, the performance of the Board, its committees and individual Directors (including each  through a formal assessment process led by the Chairman. This involved the circulation of a Board and Committee evaluation questionnaire, tailored to suit the nature of the Company, followed by discussions between the Chairman and each of the Directors.  evaluated by the other Directors under the leadership of the Senior Independent Director. As part of the Board evaluation discussions, each of the Directors also assessed the overall time commitment of their external appointments and it was concluded that all ffi their duties. All Directors have attended all scheduled Board and Committee meetings and have made themselves available for ad hoc discussions where necessary.  SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 G fi and operation of the Board continues to ff a satisfactory mix of skills, experience and knowledge of the Company. The Board has considered the position of all the Directors including the Chairman as part of the evaluation process and believes that it  to recommend them for re-election at the forthcoming AGM. Board Composition and Succession The Board has approved a composition and succession plan to ensure that the Board members collectively (i) display the necessary balance of professional skills, experience,  fi  and integrity. This plan is reviewed annually and at such other times as circumstances  To this end, the Board collectively reviews all appointments to the Board and its Committees and, if necessary, following a skills review of the current Directors, will seek to add persons with complementary skills or who possess skills and experience which fi ffi time to the Company to carry out their duties ff The Board will ensure that a robust recruitment process is undertaken for all  ff  recruitment and to help to mitigate the risk of self-selection from a narrow pool of candidates. The Board will ensure that any search agency used has no connection with the Company or any of the Board members and that the appropriate disclosure is made in the next annual report. Achieving a diversity and balance of skills and knowledge in the Board will be a key determinant of any new appointments. Selecting the best candidate, irrespective of fi ff breadth of perspective among directors. Where the Board appoints a new Director during the year or after the year-end and before the notice of Annual General Meeting has been published, that Director will stand for election by shareholders at the next Annual General Meeting. Induction/Development A procedure for the induction of new Directors has been established, including the provision of an induction pack containing relevant information about the Company, its processes and procedures. New appointees have the opportunity of meeting with the Chairman and relevant persons at the AIFM, Investment Manager and Company Secretary. Directors are also given key information on  requirements as they arise including information on the role of the Board, matters reserved for its decision, the terms of reference for the Board committees,  practices and procedures and the latest fi to participate in training courses where appropriate. Chairman and Senior Independent Director The current Chairman, Richard Davidson, is deemed by his fellow independent Board members to be independent and to have fl chairman of Aberforth Smaller Companies Trust ffi ff necessary. Caroline Gulliver was appointed as the Senior  Her biography and other appointments are detailed on page 32 and the Board considers ffi ff Responsibilities of the Chairman  leadership to the Board, assuming ff in directing the Company. The Chairman  • taking the chair at general meetings and Board meetings, conducting ff  decision making; • setting the agenda for Board meetings and ensuring the Directors receive accurate, timely and clear information for decision-making; • taking a leading role in determining the  • overseeing the induction of new directors and the development of the Board as  • leading the annual board evaluation process and assessing the contribution of individual directors; • supporting and also challenging the Investment Manager (and other suppliers where necessary); • ff shareholders and, where appropriate, other stakeholders; and • engaging with shareholders to ensure that the Board has a clear understanding of  Responsibilities of the SID The SID serves as a sounding board for the Chairman and acts as an intermediary for other Directors and shareholders. The SID is responsible for: • working closely with the Chairman and providing support; • leading the annual assessment of the performance of the Chairman; • holding meetings with the other non-executive Directors without the Chairman being present, on such occasions as necessary; • carrying out succession planning for  • working with the Chairman, other Directors and shareholders to resolve major issues; and • being available to shareholders and other Directors to address any concerns or issues they feel have not been adequately dealt with through the usual channels of communication (i.e. through the Chairman or the Investment Manager). Governance / Corporate Governance Report continued  MIGO Opportunities Trust plc / Annual Report 2025 Directors’ Other Commitments Commitments or appointments of Directors are set out on page 32. All of the Directors ffi  Conflicts of Interest Company Directors have a statutory obligation to avoid a situation in which they (and connected persons) have, or can have, fl fl  In line with the Companies Act 2006, the Board has the power to authorise any potential fl fi fl maintained and is reviewed at every Board meeting to ensure all details are kept up to date. It was resolved at each Board meeting during the year that there were no direct or fl with the interests of the Company. Appropriate authorisation will be sought if any new flfl Board Meetings The Board meets formally at least four times each year. Representatives of the Investment Manager attend all meetings at which investment matters are discussed; representatives from Frostrow are in attendance at each Board meeting. The Chairman encourages open debate to foster a supportive and co-operative approach for all participants. The primary focus at regular Board meetings is the review of investment performance and associated matters, including asset allocation, together with marketing and investor relations, peer group information and industry issues. The Board fi revenue and expenses projections, analyses of asset allocation, transactions, gearing policy, cash management, customised performance metrics and performance comparisons, share price and net asset    performance during the year is described in the stakeholders section beginning on page 28. The Board is responsible for setting the   investment objective, investment strategy and investment restrictions at each meeting. Meeting Attendance The Directors meet at regular Board meetings, held at least once a quarter, with additional meetings arranged as necessary. During the year to 30 April 2025, the scheduled meetings held and attended by each Director were as below. There were also a considerable number of ad hoc Board and Committee meetings to consider matters such as the approval of regulatory announcements, the realisation opportunity results, the renewal of  All meetings were attended by all Board members. Since the year-end, a number of Board meetings have been held to discuss changes of co-manager, portfolio approach, fee structure and capital return mechanisms. Matters Reserved for Decision by the Board The Board has adopted a schedule of matters reserved for its decision. This includes, inter alia, the following: • Decisions relating to the strategic objectives and overall management of the Company, including the appointment or removal of the Investment Manager and other service providers, establishing the investment objectives, strategy and performance comparators, the permitted types or categories of investments and the proportion of assets that may be invested in them. • Requirements under the Companies Act 2006, including approval of the fi fi any), the appointment or removal of the Company Secretary, and determining the policy on share issuance and buybacks. • Matters relating to certain Stock Exchange requirements and announcements, the   policies and procedures. • Matters relating to the Board and its Committees, including the terms of reference and membership of the committees, and the appointment of directors (including the Chairman and  Day-to-day investment management is delegated to Asset Value Investors Limited.  Frostrow. The Board takes responsibility for the content of communications regarding major corporate issues although the Investment Manager or Frostrow may act as spokesman. The Board is kept informed of relevant promotional material that is issued by the Investment Manager. Board meetings (4) Audit Committee meetings (3) Management Engagement Committee meetings (1) Richard Davidson 4 3 1 Caroline Gulliver 4 3 1 Lucy Costa Duarte 4 3 1 Ian Henderson 4 3 1 Hugh van Cutsem (retired on 10 July 2024) 1 1 1  SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 G Internal Controls Structure The Board has a responsibility for establishing and assessing internal controls to ensure the ff ffi appetites set by the Board. As the Company relies on third-party service providers for all of its operations, it obtains regular reports from these counterparties ff of controls within these organisations.  providers are the AIFM and Investment Manager, AVI, as well as the Company Secretary and Administrator, Frostrow Capital LLP, and the Custodian and Depositary. The Board receives regular reporting on compliance with the control environment and ff internal controls through review  each of these organisations. In addition, the Company retains a number of other providers who report regularly to the Board. These include the registrar, fi, public relations and legal adviser.  fi  and internal controls and so the reporting they provide to the Board on their operations is less stringent. The Management Engagement Committee formally evaluates the performance and service delivery of all third-party service providers at least annually and the Audit Committee evaluates the performance  auditors annually, following the completion of the annual audit process. PricewaterhousesCoopers LLP (Independent Auditors) Board of Directors Entirely independent and non-executive Sub-committees: • Audit Committee • Management Engagement Committee Principal third-party service providers The Directors • receive regular reporting at meetings; • review, where available, the assurance report produced by each organisation; • receive additional reporting on the control environment from each of the principal third- party service providers; and • formally evaluate their performance on an annual basis. Frostrow Capital LLP (Company Secretary and Administrator) Reporting • Balance sheet • Investment limits and restrictions • Liquidity and gearing (monthly) • Income forecasts • Compliance with investment policy and • Portfolio valuation guidelines (monthly)    ff (annually) JP Morgan Europe Limited and JP Morgan Chase Bank, LondonBranch (Depositary and Custodian) Reporting    ff • Presentation from the Depositary and Custodian semi-annually Asset Value Investors Limited AIFM and Investment Manager Reporting • Investment performance update at each meeting • Internal Control Report • Compliance Report  ff • Portfolio attribution Other third-party service providers The Directors • receive regular reporting on their activities at meetings; and • formally evaluate their performance on an annual basis. Computershare Investor ServicesPLC (Registrar) Deutsche Numis (Corporate Broker) Stephenson Harwood LLP (Legal Adviser) Governance / Corporate Governance Report continued KL Communications (Public Relations)  MIGO Opportunities Trust plc / Annual Report 2025 Risk Management and Internal Controls The Board has overall responsibility for the  control systems and for reviewing their ff guidance published by the Financial Reporting Council on internal controls. Internal control systems are designed to manage, rather than eliminate, the risk of failure to achieve the business objective and can provide only reasonable and not absolute assurance against material misstatement or loss. These controls aim to ensure that the assets of the Company are safeguarded, that proper accounting records are maintained and fi reliable. The Directors have a robust process for identifying, evaluating and managing fi which are recorded in a risk matrix. The Audit Committee, on behalf of the Board, considers each risk as well as reviewing the mitigating controls in place. Each risk is rated for its  numerical rating determines its ranking into fi process was in operation during the year and continues in place up to the date of this report. The process also involves the Audit Committee receiving and examining regular  providers. The Board then receives a detailed report from the Audit Committee on its fifi fi  fi strategic and operational risk management can be found in the Strategic Report. Relationship with the Investment Manager At each Board meeting, representatives from the AIFM and Investment Manager are in attendance to present verbal and written reports covering their activity, portfolio and investment performance over the preceding period, and compliance with the applicable  Stewardship Code. The Portfolio Managers fi which they are required to refer to the Board.  