Murray International Trust PLC

murray-intl.co.uk Murray International Trust PLC A high conviction global portfolio designed to deliver a strong and rising income and to grow capital Annual Report 31 December 2024 Glasgow’s Finnieston Crane, a symbol of the city’s industrial heritage. The Company’s roots can be traced back to Glasgow’s thriving industrial and shipbuilding-based economy Murray International Trust PLC 1 “Our global portfolio, diversified by geography and sector remains focused on companies exhibiting robust earnings, strong balance sheets, and positive, growing cash flows which are expected to deliver an attractive combination of long-term growth in revenue to support our dividend as well as capital growth ahead of inflation” Virginia Holmes, Chair “Over the full financial year, the Company’s NAV total return was 8.1%, delivering real growth ahead of the UK Retail Price Index (“RPI”) rate of 3.5%, which continued to moderate” Martin Connaghan and Samantha Fitzpatrick, abrdn Investments Limited 2 Murray International Trust PLC Net asset value total return AB – 2024 Share price total return AB – 2024 +8.1% +4.5% 2023 +8.6% 2023 +1.1% Retail Price Index B – 2024 Reference Index total return BC – 2024 3.5% +19.8% 2023 5.2% 2023 +15.7% Dividends per share BE – 2024 Revenue return per share B – 2024 11.8 p 11.6 p 2023 11.5p 2023 12.1p Dividend yield AD – 2024 Net gearing AD – 2024 4.6% 6.1% 2023 4.5% 2023 8.0% Ongoing charges ratio AD – 2024 Discount to net asset value AD – 2024 0.52% –7.5% 2023 0.53% 2023 –4.0% A Alternative Performance Measure (see pages 118 to 120). B For the year to 31 December. C Reference Index is FTSE All World TR Index. D As at 31 December. E Dividends declared for the year to which they relate and assuming shareholder approval of final dividend. Performance Hi g hli g hts Murray International Trust PLC 3 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION . If you are in any doubt about the action you should take, you are recommended to seek your own independent financial advice from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom or, if not, from another appropriately authorised financial adviser. If you have sold or otherwise transferred all your Ordinary shares in Murray International Trust PLC, please forward this document, together with the accompanying documents immediately to the purchaser or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. Overview Financial Calendar 4 Financial Highlights 5 Strategic Report Chair’s Statement 8 Investment Manager's Review 11 The Manager’s Investment Process 19 Investment Case Studies 22 Key Performance Indicators (KPIs) 29 Performance Track Record 30 Investment Objective and Investment Policy 33 Promoting Your Company’s Success 34 Risk Management and Viability 40 Portfolio Ten Largest Investments 46 List of Investments 47 Summary of Net Assets 49 Sector/Geographical Analysis 50 Governance Board of Directors 56 Directors’ Report 59 Directors’ Remuneration Report 67 Report of Audit and Risk Committee 71 Statement of Directors’ Responsibilities 74 Independent Auditor’s Report to the Members of Murray International Trust PLC 75 Financial Statements Statement of Comprehensive Income 86 Statement of Financial Position 87 Statement of Changes in Equity 88 Statement of Cash Flows 89 Notes to the Financial Statements 90 Securities Financing Transactions Disclosure 115 Alternative Performance Measures 118 Corporate Information ESG and Climate Related Factors 122 Investor Information 124 Glossary of Terms 127 General Notice of Annual General Meeting 131 Shareholder Information 136 Contact Addresses 137 Contents 4 Murray International Trust PLC Payment dates of future quarterly dividends 19 May 2025 15 August 2025 18 November 2025 17 February 2026 Financial year end 31 December Online Shareholder Presentation Monday 31 March at 11.00 a.m. Annual General Meeting (London) Thursday 24 April 2025 at 12:30 p.m. Dividends Rate Ex-dividend date Record date Payment date 1st interim 2.5p 4 July 2024 5 July 2024 16 August 2024 2nd interim 2.5p 3 October 2024 4 October 2024 18 November 2024 3rd interim 2.5p 2 January 2025 3 January 2025 17 February 2025 Proposed final 4.3p 3 April 2025 4 April 2025 19 May 2025 Total dividends 11.8p Financial Calendar Murray International Trust PLC 5 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements 31 December 2024 31 December 2023 % change Total assets A £1,788.8m £1,808.8m –1.1 Net assets £1,678.8m £1,668.9m +0.6 Market capitalisation £1,553.1m £1,601.8m –3.0 Net Asset Value per Ordinary share B 278.4p 268.8p +3.6 Share price per Ordinary share (mid market) B 257.5p 258.0p –0.2 Discount to Net Asset Value per Ordinary share C –7.5% –4.0% Net gearing C 6.1% 8.0% Revenue return per share 11.6p 12.1p –4.1 Dividends per share D 11.8p 11.5p +2.6 Dividend cover (including proposed final dividend) C 0.98x 1.05x Dividend yield C 4.6% 4.5% Revenue reserves E £74.2m £75.1m Ongoing charges ratio C 0.52% 0.53% A See definition on page 129. B Capital values. C Considered to be an Alternative Performance Measure as defined on pages 118 and 119. D The figure for dividends per share reflects the years to which their declaration relates (see note 8 on page 96) and assuming approval of the final dividend of 4.3p (2023 – final dividend of 4.3p). E The revenue reserve figure does not take account of the third interim and final dividends amounting to £15,078,000 and £25,590,000 respectively (2023 – third interim dividend of £14,890,000 and final dividend of £26,592,000). Net asset value per share Dividends per share Mid-Market price per share At 31 December – pence Year ended 31 December – pence At 31 December – pence 228 248 259 269 278 20 21 22 23 24 10.9 11.0 11.2 11 .5 11.8 20 21 22 23 24 226 231 267 258 258 20 21 22 23 24 Financial Hi g hli g hts 6 Murray International Trust PLC Strategic Report Murray International Trust PLC 7 Murray International Trust PLC is an investment company listed on the main market of the London Stock Exchange. The Company is an approved investment trust and aims to achieve an above average dividend yield, with long-term growth in dividends and capital ahead of inflation, by investing principally in global equities 8 Murray International Trust PLC I am pleased to present this Annual Report for the year ended 31 December 2024. Background Capital markets continued to highlight the complex relationship between economic fundamentals, politics and financial market performance in 2024. As the year began, consensus expectations were for easing inflation and numerous rate cuts in the coming 12 months. As the year progressed, whilst cautiously optimistic about the easing inflationary pressures, central banks remained vigilant and announced fewer rate cuts than commentators had been predicting. It was also one of the most significant global election years in history, with around half of the world's population heading to the polls and key elections taking place in countries including the United States, the UK, across Europe and India. Financial markets once again demonstrated their ability to defy conventional market theory. Despite the challenging economic backdrop and political noise, overall equity markets experienced a notable rally during 2024. This surge was driven mainly by continued excitement around the potential for Artificial Intelligence (“AI”) and a momentum-driven desire to own the "Magnificent Seven" US technology stocks. A short-lived market correction in early August was the result of the combination of an interest rate hike in Japan and a concerning jobs report in the United States. This triggered widespread declines across major indices yet ultimately did little to dampen investors' spirits. Equity markets quickly dusted themselves down, and by the time of the election in the United States and the resulting re-election of President Trump to a second term, investors, buoyed by the prospect of lower taxes and potential fiscal stimulus measures, propelled the markets to new highs. Ultimately, 2024 was another strong year for global equity market returns. Performance Against this background, the Company's net asset value per share ("NAV") posted a total return for the year (i.e. with dividends reinvested) of +8.1% and a share price total return of +4.5%. In comparison over the same period the UK Retail Price Index rose by 3.5% and the total return of the Reference Index, the FTSE All World Index, was 19.8%. More details on this and the significant contributors and detractors from performance during the year are given in the Investment Manager’s Review on pages 13 and 14. Dividends The revenue return per share for the year (after tax and expenses) amounted to 11.6p per share, which compares to 12.1p for the previous financial year. This was largely due to the revenue generated by the portfolio being down 5.2% to £84.2m, (2023: £88.8m). Three interim dividends of 2.5p per share (2023: three interims of 2.4p) have been declared during the year. The Board is recommending a final dividend of 4.3p, per Ordinary share (2023: 4.3p). This proposed final dividend together with the interim dividends already paid makes a total dividend for the year of 11.8p per share (2023:11.5p), an increase of 2.6% over the previous financial year. If approved at the Annual General Meeting on 24 April 2025, this final dividend will be paid on 19 May 2025 to Shareholders on the register on 4 April 2025 (ex-dividend 3 April 2025). Assuming the final dividend is approved, this will represent the 20th consecutive year in which the Company has grown its dividend and as a result, the Board expects the Company will be included in the Association of Investment Company’s (AIC) list of ‘Dividend Heroes’. The dividend will be funded from revenue received during the year together with a small movement of £0.7m (0.2p per share) from the Company’s revenue reserves. This represents a dividend cover of 0.98x (2023: 1.05x). The Company has the benefit of over £74m, or 12.3p per share, of revenue reserves on its balance sheet at year end which have been accumulated over many years from retained earnings. These reserves are available to support dividend distributions where the Board considers this to be appropriate. In some years revenues are added to reserves, while in others as is the case this year, an amount may be taken from reserves to supplement revenue earned during that year. Over time, the Company will aim to pay out what the underlying portfolio earns in sterling terms. The Board intends to maintain the Company’s progressive dividend policy. Chair’s Statement Murray International Trust PLC 9 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Management of Discount and Share Capital In line with its peer group, and most of the investment trust sector, the Company’s shares have traded during the year at a discount to the NAV that has been wider than the historic average. Consequently, in order to reduce any volatility as well as enhance the NAV for ongoing shareholders, the Company has been more active in buying back its shares in 2024 with 17.74m (2023: 5.25m) Ordinary shares, purchased for Treasury, during the year at a total cost of £54.1m (2023: £12.4m). These shares were acquired at a weighted average discount of 9.6% and represented 2.8% of the Company’s issued share capital at the start of the year (2023: 0.8%). The buybacks increased the NAV per share by 0.26%. Since the year end, the Company has regularly bought back Ordinary shares and a further 8.0m shares have been acquired. At the latest practicable date, the cum income NAV with debt at par was 288.23p per share and the share price was 267.0p, equating to a discount of 7.4% per Ordinary share compared to a discount of 7.5% per Ordinary share at the year end. As in previous years, the Board will be seeking approval from shareholders at the Annual General Meeting (“AGM”) on 24 April 2025 to renew the buyback authority together with the authority to allot new shares or sell shares from Treasury. New or Treasury shares will only be issued or sold at a premium to NAV and shares will only be bought back at a discount to NAV. Resolutions to this effect will be proposed at the AGM and the Directors strongly encourage shareholders to support these proposals. Gearing At the year end, total borrowings amounted to £110m (2023: £140m), representing net gearing (calculated by dividing the total borrowings less cash by shareholders’ funds) of 6.1% (2023: 8.0%), all of which is drawn in sterling. In May 2024, the Company repaid its maturing £30m five- year fixed-rate loan with The Royal Bank of Scotland International. Following the repayment of this loan, the Company’s borrowings consist of £110m in unsecured loan notes which are fully drawn and will not be repayable until 2031 at the earliest. The weighted cost of borrowing of these fixed-rate loan notes is 2.56%. The Board considered options to replace the £30m loan that matured in May 2024 but concluded that the proposed terms were not commercially attractive at present. The Board will continue to keep the position under review. Ongoing Charges Ratio (“OCR”) The Board remains focused on controlling costs and on delivering value to shareholders. The OCR for 2024 was 0.52% (2023: 0.53%). This is the second lowest in the AIC global equity income sector. Board of Directors As part of ongoing succession planning, Mrs Alexandra Mackesy will be retiring from the Board at the conclusion of the AGM in April, having joined the Board in 2016. On behalf of the Board, I would like to take this opportunity to thank Mrs Mackesy for her insight, expertise and wise counsel over the last nine years, as a Director, as Chair of the Remuneration Committee and, latterly, as Senior Independent Director. The Board is in the process of concluding a search for a new Non-Executive Director using the services of an independent recruitment firm and will update shareholders in due course. Online Investor Presentation, AGM and Shareholder Voting Following the success of similar events over the last few years, the Board has decided to hold another online investor presentation this year, at 11.00 a.m. on 31 March 2025. This is in addition to the in-person AGM. During the online presentation, shareholders and investors will receive updates from me, as Chair, and the investment management team on our portfolio positioning, outlook and recent progress and there will be an interactive question and answer session. We see this as an opportunity for shareholders, many of whom may be unable to attend the AGM, to hear directly from the Board and the investment team and to pose any questions that they may have. Full details on how to join the online shareholder presentation can be found on the Company’s website at murray-intl.co.uk. Following the online presentation, shareholders will still have plenty of time to submit their proxy votes prior to the AGM. I would encourage all shareholders (whether or not they intend to attend the AGM in person) to lodge their votes in advance in this manner. Shareholders on the main register can do this by completing and returning the proxy form which has been sent to them. If you hold your shares on a platform via a nominee, please note that the AIC has provided helpful information on how to vote investment company shares held on some of the major platforms. This information can be found at: theaic.co.uk/how-to-vote-your-shares. 10 Murray International Trust PLC The AGM has been convened for 12:30 p.m. on 24 April 2025, at Wallacespace Spitalfields, 15 Artillery Lane, London E1 7HA. This will be followed by a buffet lunch and an opportunity to meet the Board and the investment management team. Ahead of the online presentation and AGM, I would encourage shareholders to send in any questions that they may have for either forum to: [email protected]. Your Board greatly values shareholder comments and I encourage you to email me with your views at: [email protected] Outlook Negotiating financial market remains as challenging as ever. As we look forward, the geopolitical environment remains polarised and uncertain, bringing opportunities and risks. Notwithstanding the recent interest rate cut in the UK, we still expect that rates may be higher for longer than many market participants had expected, leaving governments counting the costs of existing debt levels and expanding fiscal deficits. These macro economic and geopolitical uncertainties will continue to dominate the headlines and impact investor sentiment and, at times, the direction of capital markets. This year reminds us that shifting technological trends and corporate fundamentals will also play a central role in shaping future equity market returns. The Board believes that the current market conditions favour the “bottom-up” investment approach employed by your Investment Managers to identify the companies that can successfully navigate the challenges they will face. Their experience, acquired over a number of market cycles, will continue to be deployed to maintain a truly global portfolio, diversified by region and sector, in companies exhibiting robust earnings, strong balance sheets, and positive, growing cash flows which are expected to deliver a combination of long-term growth in revenue and capital ahead of inflation. Virginia Holmes Chair 5 March 2025 Chair’s Statement Continued Murray International Trust PLC 11 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Background Global equity markets performed strongly in 2024. The FTSE All World Index returned an impressive 19.8% in Sterling terms over the year, particularly as this followed the 15.7% it delivered the year before. 2024 was supposed to be a year of easing inflation and swiftly falling interest rates, which would justify and support the already lofty equity market levels that were apparent as the year began. A more robust than expected economy in the US and stickier than anticipated inflation in many quarters put paid to those expectations as the year progressed. Ever keen to seek the positives and disregard or replace what was previously believed to be "in the price", many developed equity markets continued to hit fresh highs throughout the year. The expected technological shifts with the dawn of AI and its potential growth were evident in strong corporate earnings within the few major technology players in this field. Financial companies also performed well in the higher for longer interest rate environment. Beyond those industries, however, earnings growth and share price performance were generally less buoyant. It was also a year of significant national elections, with eight of the ten most populous nations holding elections. Almost half of the world's population was eligible to vote in one of the most significant election years in history. Sadly, there was little change in the world's geopolitical issues. Conflicts in the Middle East and Ukraine continued and the future state of relations between East and West remained unclear. Other risks, such as the world's gargantuan debt pile and the potential perils in the combination of highly concentrated markets, potentially expensive valuations and the scale and likely future growth in passive investing, were mentioned in places on occasion. However, nothing would deter global equity markets from edging higher. Global Review The US experienced significant political and economic developments throughout the period. The year was marked by a highly contentious presidential election campaign, culminating in President Donald Trump's victory. This win made President Trump the second president in US history to serve two non-consecutive terms. The Republican Party's taking control of both the House and the Senate gives it significant control over the policy agenda in the US. The election underscored deep ideological divides within both major parties, mirrored in the increasingly polarised population. The US economy demonstrated resilience, with robust GDP growth, inflation appearing sticky in places and ticking upwards as the year ended, and unemployment remaining low. While these economic indicators are generally positive, they raise serious doubts, previously anticipated, about the scale and cadence of interest rate cuts. The expected interest rate easing cycle was a considerable contributor to strong equity market returns in the early part of the year, however the eventual cadence and scale of rate cuts that came through was far less than initially expected. Other concerns remain: the budget deficit and national debt continue to increase at significant rates, and both presidential candidates proposed substantial spending plans on the campaign trail, showing that there is minimal, if any, political will even to have a debate on such matters. When political debates instead focus more on the size of campaign rally attendance, one cannot help but have serious concerns about long-term fiscal resilience. Equity markets in the US focused solely on the positives and were driven by strong corporate earnings, albeit from a quite narrow yet sizeable market area; subsequently indices finished the year towards all-time highs. Investment Mana g er’s Review 12 Murray International Trust PLC In the UK, the Labour Party, led by Prime Minister Sir Keir Starmer, secured a decisive victory in the July general election, ending over a decade of Conservative government. Economic performance was tepid, with GDP growing by only 0.1% in November, missing forecasts and indicating stagnation. The Bank of England responded to the sluggish growth by cutting interest rates, with policymakers suggesting the need for more aggressive reductions to counteract economic weakness. The UK's capital markets faced their own additional challenges, notably the decline of the Alternative Investment Market (“AIM”), which saw an accelerated exit of companies due to falling valuations and tax policy changes. Despite government efforts to revitalise these markets through listing reforms and the establishment of pension "mega funds" to boost investment in UK equities, the anticipated resurgence in equity and mergers and acquisitions (“M&A”) activity remained subdued. Despite this, the equity market still posted reasonable returns primarily driven by financials. The European Parliament elections in June 2024 marked a rightward shift across the continent. Parties on the political right gained ground in countries such as France, Portugal, Belgium and Austria, influencing the composition and policy direction of the European Parliament. Economically, the European Union faced a period of sluggish growth. The Autumn 2024 Economic Forecast projected downward revisions from earlier forecasts. Germany, Europe's largest economy, experienced its second consecutive annual GDP contraction. This downturn has led analysts to refer to Germany as the "sick man of Europe“ again. Meanwhile, European equity markets posted positive returns but were admittedly more subdued than other regions. Strong equity market performance in countries including Germany, Italy and Spain was offset, but not undone, by weakness in Switzerland, France and The Netherlands. In Asia, the Chinese government unveiled a comprehensive economic stimulus package to counteract the nation's economic slowdown. These measures reflect Beijing's strategic efforts to stabilise the property market and stimulate domestic demand. The equity market rallied strongly off this news before giving back some of those gains as market participants waited for further measures. In India, sentiment and growth remained positive. The incumbent Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi, secured a victory but lost its outright majority in the Lok Sabha. However, the BJP-led National Democratic Alliance (NDA) enabled Modi to secure a third consecutive term as Prime Minister. Not wishing to be left out, Japan experienced notable political and economic developments. In March, the Bank of Japan (“BoJ”) raised its benchmark interest rate for the first time in seventeen years, ending its negative rate policy. The BoJ raised rates for a second time in early August; this, coupled with a weak jobs report in the US, sent markets into a brief tailspin with the Yen strengthening and the Nikkei having its worst day since the "Black Monday" of 1987. As if that were not enough, in October, the ruling Liberal Democratic Party (LDP), led by Prime Minister Shigeru Ishiba, lost its parliamentary majority in a snap election, resulting in a hung parliament and political uncertainty. Despite all this, Japan’s equity market recovered relatively quickly and finished the year in positive territory. In Latin America, Mexico also held a general election, and Claudia Sheinbaum of the Morena party was elected the first female President, securing a landslide victory. The scale of the majority and the prospect of constitutional changes raised concerns over fiscal management and policy direction. This, followed by the election in the US, resulted in the weakening of Mexico’s equity market and the weakening of the currency during the year's second half. Investment Mana g er’s Review Continued Murray International Trust PLC 13 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Attribution Analysis The attribution analysis below details the various influences on portfolio performance. In summary, of the 930 basis points (before expenses) of performance below the Reference Index, asset allocation detracted 840 basis points and stock selection detracted 100 basis points. Structural effects, relating to the fixed income portfolio, cash and foreign exchange and gearing net of borrowing costs, had no net impact on relative performance. Company Reference Index A Contribution from: Asset Stock Weight Return Weight Return Allocation Selection Total % % % % % % % Africa & Middle East – – 1.3 11.0 0.1 – 0.1 Asia Pacific ex Japan 24.9 13.7 11.3 12.2 –0.9 0.4 –0.5 Europe ex UK 25.5 –1.4 10.8 3.0 –2.1 –1.3 –3.3 Japan – – 5.7 10.1 0.5 – 0.5 Latin America 8.6 –26.3 0.8 –21.3 –4.0 –0.8 –4.7 North America 34.2 28.1 67.1 26.9 –2.0 0.5 –1.5 UK 6.7 17.1 3.1 11.9 –0.3 0.2 –0.1 Gross equity portfolio return 100.0 8.7 100.0 19.8 –8.4 –1.0 –9.3 Fixed Interest –0.2 Gearing, cash and foreign exchange 0.2 Gross portfolio return 8.7 Management fees and administrative expenses –0.6 Tax charge –0.2 Technical differences 0.2 Total return 8.1 19.8 A Reference Index – FTSE All World TR Index Notes to Performance Analysis Asset Allocation effect – measures the impact of over or underweighting each asset category, relative to the benchmark weights. Stock Selection effect – measures the effect of security selection within each category. Technical differences – the impact of different return calculation methods used for NAV and portfolio performance Source: aberdeen Group. Figures may appear not to add up due to rounding. Performance Over the full financial year, the Company’s NAV total return was 8.1%, delivering real growth ahead of the UK Retail Price Index (“RPI”) rate of 3.5%, which continued to moderate. It is important to note that this is one of the Company's investment objectives and key performance indicators. The Reference Index (FTSE All World) total return was 19.8%. In 2024, global equity index performance was significantly driven by the US and technology stocks, and this was also reflected in the portfolio's positive absolute performance in total return terms. North America delivered the strongest regional index returns, mirrored in the portfolio returns with a 28% contribution to overall total return. Broadcom was the portfolio's best performing investment over the year, rising by 114%, on top of the 93% return the 14 Murray International Trust PLC stock generated in the previous year. Broadcom's growth this year was driven by its products focused on AI infrastructure and connectivity, which are designed to support scalable AI infrastructure and the growing demands of AI applications. Cisco Systems also enjoyed a strong year within the technology sector. It wasn't simply technology that performed well in North America; Philip Morris International and Canadian based Enbridge, the midstream pipeline business, also had a strong year. The UK was the next best-performing country in terms of absolute portfolio performance, delivering a 17% total return thanks to strong share price performance from consumer staples exposures in British American Tobacco and Unilever. Asia was another region that witnessed strong equity market returns, driven by solid returns from Taiwan, Singapore, Thailand and Hong Kong. The area achieved a 14% total return for the portfolio during the year. Ping An Insurance, the Hong Kong listed financial services group, performed well, with the Chinese market more positive after a challenging couple of years on expectations that recent stimulus measures would continue and revive the country's economy. Thai-based bank SCB X generated strong total returns over the period. In Singapore, the banking group Oversea-Chinese Banking Corporation and Singtel, one of Asia's leading communication providers, appeared among the portfolio’s best performing investments. The fortunes of Taiwan Semiconductor largely dictate the fortunes of Taiwan's equity market. Fortunately, the world's leading semiconductor foundry operator had a very strong year driven by strong demand for high-end chips. This also benefitted the portfolio, as did the position in the contract manufacturing specialist, Hon Hai Precision Industries. The portfolio’s Asian exposure was not all positive. Global Wafers, again in Taiwan, had a challenging 2024 due to the sluggish demand in the silicon wafer market. South Korean technology giant Samsung Electronics was disappointing as it struggled to keep pace with competitors supplying semiconductor chips for AI applications. European equity market returns were also more subdued, which was reflected in frustrating stock performance in the portfolio. Weak refining margins and lower oil prices dented the earnings of French energy company TotalEnergies, which weighed on performance. BE Semiconductor in the Netherlands had a more challenging year after being the portfolio's strongest performer in 2023. Latin America delivered the poorest absolute returns during the year. Mining exposures to iron ore and lithium, with Vale in Brazil and SQM in Chile, were disappointing as those commodity prices fell. In Mexico, Walmart de Mexico, Grupo ASUR and the currency came under pressure as the outcome of the general election in June raised uncertainty over future economic policies and changes to the fiscal and regulatory environment. Finally, the residual Emerging Market Bond exposures witnessed the full brunt of Sterling's strength but still managed a positive +6% return for the year. With a current running yield of 8.6% and many holdings still priced below par, current exposures are expected to be maintained and it is unlikely that they will be added to. The top five and bottom five stock contributors are detailed below: Top Five Stock Contributors % Bottom Five Stock Contributors % Broadcom Inc. 2.75 Globalwafers Co. -1.10 Taiwan Semiconductor Manufacturing Co. 1.55 Wal-Mart De Mexico -1.09 Hon Hai Precision Industry Inc. 0.99 Samsung Electronics -1.09 Philip Morris International Inc. 0.45 Grupo Aeroportuario Del Sureste -0.96 Overseas China Banking Corporation 0.37 Vale -0.95 * % relates to the percentage contribution to return relative to the Reference Index (FTSE All World TR Index) Investment Mana g er’s Review Continued Murray International Trust PLC 15 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Revenue Generation Turning to income generated during the year, dividend increases generally matched conservative estimates, with over 70% of portfolio holdings increasing their dividends. Stocks including Taiwan Semiconductor, Singtel and Atlas Copco delivered dividend growth of over 20%. Cuts were expected in the more cyclical areas of the portfolio, where yields and payouts had been high, but where easing commodity prices would have impacted available free cash flow. The 11% cut at Vale, 14% cut at BHP and 42% cut at Woodside Energy were in line with forecasts, and these stocks remain high-yielding opportunities. Unilever’s inexplicable dividend cut and Walmart de Mexico's election not to pay a special dividend again this year were unexpected but were not material for the portfolio. More meaningful disappointments came from the scale of the cuts at SQM and Telefonica Brasil, which exceeded expectations. A major swing factor for the portfolio’s revenue generation is currency fluctuations. The Company has over ninety percent of its assets invested in overseas assets, which are denominated in, and pay dividend income in, various currencies other than Sterling. Emerging market currency and commodity currency weakness relative to Sterling during the year resulted in a headwind to the income generated from companies domiciled in these markets. Although the dividend for 2024 will not therefore be covered, this must be seen in the context of the significant long-term positive dividend trend and the Company’s significant revenue reserves, both of which are referred to in the Chair’s Statement on page 8. Portfolio Activity Portfolio turnover of 13% of gross assets over the period was an increase from the prior year. However, it remained broadly consistent with the strategy of keeping turnover reasonably low unless the market environment presents opportunities. In a year when extended price distortions seldom prevailed, the general lack of volatility in global markets limited new investments to a handful of opportunities. A significant driver of portfolio activity was the strength of portfolio positions in Taiwan Semiconductor and Broadcom. These businesses enjoyed exceptionally strong share price performance and kept pushing up against the Company’s 5% maximum investment guideline for any one position. Choosing to repay the £30m fixed rate loan that matured on 16 May 2024 also accounted for some portfolio turnover and reduced the overall level of outstanding loans to £110m. In the first half of the year, the Swedish industrial Epiroc AB, which manufactures construction and mining machinery, was sold. The stock performed well since Atlas Copco, another Swedish industrial in the portfolio, spun off the business in 2018. Roche AG, the Swiss-listed developer and manufacturer of pharmaceuticals and diagnostic products, was also divested. Roche AG remains a solid business; there was simply higher conviction in the other healthcare names in the portfolio. Chinese property developer China Vanke proved to be a disappointment, with the investment thesis not playing out as intended; therefore, it was another low-conviction holding and an easy candidate to exit in order to reduce gearing. The portfolio exposure to North American midstream companies was consolidated into one position. TC Energy was sold, and the capital was recycled into Enbridge. The belief is that Enbridge carries less balance sheet and execution risk than its Canadian peer. The only new addition to the portfolio in the first half of the year was the German luxury car brand Mercedes Benz Group. The company is looking to structurally improve its profitability by increasing the proportion of higher priced vehicles it sells, thereby improving margins and shareholder returns via dividends and share buybacks. In the second half of the year, a reasonable portion of portfolio activity was reflected in the marginal reduction of existing positions in both Broadcom and Taiwan Semiconductor due to share price strength. Profits were also taken in Mexican airport operator Grupo Asur and Hon Hai Precision Industries in Taiwan. The capital raised from these trades was spread across existing portfolio positions, including Walmart de Mexico, Diageo, and Hong Kong Exchange & Clearing, which had been relatively weaker regarding share price performance but where the longer-term thesis is still perceived to be valid. In September a position was initiated in Taylor Wimpey, one of the largest residential developers in the UK. The structural undersupply of UK housing should support the business's long-term growth in what is expected to be a more encouraging planning environment. The company is in a strong position given its healthy land bank and robust balance sheet, while its well supported and attractive dividend yield is amongst the highest in th e sector. 16 Murray International Trust PLC Capital was rebalanced around the portfolio's consumer staples exposure in the fourth quarter. The catalyst for this was Unilever's strong share price performance in the UK, and the same was true of France's Danone. Both companies still offer an attractive opportunity; however, the question was about sizing. The decision was made to reduce both at the margin and to increase the exposure to French wine and spirits giant Pernod Ricard and to initiate a new holding in Coca-Cola, both of which had been relatively weak. Coca-Cola enjoys an exceptional brand and distribution network and a strong and diverse product portfolio with a strategic focus on healthier beverage options. This should position it well for continued long-term growth. As the year drew to a close, continued strength in Broadcom meant that this position temporarily exceeded the 5% maximum investment guideline for any one position. When this position was reduced, the capital was put towards a new position in Medtronic, a US-based developer of therapeutic and diagnostic medical products. An ageing global population and increasing prevalence of chronic diseases, along with the company's innovative product pipeline in diabetes management and cardiac care, should support its growth potential. From an overall investment perspective, the emphasis continues to favour diversified asset exposures in companies deemed beneficiaries of the evolving backdrop, maintaining a "barbell" strategy of owning growth, value and cyclical stocks. Selective growth companies, where yields tend to be lower, should continue to benefit from accelerating trends in artificial intelligence and industrial automation. With the stated objective of covering the dividend from the underlying dividends of the portfolio holdings, this exposure must be balanced alongside opportunities that offer higher yields. Summary of Investment Changes During the Year Valuation Appreciation/ Valuation 31 December 2023 (depreciation) Transactions 31 December 2024 £’000 % £’000 £’000 £’000 % Equities UK 56,605 3.2 3,827 34,019 94,451 5.3 Europe ex UK 496,419 27.8 (21,443) (35,845) 439,131 24.9 North America 470,606 26.3 107,006 (11,685) 565,927 32.1 Asia Pacific ex Japan 426,426 23.8 38,363 (52,011) 412,778 23.4 Latin America 224,091 12.5 (62,602) (19,006) 142,483 8.1 1,674,147 93.6 65,151 (84,528) 1,654,770 93.8 Preference shares UK 6,417 0.4 490 - 6,907 0.4 6,417 0.4 490 - 6,907 0.4 Bonds Europe ex UK 3,292 0.2 174 (1,763) 1,703 0.1 Asia Pacific ex Japan 44,799 2.5 (1,780) 218 43,237 2.4 Latin America 44,839 2.5 (1,515) 18 43,342 2.5 Africa & Middle East 14,369 0.8 533 133 15,035 0.8 107,299 6.0 (2,588) (1,394) 103,317 5.8 Total Investments 1,787,863 100.0 63,053 (85,922) 1,764,994 100.0 Continued Investment Mana g er’s Review Murray International Trust PLC 17 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Outlook As we enter 2025, the global economic landscape remains fraught with potential challenges and uncertainties. While some economies are showing real signs of resilience, structural vulnerabilities and geopolitical tensions suggest that, as always, alongside measured optimism, caution should also be warranted. Geopolitical tensions, including ongoing conflicts and trade disputes, remain headwinds. The conflict in Ukraine continues to impact energy markets, while political instability in the Middle East and a potential escalation of tensions in the Indo-Pacific region further complicates the trade outlook. Colossal debt levels, exacerbated by pandemic-related spending and years of abnormally low interest rates, should remain a critical concern, as should the fact that nobody seems willing to acknowledge, debate, let alone attempt to address the issue. While the long-awaited outcome of the US presidential election is now known, the full implications are still unclear. Capital markets have thus far focused on the reflationary aspects of President Trump's agenda; whether these moves are sustainable will depend on the new administration's economic priorities. The unified Republican government will almost certainly extend the expiring and expired provisions from the Tax Cuts and Jobs Act and pursue further tax cuts. However, the scale and composition of these measures are uncertain. The Federal Reserve is likely to cut rates more slowly than it otherwise would have done, which, combined with higher debt issuance and inflation, risks putting further upward pressure on US and global bond yields. President Trump has clearly stated that he considers tariffs an effective means of rectifying perceived trade imbalances and unfair trading practices. However, there remains uncertainty over how tariffs play into President Trump's broader trade strategy. His first term saw tariffs threatened and used to seek concessions from trade partners. If he pursues this approach in his second term, tariff threats would likely be used more frequently than their actual application. On balance, President Trump's policy agenda is likely to result in higher nominal GDP growth, with the bulk of the increase coming through higher inflation due to potentially looser fiscal policy, higher tariffs and lower immigration. This policy means interest rates are likely to fall more slowly than they otherwise would have done. Over the medium term, the Fed could face rhetorical pressure from President Trump if rates and the US Dollar do not evolve as the administration would like. At the same time, the new President is likely to change some of the personnel at the Fed when he gets the chance in 2026. There is a risk that heavy-handed interference in the Fed prompts disquiet in markets around the central bank's independence. The UK economy has slowed sharply, with activity surveys consistent with only modest expansion at best. The package of measures contained in the budget should support near-term growth. However, increasing evidence shows that firms are responding to the upcoming cost shock from a higher minimum wage and the increase in national insurance by slashing hiring plans. The combination of higher gilt yields and lower growth means that the headroom against the government's fiscal rules has been wiped out, and the Office for Budget Responsibility is likely to confirm this in March. Tighter spending plans and tax increases are indeed likely, therefore. In Europe, weak activity data, including a disappointing retail sales outturn over November, confirmed that the Eurozone recovery is fragile. Uncertainty arising from President Trump's trade measures will pose a further headwind to growth. With the restrictiveness of European Central Bank policy being reduced, the Eurozone's economy is likely to avoid a recession, though risks remain. The portfolio's broad exposure to a balance of global and more domestically focused businesses in the UK and Europe remains as dividend yields and relative valuations remain attractive. In China, economic indicators in December added to the picture of a strong end to 2024. While there may have been a moderation within manufacturing, services finished the year on a high note. Amid the "lowflationary" gloom there are at least a couple of tentative signs that the policy pivot in September may be gaining traction on the inflation side. We may have to wait until the "Two Sessions" in March to get details on the anticipated fiscal support package for households and businesses. 