BlackRock Income and Growth Investment Trust Plc – Final Results

BlackRock Income and Growth Investment Trust plc

LEI: 5493003YBY59H9EJLJ16

Annual Report and Financial Statements 31 October 2025

Performance record

As at As at
31 October 31 October
2025 2024
Net assets (£’000)1 46,715 43,760
Net asset value per ordinary share (pence) 245.97 222.22
Ordinary share price (pence) 219.00 193.50
Discount to net asset value2 11.0% 12.9%
FTSE All-Share Index3 11986.71 9785.37
========= =========

For the year For the year
ended ended
31 October 31 October
2025 2024
Performance (with dividends reinvested)
Net asset value per share2 14.3% 18.1%
Ordinary share price2 17.3% 13.2%
FTSE All-Share Index3 22.5% 16.3%
========= =========

For the period For the period
since since
1 April 20124 to 1 April 20124 to
31 October 31 October
2025 2024
Performance since 1 April
20124 (with dividends
reinvested)
Net asset value per share2 171.5% 137.6%
Ordinary share price2 170.2% 130.3%
FTSE All-Share Index3 184.6% 132.3%
========= =========

For the year For the year Change
ended ended %
31 October 31 October
2025 2024
Revenue
Net profit after 1,400 1,454 -3.7
taxation (£’000)
Revenue earnings per 7.23 7.20 +0.4
ordinary share
(pence)5
————— ————— —————
Dividends (pence)
Interim 2.70 2.70 –
Final 5.00 4.90 +2.0
————— ————— —————
Total dividends 7.70 7.60 +1.3
payable/paid
========= ========= =========

1The change in net assets reflects net revenue and capital profits, the purchase
of the Company’s own shares and dividends paid during the year.

2Alternative Performance Measures, see Glossary in the Company’s Annual Report
for the year ended 31 October 2025.

3Benchmark Index.

4Since BlackRock’s appointment as Investment Manager on 1 April 2012.

5Further details are given in the Glossary in the Company’s Annual Report for
the year ended 31 October 2025.

Chairman’s statement

Dear Shareholder

Overview
2025 was one of the most tumultuous years in recent memory. The first half of
the year was shaped by significant volatility across global markets. Ongoing and
fluctuating levels of geopolitical tensions, including conflicts in Eastern
Europe and the Middle East, remained a key source of market uncertainty.
Inflationary pressure, while easing, continued to influence central bank policy,
with interest rate paths diverging between the US and Europe. Global trade
negotiations and the implementation, and subsequent pausing, of tariffs only
added to the uncertainty. This was too much for many investors who reduced
equity exposure and sought safe haven assets such as Gilts and gold. Despite
this, equity markets on average performed strongly (albeit that strength was
very concentrated) during the period under review, with the FTSE 100 reaching
record highs, aided by strong earnings, low valuations, M&A activity and a
weaker US dollar.

Given the volatility experienced, our portfolio managers approached this
challenging backdrop with caution. However, as you will read in their report
which follows, they have also sought to adjust the portfolio in response to the
changing landscape. They increased portfolio exposure to Aerospace & Defence, a
previous underweight, and repositioned some of the portfolio’s domestic exposure
as the types of company expected to perform well in this environment changed.
Their approach meant that this year the portfolio delivered a double-digit
absolute return for shareholders, but one which underperformed our benchmark
index during the financial year. We are all very conscious of that
underperformance and you will see from the Manager Report where they see it
coming from and why they believe it is unlikely to continue into the future.

Performance
During the year the Company’s Net Asset Value (NAV) per share returned 14.3%. By
comparison, the Company’s Benchmark Index, the FTSE All-Share Index, returned
22.5%. At the share price level, the Company returned 17.3% over the period as
our discount narrowed from 12.9% at the start of the year to 11.0% as at 31
October 2025 (all percentages in Sterling terms with dividends reinvested).

As at 23 January 2026, since the year end the Company’s NAV and share price have
increased by 4.8% and 4.6%, respectively (all percentages are in Pound Sterling
with dividends reinvested) and the Company’s discount was 11.2%.