maintained between formal meetings. The Board and the Investment Manager operate in a supportive, co-operative and open environment. The Management Engagement Committee   terms of the Investment Management Agreement at least annually. Relationship with Other Service Providers Representatives from Frostrow are in attendance at each Board meeting to address  administration and governance requirements. The Management Engagement Committee  other service providers, including Frostrow, and also the Custodian, the Registrar and the Broker. At the most recent review, in July 2025, the Committee concluded that all the service providers were performing well. Relations with Shareholders A detailed analysis of the substantial shareholders in the Company is provided to the Directors at each Board meeting. Representatives of the Investment Manager and Frostrow regularly meet with institutional shareholders and private client asset managers to discuss strategy and to understand their issues and concerns and, if applicable, to discuss corporate governance issues.  the following Board meeting.  stockbroker are submitted to the Board on investor sentiment, industry issues and trends. The Company aims to provide shareholders  investment objective, policy and activities, its performance and the principal investment risks by means of informative annual and half-yearly reports. This is supplemented by the daily publication of the net asset value of   www.migoplc.co.uk is regularly updated and provides useful information about the Company, fi monthly factsheets, Investment  commentaries, podcasts and announcements. The Company also held a number of webinars for investors. Shareholders wishing to communicate with the Chairman, or any other member of the Board, may do so by writing to the Company, for the attention of the Company ffi email at info@frostrow.com. All shareholders are encouraged to attend the AGM, where they are given the opportunity to question the Chairman, the Board and the Investment Manager. The Directors welcome the views of all shareholders and place considerable importance on communications with them. The annual and half-yearly reports of the Company are prepared by the Board and its advisers to present a full and readily  performance. Copies of the annual report are dispatched to shareholders by mail, where this form of communication is chosen. It is also possible to download the annual report and  at www.migoplc.co.uk. Socially Responsible Investment  day to day management is delegated to the Investment Manager and other third parties.  no direct social, community, employee or environmental responsibilities. Its principal responsibility to shareholders is to ensure that the investment portfolio is properly managed and invested. As detailed on page 26, the management of the portfolio has been  Manager.  business there are no relevant human rights issues and the Company does not have a human rights policy. Stewardship and the Exercise of VotingPowers As an externally managed investment company, the Board delegates the majority of its Stewardship and engagement  Manager. However, the Board retains oversight of this process by receiving regular updates from the Investment Manager on its engagement activities and by reviewing  voting policies. Nominee Share Code  a nominee company name, the Company undertakes: • to provide the nominee company with multiple copies of shareholder communications, so long as an indication of quantities has been provided in advance; and • to allow investors holding shares through a nominee company to attend general meetings, provided the correct authority from the nominee company is available. Nominee companies are encouraged to provide the necessary authority to underlying  meetings. Significant Holdings and Voting Rights Details of the shareholders with substantial    the shares are set out in the Directors' Report on pages 33 to 36.  SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 G Independent Professional Advice The Board has formalised arrangements under which the Directors, in the furtherance of their duties, may seek independent  expense. During the year, legal advice was provided by Stephenson Harwood LLP in respect of drafting various documents to help facilitate the realisation opportunity in September 2024. Independent professional advice and support in respect of the realisation opportunity was also sought from Deutsche Numis, the  Since the year-end, Stephenson Harwood and Deutsche Numis also provided professional advice and support during the discussions about the changes of co-manager, portfolio approach, fee structure and capital return mechanisms.  facilitated communication with shareholders and the market in general. Company Secretary The Board has direct access to the advice and services of the Company Secretary, Frostrow, which is responsible for ensuring that the Board and Committee procedures are followed and that the Company complies with applicable regulations. The Company Secretary is also responsible to the Board for ensuring timely delivery of information and reports and that statutory obligations of the Company are met. Audit, Risk and Internal Control  51 responsibility for preparing this Annual Report. The Audit Committee Report, beginning on page 45, explains the work undertaken to allow the Directors to make this statement and to apply the going concern basis of accounting. It also sets out the main roles and responsibilities and the work of the Audit Committee throughout the year,   control systems. A description of the principal risks facing the Company and an explanation of how they are being managed is provided in the Strategic Report on pages 21 to 24.  longer-term viability is set out in the Business Review on pages 25 and 26. Remuneration  on page 48 sets out the levels of remuneration  remuneration is determined. By order of the Board Frostrow Capital LLP Company Secretary 9 July 2025 Governance / Corporate Governance Report continued  MIGO Opportunities Trust plc / Annual Report 2025 Governance / Audit Committee Report I am pleased to present the Audit Committee (the “Committee”) Report for the year ended 30 April 2025. The Committee met three times during the year under review and once following the year end. Composition Due to the small size of the Board, the Audit Committee comprises all the Directors, whose biographies are set out on page 32, including the Chairman of the Board. In accordance with the terms of reference of the Committee and the AIC Code, the Chairman of the Board may be a member provided he or she was independent on his/her appointment as chairman, but may not act as the Committee Chairman. All Directors are non-executive and were considered independent during the year, as discussed on pages 33 and 34 in the Report of the Directors. The Committee considers that at least one member has recent and relevant experience in accounting or auditing and that the Committee as a whole has experience relevant to the investment trust industry. The Company’s Auditors are invited to attend meetings as necessary. Representatives of the AIFM and Investment Manager may also be invited. The Company Secretary acts as the Secretary to the Audit Committee. Responsibilities of the Committee The Committee’s responsibilities are set out in formal terms of reference which are available on the Company’s website www.migoplc.co.uk and which are reviewed annually. The Committee’s primary responsibilities are: • fi statements of the Company, including its Annual and Half-Yearly Reports and any other formal announcements of fi performance, and to review and report to fifi issues and judgements in those statements having regard to matters communicated to  • ff internal control and risk management systems and those of its third-party service  • to receive and consider reports from the ffi  • to consider the accounting policies of the  • to monitor adherence to best practice in  • to make recommendations to the Board in relation to the re-appointment of the Auditors, their terms of engagement and  • to review the scope, results, cost ff  • to review the policy on the engagement of the external Auditors to supply non-audit services and considering relevant guidance regarding the provision of non-audit fi • to consider the need for an internal audit function. Matters Considered in the Year In the year under review, the main duties undertaken were: • consideration of the appropriateness of the Company’s accounting policies and of the ff records and management information maintained on behalf of the Company, relying on meetings with and reports from the AIFM and Investment Manager, AVI, and  • a review of the half-year results and the Annual Report, including the disclosures made therein in relation to internal controls and risk management, going concern, related parties and consideration of whether the report is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position and performance, business model, strategy and continued operation (including advising the Board on whether the Company is able to meet its liabilities as they fall due) in order to make recommendations to the Board. In assessing whether the report is fair, balanced and understandable, each Director reviewed the disclosures made, applying their respective knowledge and expertise. The internal controls over fi together with feedback from the Company’s Auditors, the Investment Manager and the  • consideration of whether a dividend needed to be paid by the Company in respect of the fi • consideration of the internal controls in place at the Investment Manager, and the Company’s other principal third-party  • consideration of the Investment Manager’s policies in relation to information security and business continuity, meeting with representatives of its IT and Compliance  • consideration of the key risks, risk management systems in place and the  • consideration of the Company’s Anti-Bribery Policy and the policies and procedures in   SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 G Governance / Audit Committee Report continued • consideration of the nature, scope and fi  • annual consideration of whether there is a  • consideration of the appointment of the Auditors, the Auditors’ independence, ff any non-audit services and tenure of  • consideration of the Investment Manager’s and Frostrow’s whistle blowing policies for ff improprieties, including in relation to the fi • fi from the Company’s Depositary in respect of the safekeeping of the Company’s assets. Since the year-end, the Committee has also considered the appropriate level of dividend to be paid by the Company in respect of the year under review, for recommendation to fi 2025 audit. Significant Reporting Matters fi by the Committee during the year were: Verification of ownership and valuation of the Company’s holdings. The valuation of investments is undertaken in accordance with the accounting policies in note 1 to the Financial Statements on page 61. Controls are in place to ensure that valuations fi through reconciliations with the Custodian.  process with Frostrow and the AIFM. Having reviewed the process and controls, the fifi investments had been valued correctly and the Company’s ownership was appropriately documented. The portfolio contains holdings where the investee company is in a process of  9out of 46 holdings) were in a process of realisation, representing 19.8 portfolio value. The Investment Manager provides comprehensive updates on investee companies at each Board meeting and the Directors have regular discussions with the Investment Manager about the impact of this ‘tail’ on the Company and its performance. Recognition of Revenue from Investments The Committee took steps to gain an understanding of the processes in place to record investment income and transactions. The Committee sought, and received, fi been accounted for correctly. Other Reporting Matters Accounting Policies The current accounting policies, as set out on pages 61 and 62, have been applied consistently throughout the year and the prior period where applicable. Going Concern fi position and liabilities, the Committee is fi fi concern basis. Further detail is provided on page 25. Viability Statement The Audit Committee also considered the fi risks in connection with the Board’s statement on the longer-term viability of the Company, which is set out on pages 25 and 26 in the Business Review. 