18 Murray International Trust PLC Elsewhere in Asia, growth in India is expected to continue at a robust pace. There was a downside surprise to growth in the third quarter, which raised questions over the economy's trajectory, but recent data points to resilience in key areas. Inflation is likely to continue to ease, driven by food inflation, bringing the level closer to the Reserve Bank of India's midpoint target. This would give the central bank the room to cut rates. The portfolio remains reasonably exposed to companies and economies across Asia. Growth levels still seem more attractive, debt levels are less concerning, and fundamentally sound businesses across various sectors remain attractive investment opportunities. Emerging markets in Latin America could continue to face headwinds. Brazil's economy slowed in the second half of 2024 due to a contraction in exports, while domestic demand remained strong with support from fiscal policy. Concerns regarding fiscal sustainability and the economy overheating have weighed on Brazilian assets. In Mexico, economic growth accelerated in the second half of last year. However, there are question marks over the sustainability of this going forward. Muted momentum for domestic demand alongside policy uncertainty on both sides of the US and Mexico border had contributed to worsening private sector growth expectations in the short term. The portfolio maintains a significant exposure to companies listed in this part of the world, albeit it is concentrated in just six holdings. While it is an exposure that has delivered attractive returns over the long term for shareholders, it does, as always, require considerable and constant monitoring to ensure allocations are justified. Given the many uncertainties and challenges ahead, our outlook remains cautious. As always, our focus is on the longer term and on finding individual stocks, which together, should deliver the specific investment mandate of the Company. We aim to make full use of the flexible remit, ensuring the portfolio is well diversified across regions and sectors and resilient enough to generate income and capital growth whilst endeavouring to preserve capital during periods of market weakness. Martin Connaghan, Senior Investment Director Joined aberdeen in 1998 and has been involved in the management of global equity portfolios for over 20 years and directly involved with managing the Company since 201 7 Samantha Fitzpatrick, Senior Investment Director Joined aberdeen in 1998 and has been involved in the management of global equity portfolios for over 20 years and directly involved with managing the Company since 201 9 abrdn Investments Limited 5 March 2025 Continued Investment Mana g er’s Review Murray International Trust PLC 19 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Core Investment Beliefs As an active equity investor, the Investment Manager’s approach to equity investing is underpinned by three core investment beliefs: · Fundamental research is the key to delivering insights that can be used to exploit situations where the Investment Manager believes the market is not correctly valuing a company and so identify the best investment opportunities. Such market inefficiencies can arise from mispricing, information asymmetry or behavioural biases amongst investors who often have very different investment time horizons. · By including constructive engagement and environmental, social and governance (ESG) considerations at the heart of its company research, the Investment Manager believes that risks can be mitigated, and returns for clients enhanced, as companies with robust ESG practices tend to enjoy long-term financial benefits. · That disciplined, active investment with the aim of using stock specific insights to build high conviction portfolios and provide access to the Investment Manager’s best investment ideas can deliver superior outcomes for clients. Idea Generation The Company’s portfolio managers are Martin Connaghan and Samantha Fitzpatrick, who form part of aberdeen’s equity division. When searching for investments for the Company's portfolio, the portfolio managers benefit from insights and ideas from the Investment Manager's c.110-strong active equity division, which is spread over 12 cities across the globe. Cross- asset class and macro economic insights are also gained from conversations held between the portfolio managers and other teams such as Credit, Real Estate and the aberdeen Research Institute. Analyst recommendations on every stock under coverage are quantitively measured, recognising that company insights are a critical component of alpha generation in portfolios over time. The Investment Manager's reputation as a responsible long-term investor means the investment management team has first-rate access to the companies under research. Through structured meetings and regular conversations, the Investment Manager gathers insights from both executive management teams and non- executive directors. Research The Investment Manager has developed a proprietary research platform used by all its equity, credit and ESG teams, giving instant access to research globally. The research is focused on four key areas: Foundations – the Investment Manager analyses how a company makes money, the attractiveness and characteristics of its industry, and the strength and sustainability of the economic competitive advantage or 'moat'. This includes a thorough evaluation of the company's ESG risks and opportunities. Face-to-face meetings help confirm the Investment Manager’s understanding and challenge the key elements of a company's fundamentals including: · The evolution and growth of the business. · The sustainable competitive advantage. · Management's track record of execution and managing risk. · The balance sheet and financials. · ESG risks and opportunities. Dynamics – shorter and longer-term business dynamics are one of the critical determinants of a company’s corporate value over time. In addition, the Investment Manager looks for changes in the factors driving the market price of a stock, identifying the drivers that the broader market may not be pricing in. Understanding the dynamics behind these drivers allows the Investment Manager to focus on the factors that will drive shareholder returns from a particular stock. Financials and Valuation - the Investment Manager examines the strengths and weaknesses of a company's financials, including a detailed analysis of the balance sheet, cash flow and accounting practices, the market's perception of the company's future prospects and value, and its own forecasts of future financials and how the stock should be priced. This includes significant focus on the dividend paying capability of each business and the potential for dividend growth. Investment Insight and Risk - the Investment Manager articulates its investment thesis, explaining how it views a stock differently from the market consensus and how it expects to crystallise value from the holding over time, while also flagging any key risks. The Mana g er’s Investment Process 20 Murray International Trust PLC Peer Review Having a common investment language internally facilitates effective communication and comparison of investment ideas through peer review which is a critical part of the investment process. All investment ideas are subject to rigorous peer review, both at regular meetings and on an ad-hoc basis. Martin Connaghan and Samantha Fitzpatrick form part of a dedicated equity income group consisting of senior team members with clear accountability for various income strategies. This group debates stock holdings, portfolio structure and risk profiles. Portfolio Construction/Risk Controls The Company’s portfolio is built from the bottom up by Martin Connaghan and Samantha Fitzpatrick, who prioritise high conviction stock ideas, once they have been debated, in a risk aware framework. The portfolio risk tolerance is derived from the Company’s investment objective and required outcomes. As an active equity investor, the Investment Manager has adopted a disciplined portfolio construction process which takes appropriate and intentional risk to drive returns. Risk systems monitor and analyse risk exposures across multiple perspectives breaking down the risk within the portfolio by industry and country factors, by currency and macro factors, and by other fundamental factors (quality, momentum, etc). Consideration of risk starts at the stock level with rigorous company research helping the management team to avoid stock specific errors. Martin Connaghan and Samantha Fitzpatrick ensure that any sector or country risk is appropriately sized and managed relative to the overall objectives of Company. Portfolios built by the Investment Manager’s management teams are formally reviewed on a regular basis with the Investment Manager’s Global Head of Equities and its Investment Governance and Risk teams. This oversight monitors portfolio risk and oversees operational risk to ensure client objectives are met. The Mana g er’s Investment Process Continued Murray International Trust PLC 21 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Integrated ESG and Climate Change Analysis Whilst ESG factors are not the over-riding criteria in relation to the investment decisions taken by the management team for the Company, significant attention is given to ESG and climate related factors throughout the investment process. By embedding ESG analysis into the active equity investment process, the Investment Manager aims to enhance potential value for shareholders, reducing risk and investing in companies that can contribute positively to the world. In the Investment Manager’s view, companies that successfully manage climate change risks will perform better in the long term. It is important that the Investment Manager assesses the financial implications of material climate change risks across all asset classes, including real assets, to make portfolios more resilient to climate risk. Further details of the Manager’s embedded ESG process are contained on page 21. abrdn Investments Limited 5 March 2025 22 Murray International Trust PLC The Manager takes into consideration many factors when deciding whether to invest in or divest from a company. These factors have been described in the previous sections covering The Manager’s Investment Process and are further illustrated by the case studies below: In which year did the Company first invest? 2023 % Holding: 1.5% Where is its head office? Mexico city, Mexico What is its web address? walmartmexico.com Business Fundamentals Walmex's operations consist of over 3,700 stores in over 700 cities in Mexico and Central America, as well as 30 distribution centres. Mexico accounts for over 80% of the company's total revenues, with the remainder split across Guatemala, Honduras, Nicaragua, Costa Rica and El Salvador. The store portfolio consists of four formats: Bodegas Aurrera, offering basic general merchandise, food and household items; Walmart hypermarkets; Supermarkets offering fresh produce; and Sam's Club membership warehouses focused on businesses and households. The company also has an e-commerce offering across several websites and apps. Walmex has expanded its offering beyond retail to include low-cost mobile telephony services (Bait), digital financial solutions (Cashi) and advertising solutions both in-store and online (Walmart Connect). The company is primarily owned by Walmart Inc, the US based multination retail corporation, which owns 70% of the shares. What’s Changing? Walmex has faced challenges during the last couple of years. Mexico's antitrust watchdog, Cofece, announced that the company would face an antitrust panel on allegations of imposing terms on its suppliers or distributors. The company has always denied any wrongdoing, highlighting that, in their view, it simply negotiates better discounts, which is a market practice and that its presence in the Mexican market has led to reduced consumer prices, primarily benefitting low- income families and those in remote areas of Mexico. The investigation, after four years eventually found that Walmex had used its market power to impose unfair terms on some suppliers, which harmed competition and fined the company approximately £3.6m. For a business which generates annual profits after tax of over £2bn this is not a material amount and in spite of the amount, Walmex believes the decision to be incorrect and intends to appeal. The outcome of the Mexican general election in June and Claudia Sheinbaum's landslide victory in the presidential election have undoubtedly shifted the political landscape, and the country's perceived risk premium has increased as a result. A second Trump presidency could have several impacts on Mexico and companies such as Walmex; affecting trade or immigration policies, triggering renegotiation of the US Mexico-Canada Agreement and leading to closer monitoring of Mexico’s economic relations with China. All of this remains to be seen and will require monitoring, however Walmex’s strong market position should help it navigate these potential impacts. The company's strategy remains consistent: · 'Win in Discount' by maintaining price leadership and unique positioning around self-service stores and emphasising Bodega Aurrera store expansion. · ‘Omnichannel Leadership', leveraging the store network that 85% of the Mexican population can reach within ten minutes and to grow the e-commerce opportunity. · ‘Grow the ecosystem' by introducing value-added services, including Bait on the mobile communications side and Cashi on the fintech side, which could tap into the sizeable unbanked population. Investment Case Studies Murray International Trust PLC 23 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Valuation & Investment Insight As the price leader and largest operator in the formal market, Walmex enjoys the benefits of scale compared with other staples retailers in the country. Demand in food retail is highly elastic at the company level; consumers consistently make their choices based on price and location, which enables lasting advantages for operators that can use scale to benefit consumers through lower prices. Walmex is trading on 17.4x 2025’s forecast earnings, a 25% discount to the 20-year average and only marginally above the historical lows of 2008. The business has consistently generated a return on invested capital of over 30% during the last two decades, and the Manager believes that the right strategy remains in place to deliver attractive returns in the future. A more cautious Mexican consumer, particularly after the presidential elections, and increasing competition are risks that will require monitoring. Scale and demographics matter in retail and Mexico remains attractive on both fronts. It has a large population, is close to the US and has a high rate of informality in the economy (activities that are neither taxed nor monitored by the government). Inequality is high also, with c60% of the population earning less than twice the minimum wage. ESG Recent engagement with the company has focused on the Cofece investigation, where, as mentioned, the company stresses its innocence. The Manager has also engaged with local antitrust lawyers to gain insights into the case. Its parent, Wal-Mart Inc has significant influence over the company. This can have positives, including leveraging know-how, innovation and better purchasing terms with global suppliers. One clear risk is the conflict of interest in paying Wal-Mart Inc. royalties. On the environmental side the company has credible commitments around waste and carbon emissions, as much of this will be done in collaboration with the parent. These matters are discussed with the company on an ongoing basis. Walmex has a number of positive social initiatives including Tierra Fertil, or Fertile Land through which it supports local sourcing and supporting small and medium sized farmers by ensuring their access to the formal market through secure payment, direct purchases and training. They also engage in community support programmes focused on food security and disaster recovery via volunteer activities and product donations. 24 Murray International Trust PLC In which year did the Company first invest? 2020 % Holding: 4.0% Where is its head office? Palo Alto, USA What is its web address? broadcom.com Business Fundamentals Broadcom Inc. is a global technology company that designs, develops, and supplies semiconductor and infrastructure software solutions. Its products serve various sectors, including data centres, networking, broadband, wireless communications, and industrial applications. Key offerings include chips for broadband, Wi-Fi, Bluetooth connectivity, and hardware for storage and networking infrastructure. Broadcom also provides enterprise software focused on cybersecurity, mainframe and server systems, and automation tools. Broadcom acquires companies that sell market-leading products with sticky customers, recurring revenue, and high margins but have excessive operating expenses and generate below potential profits and cash flows. This started within semiconductors and has since broadened into enterprise software, focusing on buying mission- critical franchises. What’s Changing? The critical moving parts are the AI-related businesses, which generated US$4bn of revenues in 2023 but which reported a 220% increase in sales in 2024 reaching US$12.2bn. This has been offset by moderating growth within its more significant, for now, legacy semiconductor business, which generates around US$23bn in revenues. The semiconductor market is largely cyclical, impacted by the demand for networking, data centre, and mobile hardware, which ebbs and flows. Broadcom is emerging from a down-cycle in its non-AI related business, which is expected to have troughed this year. Meanwhile, Broadcom has seen tremendous growth in its AI semiconductor business over the last year, thanks to large AI cluster buildouts by ‘hyperscalers’ (large scale data centres that offer scaleable compute, storage and network resources such as Amazon’s AWS, Google Cloud or Microsoft Azure) driving demand for its ethernet networking business and massive growth in its custom chip business. Over the previous year, Broadcom’s switching chips, network interface cards, interconnects, Serialiser/Deserialiser circuits, and optical solutions have all seen an uptick in demand as Original Equipment Manufacturers and Communication Service Providers get their hardware systems ready for the expected AI revolution. The M&A strategy has shifted with the last three significant deals of CA Tech, Symantec and VMware focusing on software. The shift toward software makes strategic sense; it reduces earnings volatility as the business transitions to more Software as a Service (SaaS) based revenues, negating the cyclical nature of semiconductor revenues to an extent. There is execution risk as the entrance into software is relatively recent. However, results over the last few years show that its integration model of aggressive cost cutting has continued to lead to value creation. Investment Case Studies Continued Murray International Trust PLC 25 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Valuation & Investment Insight The Company first acquired a position in Broadcom amid the volatility due to the COVID-19 outbreak in 2020. The stock was trading below US$20 and yielding around 7%, but this is not the case today. The stock is currently trading on 37x earnings for 2025 and while the dividend growth remains attractive at 14% annualised over the last five years, the yield has contracted to 1%. The rerating of the stock over the last few years is justified. Broadcom's mix of software revenue has nearly doubled with the addition of VMware, as software typically garners a higher multiple because of its more predictable and repeatable characteristics and the structurally higher gross margins of the software business. In addition, across its semiconductor markets, the company is seeing strong growth in its custom chip business and tailwinds to its core networking and mobile businesses from AI. These growth catalysts layer on top of Broadcom's strong history of execution on synergies and deleveraging post acquisitions. Free cash flow generation continues to be strong, and it continues to be redeployed into shareholder returns and M&A. The company has also maintained its discipline on the cost front, supporting solid earnings expansion. All of these factors lead to the view that there is still the opportunity for attractive upside in the stock. ESG Many of Broadcom's products focus on energy efficiency as a key selling point, with many chips finding their way into products driving the energy transition. A second Trump presidency may well raise uncertainty around clean energy initiatives and regulations aimed at promoting cleaner energy, however, longer term the belief remains that the shift towards renewable energy is ultimately unstoppable. President Trump famously blocked the proposed acquisition of Qualcomm by Broadcom in 2018 on national security concerns and the politicisation of the semiconductor and AI industries is expected to continue. Broadcom came under review for anti-competitive practices focused primarily on its set-top box business in 2020. Outstanding issues have now been settled, and engagement with the company has been encouraging, suggesting a more vigorous effort around compliance training and ethics. The company has, in a US context, above average Board independence and diversity and is generally regarded as having best-in-class talent management practices, evidenced by its solid M&A execution over the years. Human capital development will remain a significant risk from an ESG perspective as M&A and associated cost-cutting are an established pillar of the company's strategy. However, the company is making solid efforts to integrate 'acquired' employees and has been proactive with engagement surveys to flag any issues. 26 Murray International Trust PLC In which year did the Company first invest? 2009 % Holding: 1.0% Where is its head office? Rio de Janeiro, Brazil What is its web address? vale.com This case study on Vale seeks to update shareholders on a stock that has been held on their behalf for a number of years which has faced considerable issues. In it we detail the significant engagement that the management team has had with the company in over fifty meetings. Business Fundamentals Vale is one of the world's largest metals and mining companies and one of the world's largest producers of iron ore, nickel and copper. With greenfield mineral exploration operations in six countries, the company operates an extensive logistics system integrating its mines with railroads, ports, and ships. Additionally, it has hydroelectric plants in Brazil, Canada, and Indonesia and pursues investments in energy business directly and through associates and joint ventures. ESG Vale has, unfortunately, had a chequered history concerning its health and safety record and environmental impact, having had two tragic accidents at two separate tailings dams. Dam Incidents On 5 November 2015, the Fundão tailings dam collapsed at the Germano iron ore mine, operated by Samarco, a joint venture between Vale and BHP Billiton. This disaster released approximately 43.7m cubic meters of toxic mud, devastating the villages of Bento Rodrigues and Paracatu de Baixo, killing 19 people, and contaminating the Doce River. The environmental impact was immense, affecting water supplies and ecosystems along a 668-kilometre stretch to the Atlantic Ocean. On January 25, 2019, a tailings dam failed at the Córrego do Feijão iron ore mine, owned by Vale. This disaster released a massive mudflow that engulfed the mine's headquarters, nearby houses, and farms, resulting in 270 deaths. The dam had been classified as low risk, but monitoring and structural integrity issues were later revealed. Why remain invested? As investors, we can take differing courses of action when something of such a tragic nature happens with any investment. The first would be to disinvest the holding and possibly exclude the company from being investable. Another is to continue and hold the investment and to try and ensure, as much as is possible, that the company make good on their responsibilities to compensate the individuals involved, to try and repair the damage done to the local environment and to work with and lobby for improvements to health and safety and environmental practices. Tailings Dam Operations Vale quickly announced a commitment to eliminate all upstream tailings dams in Brazil, ensuring they no longer store mining waste and removing their potential hazard to nearby communities and the environment. As of 2024, Vale has completed 16 out of 30 planned dam de- characterisations and aims to remove all dams from the "high risk" label by 2025 and complete all works by 2035. This has taken some considerable time and cost over US$1bn to date, as the process involves draining and safely removing tailings, often using remote-controlled equipment to reduce risks. Vale also constructs backup containment structures to mitigate the impact of potential failures during the process. The International Council on Mining and Metals (ICMM), the United Nations Environment Programme (UNEP) and the Principles for Responsible Investment (PRI) co- convened the Global Tailings Review in light of these accidents to establish an international standard for the safer management of tailings storage facilities. The Global Industry Standard on Tailings Management (GISTM) was the outcome, and Vale aims to implement this in all tailing storage facilities by 2025. Investment Case Studies Continued Murray International Trust PLC 27 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Corporate Governance Changes Since the catastrophic tailings dam failures, following discussions with and pressure from investors, Vale has implemented significant changes to its corporate governance to enhance safety, accountability, and transparency. Vale's Board of Directors now includes a minimum of seven independent members, ensuring a majority of the board is independent. The election of board members is now conducted by individual vote, and the chairman and vice-chairman are elected by all shareholders, not just the board. This promotes greater shareholder involvement and transparency. Vale introduced the role of a Lead Independent Director to provide additional oversight and leadership among the independent directors. The company also established a new Safety Committee responsible for overseeing and advising on all safety-related matters, including developing and implementing safety policies, monitoring compliance with safety regulations, and ensuring that safety practices are integrated into the company's overall strategy. The committee comprises independent members of the Board of Directors, which helps ensure unbiased oversight and accountability 28 Murray International Trust PLC What’s Changing? The initial thesis for Vale centred around the China economic expansion story of the late 1990s and early 2000s. This theme involved rapid urbanisation, industrialisation, rising incomes, and government policies encouraging home ownership and property investment. The Chinese government invested heavily in building roads, railways, airports, and other infrastructure projects to support economic development and improve connectivity. This demand for steel led to a very supportive environment, and Vale, one of the lowest-cost producers of high-quality iron ore, benefitted as a result. Despite more recent uncertainties related to the Chinese macro- outlook and iron ore demand, recent signals from Chinese policymakers suggest there is room for policy adjustments to mitigate potential risks. While the company itself expects demand contraction in China, steel demand is expected to grow by around 9% out to 2030, supported by emerging markets such as India, Africa and South East Asia, driven by urbanisation, onshoring of global value chains and energy transition trends. As the business has faced operational and regulatory constraints due to the accidents and its required response, the production bottlenecks and licensing challenges have forced the company to focus on quality. The company has made clear its intention to be one of the leading suppliers of high-grade iron ore and to focus on a value over volume strategy. Higher grade iron ore contains a greater percentage of iron and fewer impurities such as silica and phosphorus. This means it requires less processing, less energy, and fewer raw materials to make the same amount of steel, aiding steelmakers in becoming more efficient and reducing their emissions. The decarbonisation of the steel industry will increase demand for and premium paid for this higher grade iron ore product. In addition to its ferrous metal operations, the supply of minerals used in clean energy technologies such as solar and wind farms and electric and hybrid vehicles should continue to support the demand for nickel and copper. In October 2024, Vale, along with Samarco and BHP Billiton, reached a definitive settlement with Brazilian authorities for the full reparation of the Fundão dam collapse. The settlement is valued at approximately R$170bn, or around US$30bn. The settlement includes R$100bn in instalment payments over twenty years to fund compensatory programs, R$32bn for individual indemnification, resettlement and environmental recovery, and R$38bn already invested in remediation and compensation measures Valuation & Investment Insight Vale has a strong market position and one of the lowest production costs in the industry. The stock generates robust and significant cashflows supporting its 12% dividend yield. It trades below its peers on around 3.2x of forecast 2025 EV/EBITDA and is in line with its historical average. It should offer attractive upside in the future, assuming production growth in line with guidance and a slight recovery in base metal prices. Investment Case Studies Continued Murray International Trust PLC 29 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements The Board uses a number of financial and operating performance measures to assess the Company’s success in achieving its investment objective and to determine the progress of the Company in pursuing its investment policy. The Board has identified the Company’s main KPIs (refer to Glossary on pages 127 to 129 for definitions) which it considers at each Board meeting. These KPIs are as follows: KPI Description Dividend Absolute Growth: The Board’s aim is to seek to increase the Company’s revenues over time in order to maintain an above average dividend yield. The Board measures average yield against the rate of RPI and against other investment options including the average of the Peer Group (the AIC Global Equity Income sector excluding market capitalisations below £100m). Dividends paid over the past 10 years are set out on page 32 together with a chart showing the Peer Group and Reference Index long-term yields. There is also a graph showing dividend growth compared to inflation on page 31. Relative Yield: The Board also monitors the yield level against the Reference Index, the rate of RPI and other investment trusts’ yields within the Company’s Peer Group over a range of time periods, taking into consideration the differing investment policies and objectives employed by those companies. NAV Performance Absolute Performance: The Board considers the Company’s NAV total return figures to be the best indicators of performance over time and these are the main indicators of performance used by the Board. Relative Performance: The Board also measures NAV total return performance against the Reference Index. A graph showing the NAV and Reference Index total returns is shown on page 31. Share Price Performance Absolute Performance: The Board monitors the share price absolute return over time. Relative Performance: The Board also monitors the price at which the Company’s shares trade relative to the Reference Index on a total return basis over time and a graph showing absolute and relative share price performance is shown on page 31. In addition, there is further commentary on the performance in the Chair’s Statement and Investment Manager’s Review. Share Price Discount/Premium to NAV The discount/premium relative to the NAV per share represented by the share price is closely monitored by the Board. The objective is to avoid large fluctuations in the discount/premium by the use of share buybacks and the issuance of new shares or the sale of Treasury shares, subject to market conditions. A graph showing the share price premium/(discount) relative to the NAV and investment trust sector (excluding VCTs) is shown on page 31. Gearing The Board’s aim is to ensure that gearing as a percentage of NAV is kept within the Board’s guidelines issued to the Manager as disclosed on page 33. Ongoing Charges Ratio Absolute Performance: The Board monitors the level and longer-term trend of the Company’s OCR in absolute terms. Relative Performance: The Board also monitors the level and relative trend of the OCR versus the Company’s Peer Group, taking into consideration the differing investment policies and objectives employed by those companies. A key element of the OCR is the management fee which is reviewed regularly to ensure that it remains competitive against the peer group. Details of the annual OCR trend are disclosed on page 30 and there is a chart showing published OCR data for the Peer Group on page 32. Key Performance Indicators ( KPIs ) 30 Murray International Trust PLC Total Return % Return 1 year 3 year 5 year 10 year Share price AB +4.5 +27.5 +29.5 +99.1 Net asset value per Ordinary share A +8.1 +27.7 +47.0 +126.7 UK RPI +3.5 +23.4 +34.3 +52.3 Reference Index C +19.8 +28.5 +65.0 +175.5 A Considered to be an Alternative Performance Measure (see page 120 for more details). B Mid to mid. C Reference Index comprising 60% FTSE World ex UK Index/40% FTSE World UK Index up to April 2020 and 100% FTSE All World TR Index from May 2020. Source: aberdeen Group, Morningstar & Lipper Ten Year Financial Record Year end A 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total revenue (£’000) 67,020 77,333 79,471 77,105 82,417 68,918 78,737 88,745 88,833 84,216 Per Ordinary share (p): Net asset value 169.8 227.1 250.3 221.6 238.0 227.6 248.1 258.7 268.8 278.4 Share price 165.9 237.6 253.6 226.4 252.0 226.0 231.2 266.8 258.0 257.5 Net revenue return B 9.1 10.2 10.4 9.9 10.8 9.3 10.3 12.0 12.1 11.6 Dividends C 9.3 9.5 10.0 10.3 10.7 10.9 11.0 11.2 11.5 11.8 Dividend cover 0.99x 1.08x 1.04x 0.96x 1.01x 0.86x 0.94x 1.07x 1.05x 0.98x Revenue reserves (£’000) 64,767 70,963 75,252 73,563 75,747 66,764 62,967 69,239 75,132 74,182 Shareholders’ funds (£’bn) 1.091 1.448 1.599 1.420 1.539 1.462 1.561 1.617 1.669 1.679 Ongoing charges ratio(%) D 0.75 0.68 0.64 0.69 0.65 0.68 0.59 0.52 0.53 0.52 A Figures for 2015-2022 have been restated to reflect the 5:1 sub-division on 24 April 2023. B Net revenue return per Ordinary share has been based on the average Ordinary share capital during each year (see note 9 on page 97). C The figure for dividends per share reflects the years to which their declaration relates and not the years they were paid. D Considered to be an Alternative Performance Measure as defined on page 119. Performance Track Record Murray International Trust PLC 31 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Share Price (Discount)/Premium to NAV (%) Ten years to 31 December 2024 -16 -14 -12 -10 -8 -6 -4 -2 0 2 4 6 8 10 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 MINT Discount Inv Trust ex VCTs Sector Average Discount Net Asset Value and Share Price Total Return (with net dividends reinvested) rebased to 100 Ten years to 31 December 2024 50 100 150 200 250 300 31/12/2014 31/12/2016 31/12/2018 31/12/2020 31/12/2022 31/12/2024 NAV Share Price UK RPI Reference Index Comparison of Net Asset Value Total Return and Dividend Growth to Inflation rebased to 100 Ten years to 31 December 2024 80 100 120 140 160 180 200 220 240 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 MINT NAV total return (CAGR 8.5%) MINT dividend growth (CAGR 3.0%) UK RPI (CAGR 4.3%) 32 Murray International Trust PLC Ten Year Dividend Yield Comparison at 31 December 0 1 2 3 4 5 6 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dividend yield (%) Murray Intl. - Dividend Yield Peer Group (ex MYI) Average Yield FTSE All-World Dividend Yield Dividend per Share 0 2 4 6 8 10 12 14 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015 2018 2021 2024 Dividend per share (restated for share split in April 2023) Dividend funded from revenue earnings Dividend partially funded from reserves Peer Group Ongoing Charges Ratios (OCR) 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% - 