Further details of the key contributors and detractors from performance, and the
portfolio managers’ views on the outlook for the forthcoming year, can be found
in their report which follows.

Revenue earnings and dividends
Despite the market’s volatility the Company’s earnings remain resilient, with
revenue earnings per share for the year ended 31 October 2025 of 7.23 pence
compared with 7.20 pence for the previous year. The Directors are mindful of
shareholders’ desire for income in addition to capital growth and know that the
Company’s dividend is greatly valued by shareholders. The Board is therefore
proposing a final dividend per share of 5.00 pence (2024: 4.90 pence). Subject
to approval at the Annual General Meeting, the final dividend will be paid on 20
March 2026 to shareholders on the Company’s register at the close of business on
13 February 2026 (ex-dividend date is 12 February 2026). This final dividend,
combined with an interim dividend of 2.70 pence per share (2024: 2.70 pence)
paid to shareholders on 2 September 2025, gives a total dividend for the year of
7.70 pence, an increase of 1.3% year-on-year and resulting in a yield of 3.5%
based on a share price of 219.00 pence as at 31 October 2025.

One of the reasons the Company is in a position to increase dividends in this
way is that the Company’s investment trust structure allows it to retain up to
15% of total revenue each year to build up reserves which may be carried forward
and used to pay dividends during leaner times. As at 31 October 2025 the Company
held £1,990,000 in revenue reserve, equivalent to 10.48 pence per share before
the payment of final dividend of 5.00 pence for the year ended 31 October 2025.

Share price discount and Buybacks
The Directors recognise that the discount to NAV at which the Company’s shares
trade is an important factor to investors and have therefore sought to use the
Company’s share buy back powers to seek to mitigate increases in the discount
between the share price and the underlying NAV.

In using these powers during the year, a total of 700,818 ordinary shares were
purchased at an average price of 202.62 pence per share, for a total
consideration (including costs) of £1,420,000 and at an average discount of
14.2%. All ordinary shares bought back were cancelled. The average discount for
the year to 31 October 2025 was 11.9% and the discount at the year end was
11.0%. To put this in context, the average discount for the investment company
sector as a whole widened substantially this year and exceeded 13.1% as at 31
October 2025.

The Board’s existing authority to buy back up to 14.99% of the Company’s issued
share capital (excluding treasury shares) will expire at the conclusion of the
2026 Annual General Meeting and a resolution will be put to shareholders to
renew the authority at that meeting. Currently, ordinary shares representing up
to 33% of the Company’s issued ordinary share capital can be allotted as new
ordinary shares or sold from treasury and the Board will also seek to renew this
power.

Gearing
One of the advantages of the investment trust structure is that the Company can
use gearing with the objective of increasing portfolio returns. The Company
operates a flexible gearing policy which depends on prevailing market conditions
and is subject to a maximum level of 20% of net assets at the time of
investment. Net gearing during the financial year did not exceed that level. As
at 31 October 2025, net gearing stood at 6.1% and at 23 January 2026 stood at
3.5%. At the year end, the Company had a borrowing facility in place of up to £8
million, provided by The Bank of New York Mellon (International) Limited. As at
the date of this report it is drawn down by £6 million.

Board composition
At the date of this report the Board consists of four independent Non-executive
Directors, two of whom have recently joined the Board as part of its ongoing
succession planning. Following a search to identify a new Non-executive Director
during the year, the Board was pleased to announce the appointment of Marcus
Hine. Marcus is chair of the Company’s audit committee and brings valuable
professional and asset management expertise. Marcus will stand for election for
the first time by shareholders at the forthcoming AGM. His full biography can be
found in the Company’s Annual Report for the year ended 31 October 2025.

In accordance with best practice and good corporate governance, the Directors
continue to submit themselves for annual re-election. Further information on the
Board’s policy on board diversity, director tenure and succession planning can
be found in the Directors’ Report in the Company’s Annual Report for the year
ended 31 October 2025. As a small Board, all of whose members are considered
independent of the Manager, the major Board committees including the Audit
Committee comprise all four of the directors.