2024 Realisation Opportunity The Audit Committee considered the impact of the 2024 realisation opportunity on the Company’s shorter and longer-term viability. The Board was happy to see that despite ffimarket conditions, only 5.3% of shares in issue were realised and that the net asset value of the ordinary shares continued to be more than £30 million, allowing the Company to continue in operation. Financial Statements The Board has asked the Committee to fi make the statement that the Annual Report taken as a whole is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position, performance, business model, strategy and continued operation. The fi basis of its review of the whole document, underpinned by involvement in the planning for its preparation and review of the processes to assure the accuracy of factual content. fi appropriate for the Board to prepare the fi basis. The Financial Statements can be found on pages  to . Internal Controls and Risk Management The Board has overall responsibility for the risk assessment and review of the internal controls of the Company, undertaken in the context of its investment objective. The review covers the key business, fi risks facing the Company. In arriving at its judgement of what risks the Company faces, the Board has considered the Company’s operations in light of the following factors: • the nature of the Company, with all management functions outsourced to  • the nature and extent of risk which it regards as acceptable for the Company to  •  and • the Company’s ability to reduce the incidence and impact of risk on its performance. Against this background, a risk matrix has been developed which covers key risks that the Company faces, the likelihood of their occurrence and their potential impact, how these risks are monitored and the mitigating controls put in place. The Board has delegated to the Committee the responsibility for the review and maintenance of the risk matrix. It reviews the risk matrix twice yearly, bearing in mind any changes to the Company, its environment or service providers since the last review. The Committee considers whether any new risks are emerging as a result of any fi the risk matrix are discussed with the Board. Over the past year, the wars in Gaza and Ukraine as well as elections in a number of countries including the UK and the US, have remained as risk factors, and the Company’s risk matrix takes account of such risks on various aspects of the Company’s operations and investment management. The Audit Committee keeps all developments under close review, but there were no fundamental changes to the Company’s risk management fi fi the Committee’s most recent risk review. The Committee acknowledges that the Company is reliant on the systems utilised by its service providers. The Committee receives internal controls reports from, and reviews the internal controls in place at, the Investment Manager and AIFM twice annually. The internal controls reports from its other principal service providers – from the Company’s Administrator  and from the Registrar - are reviewed on an annual basis. Following this review, the Committee concluded that there were no fi that needed to be brought to the attention of   MIGO Opportunities Trust plc / Annual Report 2025 fi ff of the system of internal control and risk management during the year, as set out above and that: (a) an ongoing procedure for identifying, fi faced by the Company was in place for the year under review and up to the date of this report. This procedure is regularly  (b) they are responsible for the Company’s system of internal controls and for ff designed to manage the risk of failure to achieve business objectives. This can only provide reasonable, but not absolute, assurance against material misstatement or loss. Internal Audit The Company does not have an internal audit function as all of its day-to-day operations are delegated to third parties, all of whom have their own internal control procedures. The Committee discussed whether it would be appropriate to establish an internal audit function, and agreed that the existing system of monitoring and reporting by third parties ffi External Auditors The Audit The nature and scope of the audit for the year under review, together with PricewaterhouseCoopers LLP‘s (“PwC”) audit plan, were considered by the Committee on 12 March 2025. The Committee then met PwC on 1 July 2025 to formally review the outcome of the audit and to discuss the limited issues that arose. The Committee also discussed the presentation of the Annual Report with the Auditors and sought their perspective. Independence and Effectiveness fi regarding the independence of the Auditors, the Committee reviewed: • the senior audit personnel in the audit plan  • the Auditors’ arrangements concerning any fl •  • the statement by the Auditors that they remain independent within the meaning of the regulations and their professional standards. ff Audit process, the Committee reviewed: • fi  •  • feedback on the Auditors’ performance during the audit from Frostrow and AVI. A summary of the Company’s policy on the provision by the Auditors of non-audit services to the Company can be found below. fi ff audit process, together with the degree of diligence and professional scepticism brought to bear. The audit fee for the year ended 30 April 2025 was £59,094 (2024: £56,280). Appointment and Tenure PwC were appointed in September 2016 to fi fi periods. The period of total uninterrupted engagement is nine years. Ms Lauren Cooper is the current Engagement Leader, having been allocated to the Company by PwC for the year ended 30 April 2025. In accordance with current legislation, the Company is required to conduct an audit tender process at least every 10 years and will have to change its auditors after a maximum of 20 years. In addition, the nominated Engagement Leader will be required to rotate fi Company. It is expected that the Audit Committee will conduct an audit tender following the completion of the Company’s audit in 2026 and will recommend to shareholders the appointment (or re-appointment) of the successful auditors in due course thereafter. The Company has complied throughout the year ended 30 April 2025 with the provisions of the Statutory Audit Services Order 2014, issued by the Competition and Markets Authority. The re-appointment of PricewaterhouseCoopers LLP as Auditors to the Company will be submitted for shareholder approval, together with a separate resolution to authorise the Committee to determine the remuneration of the Auditors, at the AGM to be held on 18 September 2025. Non-Audit Services In accordance with the Company’s non-audit services policy, the Audit Committee reviews the scope and nature of all proposed non- audit services before engagement to ensure that auditor independence and objectivity are safeguarded. The audit policy includes a list of non-audit services which may be provided by the Auditors as long as there is no apparent threat to independence, as well as a list of services which are prohibited. Non-audit  of the statutory audit fees for the preceding three years. No non-audit services were provided by the Auditors during the year ended 30 April 2025 (2024: none). Effectiveness of the Committee A formal internal Board review which included reference to the Audit Committee’s ff Chairman of the Company during the year. As part of the evaluation, the Committee reviewed the following: •  •  • the Committee’s monitoring of compliance  • the Committee’s review of the quality and fi  • fi  • the Committee’s assessment of the independence, competence and ff Auditors. It was concluded that the Committee was performing satisfactorily and there were no formal recommendations made to the Board. Caroline Gulliver Audit Committee Chairman 9 July 2025  SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 G Governance / Directors’ Remuneration Report for the year ended 30 April 2025 Statement from the Chairman I am pleased to present the Directors’ Remuneration Report for the year ended 30 April 2025. An ordinary resolution for the approval of this report will be put to shareholders at the forthcoming Annual General Meeting. The law requires the Company’s Auditors, PricewaterhouseCoopers LLP, to audit the fi disclosures have been audited, they are  included in the Independent Auditors’ Report on pages 52 to 56. During the year under review, the Board consisted entirely of independent non- executive Directors and the Company had no  on those aspects of remuneration that relate to executive directors. Due to the small size and nature of the Board, it is not considered appropriate for the Company to establish a separate remuneration committee and the remuneration of the Directors is therefore dealt with by the Board as a whole. The Board considers the framework for the remuneration of the Directors on an annual basis. It reviews the ongoing appropriateness of the Company’s remuneration policy and the individual remuneration of Directors by reference to the activities of the Company and comparison with other companies of a similar structure and size. This is in line with  For the year ended 30 April 2025, Directors’ fees were set at the rate of £39,300 per annum for the Chairman, £33,800 per annum for the Chairman of the Audit Committee and £28,400 per annum for other non-executive Directors. Following a review of Directors’ fees during the year, fees were increasedff from 1 May 2025 to £40,000 per annum for the Chairman, £35,000 for the Chairman of the Audit Committee and £30,000 for other non-executive Directors. This was done in accordance with our Remuneration Policy on page 50 which states that Directors’ remuneration is determined with reference to comparable organisations and appointments and that all levels of remuneration should fl responsibility of the role. Directors’ Fees for the Year (audited) The Directors who served during the year received the following emoluments: Year ended 30 April 2025 Year ended 30 April 2024 Fees £ Expenses £ Total £ Fees £ Expenses £ Total £ 2025 Percentage change (%) 2024 Percentage change (%) 2023 Percentage change (%) 2022 Percentage change (%) Richard Davidson (Chairman) 39,300 – 39,300 46,100 † – 46,100 (13.4%) 28.1% 18.4% (1.5%) Caroline Gulliver (Audit Committee Chairman) 1 33,800 – 33,800  –  n/a n/a n/a n/a Lucy Costa Duarte 2 28,400 – 28,400 33,300 † 128 33,428 (15.0%) n/a n/a n/a Ian Henderson 2 28,400 – 28,400 33,300 † – 33,300 (14.7%) n/a n/a n/a Hugh van Cutsem 3 5,607 – 5,607 33,300 † – 33,300 n/a 28.1% 16.6% 1.4% Katya Thomsom (Audit Committee Chairman) 4 – – –  † –  n/a n/a  1.4% 135,507 – 135,507 185,684 128 185,812 (26.7%) 55.9% 19.5% 19.5% 1 Appointed as a Director on 29 December 2023. 2 Appointed as a Director on 1 November 2022. 3 Retired as a Director on 10 July 2024. 4 Retired as a Director on 29 December 2023. † Includes compensation for additional work related to the transfer to the new AIFM and Investment Manager.  MIGO Opportunities Trust plc / Annual Report 2025 The Directors’ fees set out in the table above exclude any employers’ national insurance contributions, if applicable. No other forms of remuneration were received by the Directors and, therefore, the fees represent the total remuneration of each Director. No payments were made to former directors of the Company during the year other than set out in the table above. Other Benefits The Company’s Articles of Association provide that Directors are entitled to be reimbursed for reasonable expenses incurred by them in connection with the performance of their duties and attendance at Board and General Meetings. The claims for taxable expenses are set out in the table above. No pension schemes or other similar arrangements have been established for the Directors and no Director is entitled to any pension fi Loss of Office Directors do not have service contracts with the Company but are fi ffi Performance The graph below compares the total return (assuming all dividends are sterling reinvested) to Ordinary shareholders, compared with the Deutsche Numis All Share Total Returns Index (inc Investment  the Company’s benchmark, is also shown. Relative Importance of Spend on Pay The table below shows the comparative cost of Directors’ fees compared with the level of dividend distribution and Company expenses for the years ended 30 April 2025 and 30 April 2024. 2025 £’000 2024 £’000 Change  Total Returns (3,983) 8,323  Directors’ fees 136 186  Dividend paid 127  (82.0%) Share Buybacks 11,687  103.3% Directors’ Beneficial Interests (audited) The interests of the Directors and persons closely associated with them in the Ordinary shares of the Company are set out below: At 30 April 2025 Number of shares At 30 April 2024 Number of shares Richard Davidson 87,000  Hugh van Cutsem 1 n/a 12,348 Lucy Costa Duarte 6,115 6,115 Ian Henderson 9,053 6,115 Caroline Gulliver 10,000 10,000 1 Retired on 10 July 2024. There have been no changes to any of the above holdings between  There is no requirement under the Company’s Articles of Association for Directors to hold shares in the Company. The interests of representatives of the Portfolio Managers in the Ordinary shares of the Company are set out below: At 30 April 2025 Number of shares At 30 April 2024 Number of shares Nick Greenwood 170,500  Charlotte Cuthbertson 1,252 1,252 Statement of Voting at Annual General Meeting The Directors’ Remuneration Report for the year ended 30 April 2024 was approved by shareholders at the Annual General Meeting held on 18 September 2024.  