500 1,000 1,500 2,000 2,500 3,000 3,500 Reported Ongoing Charges Ratio Market Capitalisation (£m) MYI Source: LSEG Datastream & Annual Reports February 2025 Performance Track Record Continued Long Term Dividend Growth 3.0% p.a. Long Term NAV Return +8.5% p.a. Long Term UK RPI +4.3% p.a. Murray International Trust PLC 33 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Investment trusts, such as the Company, are long-term investment vehicles. Typically, investment trusts are externally managed, have no employees, and are overseen by an independent non-executive board of directors. Your Company’s Board of Directors sets the investment mandate, monitors the performance of all service providers (including the Manager) and is responsible for reviewing strategy on a regular basis. All of this is done with the aim of preserving and enhancing shareholder value over the longer term. Reference Index The Company does not have a Benchmark. However, performance is considered against a number of measures including a Reference Index, the FTSE All World TR Index, which was adopted in April 2020. Given the composition of the portfolio and the Manager’s investment process, it is likely that the Company’s investment performance may diverge, possibly significantly, from this Reference Index. Longer term performance is measured against a blend of the old composite Benchmark (40% of the FTSE World UK Index and 60% of the FTSE World ex-UK Index) up to 27 April 2020 and the FTSE All World TR Index thereafter. Investment Objective The aim of the Company is to achieve an above average dividend yield, with long-term growth in dividends and capital ahead of inflation, by investing principally in global equities. Investment Policy There are a number of elements set out in the investment policy delegated to the Manager which are set out below: Asset Allocation The Company’s assets are currently invested in a diversified portfolio of international equities and fixed income securities spread across a range of industries and economies. The Company’s investment policy is flexible and it may, from time to time, hold other securities including (but not limited to) index-linked securities, convertible securities, preference shares, unlisted securities, depositary receipts and other equity-related securities. The Company may invest in derivatives for the purposes of efficient portfolio management in the furtherance of its investment objective. The Company’s investment policy does not impose any geographical, sectoral or industrial constraints upon the Manager. The Board has set guidelines which the Manager is required to work within. It is the investment policy of the Company to invest no more than 15% of its gross assets in other listed investment companies (including listed investment trusts), at the time of purchase. The Company currently does not have any investments in other investment companies. The Manager is authorised to enter into stocklending contracts and the Company undertakes limited stocklending activity. Risk Diversification The Manager actively monitors the Company’s portfolio and attempts to mitigate risk primarily through diversification. The Company is permitted to invest up to 15% of its investments by value in any single holding (at the time of purchase) although, typically, individual investments do not exceed 5% of the total portfolio. Gearing The Board considers that returns to shareholders can be enhanced by the judicious use of borrowing. The Board is responsible for the level of gearing in the Company and reviews the position on a regular basis. Any borrowing, except for short-term liquidity purposes, is used for investment purposes or to fund the purchase of the Company’s own shares. Total gearing will not in normal circumstances exceed 30% of net assets with cash deposits netted against the level of borrowings. At the year end, there was net gearing of 6.1% (calculated in accordance with Association of Investment Companies guidance). Particular care is taken to ensure that any bank covenants permit maximum flexibility in investment policy. Changes to Investment Policy Any material change to the investment policy will require the approval of the shareholders by way of an ordinary resolution at a general meeting. Investment Objective and Investment Policy 34 Murray International Trust PLC Introduction The purpose of the Company, which is in its 119 th year, is to act as a vehicle to provide, over time, financial returns (both income and capital) to its shareholders. The Company’s investment objective is disclosed on page 33. The activities of the Company are overseen by the Board of Directors of the Company. The Board is required to describe to the Company’s shareholders how the Directors have discharged their duties and responsibilities over the course of the financial year under section 172 (1) of the Companies Act 2006 (the “s172 Statement”). This s172 Statement, from ‘Introduction’ on page 34 up to and including ‘The Work of the Board and its Principal Decisions for the Year’ on page 38, provides an explanation of how the Directors have promoted the success of the Company for the benefit of its members as a whole, taking into account the likely long-term consequences of decisions, the need to foster relationships with all stakeholders and the impact of the Company’s operations on the environment. Our Culture The Board seeks to ensure that the Company and the Board operate with a transparent culture where all parties are treated with respect and are provided with the opportunity to offer practical challenge and participate in constructive debate which is focused on achieving the expectations of shareholders and other stakeholders. The Board reviews the culture and manner in which the Manager operates at its regular meetings and receives regular reporting and feedback from the other key service providers. Our Business Model The mechanics of how the Company operates are set out below. These mechanics, which have evolved over time, are designed to protect stakeholders’ interests: Promotin g Your Company’s Success Murray International Trust PLC 35 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Company Policies Environmental, Community, Social and Human Rights Issues The Company has no employees as the Board has delegated day-to-day management and administrative functions to abrdn Fund Managers Limited. There are, therefore, no disclosures to be made in respect of employees. The Company’s socially responsible investment policy is outlined below. Due to the nature of the Company’s business, being a Company that does not offer goods and services to customers, the Board considers that it is not within the scope of the Modern Slavery Act 2015 because it has no turnover. The Board considers the Company’s supply chains, dealing predominantly with professional advisers and service providers in the financial services industry, to be low risk in relation to this matter. The Company, therefore, is not required to make a slavery and human trafficking statement. Marketing and Promotional Policy The Board recognises the importance of communicating the long-term attractions of your Company to current and prospective investors both for improving liquidity and for enhancing the value and rating of the Company’s shares. The Board believes an effective way to achieve this is through subscription to and participation in the promotional programme run by the Manager on behalf of a number of investment companies under its management. The Company also supports the Manager’s investor relations programme which involves regional roadshows, promotional and public relations campaigns. The Company’s financial contribution to these programmes is matched by the Manager. The Manager reports at least quarterly to the Board providing an analysis of the promotional activities as well as updates on the shareholder register and any changes in the make-up of that register. Global Greenhouse Gas Emissions and Streamlined Energy and Carbon Reporting (“SECR”) All of the Company’s principal activities are outsourced to third parties. The Company therefore has no greenhouse gas emissions to report from the operations of its business, nor does it have responsibility for any other emissions producing sources under the Companies Act 2006 (Strategic Report and Directors’ Reports) Regulations 2013. For the same reason as set out above, the Company considers itself to be a low energy user under the SECR regulations (<40MWH/year) and exempt from Streamlined Energy and Carbon Reporting obligations. Socially Responsible Investment Policy The Company supports the UK Stewardship Code 2020, and seeks to play its role in supporting good stewardship of the companies in which it invests. Responsibility for actively monitoring the activities of portfolio companies has been delegated by the Board to the Manager which has sub-delegated that authority to the Investment Manager. aberdeen is a tier 1 signatory of the UK Stewardship Code 2020 which aims to enhance the quality of engagement by investors with investee companies in order to improve their socially responsible performance and the long-term investment return to shareholders. While delivery of stewardship activities has been delegated to the Manager, the Board acknowledges its role in setting the tone for the effective delivery of stewardship on the Company’s behalf. The Board has also given discretionary powers to the Manager to exercise voting rights on resolutions proposed by the investee companies within the Company’s portfolio. The Manager reports to the Board at each meeting on stewardship (including voting) issues. Board Diversity Policy The Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge represented on the Board in order to allow the Board to fulfil its obligations. The Board also recognises the benefits and is supportive of, the principle of diversity in its recruitment of new Board members. The Board will not display any bias for age, gender, race, sexual orientation, religion, ethnic or national origins, or disability in considering the appointment of its Directors. However, the Board will continue to ensure that all appointments are made on the basis of merit against the specification prepared for each appointment and, therefore, the Company does not consider it appropriate to set diversity targets. At 31 December 2024, there were four female Directors and two male Directors on the Board. Further information on Board diversity may be found in the Directors’ Report on page 60. 36 Murray International Trust PLC Our Engagement with Stakeholders The diagram below illustrates the relationship with the Company and its key stakeholders. Shareholders Shareholders are key stakeholders in the Company – they look to the Manager to achieve the investment objective over time and to deliver a regular growing income together with capital growth. Therefore the Directors place a great deal of importance on communication with shareholders and the table overleaf provides further details on the various methods of interaction. The Board’s policy is to communicate directly with shareholders and their representative bodies without the involvement of the aberdeen Group (either the Company Secretary or the Manager) in situations where direct communication is required and the Directors are available to meet major shareholders on an annual basis. Promotin g Your Company’s Success Continued Murray International Trust PLC 37 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements The following table describes some of the ways we engage with our shareholders: AGM The AGM provides an opportunity for the Directors to engage with shareholders, answer their questions and meet them informally. The next AGM is scheduled for 24 April 2025 in London. The Board looks forward to seeing shareholders in-person at the AGM which will be followed by refreshments and an opportunity for shareholders to meet the Directors and the investment management team. Online Shareholder Presentation Following the success of previous online shareholder presentations, the Board has decided to hold another Online Shareholder Presentation at 11.00 a.m. on 31 March 2025 and shareholders are encouraged to register and attend, whether they are planning to attend the AGM or not. Further details are provided in the Chair’s Statement on pages 9 and 10. Annual and Half Yearly Reports We publish a full Annual Report in March/April each year that contains a strategic report, governance section, financial statements and additional information; we also publish a Half Yearly Report each August/September. The reports are available on the Company’s website and in paper format and are widely distributed to parties who have an interest in the Company’s performance. Company Announcements We release a full set of financial results at the half year and full year stage. We also issue announcements for all substantive news relating to the Company. Shareholders can find these announcements on the Company’s website. Updated net asset value figures are announced on a daily basis. Monthly Factsheets The Manager publishes monthly factsheets on the Company’s website including commentary on portfolio and market performance. Website Our website contains a range of information on the Company and includes up to date performance information as well as a full monthly portfolio listing of our investments. Details of financial results and the investment process together with Company announcements and contact details can be found here: murray-intl.co.uk. Social Media Shareholders can access up to date news on the Company and management team by following the dedicated Murray International page on LinkedIn. Other Shareholder Engagement We seek regular engagement with the Company’s major shareholders and also prospective shareholders through annual and interim roadshow meetings undertaken in conjunction with the Manager and Broker. Such regular meetings may take the form of joint presentations with the Investment Manager or meetings directly with a Director where any matters of concern may be raised directly in order to understand their views on governance and performance. In addition, the management team present at brokers’ conferences and regularly conduct webcasts and webinars, some of which are available on the Company’s website. Shareholders who wish to be kept updated on the Company can also register for email updates on the website. The Board supports the Manager’s proactive marketing which also seeks to keep existing shareholders up to date and also to attract new shareholders over time. Correspondence The Board welcomes queries from shareholders and responds to letters and emails from shareholders on a range of issues. Refer to page 124 for contact details. 38 Murray International Trust PLC The Manager The key service provider for the Company is the Manager. The performance of the Manager is reviewed in detail at each Board meeting. The Manager’s investment process is outlined on pages 19 to 21; further information on the Board’s oversight of, and engagement with, the Manager is provided below and on page 62. Other Service Providers The other key stakeholder group is that of the Company’s other third party service providers. The Board is responsible for selecting the most appropriate outsourced service providers and monitoring the relationships with these suppliers regularly in order to review their performance and ensure a constructive working relationship. Our service providers look to the Company to provide them with a clear understanding of the Company’s needs in order that those requirements can be delivered efficiently and fairly. The Board, in conjunction with the Management Engagement Committee, ensures that the arrangements with service providers are reviewed at least annually in detail including consideration of complaints. The aim is to ensure that contractual arrangements are good value for money, remain in line with best practice, services being offered meet the requirements and needs of the Company and performance is in line with the expectations of the Board, Manager and other relevant stakeholders. Reviews include those of the Company’s depositary and custodian, share registrar and broker. The Audit and Risk Committee reviews the terms of engagement of the auditor. The Work of the Board and its Principal Decisions for the Year Pursuant to the Board’s aim of promoting the long-term success of the Company, the Directors have undertaken the following work and taken the following principal decisions during the year: Background to Decision Action Continuing Appointment of the Manager - It is the Board’s duty to shareholders to ensure that the Manager delivers on the investment objective The Board, through the Management Engagement Committee (MEC), annually carries out a formal review of, amongst other things, the Manager’s investment performance and process, and the appropriateness of the management fee. The continuing appointment of the Manager was confirmed by the MEC as described further on page 62. Portfolio Manager Succession - The Board had been working with the Manager for some time to ensure appropriate succession plans for the named portfolio manager The Board has supported the orderly transition of management responsibilities to Martin Connaghan and Samantha Fitzpatrick as Co-Managers following the retirement of Bruce Stout in June 2024. Premium and Discount Management - The Board has continued to review the trading in the Company’s shares with the aim of reducing share price volatility in normal market conditions so that the discount or premium to NAV does not become excessive During the year, 17.7m shares were purchased into Treasury at a weighted average discount of 9.6% as the Company’s share price continued to trade at a discount to NAV. Further details are provided in the Chair’s Statement on page 9. Promotin g Your Company’s Success Continued Murray International Trust PLC 39 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Increased and Fully Covered Dividends - The Board is conscious of the importance to shareholders of the dividend and of the need to marry this with a prudent approach to the management of the Company’s distributable reserves The Company’s aim is to continue to pay a progressive and rising dividend, supported in so far as possible by sufficient income being received each year from portfolio companies. The Board is recommending a final dividend of 4.3p per share (2023: 4.3p). If this is approved, the total dividend for the year, including the three increased interim dividends of 2.4p per share, would therefore be 11.8p, an increase of 2.6% over the prior year. This year’s dividend is not fully covered from earnings, however the Board decided that it was appropriate to recommend an increased dividend funded by a small transfer from revenue reserves. The chart on page 32 shows that over the long term the trend is for the dividend to be covered. Further information is included on page 8 of the Chair’s Statement. Board Composition and Responsibilities - Shareholders’ interests are best served by ensuring a smooth and orderly refreshment of the Board over time and the Board has a long-term succession programme in place Mrs Mackesy will retire from the Board at the AGM in April 2025, having completed nine-years as a Director. The Board has prepared a detailed specification and initiated a comprehensive search using the services of an independent recruitment consultant. The result of the search will be confirmed to shareholders in due course. In addition the Board has considered the role of Senior Independent Director (“SID”) and Ms Colquhoun will become SID from the conclusion of the AGM in April 2025. Ms Colquhoun has also been appointed Chair of the Management Engagement Committee from 1 January 2025. Gearing - The use of gearing is a distinguishing feature of investment trusts and allows the Company to use borrowings to enhance shareholder returns over the longer term The Board monitors the effectiveness of gearing in conjunction with advice from the Manager. In May 2024, the Company repaid a £30m revolving credit facility which matured with RBSI as interest rates at that time were not competitive. The Manager continues to review the commercial terms available and the Board will consider increasing the level of gearing in the future if it is in shareholders’ interests to do so. Third Party Supplier Oversight – As an investment trust with a non-executive Board the Company relies heavily on services provided by external parties and the Board conducts an annual review of all third party service providers As part of its annual review, the Board has reviewed in detail the Manager’s planning and delivery of sales, investor relations and marketing plans. For 2025 the Board has negotiated a revised, lower more focused promotional budget with amended key targets. In addition the Board has appointed a PR advisor, Burson Buchanan, to assist in promoting the Company. Furthermore, following a comprehensive tender process the Board decided to appoint JPMorgan Cazenove as the Company’s corporate broker with effect from July 2024. 40 Murray International Trust PLC The Board is responsible for setting and monitoring policies designed to manage risk and to ensure the long-term viability of the Company. Risk Management There are a number of risks which, if realised, could have a material adverse effect on the Company and its financial condition, performance and prospects. A summary of the principal risks is set out below, together with a description of the mitigating actions taken by the Board. The principal risks associated with an investment in the Company’s shares are published monthly on the Company’s fact sheet and can also be found in the pre-investment disclosure document (“PIDD”) published by the Manager, both of which are available on the Company’s website. The Board regularly undertakes a robust review of the principal risks and material uncertainties facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. The Board has prepared its own risk register which identifies potential risks relating to (i) Investment Strategy and Objectives; (ii) Investment Portfolio and Performance; (iii) Operations and Governance; (iv) Financial; and (v) Macro Economic and Geo-Political. The Board considers the potential cause and possible impact of these risks as well as reviewing the controls in place to mitigate these potential risks. A risk is rated by having a likelihood and an impact rating and the residual risk is plotted on a “heat map” and is reviewed at least twice a year. The Board discusses with the Manager areas where there may be risks emerging and maintains a register of these. In the event that an emerging risk has gained significant weight or importance, that risk is categorised and added to the Company’s risk register and is monitored accordingly as has happened with AI during the year, previously considered to be an emerging risk, it is now incorporated within the macro economic risks. The Board notes the Manager’s robust and disciplined investment process, which continues to focus on long- term company fundamentals including balance sheet strength and deliverability of sustainable earnings growth, as further described in the Investment Manager’s Review on pages 11 to 18 and on pages 19 to 21. The design, implementation and maintenance of controls and procedures to safeguard the assets of the Company and to manage its affairs properly extends to operational and compliance controls and risk management. Further information about the Company’s internal controls is included in the Directors’ Report on pages 64 and 65. Significant matters relating to the work of the Audit and Risk Committee are discussed in the Report of the Audit and Risk Committee on page 72 and further detail on financial risks and risk management is disclosed in note 18 to the financial statements. In all other respects, the Company’s principal risks and uncertainties have not changed materially since 31 December 2024. Risk Mana g ement and Viability Murray International Trust PLC 41 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Principal Risks Trend Mitigating Action Investment strategy and objectives – if the Company’s investment objective becomes unattractive and the Company fails to adapt to changes in investor demand (including in relation to ESG and climate change) the Company may become unattractive to investors, leading to decreased demand for its shares and a widening discount.  The Board keeps the level of discount and/or premium at which the Company’s shares trade as well as the investment objective and policy under review. The Board holds an annual strategy meeting where it reviews updates from the Manager and investor relations reports, and the Broker reports on the market. In addition, the Board is updated at each Board meeting on the makeup of and any movements in the shareholder register. The Directors attend meetings with, and respond to correspondence from, shareholders to keep abreast of investor opinion. In addition, the Board has carefully reviewed the Company’s promotional and marketing plans. Investment Portfolio Performance Risk – if the longer-term performance of the investment portfolio does not deliver income and/or capital returns in line with the investment objective and/or consistently underperforms market expectations, the Company may become unattractive to investors leading to decreased demand for its shares and a widening discount.  The Board reviews the investment portfolio performance at each Board meeting and, amongst other things, seeks explanations from the Manager where performance deviates from expectations on either an absolute or relative basis. In addition, the Directors attend meetings with, and respond to correspondence from, shareholders to keep abreast of investor opinion. The Board considers the Manager’s appointment annually at the Management Engagement Committee meeting where performance is comprehensively reviewed alongside other metrics relevant to reappointment. Operational and Governance Risks – the Company is dependent on third parties (and the aberdeen Group in particular) for the provision of all services and systems. Any fraud, control failures, cyber threats, business continuity issues at, or poor service from, these third parties could result in financial loss or reputational damage to the Company.  The Board receives reports from the Manager on internal controls and risk management at each Board meeting. It receives assurances from all its significant service providers, including the depositary, as well as back to back assurance from the Manager at least annually. Further details of the internal controls which are in place are set out on pages 64 and 65. 42 Murray International Trust PLC Principal Risks Trend Mitigating Action Financial Risks – the level of the Company’s gearing, if inappropriate, and the financial risks associated with the portfolio, including the impact of movements in foreign currency exchange rates, could result in capital losses and/or reduced income for the Company.  The Board sets a gearing limit and receives regular updates on the actual gearing levels the Company has reached from the Manager together with the assets and liabilities of the Company and reviews these at each Board meeting. In addition, aFML, as Alternative Investment Fund Manager, in conjunction with the Board, has set an overall leverage limit of 2.0x on a commitment basis (2.5x on a gross notional basis) and provides regular updates to the Board (see page 124). The financial risks associated with the Company include market risk, liquidity risk and credit risk, all of which are mitigated in conjunction with the Manager. Further details of the steps taken to mitigate the financial risks associated with the portfolio are set out in note 18 to the financial statements. The Board is cognisant of the risks associated with the impact of currency on revenue streams and, given the cost and imperfect nature of attempting to hedge foreign dividend income, has resolved not to implement any hedging. Macro Economic and Geo-Political Risks – the macro economic and geo-political environment including the risk of regional conflicts, supply chain interruptions, deglobalisation and future pandemics, within which the Company operates is inherently uncertain and therefore could affect the Company’s performance or operations in unforeseen ways  The Board discusses macro economic and geo-political issues with the Manager at each Board meeting and the steps being taken to limit their impact on the Company, its operations and portfolio. The global geo-political environment is increasingly destabilised by conflicts, tensions and other uncertainties which include, amongst other things, the ramifications on the accepted global alliances following the election of President Trump in the US. The global macro-economic outlook remains cautious and is further influenced by the evolution and adoption of AI amongst other things. Risk Mana g ement and Viability Continued Murray International Trust PLC 43 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Viability Statement The Company does not have a fixed period strategic plan but the Board formally considers risks and strategy at least annually. The Board considers the Company, with no fixed life, to be a long-term investment vehicle but, for the purposes of this viability statement, has decided that a period of five years is an appropriate period over which to report. The Board considers that this period reflects a balance between looking out over a long-term horizon and the inherent uncertainties of looking out further than five years. In assessing the viability of the Company over the review period, the Directors have considered the operational resilience of the Company including the regular updates and reporting received from the Manager and have focused upon the following factors: · The principal and emerging risks detailed in the Strategic Report on pages 40 to 42; · The ongoing relevance of the Company’s investment objective in the current environment; · The demand for the Company’s shares evidenced by the historical level of premium and/or discount; · The level of income generated by the Company and level of revenue reserves; · The need to ensure that the Manager and the Company’s other third party service providers have suitable processes and controls in place to enable them to continue to provide their services to the Company; · The liquidity of the Company’s portfolio - over 93.8% of the investments are categorised as level 1, held within active markets and realisable within seven days; and · The profile of the Company’s £110m gearing provided by the Loan Notes which do not mature until May 2031 and May 2037. Accordingly, taking into account the Company’s current position, the liquidity of the Company’s investments and the potential impact of its principal risks and uncertainties, the Directors have a reasonable expectation that the Company will be able to continue in operation and to meet its liabilities as they fall due for a period of five years from the date of this Report. In making this assessment, the Board has considered scenario modelling prepared by the Manager which analysed the impact of matters such as significant economic and stock market volatility which could result in a substantial reduction in the liquidity of the portfolio, changes in investor sentiment or a significant reduction in earnings which could all have an impact on the assessment of the Company’s prospects and viability in the future. Virginia Holmes Chair 5 March 2024 44 Murray International Trust PLC Portfolio Murray International Trust PLC 45 The Company maintains a diversified portfolio of investments. At the year end, the Company’s portfolio consisted of 49 equity and 13 bond holdings. The Manager is authorised by the Board to hold between 45 and 150 investments in the portfolio. 46 Murray International Trust PLC As at 31 December 2024 Taiwan Semiconductor Manufacturing Broadcom Corporation Holding: 4.1% Holding: 4.0% Taiwan Semiconductor Manufacturing is one of the largest integrated circuit manufacturers in the world. The company is involved in component design, manufacturing, assembly, testing and mass production of integrated circuits. Broadcom designs, develops and markets digital and analogue semiconductors worldwide. The company offers wireless components, storage adaptors, networking processors, switches, fibre optic modules and optical sensors. Philip Morris International Oversea-Chinese Bank Holding: 3.8% Holding: 3.3% Philip Morris International is one of the world’s leading global tobacco companies. It manufactures and sells leading recognisable brands such as Marlboro, Parliament and Virginia Slims. Smoke-free products now account for c40% of sales and include heat- not-burn, vapour and oral nicotine products. Oversea-Chinese Banking Corporation offers a comprehensive range of financial services spread across four main business segments. These include Global Consumer/Private Banking; Global Wholesale Banking; Global Treasury & Markets; plus Insurance. CME Group Aeroporto del Sureste Holding: 3.1% Holding: 3.0% Based in Chicago, USA CME Group operates a derivatives exchange that trades futures contracts and options, interest rates, stock indexes, foreign exchange and commodities. Grupo Aeroporto del Sureste operates airports in Mexico. The company holds long- term concessions to manage airports in leading tourist resorts and major cities. AbbVie Enbridge Holding: 2.9% Holding: 2.8% AbbVie Inc is a global pharmaceutical company, producing a broad range of drugs for use in speciality therapeutic areas such as immunology, chronic kidney disease, oncology and neuroscience. Enbridge is an energy infrastructure company that owns and operates extensive pipeline networks throughout Canada and the US, transporting crude oil, natural gas, and natural gas liquids. The company is also involved in renewable energy projects, including wind and solar power. BE Semiconductor Zurich Insurance Holding: 2.7% Holding: 2.7% BE Semiconductor Industries N.V produces integrated semiconductor assembly equipment. The business designs, develops, builds, markets and services machines that manufacture semiconductor packages. BE also produces automated moulding and plating machines and manufactures leadframes. Zurich Insurance Group offers a wide range of insurance products and services, including general insurance, life insurance, and asset management services. It serves individuals, as well as large and small businesses, in over 200 countries worldwide. © owned by each of the corporate entities in the respective logos Ten Lar g est Investments Murray International Trust PLC 47 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Valuation Total Valuation 2024 assets A 2023 B Company Country £’000 % £’000 Taiwan Semiconductor Manufacturing Taiwan 73,309 4.1 68,091 Broadcom Corporation USA 72,177 4.0 87,573 Philip Morris International USA 67,244 3.8 51,665 Oversea-Chinese Bank Singapore 58,576 3.3 46,314 CME Group USA 55,628 3.1 49,563 Aeroporto del Sureste Mexico 53,274 3.0 83,062 AbbVie USA 51,389 2.9 54,711 Enbridge Canada 50,758 2.8 21,283 BE Semiconductor Netherlands 49,223 2.7 73,070 Zurich Insurance Switzerland 47,454 2.7 40,962 Top ten investments 579,032 32.4 Cisco Systems USA 44,647 2.5 31,704 TotalEnergies France 44,109 2.4 53,377 Telus Canada 41,076 2.3 28,008 Verizon Communications USA 40,902 2.3 29,565 Siemens Germany 39,020 2.2 40,703 Unilever C UK & Netherlands 36,302 2.0 43,698 Singapore Telecommunications Singapore 36,054 2.0 26,333 Merck USA 35,748 2.0 38,484 Hong Kong Exchanges Hong Kong 34,242 1.9 24,194 Johnson & Johnson USA 33,836 1.9 30,369 Top twenty investments 964,968 53.9 Shell Netherlands 33,674 1.9 34,945 Enel Italy 33,187 1.9 33,978 Tryg Denmark 32,776 1.8 33,264 Hon Hai Precision Industry Taiwan 32,714 1.8 31,898 British American Tobacco UK 31,669 1.8 25,240 Samsung Electronics Korea 29,696 1.7 44,818 Bristol-Myers Squibb USA 29,370 1.7 26,152 Pernod-Ricard France 28,799 1.6 16,606 BHP Group Australia 27,328 1.5 37,653 Sanofi France 27,016 1.5 27,207 Top thirty investments 1,271,197 71.1 List of Investments 48 Murray International Trust PLC List of Investments Continued Valuation Total Valuation 2024 assets A 2023 B Company Country £’000 % £’000 Danone France 26,763 1.5 33,743 Mercedes-Benz Germany 26,585 1.5 – Walmart de Mexico Mexico 26,132 1.5 36,376 Coca-Cola USA 25,610 1.4 – Diageo UK 25,370 1.4 8,568 SCB X Thailand 24,660 1.4 21,822 Ping An Insurance China 23,667 1.3 12,766 GlobalWafers Taiwan 23,198 1.3 37,509 Vale do Rio Doce Brazil 18,857 1.0 33,103 Taylor Wimpey UK 18,315 1.0 – Top forty investments 1,510,354 84.4 Medtronic USA 17,542 1.0 – Sociedad Quimica Y Minera de Chile Chile 17,410 1.0 28,334 Telenor Norway 17,174 1.0 13,504 Woodside Energy Australia 17,012 1.0 23,268 China Resources Land China 16,189 0.9 19,655 Atlas Copco Sweden 16,146 0.9 26,675 Telkom Indonesia Indonesia 16,133 0.9 24,149 Republic of South Africa 7% 28/02/31 D South Africa 15,035 0.8 14,369 United Mexican States 5.75% 05/03/26 D Mexico 14,653 0.8 17,084 Republic of Indonesia 6.125% 15/05/28 D Indonesia 14,485 0.8 15,078 Top fifty investments 1,672,133 93.5 Telefonica Brasil Brazil 13,685 0.8 19,463 Banco Bradesco Brazil 13,125 0.7 23,753 Republic of Dominica 6.85% 27/01/45 D Dominican Republic 11,755 0.7 11,702 Petroleos Mexicanos 6.75% 21/09/47 D Mexico 10,979 0.6 10,264 Republic of Indonesia 8.375% 15/03/34 D Indonesia 10,770 0.6 11,374 HDFC Bank 7.95% 21/09/26 D India 6,983 0.4 7,053 Power Finance Corp 7.63% 14/08/26 D India 6,973 0.4 7,020 Petroleos Mexicanos 5.5% 27/06/44 D Mexico 5,955 0.3 5,789 Republic of Indonesia 10% 15/02/28 D Indonesia 4,026 0.2 4,274 Santander 10.375% Non Cum Pref D UK 3,547 0.2 3,197 Top sixty investments 1,759,931 98.4 Murray International Trust PLC 49 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Valuation Total Valuation 2024 assets A 2023 B Company Country £’000 % £’000 General Accident 7.875% Cum Irred Pref D UK 3,360 0.2 3,220 Republic of Turkey 8% 12/03/25 D Turkey 1,703 0.1 1,577 Total investments 1,764,994 98.7 Net current assets A 23,771 1.3 Total assets E 1,788,765 100.0 A Excluding bank loan. B The 2023 column denotes the Company’s holding at 31 December 2023. C The 2024 holding comprises UK and Netherlands securities, split £19,097,000 (2023 – £22,797,000) and £17,205,000 (2023 – £20,901,000) respectively. D Quoted preference share or bond. E See definition on page 129. Summary of Net Assets Valuation Valuation 31 December 2024 31 December 2023 £’000 % £’000 % Equities 1,654,770 98.6 1,674,147 100.3 Preference shares 6,907 0.4 6,417 0.4 Bonds 103,317 6.1 107,299 6.4 Total investments 1,764,994 105.1 1,787,863 107.1 Net current assets A 23,771 1.4 20,900 1.3 Total assets B 1,788,765 106.5 1,808,763 108.4 Borrowings C (109,916) (6.5) (139,901) (8.4) Net assets 1,678,849 100.0 1,668,862 100.0 A Excluding bank loan. B See definition on page 129. C See note 13 on page 100. 50 Murray International Trust PLC Asia Africa United North Europe Pacific Latin & Middle 2024 2023 Kingdom America ex UK ex Japan America East Total Total Sector/Geographical Analysis % % % % % % % % Energy – 2.8 4.4 0.9 – – 8.1 8.5 Oil, Gas and Coal – 2.8 4.4 0.9 – – 8.1 8.5 Basic Materials – – – 1.5 2.0 – 3.5 5.5 Chemicals – – – – 1.0 – 1.0 1.6 Industrial Metals and Mining – – – 1.5 1.0 – 2.5 3.9 Industrials – – 3.1 – 3.0 – 6.1 9.8 General Industrials – – 2.2 – – – 2.2 2.3 Industrial Engineering – – 0.9 – – – 0.9 2.9 Industrial Transportation – – – – 3.0 – 3.0 4.6 Consumer Staples 4.3 5.2 4.0 – – – 13.5 10.0 Beverages 1.4 1.4 1.6 – – – 4.4 1.4 Food Producers – – 1.5 – – – 1.5 1.9 Personal Care, Drug and Grocery Stores 1.1 – 0.9 – – – 2.0 2.4 Tobacco 1.8 3.8 – – – – 5.6 4.3 Consumer Discretionary 1.0 – 1.5 – 1.5 – 4.0 2.0 Automobiles and Parts – – 1.5 – – – 1.5 – Household Goods and Home Construction 1.0 – – – – – 1.0 – Retailers – – – – 1.5 – 1.5 2.0 Health Care – 9.4 1.5 – – – 10.9 11.0 Health Care Equipment & Services – 1.0 – – – – 1.0 – Pharmaceuticals & Biotechnology – 8.4 1.5 – – – 9.9 11.0 Telecommunications – 7.1 1.0 4.6 0.8 – 13.5 11.9 Telecommunications Service Providers – 4.6 1.0 2.9 0.8 – 9.3 7.7 Telecommunications Equipment – 2.5 – 1.7 – – 4.2 4.2 Utilities – – 1.9 – – – 1.9 1.9 Electricity – – 1.9 – – – 1.9 1.9 Sector/Geo g raphical Analysis Murray International Trust PLC 51 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Asia Africa United North Europe Pacific Latin & Middle 2024 2023 Kingdom America ex UK ex Japan America East Total Total Sector/Geographical Analysis % % % % % % % % Financials – 3.1 4.5 7.9 0.7 – 16.2 13.9 Banks – – – 4.7 0.7 – 5.4 5.1 Investment Banking and Brokerage Services – 3.1 – 1.9 – – 5.0 4.0 Life Insurance – – – 1.3 – – 1.3 0.7 Nonlife Insurance – – 4.5 – – – 4.5 4.1 Real Estate – – – 0.9 – – 0.9 1.6 Real Estate Investment and Services – – – 0.9 – – 0.9 1.6 Technology – 4.0 2.7 7.2 – – 13.9 16.5 Technology Hardware & Equipment – 4.0 2.7 7.2 – – 13.9 16.5 Total equities 5.3 31.6 24.6 23.0 8.0 – 92.5 92.6 Preference shares and bonds 0.4 – 0.1 2.4 2.4 0.9 6.2 6.2 Total investments 5.7 31.6 24.7 25.4 10.4 0.9 98.7 98.8 Net current assets 1.3 1.2 Total assets A 100.0 100.0 A See definition on page 129. 