Corporate governance
The UK Code of Corporate Governance (the UK Code) requires enhanced disclosure
setting out how the Board as Directors, have fulfilled our duties in taking into
account the wider interests of stakeholders in promoting the success of the
Company. The Board takes its governance responsibilities very seriously and
follows the provisions of the UK Code as closely as possible.

As an investment company, the Company reports against the Association of
Investment Companies Code of Corporate Governance which has been endorsed by the
Financial Reporting Council as being appropriate for investment companies and
fulfils the requirements of the UK Corporate Governance Code, as they are
applicable to investment companies.

As it does each year, and as required by the Corporate Governance Code, the
Company undertook a comprehensive Board evaluation this year. The overall
conclusion highlighted the effectiveness of the Board, and the skills, expertise
and commitment of the Directors.

Annual general meeting
This year’s AGM will be held on Tuesday, 17 March 2026 at 12.00 noon at the
offices of BlackRock at 12 Throgmorton Avenue, London, EC2N 2DL. Details of the
business of the meeting are set out in the Notice of Annual General Meeting in
the Company’s Annual Report for the year ended 31 October 2025.

We hope you can attend this year’s AGM. The Board very much looks forward to
meeting shareholders and answering any questions you may have on the day. We
also value hearing shareholders’ thoughts and feedback on the Company on a more
informal basis following the AGM. If you hold your shares through a platform or
nominee, you will need to contact them and ask them to appoint you as a
representative in respect of your shares in order to attend, speak and vote at
the AGM.

For those shareholders who are unable to attend the meeting in person, but who
wish to follow the AGM proceedings, you can do so via a live webinar. Details on
how to register, together with access instructions will be available shortly on
the Company’s website at: www.blackrock.com/uk/brig or by contacting the Company
Secretary at [email protected]. It is not possible to attend, speak or vote
via this medium which is solely intended to provide shareholders with the
ability to watch the proceedings, which we hope shareholders will find helpful
if required.

Additionally, if you are unable to attend you can still exercise your right to
vote by proxy or appoint a representative to attend in your place. Details of
how to do this are included on the AGM Proxy Card provided to shareholders with
the annual report.

Communication with shareholders
We appreciate how important access to regular information is to our
shareholders. To supplement our Company website, we offer shareholders the
ability to sign up to the Trust Matters newsletter which includes information on
the Company and other news, views and insights. Further information on how to
sign up is included on the inside front cover of the Company’s Annual Report for
the year ended 31 October 2025.

Outlook
Our portfolio managers anticipate further volatility in 2026 and recent events
regarding Venezuela and Greenland certainly support that expectation.  They do
however believe that risk appetite may return in a more benign environment of
easing monetary policy and falling inflation. Notwithstanding party political
turmoil and generalised gloominess, the UK consumer is in fact in good economic
health, with savings rates high and growth in real wages. This more supportive
backdrop should provide more fertile ground and encourage investment. The Bank
of England’s 25-basis point interest rate cut in December was welcome news and
falling inflation could pave the way for further cuts in 2026, reducing both the
UK’s fiscal burden and the cost of capital. A more supportive monetary policy
may also provide UK business and industry with the confidence to invest for
growth. The outlook in Europe also looks more positive with the ECB having
reduced interest rates and a tailwind of significant fiscal expansion in
Germany. In the US, equities are at near historical highs, with index
performance predominantly driven by the A.I. tech rally. By contrast, UK
equities are trading at low relative valuations but with, importantly, strong
earnings. This provides opportunity for investors seeking both capital growth
and diversification from any potential US equity market correction.

The Board has been reassured to see our portfolio managers enter 2026 with
renewed optimism about the breadth of opportunity on offer in the UK equity
market. Your Board remains fully supportive of their investment philosophy and
place our confidence in their ability to continue to deliver on the Company’s
investment objective.

