Net Asset Value(s)

LEI: 5299008VJFXCUD2EG312

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

The Merchants Trust PLC announces that at close of business 26 March 2026:

1)   based on the par value of the company's long term debt and preference shares, the capital net asset value per ordinary share was 594.92p.

2)   based on the market value of the company's long term debt and preference shares, the capital net asset value per ordinary share was 603.71p.

3)   based on the par value of the company's long term debt and preference shares, the cum-income net asset value per ordinary share was 608.23p.

4)   based on the market value of the company's long term debt and preference shares, the cum-income net asset value per ordinary share was 617.03p.

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

Enquiries:

Nira Mistry                    

Tel: 075 5422 4339

27 March 2026