against and 11,090 votes withheld. Any proxy votes which were at the discretion of the Chairman were included in the “for” total. Approval The Directors’ Remuneration Report was approved by the Board of Directors on 9 July 2025 and signed on its behalf by: Richard Davidson Chairman Deutsche Numis All Share Total Returns Index (inc Investment Companies) Company Share Price SONIA +2% 80 100 120 140 160 180 200 220 240 260 April 2023 April 2024 April 2025 April 2015 April 2016 April 2017 April 2018 April 2019 April 2020 April 2022 April 2021 Source: Deutsche Numis Source: Morningstar The data has been rebased to 100 at 30 April 2015 (the start of the period covered by the graph).  SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 G Governance / Directors’ Remuneration Policy The Board’s policy is that the remuneration of the Directors should fl with reference to comparable organisations and appointments.  of a calibre appropriate to the future development of the Company. The remuneration of the Directors will take into account the duties and responsibilities of the Directors and the expected time commitment to ff The fees of the Directors are determined within the limits set out in the Company’s Articles of Association, which stipulate that the aggregate fi year or any greater sum that may be determined from time to time  fi fi attaching to the remuneration of the Directors as the Board does not believe this to be appropriate for non-executive Directors. As set out in the Company’s Articles of Association, Directors are entitled to be paid all reasonable travel, hotel or other expenses properly incurred in or about the performance of their duties as Directors, including expenses incurred in attending Board or shareholder meetings. In certain circumstances, under HMRC rules, travel and other out of pocket expenses reimbursed to the Directors fi as taxable under HMRC guidance, they are shown in the expenses column of the Directors’ remuneration table on page 48 along with the associated tax liability. Fees for any new Director appointed will be on the above basis. Fees payable in respect of subsequent periods will be determined following an annual review. No communications have been received from shareholders regarding Directors’ remuneration. The Board will consider any comments received from shareholders on the Directors’ Remuneration Policy. None of the Directors has a contract of service with the Company, but letters of appointment setting out the terms of their appointment as non-executive Directors are in place and are available on request from the Company Secretary and will be available at the Company’s Annual General Meeting. All Directors stand for re-election annually. ffi This policy was last approved by shareholders at the Annual General Meeting held in 2023. 3,623,139 votes (99.14%) were in favour, with  which were at the discretion of the Chairman were included in the “for” total. In accordance with regulations, an ordinary resolution to approve the Directors’ Remuneration Policy will be put to shareholders at least once every three years, if there have been no proposed changes to the policy in the meantime. Therefore, the Directors’ Remuneration Policy will next be put to shareholders at the AGM in 2026. Current fees for year to 30 April 2026 £ Fees for year to 30 April 2025 £ Chairman 40,000 39,300 Audit Committee Chairman 35,000 33,800 Non-executive Director 30,000 28,400 Total aggregate annual fees that may be paid 250,000 250,000  MIGO Opportunities Trust plc / Annual Report 2025 Governance / Statement of Directors’ Responsibilities in respect of the Financial Statements The Directors are responsible for preparing fi statements in accordance with applicable law and regulation. Company law requires the Directors to fi fi fi accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law). Under company law, the Directors must not fi fi ff fi fi the Directors are required to: • select suitable accounting policies and then  • state whether applicable United Kingdom Accounting Standards, including FRS 102 have been followed, subject to any material departures disclosed and explained in the fi • make judgements and accounting  and • fi the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are also responsible for keeping adequate accounting records that are ffi transactions and disclose with reasonable fi the Company and enable them to ensure that fi Remuneration Report comply with the Companies Act 2006. The Directors are responsible for the maintenance and integrity of the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination fiff legislation in other jurisdictions. Directors’ Confirmations The Directors consider that the Annual Report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position and performance, business model and strategy. Each of the Directors, whose names and functions are listed in the ‘Board of Directors’ on page 32fi knowledge: • fi have been prepared in accordance with United Kingdom Accounting Standards, including FRS 102, give a true and fair view fi fi • the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces. ffi date the Directors’ Report is approved: • so far as the Director is aware, there is no relevant audit information of which the  • they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company’s auditors are aware of that information. Approved by the Board of Directors and signed on its behalf by Richard Davidson Chairman 9 July 2025  SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 G Governance / Independent Auditors’ Report Opinion In our opinion, MIGO Opportunities Trust plc’s financial statements: • give a true and fair view of the state of the company’s affairs as at 30 April 2025 and of its return and cash flows for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and • have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements, included within the Annual Report, which comprise: the Statement of Financial Position as at 30 April 2025; the Income Statement, the Statement of Changes in Equity, the Statement of Cash Flow for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies. Our opinion is consistent with our reporting to the Audit Committee. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard were not provided. We have provided no non-audit services to the company in the period under audit. Our audit approach Overview Audit scope • We conducted our audit of the financial statements using information from the AIFM and Frostrow Capital LLP (the “Administrator”), to whom the company has engaged to provide all administrative functions. We also used information from Waystone Administration Solutions (UK) Limited, whom Frostrow Capital LLP has engaged to provide certain administrative functions. • We tailored the scope of our audit taking into account the types of investments within the Company, the involvement of the third parties referred to above, the accounting processes and controls and the industry in which the Company operates. • We obtained an understanding of the control environment in place at both the AIFM and the Administrator, and adopted a fully substantive testing approach using reports obtained from the Administrator. Key audit matters • Valuation and existence of listed investments. • Accuracy, Completeness and Occurrence of Income. Materiality • Overall materiality: £659,000 (2024: £816,000) based on 1% of Net Asset Value. • Performance materiality: £494,000 (2024: £612,000). The scope of our audit As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. Key audit matters Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit. fi to the members of MIGO Opportunities Trust plc  MIGO Opportunities Trust plc / Annual Report 2025 The key audit matters below are consistent with last year. Key audit matter How our audit addressed the key audit matter Valuation and existence of listed investments Refer to the Audit Committee Report, Accounting Policies and Note9 to the Financial Statements. The investment portfolio at 30 April 2025 consists largely of listed equity investments valued at £68.3m. We focused on the valuation and existence of listed investments as the balance is the most significant financial reporting item within the Financial Statements. Our approach to addressing the matter involved the following procedures: • Tested the valuation of all listed equity investments as at 30 April 2025 by agreeing the valuation to independent third-party sources; and • Tested the existence of all of the listed equity investments as at 30 April 2025 by agreeing investment holdings to an independent custodian confirmation. No material misstatements were identified from this testing. Accuracy, Completeness and Occurrence of Income Refer to the Audit Committee Report, Accounting Policies and Note2 to the Financial Statements. The Company has reported revenue of £2.3m (2024: £2.1m). We focused on the accuracy, completeness and occurrence of investment income as incomplete or inaccurate income could have a material impact on the Company’s net asset value. We also focused on the accounting policy for investment income recognition and the presentation of investment income in the Income Statement for compliance with the requirements of The Association of Investment Companies Statement of Recommended Practice (the “AIC SORP”), as incorrect application could indicate a misstatement in income recognition. • We assessed the accounting policy for income recognition for compliance with accounting standards and the AIC SORP and performed testing to check that income had been accounted for in accordance with the stated accounting policy. • We found that the accounting policies implemented were in accordance with accounting standards and the AIC SORP, and that income from investments has been accounted for in accordance with the stated accounting policy. • We tested accuracy for all dividend receipts by agreeing the dividend rates to independent market data. • To test for completeness, we tested, for a sample of investment holdings in the portfolio, that all dividends declared in the market had been recorded. • We tested occurrence by testing that all dividends recorded in the year have been declared in the market. No material misstatements were identified from this testing. How we tailored the audit scope We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole, taking into account the structure of the company, the accounting processes and controls, and the industry in which it operates. The Company’s accounting is delegated to the Administrator who maintains the Company’s accounting records and who has implemented controls over those accounting records. We obtained our audit evidence from substantive tests. However, as part of our risk assessment, we understood and assessed the internal controls in place at both the AIFM and the Administrator to the extent relevant to our audit. This assessment of the operating and accounting structure in place at both organisations involved obtaining and analysing the relevant controls reports issued by the independent service auditor of the AIFM and the Administrator in accordance with generally accepted assurance standards for such work. Following this assessment, we applied professional judgement to determine the extent of testing required over each balance in the financial statements. The impact of climate risk on our audit In planning our audit, we made enquiries of the Directors and the Administrator to understand the extent of the potential impact of climate change on the Company’s financial statements. In conducting our audit, we made enquiries of the Directors and the Portfolio Managers to understand the extent of the potential impact of climate change risk on the Company’s financial statements. The Directors and Portfolio Managers concluded that the impact on the measurement and disclosures within the financial statements is not material because the majority of the Company’s investment portfolio is made up of level 1 quoted securities which are valued at fair value based on market prices. We found this to be consistent with our understanding of the Company’s investment activities. We also considered the consistency of the climate change disclosures included in the Strategic Report and Investment Manager’s Report with the financial statements and our knowledge from our audit.  SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 G Materiality The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements as a whole as follows: Overall company materiality £659,000 (2024: £816,000). How we determined it 1% of Net Asset Value. Rationale for benchmark applied We believe that net assets is the primary measure used by the shareholders in assessing the performance of the entity, and is a generally accepted auditing benchmark. This benchmark provides an appropriate and consistent year on year basisfor our audit. We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining sample sizes. Our performance materiality was 75% (2024: 75%) of overall materiality, amounting to £494,000 (2024: £612,000) for the company financial statements. In determining the performance materiality, we considered a number of factors - the history of misstatements, risk assessment and aggregation risk and the effectiveness of controls - and concluded that an amount at the upper end of our normal range was appropriate. We agreed with the Audit Committee that we would report to them misstatements identified during our audit above £32,900 (2024: £40,800) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons. Conclusions relating to going concern Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting included: • evaluating the Directors’ risk assessment and considering whether it addressed relevant threats; • evaluating the Directors’ assessment of potential operational impacts, considering their consistency with other available information and our understanding of the business and assessed the potential impact on the financial statements; • reviewing the Directors’ assessment of the company’s financial position in the context of its ability to meet future expected operating expenses and debt repayments, their assessment of liquidity as well as their review of the operational resilience of the company and oversight of key third-party service providers; • assessing the premium/discount the Company’s share price trades as compared to the net asset value per share; and • assessing the implication of significant reductions in NAV as a result of a severe but plausible downside scenario in the market’s performance on the ongoing ability of the Company to operate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company’s ability to continue as a going concern. From our work on the corporate governance statement described below, we have nothing material to add or draw attention to in relation to the directors’ statement in the financial statements about whether the directors considered it appropriate to adopt the going concern basis ofaccounting. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Governance / Independent Auditors’ Report continued  MIGO Opportunities Trust plc / Annual Report 2025 Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. With respect to the Strategic report and Report of the Directors, we also considered whether the disclosures required by the UK Companies Act 2006 have been included. Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below. Strategic report and Report of the Directors In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Report of the Directors for the year ended 30 April 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Report of the Directors. Directors’ Remuneration In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006. Corporate governance statement As explained in the Corporate Governance Statement, the directors have chosen to demonstrate how the company has met its obligations under the UK Corporate Governance Code (‘the Code’) by reporting under the 2019 Association of Investment Companies’ Code of Corporate Governance (‘the AIC Code’). As such, we refer to the AIC code where we report the matters required under ISAs (UK) in respect of the directors’ statements in relation to going concern, longer-term viability and that part of the corporate governance statement relating to the company’s compliance with the provisions of the Code specified by the Listing Rules for our review. Our additional responsibilities with respect to the corporate governance statement as other information are described in the Reporting on other information section of thisreport. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the audit, and we have nothing material to add or draw attention to in relation to: • The directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks; • The disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging risks and an explanation of how these are being managed or mitigated; • The directors’ statement in the financial statements about whether they considered it appropriate to adopt the going concern basis of accounting in preparing them, and their identification of any material uncertainties to the company’s ability to continue to do so over a period of at least twelve months from the date of approval of the financial statements; • The directors’ explanation as to their assessment of the company’s prospects, the period this assessment covers and why the period is appropriate; and • The directors’ statement as to whether they have a reasonable expectation that the company will be able to continue in operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures drawing attention to any necessary qualifications orassumptions. Our review of the directors’ statement regarding the longer-term viability of the company was substantially less in scope than an audit and only consisted of making inquiries and considering the directors’ process supporting their statement; checking that the statement is in alignment with the relevant provisions of the Code; and considering whether the statement is consistent with the financial statements and our knowledge and understanding of the company and its environment obtained in the course of the audit. In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the audit: • The directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, and provides the information necessary for the members to assess the company’s position, performance, business model and strategy; • The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems; and • The section of the Annual Report describing the work of the Audit Committee. We have nothing to report in respect of our responsibility to report when the directors’ statement relating to the company’s compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified under the Listing Rules for review by the auditors. Responsibilities for the financial statements and the audit Responsibilities of the directors for the financial statements As explained more fully in the Statement of Directors’ Responsibilities in respect of the Financial Statements, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.  SR FS SI MIGO Opportunities Trust plc / Annual Report 2025 G Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or inthe aggregate, they could reasonably beexpected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of section 1158 of the Corporation Tax Act 2010, and we considered the extent to which non- compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate revenue (investment income and capital gains) or to increase net asset value.. Audit procedures performed by the engagement team included: • enquiries with the Administrator and the Audit Committee, including consideration of known or suspected instances of non-compliance with laws and regulation andfraud; • reviewing relevant meeting minutes, including those of the Audit Committee; • assessment of the company’s compliance with the requirements of section 1158 of the Corporation Tax Act 2010, including recalculation of numerical aspects of the eligibility conditions; • identifying and testing manual year end journal entries posted during the preparation of the financial statements; and • designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non- compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected. A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditors’ report. Use of this report This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown orinto whose hands it may come save where expressly agreed by our prior consent inwriting. Other required reporting Companies Act 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion: • we have not obtained all the information and explanations we require for our audit; or • adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or • certain disclosures of directors’ remuneration specified by law are not made; or • the financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. Appointment Following the recommendation of the Audit Committee, we were appointed by the members on 30 September 2016 to audit the financial statements for the year ended 30April 2017 and subsequent financial periods. The period of total uninterrupted engagement is nine years, covering the years ended 30 April 2017 to 30 April 2025. Lauren Cooper (Senior Statutory Auditor)  PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London  Governance / Independent Auditors’ Report continued  MIGO Opportunities Trust plc / Annual Report 2025  G SR SI MIGO Opportunities Trust plc / Annual Report 2025 FS Year ended 30 April 2025  Note Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000 (Losses)/gains 9 – (4,320) (4,320) – 7,895 7,895   2,310 – 2,310 2,131 – 2,131  3 (465) – (465) (495) – (495) Other expenses 4 (853) – (853) (997) – (997) Net return before finance costs and taxation 992 (4,320) (3,328) 639 7,895 8,534 Finance costs  (655) – (655) (211) – (211) Net return before taxation 337 (4,320) (3,983) 428 7,895 8,323 Taxation 6 – – – – – – Net return after taxation 337 (4,320) (3,983) 428 7,895 8,323 Basic and diluted return per share (pence) 7 1.6 (20.6) (19.0) 1.8 33.8 35.6 The total column of this statement is the Income Statement of the Company. The supplementary revenue and capital columns have been prepared in accordance with guidance issued by the AIC. All revenue and capital items in the above statement derive from continuing operations. There is no other comprehensive income and therefore no Statement of Total Comprehensive Income has been presented.   for the year ended 30 April 2025 The notes on pages 61 to 70 form part of these financial statements.  MIGO Opportunities Trust plc / Annual Report 2025 Note  share     reserve  Share  account   reserve  Revenue reserve   share-  funds  Balance at 1 May 2023 243 111 29,088 49,175 1,231 79,848 Movement for the year  13 (18) 18 – (5,750) – (5,750) Net return for the year – – – 7,895 428 8,323  8 – – – – (707) (707) Balance at 30 April 2024 225 129 29,088 51,320 952 81,714 Movement for the year  13 (33) 33 – (11,687) – (11,687) Net return for the year – – – (4,320) 337 (3,983)  8 – – – – (127) (127) Balance at 30 April 2025 192 162 29,088 35,313 1,162 65,917   for the year ended 30 April 2025 The notes on pages 61 to 70 form part of these financial statements.  G SR SI MIGO Opportunities Trust plc / Annual Report 2025 FS Note 30 April 2025 £’000 30 April 2024 £’000 Fixed assets  9 68,867 83,708 Current assets  11 892 1,107  7,843 2,365 8,735 3,472 Creditors: amounts falling due within one year   (11,685) (5,466) (11,685) (5,466) Net current liabilities (2,950) (1,994) Net assets 65,917 81,714 Share capital and reserves:  13 192 225  29,088 29,088  162 129  35,313 51,320  1,162 952 Total shareholders’ funds 65,917 81,714 Net asset value per Ordinary share (pence) 1 342.5 362.6  19,246,377 22,537,797 These financial statements on pages 57 to 70 were approved by the Board of Directors and authorised for issue on 9 July 2025, and signed on its behalf by: Richard Davidson Chairman Company No. 05020752   as at 30 April 2025 The notes on pages 61 to 70 form part of these financial statements.  MIGO Opportunities Trust plc / Annual Report 2025 Note Year ended 30 April 2025 £’000 Year ended 30 April 2024 £’000 Net cash inflow from operating activities  1,074 662 Investing activities  (29,217) (31,714)  41,034 21,909  13 – Net cash inflow/(outflow) from investing activities 11,830 (9,805) Financing activities  (11,687) (5,750)  5,000 5,000  (127) (707) Finance costs paid (590) (159) Net cash outflow from financing activities (7,404) (1,616) Increase/(decrease) in cash 5,500 (10,759) Reconciliation of net cash flow movement in funds: Cash at beginning of year 2,365 13,139  (22) (15) Increase/(decrease) in cash 5,500 (10,759) Increase/(decrease) in cash 5,478 (10,774) Cash at end of year 7,843 2,365   for the year ended 30 April 2025 The notes on pages 61 to 70 form part of these financial statements. 