GRAEME PROUDFOOT
Chairman
27 January 2026

Investment Manager’s report

Performance
For the year ended 31 October 2025, the Company’s NAV returned a strong 14.3%,
representing a solid positive outcome for shareholders, although this
underperformed its benchmark, the FTSE All-Share Index (the Benchmark Index),
which returned 22.5% over the same period (all percentages are in Sterling with
dividends reinvested). The year was characterised by a challenging and unusually
concentrated market environment, which created a demanding backdrop for active
management and weighed on relative performance. This outcome is front of mind
for us and provides important context for the discussion of portfolio
positioning and performance that follows.

Market review
Over the twelve months to 31 October 2025, global equity markets navigated a
challenging mix of fiscal shifts, trade tensions and evolving monetary policy.
The period opened with the UK’s 2024 October Budget, which delivered fiscal
loosening funded by employer tax hikes. Thisdrove gilt yields sharply higher,
weighing on domestically exposed sectors such as housebuilders and mid-caps for
the rest of the period, while banks benefited from expectations that interest
rates would remain elevated.

Early 2025 brought significant shifts in market leadership by geography, sector
and style; US equities retreated while UK and European markets advanced, the
value factor outperformed growth and quality as economic and political
uncertainty spurred a rally in defensive shares and widespread investor de
-risking, as market participants reduced overall exposure in response to
heightened volatility.

Through spring, President Trump’s “Liberation Day” tariff announcements
triggered the largest spike in 30-year US Treasury yields since 2020, sparking a
global sell-off. However, markets rebounded quickly as inflation eased and
economic data proved resilient, with AI-driven optimism restoring tech
leadership. Mega-cap names like Nvidia and Microsoft hit historic valuation
milestones, even as cyclical rotations briefly disrupted momentum. European
equities lagged global peers but held firm on fiscal support and defence
spending, while global benchmarks posted broad gains through summer. In the UK,
the Chancellor’s Spring Statement reaffirmed a commitment to maintaining fiscal
headroom, which had been questioned earlier in the quarter when gilt yields rose
in January.

Mid-year delivered one of the strongest rallies in recent memory, supported by
trade negotiations and multiple bilateral deals that reinforced risk-on
sentiment. September defied its historical reputation as the weakest month,
delivering the best gains in fifteen years after the Federal Reserve’s first
rate cut since 2024 and continued enthusiasm for AI. October extended this
momentum but introduced fresh volatility as tariff rhetoric resurfaced and UK
fiscal concerns dominated headlines. Chancellor Rachel Reeves signalled higher
taxes and spending restraint to rebuild fiscal headroom in the upcoming Autumn
Budget, alongside plans to accelerate investment through planning reforms.

For the period, global equities delivered solid gains as the FTSE All-Share
Index returned +22.5% whilst the S&P 500 returned +21.5% and the Stoxx 600
returned +11.9%, underscoring resilience amid policy uncertainty and
geopolitical shocks. Index returns were highly concentrated, with a small number
of stocks contributing a disproportionate share of benchmark performance.

Contributors to and detractors from performance
Against this backdrop, the portfolio delivered a solid positive absolute return
over the period, although it underperformed its benchmark in a highly
concentrated market where a small number of stocks dominated index returns. The
narrowness of the UK FTSE All-Share Index, with 10 names contributing more than
60% of the return on a year-to-date basis was a general headwind with the Trust
being underweight or not owning a number of these names. Notably, the
underweight to the Aerospace and Defence sector, particularly Rolls-Royce
Holdings (Rolls-Royce) was a primary driver of the underperformance. Elsewhere,
detractors included Tate & Lyle and WH Smith, impacted by stock-specific
challenges, Segro, weighed down by subdued UK growth and political risk, and
RELX, pressured by investor concerns over potential AI disruption.

We noted in the interim report that the underweight positioning in the Aerospace
and Defence sector was a significant detractor from relative performance. This
reflected major upgrades at Rolls-Royce and supported by increased investor
interest following announcements around European defence spending. We discuss
this change further in our transactions section.

A significant detractor from performance was Tate & Lyle, where the combination
of tariff announcements, weakening US consumer confidence and a stagnant
innovation pipeline amongst their customers led to unexpected profit weakness.
Confronted with a challenging geopolitical backdrop, not dissimilar to COVID-19,
their customers have slowed innovation which has exacerbated an already weak
volume backdrop. Whilst we had previously reduced the position, we have retained
it as we continue to believe the move towards a higher growth speciality
business is the correct one, and will result in significant capital appreciation
over time, but recognise the journey is non-linear.