52 Murray International Trust PLC Total Equities Distribution by Sector 0% 5% 10% 15% 20% Technology Financials Utilities Telecommunications Health Care Consumer Staples Consumer Discretionary Industrials Basic Materials Real Estate Energy 2024 2023 Total Equities Distribution by Geographic Region 0% 5% 10% 15% 20% 25% 30% United Kingdom Europe ex UK Latin America North America Asia Pacific ex Japan 2024 2023 Sector/Geo g raphical Analysis Continued Equities Represent 92.5% of Net Assets 49 Equity Holdings Portfolio Turnover 13% (2023: 7%) Murray International Trust PLC 53 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Equities by Country 28.6% 7.8% 2.8% 4.8% 5.7% 1.0% 5.7% 2.9% 5.5% 1.0% 10.5% 7.7% 6.0% 9.0% 1.0% USA Taiwan Brazil Mexico UK Indonesia Singapore Switzerland Canada Sweden Other Asia Pacific ex Japan France Netherlands Other Europe ex UK Chile 2024 Preference Shares and Bonds by Country 10.7% 12.7% 26.6% 28.6% 13.6% 1.5% 6.3% Dominican Republic Ecuador India Indonesia Mexico South Africa Turkey UK 2024 23.9% 8.2% 4.6% 7.1% 3.4% 1.5% 4.3% 3.8% 4.2% 3.1% 11.5% 7.8% 7.7% 7.2% 1.7% 2023 10.3% 0.0% 12.4% 27.0% 29.1% 12.6% 2.9% 5.7% 2023 54 Murray International Trust PLC Governance The Company is committed to high standards of corporate governance and applies the principles identified in the UK Corporate Governance Code and the AIC Code of Corporate Governance Murray International Trust PLC 55 56 Murray International Trust PLC Virginia Holmes Chair and Independent Non-Executive Director Experience: Virginia is the former CEO of AXA Investment Managers Limited and brings significant senior asset management expertise and experience to the Board. She is currently Senior Independent Director at Syncona Limited and Chair of the Remuneration Committee at Intermediate Capital Group plc. She is a current and past Chair and Trustee of a number of pension funds and was previously a founder director of the Investment Forum. Length of Service: Appointed a Director on 22 June 2022 and Chair from 31 December 2023 Last re-elected to the Board: 19 April 2024 Contribution: The Nomination Committee has reviewed the contribution of Ms Holmes in light of her forthcoming re-election at the AGM to be held in April 2025 and has concluded that she is continuing to bring significant expertise and wider investment insight and challenge to the Board whilst expertly chairing meetings in an efficient and focused manner. Committee membership: Management Engagement Committee (Chair to 31 December 2024) and Nomination Committee (Chair) Connections with Trust, Manager or other Directors: None Shareholding in Company: 10,000 Ordinary shares at 5 March 2025 Claire Binyon Independent Non-Executive Director Experience: Claire is a chartered accountant who, following an early career in the City, held senior corporate development and strategic planning roles with global multinational businesses including inBev, Cadbury, DS Smith and Fenner (a Michelin group company). She is a non-executive director of JPMorgan American Investment Trust PLC. Length of service: Appointed a Director on 26 April 2018 Last re-elected to the board: 19 April 2024 Contribution: The Nomination Committee has reviewed the contribution of Ms Binyon in light of her forthcoming re-election at the AGM to be held in April 2025 and has concluded that Ms Binyon continues to provide significant financial insight to the Board as well as expertly chairing the Audit and Risk Committee with due focus on the important areas of accounting financial risk. Committee membership: Audit and Risk Committee (Chair), Management Engagement Committee, Nomination Committee and Remuneration Committee. Connections with Trust, Manager or other Directors: None Shareholding in Company: 6,713 Ordinary shares at 5 March 2025 Board of Directors Murray International Trust PLC 57 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Alexandra Mackesy Senior Independent Non-Executive Director Experience: Alexandra is a former equity analyst, having spent the majority of her executive career in Asia with SBC Warburg, JP Morgan and Credit Suisse. She has some 20 years of experience as a director of UK listed investment trusts and is currently chair of JPMorgan China Growth & Income Trust plc and a non-executive director of The Henderson Smaller Companies Trust plc. She is also a director of Board Level Partners Ltd, which provides board advisory services. Length of Service: Appointed a Director on 1 May 2016 Last re-elected to the Board: 19 April 2024 Contribution: The Nomination Committee has reviewed Mrs Mackesy’s contribution to the Board, notwithstanding her intention to retire from the Board at the AGM to be held in April 2025, and has concluded that she has provided wise counsel to the Chair in her role as Senior Independent Director as well as providing significant insight and investment trust expertise to the Board during the year. Committee membership: Audit and Risk Committee, Management Engagement Committee, Nomination Committee and Remuneration Committee Connections with Trust, Manager or other Directors: None Shareholding in Company: 16,575 Ordinary shares at 5 March 2025 Nicholas Melhuish Independent Non-Executive Director Experience: Nicholas is a former Fellow and Bursar of Corpus Christi College, Oxford having retired from this role in December 2024 and following a portfolio management career culminating as Head of Global Equities at Amundi SA. He is a non-executive director of JPMorgan Claverhouse Investment Trust PLC, a trustee of the Trusthouse Charitable Foundation and a director and trustee of The London Clinic. He has also lectured at the Saïd Business School at Oxford University on Asset Management. Length of Service: Appointed a Director on 1 May 2021 Last re-elected to the Board: 19 April 2024 Contribution: The Nomination Committee has reviewed the contribution of Mr Melhuish in light of his forthcoming re-election at the AGM to be held in April 2025 and has concluded that he has delivered important global investment insight and challenge and provided strong leadership as Chair of the Remuneration Committee. Committee membership: Audit and Risk Committee, Management Engagement Committee, Nomination Committee and Remuneration Committee (Chair) Connections with Trust, Manager or other Directors: None Shareholding in Company: 17,510 Ordinary shares at 5 March 2025 58 Murray International Trust PLC Gregory Eckersley Independent Non-Executive Director Experience: Gregory is an experienced equity investor with a professional executive career in a mix of leadership and asset management roles. Having begun his investment career at Cigna International Investment Limited, he gained international experience at Draycott Partners, Alliance Capital and Alliance Bernstein, managing and overseeing teams investing in emerging market and global portfolios and, until 2019, was the global head of internal equities at the Abu Dhabi Investment Authority. He is a non-executive director of Edinburgh Worldwide Investment Trust plc. Length of Service: Appointed a Director on 1 May 2023 Last re-elected to the Board: Elected on 19 April 2024 Contribution: The Nomination Committee has reviewed the contribution of Mr Eckersley in light of his forthcoming re-election at the AGM to be held in April 2025 and has concluded that he has continued to bring excellent global investment expertise and challenge to Board discussions. Committee membership: Audit and Risk Committee, Management Engagement Committee, Nomination Committee and Remuneration Committee Connections with Trust, Manager or other Directors: None Shareholding in Company: 15,000 Ordinary shares at 5 March 2025 Wendy Colquhoun Independent Non-Executive Director Experience: Wendy is a qualified solicitor and was, until May 2020, a partner at international law firm CMS Cameron McKenna Nabarro Olswang LLP. She has advised investment trust boards for over 25 years on advisory and transactional matters and has a thorough understanding of investment trusts and the regulatory and other challenges they face. She is a non-executive director of Capital Gearing Trust p.l.c, senior independent director of Schroder UK Mid Cap Fund plc and chair of Henderson Opportunities Trust plc. Length of Service: Appointed a Director on 1 September 2023 Last re-elected to the Board: Elected on 19 April 2024 Contribution: The Nomination Committee has reviewed the contribution of Ms Colquhoun in light of her forthcoming re-election at the AGM to be held in April 2025 and has concluded that she has continued to bring significant legal and investment trust expertise and insight to the Board. Committee membership: Audit and Risk Committee, Management Engagement Committee (Chair from 1 January 2025), Nomination Committee and Remuneration Committee Connections with Trust, Manager or other Directors: None Shareholding in Company: 6,039 Ordinary shares at 5 March 2025 Board of Directors Continued Murray International Trust PLC 59 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements The Directors present their report and the audited financial statements for the year ended 31 December 2024. Results and Dividends Details of the Company’s proposed dividend and results are shown on pages 4 and 5 of this Report. Investment Trust Status The Company is registered as a public limited company (registered in Scotland No. SC006705) and has been accepted by HM Revenue & Customs as an investment trust subject to the Company continuing to meet the relevant eligibility conditions of Section 1158 of the Corporation Tax Act 2010 and the ongoing requirements of Part 2 Chapter 3 Statutory Instrument 2011/2999 for all financial years commencing on or after 1 January 2012. The Directors are of the opinion that the Company has conducted its affairs for the year ended 31 December 2024 so as to enable it to comply with the ongoing requirements for investment trust status. Individual Savings Accounts The Company has conducted its affairs so as to satisfy the requirements as a qualifying security for Individual Savings Accounts. The Directors intend that the Company will continue to conduct its affairs in this manner. Share Capital The Company’s capital structure is summarised in note 14 to the financial statements. At 31 December 2024, there were 603,129,219 fully paid Ordinary shares of 5p each (2023 – 620,866,332 Ordinary shares) in issue. At the year end there were 43,930,796 (2023 – 26,193,683) Ordinary shares held in Treasury. During the year 17,737,113 Ordinary shares were bought back for Treasury representing 2.8% of the Company’s total issued share capital (2023 – 5,248,133 Ordinary shares). Further details on buybacks are provided in note 14 to the financial statements. No Ordinary shares were sold from Treasury (2023 – 1,050,000) or issued during the year. Share Rights Ordinary shareholders are entitled to vote on all resolutions which are proposed at general meetings of the Company. The Ordinary shares carry a right to receive dividends and, on a winding up, after meeting the liabilities of the Company, the surplus assets will be paid to Ordinary shareholders in proportion to their shareholdings. Management and Secretarial Arrangements The Company has appointed abrdn Fund Managers Limited (“aFML”), a wholly owned subsidiary of aberdeen Group plc, as its alternative investment fund manager under the terms of an investment management agreement dated 14 July 2014 (as amended). Under the terms of the agreement, the Company’s portfolio is managed by abrdn Investments Limited (“aIL”) by way of a group delegation agreement in place between aFML and aIL. Investment management services are provided to the Company by aFML. Company secretarial, accounting and administrative services have been delegated by aFML to abrdn Holdings Limited. The management fee is charged at the rate of 0.5% per annum of Net Assets up to £500m and 0.4% per annum of Net Assets above £500m. In addition, a fee of 1.5% per annum remains chargeable on the value of any unlisted investments. The investment management fee is chargeable 30% against revenue and 70% against realised capital reserves in line with the Board’s long-term expectation of returns from revenue and capital. No fees are charged in the case of investments managed or advised by the aberdeen Group. The management agreement may be terminated by either party on the expiry of six months’ written notice. On termination, the Manager would be entitled to receive fees which would otherwise have been due up to that date. The Board considers the continued appointment of the Manager on the terms agreed to be in the interests of the shareholders as a whole because the aberdeen Group has the investment management, secretarial, promotional and administrative skills and expertise required for the effective operation of the Company. The Board The Board currently consists of six non-executive Directors. The names and biographies of the current Directors are disclosed on pages 56 to 58 indicating their range of experience as well as length of service. All Directors will retire at the AGM in April 2025 and, with the exception of Mrs Mackesy who has served nine years, each Director will stand for re-election. Directors’ Report 60 Murray International Trust PLC The Board considers that there is a balance of skills and experience within the Board relevant to the leadership and direction of the Company and that all the Directors contribute effectively. The reasons for the re-election of the individual Directors are set out on pages 56 to 58. Board Diversity As indicated in the Strategic Report, the Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge represented on the Board in order to allow it to fulfil its obligations. The Board also recognises the benefits and is supportive of, and will give due regard to, the principle of diversity in its recruitment of new Board members. The Board will not display any bias for age, gender, race, sexual orientation, socio-economic background, religion, ethnic or national origins or disability in considering the appointment of Directors. The Board will continue to ensure that all appointments are made on the basis of merit against the specification prepared for each appointment. The Board takes account of the targets set out in the FCA’s Listing Rules, which are set out below. As an externally managed investment company, the Board employs no executive staff, and therefore does not have a chief executive officer (CEO) or a chief financial officer (CFO)- both of which are deemed senior board positions by the FCA. Senior board positions recognised by the FCA are chair of the board and senior independent director (SID). However, the Board considers the Chair of the Audit and Risk Committee also to be a senior board position and the following disclosure is made on this basis. In addition, the Board has resolved that the Company’s year end date be the most appropriate date for disclosure purposes. The following information has been voluntarily disclosed by each Director and is correct as at 31 December 2024. The Board confirms that the Company is in compliance with the recommendations of the Parker Review on diversity in the UK boardroom. 1. Meets target that at least 40% of Directors are women as set out in LR 6.6.6R (9)(a)(i). 2. Meets target that at least one Director is from a minority ethnic background as set out in LR 6.6.6R (9)(a)(iii). 3. This column is deemed not to be applicable as the Company is externally managed and does not have executive staff or a CEO/CFO. The Company considers that the roles of Chair, Senior Independent Director and Chair of the Audit & Risk Committee are senior Board positions and accordingly the Company meets the target that at least one senior role is held by a woman set out in LR6.6.6(9)(a)(i). Directors’ Report Continued Board as at 31 December 2024 Number of Board Members Percentage of the Board Number of Senior Positions on the Board ( Note 3 ) Men 2 33% 0 Women ( Not e 1 ) 4 67% 3 White British or other White (including minority-white groups) 5 83% 3 Minority Ethnic ( Note 2 ) 1 17% 0 Murray International Trust PLC 61 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements The Role of the Chair and Senior Independent Director The Chair of the Company is responsible for providing effective leadership to the Board, by setting the tone of the Company, demonstrating objective judgement and promoting a culture of openness and debate. The Chair facilitates the effective contribution, and encourages active engagement, by each Director. In conjunction with the Company Secretary, the Chair ensures that Directors receive accurate, timely and clear information to assist them with effective decision-making. The Chair leads the evaluation of the Board and individual Directors, and acts upon the results of the evaluation process by recognising strengths and addressing any weaknesses. The Chair also engages with major shareholders and ensures that all Directors understand shareholder views. The Senior Independent Director acts as a sounding board for the Chair and acts as an intermediary for other Directors, when necessary. Working closely with the Nomination Committee, the Senior Independent Director takes responsibility for an orderly succession process for the Chair, and leads the annual appraisal of the Chair’s performance. The Senior Independent Director is also available to shareholders to discuss any concerns they may have. Mrs Mackesy, the current Senior Independent Director, will be retiring from the Board in April 2025 and with effect from the close of business of the AGM on 24 April 2025, Ms Colquhoun will become Senior Independent Director. Management of Conflicts of Interest No Director has a service contract with the Company although Directors are issued with letters of appointment. The Directors’ interests in contractual arrangements with the Company are as shown in note 21 to the financial statements and the Directors’ Remuneration Report. No Directors had any other interest in contracts with the Company during the period or subsequently. The Board has a procedure in place to deal with a situation where a Director has a conflict of interest, as required by the Companies Act 2006. As part of this process, the Directors are required to disclose other positions held and all other conflict situations that may need to be authorised either in relation to the Director concerned or his or her connected persons. The Board considers each Director’s situation and decides whether to approve any conflict, taking into consideration what is in the best interests of the Company and whether the Director’s ability to act in accordance with their wider duties is affected. Each Director is required to notify the Company Secretary of any potential or actual conflict situations that will need authorising by the Board. Authorisations given by the Board are reviewed at each Board meeting. All proposed significant external appointments are also required to be approved, in advance, by the Chair and then communicated to other Directors for information. The Company has a policy of conducting its business in an honest and ethical manner. The Company takes a zero tolerance approach to bribery and corruption and has procedures in place that are proportionate to the Company’s circumstances to prevent them. The Manager also adopts a group-wide zero tolerance approach and has its own detailed policy and procedures in place to prevent bribery and corruption. Copies of the Manager’s anti-bribery and corruption policies are available on its website. In relation to the corporate offence of failing to prevent tax evasion, it is the Company’s policy to conduct all business in an honest and ethical manner. The Company takes a zero-tolerance approach to facilitation of tax evasion whether under UK law or under the law of any foreign country and is committed to acting professionally, fairly and with integrity in all its business dealings and relationships. Corporate Governance The Corporate Governance Statement forms part of the Directors’ Report. The Company is committed to high standards of corporate governance. The Board is accountable to the Company’s shareholders for good governance and this statement describes how the Company has applied the principles identified in the UK Corporate Governance Code as published in July 2018 (the “UK Code”), which is available on the Financial Reporting Council’s (the “FRC”) website: frc.org.uk. The Board has also considered the principles and provisions of the AIC Code of Corporate Governance as published in February 2019 (the “AIC Code”). The AIC Code addresses the principles and provisions set out in the UK Code, as well as setting out additional provisions on issues that are of specific relevance to the Company. The AIC Code is available on the AIC’s website: theaic.co.uk. The Board considers that reporting against the principles and provisions of the AIC Code, which has been endorsed by the FRC, provides more relevant information to shareholders. The Board confirms that, during the year, the Company complied with the principles and provisions of the AIC Code and the relevant provisions of the UK Code, except as set out overleaf. 62 Murray International Trust PLC The UK Code includes provisions relating to: · interaction with the workforce (provisions 2, 5 and 6); · the role and responsibility of the chief executive (provisions 9 and 14); · previous experience of the chair of a remuneration committee (provision 32); and · executive directors’ remuneration (provisions 33 and 36 to 40). The Board considers that these provisions are not relevant to the position of the Company, being an externally managed investment company. In particular, all of the Company’s day-to-day management and administrative functions are outsourced to third parties. As a result, the Company has no executive directors, employees or internal operations. The Company has therefore not reported further in respect of these provisions. The full text of the Company’s Corporate Governance Statement can be found on the Company’s website, murray-intl.co.uk. The Board is cognisant of the FRC’s revised Corporate Governance Code 2024, effective for financial years commencing on or after 1 January 2025 and expects to be in compliance with this 2024 Code for the year ending 31 December 2025. The table below details Directors’ attendance at scheduled Board and Committee meetings held during the year ended 31 December 2024 (with eligibility to attend the relevant meeting in brackets). In addition there were a number of other ad hoc Board meetings held during the year. Scheduled Board Audit & Risk Com Nom. Com MEC Rem. Com V. Holmes A 6 (6) 3 (3) 4 (4) 1 (1) 1 (1) C. Binyon 6 (6) 3 (3) 4 (4) 1 (1) 1 (1) W. Colquhoun 6 (6) 3 (3) 4 (4) 1 (1) 1 (1) G. Eckersley 6 (6) 3 (3) 4 (4) 1 (1) 1 (1) A. Mackesy 6 (6) 3 (3) 4 (4) 1 (1) 1 (1) N. Melhuish 6 (6) 3 (3) 4 (4) 1 (1) 1 (1) A Ms Holmes was appointed Chair on 31 December 2023 and attends Audit & Risk Committee meetings by invitation Board Committees Terms of Reference The terms of reference of all the Board Committees may be found on the Company’s website murray-intl.co.uk and copies are available from the Company Secretary upon request. The terms of reference are reviewed and re- assessed by the Board for their adequacy on an annual basis. Audit and Risk Committee The Report of the Audit and Risk Committee is on pages 71 to 73 of this Annual Report. Management Engagement Committee (“MEC”) The MEC comprises all of the Directors and was chaired by Ms Holmes up to 31 December 2024 and by Ms Colquhoun from 1 January 2025. The Committee reviews the performance of the Manager and its compliance with the terms of the management and secretarial agreement. The terms and conditions of the Manager’s appointment, including an evaluation of fees, are reviewed by the Committee on an annual basis. The Committee believes that the continuing appointment of the Manager on the terms that have been agreed is in the interests of shareholders as a whole. The Committee is also responsible for the oversight and annual review of all other key service provider relationships. Nomination Committee All appointments to the Board of Directors are considered by the Nomination Committee which comprises the entire Board and is chaired by Ms Holmes. The Board’s overriding priority in appointing new Directors to the Board is to identify the candidate with the best range of skills and experience to complement existing Directors. The Board also recognises the benefits of diversity and its policy on diversity is referred to in the Strategic Report on page 35. When Board positions become available as a result of retirement or resignation, the Company ensures that a diverse group of candidates is considered. Continued Directors’ Report Murray International Trust PLC 63 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements The Board’s policy on tenure is that continuity and experience are considered to add significantly to the strength of the Board. The Board also takes the view that independence is not necessarily compromised by length of tenure on the Board. However, in compliance with the provisions of the AIC Code, it is expected that Directors will serve in accordance with the time limits laid down by the AIC Code. It is the policy of the Board that the Chair of the Company should retire once he or she has served as a Director for nine years in line with current best practice of the Financial Reporting Council. However there could be circumstances where it might be appropriate to ask a Chair or another Director to stay on for a limited period and in this case the reasons for the extension would be fully explained to shareholders and a timetable for the departure of the relevant individual clearly set out. As part of the succession planning in advance of Mrs Mackesy’s scheduled retirement as a Director in April 2025, during the year the Board initiated a search for a new independent non-executive Director using the services of Odgers Berndtson, an independent external recruitment consultant that has no other connections or conflicts with the Company. The Committee has put in place the necessary procedures to conduct, on an annual basis, an appraisal of the Chair of the Board, Directors’ individual self-evaluation and a performance evaluation of the Board as a whole. External evaluations are undertaken on a triennial basis and the last one was completed in 2023 using the services of Lintstock. In 2024 the Board undertook an internal, questionnaire-based evaluation of the Board, the Directors, the Chair, the Audit & Risk Committee and the Audit & Risk Chair. The detailed findings were then considered by the Board and the Chair discussed the responses individually with each Director and the Senior Independent Director provided appraisal feedback to the Chair. In accordance with Principle 23 of the AIC’s Code of Corporate Governance which recommends that all directors of investment companies should be subject to annual re-election by shareholders, all the members of the Board will retire at the forthcoming Annual General Meeting and, with the exception of Mrs Mackesy, will offer themselves for re-election. The Committee has reviewed each of the proposed reappointments and concluded that each of the Directors has the requisite high level and range of business and financial experience and recommends their re-election at the forthcoming AGM. Details of the contributions provided by each Director during the year are disclosed on pages 56 to 58. Remuneration Committee The level of fees payable to Directors is considered by the Remuneration Committee which comprises the entire Board excluding the Chair who attends by invitation and which is chaired by Mr Melhuish. The Company’s remuneration policy is to set remuneration at a level to attract individuals of a calibre appropriate to the Company’s future development. Further information on remuneration is disclosed in the Directors’ Remuneration Report on pages 67 to 70. Going Concern The Directors have undertaken a robust review of the Company’s viability including scenario and sensitivity analysis (refer to statement on page 43) and ability to continue as a going concern and consider that there are no material uncertainties. The Company’s assets consist of a diverse portfolio of listed equity shares and bonds. The equities and a majority of the bond portfolio are, in most circumstances, realisable within a very short timescale and the Company itself has a strong balance sheet with considerable levels of distributable reserves. The Directors are mindful of the principal risks and uncertainties disclosed on pages 40 to 42 and have reviewed forecasts detailing revenue and liabilities. Notwithstanding the continuing uncertain economic environment, the Directors believe that the Company has adequate financial resources to continue its operational existence for 12 months from the date of this Annual Report. Accordingly, the Directors continue to adopt the going concern basis in preparing these financial statements. Accountability and Audit Each Director confirms that, so far as he or she is aware, there is no relevant audit information of which the Company’s auditor is unaware, and he or she has 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 auditor is aware of that information. Independent Auditor BDO LLP was appointed independent auditor to the Company with effect from the AGM on 27 April 2020. BDO LLP has expressed its willingness to continue to be the Company’s independent auditor and a Resolution to re- appoint BDO LLP as the Company’s auditor will be put to the forthcoming AGM, along with a separate Resolution to authorise the Directors to fix the auditor’s remuneration. 64 Murray International Trust PLC Internal Controls and Risk Management Details of the financial risk management policies and objectives relative to the use of financial instruments by the Company including information on exposure to price risk, credit risk, liquidity risk and cash flow risk are set out in note 18 to the financial statements. The Board of Directors is ultimately responsible for the Company’s system of internal control and for reviewing its effectiveness. Following the Financial Reporting Council’s publication of “Guidance on Risk Management, Internal Controls and Related Financial and Business Reporting” (the “FRC Guidance”), the Directors confirm that there is an ongoing process for identifying, evaluating and managing the significant risks faced by the Company. This process has been in place for the full year under review and up to the date of approval of the financial statements, and this process is regularly reviewed by the Board and accords with the relevant sections of the FRC Guidance. The Board has reviewed the effectiveness of the system of internal control and, in particular, it has reviewed the process for identifying and evaluating the significant risks faced by the Company and the policies and procedures by which these risks are managed. The Directors have delegated the investment management of the Company’s assets to aFML within overall guidelines and this embraces implementation of the system of internal control, including financial, operational and compliance controls and risk management. Internal control systems are monitored and supported by aFML’s internal audit function which undertakes periodic examination of business processes, including compliance with the terms of the management agreement, and ensures that recommendations to improve controls are implemented. Risks are identified and documented through a risk management framework by each function within the Manager’s activities. Risk is considered in the context of the FRC Guidance and includes financial, regulatory, market, operational and reputational risk. This helps the Manager’s internal audit risk assessment model to identify those functions for review. Any relevant weaknesses identified through internal audit’s review are reported to the Board and timetables are agreed for implementing improvements to systems, processes and controls. The implementation of any remedial action required is monitored and feedback provided to the Board. The key components designed to provide effective internal control for the year under review and up to the date of this Report are outlined below: · the Manager prepares forecasts and management accounts which allow the Board to assess the Company’s activities and review its investment performance; · the Board and Manager have agreed clearly defined investment criteria; · there are specified levels of authority and exposure limits. Reports on these issues, including performance statistics and investment valuations, are regularly submitted to the Board. The Manager’s investment process and financial analysis of the companies concerned include detailed appraisal and due diligence; · as a matter of course the internal audit and compliance departments of aFML continually review the Manager’s operations; · written agreements are in place which specifically define the roles and responsibilities of the Manager and other third party service providers and monitoring reports are received from these providers when required; · the Board has considered the need for an internal audit function but, because of the compliance and internal control systems in place at the Manager, has decided to place reliance on the Manager’s systems and internal audit procedures; and · twice a year, at its Board meetings, the Board carries out an assessment of the effectiveness of internal controls and risk management by considering documentation from the Manager, including its internal audit and compliance functions and taking account of events since the relevant period end. In addition the Manager operates a ‘three lines of defence’ model over its activities with the aberdeen business units responsible for adhering to applicable rules and regulations; the compliance team is then responsible for checking that the rules are being followed and then internal audit is responsible for independently reviewing these arrangements. The Manager ensures that clearly documented contractual arrangements exist in respect of any activities that have been delegated to external professional organisations. The Board meets annually with representatives from BNY Mellon and reviews a control report covering the activities of the depositary and custodian. Representatives from the Internal Audit Department of the Manager report six monthly to the Audit and Risk Committee of the Company and have direct access to the Directors at any time. Directors’ Report Continued Murray International Trust PLC 65 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements The Board has reviewed the effectiveness of the Manager’s system of internal control including its annual internal controls report prepared in accordance with the International Auditing and Assurance Standards Board’s International Standard on Assurances Engagements (“ISAE”) 3402, “Assurance Reports on Controls at a Service Organisation” for the period to 30 September 2024 together with bridging letter support to 31 December 2024. The Board has also reviewed the Manager’s process for identifying and evaluating the significant risks faced by the Company and the policies and procedures by which these risks are managed. The internal control systems are designed to meet the Company’s particular needs and the risks to which it is exposed. Accordingly, the internal control systems are designed to manage rather than eliminate the risk of failure to achieve business objectives and, by their nature, can provide reasonable but not absolute assurance against material misstatement or loss. The Board is cognisant of the new provisions on assessing the effectiveness of internal controls under the FRC’s 2024 Corporate Governance code which will be applicable for financial periods commencing on or after 1 January 2026 and expects to be able to be in compliance from the outset. Future Developments A detailed outlook for the Company including any likely future developments is provided in the Chair’s Statement on page 10. There have been no post balance sheet events to report. Substantial Interests The Board is aware of the following shareholders that owned 3% or more of the issued Ordinary share capital of the Company at 31 December 2024: Shareholder No. of Ordinary shares held % held Interactive Investor A 97,748,737 16.2 Hargreaves Lansdown A 74,716,462 12.4 Rathbones 51,355,500 8.5 Charles Stanley 33,723,205 5.6 Evelyn Partners 32,836,008 5.4 AJ Bell 25,178,145 4.2 A Non-beneficial interests There have been no significant changes notified in respect of the above holdings between 31 December 2024 and 5 March 2025. The UK Stewardship Code and Proxy Voting Responsibility for actively monitoring the activities of portfolio companies has been delegated by the Board to the AIFM which has sub-delegated that authority to the Manager. The Manager is a tier 1 signatory of the UK Stewardship Code which aims to enhance the quality of engagement by investors with investee companies in order to improve their socially responsible performance and the long-term investment return to shareholders. Business of the Annual General Meeting Issue of Shares In terms of the Companies Act 2006 (the “Act”), the Directors may not allot shares unless so authorised by the shareholders. Resolution 11 in the Notice of Annual General Meeting which will be proposed as an Ordinary Resolution will, if passed, give the Directors the necessary authority to allot shares up to an aggregate nominal amount of £2,975,607 (equivalent to 59,512,147 Ordinary shares of 5p or 10% of the Company’s existing issued share capital at 5 March 2025, the latest practicable date prior to the publication of this Annual Report). Such authority will expire on the date of the 2026 Annual General Meeting or on 30 June 2026, whichever is earlier. This means that the authority will have to be renewed at the next Annual General Meeting. When shares are to be allotted for cash, Section 561 of the Act provides that existing shareholders have pre-emption rights and that the new shares must be offered first to such shareholders in proportion to their existing holding of shares. However, shareholders can, by special resolution, authorise the Directors to allot shares otherwise than by a pro rata issue to existing shareholders. Special Resolution 12 will, if passed, also give the Directors power to allot for cash equity securities up to an aggregate nominal amount of £2,975,607 (equivalent to 59,512,147 Ordinary shares of 5p or 10% of the Company’s existing issued share capital at 5 March 2025, the latest practicable date prior to the publication of this Annual Report), as if Section 561 of the Act does not apply. This is the same nominal amount of share capital which the Directors are seeking the authority to allot pursuant to Resolution 11. This authority will also expire on the date of the 2026 Annual General Meeting or on 30 June 2026, whichever is earlier. This authority will not be used in connection with a rights issue by the Company. 