1 Accounting policies ffi  fi statements, are set out below: fi Accounting convention fifi     fi  Presentation of the Income Statement fl    Critical accounting judgements and key sources of estimation uncertainty fi  fifi  fi    Going concern  fiflfi  fi Income recognition 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  Capital reserve  or losses) are charged to the  ff  Revenue reserve   Capital redemption reserve   Financial assets and liabilities fififi fi  Financial Statements / Notes to the Financial Statements continued  MIGO Opportunities Trust plc / Annual Report 2025 2 Income Year ended 30 April 2025 £’000 Year ended   Income from investments:   UK dividends 1,072    Overseas dividends 1,023    Property income dividends 184  2,279  Other income   Interest income 31  Total income 2,310  3 Investment management fee Year ended 30 April 2025 Year ended 30 April 2024 Revenue £’000 Capital £’000 Total £’000 Revenue  Capital  Total  Investment management fee - Asset Value Investors Limited (from 16 December 2023) 465 – 465  –  Investment management fee - Premier Miton (to 15 December 2023) – – –  –  Further details on the investment management fee arrangements can be found on page  4 Other expenses Year ended 30 April 2025 £’000 Year ended   Frostrow Capital LLP administration fees 180  Audit fees 59  Directors’ remuneration 136  Employers NIC on directors’ remuneration 8  Legal and professional fees 32  Broker fees 42  Other expenses 396  853    and     G SR SI MIGO Opportunities Trust plc / Annual Report 2025 FS 5 Finance costs Year ended 30 April 2025 Year ended 30 April 2024 Revenue £’000 Capital £’000 Total £’000 Revenue  Capital  Total  Finance costs payable 655 – 655  –   6 Taxation Analysis of tax charge for the year Year ended 30 April 2025 Year ended 30 April 2024 Revenue £’000 Capital £’000 Total £’000 Revenue  Capital  Total  Corporation tax at 25.0% (2024: 25.0%) – – – – – – Overseas taxation – – – – – – Factors affecting total tax charge for the year : ff  Year ended 30 April 2025 Year ended 30 April 2024 Revenue £’000 Capital £’000 Total £’000 Revenue  Capital  Total  Net return before taxation 337 (4,320) (3,983)    Theoretical tax at UK corporation tax rate of 25% (2024: 25.0%) 84 (1,080) (996)    Effects of: – Non taxable dividends (379) – (379)  –  – Losses/(gains) on investment – 1,080 1,080 –   – Unrelieved expenses 295 – 295  –  Total tax charge/(credit) for the year – – – – – – Provision for deferred tax   £ff ffffi     7 Return per share  and the weighted average number of shares in issue   Financial Statements / Notes to the Financial Statements continued  MIGO Opportunities Trust plc / Annual Report 2025 8 Dividends fi pence per share or £fi  fifi  fifi 9 Investments Year ended 30 April 2025 £’000 Year ended   Investment portfolio summary Opening book cost 80,745  Opening investment holding gains 2,963  83,708  Analysis of investment portfolio movements Opening valuation 83,708    Movements in the year:   Purchases at cost 30,404    Sales – proceeds (40,934)    (Losses)/gains on investments (4,311)    Valuation at 30 April 68,867    Cost at 30 April 73,695    Investment holding (losses)/gains at 30 April (4,828)  68,867  Reconciliation on net movement in investment holding gains Year ended 30 April 2025 £’000 Year ended   Gains on disposal 3,480  Movement in investment holding (losses)/gains (7,791)  Net movement in investment holding (losses)/gains (4,311)   and   £ Fair value hierarchy fififi fi value measurement in its entirety, which are described as follows: Classification Input Level 1 Valued using quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 Valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1; and Level 3 Valued by reference to valuation techniques using inputs that are not based on observable market data.  G SR SI MIGO Opportunities Trust plc / Annual Report 2025 FS  and 2  30 April 2025 £’000   Level 1   Quoted equities 68,265  Total Level 1 68,265  Level 2   Equities – – Total Level 2 – – Level 3   Equities 602  Total Level 3 602  Total 68,867  fi  During the year, £no  Analysis of movements in Level 3 investments Year ended 30 April 2025 Level 3 £’000 Year ended  Level 3  Opening fair value of investments 196  Transfer from Level 1 488  Transfer from Level 2 – – Movement in investment holding gains (82)  Closing fair value of investments 602   10 Significant interests fi following investments: 30 April 2025 % of voting rights Security Dunedin Enterprise Investment Trust 7.2% Baker Steel Resources Trust 6.1% Ecofin US Renewables Infrastructure Trust 5.0% River UK Micro Cap 4.1% Real Estate Investors 4.0% Schroder British Opportunities Trust 3.7% Macau Property Opportunities Fund 3.6% Financial Statements / Notes to the Financial Statements continued  MIGO Opportunities Trust plc / Annual Report 2025 30 April 2024 % of voting rights Security VinaCapital Vietnam Opportunity Fund Ltd 6.1% Georgia Capital PLC 6.0% Baker Steel Resources Trust Limited 4.2% Oakley Capital Investments Limited 4.2% JPMorgan Indian Investment Trust PLC 3.7% Aquila European Renewables PLC 3.7% Tufton Oceanic Assets Limited 3.6% 11 Debtors 30 April 2025 £’000 30 April 2024 £’000 Sales of investments awaiting settlement 685 786 Dividends and interest receivable 104 219 Prepayments and other debtors 103 102 892 1,107 12 Creditors: amounts falling due within one year 30 April 2025 £’000 30 April 2024 £’000 Drawdowns from revolving credit facility 10,000 5,000 Purchases of investments awaiting settlement 1,373 186 Other creditors 312 280 11,685 5,466 The Company has a £10,000,000 (2024: £10,000,000) unsecured revolving credit facility (“RCF”), which was fully drawn as at 30 April 2025 (2024: £5,000,000). The RCF with the Royal Bank of Scotland International Limited, London Branch (the “Bank”) was in place during the year, bearing interest at the rate of 1.45% over SONIA on any drawn balance and 0.72% on any undrawn balance. The RCF was originally agreed on 5. On 6ff   which shall at all times be equal to or greater than £25,000,000. If the Company breaches either covenant, then it is required to notify the Bank of any default and any steps being taken to remedy it.  G SR SI MIGO Opportunities Trust plc / Annual Report 2025 FS 13 Called up share capital 30 April 2025 £’000    19,246,377 (2024: 22,537,797) Ordinary shares of 1p each 192 225    no  14 Net asset value per Ordinary share   15 Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities Year ended 30 April 2025 £’000 Year ended   Net return before finance costs and taxation (3,328)  Adjustments for:   Losses/(gains) on investments 4,320    Decrease in creditors (32)    Decrease in debtors 114  Net cash inflow from operating activities 1,074  16 Analysis of financial assets and liabilities fi  The principal risks the Company faces in its portfolio management activities are: • flflfi  • fifl  • flflfi • fl • ffifi • fifi fifffi   Currency Risk  seven two   by ff  ff  Financial Statements / Notes to the Financial Statements continued  MIGO Opportunities Trust plc / Annual Report 2025   Interest Rate Risk fifi fiff  and      fl balances were £ Other Price Risk 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  endedffi  Credit Risk fi  fi  fi Capital Management  covenants relating to the loan facility are: •  •   G SR SI MIGO Opportunities Trust plc / Annual Report 2025 FS  accordance with its investment policy in pursuit of its investment objective detailed on pages  and   30 April 2025 £’000   The Company’s capital at 30 April comprised: Debt    Drawdown from revolving credit facility 10,000  Equity   Equity share capital 192 225   Retained earnings and other reserves 65,725  65,917  Debt as a percentage of net assets 15.2%  Gearing fi ff fi 17 Related parties The following are considered to be related parties: •   •  retiredfffi   18 Transactions with management    and also in note 3 on page  19 Contingent liabilities and capital commitments   20 Subsequent events         fi Financial Statements / Notes to the Financial Statements continued  MIGO Opportunities Trust plc / Annual Report 2025 Share Dealing Shares can be traded through your usual stockbroker or other authorised intermediary. The Company’s Ordinary shares are traded on the main market of the London Stock Exchange. The Company’s shares are fully qualifying investments for Individual Savings Accounts (“ISAs”). Share Register Enquiries The register for the Company’s ordinary shares is maintained by Computershare Investor Services PLC. If you would like to notify a change of name or address, please contact the registrar in writing to Computershare Investor Services PLC, the Pavilions, Bridgwater Road, Bristol BS99 6ZZ. With queries in respect of your shareholdings, please contact Computershare on 0370 889 3231 (lines are open from 8.30 am to 5.30 pm, UK time, Monday to Friday). Alternatively, you can email WebCorres@computershare.co.uk or contact the Registrar via www.investorcentre.co.uk. Share Capital and Net Asset Value Information Ordinary 1p shares 19,246,377 as at 30 April 2025 SEDOL number 3436594 ISIN number GB0034365949 Bloomberg symbol MIGO The Company releases its net asset value per Ordinary share to the London Stock Exchange daily. Financial Calendar Company’s year end 30 April Company’s half-year end 31 October Annual results announced July Half-Yearly results announced December Annual General Meeting 18 September 2025 Annual and Half-Yearly Reports Copies of the Annual Reports are available from the Company Secretary on 0203 008 4910 and on the Company’s website, www.migoplc.co.uk. Copies of the Half-Yearly Reports are only available on the Company’s website. AIFM: Asset Value Investors Limited The Company’s AIFM is Asset Value Investors Limited. Investor updates in the form of monthly factsheets are available from the Company’s website, www.migoplc.co.uk Association of Investment Companies The Company is a member of the Association of Investment Companies. Legal Entity Identifier 21380075RRMI7D4NQS20 MIGO Opportunities Trust plc / Annual Report 2025  SI G SR FS Further Information and Notice of AGM / Shareholder Information Further Information and Notice of AGM / UK AIFMD Disclosures Alternative Investment Fund Managers’ Directive (“UK AIFMD”) Disclosures fi ff ff fi Pre-investment Disclosures of the AIFM The AIFMD requires certain information to be made available to investors in Alternative Investment Funds (“AIFs”) before they invest and requires that material changes to this information be disclosed in the annual report of each AIF. Those disclosures that are required to be made pre-investment are included within an AIFMD Investor Disclosure Document. This, together with other necessary disclosures required under AIFMD, can be found on the Company’s website www.migoplc.co.uk. Remuneration Disclosure All authorised AIFMs are required to comply with the AIFMD Remuneration Code. The AIFM’s remuneration disclosures can be found on the Company’s website www.migoplc.co.uk. AIFMD Leverage Limits The maximum level of leverage which the Investment Manager may employ on behalf of the Company and the levels as at 30 April 2025 are set fi Leverage exposure Maximum gross leverage Maximum commitment Maximum level 200% 200% Actual level 100% 100% Source: Asset Value Investors Limited MIGO Opportunities Trust plc / Annual Report 2025  Further Information and Notice of AGM / Glossary and Alternative Performance Measures Adjusted Market Capitalisation ffi business day in the relevant calendar month multiplied by the number of Ordinary shares in issue on the last business day of the relevant calendar month, adjusted by adding the amount per Ordinary share of all dividends declared in respect of which Ordinary shares have gone shares held in treasury. Alternative Performance Measures fifi flfi fi UK AIFMD fi investment vehicles, including investment companies, as Alternative Investment Funds (“AIFs”) and requires them to appoint an Alternative Investment Fund Manager (“AIFM”) and depositary to manage and oversee the operations of the investment vehicle. The Board of the Company fi AIFM The Alternative Investment Fund Manager of the Company is Asset Value Investors Limited. Premium/(Discount) (APM) If the share price of an investment trust is lower than the NAV per share, the shares are said to be trading at a discount. If the share price is higher than the NAV per share, the shares are said to be trading at a premium. The size of the discount or premium is calculated by subtracting the share price from the NAV per share and then dividing by the NAV per share. Year ended 30 April 2025 Year ended 30 April 2024 Closing NAV per share (p) 342.5 362.6 Closing share price (p) 327.0 346.0 Discount (4.5)%  Gearing (APM) fi ff fi Gearing is calculated in accordance with guidance from the AIC as follows: The amount of borrowings as a proportion of net assets, expressed as a percentage. As at 30 April 2025 £’000 As at 30 April 2024 £’000 Total borrowings 10,000 5,000 Total net assets 65,917 81,714 Gearing 15.2%  Leverage fi  gearing in the Company. There are two methods of calculating leverage as follows: The Gross Method is calculated as total exposure divided by shareholders’ funds. Total exposure is calculated as net assets, less cash and cash equivalents, adding back cash borrowing. The Commitment Method is calculated as total exposure divided by Shareholders’ Funds. In this instance total exposure is calculated as net assets, less cash and cash equivalents, adding back cash borrowing adjusted for netting and hedging arrangements. MIGO Opportunities Trust plc / Annual Report 2025  SI G SR FS Net Asset Value per share (“NAV”) (APM) The NAV is shareholders’ funds expressed as an amount per individual share. Shareholders’ funds are the total value of all the Company’s assets, at current market value, having deducted all liabilities and prior charges at their par