Another significant detractor was WH Smith, which sold off following the
announcement that the company has identified a significant `overstatement’ of
the profitability of its North American division. This was entirely unexpected
and caused the shares to fall c.40% on the day. Thiswas a material breach of the
investment thesis and we have subsequently sold the position.

RELX has enjoyed a significant acceleration in revenue growth over the past
three years, benefitting from the launch of new AI capabilities, most notably in
its legal division. However, the shares have recently derated sharply amid
concerns that the company will, at some point, be disrupted by artificial
intelligence (AI), a narrative that is very difficult to categorically disprove
and that has impacted the wider information services and software names. We view
AI as a source of both opportunity and threat and have focused our exposure to
the theme in those companies that will benefit from the AI revolution. We
strongly believe that AI will continue to be additive to RELX’s growth and as
such, continue to have conviction in the position.

In Real Estate, Segro shares have underperformed over the year. Whilst rental
growth has continued to be strong, the development pipeline has slowed due to
lower business confidence, primarily as a result of the UK political landscape.
Stubbornly high gilt yields have posed a headwind to the risk premium for real
estate assets in the UK and indeed, raised inflation expectations have meant
higher-for-longer interest rates that have kept financing costs elevated. We
discuss our approach further in transactions below.

Despite negative relative portfolio performance, the portfolio delivered a
positive return where there were some bright spots. The portfolio benefitted
from its holding in Standard Chartered which carried on its strong 2024
performance into 2025. The bank’s performance has been very strong, a
combination of the bank’s ongoing transformation and a supportive rate backdrop
enabling impressive earnings growth and cash distributions. The bank’s growing
wealth channel remains a standout and most recent guidance has been upgraded for
revenue growth to the top end of the previously guided 5-7% range.

3i Group was one of the strongest contributors to portfolio returns over the 12
months to the end of October, supported by ongoing operational strength at its
core asset, Action. Action has continued to deliver solid growth through store
rollouts and robust underlying trading, although recent softness in like-for
-like sales, particularly in France, has impacted the shares since the period
end.

Lloyds Banking Group (Lloyds) had a good year with the shares rising almost 80%
through the year as the potential for sizable cash returns has become more
visible. Resolution of the motor commission investigation appears relatively
benign while Lloyds continues to benefit from higher rates over the last two to
three years feeding through to its profitability, which is still impacted by the
low rate environment of 2020-2022. We had significantly increased the weighting
in Lloyds towards the end of 2024 and early in 2025, benefitting the portfolio.
Underweight positions, most notably in Diageo and Glencore, which the portfolio
has zero exposure to, also contributed to performance as these shares
underperformed.

Weir Group was another positive contributor to performance over the period,
supported by the upbeat backdrop for mining activity, especially for copper and
gold mining. The company’s innovation, strong aftermarket performance and recent
mining software acquisitions are key drivers to the group’s growth potential.

Transactions
During the period, we purchased BAE Systems, Melrose Industries and Rolls Royce.
The redrafting of global alliances has prompted a significant rethink by
European countries of their plans for defence spending. President Trump’s
rhetoric has driven significant shifts within NATO and prompted a fundamental
change in Europe’s fiscal approach, led by Germany’s commitment to spend
“whatever it takes” to underpin the region’s security and independence. We
believe this will result in a material change in the medium, and long-term
growth potential of these businesses.

Later in the period, we also started a position in Babcock, which appears well
placed to deliver further upgrades driven by international marine orders, growth
in its nuclear division and exposure to NATO’s rearmament and training
initiatives.

As we discussed in the performance section, we managed our portfolio exposure to
the perception of AI disintermediation which remains a potential headwind. As
part of this overall view, we sold the position in Pearson. The shares have
performed strongly since entering the portfolio in 2021, primarily as execution
across the business improved and early signs of investment began to pay
dividends. Our thesis came under pressure in early 2025 as stricter immigration
policies, notably in the US and Australia, impacted international students and
thus the growth potential of the assessments division combined with threats from
AI disintermediation and US government spending reform.