66 Murray International Trust PLC The Directors intend to use the authority given by Resolutions 11 and 12 to allot shares and disapply pre- emption rights only in circumstances where this will be clearly beneficial to shareholders as a whole. Accordingly, issues will only be made where shares can be issued at a premium of 0.5% or more to NAV and there will never be any dilution for existing shareholders. The issue proceeds will be available for investment in line with the Company’s investment policy. No issue of shares will be made which would effectively alter the control of the Company without the prior approval of shareholders in general meeting. Resolution 12 will also disapply pre-emption rights on the sale of Treasury shares as envisaged above. Once again, the pre-emption rights would only be disapplied where the Treasury shares are sold at a premium to NAV of not less than 0.5%. Share Buybacks At the Annual General Meeting held on 19 April 2024, shareholders approved the renewal of the authority permitting the Company to repurchase its Ordinary shares. The Directors wish to renew the authority given by shareholders at the last Annual General Meeting. The principal aim of a share buyback facility is to enhance shareholder value by acquiring shares at a discount to NAV, as and when the Directors consider this to be appropriate. The purchase of shares, when they are trading at a discount to NAV per share, should result in an increase in the NAV per share for the remaining shareholders. This authority, if conferred, will only be exercised if to do so would result in an increase in the NAV per share for the remaining shareholders and if it is in the best interests of shareholders generally. Any purchase of shares will be made within guidelines established from time to time by the Board. It is proposed to seek shareholder authority to renew this facility for another year at the Annual General Meeting. Under the Listing Rules, the maximum price that may be paid on the exercise of this authority must not be more than the higher of (i) an amount equal to 105% of the average of the middle market quotations for a share taken from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the share is purchased; and (ii) the higher of the last independent trade and the current highest independent bid on the trading venue where the purchase is carried out. The minimum price which may be paid is the nominal value of the share. It is currently proposed that any purchase of shares by the Company will be made from the capital reserve of the Company. The purchase price will normally be paid out of the cash balances held by the Company from time to time. Special Resolution 13 will permit the Company to buy back shares and any shares bought back by the Company may be cancelled or held as Treasury shares. The benefit of the ability to hold Treasury shares is that such shares may be resold. This should give the Company greater flexibility in managing its share capital and improve liquidity in its shares. The Company would only sell on Treasury shares at a premium to NAV. When shares are held in Treasury, all voting rights are suspended and no distribution (either by way of dividend or by way of a winding up) is permitted in respect of Treasury shares. If the Directors believe that there is no likelihood of re-selling shares bought back, such shares would be cancelled. During the year to 31 December 2024 the Directors have successfully used the share buyback authority to acquire 17,737,113 shares for Treasury. Special Resolution 13 in the Notice of Annual General Meeting will renew the authority to purchase in the market a maximum of 14.99% of shares in issue at the date of the Annual General Meeting (amounting to 89,208,708 Ordinary shares of 5p as at 5 March 2025). Such authority will expire on the date of the 2026 Annual General Meeting or on 30 June 2026, whichever is earlier. This means in effect that the authority will have to be renewed at the next Annual General Meeting or earlier if the authority has been exhausted. Recommendation The Directors consider that the authorities requested above are in the best interests of the shareholders taken as a whole and recommend that all shareholders vote in favour of the resolutions, as the Directors intend to in respect of their own beneficial holdings of Ordinary shares amounting in aggregate to 71,837 shares, representing approximately 0.01% of the Company’s issued share capital as at 5 March 2025. By order of the Board of Murray International Trust PLC abrdn Holdings Limited Secretary 1 George Street, Edinburgh EH2 2LL 5 March 2025 Directors’ Report Continued Murray International Trust PLC 67 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements The Board has prepared this report in accordance with the regulations governing the disclosure and approval of Directors’ remuneration. Remuneration Committee As recommended by the AIC Code, a Remuneration Committee has been established with written terms of reference, copies of which are available upon request from the Company Secretary and on the Company’s website. The Remuneration Committee comprises the whole Board, excluding Ms Holmes, and I, Nicholas Melhuish, am the Chair. This Remuneration Report comprises three parts: · Remuneration Policy, which is subject to a binding shareholder vote every three years (or sooner if varied during this interval) – most recently approved at the 21 April 2023 AGM and next due for approval at the AGM in 2026; · Implementation Report, which provides information on how the Remuneration Policy has been applied during the year and which is subject to an advisory vote on the level of remuneration paid during the year; and · Annual Statement confirming compliance with regulations. The law requires the Company’s auditor to audit certain of the disclosures provided. Where disclosures have been audited, they are indicated as such. The auditor’s opinion is included in the report on page 75. Remuneration Policy This part of the Remuneration Report provides details of the Company’s Remuneration Policy for Directors of the Company. This policy takes into consideration the principles of UK Corporate Governance and the AIC’s recommendations regarding the application of those principles to investment companies. The Company currently has six independent non-executive Directors. There have been no changes to the policy during the period of this Report nor are there any proposals for change in the foreseeable future. No shareholder views were sought in setting the remuneration policy although any comments received from shareholders are considered. The Directors are non-executive and their fees are set within the limits of the Company’s Articles of Association. The Board’s policy on Directors’ fees is that the remuneration of non-executive Directors should reflect the nature of their duties, responsibilities and the value of their time spent and be fair and comparable to that of other investment trusts that are similar in size, have a similar capital structure and have a similar investment objective. Fees are reviewed annually and, if considered appropriate, increased accordingly. Articles Limit on Directors’ Fees The Company’s Articles of Association limit the aggregate fees payable to the Board of Directors per annum to £300,000. The level of cap may be increased by shareholder resolution from time to time and was last increased in 2021. Terms of Appointment · The Company intends only to appoint non-executive Directors; · All the Directors are non-executive and appointed under the terms of Letters of Appointment; · Directors must retire and be subject to election at the first AGM after their appointment and annual re- election thereafter in line with the Articles of Association; · It is the policy of the Board that the Chair of the Company will normally retire once he or she has served as a Director for nine years (further details on page 63); · New appointments to the Board will be placed on the fee applicable to all Directors at the time of appointment (£33,000 for the year ending 31 December 2025); · No incentive or introductory fees will be paid to encourage a Directorship; · The Directors are not eligible for bonuses, pension benefits, share options, long-term incentive schemes or other benefits; and · Directors are entitled to re-imbursement of out-of- pocket expenses incurred in connection with the performance of their duties, including travel expenses. Performance, Service Contracts, Compensation and Loss of Office · The Directors’ remuneration is not subject to any performance related fee; · No Director has a service contract; · No Director was interested in contracts with the Company during the period or subsequently; · The terms of appointment provide that a Director may be removed without notice; · Compensation will not be due upon leaving office; and · No Director is entitled to any other monetary payment or any assets of the Company. Directors’ Remuneration Report 68 Murray International Trust PLC Directors’ & Officers’ liability insurance cover is maintained by the Company on behalf of the Directors. The Company’s Articles of Association provide an indemnity to the Directors out of the assets of the Company against any liability incurred in defending proceedings or in connection with any application to the Court in which relief is granted. The Remuneration Policy is reviewed by the Remuneration Committee on an annual basis and the Remuneration Policy applies for the three year period ending 31 December 2025. Implementation Report Directors’ Fees The Directors’ fee rates applicable for the year ended 31 December 2024 were as follows: Shareholder 31 December 2024 £ 31 December 2023 £ Chair 53,500 50,000 Chair of Audit and Risk Committee 38,500 36,000 Senior Independent Director 33,500 32,000 Director 31,500 30,000 The Remuneration Committee carried out a review of the level of Directors’ fees during the year encompassing a review of fees payable to directors of peer group companies as well as the wider sector. The Committee concluded that, in light of the size of the Company, the impact of inflation and the continuing demands placed upon directors of listed companies and investment trusts, it would be appropriate to increase the level of fees payable in 2025. In 2023 the Committee introduced a basic fee level for Directors coupled with a multiplier whereby, in the absence of unforeseen circumstances, the Chair is paid 1.7x the basic Director fee and the Audit and Risk Chair will be paid 1.3x the basic Director fee. The Committee therefore focuses on setting the Directors’ basic remuneration taking account of available comparative data for Investment Trust Companies of a similar size and complexity and then applies the appropriate multipliers. With effect from 1 January 2025, the annual fees payable will be: Chair £56,000, Audit and Risk Committee Chair £41,500, Directors £33,000 with an extra £2,000 payable to the Senior Independent Director. There are no further fees to disclose as the Company has no employees, Chief Executive or Executive Directors and, other than for the Audit and Risk Committee, no extra fees are payable to Committee Chairs. The Directors’ fees were last increased in December 2023, with effect from 1 January 2024. Company Performance During the year, the Board also carried out a review of investment performance. The following graph compares the share price total return (assuming all dividends are reinvested) to Ordinary shareholders, assuming a notional investment of £100 into the Company on 31 December 2014, compared with the total shareholder total return on the Company’s Reference Index (the FTSE All World TR Index). Please note that past performance is not a guide to future performance. £80 £100 £120 £140 £160 £180 £200 £220 £240 £260 £280 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Share Price Reference Index Statement of Voting at Annual General Meeting At the Company’s last AGM held on 19 April 2024, shareholders approved the Directors’ Remuneration Report (other than the Directors’ Remuneration Policy) in respect of the year ended 31 December 2024. On 21 April 2023 the Directors’ Remuneration policy covering the three years ending 31 December 2025 was approved. The following proxy votes (2023 voting restated to reflect the share subdivision) were received on the resolutions: Resolution For % Against % Withheld % (2) Receive and Adopt Directors’ Remuneration Report (19 April 2024) 199.8m (99.6%) 0.89m (0.4%) 0.64m (3) Approve Directors’ Remuneration Policy (21 April 2023) 233.0m (99.4%) 1.4m (0.6%) 0.9m * Including discretionary votes Directors’ Remuneration Report Continued Murray International Trust PLC 69 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Spend on Pay As the Company has no employees, the Directors do not consider that it is relevant to present a table comparing remuneration paid to employees with distributions to shareholders. However, for ease of reference, the total fees paid to Directors is shown in the table below, the dividends paid to shareholders are set out in note 8 and the shares bought back for Treasury are disclosed in note 14. Fees Payable (Audited) The Directors who served in the year received the following fees which exclude employers’ National Insurance: Director 2024 £ 2023 £ V. Holmes A 53,500 30,000 C. Binyon 38,500 36,000 W. Colquhoun B 31,500 10,000 G. Eckersley C 31,500 20,000 A. Mackesy 33,500 32,000 N. Melhuish 31,500 30,000 D. Hardie D n/a 50,000 Total 220,000 208,000 A Ms Holmes was appointed Chair on 31 December 2023 B Ms Colquhoun joined the Board on 1 September 2023 C Mr Eckersley joined the Board on 1 May 2023 D Mr Hardie retired from the Board on 31 December 2023 Annual Percentage Change in Directors’ Remuneration The table below sets out the annual percentage change in Directors’ fees over the last five years ending 31 December. Director 2024 % 2023 % 2022 % 2021 % 2020 % V. Holmes A 78.3 104.1 n/a n/a n/a C. Binyon B 6.9 5.9 5.9 14.7 7.7 W. Colquhoun C 215.0 n/a n/a n/a n/a G. Eckersley D 57.5 n/a n/a n/a n/a A. Mackesy 4.7 0 8.2 5.6 7.7 N. Melhuish E 5.0 7.1 50.0 n/a n/a A Ms Holmes joined the Board on 22 June 2022 and was appointed Chair on 31 December 2023 B Ms Binyon was appointed Audit and Risk Committee Chair in April 2021 C Ms Colquhoun joined the Board on 1 September 2023 D Mr Eckersley joined the Board on 1 May 2023 E Mr Melhuish joined the Board on 1 May 2021 Fees are pro-rated where a change takes place during a financial year. There were no payments to third parties from the fees referred to in the table above. Directors’ Interests in the Company (Audited) The Directors are not required to have a shareholding in the Company. The Directors (including connected persons) at 31 December 2024 and 31 December 2023 had no interest in the share capital of the Company other than those interests, all of which are beneficial interests, shown in the following table. 70 Murray International Trust PLC 31 December 2024 Ordinary 5p 31 December 2023 Ordinary 5p V Holmes 10,000 10,000 C Binyon 6,713 6,541 W Colquhoun 6,039 6,039 G Eckersley 15,000 10,000 A Mackesy 16,575 16,575 N Melhuish 17,510 17,510 D Hardie A n/a 80,865 A Mr Hardie retired from the Board on 31 December 2023 Annual Statement On behalf of the Board and in accordance with Part 2 of Schedule 8 of the Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013, I, Nicholas Melhuish, Chair of the Remuneration Committee, confirm that the report on Remuneration Policy and the Remuneration Implementation Report summarises, as applicable, for the year to 31 December 2024: · the major decisions on Directors’ remuneration; · any substantial changes relating to Directors’ remuneration made during the year; and · the context in which the changes occurred and decisions have been taken. The Directors’ Remuneration Report was approved by the Board of Directors on 5 March 2025 and signed on its behalf by: Nicholas Melhuish Remuneration Committee Chair 5 March 2025 Directors’ Remuneration Report Continued Murray International Trust PLC 71 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements The Audit and Risk Committee has prepared this report in compliance with the September 2014 Competition and Markets Authority Order. Audit and Risk Committee As recommended by the AIC Code, an Audit and Risk Committee has been established with written terms of reference, copies of which are available upon request from the Company Secretary and on the Company’s website. The Audit and Risk Committee comprises the whole Board (excluding Ms Holmes) and I, Claire Binyon, am the Chair. Ms Holmes is not a member of the Committee, but, as Chair of the Company, she has a standing invitation to attend meetings and typically attends each Audit and Risk Committee as an observer. The members of the Audit and Risk Committee are each independent and free from any relationship that would interfere with our impartial judgement in carrying out our responsibilities. We have satisfied ourselves that at least one of the Committee’s members has recent and relevant financial experience. We met three times during the year. The terms of reference of the Audit and Risk Committee are reviewed and re-assessed for their adequacy on an annual basis. In accordance with those terms of reference: · we review and monitor the internal control systems and risk management systems including review of non financial risks and the Manager’s policy on information security (cyber risk) on which the Company is reliant. The Directors’ statement on the Company’s internal controls and risk management is set out in the Directors’ Report; · we consider whether there is a need for the Company to have its own internal audit function (refer to Directors’ Report); · we monitor the integrity of the half yearly and annual financial statements of the Company by reviewing, and challenging where necessary, the actions and judgements of the Manager; · we review, and report to the Board on, the significant financial reporting issues and judgements made in connection with the preparation of the Company’s financial statements, interim reports, announcements and related formal statements; · we review the content of the Annual Report and financial statements and make recommendations to the Board on whether, taken as a whole, it is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position and performance, business model and strategy; · we meet with the auditor to review the proposed audit programme of work and the findings of the auditor. The Directors also use this as an opportunity to assess the effectiveness of the audit process; · we also have the opportunity to meet in private with the auditor, without any representatives of the Manager being present, and the opportunity to meet in private with a representative from the Manager’s internal audit department; · we develop and implement the policy on the engagement of the auditor to supply non-audit services. There were no non-audit fees (2023: £4,000) paid to the auditor during the year under review. In 2023 the auditor was retained to carry out assurance work on the Half Yearly Report which was not considered necessary in 2024; · we review a statement from the Manager detailing the arrangements in place within the aberdeen Group whereby staff may, in confidence, escalate concerns about possible improprieties in matters of financial reporting or other matters; · we make recommendations in relation to the appointment of the auditor and to approve the remuneration and terms of engagement of the auditor; and · we monitor and review the auditor’s independence, objectivity, effectiveness, resources and qualification. Details of attendance at the Audit and Risk Committee meetings are shown in the Directors’ Report. The Board has received a report from BDO, its auditor, which notes that BDO has policies and procedures in place that instil professional values as part of its firm’s culture and ensure that the highest standards of objectivity and independence and integrity are maintained. The Company’s policy on non-audit services is to ensure that best value for the Company is achieved whilst ensuring compliance with regulations that are in place to maintain the independence of the auditor. Report of Audit and Risk Committee 72 Murray International Trust PLC The extent of non-audit services that can be provided by BDO is very limited and as noted above, no non-audit services were performed by the auditor in 2024. The Audit and Risk Committee confirms its belief that BDO is independent in accordance with applicable ethical standards. Since its appointment, BDO has not provided any significant non-audit services to the Company. PwC and Deloitte provide ongoing local tax compliance services to the Company. Significant Matters During our review of the Company’s financial statements for the year ended 31 December 2024, we considered the following significant matters: Valuation and Ownership of Investments Mitigation – The Board reviews monthly management accounts that include a full breakdown of the portfolio valuation. The valuation of investments is undertaken in accordance with the accounting policies, disclosed in notes 2 (e) and 10 to the financial statements on pages 91 and 97. All investments are quoted and can be verified against daily market prices. 93.8% (2023: 93.6%) of investments are considered to be liquid and are therefore categorised as Level 1 in accordance with the FRS 102 fair value hierarchy. 6.2% (2023: 6.4%) of investments are considered to be subject to some risk of illiquidity and are therefore categorised as Level 2 within the FRS 102 fair value hierarchy. The portfolio is reviewed and verified by the Manager on a regular basis and management accounts including a full portfolio listing are prepared each month and circulated to the Board. BNY Mellon has been appointed as custodian and depositary to safeguard the assets of the Company. The depositary checks the consistency and accuracy of its records on a monthly basis and reports its findings to aFML. Separately, the investment portfolio is reconciled regularly by the Manager. Revenue Recognition Mitigation - The recognition of investment income is undertaken in accordance with accounting policy 2(b) and note 3 to the financial statements on pages 90 and 93. Special dividends are allocated to the capital or revenue accounts according to the nature of the payment and the intention of the underlying company. The Manager provides monthly internal control reports to the Board which are reviewed together with monthly revenue forecasts and dividend schedules. FRC Review of 2023 Annual Report The Company’s Annual Report and Financial Statements for the year ended 31 December 2023 was selected for review by the Conduct Committee of the Financial Reporting Council (FRC) as part of a routine sample of published Annual Reports. The review work of the FRC was based solely upon the content of the published Annual Report and did not benefit from any detailed knowledge of the Company’s business. I am pleased to report that, based upon the review undertaken by the FRC, there were no questions or queries that the FRC wished to raise in relation to the 2023 Annual Report. The FRC’s review provides no assurance that the 2023 Annual Report and Financial Statements are correct in all material respects. The FRC’s role is not to verify the information provided but to consider compliance with reporting requirements. The FRC letters are written on the basis that the FRC (which includes the FRC’s officers, employees and agents) accepts no liability for reliance on them by the Company or any third party, including but not limited to investors and shareholders. Report of Audit and Risk Committee Continued Murray International Trust PLC 73 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Review of Auditor We have reviewed the work undertaken by BDO, which is in its fifth year following original appointment at the AGM on 27 April 2020, and are satisfied with the effectiveness of the auditor. The areas of focus included: · independence - the auditor discusses with the Audit and Risk Committee, at least annually, the steps it takes to ensure its independence and objectivity and makes the Committee aware of any potential issues, explaining all relevant safeguards; · quality of audit work including the ability to resolve issues in a timely manner - identified issues are satisfactorily and promptly resolved; its communications and presentation of outputs - the explanation of the audit plan, any deviations from it and the subsequent audit findings are comprehensive and comprehensible; and working relationship with management - the auditor has a constructive working relationship with the Board, the Committee and the Manager; and · quality of people and service including continuity and succession plans - the audit team is made up of sufficient, suitably experienced staff with provision made for knowledge of the investment company sector and retention or rotation of the partner. In addition, the Committee considered and discussed with BDO the results of the FRC Audit Quality Review ("AQR") team's inspection of BDO's audit work. The Committee shares BDO’s disappointment at its AQR results for 2024. BDO has presented to the Committee plans for improvement and the Committee will continue to monitor the work of the auditor closely. In accordance with present professional guidelines, Peter Smith, the Senior Statutory Auditor, will be rotated after no more than five years and the year ended 31 December 2024 is the fifth and final year for which he will serve as the Senior Statutory Auditor. The Committee considers BDO, the Company’s auditor, to be independent of the Company. For and on behalf of the Audit and Risk Committee Claire Binyon Audit and Risk Committee Chair 5 March 2025 74 Murray International Trust PLC Directors’ Responsibilities The Directors are responsible for preparing the Annual Report and the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice, the requirements of the Companies Act 2006 and applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss for the Company for that period. In preparing these financial statements, the Directors are required to: · select suitable accounting policies and then apply them consistently; · make judgements and accounting estimates that are reasonable and prudent; · state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; · prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business; and · prepare a director’s report, a strategic report and director’s remuneration report which comply with the requirements of the Companies Act 2006. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In accordance with their responsibilities, the Directors confirm that, to the best of their knowledge, the Annual Report and financial statements, taken as a whole, is fair, balanced, and understandable and provides the information necessary for shareholders to assess the position, performance, business model and strategy. Website Publication The Directors are responsible for ensuring the Annual Report and the financial statements are made available on a website. Financial statements are published on murray-intl.co.uk, the Company’s website, in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company's website is the responsibility of the Directors. The Directors' responsibility also extends to the ongoing integrity of the financial statements contained therein. Directors’ Responsibilities Pursuant to DTR4 The Directors confirm to the best of their knowledge: · The financial statements have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and profit of the Company; and · The Annual Report includes a fair review of the development and performance of the business and the financial position of the company, together with a description of the principal risks and uncertainties that they face. For Murray International Trust PLC Virginia Holmes Chair 5 March 2025 Statement of Directors’ Responsibilities Murray International Trust PLC 75 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Opinion on the financial statements In our opinion the financial statements: · give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its profit for the year then ended; · have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and · have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements of Murray International Trust PLC (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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. Our audit opinion is consistent with the additional report to the Audit and Risk Committee. Independence Following the recommendation of the Audit and Risk Committee, we were appointed by the Board of Directors on 27 April 2020 to audit the financial statements for the year ended 31 December 2020 and subsequent financial periods. The period of total uninterrupted engagement including retenders and reappointments is five years, covering the years ended 31 December 2020 to 31 December 2024. We remain independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. The non-audit services prohibited by that standard were not provided to the Company. Conclusions relating to going concern 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. Our evaluation of the Directors’ assessment of the Company’s ability to continue to adopt the going concern basis of accounting included: · Evaluating the appropriateness of the Directors’ method of assessing the Company’s ability to continue as a going concern in light of economic and market conditions by reviewing the information used by the Directors in completing their assessment; · Assessing the appropriateness of the Directors’ assumptions and judgements made by comparing the prior year forecasted costs to the actual costs incurred to check the accuracy of historical forecasting; · Assessing the projected management fees to check if they were in line with the assets under management levels and the projected market growth forecasts for the following year; · Assessing the appropriateness of the Directors’ assumptions and judgements made in both their base case and stress tested forecasts, including consideration of the available cash resources relative to forecast expenditure, commitments and loan covenants; · Challenging the Directors’ assumptions and judgements made in their forecasts including performing an independent analysis of the liquidity of the investment portfolio; and · Reviewing the Directors’ stress and reverse stress testing on the investment portfolio for reasonability. Independent Auditor’s Report to the Members of Murray International Trust PLC 76 Murray International Trust PLC Independent Auditor’s Report to the Members of Murray International Trust PLC Continued 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 relation to the Company’s reporting on how it has applied the UK Corporate Governance Code, 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. Overview Key audit matters 2024 2023 Revenue recognition – Dividend income from investments   Valuation and ownership of investments   Materiality Company financial statements as a whole: £16.7m (2023:£16.6m) based on 1% (2023: 1%) of net assets An overview of the scope of our audit Our audit was scoped by obtaining an understanding of the Company and its environment, including the Company’s system of internal control, and assessing the risks of material misstatement in the financial statements. We also addressed the risk of management override of internal controls, including assessing whether there was evidence of bias by the Directors that may have represented a risk of material misstatement. Key audit matters Key Audit Matters are those matters that, in our professional judgement, were of most significance in our 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) that we identified, 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 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. Murray International Trust PLC 77 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Key audit matter How the scope of our audit addressed the key audit matter Revenue recognition – Dividend income from investments (Note 2(b) and 3 to the financial statements) Revenue is a key indicator of performance of the Company. A significant portion of the Company’s revenue relates to dividend income from investments. Judgement may be required by management in determining the allocation of dividend income to revenue or capital for certain corporate actions or special dividends. Taking the above into account, there may be an incentive to recognise dividend income as revenue where it is more appropriately of a capital nature. For this reason, we considered revenue recognition – dividend income from investments to be a Key Audit Matter. We responded to this matter by considering corporate actions and special dividends identified and challenged whether these had been appropriately accounted for as income or capital by discussing with management and reviewing the underlying supporting documentation for the issue of the dividend and whether it could be driven by a capital event. We analysed the population of dividend receipts to identify any unusual items that could indicate a capital distribution, for example where a dividend represents a particularly high yield. In these instances, we performed a combination of enquiry of management and our own independent research, including inspection of financial statements of investee companies, to ascertain whether the underlying event may be of a capital nature. Key observations: Based on our procedures performed we found the judgements made by management in determining the allocation of income to revenue or capital to be appropriate. Valuation and ownership of investments (Note 2(e) and 10 to the financial statements) The investment portfolio at the year-end comprised listed equity and fixed income investments held at fair value through profit or loss. We considered the valuation and ownership of investments to be a significant audit area as investments represent the most significant balance in the financial statements and underpins the principal activity of the entity. There is a risk that the bid price used as a proxy for fair value of investments held at the reporting date is inappropriate. There is an element of judgement regarding whether there is an active market for securities and therefore the appropriate classification in the fair value hierarchy. Given the significance of investments on the Statement of Financial Position, it is We responded to this matter by testing the valuation and ownership of the whole portfolio of investments. We performed the following procedures: · Confirmed that the year-end bid price was used by agreeing to externally quoted prices. · Recalculated the valuation of investments held at the reporting date by multiplying the units held per the statement obtained from the custodian by the valuation per unit; · Assessed the appropriateness of the classification in the fair value hierarchy with reference to trading volume on relevant exchanges; and · Assessed whether there were contra indicators, such as liquidity considerations, to suggest bid price is not the most appropriate indication of fair value by considering the realisation period for individual holdings. To test for ownership of investments, we obtained 78 Murray International Trust PLC Independent Auditor’s Report to the Members of Murray International Trust PLC Continued necessary to ensure that the Company has appropriate title over investments. For these reasons and given the materiality of the balance in relation to the financial statements, we considered this to be a Key Audit Matter. direct confirmation of the units held per investment from the custodian. Key observations: Based on our procedures performed, we did not identify any matters to suggest that the valuation and ownership of the equity and fixed income investments were inappropriate. Our application of materiality We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements. We consider materiality to be the magnitude by which misstatements, including omissions, could influence the economic decisions of reasonable users that are taken on the basis of the financial statements. In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and the particular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements as a whole and performance materiality as follows: Company financial statements 2024 £m 2023 £m Materiality 16.7 16.7 Basis for determining materiality 1% of Net Assets 1% of Net Assets Rationale for the benchmark applied As an investment trust, the net asset value is the key measure of performance for users of the financial statements. Performance materiality 12.6 12.5 Basis for determining performance materiality 75% of materiality Rationale for the percentage applied for performance materiality The level of performance materiality applied was set after having considered a number of factors including the expected total value of known and likely misstatements and the level of transactions in the year. Murray International Trust PLC 79 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Specific materiality We also determined that for Revenue return before taxation, a misstatement of less than materiality for the financial statements as a whole, specific materiality, could influence the economic decisions of users as it is a measure of the Company’s performance of income generated from its investments after expenses. As a result, we determined materiality for these items to be £4.0m (2023: £4.2m), based on 5% of Revenue return before taxation (2023: 5% of Revenue return before taxation). We further applied a performance materiality level of 75% (2023: 75%) of specific materiality to ensure that the risk of errors exceeding specific materiality was appropriately mitigated. Reporting threshold We agreed with the Audit and Risk Committee that we would report to them all individual audit differences in excess of £200,000 (2023: £210,000). We also agreed to report differences below this threshold that, in our view, warranted reporting on qualitative grounds. Other information The Directors are responsible for the other information. The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard. Corporate governance statement The Listing Rules require us to review the Directors’ statement 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 UK Corporate Governance Code specified for our review. 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, or our knowledge obtained during the audit. Going concern and longer-term viability · The Directors' statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified set out on page 63; and · The Directors’ explanation as to their assessment of the Company’s prospects, the period this assessment covers and why the period is appropriate set out on page 43. Other Code provisions · Directors' statement on fair, balanced and understandable set out on page 74; · Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 40; · The section of the annual report that describes the review of effectiveness of risk management and internal control systems set out on page 64 and 65; and · The section describing the work of the Audit and Risk Committee set out on page 71. 80 Murray International Trust PLC Independent Auditor’s Report to the Members of Murray International Trust PLC Continued Other Companies Act 2006 reporting Based on the responsibilities described below and our work performed during the course of the audit, we are required by the Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below. Strategic report and Directors’ report In our opinion, based on the work undertaken in the course of the audit: · the information given in the Strategic report and the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and · the Strategic report and the Directors’ report have been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the Directors’ report. 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. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: · adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; 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; or · certain disclosures of Directors’ remuneration specified by law are not made; or · we have not received all the information and explanations we require for our audit. Murray International Trust PLC 81 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Responsibilities of Directors As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors 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. Auditor’s 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 auditor’s 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. Extent to which the audit was capable of detecting irregularities, including fraud 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: Non-compliance with laws and regulations Based on: · Our understanding of the Company and the industry in which it operates; · Discussion with the Investment Manager, Administrator and Those Charged With Governance; and · Obtaining and understanding of the Company’s policies and procedures regarding compliance with laws and regulations we considered the significant laws and regulations to be Companies Act 2006, the FCA listing and DTR rules, the principles of the AIC Code of Corporate Governance, industry practice represented by the AIC SORP, Financial Reporting Standard 102, and the Company’s qualification as an Investment Trust under UK tax legislation as any non- compliance of this would lead to the Company losing various deductions and exemptions from corporation tax. Our procedures in respect of the above included: · Agreement of the financial statement disclosures to underlying supporting documentation; · Enquiries of the Investment Manager and Those Charged With Governance relating to the existence of any non- compliance with laws and regulations; · Review of a selection of legal invoices to look for potential non-compliance with laws and regulations or undisclosed contingencies and commitments; · Reviewing minutes of meetings of Those Charged With Governance throughout the period for instances of non- compliance with laws and regulations; and · Reviewing the calculation in relation to Investment Trust compliance to check that the Company was meeting its requirements to retain their Investment Trust Status. Fraud We assessed the susceptibility of the financial statements to material misstatement including fraud. 82 Murray International Trust PLC Independent Auditor’s Report to the Members of Murray International Trust PLC Continued Our risk assessment procedures included: · Enquiry with the Investment Manager, Administrator and Those Charged With Governance regarding any known or suspected instances of fraud; · Review of minutes of meetings of those Charged With Governance for any known or suspected instances of fraud; · Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and · Obtaining an understanding of the control environment in monitoring compliance with laws and regulations. Based on our risk assessment, we considered the areas most susceptible to be revenue recognition – dividend income from investments and management override of controls. Our procedures in respect of the above included: · In addressing the risk of revenue recognition, the procedures set out in the Key Audit Matter section in our report were performed; · In addressing the risk of management override of controls, we: · Performed a review of estimates and judgements applied by the Investment Manager in the financial statements to assess their appropriateness and the existence of any systematic bias; · Considered the opportunity and incentive to manipulate accounting entries and assessed the reasonableness of relevant adjustments made in the period end financial reporting process; · Reviewed for significant transactions outside the normal course of business; · Incorporated an element of unpredictability in the nature, timing, and extent of audit procedures; and · Performed a review of unadjusted audit differences, if any, for indications of bias or deliberate. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, who were all deemed to have the appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, who were deemed to have the appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Murray International Trust PLC 83 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Use of our report This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Peter Smith (Senior Statutory Auditor) For and on behalf of BDO LLP, Statutory Auditor London, UK 5 March 2025 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). 84 Murray International Trust PLC Financial Statements Murray International Trust PLC 85 For the year to 31 December 2024 the Company’s Revenue Return per Ordinary share was 11.6p (2023: 12.1p) and the Company proposes to pay a total dividend amounting to 11.8p (2023: 11.5p) 86 Murray International Trust PLC Year ended 31 December 2024 Year ended 31 December 2023 Revenue Capital Total Revenue Capital Total Notes £’000 £’000 £’000 £’000 £’000 £’000 Gains on investments 10 - 63,053 63,053 - 62,838 62,838 Income 3 84,216 301 84,517 88,833 145 88,978 Investment management fees 4 (2,137) (4,985) (7,122) (2,079) (4,850) (6,929) Currency losses - (1,273) (1,273) - (336) (336) Administrative expenses 5 (1,738) (59) (1,797) (1,790) - (1,790) Net return before finance costs and taxation 80,341 57,037 137,378 84,964 57,797 142,761 Finance costs 6 (928) (2,165) (3,093) (1,240) (2,892) (4,132) Return before taxation 79,413 54,872 134,285 83,724 54,905 138,629 Taxation 7 (8,438) 860 (7,578) (7,829) 1,047 (6,782) Return attributable to equity shareholders 70,975 55,732 126,707 75,895 55,952 131,847 Return per Ordinary share (pence) 9 11.6 9.1 20.7 12.1 9.0 21.1 The “Total” column of this statement represents the profit and loss account of the Company. There is no other comprehensive income and therefore the return after taxation is also the total comprehensive income for the year. The ‘Revenue’ and ‘Capital’ columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. The accompanying notes are an integral part of these financial statements. Statement of Comprehensive Income Murray International Trust PLC 87 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements As at As at 31 December 2024 31 December 2023 Notes £’000 £’000 Fixed assets Investments at fair value through profit or loss 10 1,764,994 1,787,863 Current assets Prepayments and accrued income 11 7,591 8,069 Other debtors 11 10,577 10,151 Cash at bank and in hand 8,732 5,878 26,900 24,098 Creditors: amounts falling due within one year Bank loans 12,13 – (29,996) Other creditors 12 (3,129) (3,198) (3,129) (33,194) Net current assets/(liabilities) 23,771 (9,096) Total assets less current liabilities 1,788,765 1,778,767 Creditors: amounts falling due after more than one year Loan Notes 12,13 (109,916) (109,905) Net assets 1,678,849 1,668,862 Capital and reserves Called-up share capital 14 32,353 32,353 Share premium account 363,461 363,461 Capital redemption reserve 8,230 8,230 Capital reserve 15 1,200,623 1,189,686 Revenue reserve 74,182 75,132 Equity shareholders’ funds 1,678,849 1,668,862 Net asset value per Ordinary share (pence) 16 278.4p 268.8p The financial statements were approved and authorised for issue by the Board of Directors on 5 March 2025 and were signed on its behalf by: Virginia Holmes Director Company Number: SC006705 The accompanying notes are an integral part of these financial statements. Statement of Financial Position 88 Murray International Trust PLC For the year ended 31 December 2024 Share Capital Share premium redemption Capital Revenue capital account reserve reserve reserve Total Notes £’000 £’000 £’000 £’000 £’000 £’000 Balance at 31 December 2023 32,353 363,461 8,230 1,189,686 75,132 1,668,862 Return after taxation – – – 55,732 70,975 126,707 Dividends paid 8 – – – – (71,925) (71,925) Buy back of shares to Treasury 14 – – – (44,795) – (44,795) Balance at 31 December 2024 32,353 363,461 8,230 1,200,623 74,182 1,678,849 For the year ended 31 December 2023 Share Capital Share premium redemption Capital Revenue capital account reserve reserve reserve Total £’000 £’000 £’000 £’000 £’000 £’000 Balance at 31 December 2022 32,353 362,967 8,230 1,143,961 69,239 1,616,750 Return after taxation – – – 55,952 75,895 131,847 Dividends paid 8 – – – – (70,002) (70,002) Issue of shares from Treasury 14 – 494 – 2,295 – 2,789 Buy back of shares to Treasury 14 – – – (12,522) – (12,522) Balance at 31 December 2023 32,353 363,461 8,230 1,189,686 75,132 1,668,862 The capital reserve at 31 December 2024 is split between realised gains of £841,238,000 and unrealised gains of £359,385,000 (31 December 2023 – realised gains of £733,148,000 and unrealised gains of £456,538,000). The Company’s reserves available to be distributed by way of dividends or buybacks which includes the revenue reserve and the realised element of the capital reserve amount to £915,420,000 (31 December 2023 – £808,280,000). The accompanying notes are an integral part of these financial statements. Statement of Chan g es in Equity Murray International Trust PLC 89 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Year ended Year ended 31 December 2024 31 December 2023 Notes £’000 £’000 Net return before finance costs and taxation 137,378 142,761 (Decrease)/increase in accrued expenses (459) 307 Overseas withholding tax (7,881) (7,652) Decrease/(increase) in accrued income 150 (1,516) Interest paid (3,161) (4,216) Gains on investments (63,053) (62,838) Overseas dividends – capital (301) (145) Currency losses on foreign currency cash 6 336 (Increase)/decrease in other debtors (40) 55 Corporation tax received – 136 Return of capital included in investment income 301 145 Net cash inflow from operating activities 62,940 67,373 Investing activities Purchases of investments (227,021) (95,353) Sales of investments 313,188 155,624 Net cash from investing activities 86,167 60,271 Financing activities Equity dividends paid 8 (71,925) (70,002) Ordinary shares issued from Treasury 14 – 2,789 Ordinary shares bought back to Treasury 14 (44,322) (12,348) Loan repayment (30,000) (60,000) Net cash used in financing activities (146,247) (139,561) Increase/(decrease) in cash and cash equivalents 2,860 (11,917) Analysis of changes in cash and cash equivalents during the year Opening balance 5,878 18,131 Effect of exchange rate rates on foreign currency cash (6) (336) Increase/(decrease) in cash as above 2,860 (11,917) Closing cash and cash equivalents 8,732 5,878 Represented by: Cash at bank and in hand 8,732 5,878 The accompanying notes are an integral part of these financial statements. Statement of Cash Flows 90 Murray International Trust PLC 1. Principal activity The Company is a closed-end investment company, registered in Scotland No SC006705, with its Ordinary shares being listed in the premium segment market of the London Stock Exchange. 2. Accounting policies (a) Basis of preparation. The financial statements have been prepared in accordance with Financial Reporting Standard 102 and with the AIC’s Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’ (“AIC SORP”) issued in July 2022. The financial statements are prepared in sterling which is the functional currency of the Company and rounded to the nearest £’000. They have also been prepared on the assumption that approval as an investment trust will continue to be granted. The Directors have undertaken a robust review of the Company’s viability including scenario and sensitivity analysis (refer to statement on page 43) and ability to continue as a going concern and consider that there are no material uncertainties. The Company’s assets consist of a diverse portfolio of listed equity shares and bonds. The equities and a majority of the bond portfolio are, in most circumstances, realisable within a very short timescale and the Company itself has a strong balance sheet with considerable levels of distributable reserves. The Directors are mindful of the principal risks and uncertainties disclosed on pages 41 and 42 and have reviewed forecasts detailing revenue and liabilities. Notwithstanding the continuing uncertain economic environment, the Directors believe that the Company has adequate financial resources to continue its operational existence for the foreseeable future and 12 months from the date of this Annual Report. Accordingly, the Directors continue to adopt the going concern basis in preparing these financial statements. Significant accounting judgements, estimates and assumptions. The preparation of financial statements requires the use of certain significant accounting judgements, estimates and assumptions which requires management to exercise its judgement in the process of applying the accounting policies and are continually evaluated. The areas requiring most significant judgement and assumption in the financial statements are: the determination of the fair value hierarchy classification of quoted preference shares and bonds valued at £110,224,000 (2023 – £113,716,000) which have been assessed as being Level 2 as they are not considered to trade in active markets ; and also the determination of whether special dividends received are considered to be revenue or capital in nature on a case by case basis. The Directors do not consider there to be any significant estimates within the financial statements. (b) Income. Dividends receivable on equity shares are treated as revenue for the year on an ex-dividend basis. Where no ex- dividend date is available dividends are recognised on their due date. Provision is made for any dividends not expected to be received. Special dividends are credited to capital or revenue, according to their circumstances. In some jurisdictions, investment income and capital gains are subject to withholding tax deducted at the source of the income. The Company presents the withholding tax separately from the gross investment income in the Statement of Comprehensive Income under taxation. The fixed returns on debt securities are recognised on a time apportionment basis so as to reflect the effective yield on the debt securities. Interest receivable from cash and short-term deposits is accrued to the end of the year. Notes to the Financial Statements For the year ended 31 December 2024 Murray International Trust PLC 91 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements (c) Expenses. All expenses are accounted for on an accruals basis and are charged to the Statement of Comprehensive Income. Expenses are charged against revenue except as follows: – transaction costs on the acquisition or disposal of investments are charged against capital in the Statement of Comprehensive Income; and – expenses are treated as a capital item in the Statement of Comprehensive Income and ultimately recognised in the capital reserve where a connection with the maintenance or enhancement of the value of the investments can be demonstrated. In this respect the investment management fee has been allocated 30% to revenue and 70% to the capital reserve to reflect the Company’s investment policy and prospective income and capital growth. (d) Taxation. The tax expense represents the sum of tax currently payable and deferred tax. Any tax payable is based on the taxable profit for the year. Taxable profit differs from net return as reported in the Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that were applicable at the Statement of Financial Position date. Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date, where transactions or events that result in an obligation to pay more tax in the future or right to pay less tax in the future have occurred at the Statement of Financial Position date. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Timing differences are differences arising between the Company’s taxable profits and its results as stated in the financial statements which are capable of reversal in one or more subsequent periods. Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the Statement of Financial Position date. Due to the Company’s status as an investment trust company and the intention to continue meeting the conditions required to obtain approval in the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue within the Statement of Comprehensive Income on the same basis as the particular item to which it relates using the Company’s effective rate of tax for the year, based on the marginal basis. (e) Investments. As permitted under FRS 102, the Company has chosen to apply the recognition and measurement provisions of IAS 39 Financial Instruments: Recognition and Measurement and investments have been designated upon initial recognition at fair value through profit or loss. This is done because all investments are considered to form part of a group of financial assets which is evaluated on a fair value basis, in accordance with the Company’s documented investment strategy, and information about the grouping is provided internally on that basis. Investments are recognised and de-recognised at trade date where a purchase or sale is under a contract whose terms require delivery within the timeframe established by the market concerned, and are measured at fair value. For listed investments, the valuation of investments at the year end is deemed to be bid market prices or closing prices on recognised stock exchanges. Gains and losses arising from changes in fair value are treated in net profit or loss for the period as a capital item in the Statement of Comprehensive Income and are ultimately recognised in the capital reserve. (f) Cash and cash equivalents. Cash comprises cash in hand and may include demand deposits. Cash equivalents may include short-term, highly liquid investments, that are readily convertible to known amounts of cash and that are subject to an insignificant risk of change in value. 92 Murray International Trust PLC (g) Short-term debtors and creditors. Both short-term debtors and creditors are measured at amortised cost and not subject to interest charges. (h) Borrowings. Borrowings, which comprise interest bearing bank loans and unsecured loan notes are recognised initially at the fair value of the consideration received, net of any issue expenses, and subsequently at amortised cost using the effective interest method. The finance costs of such borrowings are accounted for on an accruals basis using the effective interest rate method and are charged 30% to revenue and 70% to capital in the Statement of Comprehensive Income to reflect the Company’s investment policy and prospective income and capital growth. (i) Nature and purpose of reserves Called-up share capital. The Ordinary share capital on the Statement of Financial Position relates to the number of shares in issue. This reserve is not distributable. Share premium account. The balance classified as share premium includes the premium above nominal value from the proceeds on issue of any equity share capital comprising Ordinary shares of 5p and the proceeds of sales of shares held in Treasury in excess of the weighted average purchase price paid by the Company to repurchase the shares. This reserve is not distributable. Capital redemption reserve. The capital redemption reserve arose when Ordinary shares were cancelled, at which point an amount equal to the par value of the Ordinary share capital was transferred from the share capital account to the capital redemption reserve. This reserve is not distributable. Capital reserve. This reserve reflects any gains or losses on investments realised in the period along with any movement in the fair value of investments held that have been recognised in the Statement of Comprehensive Income. These include gains and losses from foreign currency exchange differences. Additionally, expenses, including finance costs, are charged to this reserve in accordance with (c) and (h) above. This reserve is distributable for the purpose of funding share buybacks and paying dividends to the extent that gains are deemed realised. When the Company purchases its Ordinary shares to be held in Treasury, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from the capital reserve. Revenue reserve. This reserve reflects all income and costs which are recognised in the revenue column of the Statement of Comprehensive Income. The revenue reserve represents the amount of the Company’s reserves distributable by way of dividend. (j) Foreign currency. Assets and liabilities in foreign currencies are translated at the rates of exchange ruling on the Statement of Financial Position date. Transactions involving foreign currencies are converted at the rate ruling on the date of the transaction. Gains and losses on dividends receivable are recognised in the Statement of Comprehensive Income and are reflected in the revenue reserve. Gains and losses on the realisation of foreign currencies are recognised in the Statement of Comprehensive Income and are then transferred to the capital reserve. (k) Segmental reporting. The Directors are of the opinion that the Company is engaged in a single segment of business activity, being investment business. Consequently, no business segmental analysis is provided. (l) Dividends payable. Dividends payable to equity shareholders are recognised in the financial statements when they have been approved by shareholders and become a liability of the Company. Interim dividends are recognised in the financial statements in the period in which they are paid. Notes to the Financial Statements Continued Murray International Trust PLC 93 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements 3. Income 2024 2023 £’000 £’000 Income from investments (all listed) UK dividend income 8,111 9,082 Overseas dividends 66,625 70,457 Overseas dividends – capital 301 145 Overseas interest 8,260 8,856 83,297 88,540 Other income Deposit interest 92 203 Stock lending income 638 227 Interest on tax reclaim 1 8 Other income A 489 – Total income 84,517 88,978 A Comprises a compensation payment received from abrdn of £489,000 (2023 – £nil) in respect of Swiss withholding tax reclaims, which fell outside the time period allowed for submission. 4. Investment management fees 2024 2023 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Investment management fees 2,137 4,985 7,122 2,079 4,850 6,929 The Company has an agreement with abrdn Fund Managers Limited (“aFML”) for the provision of investment management, secretarial, accounting and administration and promotional activity services. The management fee is charged on net assets (i.e. excluding borrowings for investment purposes) averaged over the six previous quarters at a rate of 0.5% per annum up to £500 million and 0.4% per annum thereafter. A fee of 1.5% per annum is chargeable on the value of any unlisted investments. The investment management fee is chargeable 30% against revenue and 70% against realised capital reserves. During the year £7,122,000 (2023 – £6,929,000) of investment management fees was payable to the Manager, with a balance of £1,796,000 (2023 – £1,740,000) being due at the year end. No fees are charged in the case of investments managed or advised by the aberdeen Group. The management agreement may be terminated by either party on the expiry of six months’ written notice. On termination the Manager is entitled to receive fees which would otherwise have been due up to that date. 94 Murray International Trust PLC 5. Administrative expenses 2024 2023 £’000 £’000 Promotional activities A 400 400 Registrars’ fees 50 202 Directors’ remuneration 220 208 Bank charges and custody fees 523 451 Depositary fees 156 155 Stock exchange fees 143 123 Printing and postage 4 61 Auditor’s fees for: - Statutory Audit 49 48 - Other assurance services - 4 Other expenses - capital 59 - Other expenses 193 138 1,797 1,790 A In 2024 £400,000 (2023 - £400,000) was payable to aFML to cover promotional activities during the year. At the year end £100,000 (2023 - £200,000) was due to aFML. 6. Finance costs 2024 2023 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Bank loans and overdraft interest 79 185 264 391 912 1,303 Loan Notes 849 1,980 2,829 849 1,980 2,829 928 2,165 3,093 1,240 2,892 4,132 Notes to the Financial Statements Continued Murray International Trust PLC 95 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements 7. Taxation 2024 2023 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 (a) Total tax charge Analysis for the year Marginal tax relief 922 (922) - 956 (956) - Overseas tax suffered 9,584 62 9,646 9,959 (91) 9,868 Overseas tax reclaimable (2,068) - (2,068) (3,086) - (3,086) Total tax charge for the year 8,438 (860) 7,578 7,829 (1,047) 6,782 (b) Factors affecting the tax charge for the year. The UK corporation tax rate is 25% (2023 - effective rate of 23.5%). The tax assessed for the year is lower than the corporation tax rate. The differences are explained below: 2024 2023 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Return before taxation 79,413 54,872 134,285 83,724 54,905 138,629 Return multiplied by the standard rate of corporation tax of 25% (2023 - effective rate of 23.5%) 19,853 13,718 33,571 19,675 12,903 32,578 Effects of: Non taxable UK dividend income (2,028) (75) (2,103) (2,134) (34) (2,168) Gains on investments not taxable - (15,763) (15,763) - (14,767) (14,767) Currency losses not taxable - 318 318 - 79 79 Non taxable overseas dividends (16,090) - (16,090) (15,542) - (15,542) Overseas tax suffered 9,584 62 9,646 9,959 (91) 9,868 Overseas tax reclaimable (2,068) - (2,068) (3,086) - (3,086) Tax effect of expensed double taxation relief (204) - (204) (245) - (245) Marginal tax relief 922 (922) - 956 (956) - Expenses not deductible for tax purposes (1,531) 1,802 271 (1,754) 1,819 65 Total tax charge for the year 8,438 (860) 7,578 7,829 (1,047) 6,782 The Company has not provided for deferred tax on chargeable gains or losses arising on the revaluation or disposal of investments as it is exempt from corporation tax on these items because of its status as an investment trust company. 96 Murray International Trust PLC The Company has not recognised a deferred tax asset (2023 - same). At the year end, the Company has, for taxation purposes only, accumulated unrelieved management expenses and loan relationship deficits of £1,014,000 (2023 - £280,000). A deferred tax asset at the standard rate of corporation of 25% (2023 - 25%) of £254,000 (2023 - £70,000) has not been recognised and these expenses will only be utilised if the Company has profits chargeable to corporation tax in the future. It is considered highly unlikely that the Company will generate such profits and therefore no deferred tax asset has been recognised. 8. Ordinary dividends on equity shares 2024 2023 £’000 £’000 Amounts recognised as distributions paid during the year: Third interim for 2023 of 2.4p (2022 – 2.4p) 14,898 15,001 Final dividend for 2023 of 4.3p (2022 – 4.0p) 26,400 25,003 First interim for 2024 of 2.5p (2023 – 2.4p) 15,337 15,027 Second interim for 2024 of 2.5p (2023 – 2.4p) 15,288 14,971 Underpayment of dividends in prior year 2 – 71,925 70,002 A third interim dividend was declared on 29 November 2024 with an ex date of 2 January 2025. This dividend of 2.5p was paid on 17 February 2025 and has not been included as a liability in these financial statements. The proposed final dividend for 2024 is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. Set out below are the total dividends paid and proposed in respect of the financial year, which is the basis on which the requirements of Sections 1158–1159 of the Corporation Tax Act 2010 are considered. The revenue available for distribution by way of dividend for the year is £70,975,000 (2023 – £75,895,000). 2024 2023 £’000 £’000 Three interim dividends for 2024 of 2.5p (2023 – 2.4p) 45,706 44,896 Proposed final dividend for 2024 of 4.3p (2023 – 4.3p) 25,590 26,400 71,296 71,296 The amount reflected above for the cost of the proposed final dividend for 2024 is based on 595,121,470 Ordinary shares, being the number of Ordinary shares in issue excluding those held in Treasury at the date of this Report. Notes to the Financial Statements Continued Murray International Trust PLC 97 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements 9. Return per Ordinary share 2024 2023 £’000 p £’000 p Returns are based on the following figures: Revenue return 70,975 11.6 75,895 12.1 Capital return 55,732 9.1 55,952 9.0 Total return 126,707 20.7 131,847 21.1 Weighted average number of Ordinary shares 613,268,463 624,513,971 10. Investments at fair value through profit or loss 2024 2023 £’000 £’000 Opening book cost 1,331,325 1,363,483 Opening investment holdings gains 456,538 421,337 Opening fair value 1,787,863 1,784,820 Analysis of transactions made during the year Purchases at cost 227,021 95,353 Sales proceeds received (313,188) (155,451) Gains on investments 63,053 62,838 Accretion of fixed income book cost A 245 303 Closing fair value 1,764,994 1,787,863 A In accordance with the AIC SORP guidance Closing book cost 1,405,609 1,331,325 Closing investment gains 359,385 456,538 Closing fair value 1,764,994 1,787,863 The Company received £313,188,000 (2023 - £155,451,000) from investments sold in the period. The book cost of these investments when they were purchased was £152,982,000 (2023 - £127,814,000). These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments. 98 Murray International Trust PLC 2024 2023 The portfolio valuation £’000 £’000 Listed on stock exchanges: United Kingdom: - equities 94,451 56,605 - preference shares 6,907 6,417 Overseas: - equities 1,560,319 1,617,542 - fixed income 103,317 107,299 Total 1,764,994 1,787,863 Transaction costs. During the year expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. These have been expensed through capital and are included within gains on investments in the Statement of Comprehensive Income. The total costs were as follows: 2024 2023 £’000 £’000 Purchases 408 190 Sales 346 195 754 385 The above transaction costs are calculated in line with the AIC SORP. The transaction costs in the Company’s Key Information Document are calculated on a different basis and in line with the PRIIPs regulations. 2024 2023 Stock Lending £’000 £’000 Aggregate value of securities on loan at the year end 46,790 40,676 Maximum aggregate value of securities on loan during the year 98,370 105,339 Fee income from stock lending 638 227 Stock lending is the temporary transfer of securities by a lender to a borrower, with an agreement by the borrower to return equivalent securities to the lender at an agreed date. Fee income is received for making the investments available to the borrower. The principal risks and rewards of holding the investments, namely the market movements in share prices and dividend income, are retained by the Company. In all cases the securities lent continue to be recognised on the Statement of Financial Position. All stocks lent under these arrangements are fully secured by collateral. The value of the collateral held at 31 December 2024 was £49,245,000 (2023 - £42,840,000). Notes to the Financial Statements Continued Murray International Trust PLC 99 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements 11. Debtors: amounts falling due within one year 2024 2023 £’000 £’000 Overseas withholding tax 10,523 10,131 Prepayments 47 41 Other debtors 54 20 Accrued income 7,544 8,028 18,168 18,220 None of the above amounts is overdue or impaired. 12. Creditors 2024 2023 £’000 £’000 Amounts falling due within one year: Bank loans (note 13) - 29,996 Amounts due to brokers 647 174 Investment management fees 1,796 1,740 Administrative expenses 395 910 Interest on bank loans and loan notes 291 374 3,129 33,194 2024 2023 £’000 £’000 Amounts falling due after more than one year: Loan notes (note 13) 109,916 109,905 109,916 109,905 All financial liabilities are measured at amortised cost. 100 Murray International Trust PLC 13. Borrowings 2024 2023 £’000 £’000 Unsecured bank loan repayable within one year: Fixed rate term loan facilities – £30,000,000 at 2.25% – 16 May 2024 – 29,996 Unsecured loan notes repayable in more than five years: – £50,000,000 at 2.24% – 13 May 2031 49,936 49,927 – £60,000,000 at 2.83% – 31 May 2037 59,980 59,978 109,916 139,901 The terms of these loan notes permit early repayment at the borrower’s option which may give rise to additional amounts being either payable or repayable in respect of fluctuations in interest rates since drawdown. Since the Directors currently have no intention of repaying the loan notes early, then no such charges are included in the cash flows used to determine their effective interest rate. In May 2024, the Company repaid its maturing £30 million 5 year fixed rate loan with The Royal Bank of Scotland International Limited, London Branch. At 31 December 2024, the Company had utilised £110 million of its £200 million Shelf Facility. Under the terms of the Loan Note Agreement, dated May 2021, up to an additional £90 million will also be available for drawdown by the Company for a five year period. Financial covenants contained within the loan note agreement provide, inter alia, that borrowings shall at no time exceed 35% of net assets, that the Company must hold 40 investments or more and that the net assets must exceed £650 million. At 31 December 2024 the Company held 63 investments, net assets were £1,678,849,000 and borrowings were 6.6% thereof. The Company has complied with all financial covenants throughout the year. Notes to the Financial Statements Continued Murray International Trust PLC 101 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements 14. Share capital 2024 2023 Number £’000 Number £’000 Allotted, called up and fully paid Ordinary shares of 5p Balance brought forward 620,866,332 31,043 625,064,465 31,254 Ordinary shares issued from Treasury in the year – – 1,050,000 52 Ordinary shares bought back to Treasury in the year (17,737,113) (887) (5,248,133) (263) Balance carried forward 603,129,219 30,156 620,866,332 31,043 Treasury shares: Balance brought forward 26,193,683 1,310 21,995,550 1,099 Ordinary shares issued from Treasury in the year – – (1,050,000) (52) Ordinary shares bought back to Treasury in the year 17,737,113 887 5,248,133 263 Balance carried forward 43,930,796 2,197 26,193,683 1,310 At 31 December 2024, shares held in Treasury represented 6.8% (2023 – 4.0%) of the Company’s total issued share capital. During the year 17,737,113 Ordinary shares were bought back to Treasury representing 2.7% of the Company’s total issued share capital (2023 – 5,248,133 representing 0.8% of the Company’s total issued share capital) at a total cost of £44,795,000 (2023 – £12,522,000) net of expenses. Subsequent to the year a further 8,007,749 Ordinary shares have been bought back to Treasury at a cost of £21,378,000. During 2023 1,050,000 Ordinary shares were issued from Treasury representing 0.2% of the Company’s total issued share capital. All these shares were issued at a premium to net asset value, enhancing net assets per share for existing shareholders. The issue prices ranged from 265p to 267p. On a winding up of the Company, any surplus assets available after payment of all debts and satisfaction of all liabilities of the Company shall be applied in repaying the Ordinary shareholders the amounts paid up on such shares. Any surplus shall be divided among the holders of Ordinary shares according to the amount paid up on such shares respectively. Voting rights. In accordance with the Articles of Association of the Company, on a show of hands, every member (or duly appointed proxy) present at a general meeting of the Company has one vote; and, on a poll, every member present in person or by proxy shall have one vote for every 5p nominal amount of Ordinary shares held. 102 Murray International Trust PLC 15. Capital reserve 2024 2023 £’000 £’000 At 31 December 2023 1,189,686 1,143,961 Movement in fair value gains 63,053 62,838 Overseas dividends capital 301 145 Capital expenses (including taxation) (6,349) (6,695) Buy back of shares to Treasury (44,795) (12,522) Issue of shares from Treasury - 2,295 Currency losses (1,273) (336) At 31 December 2024 1,200,623 1,189,686 Included in the total above are investment holdings gains at the year end of £359,385,000 (2023 - £456,538,000), which is not considered distributable. 16. Net asset value per share The net asset value per share and the net asset value attributable to the Ordinary shares at the year end, calculated in accordance with the Articles of Association and FRS 102, were as follows: As at As at 31 December 2024 31 December 2023 Attributable net assets (£’000) 1,678,849 1,668,862 Number of Ordinary shares in issue (excluding Treasury) 603,129,219 620,866,332 Net asset value per share (pence) 278.4 268.8 Notes to the Financial Statements Continued Murray International Trust PLC 103 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements 17. Analysis of changes in net debt At At 31 December Currency Cash Non-cash 31 December 2023 differences flows movements A 2024 £’000 £’000 £’000 £’000 £’000 Cash at bank and in hand 5,878 (6) 2,860 – 8,732 Debt due within one year (29,996) – 30,000 (4) – Debt due after more than one year (109,905) – – (11) (109,916) (134,023) (6) 32,860 (15) (101,184) At At 31 December Currency Cash Non-cash 31 December 2022 differences flows movements A 2023 £’000 £’000 £’000 £’000 £’000 Cash at bank and in hand 18,131 (336) (11,917) – 5,878 Debt due within one year (59,989) – 60,000 (30,007) (29,996) Debt due after more than one year (139,877) – – 29,972 (109,905) (181,735) (336) 48,083 (35) (134,023) A Figures reflect a movement in maturity dates and amortisation of finance costs. A statement reconciling the movement in net funds to the net cash flow has not been presented as there are no differences from the above analysis. 