value (or at their asset value). Ongoing Charges (APM) fifi costs and certain non-recurring items) expressed as a percentage of the average monthly net assets of the Company during the year. Year ended 30 April 2025 £’000 Year ended 30 April 2024 £’000 Total expenses from note 3 and note 4 1,318 1,492 Less non-recurring expenses (37) (252) Total ongoing charges 1,281 1,240 Average net assets 76,098 80,850 Ongoing charges ratio 1.7%  fl investment portfolio. Consistent with the AIC guidance, the ongoing charges percentage excludes non-recurring items. Non-recurring expenses in the year ended 30 April 2025 relate to costs incurred on the Company’s realisation opportunity in September 2024. Non-recurring expenses in the year ended 30 April 2024 relate to costs incurred on the transition of Investment Manager and AIFM from Premier Miton to Asset-Value Investors. Total Returns (APM) ff ff to have been reinvested in either additional shares of the Company at the time the shares go ex-dividend (the share price total return) or in the assets of the Company at its NAV per share (the NAV total return). NAV Total Return (APM) One year to 30 April 2025 Three years to 30 April 2025 Five years to 30 April 2025 Ten years to 30 April 2025 6 April 2004 (launch) to 30 April 2025 Closing NAV per share (p) 342.5 342.5 342.5 342.5 342.5 Opening NAV per share (p) 362.6 362.6 223.1 181.7 102.5 Dividend reinvested (p) 0.6 4.0 4.0 4.0 4.0 NAV total return (5.4%) (4.4%) 55.3% 90.7% 238.1% Share Price Total Return (APM) One year to 30 April 2025 Three years to 30 April 2025 Five years to 30 April 2025 Ten years to 30 April 2025 6 April 2004 (launch) to 30 April 2025 Closing share price (p) 327.0 327.0 327.0 327.0 327.0 Opening share price (p) 346.0 355.5 214.0 162.8 97.3 Dividend reinvested (p) 0.6 4.0 4.0 4.0 4.0 Share price total return (5.3%) (6.9%) 54.7% 103.4% 240.1% Further Information and Notice of AGM / Glossary and Alternative Performance Measures continued MIGO Opportunities Trust plc / Annual Report 2025  NAV Volatility ff daily NAV or closing prices over the relevant year and calculating the standard deviation of those prices. The daily standard deviation is then multiplied by an annualisation factor being the square root of the number of the trading days in the year. Year ended 30 April 2025 £’000 Year ended 30 April 2024 £’000 Standard deviation of daily NAV (A) 0.6%  Number of trading days 253 253 Square root of the number of trading days (B) 15.9 15.9 Annualised volatility (AB) 8.9%  Benchmark  fi fl by placing money on deposit. MIGO Opportunities Trust plc / Annual Report 2025  SI G SR FS Retail investors advised by IFAs ff ordinary retail investors in accordance with the Financial Conduct Authority (“FCA”) rules in relation to non-mainstream investment procedures and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust. Investment platforms fi intermediary. The shares are available through savings plans (including Investment Dealing Accounts, ISAs, Junior ISAs and SIPPs) which facilitate ff these facilities. A list that is not comprehensive nor constitutes any form of recommendation, can be found below: AJ Bell YouInvest www.youinvest.co.uk Barclays Smart Investor www.barclays.co.uk/smart-investor Bestinvest www.bestinvest.co.uk Charles Stanley Direct www.charles-stanley-direct.co.uk Fidelity Personal Investing fi Halifax Investing www.halifax.co.uk/investing.html Hargreaves Lansdown www.hl.co.uk iDealing www.idealing.com IG www.ig.com/uk/investments/sharedealing interactive investor www.ii.co.uk iWeb www.iweb-sharedealing.co.uk Share Deal active www.sharedealactive.co.uk Tillit https://tillitinvest.com Willis Owen www.willisowen.co.uk X-O www.x-o.co.uk Computershare Investor Services PLC – share dealing service For details of Computershare’s dealing services, please visit www.computershare.com/dealing/uk. Risk warnings • Past performance is no guarantee of future performance. • The value of your investment and any income from it may go down as well as up and you may not get back the amount invested. This is because the share price is determined, in part, by the changing conditions in the relevant stock markets in which the Company invests and by the supply and demand for the Company’s shares. • As the shares in an investment trust are traded on a stock fl fl ff • fi ff fall with movements in exchange rates. • Investors should note that tax rates and reliefs may change at any time in the future. • The value of ISA, Junior ISA and SIPP tax advantages will depend on personal circumstances. The favourable tax treatment of ISAs, Junior ISAs and SIPPs may not be maintained. Further Information and Notice of AGM / How to Invest MIGO Opportunities Trust plc / Annual Report 2025  fi ffi Resolutions 1 to 9 (inclusive) are proposed as Ordinary Resolutions and Resolutions 10 to 12 (inclusive) are proposed as Special Resolutions. Ordinary Resolutions  fi 2 To receive and approve the Directors’ Remuneration Report for the year ended 30 April 2025. 3 To re-elect Mr Richard Davidson as a Director of the Company. 4 To re-elect Ms Caroline Gulliver as a Director of the Company. 5 To re-elect Ms Lucy Costa Duarte as a Director of the Company. 6 To re-elect Mr Ian Henderson as a Director of the Company. 7 To re-appoint PricewaterhouseCoopers LLP as Auditor of the Company. 8 To authorise the Audit Committee to determine the Auditor’s remuneration. 9 THAT the Directors of the Company be and are hereby generally and unconditionally authorised (in substitution for any authorities previously granted to the Directors to the extent unused) pursuant to Section 551 of the Companies Act 2006 (the “Act”) to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for or to convert any security into shares in the Company (“Rights”) up to an aggregate nominal amount of £63,034 (representing approximately one-third of the issued share capital (excluding treasury shares) as at the date of the notice of AGM or, if changed, the number representing one third of the issued share capital of the Company at the date at which this resolution is passed) during the period commencing on the passing of this Resolution and expiring (unless previously revoked, varied, renewed or extended by the Company in general meeting) at the conclusion of the Annual General Meeting of the Company to be ff or agreements which would or might require shares to be allotted or Rights to be granted after the expiry of the Section 551 period and the ff expired. Special Resolutions 10 THAT in substitution for any existing power under Section 570 of the Companies Act 2006 (the “Act”), but without prejudice to the exercise of any such power prior to the date of this Resolution, the Directors be and they are hereby empowered, in accordance with Sections 570 fi the Act conferred on the Directors by Resolution 9 above as if Section 561(1) of the Act did not apply to any such allotment or sale, up to an aggregate nominal amount of £18,910  resolution is passed) at a price per share not less than the net asset value per share, such power to expire at the conclusion of the Annual General Meeting of the Company to be held in 2026, unless previously revoked, varied or renewed by the Company in General Meeting, save ff equity securities or relevant shares to be allotted or sold after the expiry of such power and the Directors may allot equity securities or sell ff 11 THAT the Company is hereby generally and unconditionally authorised in accordance with Section 701 of the Companies Act 2006 (the “Act”) to make purchases (within the meaning of Section 693(4) of the Act) of Ordinary shares of 1p each in the capital of the Company (‘Ordinary shares’) for cancellation or for placing into Treasury provided that: (a) the maximum number of Ordinary shares authorised to be acquired shall be 2,834,663ff     (c) the maximum price (exclusive of expenses) which may be paid for each Ordinary share, shall not be more than the higher of: ffi fi   Further Information and Notice of AGM / Notice of Annual General Meeting MIGO Opportunities Trust plc / Annual Report 2025  SI G SR FS (d) this authority will (unless renewed) expire at the conclusion of the next Annual General Meeting of the Company held after the date on  (e) the Company may make a contract of purchase for Ordinary shares under this authority before this authority expires which will or may  (f) any Ordinary shares bought back under the authority hereby granted may, at the discretion of the Directors, be cancelled or held in Treasury and if held in Treasury may be resold from Treasury or cancelled at the discretion of the Directors. 12 THAT a general meeting other than an annual general meeting may be called on not less than 14 clear days’ notice. All shareholders should look on the Company’s website, www.migoplc.co.uk, for any last changes to the AGM arrangements. In any case, all shareholders are strongly advised to exercise their votes in advance of the meeting by proxy, by following the voting instructions overleaf. By order of the Board Frostrow Capital LLP, Company Secretary MIGO Opportunities Trust plc ffi 9 July 2025 Petition to change the law so all investors can vote their shares fi owners of shares or their advisers. This would allow investors or their advisers to vote their shares without obstacles or additional charges. Some investment platforms do not pass on shareholder rights, such as the right to vote and attend meetings, or charge high fees for doing so. This may prevent retail investors having a say on the future of the company and their investments. fi stock market to deliver growth and prosperity. https://petition.parliament.uk/petitions/716003/signatures/new At 10,000 signatures, government will respond to this petition At 100,000 signatures, this petition will be considered for debate in Parliament Further Information and Notice of AGM / Notice of Annual General Meeting continued MIGO Opportunities Trust plc / Annual Report 2025  Notes As a shareholder, you have the right to attend, speak and vote at the forthcoming Annual General Meeting or at any adjournment(s) thereof.  Note 1: To be entitled to attend and vote at the meeting (and for the purpose of the determination by the Company of the number of votes they may cast) members must be entered on the Company’s register of members at the close of business on 16 September 2025  at the close of business on the day which is 48 hours prior to the adjourned meeting) and shall be entitled to attend in person or by proxy and vote at the Annual General Meeting in respect of the number of shares registered in their name at that time. Changes to entries on the Register of Members after that time shall be disregarded in determining the rights of any person to attend or vote at the meeting. Note 2: A member entitled to attend and vote at this meeting may appoint one or more persons as his/her proxy to attend, speak and vote on his/her behalf at the meeting. A proxy need not be a member of the Company but must attend the meeting for the voting rights conferred to be exercised. If multiple proxies are appointed they must not be appointed in respect of the same shares. To appoint more than one proxy, shareholders will need to complete a separate proxy form in relation to each appointment. Each proxy appointment must state clearly the number of shares in relation to which the proxy is appointed. A failure to specify the number of shares to which each proxy appointment relates or specifying an aggregate number of shares in excess of those held by the member will result in the proxy appointment being invalid. Please indicate if the proxy instruction is one of multiple instructions being given. A proxy form for use in connection with the Annual General Meeting is enclosed. To be valid, any proxy form or other instrument fi be received by post or (during normal business hours only) by hand by the Registrar at Computershare Investor Services PLC,  General Meeting or any adjournment of that meeting. If you do not have a proxy form and believe that you should have one, or you require additional proxy forms, please contact the Registrar on 0370 889 3231. Lines are open between 8.30am and 5.30pm, Monday to Friday. The Registrar’s overseas helpline number is +44 370 889 3231. The appointment of a proxy will not prevent a member from attending the meeting and voting in person if he/she so wishes.  