We sold our position in SGS following the announcement of potential merger with
its peer, Bureau Veritas. Whilst this would have created the largest Testing and
Inspection business globally, we sold our position as this was a significant
departure from our investment thesis which was predicated on the self-help
potential on offer rather than a large deal and complex integration. We have a
high threshold for capital allocation and remain cautious of large-scale M&A
particularly when undertaken by a relatively new management team at a time of
significant geopolitical uncertainty and tariff announcements. During the period
we also sold Hays and Big Yellow. These changes partially reflect a further
reduction in UK domestic exposure whilst the exit of Hays recognises a depressed
employment landscape which is unlikely to improve.

We purchased a position in Intermediate Capital Group. The private capital
specialist continues to deliver strong inflows and strategy performance. As
discussed in the performance section, we added to Lloyds to reflect our view
that the shares had been overly punished on fears relating to the motor finance
commission liability and that the fundamentals of the bank remain attractive.

Gearing
Historically, we have managed the Company with a modest and consistent level of
gearing, typically between 5-8% to enhance income generation and capital growth.
However, as market volatility has picked up, we have been more active over the
last two years, varying both the level of gearing and using a broader range (0
-10%) depending on the opportunities or risks presenting themselves at the time.
As at 31st October, the Company had employed net gearing of 6.1%.

Outlook
The outlook for investment markets continues to be driven by a complex interplay
of elevated geopolitical uncertainty, easing monetary policy and strong thematic
winds in AI, Defence and Financials sectors. The first half of 2025 saw global
markets fall sharply as tariffs were threatened only to be followed by an
impressive recovery as proposed tariff levels were lowered and their
implementation delayed. However, tariffs remain a key source of market
volatility with the potential for outsized impacts on specific industries and
companies. Expectations of Fed rate cuts have consistently been pushed out this
year. US President Trump’s unpredictability, whether tariff related or more
generally, suggests volatility in both equity and bond markets is likely to
remain elevated. These factors have also driven weakness in the US Dollar
impacting companies with US Dollar earnings. Our response is to focus on those
companies that have strong and sustainable competitive advantages alongside
sufficient pricing power to navigate these uncertain times while seeking
opportunities that may result from elevated volatility in markets.

The outlook for Europe is buoyed by a combination of rate cuts by the ECB (from
3.0% to 2.0%) and significant fiscal expansion from Germany with an emphasis on
defence and infrastructure spending. This has already led to the significant
outperformance of European defence exposed companies though the question is
whether this spend stimulates economic activity more broadly in Germany and then
Europe as a whole. In our conversations with corporates, those exposed to
highlighted industries, such as defence, are very optimistic, yet the outlook
more generally suggests stabilisation rather than anything more for now.
Meanwhile, China continues to fight weak domestic demand and deflationary
pressures with a broad range of fiscal and monetary tools with limited success
to date; the uncertainty created by US tariff announcements clearly hampering
their efforts.

The UK index continues to be relatively immune to the political challenges of
the UK government and economy, as the strong performance during 2025. However,
for the domestic exposed companies which represent c.20% of the index, the
challenges of politics have been notable for investor confidence. The hope of
`certainty’ delivered by a large majority in 2024, has given way to an elevated
equity risk premium as both equity, and indeed gilt markets, continue to suffer
from the fractures within this majority. Whilst fiscal consolidation is welcomed
as the sensible path for a highly indebted nation, there remains little
confidence in either its delivery or its architects surviving a potential
leadership challenge. The UK saver remains robust, with high savings rates and
real wages continue to grow highlighting the potential for UK economic recovery
when consumer and business confidence improves. While economic data has shown
signs of stability, uncertainty around the growth outlook and future policy
direction has constrained investor confidence.