18. Financial instruments and risk management The Company’s investment activities expose it to various types of financial risk associated with the financial instruments and markets in which it invests. The Company’s financial instruments comprise listed equities and debt securities, cash balances, loans and debtors and creditors that arise directly from its operations; for example, in respect of sales and purchases awaiting settlement, and debtors for accrued income. The Company may enter into derivative transactions for the purpose of managing market risks arising from the Company’s activities in the form of swap contracts, forward foreign currency contracts, futures and options. The Board has delegated the risk management function to abrdn Fund Managers Limited (“aFML”) under the terms of its management agreement with aFML (further details of which are included in the Directors’ Report). The Board regularly reviews and agrees policies for managing each of the key financial risks identified with the Manager. The types of risk and the Manager’s approach to the management of each type of risk, are summarised below. Such approach has been applied throughout the year and has not changed since the previous accounting period. The numerical disclosures exclude short-term debtors and creditors. Risk management framework. The directors of aFML collectively assume responsibility for aFML’s obligations under the AIFMD including reviewing investment performance and monitoring the Company’s risk profile during the year. 104 Murray International Trust PLC aFML is a fully integrated member of the aberdeen Group (“the Group”), which provides a variety of services and support to aFML in the conduct of its business activities, including in the oversight of the risk management framework for the Company. The AIFM has delegated the day to day administration of the investment policy to abrdn Investments Limited, which is responsible for ensuring that the Company is managed within the terms of its investment guidelines and the limits set out in its pre-investment disclosures to investors (details of which can be found on the Company’s website). The AIFM has retained responsibility for monitoring and oversight of investment performance, product risk and regulatory and operational risk for the Company. The Manager conducts its risk oversight function through the operation of the Group’s risk management processes and systems which are embedded within the Group’s operations. The Group’s Risk Division supports management in the identification and mitigation of risks and provides independent monitoring of the business. The Division includes Compliance, Business Risk, Market Risk, Risk Management and Legal. The team is headed up by the Group’s Chief Risk Officer, who reports to the Chief Executive Officer of the Group. The Risk Division achieves its objective through embedding the Risk Management Framework throughout the organisation using the Group’s operational risk management system (“SHIELD”). The Group’s Internal Audit Department is independent of the Risk Division and reports directly to the Group’s Chief Executive Officer and to the Audit Committee of the Group’s Board of Directors. The Internal Audit Department is responsible for providing an independent assessment of the Group’s control environment. The Group’s corporate governance structure is supported by several committees to assist the board of directors of aberdeen plc, its subsidiaries and the Company to fulfil their roles and responsibilities. The Group’s Risk Division is represented on all committees, with the exception of those committees that deal with investment recommendations. The specific goals and guidelines on the functioning of those committees are described on the committees’ terms of reference. Risk management. The main risks the Company faces from its financial instruments are (i) market risk (comprising interest rate risk, foreign currency risk and price risk), (ii) liquidity risk and (iii) credit risk. (i) Market risk. The fair value and future cash flows of a financial instrument held by the Company may fluctuate because of changes in market prices. This market risk comprises three elements – interest rate risk, foreign currency risk and price risk. (i)(a) Interest rate risk. Interest rate risk is the risk that interest rate movements will affect: – the fair value of the investments in fixed interest rate securities; and – the level of income receivable on cash deposits. Management of the risk. The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment and borrowing decisions. The Board reviews the values of the fixed interest rate securities on a regular basis. The Board imposes borrowing limits to ensure gearing levels are appropriate to market conditions and reviews these on a regular basis. Borrowings comprise fixed rate facilities, which are used to finance opportunities at low rates. Current bank covenant guidelines are detailed in note 13 on page 100. Notes to the Financial Statements Continued Murray International Trust PLC 105 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Interest rate risk profile. The interest rate risk profile of the portfolio of financial assets and liabilities at the Statement of Financial Position date was as follows: Weighted average period for Weighted Non– which average Fixed Floating interest rate is fixed interest rate rate rate bearing At 31 December 2024 Years % £’000 £’000 £’000 Assets Sterling – – 6,907 8,321 155,453 US Dollar 20.98 6.53 28,689 371 566,866 Indian Rupee 1.67 7.79 13,956 40 – Indonesian Rupiah 5.49 7.49 29,281 – 16,133 Mexican Peso 1.18 5.75 14,653 – 79,406 South African Rand 6.16 7.00 15,035 – – Turkish Lira 0.19 8.00 1,703 – – Other – – – – 836,912 Total assets 110,224 8,732 1,654,770 Liabilities Loan Notes 9.67 2.56 (109,916) – – Total liabilities (109,916) – – 106 Murray International Trust PLC Weighted average period for Weighted Non– which average Fixed Floating interest rate is fixed interest rate rate rate bearing At 31 December 2023 Years % £’000 £’000 £’000 Assets Sterling – – 6,417 5,032 129,203 US Dollar 21.95 6.53 27,755 291 549,257 Indian Rupee 2.67 7.79 14,073 91 – Indonesian Rupiah 6.50 7.50 30,726 – 24,149 Mexican Peso 2.18 5.75 17,084 – 119,438 South African Rand 7.17 7.00 14,369 – – Turkish Lira 0.87 8.52 3,292 – – Other – – – 464 852,100 Total assets 113,716 5,878 1,674,147 Liabilities Bank loans 0.38 2.25 (29,996) – – Loan Notes 10.67 2.56 (109,905) – – Total liabilities (139,901) – – The weighted average interest rate is based on the current yield of each asset, weighted by its market value. The weighted average interest rate on bank loans and loan notes are based on the interest rate payable, weighted by the total value of the bank loans and loan notes. The maturity dates of the Company’s loan notes are shown in note 13 to the financial statements. The fixed rate assets represents quoted preference shares and bonds. The floating rate assets consist of cash deposits on call earning interest at prevailing market rates. The non-interest bearing assets represent the equity element of the portfolio. Short-term debtors and creditors have been excluded from the above tables as they are not considered to be exposed to interest rate risk. Interest rate sensitivity. The sensitivity analyses below have been determined based on the exposure to interest rates for non-derivative instruments at the Statement of Financial Position date and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period in the case of instruments that have floating rates. Notes to the Financial Statements Continued Murray International Trust PLC 107 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements If interest rates had been 100 basis points higher or lower (based on the current parameter used by the Manager’s Investment Risk Department on risk assessment) and all other variables were held constant, the Company’s revenue return for the year ended 31 December 2024 would increase/decrease by £87,000 (2023 - increase/decrease by £59,000). This is mainly attributable to the Company’s exposure to interest rates on its floating rate cash balances. These figures have been calculated based on cash positions at each year end. The capital return would decrease/increase by £3,825,000 (2023 - increase/decrease by £4,014,000) using VaR (“Value at Risk”) analysis based on 100 observations of weekly VaR computations of fixed interest portfolio positions at each year end. (i)(b) Foreign currency risk. A significant proportion of the Company’s investment portfolio is invested overseas whose values are subject to fluctuation due to changes in foreign exchange rates. In addition, the impact of changes in foreign exchange rates upon the profits of investment holdings can result, indirectly, in changes in their valuations. Consequently the Statement of Financial Position can be affected by movements in exchange rates. Management of the risk. It is not the Company’s policy to hedge this risk on a continuing basis but the Company may, from time to time, match specific overseas investment with foreign currency borrowings. The Manager seeks, when deemed appropriate, to manage exposure to currency movements on borrowings by using forward foreign currency contracts as a hedge against potential foreign currency movements. At 31 December 2024 the Company did not have any forward foreign currency contracts (2023 - none). The revenue account is subject to currency fluctuation arising on overseas income. The Company does not hedge this currency risk. 108 Murray International Trust PLC Currency risk exposure. Currency risk exposure (excluding fixed interest securities) by currency of denomination: 31 December 2024 31 December 2023 UK and UK and overseas Net Total overseas Net Total equity monetary currency equity monetary currency investments assets A exposure investments assets A exposure £’000 £’000 £’000 £’000 £’000 £’000 US Dollar 566,866 371 567,237 549,257 291 549,548 Euro 291,907 - 291,907 299,585 - 299,585 Taiwan Dollar 129,221 - 129,221 137,498 - 137,498 Singapore Dollar 94,630 - 94,630 72,647 - 72,647 Canadian Dollar 91,834 - 91,834 70,820 - 70,820 Mexican Peso 79,406 - 79,406 119,438 - 119,438 Hong Kong Dollar 74,098 - 74,098 64,571 - 64,571 Swiss Franc 47,454 - 47,454 63,745 - 63,745 Danish Krone 32,776 - 32,776 33,264 - 33,264 Thailand Baht 24,660 - 24,660 21,822 - 21,822 Norwegian Krone 17,174 - 17,174 13,504 - 13,504 Australian Dollar 17,012 - 17,012 23,268 - 23,268 Swedish Krone 16,146 - 16,146 51,376 464 51,840 Indonesian Rupiah 16,133 - 16,133 24,149 - 24,149 Indian Rupee - 40 40 - 91 91 1,499,317 411 1,499,728 1,544,944 846 1,545,790 Sterling 155,453 (101,595) 53,858 129,203 (134,869) (5,666) Total 1,654,770 (101,184) 1,553,586 1,674,147 (134,023) 1,540,124 A Reflects cash, short-term deposits and bank borrowings. The asset allocation between specific markets can vary from time to time based on the Manager’s opinion of the attractiveness of the individual markets. Foreign currency sensitivity. The following table details the Company’s sensitivity to a 10% decrease (in the context of a 10% increase the figures below should all be read as negative) in sterling against the major foreign currencies in which the Company has exposure (based on exposure >5% of total exposure). The sensitivity analysis includes foreign currency denominated monetary items and adjusts their translation at the year end for a 10% change in foreign currency rates, being a reasonable range of fluctuations for the period. Notes to the Financial Statements Continued Murray International Trust PLC 109 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements 2024 2023 Capital A Capital A £’000 £’000 US Dollar 56,724 54,955 Euro 29,191 29,959 Taiwan Dollar 12,922 13,750 Singapore Dollar 9,463 - Canadian Dollar 9,183 - Mexican Peso 7,941 11,944 Total 125,424 110,608 A Represents equity exposures to the relevant currencies. (i)(c) Price risk. Other price risks (ie changes in market prices other than those arising from interest rate or currency risk) may affect the value of the quoted investments. The Company’s stated objective is to achieve an above average dividend yield, with long-term growth in dividends and capital ahead of inflation by investing principally in global equities. Management of the risk. It is the Board’s policy to hold an appropriate spread of investments in the portfolio in order to reduce the risk arising from factors specific to a particular country or sector. The allocation of assets to international markets and the stock selection process, as detailed on pages 19 to 21, both act to reduce market risk. The Manager actively monitors market prices throughout the year and reports to the Board, which meets regularly in order to review investment strategy. The investments held by the Company are listed on various stock exchanges worldwide. Price risk sensitivity. If market prices at the Statement of Financial Position date had been 10% higher or lower, which is a reasonable range of annual price fluctuations, while all other variables remained constant, the return attributable to Ordinary shareholders for the year ended 31 December 2024 would have increased/decreased by £165,477,000 (2023 – increase/decrease of £167,415,000) and equity would have increased/decreased by the same amount. (ii) Liquidity risk. This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities as they fall due in line with the maturity profile analysed below. Within Within Within Within Within More than 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total At 31 December 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Loan Notes - - - - - 110,000 110,000 Interest cash flows on Loan Notes 2,818 2,818 2,818 2,818 2,818 14,415 28,505 Cash flows on other creditors 2,838 - - - - - 2,838 5,656 2,818 2,818 2,818 2,818 124,415 141,343 110 Murray International Trust PLC Within Within Within Within Within More than 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total At 31 December 2023 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Bank loans 30,000 - - - - - 30,000 Loan Notes - - - - - 110,000 110,000 Interest cash flows on bank loans 337 - - - - - 337 Interest cash flows on Loan Notes 2,818 2,818 2,818 2,818 2,818 17,233 31,323 Cash flows on other creditors 2,824 - - - - - 2,824 35,979 2,818 2,818 2,818 2,818 127,233 174,484 Management of the risk. Liquidity risk is not considered to be significant as the Company’s assets comprise mainly readily realisable securities, which can be sold to meet funding commitments if necessary. Short-term flexibility is achieved through the use of loan and overdraft facilities (note 13). (iii) Credit risk. This is failure of the counterparty to a transaction to discharge its obligations under that transaction that could result in the Company suffering a loss. Management of the risk - where the Manager makes an investment in a bond, corporate or otherwise, the credit ratings of the issuer are taken into account so as to manage the risk to the Company of default; - investments in quoted bonds are made across a variety of industry sectors and geographic markets so as to avoid concentrations of credit risk; - transactions involving derivatives are entered into only with investment banks, the credit rating of which is taken into account so as to minimise the risk to the Company of default; - investment transactions are carried out with a number of brokers, whose credit-standing is reviewed periodically by the Manager, and limits are set on the amount that may be due from any one broker; - the risk of counterparty exposure due to failed trades causing a loss to the Company is mitigated by the daily review of failed trade reports. In addition, both stock and cash reconciliations to the custodian’s records are performed daily to ensure discrepancies are investigated in a timely manner. The Manager’s Compliance department carries out periodic reviews of the custodian’s operations and reports its finding to the Manager’s Risk Management Committee; - cash is held only with reputable banks with acceptable credit quality. It is the Manager’s policy to trade only with A- and above (Long-term rated) and A-1/P-1 (Short-term rated) counterparties. Notes to the Financial Statements Continued Murray International Trust PLC 111 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Credit risk exposure. In summary, compared to the amounts in the Statement of Financial Position, the maximum exposure to credit risk at 31 December 2024 was as follows: 2024 2023 Balance Maximum Balance Maximum Sheet exposure Sheet exposure £’000 £’000 £’000 £’000 Non-current assets Quoted preference shares and bonds at fair value through profit or loss 110,224 110,224 113,716 113,716 Current assets Other debtors 54 54 20 20 Accrued income 7,544 7,544 8,028 8,028 Cash and short-term deposits 8,732 8,732 5,878 5,878 126,554 126,554 127,642 127,642 None of the Company’s financial assets is secured by collateral or other credit enhancements. Credit ratings. The table below provides a credit rating profile using Moodys credit ratings for the quoted preference shares and bonds at 31 December 2024 and 31 December 2023: 2024 2023 £’000 £’000 Ba1 3,547 3,197 Ba2 15,035 14,369 Baa2 43,934 47,810 Ba3 11,755 11,702 B1 – 16,053 B3 16,934 – Non-rated 19,019 20,585 110,224 113,716 112 Murray International Trust PLC Whilst a substantial proportion of the fixed interest portfolio does not have a rating provided by Moodys, the Manager undertakes an ongoing review of their suitability for inclusion within the portfolio as set out in “Investment Process” on pages 19 to 21. At 31 December 2024 Moodys credit ratings agency did not provide a rating for Indian bonds, Turkish bonds and Irredeemable preference shares (2023 – Indian bonds, Turkish bonds and Irredeemable preference shares) held by the Company and were accordingly categorised as non–rated in the table above. It was noted however that Fitch credit ratings agency does provide a BB– rating for Turkish bonds with a value of £1,703,000 (2023 – £3,292,000 with a B rating). Fair values of financial assets and financial liabilities. The fair value of borrowings has been calculated at £85,097,000 as at 31 December 2024 (2023 – £119,497,000) compared to a carrying amount in the financial statements of £109,916,000 (2023 – £139,901,000) (note 13). The fair value of each loan is determined by aggregating the expected future cash flows for that loan discounted at a rate comprising the borrower’s margin plus an average of market rates applicable to loans of a similar period of time and currency. The carrying value of all other assets and liabilities is an approximation of fair value. 19. Fair value hierarchy FRS 102 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following classifications: Level 1: unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the measurement date. Level 2: inputs other than quoted prices included in Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly. Level 3: inputs are unobservable (ie for which market data is unavailable) for the asset or liability. The financial assets and liabilities measured at fair value in the Statement of Financial Position are grouped into the fair value hierarchy at the reporting date as follows: Level 1 Level 2 Level 3 Total As at 31 December 2024 Note £’000 £’000 £’000 £’000 Financial assets at fair value through profit or loss Quoted equities a) 1,654,770 - - 1,654,770 Quoted preference shares b) - 6,907 - 6,907 Quoted bonds b) - 103,317 - 103,317 Total 1,654,770 110,224 - 1,764,994 Notes to the Financial Statements Continued Murray International Trust PLC 113 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Level 1 Level 2 Level 3 Total As at 31 December 2023 Note £’000 £’000 £’000 £’000 Financial assets at fair value through profit or loss Quoted equities a) 1,674,147 - - 1,674,147 Quoted preference shares b) - 6,417 - 6,417 Quoted bonds b) - 107,299 - 107,299 Total 1,674,147 113,716 - 1,787,863 a) Quoted equities. The fair value of the Company’s investments in quoted equities has been determined by reference to their quoted bid prices at the reporting date. Quoted equities included in Fair Value Level 1 are actively traded on recognised stock exchanges. b) Quoted preference shares and bonds. The fair value of the Company’s investments in quoted preference shares and bonds has been determined by reference to their quoted bid prices at the reporting date. Investments categorised as Level 2 are not considered to trade in active markets. 20. Capital management policies and procedures The investment objective of the Company is to achieve an above average dividend yield, with long-term growth in dividends and capital ahead of inflation by investing principally in global equities. The capital of the Company consists of bank borrowings and equity, comprising issued capital, reserves and retained earnings. The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. The Board monitors and reviews the broad structure of the Company’s capital on an ongoing basis. This review includes: - the planned level of gearing which takes into account the Investment Manager’s views on the market; - the level of equity shares in issue; and - the extent to which revenue in excess of that which is required to be distributed should be retained. The Company’s objectives, policies and processes for managing capital are unchanged from the preceding accounting period. Details of the Company’s gearing facilities and financial covenants are detailed in note 13 of the financial statements. The Company does not have any other externally imposed capital requirements. 114 Murray International Trust PLC 21. Related party transactions and transactions with the Manager Directors’ fees and interests. Fees payable during the year to the Directors and their interests in shares of the Company are disclosed within the Directors’ Remuneration Report on pages 69 and 70. Transactions with the Manager. The Company has agreements with aFML for the provision of management, accounting and administration services and promotional activities. Details of transactions during the year and balances outstanding at the year end are disclosed in notes 4 and 5. In the opinion of the Directors on the basis of shareholdings advised to them, the Company has no immediate or ultimate controlling party. Notes to the Financial Statements Continued Murray International Trust PLC 115 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements The Company engages in Securities Financing Transactions (SFTs) (as defined in Article 3 of Regulation (EU) 2015/2365, SFTs include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy back transactions and margin lending transactions). In accordance with Article 13 of the Regulation, the Fund’s involvement in and exposures related to securities lending for the accounting period are detailed below: % of % of Absolute value of assets engaged in SFTs £’000 lendable assets net assets 31 December 2024 Securities lending 46,790 2.65 2.79 31 December 2023 Securities lending 40,676 2.28 2.44 Top ten collateral issuers and collateral received Based on market value of collateral received. For all issuers, only equity securities with a main market listing were lent and the custodian was BNY Mellon. 2024 £’000 2023 £’000 US Treasury 48,615 US Treasury 41,895 Government of Australia 630 Government of Australia 945 49,245 42,840 2024 2023 Proportion held Proportion held Market value in segregated Market value in segregated of collateral held accounts of collateral held accounts Collateral held per custodian £’000 % £’000 % BNY Mellon 49,245 100 42,840 100 One custodian is used to hold the collateral, which is in a segregated account. Securities Financin g Transactions Disclosure 116 Murray International Trust PLC Market value of collateral received 2024 2023 Collateral analysed by currency £’000 £’000 US Dollar 48,615 41,895 Australian Dollar 630 945 Total collateral received 49,245 42,840 Market value Countries of Securities lending of securities lending counterparty Settlement Top Ten Counterparties per type of SFT A £’000 establishment and clearing 31 December 2024 Goldman Sachs 46,263 USA Tri-party UBS 527 Switzerland Tri-party Total market value of securities lending 46,790 31 December 2023 Goldman Sachs 39,798 USA Tri-party UBS 878 Switzerland Tri-party Total market value of securities lending 40,676 A All counterparties are shown Maturity Tenor of SFTs (remaining period to maturity) 31 December 2024 Securities lending The lending and collateral transactions are on an open basis and can be recalled on demand. As at 31 December 2024 there were three securities on loan (31 December 2023 – none). The Company does not engage in any re-use of collateral. Securities Financin g Transactions Disclosure Continued Murray International Trust PLC 117 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements 2024 2023 Return and cost per type of SFT £’000 % £’000 % Securities lending Gross return 751 115 267 115 Direct operational costs (securities lending agent costs) B (113) (15) (40) (15) Total costs (113) (15) (40) (15) Net return 638 100 227 100 B The unrounded direct operational costs and fees incurred for securities lending for the 12 months to 31 December 2024 is £112,471 (2023 – £40,038). 118 Murray International Trust PLC Alternative performance measures are numerical measures of the Company’s current, historical or future performance, financial position or cash flows, other than financial measures defined or specified in the applicable financial framework. The Company’s applicable financial framework includes FRS 102 and the AIC SORP. The Directors assess the Company’s performance against a range of criteria which are viewed as particularly relevant for closed-end investment companies. Discount to net asset value per Ordinary share The discount is the amount by which the share price is higher or lower than the net asset value per share at the year end, expressed as a percentage of the net asset value. 2024 2023 NAV per Ordinary share (p) a 278.4 268.8 Share price (p) b 257.5 258.0 Discount (b-a)/a –7.5% –4.0% Dividend cover Dividend cover measures the revenue return per share divided by total dividends per share, expressed as a ratio. 2024 2023 Revenue return per share (p) a 11.6 12.1 Dividends per share (p) b 11.8 11.5 Dividend cover a/b 0.98x 1.05x Dividend yield The annual dividend per Ordinary share divided by the share price at the year end, expressed as a percentage. 2024 2023 Dividends per share (p) a 11.8 11.5 Share price (p) b 257.5 258.0 Dividend yield a/b 4.6% 4.5% Alternative Performance Measures Murray International Trust PLC 119 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Net gearing Net gearing measures the total borrowings less cash and cash equivalents divided by shareholders’ funds, expressed as a percentage. Under AIC reporting guidance cash and cash equivalents includes amounts due to and from brokers at the year end as well as cash and cash equivalents. 2024 2023 Borrowings (£’000) a 109,916 139,901 Cash (£’000) b 8,732 5,878 Amounts due to brokers (£’000) c 647 174 Shareholders’ funds (£’000) d 1,678,849 1,668,862 Net gearing (a-b+c)/d 6.1% 8.0% Ongoing charges ratio (OCR) The ongoing charges ratio has been calculated in accordance with guidance issued by the AIC as the total of investment management fees and recurring administrative expenses, expressed as a percentage of the average daily net asset values with debt at fair value published throughout the year. 2024 2023 Investment management fees (£’000) 7,122 6,929 Administrative expenses (£’000) 1,798 1,790 Less: non-recurring charges A (£’000) (106) (64) Ongoing charges (£’000) 8,814 8,655 Average net assets (£’000) 1,694,445 1,638,136 Ongoing charges ratio (excluding look-through costs) 0.52% 0.53% Look-through costs B – – Ongoing charges ratio (including look-through costs) 0.52% 0.53% A Professional services comprising new Director recruitment costs and legal and advisory fees considered unlikely to recur. The prior year also includes costs relating to the sub- division of shares. B Calculated in accordance with AIC guidance issued in October 2020 to include the Company’s share of costs of holdings in investment companies on a look-through basis. The ongoing charges ratio above differs from that provided in the Company’s Key Information Document. 120 Murray International Trust PLC Total return NAV and share price total returns show how the NAV and share price have performed over a period of time in percentage terms, taking into account both capital returns and dividends paid to shareholders. Share price and NAV returns are monitored against the Reference Index. Share Year ended 31 December 2024 NAV Price Opening at 1 January 2024 a 268.8p 258.0p Closing at 31 December 2024 b 278.4p 257.5p Price movements c=(b/a)-1 3.6% –0.2% Dividend reinvestment A d 4.5% 4.7% Total return c+d +8.1% +4.5% Share Year ended 31 December 2023 NAV Price Opening at 1 January 2023 a 258.7p 266.8p Closing at 31 December 2023 b 268.8p 258.0p Price movements c=(b/a)-1 3.9% –3.3% Dividend reinvestment A d 4.7% 4.4% Total return c+d +8.6% +1.1% A NAV total return involves investing the net dividend in the NAV of the Company with debt at par value on the date on which that dividend goes ex-dividend. Share price total return involves reinvesting the net dividend in the share price of the Company on the date on which that dividend goes ex-dividend. Alternative Performance Measures Continued Murray International Trust PLC 121 Corporate Information The Company’s Manager is abrdn Investments Limited, a subsidiary of aberdeen Group plc, whose group companies as at 31 December 2024 had approximately £511.4 bn of assets under management and administration 122 Murray International Trust PLC Introduction Although the Company does not have sustainability characteristics as part of its investment objective or policy, ESG analysis is integrated into each part of the Manager’s investment process outlined on pages 19 to 21 and is integral to each investment decision. At the investment stage, ESG factors and analysis can help to frame where best to invest by considering material risks and opportunities alongside other financial metrics. Due diligence can ascertain whether such risks are being adequately managed, and whether the market has understood and priced them accordingly. ESG Assessment aberdeen has a well-established central sustainability team which supports investment teams across different asset classes with its thematic work on areas such as shareholder engagement, remuneration issues, and climate change, as well as taking responsibility for voting policies. aberdeen believes in active engagement with its investments and potential investments: from providing initial guidance on suitable metrics through to holding the investee company to account for delivering on its promises. In practice, it is through applying this sustainability filter that the Manager would be comfortable investing in, for example, sectors such as mining and oil and gas, subject to the belief, based on such engagement and investee companies delivering on their commitments, that a company is taking the necessary action to address the energy transition. The investment process also leverages a wealth of knowledge, insight and expertise across asset classes and regions within aberdeen. This allows the Manager to exploit the skills of equity colleagues across all markets who are meeting companies and conducting research and sharing their insights using one common global research platform. The Manager’s bottom-up research process includes both its investment insights and the assessment of the ESG factors a company faces. The assessment of ESG factors takes place within the overall structure of the investment research carried out on each company. In assessing the business fundamentals of a company, the Manager analyses how the company makes money (including the evolution and growth of the company, its track record of execution and managing risk and the balance sheet fundamentals), the attractiveness and characteristics of its industry and the strength and sustainability of its competitive advantage. It also conducts a thorough evaluation of the ESG risks and opportunities of the company. As well as assigning a proprietary rating (1 indicates best in class and 5 indicates laggards) to articulate the Quality attributes of each company the Manager also assigns an ESG Quality rating. The Manager believes that understanding ESG factors can complement broader understanding of the competitive positioning of a business and help to build an investment case. Integrating ESG analysis gives the Manager an informational, analytical and behavioural edge. Finally, ESG information provides additional context to an investment case and offers an alternative lens that the market may not appreciate. This additional information also helps the Manager better understand the quality of companies and with ESG being a component of quality, the Manager can act on a more informed and more rational basis during periods of volatility, giving a behavioural edge. As part of this analysis, the Manager also evaluates the ownership structures, governance and management quality of the investee companies and assesses potential environmental and social risks and opportunities that the companies may face. These insights are captured in the company research notes. Climate Change The Manager has a duty to consider all factors that may have a financially material impact on returns. Climate change is such a key factor. The related physical and transition risks are vast and are becoming increasingly financially material for many of our investments. This is not only true in the obvious high- emitting sectors such as energy, utilities and transportation but also along the supply chain, providers of finance and in those reliant on agricultural outputs and water. In the Manager’s view, companies that successfully manage climate change risks will perform better in the long term. It is important that the Manager assesses the financial implications of material climate change risks across all asset classes, including real assets, to make portfolios more resilient to climate risk. Adaptation measures are essential to help limit damages from the physical impacts of climate change. ESG and Climate Related Factors Murray International Trust PLC 123 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements It is generally accepted that companies are responsible for the effects of their operations and products on the environment. The steps they take to assess and reduce those impacts can lead to cost savings and reduce potential reputational damage. Companies are responsible for their impact on the climate and they face increased regulation from world governments on activities that contribute to climate change. The Manager expects that companies will: · identify, manage and reduce their environmental impacts; · understand the impact of climate change along the company value chain; · develop group-level climate policies and, where relevant, set targets to manage the impact, report on policies, practices and actions taken to reduce carbon and other environmental risks within their operations; · comply with all environmental laws and regulations, or recognised international best practice as a minimum. Where there are serious concerns regarding a board’s actions or inaction in relation to the environment, the Manager will consider taking voting action on an appropriate resolution. aberdeen’s position statement on the Environment may be found at: www.abrdn.com/en- gb/institutional/sustainable-investing/environment Regular engagement with high-emitting investee companies allows the Manager to better understand its exposure and management of climate change risks and opportunities. In actively managed investments, ownership provides a strong ability to challenge companies where appropriate. The Manager can also influence corporate behaviour positively in relation to climate-risk management. Through active engagement, it is possible to steer investee companies towards ambitious targets and more sustainable low-carbon solutions. The Manager strongly encourages companies to consider the social dimension of the energy transition to ensure it is inclusive and ‘just’. This means worker and community needs are considered on the path to a low-carbon economy so they are not left stranded. Other social aspects, such as affordability and reliability of energy supply are also important. The Manager also pledges to reduce its own operational carbon footprint. It has committed to reducing emissions from energy use by 50% by 2025, procuring 100% renewable electricity for its buildings, and offsetting those emissions that have not yet been eliminated. Working with Companies: Staying Engaged, Driving Change The Manager sees a programme of regular engagement as a necessary fulfilment of its duty as a responsible steward of clients’ assets. It is also an opportunity to share examples of best practice seen in other companies and to use the Manager’s influence to effect positive change. The Manager’s engagement is not limited to the company’s management team. It can include many other stakeholders such as non-government agencies, industry and regulatory bodies, as well as activists and the company’s clients. What gets measured gets managed, so the Manager strongly encourages companies to set clear targets or key performance indicators on all material factors, including ESG. 124 Murray International Trust PLC Keeping You Informed For internet users, detailed data on the Company (including price, performance information and a monthly fact sheet) is available from the Company’s website ( murray-intl.co.uk) and the TrustNet website ( trustnet.com). You can register for regular email updates by visiting murray-intl.co.uk or by activating the QR Code below using the camera on your smart phone: aberdeen Social Media Accounts aberdeen Investment Trusts @aberdeenTrusts Investor Warning The Board has been made aware by aberdeen that some investors have received telephone calls from people purporting to work for the Manager, or third parties, who have offered to buy their investment trust shares. These may be scams which attempt to gain personal information with which to commit identity fraud or could be ‘boiler room’ scams where a payment from an investor is required to release the supposed payment for their shares. These callers do not work for aberdeen and any third party making such offers has no link with aberdeen. aberdeen never makes these types of offers and does not ‘cold-call’ investors in this way. If investors have any doubt over the veracity of a caller, they should not offer any personal information, end the call and contact aberdeen’s investor services centre using the details provided below. Shareholder Enquiries In the event of queries regarding their holdings of shares, lost certificates dividend payments, registered details, etc shareholders holding their shares in the Company directly should contact the registrars, MUFG Corporate Markets ( formerly Link Group ) at Central Square, 29 Wellington Street, Leeds LS1 4DL Tel: +44 (0) 371 664 0300 (lines are open 9.00am-5.30pm Mon-Fri excluding public holidays in England and Wales). Calls to 0371 numbers are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom are charged at the applicable international rate. Calls may be recorded and monitored randomly for security and training purposes. Alternatively, you can contact: E-mail : [email protected] Share portal: signalshares.com Any general enquiries about the Company should be directed to the Company Secretary, Murray International Trust PLC, 1 George Street, Edinburgh EH2 2LL or by email to [email protected]. Suitable for Retail/NMPI Status The Company currently conducts its affairs so that its securities can be recommended by a financial adviser to ordinary retail investors in accordance with the Financial Conduct Authority’s (FCA) rules in relation to non- mainstream pooled investments (NMPIs) and intends to continue to do so for the foreseeable future. The Company’s shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust. Key Information Document (“KID”) The KID relating to the Company and published by the Manager can be found in the ‘Literature Library’ section of the Company’s website: murray-intl.co.uk. How to invest in Murray International and other aberdeen managed investment trusts A range of leading investment platforms and share dealing services let you buy and sell aberdeen-managed investment trusts including Murray International Trust PLC. Many of these platforms operate on an ‘execution-only’ basis. This means they can carry out your instruction to buy or sell a particular investment trust. But they may not be able to advise on suitable investments for you. If you require advice, please speak to a qualified financial adviser (see below). A note about the aberdeen Investment Trust Savings Plans (the ‘Plans’) The aberdeen Investment Trusts ISA, Share Plan and Investment Plan for Children (the “Plans”) closed in December 2023. All investors with a holding or cash balance in the Plans at that date transferred to interactive investor (“ii”), an aberdeen Group company. ii communicated with Plan holders in late November 2023 to set up account security to ensure that investors would continue to access their holdings via ii following the closure of the Plans. Investor Information Murray International Trust PLC 125 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Former aberdeen Plan holders should contact ii for any ongoing support with their ii accounts on 0345 646 1366, or +44 113 346 2309 if calling from outside the UK. Lines are open 8.00am to 5.00pm Monday to Friday. Alternatively, Plan holders can access the website at ii.co.uk/abrdn- welcome . Platform Providers Platforms featuring aberdeen Group managed investment trusts include: www.ii.co.uk/investment-trusts ( an aberdeen owned business ) www.ajbell.co.uk/markets/ investment-trusts www.barclays.co.uk/smart-invest www.bestinvest.co.uk www.charles-stanley-direct.co.uk www.fidelity.co.uk www.halifax.co.uk/investing www.hl.co.uk/shares/investment- trusts www.wealthtime.com/advisers/ www.transact-online.co.uk www.abrdn.com/adviser/wrap ( an aberdeen owned business ) The list of platform providers is shown for illustrative purposes only. Other platform providers are available. The links provided direct you to external websites operated by each platform provider. aberdeen is not responsible for the content and information on these third-party sites. Flexibility Many investment platform providers will allow you to buy and hold aberdeen Investment Trust shares within an Individual Savings Account (ISA), Junior ISA or Self Invested Personal Pension (SIPP), all of which have potential tax advantages. Most will also allow you to invest on both a lump sum and regular savings basis. Costs and service It is important to choose the right platform for your needs, so take time to research what each platform offers before you make your decision, as well as considering charges. When it comes to charges, some platforms have flat fee structures while others