by proxy shall have one vote for every Ordinary share of which he/she is the holder. The termination of the authority of a person to fi In the case of joint holders of a share, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the vote or votes of the other joint holder or holders, and seniority shall be determined by the order in which the names of the holders stand in the register. Any question relevant to the business of the Annual General Meeting may be asked at the meeting by anyone permitted to speak at the meeting. You may alternatively submit your question in advance by letter addressed to the Company Secretary at the registered ffi Note 3: A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the resolutions. If no voting indication is given, a proxy may vote or abstain from voting at his/her discretion. A proxy may vote (or abstain fi Note 4: A person to whom this notice is sent who is a person nominated under Section 146 of the Companies Act 2006 to enjoy information rights (a “Nominated Person”) may, under an agreement between him/her and the shareholder by whom he/she was nominated, have a right to be appointed (or to have someone else appointed) as a proxy for the Annual General Meeting. If a Nominated Person has no such proxy appointment right or does not wish to exercise it, he/she may, under any such agreement, have a right to give instructions to the shareholder as to the exercise of voting rights. Note 5: The statements of the rights of members in relation to the appointment of proxies in Notes 1 and 2 above do not apply to a Nominated Person. The rights described in those Notes can only be exercised by registered members of the Company. Note 6: As at 9 July 2025 (being the date of publication of this notice) the Company’s issued share capital and total voting rights amounted to 18,910,363 Ordinary shares carrying one vote each. MIGO Opportunities Trust plc / Annual Report 2025  SI G SR FS Note 7: A person authorised by a corporation is entitled to exercise (on behalf of the corporation) the same powers as the corporation could exercise if it were an individual member of the Company. On a vote on a resolution on a show of hands, each authorised person has the same voting rights as the corporation would be entitled to. On a vote on a resolution on a poll, if more than one authorised person purports to exercise a power in respect of the same shares:    b) if they do not purport to exercise the power in the same way as each other, the power is treated as not exercised. Note 8: Shareholders should note that it is possible that, pursuant to requests made by shareholders of the Company under Section 527 of the Companies Act 2006, the Company may be required to publish on a website a statement setting out any matter relating to: fi ffi fi Act 2006. The Company may not require the shareholders requesting any such website publication to pay its expenses in complying with Sections 527 or 528 of the Companies Act 2006. Where the Company is required to place a statement on a website under Section 527 of the Companies Act 2006, it must forward the statement to the Company’s auditors not later than the time when it makes the statement available on the website. The business which may be dealt with at the Annual General Meeting includes any statement that the Company has been required under Section 527 of the Companies Act 2006 to publish on a website. Note 9: In accordance with Section 319A of the Companies Act 2006, the Company must cause any question relating to the business being dealt with at the meeting put by a member attending the meeting to be answered. No such answer need be given if: a) to do so would: (i) interfere unduly with the preparation for the meeting, or    fi    c) it is undesirable in the interests of the Company or the good order of the meeting that the question be answered. Note 10: CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do so for this meeting by following the procedures described in the CREST Manual. CREST personal members or other CREST sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf. In order for a proxy appointment or instruction made by means of CREST to be valid, the appropriate CREST message (a “CREST fi required for such instructions, as described in the CREST Manual. The message, in order to be valid, must be transmitted so as to be fi this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Applications Host) from which the Registrar is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time, any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means. CREST members and, where applicable, their CREST sponsors or voting service providers should note that Euroclear does not make available special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.  fi Securities Regulations 2001. Further Information and Notice of AGM / Notice of Annual General Meeting continued MIGO Opportunities Trust plc / Annual Report 2025  Note 11: The Annual Report incorporating this Notice of Annual General Meeting and, if applicable, any members’ statements, members’ resolutions or members’ matters of business received by the Company after the date of this Notice, will be available on the Company’s website: www.migoplc.co.uk Note 12: None of the Directors has a contract of service with the Company. A copy of the letters of appointment of the Directors will be ffi fi meeting. Location of the Annual General Meeting ffi Thursday, 18 September 2025 at 12 noon. MIGO Opportunities Trust plc / Annual Report 2025  SI G SR FS Resolutions 1 to 9 will be proposed as ordinary resolutions and Resolutions 10 to 12 will be proposed as special resolutions. Resolution 1 – To receive the Annual Report and Financial Statements The Annual Report and Financial Statements for the year ended 30 April 2025 will be presented to the AGM and shareholders will be given an opportunity at the meeting to ask questions. The Annual Report and Financial Statements will be mailed to shareholders and can also be found on the Company’s website at www.migoplc.co.uk. Resolutions 2 – To receive and approve the Directors’ Remuneration Report Resolution 2 relates to the Directors’ Remuneration Report which is set out in full on pages 48 and 49 of the Annual Report. Resolutions 3 to 6 – Re-election of Directors Resolutions 3 to 6 deal with the re-election of each Director. Biographies of each of the Directors can be found on page 32 of the Annual Report. fiff Resolutions 7 and 8 – Re-appointment of auditors Resolution 7ffi next Annual General Meeting of the Company and Resolution 8 authorises the Audit Committee to set their remuneration. Following the implementation of the Competition and Markets Authority order on Statutory Audit Services only the Audit Committee may negotiate and agree the terms of the auditors’ service agreement. Resolution 9 – Authority to allot ordinary shares Resolution 9, an ordinary resolution as set out in the Notice of AGM, if passed, will renew the Directors’ authority to allot shares in accordance with statutory pre-emption rights. This resolution will authorise the Board to allot ordinary shares generally and unconditionally in accordance with section 551 of Companies Act 2006 up to an aggregate nominal value of £63,034, representing approximately one third of the Company’s issued share capital as at the date of the Notice of AGM or, if changed, the number representing one third of the issued share capital of the Company at the date at which this resolution is passed. The Company does not currently hold any shares in treasury. The Board believes that the passing of Resolution 9 is in the shareholders’ interests as the authority is intended to be used for funding investment opportunities sourced by the Investment Manager, thereby mitigating any potential dilution of investment returns for existing shareholders, and the Directors will only issue new ordinary shares at a price above the prevailing NAV per Ordinary share. The authority, if given, will lapse at the conclusion of the 2026 AGM of the Company. The Directors do not currently intend to allot shares other than to take advantage of opportunities in the market as they arise and only if they believe it would be advantageous to the Company’s shareholders to do so. Resolution 10 – Disapplication of pre-emption rights Resolution 10, a special resolution, is being proposed to authorise the Directors to disapply the statutory pre-emption rights of existing shareholders in relation to the issue of shares under Resolution 9, for cash or the sale of shares out of treasury up to an aggregate nominal amount of £18,910 issued share capital immediately upon the passing of this resolution. In respect of Resolution 10, shares would only be issued at a price above the prevailing NAV per share. The Directors will only issue shares on a non-pre-emptive basis if they believe it would be in the best interests of the Company’s shareholders. Resolution 11 – Purchase of own shares Resolution 11, a special resolution, will renew the Company’s authority to make market purchases of up to 2,834,663 ordinary shares (being  the Directors. Purchases of ordinary shares will be made within guidelines established from time to time by the Board. Any purchase of ordinary shares would be made only out of the available cash resources of the Company. The maximum price which may be paid for an Ordinary share fi purchase is made, or (ii) the higher of the price of the last independent trade and the highest current independent bid for the Ordinary shares on the trading venue where the purchase is carried out. The minimum price which may be paid is £0.01 per Ordinary share. fi shares and to manage the discount to NAV at which the ordinary shares trade. Ordinary shares will be repurchased only at prices below the NAV ff This authority, if approved by shareholders, will expire at the AGM to be held in 2026, when a resolution for its renewal will be proposed. Further Information and Notice of AGM / Explanatory Notes to the Resolutions MIGO Opportunities Trust plc / Annual Report 2025  Resolution 12 – Notice period for general meetings In terms of the Companies Act 2006, the notice period for general meetings (other than an AGM) is 21 clear days’ notice unless the Company: (i) has gained shareholder approval for the holding of general meetings on 14 clear days’ notice by passing a special resolution at the most   ff The Company would like to preserve its ability to call general meetings (other than an annual general meeting) on less than 21 clear days’ notice. The shorter notice period proposed by resolution 12fl ff date of the AGM to be held in 2026, when it is intended that a similar resolution will be proposed. Directors’ Recommendation The Directors consider each resolution being proposed at the AGM to be in the best interests of the Company and shareholders as a whole and fi MIGO Opportunities Trust plc / Annual Report 2025  SI G SR FS Directors Richard Davidson (Chairman of the Board and the Management Engagement Committee) Caroline Gulliver (Chair of the Audit Committee and Senior Independent Director) Lucy Costa Duarte Ian Henderson Company Secretary and Administrator Frostrow Capital LLP 25 Southampton Buildings London WC2A 1AL Telephone: 0203 008 4910 Email: info@frostrow.com Website: www.frostrow.com Registered Office 25 Southampton Buildings London WC2A 1AL AIFM and Investment Manager Asset Value Investors Limited 2 Cavendish Square London W1G 0PU Website: www.assetvalueinvestors.com Independent Auditors PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT Stockbroker Deutsche Bank AG, London Branch (trading for these purposes as Deutsche Numis) 45 Gresham Street London EC2V 7BF Depositary JP Morgan Europe Limited 25 Bank Street London E14 5JP Custodian JP Morgan Chase Bank, N.A., London Branch 25 Bank Street London E14 5JP Registrar Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS99 6ZZ Telephone: (0) 370 889 3231 Email: WebCorres@computershare.co.uk Website: www.investorcentre.co.uk fi holding in the Company’s Shares. * Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 8.30 a.m. to 5.30 p.m., Monday to Friday excluding public holidays in England and Wales. Identification Codes SEDOL: 3436594 ISIN: GB0034365949 Ticker: MIGO Legal Identity Identifier (“LEI”): 21380075RRMI7D4NQS20 Global Intermediary Identification Number (“GIIN”): JSHFPW.99999.SL.826 A member of the Association of Investment Companies Further Information and Notice of AGM / Contact Details of the Advisers FCA regulation of non-mainstream investment products ff  investment products and intends to continue to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust. MIGO Opportunities Trust plc / Annual Report 2025  MIGO Opportunities Trust plc / Annual Report 2025 MIGO Opportunities Trust plc / Annual Report 2025   SI G SR FS INVESTMENT OBJECTIVE The objective of MIGO Opportunities Trust plc (the “Company” or “MIGO”) is to outperform SONIA plus 2% (the “Benchmark”) over the longer term, ffi   fi fl    The investment policy of the Company is set out on pages 1819 OVERVIEW OF STRATEGY – A unique investment proposition which exposes investors to the  investment companies  fi fiffi   fi  flfl  –  a higher conviction approach to managing MIGO, to align with the    NET ASSETS+ £ million LAUNCH DATE  10-YEAR NAV TOTAL RETURN+ %* ONGOING CHARGES RATIO+ %    Glossary on pages  to  *  Welcome to our 2025 Annual Report COMPANY SUMMARY Benchmark  Alternative Investment Fund Manager (“AIFM”) and Investment Manager  Capital structure  Management fee  April It has s will be of MIGO  Seepage26 Website  Environment  fi  MIGO Opportunities Trust plc / Annual Report 2025 Global Vision Diverse Opportunities Annual Report 2025 MIGO OPPORTUNITIES TRUST PLC MIGO Opportunities Trust plc/Annual Report 2025