The UK stock market remains very depressed in valuation terms relative to other
developed markets offering double-digit discounts across a range of valuation
metrics. This valuation anomaly saw further reactions from UK corporates who
continue to use excess cash flows to fund buybacks. Combining this with a
dividend yield of 3.2% (FTSE All-Share Index yield as at end of October 2025;
source: FT), the cash return of the UK market is attractive in absolute terms
and higher than other developed markets. This valuation anomaly has also been
evidenced by the continuation of inbound M&A for UK listed companies. Although
we anticipate further volatility ahead, we believe that risk appetite will
return and opportunities are emerging.

We continue to focus the portfolio on cash generative businesses that we believe
offer durable, competitive advantages as we believe these companies are best
placed to drive superior returns over the long term. Whilst we anticipate
economic and market volatility will persist throughout the year ahead, we expect
that this will create opportunities; by seeking to identify the companies that
strengthen their long-term prospects as well as attractive turnaround
situations.

ADAM AVIGDORI AND DAVID GOLDMAN
BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED
27 January 2026

12 month performance attribution for the year ended 31 October 2025

Sector Contribution Commentary
to return1
Allocation Selection2 Total
Effect
Basic Materials 0.15% 0.33% 0.48% The Company’s
underweight exposure
to Glencore
contributed to
relative performance.
Health Care 0.23% 0.04% 0.27% The Company’s
underweight position
in Health Care
contributed
positively to
relative performance
during the year.
Technology 0.07% 0.00% 0.07% The lack of exposure
to the Technology
sector had a marginal
impact on relative
returns.
Oil & Gas 0.18% -0.19% -0.01% The underweight
position in the Oil &
Gas sector had a
marginal impact on
relative returns.
Consumer Goods 0.05% -0.15% -0.10% Within Consumer
Goods, the overweight
position in Tate &
Lyle detracted from
performance.
Telecommunications -0.19% 0.00% -0.19% The lack of exposure
to Telecommunications
detracted from
performance.
Utilities -0.28% 0.04% -0.24% Sector allocation in
the Utilities sector,
where the Company
maintained an
underweight position,
negatively impacted
relative returns.
Financials 0.54% -2.68% -2.14% Financials weighed on
relative performance,
driven primarily by
holdings in Segro and
London Stock Exchange
Group.
Consumer Services -0.48% -1.67% -2.15% The Company’s
overweight exposure
to WH Smith and RELX
negatively impacted
relative returns.
Industrials -0.35% -2.46% -2.82% Within Industrials,
underweight exposure
to Aerospace and
Defence names,
notably, Rolls-Royce
and BAE Systems
detracted from
performance.
========= ========= =========

1Due to the limitations of a static attribution methodology, the numbers quoted
are indicative and not exact.

2The interaction effect is included with stock selection.

Ten largest investments

Together, the Company’s ten largest investments represented 45.3% of the
Company’s portfolio as at 31 October 2025 (2024: 44.0%)

1. AstraZeneca (2024: 1st)
Sector: Pharmaceuticals & Biotechnology
Market Value: £3,932,000
Share of investments: 7.9% (2024: 6.5%)

AstraZeneca is a leading multinational pharmaceutical and biotechnology company
headquartered in Cambridge, UK. It specializes in innovative medicines across
oncology, cardiovascular, respiratory, neuroscience, and other therapeutic
areas. With a strong global footprint and significant R&D investment,
AstraZeneca remains a major player in the pharmaceutical industry.

2. RELX (2024: 2nd)
Sector: Media
Market Value: £2,719,000
Share of investments: 5.5% (2024: 5.9%)

RELX is a global provider of information-based analytics and decision tools for
professional and business customers across industries including science,
healthcare, risk, and legal sectors. It leverages data and technology to deliver
insights that help clients make better decisions, positioning itself as a
critical partner in knowledge-driven markets.

3. Shell (2024: 3rd)
Sector: Oil & Gas Producers
Market Value: £2,353,000
Share of investments: 4.8% (2024: 5.7%)

Shell is one of the world’s largest integrated energy companies, operating
across the oil and gas value chain, including exploration, production, refining,
and marketing. It is actively transitioning towards cleaner energy solutions
while maintaining a strong presence in traditional hydrocarbons, reflecting its
strategic pivot in the evolving energy landscape.