levy percentage-based charges. Typically, you will also pay a fee every time you buy and sell shares, so you need to bear in mind these transaction costs if you are trading frequently. There may also be additional charges for ISA and SIPP investments. Can I exercise my voting rights if I hold my shares through an investment platform? Yes, you should be able to exercise your right to vote by contacting your platform provider. Procedures differ, but some platforms will automatically alert you when new statutory documents are available and then allow you to vote online. Others will require you to contact them to vote. Your chosen platform provider will provide further guidance. The Association of Investment Companies has provided information on how to vote investment company shares held on some of the major platforms. This information can be found at: www.theaic.co.uk/how-to-vote-your-shares. Discretionary Private Client Stockbrokers If you have a large sum to invest, you may wish to contact a discretionary private client stockbroker. They can manage your entire portfolio of shares and will advise you on your investments. To find a private client stockbroker visit The Personal Investment Management and Financial Advice Association at pimfa.co.uk. Independent Financial Advisers To find an adviser who recommends on investment trusts, visit unbiased.co.uk. 126 Murray International Trust PLC Regulation of Stockbrokers Before approaching a stockbroker, always check that they are regulated by the Financial Conduct Authority: Tel: 0800 111 6768 or at https://register.fca.org.uk/ or email: [email protected] Getting advice aberdeen recommends that you seek financial advice prior to making an investment decision. If you do not currently have a financial adviser, details of authorised financial advisers in your area can be found at www.pimfa.co.uk or www.unbiased.co.uk. You will pay a fee for advisory services. Investor Warning Please remember that past performance is not a guide to the future. Stock market and currency movements may cause the value of shares and the income from them to fall as well as rise and investors may not get back the amount they originally invested. As with all equity investments, the value of investment trusts purchased will immediately be reduced by the difference between the buying and selling prices of the shares, the market maker’s spread. Investors should further bear in mind that the value of any tax relief will depend on the individual circumstances of the investor and that tax rates and reliefs, as well as the tax treatment of ISAs may be changed by future legislation. Alternative Investment Fund Managers Directive Disclosures (AIFMD) aberdeen Group and the Company are required to make certain disclosures available to investors in accordance with the Alternative Investment Fund Managers Directive ('AIFMD'). Those disclosures that are required to be made pre-investment are included within a pre-investment disclosure document ('PIDD') which can be found on the Company’s website asia-focus.co.uk. There have been no material changes to the disclosures contained within the PIDD since March 2024. The periodic disclosures as required under the AIFMD to investors are made below: · Information on the investment strategy, geographic and sector investment focus and principal stock exposures are included in the Strategic Report. · None of the Company’s assets is subject to special arrangements arising from their illiquid nature. · The Strategic Report, note 18 to the Financial Statements and the PIDD together set out the risk profile and risk management systems in place. There have been no changes to the risk management systems in place in the period under review and no breaches of any of the risk limits set, with no breach expected. · There are no new arrangements for managing the liquidity of the Company or any material changes to the liquidity management systems and procedures employed by aFML. All authorised Alternative Investment Fund Managers are required to comply with the AIFMD Remuneration Code. In accordance with the Remuneration Code, the Company’s AIFM remuneration policy is available from the Company Secretaries, abrdn Holdings Limited on request (see contact details on page 124) and the numerical remuneration in the disclosures in respect of the AIFM’s reporting period for the year ended 31 December 2023 are available on the Company’s website. Leverage The table below sets out the current maximum permitted limit and actual level of leverage for the Company: Gross Method Commitment Method Maximum level of leverage 2.50:1 2.00:1 Actual level at 31 December 2024 1.12:1 1.12:1 There have been no breaches of the maximum level during the period and no changes to the maximum level of leverage employed by the Company. There is no right of re-use of collateral or any guarantees granted under the gearing agreements. Changes to the information contained either within this Annual Report or the PIDD in relation to any special arrangements in place, the maximum level of leverage which aFML may employ on behalf of the Company; the right of use of collateral or any guarantee granted under any leveraging arrangement; or any change to the position in relation to any discharge of liability by the Depositary will be notified via a regulatory news service without undue delay in accordance with the AIFMD. The information on pages 124 to 126 has been Issued by aberdeen Investments Limited, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. abrdn Investments Limited is entered on the Financial Services Register under registration number 121891 Investor Information Continued Murray International Trust PLC 127 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements aFML On 4 March 2025 the Manager announced a change in its trading name to ‘aberdeen’ from ‘abrdn’. abrdn Fund Managers Limited is a wholly owned subsidiary of aberdeen Group PLC (formerly abrdn plc) and acts as the Alternative Investment Fund Manager for the Company. aFML is authorised and regulated by the Financial Conduct Authority. The aberdeen Group is headquartered in Edinburgh investing globally and operating from offices around the world. AIC The Association of Investment Companies – the AIC is the trade body for closed-ended investment companies ( theaic.co.uk). AIFMD The Alternative Investment Fund Managers Directive – The AIFMD is European legislation which created a European- wide framework for regulating managers of ‘alternative investment funds’ (AIFs). It is designed to regulate any fund which is not a UCITS (Undertakings for Collective Investments in Transferable Securities) fund and which is managed/marketed in the EU. The Company has been designated as an AIF. Alpha Alpha measures the amount that the investment has returned in comparison to the market index or other broad benchmark that it is compared against. Alternative Performance Measure or APM An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. Common Reporting Standards or CRS Under CRS the Company is required to provide personal information to HMRC on certain investors that purchase shares in the Company. This information will be provided annually to the local tax authority of the tax residencies of a number of non UK based certificated shareholders and corporate entities. Compound Annual Growth Rate or CAGR CAGR is an estimate of the average rate of return per year. The CAGR is the effective rate of growth that, if compounded annually, is equivalent to the actual rate achieved over a period of time. Discount The amount by which the market price per share of an investment trust is lower than the NAV per share. The discount is normally expressed as a percentage of the NAV per share (see also ‘Premium’). Disclosure Guidance and Transparency Rules or DTRs The DTRs are issued by the Financial Conduct Authority (FCA) and contain requirements for publishing and distributing annual financial reports, half-yearly financial reports and other regulatory statements, and are applicable to investment companies which are listed on the main market of the London Stock Exchange. Dividend Cover Revenue return per share divided by dividends per share expressed as a ratio. Dividend Entitlements The Ordinary shares carry the right to receive the revenue profits (including accumulated revenue reserves) of the Company available for distribution as dividend and determined to be distributed by way of interim and/or final dividend and at such times as the Directors may determine. Electronic Communications Any registered shareholders wishing to receive future communications from the Company electronically should contact the registrars, MUFG Corporate Markets (formerly Link Group) at Central Square, 29 Wellington Street, Leeds LS1 4DL Tel: +44 (0) 371 664 0300 (lines are open 9.00am- 5.30pm Mon-Fri excluding public holidays in England and Wales). Calls to 0371 numbers are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom are charged at the applicable international rate. Calls may be recorded and monitored randomly for security and training purposes. Alternatively, you can contact: E-mail : [email protected] Share portal: signalshares.com Glossary of Terms 128 Murray International Trust PLC Environmental, Social and Governance or ESG ESG refers to the three key factors that can be used to measure the sustainability and impact on society of an investee company. Gearing Investment Trusts can ‘gear’ or borrow money to invest but unit trusts are limited in this respect. Gearing can magnify a fund’s return, however, a geared investment is riskier because of the borrowed money. Investment Manager or Manager The Company’s Alternative Investment Fund Manager is abrdn Fund Managers Limited (“aFML”) which is authorised and regulated by the Financial Conduct Authority. Day-to-day management of the portfolio is delegated to abrdn Investments Limited (“aIL”). aIL and aFML are collectively referred to as the “Investment Manager” or the “Manager”. Key Information Document or KID The Packaged Retail and Insurance-based Investment Products (PRIIPS) Regulation requires the Manager, as the Company’s PRIIP “manufacturer,” to prepare a key information document (“KID”) in respect of the Company. This KID must be made available by the Manager to retail investors prior to them making any investment decision and is available via the Company’s website. The Company is not responsible for the information contained in the KID and investors should note that the procedures for calculating the risks, costs and potential returns are prescribed by law. The figures in the KID may not reflect the expected returns for the Company and anticipated performance returns cannot be guaranteed. Key Performance Indicator or KPI In accordance with the Companies Act 2006, the Strategic Report section of the Annual Report is required to contain Key Performance Indicators. These are factors by reference to which the development, performance or position of the business of the Company can be measured. Listing Rules The Financial Conduct Authority’s (FCA) Listing Rules are a set of regulations that are applicable to all companies that are listed on the London Stock Exchange. MiFID The Markets in Financial Instruments Directive 2004/39/EC (MiFID)is a European Union law that provides harmonised regulation for investment services across the 31 member states of the European Economic Area. Net Asset Value or NAV The value of total assets less liabilities. Liabilities for this purpose includes current and long-term liabilities. The NAV divided by the number of shares in issue produces the NAV per share. Net Gearing/(Cash) Net gearing/(cash) is calculated by dividing total assets (as defined below) less cash or cash equivalents by shareholders’ funds expressed as a percentage. Ongoing Charges Ratio (OCR) Ratio of expenses as percentage of average daily shareholders’ funds calculated as per the AIC’s industry standard method. Peer Group The Company is a member of the AIC’s Global Equity Income sector and uses this grouping (excluding companies with market capitalisations below £100m) as its peer group for the purpose of a number of KPIs. PIDD or Pre-Investment Disclosure Document The Manager and the Company are required to make certain disclosures available to investors in accordance with the AIFMD. Those disclosures that are required to be made pre-investment are included within a pre- investment disclosure document (‘PIDD’), a copy of which can be found on the Company’s website. Glossary of Terms Continued Murray International Trust PLC 129 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Premium The amount by which the market price per share of an investment trust exceeds the NAV per share. The premium is normally expressed as a percentage of the NAV per share. Reference Index The Company does not have a Benchmark. However, performance is measured against a number of measures including a Reference Index, the FTSE All World TR Index, which was adopted from May 2020. Given the composition of the portfolio and the Manager’s investment process, it is likely that the Company’s investment performance may diverge, possibly significantly, from this Reference Index. Longer term performance is measured against a composite Benchmark Index (40% of the FTSE World UK Index and 60% of the FTSE World ex-UK Index) up to 27 April 2020 and the FTSE All World TR Index thereafter. Total Assets The total assets less current liabilities as shown on the Balance Sheet with the addition of prior charges (comprising bank loans and loan notes). Total Return Total Return involves reinvesting the net dividend in the month that the share price goes ex dividend. The NAV Total Return involves investing the same net dividend in the NAV of the Company on the date to which that dividend was earned, eg quarter end, half year or year-end date. Voting Rights In accordance with the Articles of Association of the Company, on a show of hands, every member (or duly appointed proxy) present at a general meeting of the Company has one vote; and, on a poll, every member present in person or by proxy shall have one vote for every 5p nominal amount of Ordinary shares held. Winding-Up Entitlements On a winding up of the Company, any surplus assets available after payment of all debts and satisfaction of all liabilities of the Company shall be applied in repaying the Ordinary shareholders the amounts paid up on such shares. Any surplus shall be divided among the holders of Ordinary shares pari passu according to the amount paid up on such shares respectively. 130 Murray International Trust PLC General The 2024 Annual General Meeting of the Company will be held at 12:30 p.m. on 24 April 2025 at Wallacespace Spitalfields, 15 Artillery Lane, London E1 7HA Murray International Trust PLC 131 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements NOTICE IS HEREBY GIVEN that the one hundred and seventeenth Annual General Meeting of Murray International Trust PLC (registered in Scotland under company number SC006705) will be held at 12:30 p.m. on 24 April 2025 at Wallacespace Spitalfields, 15 Artillery Lane, London E1 7HA for the purposes of considering and, if thought fit, passing the following resolutions, of which resolutions 1 to 11 (inclusive) will be proposed as Ordinary Resolutions and resolutions 12 and 13 will be proposed as Special Resolutions: Ordinary Resolutions 1. To receive and adopt the Directors’ Report, the Auditor’s Report and audited financial statements for the year ended 31 December 2024. 2. To receive and approve the Directors’ Remuneration Report for the year ended 31 December 2024 (other than the Directors’ Remuneration Policy). 3. To re-elect Ms C Binyon as a Director of the Company. 4. To re-elect Mr N Melhuish as a Director of the Company. 5. To re-elect Ms V Holmes as a Director of the Company. 6. To re-elect Mr G Eckersley as a Director of the Company. 7. To re-elect Ms W Colquhoun as a Director of the Company. 8. To re-appoint BDO LLP as independent auditor of the Company to hold office from the conclusion of the Annual General Meeting of the Company until the conclusion of the next general meeting at which financial statements are laid before the Company. 9. To authorise the Directors to fix the remuneration of the independent auditor of the Company. 10. To declare a final dividend of 4.3p per Ordinary share in respect of the year ended 31 December 2024 to be paid on 19 May 2025 to holders of the Ordinary shares of the Company on the register at close of business on 4 April 2025. 11. THAT, in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the date hereof, the Directors of the Company be and they are hereby generally and unconditionally authorised in accordance with Section 551 of the Act to exercise all the powers of the Company to allot Ordinary shares in the Company (“Ordinary Shares”) and to grant rights to subscribe for, or to convert any security into, Ordinary Shares (“Rights”) in the Company up to an aggregate nominal amount of £2,975,607 (being equal to approximately 10% of the Company’s issued Ordinary Share capital (excluding Treasury shares) as at 5 March 2025) such authority to expire on the earlier of the conclusion of the next annual general meeting of the Company after the passing of this resolution and 30 June 2026 (unless previously renewed, varied or revoked by the Company in general meeting), but so that this authority shall allow the Company to make, before the expiry of this authority, offers or agreements which would or might require Ordinary Shares to be allotted or Rights to be granted after such expiry and the Directors shall be entitled to allot shares and grant Rights in pursuance of such an offer or agreement as if such authority had not expired. Special Resolutions 12. THAT, in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the date hereof, the Directors of the Company be and they are hereby empowered, pursuant to sections 570 and 573 of the Companies Act 2006 (the “Act”), to allot equity securities (as defined in Section 560 of the Act) for cash pursuant to the authority given in accordance with section 551 of the Act by Resolution 11 as if section 561 of the Act did not apply to any such allotment, provided that this power shall: i. expire on the earlier of the conclusion of the next Annual General Meeting of the Company after the passing of this resolution and 30 June 2026 (unless previously renewed, varied or revoked by the Company in general meeting), but so that this power shall enable the Company to make, before the expiry of this authority, offers or Notice of Annual General Meetin g 132 Murray International Trust PLC agreements which would or might require equity securities to be allotted after the expiry of this power and the Directors shall be entitled to allot equity securities in pursuance of such an offer or agreement as if such power had not expired; ii. be limited to the allotment of equity securities up to an aggregate nominal amount of £2,975,607 (being equal to approximately 10% of the Company’s issued Ordinary Share capital (excluding Treasury shares) as at 5 March 2025); and iii. be limited to the allotment of equity securities at a price not less than 0.5% above the net asset value per Ordinary share from time to time (as determined by the Directors and excluding Treasury shares). This power applies to a sale of Treasury shares which is an allotment of equity securities by virtue of section 560(3) of the Act as if in the first paragraph of this Resolution 12 the words ‘pursuant to the authority given in accordance with Section 551 of the Act by Resolution 11’ were omitted. 13. THAT, in substitution for any existing authority, but without prejudice to the exercise of any such authority prior to the date hereof, the Company be generally and, subject as hereinafter appears, unconditionally authorised in accordance with section 701 of the Companies Act 2006 (the Act") to make market purchases (within the meaning of Section 693(4) of the Act) of fully paid Ordinary shares in the capital of the Company (“Ordinary Shares”) on such terms and in such manner as the Directors from time to time determine, PROVIDED ALWAYS THAT: i. the maximum aggregate nominal value of Ordinary Shares hereby authorised to be purchased is £4,460,435 (or, if less, the amount of nominal value representing 14.99% of the issued Ordinary Share capital of the Company (excluding shares held in Treasury) as at the date of the passing of this Resolution 13); ii. the minimum price (exclusive of expenses) which may be paid for each Ordinary Share shall be the nominal value of that share; iii. the maximum price (exclusive of expenses) which may be paid for each Ordinary Share shall not exceed the higher of (i) an amount equal to 105% of the average of the middle market quotations for an Ordinary Share as taken from, and calculated by reference to, the Daily Official List of the London Stock Exchange for the five business days immediately preceding the day on which the Ordinary Share is purchased; and (ii) the higher of the price of the last independent trade and the highest current independent bid for an Ordinary Share on the London Stock Exchange at the time the purchase is carried out; iv. any purchase of Ordinary Shares will be made in the market for cash at prices below the prevailing net asset value per Ordinary Share (as determined by the Directors); v. the authority hereby conferred shall expire at the conclusion of the next annual general meeting of the Company after the passing of this resolution or on 30 June 2026, whichever is earlier, unless such authority is previously revoked, varied or renewed by the Company in general meeting prior to such time; and vi. the Company may, at any time prior to the expiry of the authority hereby conferred, enter into a contract or contracts to purchase shares under such authority which would or might be completed or executed wholly or partly after the expiration of such authority and may m ake a purchase of shares pursuant to any such contract or contracts as if the authority conferred hereby had not expired. * The biographies of the Directors and reasons for re-election are on pages 56 to 58 of this Annual Report. By order of the Board abrdn Holdings Limited Secretary, 5 March 2025 Registered Office 1 George Street Edinburgh, EH2 2LL Notice of Annual General Meetin g Continued Murray International Trust PLC 133 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements Notes i. Only those shareholders registered in the register of members of the Company at close of business on 22 April 2025 shall be entitled to attend and/or vote at the Annual General Meeting in respect of the number of shares registered in their name at that time (“the specified time”). If the Meeting is adjourned to a time not more than 48 hours after the specified time applicable to the original Meeting, that time will also apply for the purpose of determining the entitlement of shareholders to attend and/or vote at the adjourned meeting. If the Meeting is adjourned for a longer period, the time by which a person must be entered on the register of members of the Company in order to have the right to attend and/or vote at the adjourned meeting is the close of business two days (excluding non working days) prior to the time of the adjourned meeting. Changes to entries on the register of members after the relevant deadline shall be disregarded in determining the rights of any person to attend and/or vote at the Annual General Meeting. ii. As at 5 March 2025 (being the last practicable date prior to the publication of this Notice), the Company’s issued share capital consisted of 595,121,470 Ordinary shares carrying one vote each on a poll and 51,938,545 Treasury shares. Therefore, the total voting rights in the Company as at 5 March 2025 are 595,121,470 and the Treasury shares represent 8.0% of the total issued Ordinary share capital (inclusive of treasury shares). iii. A shareholder entitled to attend and vote at the Annual General Meeting is entitled to appoint one or more proxies to attend, speak and vote instead of him or her, provided that if two or more proxies are appointed, each proxy must be appointed to exercise the rights attaching to different shares. A Form of Proxy is enclosed with this Notice. A proxy need not be a shareholder of the Company. Completion and return of the Form of Proxy will not preclude shareholders from attending or voting at the Annual General Meeting, if they so wish. Details of how to appoint the Chair of the Meeting as your proxy using the Form of Proxy are set out in the note to the Form of Proxy. In the event that a Form of Proxy is returned without an indication as to how the proxy shall vote on the resolutions, the proxy will exercise his or her discretion as to whether, and if so how, he or she votes. You may also submit your proxy electronically using The Share Portal service at signalshares.com. Shareholders can use this service to vote or appoint a proxy online. The same voting deadline of 48 hours (excluding non-working days) before the time of the meeting applies as if you were using your Personalised Voting Form to vote or appoint a proxy by post to vote for you. In order to utilise The Share Portal, Shareholders will need to use the unique personal identification Investor Code, which can be found on your share certificate. Shareholders should not show this information to anyone unless they wish to give proxy instructions on their behalf. iv. To be valid, the Form of Proxy, together with the power of attorney or other authority, if any, under which it is executed (or a notarially certified copy of such power or authority) must be deposited with the Company’s Registrar, for this purpose being PXS 1, MUFG Corporate Markets, Central Square, 29 Wellington Street, Leeds, LS1 4DL, as soon as possible, but in any event not later than 12.30 p.m. on 22 April 2025. If you have any queries relating to the completion of the Form of Proxy, please contact MUFG Corporate Markets via email at [email protected] or on 0371 664 0300 (lines are open 9.00am to 5.30pm Mon-Fri). MUFG Corporate Markets cannot provide advice on the merits of the business to be considered nor give any financial, legal or tax advice. Alternatively, if the shareholder holds his or her shares in uncertificated form (i.e. in CREST) they may vote using the CREST System (see note (x) below). If yo u are an institutional investor you may also be able to appoint a proxy electronically via the Proxymity platform (see note xi below). v. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the proxy or of the authority under which the proxy was executed, or the transfer of the share in respect of which the proxy is given, provided that no intimation in writing of such death, insanity, revocation or transfer as aforesaid shall have been received by the Company at its registered office or the address specified in note (iv) above before the commencement of the meeting or adjourned meeting at which the proxy is used. vi. Where there are joint holders of any share, any one of such persons may vote at any meeting, and if more than one of such persons is present at any meeting personally or by proxy, the vote of the senior holder who tenders the vote shall be accepted to the exclusion of the votes of other joint holders and, for this purpose, seniority will be determined by the order in which the names stand in the register of members of the Company. vii. Any 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. Nominated Persons should also remember 134 Murray International Trust PLC that their main point of contact in terms of their investment in the Company remains the shareholder who nominated the Nominated Person to enjoy information rights (or, perhaps the custodian or broker who administers the investment on their behalf). Nominated Persons should continue to contact that shareholder, custodian or broker (and not the Company) regarding any changes or queries relating to the Nominated Person’s personal details and interests in the Company (including any administrative matter). The statement of the rights of shareholders in relation to the appointment of proxies in notes (iii) to (v) does not apply to Nominated Persons. The rights described in these notes can only be exercised by shareholders of the Company. viii. Any corporation which is a shareholder may authorise such person as it thinks fit to act as its representative at this meeting. Any person so authorised shall be entitled to exercise on behalf of the corporation which he/she represents the same powers (other than to appoint a proxy) as that corporation could exercise if it were an individual shareholder (provided, in the case of multiple corporate representatives of the same corporate shareholder, they are appointed in respect of different shares owned by the corporate shareholder or, if they are appointed in respect of the same shares, they vote the shares in the same way). To be able to attend and vote at the Annual General Meeting, corporate representatives will be required to produce prior to their entry to the Meeting evidence satisfactory to the Company of their appointment. ix. Under section 338 and section 338A of the Companies Act 2006, members meeting the threshold requirements in those sections have the right to require the Company (a) to give to members of the Company entitled to receive notice of the Meeting, notice of any resolution which may properly be moved and is intended to be moved at the Meeting and/or (b) to include in the business to be dealt with at the Meeting any matter (other than a proposed resolution) which may be properly included in the business. A resolution may properly be moved or a matter may properly be included in the business unless (a) (in the case of resolution only) it would, if passed, be ineffective (whether by reason of inconsistency with any enactment or the Company’s constitution or otherwise), (b) it is defamatory of any person, or (c) it is frivolous or vexatious. Such a request may be in hard copy form or in electronic form, must identify the resolution of which notice is to be given or the matter to be included in the business, must be authorised by the person or persons making it, must be received by the Company not later than the date that is six weeks before the Meeting, and (in the case of a matter to be included in the business only) must be accompanied by a statement setting out the grounds for the request. x. Notes on CREST Voting: 1. CREST Members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do so by utilising the procedures described in the CREST Manual, which is available to download from the Euroclear UK & International (“Euroclear”) website (www.euroclear.com). CREST personal members or other CREST sponsored members, and those CREST members who have appointed voting service provider(s) should contact their CREST sponsor or voting service provider(s) who will be able to take the appropriate action on their behalf. 2. In order for a proxy appointment or instruction made using the CREST system to be valid, the appropriate CREST message (a “CREST proxy instruction”) must be properly authenticated in accordance with Euroclear’s specifications and must contain the information required for such instructions, as described in the CREST Manual. To appoint a proxy or to give or amend an instruction to a previously appointed proxy via the CREST system, the CREST message must be received by the issuer’s agent RA10 by 12:30 p.m. on 22 April 2025. For 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 issuer’s agent is able to retrieve the message. 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 CREST sponsored member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) takes(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by a particular time. For further information on CREST procedures, limitations and system timings please refer to the CREST Manual. The Company may treat as invalid a proxy appointment sent by CREST in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001. In any case, a proxy form must be received by the Company’s registrars no later than 12:30 p.m. on 22 April 2025. Notice of Annual General Meetin g Continued Murray International Trust PLC 135 Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements xi. Proxymity Voting – If you are an institutional investor, you may be able to appoint a proxy electronically via the Proxymity platform, a process which has been agreed by the Company and approved by the Registrar. For further information regarding Proxymity, please go to www.proxymity.io. Your proxy must be lodged by 12:30 p.m. on 22 April 2025 in order to be considered valid or, if the Annual General Meeting is adjourned, by the time which is 48 hours before the time of the adjourned meeting. Before you can appoint a proxy via this process you will need to have agreed to Proxymity’s associated terms and conditions. It is important that you read these carefully as you will be bound by them, and they will govern the electronic appointment of your proxy. An electronic proxy appointment via the Proxymity platform may be revoked completely by sending an authenticated message via the platform instructing the removal of your proxy vote. xii. Shareholders are advised that unless otherwise provided, the telephone numbers and website addresses which are set out in this Notice or the Form of Proxy are not to be used for the purpose of serving information or documents on the Company including the service of information or documents relating to proceedings at the Company’s Annual General Meeting. xiii. If the Chair, as a result of any proxy appointments, is given discretion as to how the votes the subject of those proxies are cast and the voting rights in respect of those discretionary proxies, when added to the interests in the Company’s shares already held by the Chair, result in the Chair holding such number of voting rights that he or she has a notifiable obligation under the Disclosure Guidance and Transparency Rules, the Chair will make the necessary notifications to the Company and the Financial Conduct Authority. As a result any person holding 3% or more of the voting rights in the Company who grants the Chair a discretionary proxy in respect of some or all of those voting rights and so would otherwise have a notification obligation under the Disclosure Guidance and Transparency Rules, need not make a separate notification to the Company and the Financial Conduct Authority. xiv. In accordance with Section 311A of the Companies Act 2006, the contents of this notice of Meeting, details of the total number of shares in respect of which members are entitled to exercise voting rights at the 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 murray-intl.co.uk. xv. Pursuant to Section 319A of the Companies Act 2006, the Company must cause to be answered at the Annual General Meeting any question relating to the business being dealt with at the Annual General Meeting which is put by a shareholder attending the Meeting, except in certain circumstances, including if it is undesirable in the interests of the Company or the good order of the Meeting that the question be answered or if to do so would involve the disclosure of confidential information. xvi. 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: (i) the audit of the Company’s accounts (including the auditor’s report and the conduct of the audit) that are to be laid out before the Annual General Meeting; or (ii) any circumstance connected with an auditor of the Company ceasing to hold office since the previous meeting at which annual accounts and reports were laid in accordance with section 437 of the Companies Act 2006, that the shareholders propose to raise at the Annual General M eeting. 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 auditor not later that the time when it makes the statement available on the website. The business which may be dealt with at the Meeting includes any statement that the Company has been required under section 527 of the Companies Act 2006 to publish on the website. 136 Murray International Trust PLC Stock Exchange Codes SEDOL ISIN Ordinary shares of 5p each BQZCCB7 GB00BQZCCB79 Annual General Meeting The Annual General Meeting will be on 24 April 2025 at 12:30 p.m. at Wallacespace Spitalfields, 15 Artillery Lane, London E1 7HA. Online Shareholder Presentation The Directors will be holding an Online Shareholder Presentation on 31 March 2025 at 11:00 a.m. Further details and how to register are included in the Chair’s Statement. Recent Ordinary Share Capital History Shares Issued Share Buybacks Shares in Issue Year ended 31 December Ordinary Ordinary Ordinary* 2018 1,788,325 n/a 640,717,725 2019 5,942,290 n/a 646,660,015 2020 400,000 4,866,705 128,438,662 2021 - 12,884,030 629,309,280 2022 - 4,244,815 625,064,465 2023 1,050,000 5,248,133 620,866,332 2024 - 17,737,113 603,129,219 * 2018 to 2022 restated to reflect the 5:1 share subdivision on 24 April 2023 History Murray International Trust PLC started its life in 1907 as The Scottish Western Investment Company Limited. The Scottish Western of the early days was very highly geared but it was mainly invested in bonds, though the international spread resembled that of today, with countries such as Argentina, China, Japan, Canada and many others appearing in the portfolio. Although the range of currencies was much smaller, multi-currency or even gold-backed bonds were commonplace, as many of the era’s bond certificates show. The big move into equities came after the 1930s slump, when bond defaults forced the purchase of higher yielding equities to fund the costs of the Company’s gearing. The Managers were not slow to spot an opportunity, but it started as Hobson’s choice, and was only later hailed as brilliant foresight. In 1929 just under 20% of the assets were in equities, in 1940 38%, in 1948 51% of the assets, which were still only £2.65 million. After deducting the preference shares (which were repaid in 1999) and debentures, the Company was effectively over 100% geared into equities by the start of the great post war boom. After a number of amalgamations, the Company emerged as a generalist investment trust. However, there was an excess of trusts with a similar broad remit, so towards the end of the 1970s the Board defined the investment brief more narrowly as the achievement of growth in income and capital through a well-diversified portfolio. Symbolised by the name change from Murray Western to Murray International Trust PLC in 1984, the focus has since been on a relatively high yielding portfolio of equities in a well-diversified mix of world markets. In 2008 the Board circulated to all shareholders a short booklet to commemorate the centenary of the incorporation of the Company on 18 December 1907. In 2018 the Centenary Booklet was updated. Copies are available on the website, murray-intl.co.uk or from the Company Secretary. Shareholder Information Murray International Trust PLC 137 Directors V. Holmes (Chair) C. Binyon W. Colquhoun G. Eckersley A. Mackesy (Senior Independent Director) N. Melhuish Secretaries and Registered Office abrdn Holdings Limited 1 George Street Edinburgh EH2 2LL E-mail: [email protected] Registered in Scotland as an Investment Company Company Number SC006705 Website murray-intl.co.uk Points of Contact The Chair, the Senior Independent Director and the Company Secretary at the registered office of the Company Email: [email protected] Manager abrdn Investments Managers Limited AIFM abrdn Fund Managers Limited Broker JPMorgan Cazenove Registrars MUFG Corporate Markets ( formerly Link Group ) Central Square 29 Wellington Street Leeds LS1 4DL Tel: +44 (0) 371 664 0300 (lines are open 9.00am-5.30pm Mon-Fri excluding public holidays in England & Wales) Calls to 0371 are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom are charged at the applicable international rate. E-mail : [email protected] Share portal: signalshares.com Depositary The Bank of New York Mellon (International) Limited Independent Auditor BDO LLP United States Internal Revenue Service FATCA Registration Number (GIIN) 8Y8Z2N.99999.SL.826 Legal Entity Identifier (LEI) 549300BP77JO5Y8LM553 Contact Addresses For more information visit murray-intl.co.uk aberdeenplc.com

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