4. Standard Chartered (2024: 9th)
Sector: Banks
Market Value: £2,124,000
Share of investments: 4.3% (2024: 3.2%)

Standard Chartered is a British multinational bank with a strong focus on Asia,
Africa, and the Middle East. It provides corporate and investment banking,
wealth management, and treasury services. Despite its UK headquarters, it
generates most of its profits outside the UK, emphasising emerging market
growth.

5. Lloyds Banking Group (2024: 43rd)
Sector: Banks
Market Value: £2,017,000
Share of investments: 4.1% (2024: 0.8%)

Lloyds Banking Group is one of the UK’s largest retail and commercial banks,
providing a wide range of financial services including personal banking,
insurance, and wealth management. It has a strong domestic franchise and is
focused on digital transformation to enhance customer experience.

6. Unilever (2024: 7th)
Sector: Personal Goods
Market Value: £1,970,000
Share of investments: 4.0% (2024: 3.7%)

Unilever is a global consumer goods company with a diverse portfolio of well
-known brands in food, beverages, personal care, and home care. With a
significant presence in emerging markets, Unilever emphasises sustainability and
innovation to drive growth and meet changing consumer preferences worldwide.

7. HSBC (2024: 5th)
Sector: Banks
Market Value: £1,917,000
Share of investments: 3.9% (2024: 4.1%)

HSBC is one of the world’s largest banking and financial services organisations,
operating globally across Europe, Asia, the Americas, the Middle East, and
Africa. It offers a broad range of services including retail banking, commercial
banking, wealth management, and global banking and markets. HSBC continues to
focus on growth in Asia while managing its extensive international network.

8. Rio Tinto (2024: 4th)
Sector: Mining
Market Value: £1,834,000
Share of investments: 3.7% (2024: 4.5%)

Rio Tinto one of the world’s largest mining and metals companies operating in
about 36 countries around the world, producing iron ore, copper, diamonds, gold
and uranium.

9. Reckitt (2024: 14th)
Sector: Household Goods & Home Construction
Market Value: £1,794,000
Share of investments: 3.6% (2024: 2.6%)

Reckitt Benckiser Group is a leading British multinational company specialising
in consumer health, hygiene, and nutrition products. Its portfolio includes
globally recognised brands such as Dettol, Nurofen, Durex, and Lysol. The group
places strong emphasis on science-led innovation and brand strength to deliver
long-term growth while addressing evolving consumer health and wellbeing needs
across developed and emerging markets.

10. 3i Group (2024: 6th)
Sector: Financial Services
Market Value: £1,727,000
Share of investments: 3.5% (2024: 4.1%)

3i Group is an international investment company focused on private equity and
infrastructure investments. It aims to generate attractive returns by backing
growth-oriented businesses and infrastructure projects, primarily in Europe and
North America, combining active ownership with long-term capital deployment.

All percentages reflect the value of the holding as a percentage of total
investments.
Percentages in brackets represent the value of the holding as at 31 October
2024.

Distribution of investments as at 31 October 2025

Analysis of portfolio by sector

Sector % of investments by market value Benchmark %
Banks 13.5 14.2
Financial 10.5 5.3
Services
Pharmaceuticals & 9.0 11.0
Biotechnology
Oil & Gas 6.6 9.0
Producers
Non-Life 6.4 0.8
Insurance
Aerospace & 6.2 6.5
Defence
Mining 5.5 0.4
Media 5.5 1.0
General Retailers 5.0 3.1
Household Goods & 4.5 0.8
Home Construction
Real Estate 4.0 2.2
Investment Trusts
Personal Goods 4.0 0.2
Support Services 3.6 2.9
Travel & Leisure 3.0 1.9
Life Insurance 2.7 2.5
Industrial 2.7 0.6
Engineering
Tobacco 2.7 3.8
Electronic & 1.6 1.1
Electrical
Equipment
General Retailers 1.3 0.8
Food Producers 1.0 0.5
Beverages 0.7 2.3

Sources: BlackRock and LSEG Datastream.

Investment Size

Number of investments % of investments by market value